Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 20, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-34658 | ||
Entity Registrant Name | BWX TECHNOLOGIES, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 80-0558025 | ||
Entity Address, Address Line One | 800 Main Street, 4th Floor | ||
Entity Address, City or Town | Lynchburg, | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24504 | ||
City Area Code | 980 | ||
Local Phone Number | 365-4300 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | BWXT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5 | ||
Entity Common Stock, Shares Outstanding | 95,083,647 | ||
Documents Incorporated by Reference | Portions of the registrant's definitive proxy statement for the 2020 Annual Meeting of Stockholders to be held on May 1, 2020 are incorporated by reference into Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001486957 | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 86,540 | $ 29,871 |
Restricted cash and cash equivalents | 3,056 | 3,834 |
Investments | 5,843 | 3,597 |
Accounts receivable – trade, net | 56,721 | 71,574 |
Accounts receivable – other | 13,426 | 13,374 |
Retainages | 46,670 | 57,885 |
Contracts in progress | 376,037 | 318,454 |
Other current assets | 41,462 | 43,859 |
Total Current Assets | 629,755 | 542,448 |
Property, Plant and Equipment | 1,272,093 | 1,132,392 |
Less: Accumulated depreciation | 691,852 | 693,153 |
Property, Plant and Equipment, Net | 580,241 | 439,239 |
Investments | 7,620 | 7,382 |
Goodwill | 275,502 | 274,082 |
Deferred Income Taxes | 58,689 | 63,908 |
Investments in Unconsolidated Affiliates | 70,116 | 63,746 |
Intangible Assets | 191,392 | 228,676 |
Other Assets | 95,598 | 35,615 |
TOTAL | 1,908,913 | 1,655,096 |
Current Liabilities: | ||
Current maturities of long-term debt | 14,711 | 14,227 |
Accounts payable | 170,678 | 114,751 |
Accrued employee benefits | 82,640 | 77,386 |
Accrued liabilities – other | 52,213 | 62,163 |
Advance billings on contracts | 75,425 | 98,477 |
Accrued warranty expense | 9,042 | 10,344 |
Total Current Liabilities | 404,709 | 377,348 |
Long-Term Debt | 809,442 | 753,617 |
Accumulated Postretirement Benefit Obligation | 23,259 | 19,236 |
Environmental Liabilities | 80,368 | 86,372 |
Pension Liability | 172,508 | 173,469 |
Other Liabilities | 14,515 | 9,353 |
Commitments and Contingencies (Note 10) | ||
Stockholders' Equity: | ||
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 126,579,285 and 125,871,866 shares at December 31, 2019 and December 31, 2018, respectively | 1,266 | 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 | 134,069 | 115,725 |
Retained earnings | 1,344,383 | 1,166,762 |
Treasury stock at cost, 31,266,670 and 30,625,074 shares at December 31, 2019 and December 31, 2018, respectively | (1,068,164) | (1,037,795) |
Accumulated other comprehensive income (loss) | (7,448) | (10,289) |
Stockholders' Equity – BWX Technologies, Inc. | 404,106 | 235,662 |
Noncontrolling interest | 6 | 39 |
Total Stockholders' Equity | 404,112 | 235,701 |
TOTAL | $ 1,908,913 | $ 1,655,096 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 325,000,000 | 325,000,000 |
Common stock, shares issued (shares) | 126,579,285 | 125,871,866 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 75,000,000 | 75,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Treasury stock at cost (shares) | 31,266,670 | 30,625,074 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenues | $ 1,894,920 | $ 1,799,889 | $ 1,687,738 |
Costs and Expenses: | |||
Cost of operations | 1,361,056 | 1,295,876 | 1,191,983 |
Research and development costs | 17,672 | 15,223 | 7,190 |
Losses (gains) on asset disposals and impairments, net | 2,824 | 64 | (194) |
Selling, general and administrative expenses | 216,771 | 214,092 | 210,148 |
Total Costs and Expenses | 1,598,323 | 1,525,255 | 1,409,127 |
Equity in Income of Investees | 28,924 | 30,343 | 13,612 |
Operating Income | 325,521 | 304,977 | 292,223 |
Other Income (Expense): | |||
Interest income | 942 | 2,479 | 1,405 |
Interest expense | (35,320) | (27,823) | (14,879) |
Other – net | 22,599 | 512 | 17,031 |
Other Income (Expense) | (11,779) | (24,832) | 3,557 |
Total before tax | 313,742 | 280,145 | 295,780 |
Provision for Income Taxes | 69,065 | 52,840 | 147,415 |
Net Income | 244,677 | 227,305 | 148,365 |
Net Income Attributable to Noncontrolling Interest | (562) | (347) | (521) |
Net Income Attributable to BWX Technologies, Inc. | $ 244,115 | $ 226,958 | $ 147,844 |
Basic: | |||
Net income attributable to BWX Technologies, Inc. (USD per share) | $ 2.56 | $ 2.29 | $ 1.49 |
Diluted: | |||
Net income attributable to BWX Technologies, Inc. (USD per share) | $ 2.55 | $ 2.27 | $ 1.47 |
Shares used in the computation of earnings per share (Note 17): | |||
Basic (in shares) | 95,377,414 | 99,062,087 | 99,334,472 |
Diluted (in shares) | 95,810,538 | 100,019,053 | 100,369,190 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 244,677 | $ 227,305 | $ 148,365 |
Other Comprehensive Income (Loss): | |||
Currency translation adjustments | 5,263 | (9,642) | 6,237 |
Derivative financial instruments: | |||
Unrealized (losses) gains arising during the period, net of tax benefit (provision) of $442, $(167) and $(264), respectively | (1,586) | ||
Unrealized (losses) gains arising during the period, net of tax benefit (provision) of $442, $(167) and $(264), respectively | 450 | 757 | |
Reclassification adjustment for losses (gains) included in net income, net of tax (benefit) provision of $(310), $47 and $21, respectively | 888 | ||
Reclassification adjustment for losses (gains) included in net income, net of tax (benefit) provision of $(310), $47 and $21, respectively | (118) | (64) | |
Benefit obligations: | |||
Unrecognized losses arising during the period, net of tax benefit of $1,274, $2,290 and $532, respectively | (4,249) | (8,444) | (987) |
Recognition of benefit plan costs, net of tax benefit of $(562), $(410) and $(618), respectively | 2,030 | 1,500 | 1,142 |
Investments: | |||
Unrealized gains (losses) arising during the period, net of tax provision of $(3), $(6) and $(382), respectively | 418 | (102) | (930) |
Reclassification adjustment for gains included in net income, net of tax provision of $0, $1 and $223, respectively | 0 | (2) | (512) |
Other Comprehensive Income (Loss) | 2,764 | (16,358) | 5,643 |
Total Comprehensive Income | 247,441 | 210,947 | 154,008 |
Comprehensive Income Attributable to Noncontrolling Interest | (562) | (347) | (521) |
Comprehensive Income Attributable to BWX Technologies, Inc. | $ 246,879 | $ 210,600 | $ 153,487 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Tax (provision) benefit of unrealized losses on derivative financial instruments | $ 442 | ||
Tax (provision) benefit of unrealized losses on derivative financial instruments | $ (167) | $ (264) | |
Tax provision (benefit) on reclassification adjustment for losses on derivative financial instruments | (310) | ||
Tax provision (benefit) on reclassification adjustment for losses on derivative financial instruments | 47 | 21 | |
Tax benefit on unrecognized losses | 1,274 | 2,290 | 532 |
Tax benefit of recognition of benefit plan costs | (562) | (410) | (618) |
Tax provision of unrealized gains | (3) | (6) | (382) |
Tax provision on reclassification adjustment for gain on investment | $ 0 | $ 1 | $ 223 |
Consolidated Statements of Stoc
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 |
Balance (shares) at Dec. 31, 2016 | 124,149,609 | |||||||
Balance at Dec. 31, 2016 | $ 150,410 | $ 1,241 | $ 22,018 | $ 885,117 | $ 3,811 | $ (762,169) | $ 150,018 | $ 392 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 148,365 | 147,844 | 147,844 | 521 | ||||
Dividends declared | (42,309) | (42,309) | (42,309) | |||||
Currency translation adjustments | 6,237 | 6,237 | 6,237 | |||||
Derivative financial instruments | 693 | 693 | 693 | |||||
Defined benefit obligations | 155 | 155 | 155 | |||||
Available-for-sale investments | (1,442) | (1,442) | (1,442) | |||||
Exercise of stock options (shares) | 921,040 | |||||||
Exercises of stock options | 21,709 | $ 10 | 21,699 | 21,709 | ||||
Shares placed in treasury | (12,733) | 39,907 | (52,640) | (12,733) | ||||
Stock-based compensation charges (shares) | 310,942 | |||||||
Stock-based compensation charges | 15,222 | $ 3 | 15,219 | 15,222 | ||||
Distributions to noncontrolling interests | (550) | (550) | ||||||
Balance at Dec. 31, 2017 | 285,757 | $ 1,254 | 98,843 | 990,652 | 9,454 | (814,809) | 285,394 | 363 |
Balance (shares) at Dec. 31, 2017 | 125,381,591 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 227,305 | 226,958 | 226,958 | 347 | ||||
Dividends declared | (64,159) | (64,159) | (64,159) | |||||
Currency translation adjustments | (9,642) | (9,642) | (9,642) | |||||
Derivative financial instruments | 332 | 332 | 332 | |||||
Defined benefit obligations | (6,944) | (6,944) | (6,944) | |||||
Available-for-sale investments | (104) | (104) | (104) | |||||
Exercise of stock options (shares) | 210,311 | |||||||
Exercises of stock options | 5,004 | $ 2 | 5,002 | 5,004 | ||||
Shares placed in treasury | (222,986) | 0 | (222,986) | (222,986) | ||||
Stock-based compensation charges (shares) | 279,964 | |||||||
Stock-based compensation charges | 11,883 | $ 3 | 11,880 | 11,883 | ||||
Distributions to noncontrolling interests | (671) | (671) | ||||||
Balance at Dec. 31, 2018 | $ 235,701 | $ 1,259 | 115,725 | 1,166,762 | (10,289) | (1,037,795) | 235,662 | 39 |
Balance (shares) at Dec. 31, 2018 | 125,871,866 | 125,871,866 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 244,677 | 244,115 | 244,115 | 562 | ||||
Dividends declared | (65,275) | (65,275) | (65,275) | |||||
Currency translation adjustments | 5,263 | 5,263 | 5,263 | |||||
Derivative financial instruments | (698) | (698) | (698) | |||||
Defined benefit obligations | (2,219) | (2,219) | (2,219) | |||||
Available-for-sale investments | 418 | 418 | 418 | |||||
Exercise of stock options (shares) | 246,967 | |||||||
Exercises of stock options | 5,625 | $ 2 | 5,623 | 5,625 | ||||
Shares placed in treasury | (30,369) | (30,369) | (30,369) | |||||
Stock-based compensation charges (shares) | 460,452 | |||||||
Stock-based compensation charges | 12,726 | $ 5 | 12,721 | 12,726 | ||||
Distributions to noncontrolling interests | (595) | (595) | ||||||
Balance at Dec. 31, 2019 | $ 404,112 | $ 1,266 | $ 134,069 | $ 1,344,383 | $ (7,448) | $ (1,068,164) | $ 404,106 | $ 6 |
Balance (shares) at Dec. 31, 2019 | 126,579,285 | 126,579,285 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (usd per share) | $ 0.68 | $ 0.64 | $ 0.42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 244,677 | $ 227,305 | $ 148,365 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 61,722 | 60,097 | 56,557 |
Income of investees, net of dividends | (7,969) | (8,106) | 2,520 |
Gain on forward contracts | 0 | 0 | 0 |
Recognition of debt issuance costs from former credit facility | 0 | 0 | 0 |
Provision for deferred taxes | 3,794 | 17,446 | 93,461 |
Recognition of losses for pension and postretirement plans | 6,222 | 34,554 | 12,823 |
Stock-based compensation expense | 12,726 | 11,883 | 15,222 |
Changes in assets and liabilities, net of effects from acquisitions: | |||
Accounts receivable | 15,605 | 37,282 | (34,459) |
Accounts payable | 44,592 | 1,888 | (7,476) |
Retainages | 11,477 | 24,911 | (8,344) |
Contracts in progress and advance billings on contracts | (78,645) | (34,012) | 35,272 |
Income taxes | (3,833) | (23,257) | 15,124 |
Accrued and other current liabilities | (14,135) | 11,596 | (26,610) |
Pension liabilities, accrued postretirement benefit obligations and employee benefits | (8,822) | (187,425) | (79,311) |
Other, net | (9,006) | (2,634) | (990) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 279,368 | 169,290 | 221,960 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (182,124) | (109,338) | (96,880) |
Acquisition of businesses | 0 | (212,993) | (715) |
Purchases of securities | (4,208) | (4,520) | (3,237) |
Sales and maturities of securities | 5,874 | 3,933 | 12,852 |
Investments, net of return of capital, in equity method investees | (255) | 9,059 | 2,789 |
Other, net | 208 | 5,253 | 1,088 |
NET CASH USED IN INVESTING ACTIVITIES | (179,995) | (326,724) | (89,681) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings of long-term debt | 699,600 | 1,158,800 | 109,400 |
Repayments of long-term debt | (654,095) | (876,206) | (137,053) |
Payment of debt issuance costs | 0 | (9,443) | 0 |
Repurchases of common shares | (20,000) | (214,759) | 0 |
Dividends paid to common shareholders | (65,374) | (63,821) | (42,043) |
Exercises of stock options | 4,446 | 3,573 | 17,117 |
Cash paid for shares withheld to satisfy employee taxes | (9,190) | (6,796) | (8,049) |
Other, net | 900 | (671) | (550) |
NET CASH USED IN FINANCING ACTIVITIES | (43,713) | (9,323) | (61,178) |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | 332 | (9,979) | 7,443 |
TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | 55,992 | (176,736) | 78,544 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 36,408 | 213,144 | 134,600 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD | 92,400 | 36,408 | 213,144 |
Cash paid during the period for: | |||
Interest | 39,670 | 16,993 | 14,252 |
Income taxes (net of refunds) | 70,056 | 58,715 | 38,425 |
SCHEDULE OF NON-CASH INVESTING ACTIVITY: | |||
Accrued capital expenditures included in accounts payable | $ 39,528 | $ 29,470 | $ 8,454 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES We have presented the consolidated financial statements of BWX Technologies, Inc. ("BWXT") in U.S. dollars in accordance with accounting principles generally accepted in the United States ("GAAP"). We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We have reclassified certain amounts previously reported to conform to the presentation at December 31, 2019 and for the year ended December 31, 2019 . On June 30, 2015, we completed the spin-off of our former Power Generation business (the "spin-off") into an independent, publicly traded company named Babcock & Wilcox Enterprises, Inc. ("BWE"). We present the notes to our consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries. Reportable Segments We operate in three reportable segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our reportable segments are further described as follows: • Our Nuclear Operations Group segment manufactures naval nuclear reactors for the U.S. Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we own and operate manufacturing facilities located in Lynchburg, Virginia; Barberton, Ohio; Mount Vernon, Indiana; Euclid, Ohio; and Erwin, Tennessee. The Lynchburg operations fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. The Barberton and Mount Vernon locations specialize in the design and manufacture of heavy components inclusive of 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. • 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 also provides inspection and maintenance services primarily for the U.S. commercial nuclear industry including steam generator and heat exchanger inspection services, high pressure water lancing, non-destructive examination and customized tooling solutions. This segment also develops technology for a variety of applications, including advanced nuclear power sources, and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for new advanced nuclear reactors. See Note 15 for financial information about our segments. Recently Adopted Accounting Standards On January 1, 2019, we adopted the update to the Financial Accounting Standards Board ("FASB") Topic Leases . 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 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 from Intangible Assets of favorable leases related to recent acquisitions. 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 consolidated statements of income or cash flows. Use of Estimates We use estimates and assumptions to prepare our financial statements in conformity with GAAP. Some of our more significant estimates include estimates of costs to complete long-term contracts and the associated revenues, estimates of the fair value of acquired intangible and other assets, estimates we make in selecting assumptions related to the valuations of our pension and postretirement benefit plans, including the selection of our discount rates, mortality and expected rates of return on our pension plan assets and estimates we make in evaluating our asset retirement obligations. These estimates and assumptions affect the amounts we report in our financial statements and accompanying notes. Our actual results could differ from these estimates. Variances could result in a material effect on our financial condition and results of operations in future periods. Contracts and Revenue Recognition We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with FASB Topic Revenue from Contracts with Customers . We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Nuclear Power Group segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. 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 consolidated balance sheet. Warranty Expense We accrue estimated warranty expense, included in Cost of operations on our consolidated statements of income, to satisfy contractual warranty requirements when we recognize the associated revenue on the related contracts. In addition, we record specific provisions or reductions where we expect the actual warranty costs to significantly differ from the accrued estimates. Such changes could have a material effect on our consolidated financial condition, results of operations and cash flows. The following summarizes the changes in the carrying amount of Accrued warranty expense: Year Ended December 31, 2019 2018 2017 (In thousands) Balance at beginning of period $ 10,344 $ 13,428 $ 11,477 Additions 2,232 1,494 3,783 Expirations and other changes (1) (2,728 ) (3,367 ) (2,213 ) Payments (1,065 ) (663 ) (70 ) Translation 259 (548 ) 451 Balance at end of period $ 9,042 $ 10,344 $ 13,428 (1) Includes discounts provided to customers in satisfaction of warranty obligations totaling $1.2 million in each of the years ended December 31, 2019 , 2018 and 2017 . Stock-Based Compensation We expense stock-based compensation in accordance with FASB Topic Compensation – Stock Compensation. Under this topic, the fair value of equity-classified awards, such as restricted stock, performance shares and stock options, is determined on the date of grant and is not remeasured. The fair value of liability-classified awards, such as cash-settled stock appreciation rights, restricted stock units and performance units, is determined on the date of grant and is remeasured at the end of each reporting period through the date of settlement. Grant date fair values for restricted stock, restricted stock units, performance shares and performance units are determined using the closing price of our common stock on the date of grant. Under the provisions of this FASB topic, we recognize expense for all share-based awards granted on a straight-line basis over the requisite service periods of the awards, which is generally equivalent to the vesting term. This topic requires compensation expense to be recognized such that compensation expense is recorded only for those awards expected to vest. As a result, we periodically review the amount of actual forfeitures and record any adjustments deemed necessary each reporting period. We also recognize excess tax benefits in our provision for income taxes. These excess tax benefits result from tax deductions in excess of the cumulative compensation expense recognized for options exercised and other equity-classified awards. Additionally, this FASB topic amended FASB Topic Statement of Cash Flows to require excess tax benefits to be classified along with other income tax cash flows as an operating activity. In addition, cash flows related to employee taxes paid for withheld shares are classified as a financing activity. See Note 9 for a further discussion of stock-based compensation. Research and Development Our research and development activities are related to the development and improvement of new and existing products and equipment, as well as conceptual and engineering evaluation for translation into practical applications. We charge the costs of research and development unrelated to specific contracts as incurred. Contractual arrangements for customer-sponsored research and development can vary on a case-by-case basis and include contracts, cooperative agreements and grants. Research and development activities totaled $66.9 million , $63.4 million and $50.4 million in the years ended December 31, 2019 , 2018 and 2017 , respectively. This includes amounts paid for by our customers of $49.2 million , $48.2 million and $43.2 million , in the years ended December 31, 2019 , 2018 and 2017 , respectively. Capitalization of Interest Cost We capitalize interest in accordance with FASB Topic Interest . We incurred total interest of $41.4 million , $31.5 million and $16.5 million in the years ended December 31, 2019 , 2018 and 2017 , respectively, of which we capitalized $6.1 million , $3.7 million and $1.6 million in the years ended December 31, 2019 , 2018 and 2017 , respectively. Income Taxes Income tax expense for federal, foreign, state and local income taxes is calculated on pre-tax income based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We assess deferred taxes and the adequacy of the valuation allowance on a quarterly basis. In the ordinary course of business, there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. We record interest and penalties (net of any applicable tax benefit) related to income taxes as a component of Provision for Income Taxes on our consolidated statements of income. We would be subject to withholding taxes if we were to distribute earnings from certain foreign subsidiaries, and unrecognized deferred income tax liabilities, including withholding taxes, would be payable upon distribution of these earnings. We consider the earnings of our non-U.S. subsidiaries to be permanently reinvested. Earnings Per Share We have computed earnings per common share on the basis of the weighted-average number of common shares, and, where dilutive, common share equivalents, outstanding during the indicated periods. We issue a number of forms of stock-based compensation periodically, including incentive and non-qualified stock options, restricted stock, restricted stock units and performance shares and performance units, subject to satisfaction of specific performance goals. We include the shares applicable to these plans in our computation of diluted earnings per share when related performance criteria have been met. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Our cash equivalents are highly liquid investments with maturities of three months or less when we purchase them. We record cash and cash equivalents as restricted when we are unable to freely use such cash and cash equivalents for our general operating purposes. At December 31, 2019 , we had restricted cash and cash equivalents totaling $5.9 million , $2.8 million of which was held for future decommissioning of facilities (which is included in Other Assets on our consolidated balance sheets) and $3.1 million of which was held to meet reinsurance reserve requirements of our captive insurer. The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our consolidated balance sheets to the totals presented on our consolidated statements of cash flows: December 31, 2019 2018 (In thousands) Cash and cash equivalents $ 86,540 $ 29,871 Restricted cash and cash equivalents 3,056 3,834 Restricted cash and cash equivalents included in Other Assets 2,804 2,703 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our consolidated statements of cash flows $ 92,400 $ 36,408 Investments Our investment portfolio consists primarily of U.S. Government and agency securities, corporate bonds and equities and mutual funds. Our debt securities are carried at fair value and are either classified as trading, with unrealized gains and losses reported in earnings, or as available-for-sale, with the unrealized gains and losses, net of tax, reported as a component of Accumulated other comprehensive income. Our equity securities are carried at fair value with the unrealized gains and losses reported in earnings. We classify investments available for current operations in the consolidated balance sheets as current assets, while we classify investments held for long-term purposes as non-current assets. We adjust the amortized cost of debt securities for amortization of premiums and accretion of discounts to maturity. That amortization is included in Interest income. We include realized gains and losses on our investments in Other – net. The cost of securities sold is based on the specific identification method. We include interest on securities in Interest income. Inventories We carry our inventory at the lower of cost or net realizable value using either the weighted average or first-in, first-out methods. At December 31, 2019 and 2018 , Other current assets included inventories totaling $17.1 million and $16.0 million , respectively, consisting entirely of raw materials and supplies. Property, Plant and Equipment We carry our property, plant and equipment at depreciated cost, less any impairment provisions. We depreciate our property, plant and equipment using the straight-line method over estimated economic useful lives of eight to 40 years for buildings and three to 14 years for machinery and equipment. Our depreciation expense was $51.0 million , $48.6 million and $47.3 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. We expense the costs of maintenance, repairs and renewals that do not materially prolong the useful life of an asset as we incur them. Property, plant and equipment is stated at cost and is set forth below: December 31, 2019 2018 (In thousands) Land $ 8,919 $ 8,784 Buildings 221,462 205,552 Machinery and equipment 775,997 770,876 Property under construction 265,715 147,180 1,272,093 1,132,392 Less: Accumulated depreciation 691,852 693,153 Net Property, Plant and Equipment $ 580,241 $ 439,239 Goodwill Goodwill represents the excess of the cost of our acquired businesses over the fair value of the net assets acquired. We perform testing of goodwill for impairment annually. We may elect to perform a qualitative test when we believe that there is sufficient excess fair value over carrying value based on our most recent quantitative assessment, adjusted for relevant events and circumstances that could affect fair value during the current year. If we conclude based on this assessment that it is more likely than not that the reporting unit is not impaired, we do not perform a quantitative impairment test. In all other circumstances, we utilize a two-step quantitative impairment test to identify potential goodwill impairment and measure the amount of any goodwill impairment. The first step of the test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. The second step compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. The following summarizes the changes in the carrying amount of Goodwill: Nuclear Operations Group Nuclear Power Group Nuclear Services Group Total (In thousands) Balance at December 31, 2017 $ 110,939 $ 62,392 $ 45,000 $ 218,331 Acquisition of the MI business (Note 2) — 62,495 — 62,495 Translation — (6,744 ) — (6,744 ) Balance at December 31, 2018 $ 110,939 $ 118,143 $ 45,000 $ 274,082 Translation and other (1) — 1,420 — 1,420 Balance at December 31, 2019 $ 110,939 $ 119,563 $ 45,000 $ 275,502 (1) Includes an adjustment of $(3.2) million , net of tax, to correct the business combination accounting for our 2016 acquisition. Investments in Unconsolidated Affiliates We use the equity method of accounting for affiliates in which we are able to exert significant influence. Currently, all of our material investments in affiliates that are not consolidated are recorded using the equity method. Affiliates in which we are unable to exert significant influence are carried at fair value. Intangible Assets Intangible assets are recognized at fair value when acquired. Intangible assets with definite lives are amortized to Costs and Expenses using the straight-line method over their estimated useful lives and tested for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Intangible assets with indefinite lives are not amortized and are subject to annual impairment testing. We may elect to perform a qualitative assessment when testing indefinite-lived intangible assets for impairment to determine whether events or circumstances affecting significant inputs related to the most recent quantitative evaluation have occurred, indicating that it is more likely than not that the indefinite-lived intangible asset is impaired. Otherwise, we test indefinite-lived intangible assets for impairment by quantitatively determining the fair value of the indefinite-lived intangible asset and comparing the fair value of the intangible asset to its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, we recognize impairment for the amount of the difference. Our Intangible Assets were as follows: December 31, 2019 2018 2017 (In thousands) Amortized intangible assets: Gross cost: Technical support agreement $ 67,423 $ 64,749 $ — Customer relationships 39,555 38,771 30,339 Unpatented technology 36,785 35,327 8,379 Favorable operating leases — 35,161 8,832 CNSC class 1B nuclear facility license 26,002 24,971 27,055 Acquired backlog — 8,079 13,527 Patented technology 765 734 796 Tradename — — 1,500 All other 2,200 2,200 2,200 Total $ 172,730 $ 209,992 $ 92,628 Accumulated amortization: Technical support agreement $ (4,153 ) $ (1,173 ) $ — Customer relationships (13,841 ) (11,767 ) (11,505 ) Unpatented technology (2,805 ) (1,194 ) (4,456 ) Favorable operating leases — (1,295 ) (459 ) CNSC class 1B nuclear facility license (2,635 ) (1,698 ) (938 ) Acquired backlog — (6,581 ) (6,113 ) Patented technology (212 ) (136 ) (75 ) Tradename — — (1,425 ) All other (1,522 ) (1,302 ) (1,082 ) Total $ (25,168 ) $ (25,146 ) $ (26,053 ) Net amortized intangible assets $ 147,562 $ 184,846 $ 66,575 Unamortized intangible assets: NRC category 1 license $ 43,830 $ 43,830 $ 43,830 The following summarizes the changes in the carrying amount of Intangible Assets: Year Ended December 31, 2019 2018 2017 (In thousands) Balance at beginning of period $ 228,676 $ 110,405 $ 114,748 Acquisitions (Note 2) — 139,257 746 Amortization expense (9,128 ) (11,490 ) (9,210 ) Reclassification of right-of-use assets (33,866 ) — — Translation 5,710 (9,496 ) 4,121 Balance at end of period $ 191,392 $ 228,676 $ 110,405 Estimated amortization expense for the next five fiscal years is as follows (amounts in thousands): Year Ended December 31, Amount 2020 $ 7,881 2021 $ 7,881 2022 $ 7,881 2023 $ 7,679 2024 $ 7,661 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 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 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 year ended December 31, 2019, we recognized lease expense of $8.1 million , which included $1.6 million related to the amortization of favorable lease agreements, and paid cash of $7.0 million for our operating leases. During the years ended December 31, 2018 and 2017, we recognized lease expense of $6.2 million and $5.1 million , respectively. At December 31, 2019, our weighted-average remaining lease term was 4.3 years, and for the purpose of measuring the present value of our lease liabilities, the weighted-average discount rate was 4.96% . The maturities of our lease liabilities at December 31, 2019 were as follows (amounts in thousands): 2020 $ 3,505 2021 1,912 2022 1,198 2023 553 2024 172 Thereafter 1,069 Total lease payments $ 8,409 Less: Interest (846 ) Present value of lease liabilities (1) $ 7,563 (1) Includes current lease liabilities of $3.4 million . At December 31, 2019, our right-of-use assets totaled $41.0 million . The difference between the right-of-use assets and lease liabilities was primarily the result of our adoption of the update to the FASB Topic Leases on January 1, 2019, which resulted in reclassifications from Intangible Assets of favorable leases related to recent acquisitions. Future minimum payments required under operating leases that had 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 Deferred Debt Issuance Costs We have included deferred debt issuance costs in the consolidated balance sheets as a direct deduction from the carrying amount of our debt liability. We amortize deferred debt issuance costs as interest expense over the life of the related debt. The following summarizes the changes in the carrying amount of these assets: Year Ended December 31, 2019 2018 2017 (In thousands) Balance at beginning of period $ 9,583 $ 4,202 $ 5,892 Additions — 9,443 — Interest expense (1) (1,577 ) (4,062 ) (1,690 ) Balance at end of period $ 8,006 $ 9,583 $ 4,202 (1) Includes the recognition of prior deferred debt issuance costs associated with a former credit facility of $2.4 million for the year ended December 31, 2018. Pension Plans and Postretirement Benefits We sponsor various defined benefit pension and postretirement benefit plans covering certain employees of our U.S. and Canadian subsidiaries. We utilize actuarial valuations to calculate the cost and benefit obligations of our pension and postretirement benefits. The actuarial valuations utilize significant assumptions in the determination of our benefit cost and obligations, including assumptions regarding discount rates, expected returns on plan assets, mortality and health care cost trends. We determine our discount rate based on a yield curve comprised of rates of return on high-quality, fixed-income investments currently available and expected to be available during the period to maturity of our pension and postretirement benefit plan obligations. The expected rate of return on plan assets assumption is based on capital market assumptions of the long-term expected returns for the investment mix of assets currently in the portfolio. The expected rate of return on plan assets is determined to be the weighted-average of the nominal returns based on the weightings of the classes within the total asset portfolio. Expected health care cost trends represent expected annual rates of change in the cost of health care benefits and are estimated based on analysis of health care cost inflation. The components of benefit cost related to service cost, interest cost, expected return on plan assets and prior service cost amortization are recorded on a quarterly basis based on actuarial assumptions. In the fourth quarter of each year, or as interim remeasurements are required, we immediately recognize net actuarial gains and losses in earnings as a component of net periodic benefit cost. Recognized net actuarial gains and losses consist primarily of our reported actuarial gains and losses and the difference between the actual return on plan assets and the expected return on plan assets. We recognize the funded status of each plan as either an asset or a liability in the consolidated balance sheets. The funded status is the difference between the fair value of plan assets and the present value of its benefit obligation, determined on a plan-by-plan basis. Our pension plan assets can include assets that are difficult to value. See Note 7 for detailed information regarding our plan assets. Asset Retirement Obligations and Environmental Cleanup Costs We accrue for future decommissioning of our nuclear facilities that will permit the release of these facilities to unrestricted use at the end of each facility's service life, which is a requirement of our licenses from the U.S. Nuclear Regulatory Commission ("NRC") and the Canadian Nuclear Safety Commission ("CNSC"). In accordance with the FASB Topic Asset Retirement and Environmental Obligations, we record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When we initially record such a liability, we capitalize a cost by increasing the carrying amount of the related long-lived asset. When we acquire a business that has an asset retirement obligation, the asset retirement obligation is recognized at fair value without a corresponding increase to the related long-lived asset. Over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of a liability, we will settle the obligation for its recorded amount or incur a gain or loss. This topic applies to environmental liabilities associated with assets that we currently operate and are obligated to remove from service. For environmental liabilities associated with assets that we no longer operate, we have accrued amounts based on the estimated costs of cleanup activities for which we are responsible, net of any cost-sharing arrangements. We adjust the estimated costs as further information develops or circumstances change. An exception to this accounting treatment relates to the work we perform for two facilities for which the U.S. Government is obligated to pay substantially all of the decommissioning costs. Substantially all of our asset retirement obligations relate to the remediation of our nuclear analytical laboratory and the NFS facility in our Nuclear Operations Group segment as well as certain facilities in our Nuclear Power Group segment. The following summarizes the changes in the carrying amount of these liabilities: Year Ended December 31, 2019 2018 2017 (In thousands) Balance at beginning of period $ 90,822 $ 78,036 $ 71,899 Costs incurred (10,380 ) (1,011 ) (2 ) Additions/adjustments (5,030 ) 8,000 — Acquisitions — 2,062 — Accretion 5,379 5,523 4,728 Translation and other (1) (3,503 ) (1,788 ) 1,411 Balance at end of period (2) $ 77,288 $ 90,822 $ 78,036 (1) Includes an adjustment of $(4.3) million to correct the business combination accounting for our 2016 acquisition. (2) Includes current asset retirement obligations of $5.7 million , $13.8 million and $8.1 million at December 31, 2019 , 2018 and 2017 , respectively. Self-Insurance We have a wholly owned insurance subsidiary that provides employer's liability, general and automotive liability and primary workers' compensation insurance and, from time to time, builder's risk insurance (within certain limits) t |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Laker Energy Products Ltd. On January 2, 2020, our subsidiary BWXT Canada Ltd. acquired Laker Energy Products Ltd. ("Laker Energy Products") for CAD 21.1 million ( $16.2 million U.S. dollar equivalent), subject to contingent consideration of up to an additional CAD 12.0 million . Laker Energy Products is a global supplier of nuclear-grade materials and precisely machined components for CANDU nuclear power utilities and employs approximately 140 personnel. Laker Energy Products will be reported as part of our Nuclear Power Group segment. Nordion Medical Isotope Business On July 30, 2018, our subsidiary BWXT ITG Canada, Inc. acquired the 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 years ended December 31, 2018 and 2017 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. Year Ended December 31, 2018 2017 (In thousands, except per share amounts) Revenues $ 1,825,029 $ 1,726,135 Net Income Attributable to BWX Technologies, Inc. $ 228,545 $ 143,475 Basic Earnings per Common Share $ 2.31 $ 1.44 Diluted Earnings per Common Share $ 2.29 $ 1.43 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 $3.5 million and $6.0 million for the years ended December 31, 2018 and 2017, respectively. • 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 $2.4 million and $5.2 million for the years ended December 31, 2018 and 2017, respectively. • Elimination of $2.5 million in acquisition related costs recognized in the year ended December 31, 2018 that are not expected to be recurring. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION The initial impact of the adoption of the FASB Topic Revenue from Contracts with Customers , which was recognized in a cumulative catch-up adjustment on January 1, 2018, is illustrated below: January 1, December 31, 2018 2017 (In thousands) Assets: Contracts in progress $ 260,932 $ 420,628 Deferred Income Taxes $ 85,193 $ 86,740 Liabilities: Accrued liabilities – other $ 66,371 $ 64,738 Advance billings on contracts $ 73,390 $ 246,192 Stockholders' Equity: Retained earnings $ 1,000,578 $ 990,652 Within our Nuclear Operations Group segment, we continue to recognize revenue over time and now measure progress on performance obligations using a cost-to-cost method. Prior to January 1, 2018, we utilized man-hours or a cost-to-cost method to measure progress on certain performance obligations within this segment. The performance obligations identified for recognizing revenue are similar to our historical units of account. As a result of the change to a cost-to-cost method, the timing of revenue recognition on affected contracts, in the aggregate, results in the recognition of revenue and cost of operations earlier in the process of satisfying performance obligations. This change impacted the life-to-date revenue and cost of operations recognized on performance obligations, and the adjustment to capture the impact of the new revenue recognition standard was recorded as a cumulative catch-up adjustment in Retained earnings. The new standard also resulted in a reduction in both our Contracts in progress and Advance billings on contracts account balances as a result of measuring the asset and liability at the contract level. Prior to January 1, 2018, contract assets and liabilities were measured at the unit of account, which we concluded was at a lower level than that of the contract. The impact of the adoption of the new revenue standard on our Nuclear Power Group and Nuclear Services Group segments was not material. Contracts and Revenue Recognition Nuclear Operations Group Our Nuclear Operations Group segment recognizes revenue over time for the manufacturing of naval nuclear reactor components and fuel, submarine missile launch tubes and the downblending of high-enriched uranium. Certain of our contracts contain two or more different types of components, each of which we identify as a separate performance obligation. We recognize revenue using a cost-to-cost method to measure progress as control is continually transferred to the customer as we incur costs on the performance obligations. We allocate revenue to the individual performance obligations within contracts with multiple performance obligations based on the stand-alone selling price of the individual performance obligations. Our fixed-price incentive fee contracts include incentives that we concluded to be variable consideration. The amount of the variable consideration to which we are entitled is dependent on our actual costs incurred on the performance obligation compared to the target costs for that performance obligation and subject to incentive price revisions included within the contracts. We include these incentive fees in revenue when there is sufficient evidence to determine that the variable consideration is not constrained. The remaining contracts typically have immaterial amounts of variable consideration and have a single performance obligation. Our estimates of variable consideration and total estimated costs at completion are determined through a detailed process based on historical performance and our expertise using the most likely method. Variations from estimated contract performance could result in a material effect on our financial condition and results of operations in future periods. Our Nuclear Operations Group segment's contracts primarily allow for billings as costs are incurred, subject to certain retainages on our fixed-price incentive fee contracts, that require milestones to be reached for the remaining consideration to be paid. Our fuel and downblending contracts allow billing when we achieve certain milestones related to our progress. Nuclear Power Group Our Nuclear Power Group segment recognizes revenue over time using a cost-to-cost method for the manufacturing of large components, non-standard parts, fuel bundles and service contracts as control continually transfers to the customers. For standard parts, revenue is recognized at the point in time control transfers to the customer, which is consistent with the transfer of ownership. For medical isotopes, we recognize revenue either at the point in time control transfers to the customer or over time using a unit of output method. This segment generates revenue primarily from firm-fixed-price contracts that do not contain variable consideration as well as time-and-materials based contracts. Certain of these contracts contain assurance warranties and/or provisions for liquidated damages, which are expected to have an immaterial impact to the contracts based on our historical experience. We are entitled to payment on the majority of our Nuclear Power Group segment contracts when we achieve certain milestones related to our progress. Nuclear Services Group Our contracts within our Nuclear Services Group segment are primarily cost-plus service contracts on which we recognize revenue over time based on a cost-to-cost method, which is consistent with the structure of the billings associated with these contracts. Ownership continuously transfers to the customer as we perform the services. The contracts within this segment do not contain significant variable consideration and contain a single performance obligation. Certain of these contracts contain assurance warranties and/or provisions for liquidated damages, which are expected to have an immaterial impact on the contracts based on our historical experience. Disaggregated Revenues Revenues by geographical area and customer type were as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) (In thousands) United States: Government $ 1,368,555 $ — $ 111,236 $ 1,479,791 $ 1,311,886 $ — $ 107,711 $ 1,419,597 Non-Government 51,802 38,058 17,907 107,767 4,146 16,059 11,831 32,036 $ 1,420,357 $ 38,058 $ 129,143 $ 1,587,558 $ 1,316,032 $ 16,059 $ 119,542 $ 1,451,633 Canada: Non-Government $ — $ 287,948 $ 2,196 $ 290,144 $ 161 $ 294,781 $ 2,758 $ 297,700 Other: Non-Government $ 8,230 $ 26,634 $ — $ 34,864 $ 2,977 $ 55,071 $ 138 $ 58,186 Segment Revenues $ 1,428,587 $ 352,640 $ 131,339 1,912,566 $ 1,319,170 $ 365,911 $ 122,438 1,807,519 Eliminations (17,646 ) (7,630 ) Revenues $ 1,894,920 $ 1,799,889 Revenues by timing of transfer of goods or services were as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) (In thousands) Over time $ 1,428,348 $ 305,075 $ 131,339 $ 1,864,762 $ 1,318,884 $ 335,430 $ 122,438 $ 1,776,752 Point-in-time 239 47,565 — 47,804 286 30,481 — 30,767 Segment Revenues $ 1,428,587 $ 352,640 $ 131,339 1,912,566 $ 1,319,170 $ 365,911 $ 122,438 1,807,519 Eliminations (17,646 ) (7,630 ) Revenues $ 1,894,920 $ 1,799,889 Revenues by contract type were as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) (In thousands) Fixed-Price Incentive Fee $ 1,137,883 $ 2,511 $ — $ 1,140,394 $ 1,041,083 $ 16,165 $ — $ 1,057,248 Firm-Fixed-Price 210,631 282,014 26,163 518,808 195,030 252,893 23,294 471,217 Cost-Plus Fee 79,741 755 102,726 183,222 80,880 45 96,566 177,491 Time-and-Materials 332 67,360 2,450 70,142 2,177 96,808 2,578 101,563 Segment Revenues $ 1,428,587 $ 352,640 $ 131,339 1,912,566 $ 1,319,170 $ 365,911 $ 122,438 1,807,519 Eliminations (17,646 ) (7,630 ) Revenues $ 1,894,920 $ 1,799,889 Performance Obligations As we progress on our contracts and the underlying performance obligations for which we recognize revenue over time, we refine our estimates of variable consideration and total estimated costs at completion, which impact the overall profitability on our contracts and performance obligations. Changes in these estimates result in the recognition of cumulative catch-up adjustments that impact our revenues and/or costs of contracts. During the years ended December 31, 2019 and 2018, we recognized net favorable changes in estimates that resulted in increases in revenues of $70.9 million and $58.6 million , respectively, as well as increases (decreases) in cost of operations of $(0.7) million and $12.3 million , respectively. Included in these 2018 amounts are contract adjustments resulting from rework issues related to the manufacture of non-nuclear components being produced within our Nuclear Operations Group segment. We recognized a decrease in operating income of $29.2 million for the year ended December 31, 2018 related to this matter, which resulted in a decrease in earnings per share of $0.23 . 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 year ended December 31, 2019 , our unbilled receivables increased $57.1 million and our Advance billings on contracts decreased $23.1 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 the timing of milestone billings in 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. December 31, December 31, 2019 2018 (In thousands) Included in Contracts in progress: Unbilled receivables $ 365,861 $ 308,723 Retainages $ 46,670 $ 57,885 Included in Other Assets: Retainages $ 1,412 $ 1,674 Advance billings on contracts $ 75,425 $ 98,477 Retainages expected to be collected after one year are included in Other Assets. Of the long-term retainages at December 31, 2019 , we anticipate collecting $0.3 million in 2021 and $1.1 million in 2022 . During the years ended December 31, 2019 and 2018 , we recognized $62.3 million and $53.6 million of revenue that was 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 remaining performance obligations on our contracts with customers at December 31, 2019 , we expect to recognize revenues as follows: 2020 2021 Thereafter Total (In approximate millions) Nuclear Operations Group $ 1,396 $ 1,013 $ 2,106 $ 4,515 Nuclear Power Group 217 174 339 730 Nuclear Services Group 32 1 10 43 Total Remaining Performance Obligations $ 1,645 $ 1,188 $ 2,455 $ 5,288 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | EQUITY METHOD INVESTMENTS We have investments in entities that we account for using the equity method. Our share of the undistributed earnings of our equity method investees were $16.1 million and $16.1 million at December 31, 2019 and 2018 , respectively. The following tables summarize combined balance sheet and income statement information for investments accounted for under the equity method: December 31, 2019 2018 (In thousands) Current assets $ 442,253 $ 449,369 Noncurrent assets 1,285 1,621 Total Assets $ 443,538 $ 450,990 Current liabilities $ 219,702 $ 234,464 Owners' equity 223,836 216,526 Total Liabilities and Owners' Equity $ 443,538 $ 450,990 Year Ended December 31, 2019 2018 2017 (In thousands) Revenues $ 3,716,548 $ 5,685,015 $ 678,080 Gross profit $ 133,170 $ 172,673 $ 35,081 Net income $ 130,949 $ 162,095 $ 35,081 Reimbursable costs recorded in revenues by the unconsolidated joint ventures in our Nuclear Services Group segment totaled $3,516.1 million , $5,339.7 million and $638.4 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. In 2018, we began to properly classify certain of our joint ventures as equity method investments resulting in the increases in the summarized financial information disclosed above. Income taxes for the investees are the responsibility of the respective owners. Accordingly, no provision for income taxes has been recorded by the investees. Reconciliations of net income per combined income statement information of our investees to equity in income of investees per our consolidated statements of income are as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Equity income based on stated ownership percentages $ 28,272 $ 30,787 $ 13,412 Timing of GAAP and other adjustments 652 (444 ) 200 Equity in income of investees $ 28,924 $ 30,343 $ 13,612 Our transactions with unconsolidated affiliates were as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Sales to $ 14,668 $ 18,454 $ 22,259 Dividends received $ 20,955 $ 22,237 $ 16,132 Capital contributions, net of returns $ (255 ) $ 9,059 $ 2,789 At December 31, 2019 and 2018 , Other Assets included amounts due from unconsolidated affiliates of $2.6 million and $4.3 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We are subject to federal income tax in the U.S. and Canada as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period. On December 22, 2017, H.R. 1, the Tax Cuts and Jobs Act (the "Act") was enacted, making significant changes to existing U.S. tax laws that impact us, including, but not limited to, a reduction to the U.S. corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017, the taxation of global intangible low-taxed income ("GILTI") and additional deduction limitations related to executive compensation. Our Canadian operations continue to be subject to tax at a local statutory rate of approximately 25% . We are currently under audit by various state and international authorities. With few exceptions, we do not have any returns under examination for years prior to 2015. We apply the provisions of FASB Topic Income Taxes regarding the treatment of uncertain tax positions. A reconciliation of unrecognized tax benefits (exclusive of interest and federal and state benefits) is as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Balance at beginning of period $ 274 $ 1,680 $ 1,651 Increases based on tax positions taken in the current year 3,736 — — Increases based on tax positions taken in the prior years — — — Decreases based on tax positions taken in the prior years — — — Decreases due to settlements with tax authorities — — — Decreases due to lapse of applicable statute of limitation (127 ) (1,379 ) — Other, net 16 (27 ) 29 Balance at end of period $ 3,899 $ 274 $ 1,680 The unrecognized tax benefits balance of $3.9 million at December 31, 2019 would reduce our effective tax rate if recognized. We believe that, within the next 12 months, it is reasonably possible that our previously unrecognized tax benefits could decrease by $0.1 million . Deferred income taxes reflect the net tax effects of temporary differences between the financial and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 (In thousands) Deferred tax assets: Pension liability $ 36,791 $ 37,528 Accrued warranty expense 2,365 2,639 Accrued vacation pay 7,077 6,821 Accrued liabilities for self-insurance (including postretirement health care benefits) 2,991 4,352 Accrued liabilities for executive and employee incentive compensation 12,121 11,835 Environmental and products liabilities 20,100 24,805 Lease liabilities 1,856 — Investments in joint ventures and affiliated companies 4,702 8,977 Long-term contracts 10,790 6,046 State tax credits and net operating loss carryforward 7,297 6,349 Foreign tax credit and net operating loss carryforward 5,848 1,683 Other 8,798 2,998 Total deferred tax assets 120,736 114,033 Valuation allowance for deferred tax assets (13,578 ) (13,257 ) Deferred tax assets 107,158 100,776 Deferred tax liabilities: Property, plant and equipment 23,889 14,348 Right-of-use lease assets 10,446 — Intangibles 14,134 24,358 Total deferred tax liabilities 48,469 38,706 Net deferred tax assets $ 58,689 $ 62,070 The components of Income before Provision for Income Taxes were as follows: Year Ended December 31, 2019 2018 2017 (In thousands) U.S. $ 270,569 $ 231,721 $ 255,194 Other than U.S. 43,173 48,424 40,586 Income before Provision for Income Taxes $ 313,742 $ 280,145 $ 295,780 The components of Provision for Income Taxes were as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Current: U.S. – federal $ 47,693 $ 14,680 $ 26,632 U.S. – state and local 2,180 4,597 3,023 Other than U.S. 15,398 16,117 24,299 Total current 65,271 35,394 53,954 Deferred: U.S. – federal 7,975 20,327 107,844 U.S. – state and local 872 1,564 (158 ) Other than U.S. (5,053 ) (4,445 ) (14,225 ) Total deferred 3,794 17,446 93,461 Provision for Income Taxes $ 69,065 $ 52,840 $ 147,415 The following is a reconciliation of our income tax provision from the U.S. statutory federal tax rate to our consolidated effective tax rate: Year Ended December 31, 2019 2018 2017 U.S. federal statutory tax rate 21.0 % 21.0 % 35.0 % State and local income taxes 1.0 % 2.1 % 1.2 % Foreign rate differential 0.6 % 0.7 % (1.4 )% Excess tax deductions on equity compensation (0.7 )% (1.0 )% (2.0 )% Impact of U.S. Tax Cuts & Jobs Act — % (4.7 )% 17.7 % Manufacturing deduction — % — % (1.4 )% Minority interest — % — % (0.1 )% Other 0.1 % 0.8 % 0.8 % Effective tax rate 22.0 % 18.9 % 49.8 % As a result of the passage of the Act, during the year ended December 31, 2017, we recognized $53.0 million of expense in our provision for income taxes due primarily to the remeasurement of our U.S. deferred tax assets and liabilities. In the year ended December 31, 2018, we recognized $13.5 million of benefit in our provision for income taxes related to the remeasurement of our deferred tax assets as a result of accelerating additional contributions to certain of our domestic pension plans for inclusion in our 2017 U.S. tax return. At December 31, 2019 , we had a valuation allowance of $13.6 million for deferred tax assets, which we expect cannot be realized through carrybacks, future reversals of existing taxable temporary differences and our estimate of future taxable income. We believe that our remaining deferred tax assets are more likely than not realizable through carrybacks, future reversals of existing taxable temporary differences and our estimate of future taxable income. Any changes to our estimated valuation allowance could be material to our consolidated financial statements. The following is an analysis of our valuation allowance for deferred tax assets: Beginning Balance Charges To Costs and Expenses Charged To Other Accounts Ending Balance (In thousands) Year Ended December 31, 2019 $ (13,257 ) (414 ) 93 $ (13,578 ) Year Ended December 31, 2018 $ (15,252 ) 2,017 (22 ) $ (13,257 ) Year Ended December 31, 2017 $ (17,226 ) 2,544 (570 ) $ (15,252 ) We have state credits and state net operating losses of $9.2 million ( $7.3 million net of federal tax benefit) available to offset future taxable income in various states. These state net operating loss carryforwards begin to expire in the year 2020 . We are carrying a valuation allowance of $7.8 million ( $6.2 million net of federal tax benefit) against the deferred tax asset related to the state credits and state loss carryforwards. We would be subject to withholding taxes if we were to distribute earnings from certain foreign subsidiaries. As of December 31, 2019 , the undistributed earnings of these subsidiaries were approximately $168.5 million , and our unrecognized deferred income tax liabilities of approximately $8.4 million would be payable upon the distribution of these earnings. All of our foreign earnings are considered indefinitely reinvested. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Our Long-Term Debt consists of the following: December 31, 2019 2018 (In thousands) Secured Debt: Senior Notes $ 400,000 $ 400,000 Credit Facility 432,159 377,427 Less: Amounts due within one year 14,711 14,227 Long-Term Debt, gross 817,448 763,200 Less: Deferred debt issuance costs 8,006 9,583 Long-Term Debt $ 809,442 $ 753,617 Maturities of Long-Term Debt subsequent to December 31, 2019 are as follows: 2020 – $14.7 million ; 2021 – $14.7 million ; 2022 – $14.7 million ; 2023 – $388.0 million ; 2024 – $0.0 million ; and thereafter – $400.0 million . Credit Facility On May 24, 2018, we and certain of our subsidiaries entered into a credit agreement (the "Credit Facility") with Wells Fargo Bank, N.A., as administrative agent, and the other lenders party thereto. The Credit Facility includes a $500.0 million senior secured revolving credit facility (the "Revolving Credit Facility"), a $50.0 million U.S. dollar senior secured term loan A made available to the Company (the "USD Term Loan") and a $250.0 million (U.S. dollar equivalent) Canadian dollar senior secured term loan A made available to BWXT Canada Ltd. (the "CAD Term Loan"). All obligations under the Credit Facility are scheduled to mature on May 24, 2023. The proceeds of loans under the Credit Facility are available for working capital needs and other general corporate purposes. The Credit Facility allows for additional parties to become lenders and, subject to certain conditions, for the increase of the commitments under the Credit Facility, subject to an aggregate maximum for all additional commitments of (1) the greater of (a) $250 million and (b) 65% of EBITDA, as defined in the Credit Facility, for the last four full fiscal quarters, plus (2) all voluntary prepayments of term loans, plus (3) additional amounts provided the Company is in compliance with a pro forma first lien leverage ratio test of less than or equal to 2.50 to 1.00 . The Company's obligations under the Credit Facility are guaranteed, subject to certain exceptions, by substantially all of the Company's present and future wholly owned domestic restricted subsidiaries. The obligations of BWXT Canada Ltd. under the Credit Facility are guaranteed, subject to certain exceptions, by substantially all of the Company's present and future wholly owned Canadian and domestic restricted subsidiaries. The Credit Facility is secured by first-priority liens on certain assets owned by the Company (other than its subsidiaries comprising its Nuclear Operations Group segment and a portion of its Nuclear Services Group segment); provided that (1) the Company's domestic obligations are only secured by assets and property of the domestic loan parties and (2) the obligations of BWXT Canada Ltd. and the Canadian guarantors are secured by assets and property of the Canadian guarantors and the domestic loan parties. The Credit Facility requires interest payments on revolving loans on a periodic basis until maturity. We began making quarterly amortization payments on the USD Term Loan and the CAD Term Loan in amounts equal to 1.25% of the initial aggregate principal amount of each term loan in the third quarter of 2018. We may prepay all loans under the Credit Facility at any time without premium or penalty (other than customary Eurocurrency breakage costs), subject to notice requirements. The Credit Facility includes financial covenants that are tested on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter. The maximum permitted leverage ratio is 4.00 to 1.00 , which may be increased to 4.50 to 1.00 for up to four consecutive fiscal quarters after a material acquisition. The minimum consolidated interest coverage ratio is 3.00 to 1.00 . In addition, the Credit Facility contains various restrictive covenants, including with respect to debt, liens, investments, mergers, acquisitions, dividends, equity repurchases and asset sales. As of December 31, 2019 , we were in compliance with all covenants set forth in the Credit Facility. Outstanding loans under the Credit Facility will bear interest at our option at either (1) the Eurocurrency rate plus a margin ranging from 1.25% to 2.0% per year or (2) the base rate or Canadian index rate, as applicable (described in the Credit Facility as the highest of (a) with respect to the base rate only, the federal funds rate plus 0.5% , (b) the one-month Eurocurrency rate plus 1.0% and (c) the administrative agent's prime rate or the Canadian prime rate, as applicable), plus, in each case, a margin ranging from 0.25% to 1.0% per year. We are charged a commitment fee on the unused portion of the Revolving Credit Facility, and that fee ranges from 0.15% to 0.275% per year. Additionally, we are charged a letter of credit fee of between 1.25% and 2.0% per year with respect to the amount of each financial letter of credit issued under the Credit Facility, and a letter of credit fee of between 0.75% and 1.2% per year with respect to the amount of each performance letter of credit issued under the Credit Facility. The applicable margin for loans, the commitment fee and the letter of credit fees set forth above will vary quarterly based on our leverage ratio. Based on the leverage ratio applicable at December 31, 2019 , the margin for Eurocurrency rate and base rate or Canadian index rate loans was 1.375% and 0.375% , respectively, the letter of credit fee for financial letters of credit and performance letters of credit was 1.375% and 0.825% , respectively, and the commitment fee for the unused portion of the Revolving Credit Facility was 0.175% . As of December 31, 2019 , borrowings outstanding totaled $272.2 million and $160.0 million under our term loans and revolving line of credit, respectively, and letters of credit issued under the Credit Facility totaled $67.6 million . As a result, we had $272.4 million available for borrowings or to meet letter of credit requirements as of December 31, 2019 . As of December 31, 2019 , the weighted-average interest rate on outstanding borrowings under our Credit Facility was 3.29% . The Credit Facility generally includes customary events of default for a secured credit facility, some of which allow for an opportunity to cure. Under the Credit Facility, (1) if an event of default relating to bankruptcy or other insolvency events occurs, all related obligations will immediately become due and payable; (2) if any other event of default exists, the lenders will be permitted to accelerate the maturity of the related obligations outstanding; and (3) if any event of default exists, the lenders will be permitted to terminate their commitments thereunder and exercise other rights and remedies, including the commencement of foreclosure or other actions against the collateral. If any default occurs under the Credit Facility, or if we are unable to make any of the representations and warranties in the Credit Facility, we will be unable to borrow funds or have letters of credit issued under the Credit Facility. Senior Notes We issued $400.0 million aggregate principal amount of 5.375% senior notes due 2026 (the "Senior Notes") pursuant to an indenture dated May 24, 2018 (the "Indenture"), among the Company, certain of our subsidiaries, as guarantors, and U.S. Bank National Association, as trustee. The Senior Notes are guaranteed by each of the Company's present and future direct and indirect wholly owned domestic subsidiaries that is a guarantor under the Credit Facility. Interest on the Senior Notes is payable semi-annually in cash in arrears on January 15 and July 15 of each year, which commenced on July 15, 2018, at a rate of 5.375% per annum. The Senior Notes will mature on July 15, 2026. On and after July 15, 2021, the Company may redeem the Senior Notes, in whole or in part, at a redemption price equal to (i) 102.688% of the principal amount to be redeemed if the redemption occurs during the twelve-month period beginning on July 15, 2021, (ii) 101.344% of the principal amount to be redeemed if the redemption occurs during the twelve-month period beginning on July 15, 2022 and (iii) 100.0% of the principal amount to be redeemed if the redemption occurs on or after July 15, 2023, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time prior to July 15, 2021, the Company may also redeem up to 40.0% of the Senior Notes with net cash proceeds of certain equity offerings at a redemption price equal to 105.375% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to July 15, 2021, the Company may redeem the Senior Notes, in whole or in part, at a redemption price equal to 100.0% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date plus an applicable "make-whole" premium. The Indenture contains customary events of default, including, among other things, payment default, failure to comply with covenants or agreements contained in the Indenture or the Senior Notes and certain provisions related to bankruptcy events. The Indenture also contains customary negative covenants. As of December 31, 2019 , we were in compliance with all covenants and agreements set forth in the Indenture and the Senior Notes. Other Arrangements We have posted surety bonds to support regulatory and contractual obligations for certain decommissioning responsibilities, projects and legal matters. We utilize bonding facilities to support such obligations, but the issuance of bonds under those facilities is typically at the surety's discretion. Although there can be no assurance that we will maintain our surety bonding capacity, we believe our current capacity is adequate to support our existing requirements for the next twelve months. In addition, these bonds generally indemnify the beneficiaries should we fail to perform our obligations under the applicable agreements. We, and certain of our subsidiaries, have jointly executed general agreements of indemnity in favor of surety underwriters relating to surety bonds those underwriters issue. As of December 31, 2019 , bonds issued and outstanding under these arrangements totaled approximately $73.3 million . |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension Plans and Postretirement Benefits | PENSION PLANS AND POSTRETIREMENT BENEFITS We have historically provided defined benefit retirement benefits, primarily through noncontributory pension plans, for most of our regular employees. Certain of our subsidiaries have made other benefits available to certain groups of employees, including postretirement health care and life insurance benefits. For salaried employees, all major U.S. and Canadian defined benefit retirement plans have been closed to new entrants, and benefit accruals have ceased. For hourly employees, certain defined benefit retirement plans have been closed to new entrants. Our funding policy is to fund the plans as recommended by the respective plan actuaries and in accordance with the Employee Retirement Income Security Act of 1974, as amended, or other applicable law. Assuming we continue as a government contractor, our contractual arrangements with the U.S. Government provide for the recovery of contributions to our pension and other postretirement benefit plans covering employees working primarily in our Nuclear Operations Group segment. Obligations and Funded Status Pension Benefits Year Ended December 31, Other Benefits Year Ended December 31, 2019 2018 2019 2018 (In thousands) Change in benefit obligation: Benefit obligation at beginning of period $ 1,186,186 $ 1,543,343 $ 60,405 $ 68,239 Service cost 9,123 9,593 545 620 Interest cost 46,307 47,496 2,254 2,121 Plan participants' contributions 321 60 550 584 Amendments 5,523 10,734 — — Acquisition — 9,746 — — Settlements (25,694 ) (242,513 ) — — Actuarial loss (gain) 139,909 (107,669 ) (2,427 ) (7,336 ) Transfers — 1,167 — — Foreign currency exchange rate changes 6,027 (12,010 ) 462 (870 ) Benefits paid (58,904 ) (73,761 ) (2,908 ) (2,953 ) Benefit obligation at end of period $ 1,308,798 $ 1,186,186 $ 58,881 $ 60,405 Change in plan assets: Fair value of plan assets at beginning of period $ 1,024,091 $ 1,257,699 $ 43,945 $ 45,602 Actual return on plan assets 195,846 (53,299 ) 5,688 (772 ) Plan participants' contributions 321 177 550 584 Company contributions 4,284 157,573 915 1,379 Settlements (21,191 ) (252,908 ) — — Transfers — 1,134 — — Foreign currency exchange rate changes 6,048 (12,524 ) — — Benefits paid (58,904 ) (73,761 ) (2,777 ) (2,848 ) Fair value of plan assets at the end of period 1,150,495 1,024,091 48,321 43,945 Funded status $ (158,303 ) $ (162,095 ) $ (10,560 ) $ (16,460 ) Amounts recognized in the balance sheet consist of: Prepaid postretirement benefit obligation $ — $ — $ 14,012 $ 4,000 Prepaid pension 16,936 14,145 — — Accrued employee benefits (3,218 ) (3,191 ) (1,313 ) (1,240 ) Accumulated postretirement benefit obligation — — (23,259 ) (19,220 ) Pension liability (172,021 ) (173,049 ) — — Accrued benefit liability, net $ (158,303 ) $ (162,095 ) $ (10,560 ) $ (16,460 ) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 22,356 $ 19,736 $ (1,252 ) $ (1,563 ) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 1,167,257 $ 1,058,828 N/A N/A Accumulated benefit obligation $ 1,153,811 $ 1,048,252 $ 22,316 $ 18,429 Fair value of plan assets $ 992,018 $ 882,588 $ — $ — Plans with plan assets in excess of accumulated benefit obligation: Projected benefit obligation $ 141,541 $ 127,358 N/A N/A Accumulated benefit obligation $ 141,497 $ 127,378 $ 36,565 $ 41,976 Fair value of plan assets $ 158,477 $ 141,503 $ 48,321 $ 43,945 We record the service cost component of net periodic benefit cost within Operating income on our consolidated statements of income. For the years ended December 31, 2019 , 2018 and 2017 , these amounts were $9.7 million , $10.2 million and $8.6 million , respectively. All other components of net periodic benefit cost are included in Other – net on our consolidated statements of income. For the years ended December 31, 2019 , 2018 and 2017 , these amounts were $(17.5) million , $0.7 million and $(16.6) million , respectively. Components of net periodic benefit cost included in net income are as follows: Pension Benefits Year Ended December 31, Other Benefits Year Ended December 31, 2019 2018 2017 2019 2018 2017 (In thousands) Components of net periodic benefit cost: Service cost $ 9,123 $ 9,593 $ 8,031 $ 545 $ 620 $ 567 Interest cost 46,307 47,496 54,353 2,254 2,121 2,182 Expected return on plan assets (69,809 ) (80,939 ) (83,617 ) (2,514 ) (2,540 ) (2,383 ) Amortization of prior service cost 2,903 2,221 2,074 (311 ) (311 ) (314 ) Recognized net actuarial loss (gain) 9,353 36,738 8,322 (5,723 ) (4,094 ) 2,741 Net periodic benefit cost (income) $ (2,123 ) $ 15,109 $ (10,837 ) $ (5,749 ) $ (4,204 ) $ 2,793 Net periodic benefit cost related to our pension plans is calculated in accordance with GAAP. In addition, we calculate pension costs in accordance with U.S. cost accounting standards ("CAS") for purposes of cost recovery on our U.S. Government contracts to the extent applicable. See further discussion of CAS pension costs in our discussion of Critical Accounting Policies and Estimates included in Item 7 of this Annual Report on Form 10-K. Recognized net actuarial losses (gains) consist primarily of our reported actuarial losses (gains), settlements, and the differences between the actual returns on plan assets and the expected returns on plan assets. In July 2018, we completed the purchase of a group annuity contract that transferred certain domestic pension benefit obligations of approximately $240 million to an insurance company for approximately 1,300 retirees. As a result, we recognized pension settlement-related charges of $10.4 million during 2018. In October 2017, we completed the purchase of a group annuity contract that transferred certain domestic pension benefit obligations totaling $113.6 million to an insurance company for approximately 2,300 retirees. As a result, we recognized pension settlement-related charges of $3.8 million during 2017. We made contributions to our pension and postretirement benefit plans totaling $159.0 million during the year ended December 31, 2018. In August 2018, we accelerated $118.1 million of pension contributions to certain domestic pension plans in order to capture a tax benefit in our 2017 U.S. tax return due to the change in corporate tax rates. Additional Information Pension Benefits Year Ended December 31, Other Benefits Year Ended December 31, 2019 2018 2019 2018 (In thousands) Decrease in accumulated other comprehensive income due to actuarial losses – before taxes $ (5,523 ) $ (10,734 ) $ — $ — In the current fiscal year, we have recognized expense (income) in other comprehensive income as a component of net periodic benefit cost of approximately $2.9 million and $(0.3) million for our pension benefits and other benefits, respectively. In the next fiscal year, we expect to recognize expense (income) in other comprehensive income as a component of net periodic benefit cost of approximately $4.1 million and $(0.2) million for our pension benefits and other benefits, respectively. Assumptions Pension Benefits Other Benefits 2019 2018 2019 2018 Weighted-average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 3.31 % 4.30 % 3.21 % 4.25 % Pension Benefits Other Benefits 2019 2018 2017 2019 2018 2017 Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate to determine service cost 3.74 % 3.32 % 3.84 % 3.93 % 3.91 % 4.29 % Discount rate to determine interest cost 3.98 % 3.56 % 3.17 % 3.92 % 3.50 % 3.71 % Expected return on plan assets 6.95 % 6.95 % 7.00 % 5.68 % 5.70 % 5.71 % The expected return on plan assets rate assumptions are based on the long-term expected returns for the investment mix of assets in the portfolio. In setting these rates, we use a building-block approach. Historical real return trends for the various asset classes in the plan's portfolio are combined with anticipated future market conditions to estimate the real rate of return for each asset class. These rates are then adjusted for anticipated future inflation to estimate nominal rates of return for each class. The expected rate of return on plan assets is then determined to be the weighted-average nominal return based on the weightings of the classes within the total asset portfolio. We are using an expected return on plan assets assumption of 7.2% for the majority of our existing pension plan assets (approximately 86% of our total pension assets at December 31, 2019 ). Our existing other benefit plans are unfunded, with the exception of the NFS postretirement benefit plans. These plans provide health benefits to certain salaried and hourly employees, as well as retired employees, of NFS. All of the assets for these postretirement benefit plans are contributed into a Voluntary Employees' Beneficiary Association trust. 2019 2018 Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year 7.00 % 7.25 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches ultimate trend rate 2030 2030 Assumed health care cost trend rates have a significant effect on the amounts we report for our health care plan. A one-percentage-point change in our assumed health care cost trend rates would have the following effects: One-Percentage- One-Percentage- (In thousands) Effect on total of service and interest cost $ 300 $ (247 ) Effect on postretirement benefit obligation $ 5,470 $ (4,624 ) Investment Goals General The overall investment strategy of the pension trusts is to achieve long-term growth of principal, while avoiding excessive risk and to minimize the probability of loss of principal over the long term. The specific investment goals that have been set for the pension trusts, in the aggregate, are (1) to ensure that plan liabilities are met when due and (2) to achieve an investment return on trust assets consistent with a reasonable level of risk. Allocations to each asset class for both domestic and foreign plans are reviewed periodically and rebalanced, if appropriate, to assure the continued relevance of the goals, objectives and strategies. The pension trusts for both our domestic and foreign plans employ a professional investment advisor and a number of professional investment managers whose individual benchmarks are, in the aggregate, consistent with the plan's overall investment objectives. The goals of each investment manager are (1) to meet (in the case of passive accounts) or exceed (for actively managed accounts) the benchmark selected and agreed upon by the manager and the pension trust and (2) to display an overall level of risk in its portfolio that is consistent with the risk associated with the agreed upon benchmark. The investment performance of total portfolios, as well as asset class components, is periodically measured against commonly accepted benchmarks, including the individual investment manager benchmarks. In evaluating investment manager performance, consideration is also given to personnel, strategy, research capabilities, organizational and business matters, adherence to discipline and other qualitative factors that may impact the ability to achieve desired investment results. Domestic Plans We sponsor the following domestic defined benefit plans: • BWXT Retirement Plan; • Nuclear Fuel Services, Inc. Retirement Plan for Salaried Employees; and • Nuclear Fuel Services, Inc. Retirement Plan for Hourly Employees. The assets of the domestic pension plans are commingled for investment purposes and held by the trustee in the BWXT Master Trust (the "Master Trust"). For the years ended December 31, 2019 and 2018 , the investment returns on domestic plan assets of the Master Trust (net of deductions for management fees) were approximately 21% and (4)% , respectively. The following is a summary of the asset allocations for the Master Trust at December 31, 2019 and 2018 by asset category: December 31, 2019 2018 Asset Category: Fixed Income (excluding U.S. Government Securities) 33 % 33 % Commingled and Mutual Funds 27 % 27 % U.S. Government Securities 22 % 24 % Partnerships with Security Holdings 5 % 7 % Real Estate 7 % 7 % Other 6 % 2 % Total 100 % 100 % The target allocation for 2020 for the domestic plans, by asset class, is as follows: Asset Class: Fixed Income 55 % Equities 28 % Other 17 % Foreign Plans We sponsor various plans through certain of our Canadian subsidiaries. The combined weighted-average asset allocations of these plans at December 31, 2019 and 2018 by asset category were as follows: December 31, 2019 2018 Asset Category: Fixed Income 62 % 46 % Equity Securities and Commingled Mutual Funds 35 % 51 % Other 3 % 3 % Total 100 % 100 % The target allocation for 2020 for the Canadian plans, by asset class, is as follows: Asset Class: Fixed Income 65 % Global Equity 19 % U.S. Equity 16 % Fair Value See Note 14 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total investments for our plans measured at fair value at December 31, 2019 : 12/31/2019 Level 1 Level 2 Level 3 Unclassified (In thousands) Pension and Other Benefits: Fixed Income $ 453,390 $ — $ 355,064 $ — $ 98,326 Commingled and Mutual Funds 334,786 58,161 — — 276,625 U.S. Government Securities 220,606 216,300 4,306 — — Partnerships with Security Holdings 52,840 — — — 52,840 Real Estate 65,821 — — — 65,821 Other 47,550 — — — 47,550 Cash and Accrued Items 23,823 17,180 6,643 — — Total Assets $ 1,198,816 $ 291,641 $ 366,013 $ — $ 541,162 The following is a summary of total investments for our plans measured at fair value at December 31, 2018 : 12/31/2018 Level 1 Level 2 Level 3 Unclassified (In thousands) Pension and Other Benefits: Fixed Income $ 380,925 $ — $ 315,691 $ — $ 65,234 Commingled and Mutual Funds 320,210 47,975 — — 272,235 U.S. Government Securities 218,074 214,427 3,647 — — Partnerships with Security Holdings 62,309 — — — 62,309 Real Estate 61,219 — — — 61,219 Cash and Accrued Items 25,299 21,542 3,757 — — Total Assets $ 1,068,036 $ 283,944 $ 323,095 $ — $ 460,997 In accordance with FASB Topic Fair Value Measurements , certain investments that were measured at net asset value per share (or its equivalent) ("NAV") have not been classified in the fair value hierarchy. These investments are measured on the fair value of the underlying investments but may not be redeemable at that fair value. When appropriate, we adjust these net asset values for contributions and distributions, if any, made during the period beginning on the latest NAV valuation date and ending on our measurement date. We also consider available market data, relevant index returns, preliminary estimates from our investees and other data obtained through research and consultation with third-party advisors in determining the fair value of these investments. Cash Flows Domestic Plans Foreign Plans Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Expected employer contributions to trusts of defined benefit plans: 2020 $ — $ 85 $ 3,608 N/A Expected benefit payments: 2020 $ 57,550 $ 2,822 $ 6,820 $ 447 2021 $ 59,995 $ 2,890 $ 6,933 $ 493 2022 $ 62,010 $ 2,950 $ 7,165 $ 499 2023 $ 63,804 $ 2,965 $ 7,310 $ 528 2024 $ 65,194 $ 3,003 $ 7,413 $ 536 2025-2029 $ 335,013 $ 14,062 $ 41,293 $ 3,171 Defined Contribution Plans We also provide benefits under the BWXT Thrift Plan (the "Thrift Plan"). The Thrift Plan generally provides for matching employer contributions of 50% of the first 6% of compensation, as defined in the Thrift Plan, contributed by participants, and fully vest and are nonforfeitable after three years of service or upon retirement, death, lay-off or approved disability. These matching employer contributions are made in cash and invested at the employees' discretion. We also provide service-based cash contributions under the Thrift Plan to employees not accruing benefits under our defined benefit plans. Our Canadian Plans also include a defined contribution component whereby we make cash, service-based contributions. Amounts charged to expense for employer contributions under our defined contribution plans totaled approximately $31.7 million , $31.3 million and $29.1 million in the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Capital Stock | CAPITAL STOCK In October 2015, our Board of Directors authorized us to repurchase an indeterminate number of shares of our common stock of up to an aggregate market value of $300 million ; this authorization expired on February 26, 2018 . On February 24, 2017, our Board of Directors authorized an additional share repurchase of up to an aggregate market value of $150 million ; this authorization became fully utilized in November 2018. On November 6, 2018, our Board of Directors authorized an additional share repurchase of up to an aggregate market value of $250 million during a three-year period from November 6, 2018 to November 6, 2021 . On September 15, 2016, we entered into a $200 million accelerated share repurchase agreement (the "ASR Agreement") with Wells Fargo Bank, National Association ("Wells Fargo"). Pursuant to the terms of the ASR Agreement, on September 16, 2016, we paid Wells Fargo $200 million in cash and received 4,135,435 shares of BWXT common stock. On March 24, 2017, the final settlement of the ASR Agreement was completed, and we received an additional 846,568 shares of BWXT common stock. The total number of shares repurchased under the ASR Agreement was 4,982,003 shares at an average price of $40.14 per share based on the volume-weighted average stock price of BWXT common stock traded during the term of the ASR Agreement, less a customary discount. We immediately reduced the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share as of the dates the initial and final repurchases of shares were physically delivered. The ASR Agreement was accounted for as a treasury stock transaction and forward stock purchase contract. The shares were recorded in treasury stock on our consolidated balance sheets. The forward stock purchase contract was indexed to BWXT's own stock and classified as an equity instrument. In the year ended December 31, 2019, we repurchased 443,877 shares of our common stock for $20.0 million . In the year ended December 31, 2018, we repurchased 4,523,934 shares of our common stock for approximately $214.7 million . In the year ended December 31, 2017, we received 846,568 shares under the final settlement of the ASR Agreement and made no other share repurchases. As of December 31, 2019 , we had approximately $165.3 million available to us for share repurchase under the $250 million authorization described above. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION 2010 Long-Term Incentive Plan of BWX Technologies, Inc. Members of the Board of Directors, executive officers, key employees and consultants are eligible to participate in the 2010 Long-Term Incentive Plan of BWX Technologies, Inc. (the "Plan"). The Compensation Committee of the Board of Directors selects the participants for the Plan. The Plan provides for a number of forms of stock-based compensation, including incentive and non-qualified stock options, restricted stock, restricted stock units, performance shares and performance units, subject to satisfaction of specific performance goals. Shares subject to awards under the Plan that are cancelled, forfeited, terminated or expire unexercised, shall immediately become available for the granting of awards under the Plan. As part of the approval of the Plan, 10,000,000 shares of common stock were initially authorized for issuance through the Plan, with an additional 2,300,000 authorized for issuance in 2014. Options to purchase shares are granted at not less than 100% of the fair market value closing price on the date of grant, become exercisable at such time or times as determined when granted and expire not more than ten years after the date of grant. At December 31, 2019 , we had awarded 9,109,541 shares under the Plan and had a total of 3,190,459 shares of our common stock available for future awards. In the event of a change in control of the Company, the terms of the awards under the Plan contain provisions that may cause restrictions to lapse and accelerate the vesting of awards. Long-Term Incentive Plan of BWXT Technical Services Group, Inc. In June 2012, we established the 2012 Long-Term Incentive Plan of BWXT Technical Services Group, Inc., a cash-settled plan for employees of certain subsidiaries and unconsolidated affiliates as selected by the plan committee. The cash-settled plan provides for a number of forms of stock-based compensation, including stock appreciation rights, restricted stock units and performance units, subject to satisfaction of specific performance goals. Stock appreciation rights are granted at not less than 100% of the fair market value closing price of a share of BWXT common stock on the date of grant, become exercisable at such time or times as determined when granted and expire not more than ten years after the date of grant. Stock appreciation rights are cash settled for the excess of the market price of BWXT common stock on the exercise date minus the exercise price. Restricted stock units and performance units are cash settled upon vesting as determined when granted. We will not issue any shares of BWXT common stock under this plan, as all awards are cash settled. In the event of a change in control of the Company, the terms of the awards under the cash-settled plan contain provisions that may cause restrictions to lapse and accelerate the vesting of awards. Stock-based compensation expense for all of our plans recognized for the years ended December 31, 2019 , 2018 and 2017 totaled $14.8 million , $10.8 million and $18.5 million , respectively, with associated tax benefit totaling $2.5 million , $1.7 million and $3.7 million , respectively. Included in stock-based compensation expense for the year ended December 31, 2017 is $2.5 million associated with an executive reorganization that resulted in the acceleration of previously granted equity awards. As of December 31, 2019 , unrecognized estimated compensation expense related to nonvested awards was $13.3 million , which is expected to be recognized over a weighted-average period of 1.7 years . Stock Options The following table summarizes activity for our stock options for the year ended December 31, 2019 (share data in thousands): Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In millions) Outstanding at beginning of period 571 $ 23.44 Granted — N/A Exercised (246 ) $ 22.85 Cancelled/expired/forfeited (1 ) $ 20.31 Outstanding at end of period 324 $ 23.91 3.1 Years $ 12.4 Exercisable at end of period 324 $ 23.91 3.1 Years $ 12.4 The aggregate intrinsic value included in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their options on December 31, 2019 . The intrinsic value is calculated as the total number of option shares multiplied by the difference between the closing price of our common stock on the last trading day of the period and the exercise price of the options. This amount changes based on the price of our common stock. During the years ended December 31, 2019 , 2018 and 2017 , the total intrinsic value of stock options exercised was $8.1 million , $8.5 million and $22.6 million , respectively. The actual tax benefits realized related to the stock options exercised during the year ended December 31, 2019 totaled $1.1 million . Performance Shares Nonvested performance shares as of December 31, 2019 and changes during the year ended December 31, 2019 were as follows (share data in thousands): Number of Shares Weighted- Average Grant Date Fair Value Nonvested at beginning of period 639 $ 43.06 Adjustment to assumed vesting percentage 13 $ 48.52 Granted 140 $ 51.78 Vested (368 ) $ 34.64 Cancelled/forfeited (15 ) $ 53.97 Nonvested at end of period 409 $ 53.39 The actual number of shares in which each participant vests is dependent upon achievement of certain return on invested capital and diluted earnings per share targets over a three-year performance period. The number of shares in which participants can vest ranges from zero to 200% of the initial performance shares granted, to be determined upon completion of the three-year performance period. The nonvested shares at the end of the period in the table above assumes weighted-average vesting of 114% . The actual tax benefits realized related to the performance shares vested during the year ended December 31, 2019 totaled $3.3 million . Restricted Stock Units Nonvested restricted stock units as of December 31, 2019 and changes during the year ended December 31, 2019 were as follows (share data in thousands): Number of Shares Weighted- Average Grant Date Fair Value Nonvested at beginning of period 160 $ 51.85 Granted 123 $ 51.36 Vested (110 ) $ 46.96 Cancelled/forfeited (7 ) $ 55.22 Nonvested at end of period 166 $ 54.51 The actual tax benefits realized related to the restricted stock units vested during the year ended December 31, 2019 totaled $0.8 million . Cash-Settled Stock Appreciation Rights The following table summarizes activity for our stock appreciation rights for the year ended December 31, 2019 (unit data in thousands): Number of Units Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In millions) Outstanding at beginning of period 64 $ 22.92 Granted — N/A Exercised (9 ) $ 20.00 Cancelled/expired/forfeited — N/A Outstanding at end of period 55 $ 23.39 3.0 Years $ 2.1 Exercisable at end of period 55 $ 23.39 3.0 Years $ 2.1 The aggregate intrinsic value included in the table above represents the total pre-tax intrinsic value that would have been received by the stock appreciation rights holders had all holders exercised their rights on December 31, 2019 . The intrinsic value is calculated as the total number of stock appreciation rights multiplied by the difference between the closing price of our common stock on the last trading day of the period and the exercise price of the stock appreciation rights. This amount changes based on the price of our common stock. Cash-Settled Performance Units The actual number of units in which each participant vests is dependent upon achievement of certain return on invested capital and diluted earnings per share targets over a three-year performance period. The number of units in which participants can vest ranges from zero to 200% of the initial performance units granted, to be determined upon completion of the three-year performance period. As of December 31, 2019 , we had 5,207 nonvested units valued at $62.08 per share with an assumed weighted-average vesting of 124% . The fair value is based on our closing stock price as of December 31, 2019 and is re-determined at the end of each reporting period for purposes of remeasuring compensation expense associated with these cash-settled awards. Cash-Settled Restricted Stock Units As of December 31, 2019 , we had 1,193 nonvested units valued at $62.08 per share. The fair value is based on our closing stock price as of December 31, 2019 and is re-determined at the end of each reporting period for purposes of remeasuring compensation expense associated with these cash-settled awards. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Investigations and Litigation Due to the nature of our business, we are, from time to time, involved in investigations, litigation, disputes or claims related to our business activities, including, among other things: • performance- or warranty-related matters under our customer and supplier contracts and other business arrangements; and • workers' compensation, employment, premises liability and other claims. Based upon our prior experience, we do not expect that any of these litigation proceedings, disputes and claims will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. Environmental Matters We have been identified as a potentially responsible party at various cleanup sites under the Comprehensive Environmental Response, Compensation, and Liability Act, as amended ("CERCLA") and other environmental laws. These laws can impose liability for the entire cost of cleanup on any of the potentially responsible parties, regardless of fault or the lawfulness of the original conduct. Generally, however, where there are multiple responsible parties, a final allocation of costs is made based on the amount and type of wastes disposed of by each party and the number of financially viable parties, although this may not be the case with respect to any particular site. We have not been determined to be a major contributor of wastes to any of these sites. On the basis of our relative contribution of waste to each site, we expect our share of the ultimate liability for the various sites will not have a material adverse effect on our consolidated financial condition, results of operations or cash flows in any given year. We perform significant amounts of work for the U.S. Government under both prime contracts and subcontracts and operate certain facilities that are licensed to possess and process special nuclear materials. As a result of these activities, we are subject to continuing reviews by governmental agencies, including the U.S. Environmental Protection Agency and the NRC. We are also involved in manufacturing activities at licensed facilities in Canada that are also subject to continuing reviews by governmental agencies in Canada, including the CNSC. The NRC's decommissioning regulations require our Nuclear Operations Group segment to provide financial assurance that it will be able to pay the expected cost of decommissioning its two licensed facilities at the end of their service lives. We provided financial assurance totaling $61.8 million and $56.2 million during the years ended December 31, 2019 and 2018 respectively, with surety bonds for the ultimate decommissioning of these licensed facilities. These facilities have provisions in their government contracts pursuant to which substantially all of our decommissioning costs and financial assurance obligations are covered by the DOE, including the costs to complete the decommissioning projects underway at the facility in Erwin, Tennessee. These surety bonds are to cover decommissioning required pursuant to work not subject to this DOE obligation. In Canada, the CNSC's decommissioning regulations require our Nuclear Power Group segment to provide financial assurance that it will be able to pay the expected cost of decommissioning its CNSC-licensed facilities at the end of their service lives. We provided financial assurance totaling $47.0 million and $45.1 million during the years ended December 31, 2019 and 2018 , respectively, with letters of credit and surety bonds for the ultimate decommissioning of these licensed facilities. Our compliance with federal, foreign, state and local environmental control and protection regulations resulted in pre-tax charges of approximately $15.9 million , $14.7 million and $14.1 million in the years ended December 31, 2019 , 2018 and 2017 , respectively. In addition, compliance with existing environmental regulations necessitated capital expenditures of $1.4 million , $1.7 million and $0.9 million in the years ended December 31, 2019 , 2018 and 2017 , respectively. At December 31, 2019 and 2018 , we had total environmental accruals (including asset retirement obligations) of $90.8 million and $104.9 million , respectively. Of our total environmental accruals at December 31, 2019 and 2018 , $10.4 million and $18.5 million , respectively, were included in current liabilities. Inherent in the estimates of these accruals are our expectations regarding the levels of contamination, decommissioning costs and recoverability from other parties, which may vary significantly as decommissioning activities progress. Accordingly, changes in estimates could result in material adjustments to our operating results, and the ultimate loss may differ materially from the amounts that we have provided for in our consolidated financial statements. |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | RISKS AND UNCERTAINTIES Revenue Recognized Over Time As of December 31, 2019 , in accordance with the method of recognizing revenue over time, we have provided for our estimated costs to complete all of our ongoing contracts. However, it is possible that current estimates could change due to unforeseen events, which could result in adjustments to overall contract costs. The risk on fixed-price contracts is that revenue from the customer does not cover increases in our costs. It is possible that current estimates could materially change for various reasons, including, but not limited to, fluctuations in forecasted labor productivity or steel and other raw material prices. Increases in costs on our fixed-price contracts could have a material adverse impact on our consolidated financial condition, results of operations and cash flows. Alternatively, reductions in overall contract costs at completion could materially improve our consolidated financial condition, results of operations and cash flows. Insurance Upon the February 22, 2006 effectiveness of the settlement relating to the Chapter 11 proceedings involving several of our former subsidiaries, most of our subsidiaries contributed substantial insurance rights to the asbestos personal injury trust, including rights to (1) certain pre-1979 primary and excess insurance coverages and (2) certain of our 1979-1986 excess insurance coverage. These insurance rights provided coverage for, among other things, asbestos and other personal injury claims, subject to the terms and conditions of the policies. The contribution of these insurance rights was made in exchange for the agreement on the part of the representatives of the asbestos claimants, including the representative of future claimants, to the entry of a permanent injunction, pursuant to Section 524(g) of the U.S. Bankruptcy Code, to channel to the asbestos trust all asbestos-related general liability claims against our subsidiaries and former subsidiaries arising out of, resulting from or attributable to their operations, and the implementation of related releases and indemnification provisions protecting those subsidiaries and their affiliates from future liability for such claims. Although we are not aware of any significant, unresolved claims against our subsidiaries and former subsidiaries that are not subject to the channeling injunction and that relate to the periods during which such excess insurance coverage related, with the contribution of these insurance rights to the asbestos personal injury trust, it is possible that we could have underinsured or uninsured exposure for non-derivative asbestos claims or other personal injury or other claims that would have been insured under these coverages had the insurance rights not been contributed to the asbestos personal injury trust. In conjunction with the spin-off, claims and liabilities associated with the asbestos personal injury, property damage and indirect property damage claims mentioned above have been expressly assumed by BWE pursuant to the master separation agreement between us and BWE. |
Financial Instruments with Conc
Financial Instruments with Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Financial Instruments with Concentrations of Credit Risk | FINANCIAL INSTRUMENTS WITH CONCENTRATIONS OF CREDIT RISK The primary customer of our Nuclear Operations Group and Nuclear Services Group segments is the U.S. Government, including some of its contractors. Our Nuclear Power Group segment's major customers are large utilities. These concentrations of customers may impact our overall exposure to credit risk, either positively or negatively, in that our customers may be similarly affected by changes in economic or other conditions. In the years ended December 31, 2019 , 2018 and 2017 , U.S. Government contracts accounted for approximately 77% , 79% and 81% of our total consolidated revenues, respectively. Accounts receivable due directly or indirectly from the U.S. Government represented 67% and 63% of net receivables at December 31, 2019 and 2018 , respectively. See Note 15 for additional information about our operations in different geographic areas. We believe that our provision for possible losses on uncollectable accounts receivable is adequate for our credit loss exposure. At December 31, 2019 and 2018 , the allowances for possible losses that we deducted from Accounts receivable – trade, net on our consolidated balance sheets were $0.2 million and $0.1 million , respectively. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS The following is a summary of our investments at December 31, 2019 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Equity securities Equities $ 417 $ 1,755 $ — $ 2,172 Mutual funds 4,988 697 — 5,685 Available-for-sale securities U.S. Government and agency securities 2,039 5 — 2,044 Corporate bonds 3,103 380 — 3,483 Asset-backed securities and collateralized mortgage obligations 132 — (53 ) 79 Total $ 10,679 $ 2,837 $ (53 ) $ 13,463 The following is a summary of our investments at December 31, 2018 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Equity securities Equities $ 908 $ 255 $ — $ 1,163 Mutual funds 4,699 — (5 ) 4,694 Available-for-sale securities U.S. Government and agency securities 2,216 11 — 2,227 Corporate bonds 2,850 — (47 ) 2,803 Asset-backed securities and collateralized mortgage obligations 144 — (52 ) 92 Total $ 10,817 $ 266 $ (104 ) $ 10,979 Proceeds, gross realized gains and gross realized losses on sales of available-for-sale securities were as follows: Proceeds Gross Realized Gains Gross Realized Losses (In thousands) Year Ended December 31, 2019 $ — $ — $ — Year Ended December 31, 2018 $ — $ — $ — Year Ended December 31, 2017 $ 148 $ 108 $ — |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS FASB Topic Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. This topic also sets forth the disclosure requirements regarding fair value and establishes a hierarchy for valuation inputs that emphasizes the use of observable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy established by this topic is as follows: • Level 1 – inputs are based upon quoted prices for identical instruments traded in active markets. • Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for similar or identical instruments in inactive markets and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets and liabilities. • Level 3 – inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar valuation techniques. The following sections describe the valuation methodologies we use to measure the fair values of our investments, derivatives and nonrecurring fair value measurements. Investments Investments primarily include U.S. Government and agency securities, corporate bonds and equities and mutual funds. In general, and where applicable, we principally use a composite of observable prices and quoted prices in active markets for identical assets or liabilities to determine fair value. This pricing methodology applies to our Level 1 and Level 2 investments. Fair Value Measurements The following is a summary of our investments measured at fair value at December 31, 2019 : 12/31/2019 Level 1 Level 2 Level 3 (In thousands) Equity securities Equities $ 2,172 $ — $ 2,172 $ — Mutual funds 5,685 — 5,685 — Available-for-sale securities U.S. Government and agency securities 2,044 2,044 — — Corporate bonds 3,483 1,855 1,628 — Asset-backed securities and collateralized mortgage obligations 79 — 79 — Total $ 13,463 $ 3,899 $ 9,564 $ — The following is a summary of our investments measured at fair value at December 31, 2018 : 12/31/2018 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 $ — Derivatives Level 2 derivative assets and liabilities currently consist of FX forward contracts. Where applicable, the value of these derivative assets and liabilities is computed by discounting the projected future cash flow amounts to present value using market-based observable inputs, including FX forward and spot rates, interest rates and counterparty performance risk adjustments. At December 31, 2019 and 2018 , we had forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars and Euros, with a total fair value of $(0.8) 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 consolidated balance sheets for Cash and cash equivalents and Restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. Long-term and short-term debt . We base the fair values of debt instruments, including our Senior Notes, on quoted market prices. Where quoted prices are not available, we base the fair values on the present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms. At December 31, 2019 and 2018 , the fair value of our Senior Notes was $423.5 million and $384.9 million , respectively. The fair value of our remaining debt instruments approximated their carrying values at December 31, 2019 and 2018 . |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING As described in Note 1 , our operations are assessed based on three reportable segments. The operations of our segments are managed separately, and each segment has unique technology, services and customer classes. We account for intersegment sales at prices that we generally establish by reference to similar transactions with unaffiliated customers. Reportable segments are measured based on operating income exclusive of general corporate expenses and gains (losses) on sales of corporate assets. 1. Information about Operations in our Different Industry Segments: Year Ended December 31, 2019 2018 2017 (In thousands) REVENUES (1) : Nuclear Operations Group $ 1,428,587 $ 1,319,170 $ 1,271,861 Nuclear Power Group 352,640 365,911 285,831 Nuclear Services Group 131,339 122,438 137,249 Eliminations (17,646 ) (7,630 ) (7,203 ) $ 1,894,920 $ 1,799,889 $ 1,687,738 (1) Segment revenues are net of the following intersegment transfers: Nuclear Operations Group Transfers $ (4,382 ) $ (4,004 ) $ (1,322 ) Nuclear Power Group Transfers (208 ) (308 ) (246 ) Nuclear Services Group Transfers (13,056 ) (3,318 ) (5,635 ) $ (17,646 ) $ (7,630 ) $ (7,203 ) OPERATING INCOME: Nuclear Operations Group $ 298,328 $ 271,405 $ 267,930 Nuclear Power Group 53,815 52,270 36,548 Nuclear Services Group 14,226 20,374 22,083 Other (23,099 ) (18,074 ) (10,688 ) $ 343,270 $ 325,975 $ 315,873 Unallocated Corporate (1) (17,749 ) (20,998 ) (23,650 ) Total Operating Income (2) $ 325,521 $ 304,977 $ 292,223 Other Income (Expense) (11,779 ) (24,832 ) 3,557 Income before Provision for Income Taxes $ 313,742 $ 280,145 $ 295,780 (1) Unallocated Corporate includes general corporate overhead not allocated to segments. (2) The following amounts are included in Operating Income: Losses (Gains) on Asset Disposals and Impairments, Net: Nuclear Operations Group $ (6 ) $ — $ (65 ) Nuclear Power Group 103 (179 ) (129 ) Nuclear Services Group 2,727 — — Other — 467 — Unallocated Corporate — (224 ) — $ 2,824 $ 64 $ (194 ) Equity in Income of Investees : Nuclear Operations Group $ — $ — $ — Nuclear Power Group — — — Nuclear Services Group 28,924 30,343 13,612 Other — — — $ 28,924 $ 30,343 $ 13,612 Year Ended December 31, 2019 2018 2017 (In thousands) CAPITAL EXPENDITURES: Nuclear Operations Group $ 133,279 $ 93,360 $ 86,323 Nuclear Power Group 38,053 4,710 3,856 Nuclear Services Group 1,169 974 1,514 Other 2,597 2,780 628 Segment Capital Expenditures 175,098 101,824 92,321 Corporate Capital Expenditures 7,026 7,514 4,559 Total Capital Expenditures $ 182,124 $ 109,338 $ 96,880 DEPRECIATION AND AMORTIZATION: Nuclear Operations Group $ 33,231 $ 32,132 $ 31,289 Nuclear Power Group 17,054 17,154 13,751 Nuclear Services Group 3,246 3,401 3,702 Other 787 — — Segment Depreciation and Amortization 54,318 52,687 48,742 Corporate Depreciation and Amortization 7,404 7,410 7,815 Total Depreciation and Amortization $ 61,722 $ 60,097 $ 56,557 December 31, 2019 2018 2017 (In thousands) SEGMENT ASSETS: Nuclear Operations Group $ 986,827 $ 878,758 $ 947,055 Nuclear Power Group 580,413 482,763 313,959 Nuclear Services Group 177,952 180,441 161,948 Other 3,751 5,557 2,511 Segment Assets 1,748,943 1,547,519 1,425,473 Corporate Assets 159,970 107,577 286,866 Total Assets $ 1,908,913 $ 1,655,096 $ 1,712,339 INVESTMENT IN UNCONSOLIDATED AFFILIATES: Nuclear Operations Group $ — $ — $ — Nuclear Power Group — — — Nuclear Services Group 70,116 63,746 43,266 Other — — — Total Investment in Unconsolidated Affiliates $ 70,116 $ 63,746 $ 43,266 2. Information about our Product and Service Lines: Year Ended December 31, 2019 2018 2017 (In thousands) REVENUES: Nuclear Operations Group: Government Programs $ 1,368,555 $ 1,311,886 $ 1,262,929 Commercial Operations 60,032 7,284 8,932 1,428,587 1,319,170 1,271,861 Nuclear Power Group: Nuclear Manufacturing 243,472 201,628 158,931 Nuclear Services and Engineering 109,168 164,283 126,900 352,640 365,911 285,831 Nuclear Services Group: Nuclear Environmental Services 102,726 96,566 101,056 Management & Operation Contracts of U.S. Government Facilities — — 9,746 Nuclear Services and Advanced Reactor Design and Engineering 28,613 25,872 26,447 131,339 122,438 137,249 Other: — — — Eliminations (17,646 ) (7,630 ) (7,203 ) $ 1,894,920 $ 1,799,889 $ 1,687,738 3. Information about our Consolidated Operations in Different Geographic Areas: Year Ended December 31, 2019 2018 2017 (In thousands) REVENUES (1) : U.S. $ 1,572,085 $ 1,446,791 $ 1,408,817 Canada 287,971 294,913 245,073 All Other Countries 34,864 58,185 33,848 $ 1,894,920 $ 1,799,889 $ 1,687,738 (1) We allocate geographic revenues based on the location of the customers' operations. December 31, 2019 2018 2017 (In thousands) NET PROPERTY, PLANT AND EQUIPMENT: U.S. $ 494,202 $ 390,632 $ 308,561 Canada 86,039 48,607 40,068 $ 580,241 $ 439,239 $ 348,629 4. Information about our Major Customers: In the years ended December 31, 2019 , 2018 and 2017 , sales to the U.S. Government accounted for approximately 77% , 79% and 81% of our total consolidated revenues, respectively, all of which were included in our Nuclear Operations Group and Nuclear Services Group segments. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2019 and 2018 : Year Ended December 31, 2019 March 31, June 30, September 30, December 31, (In thousands, except per share amounts) Revenues $ 416,454 $ 471,231 $ 506,000 $ 501,235 Operating income (1) $ 63,644 $ 80,535 $ 98,462 $ 82,880 Equity in income of investees $ 7,682 $ 6,862 $ 7,874 $ 6,506 Net Income Attributable to BWX Technologies, Inc. $ 48,978 $ 58,878 $ 74,810 $ 61,449 Earnings per common share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.51 $ 0.62 $ 0.78 $ 0.64 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 0.51 $ 0.62 $ 0.78 $ 0.64 (1) Includes equity in income of investees. Year Ended December 31, 2018 March 31, June 30, September 30, December 31, (In thousands, except per share amounts) Revenues $ 457,463 $ 438,921 $ 425,507 $ 477,998 Operating income (1) $ 79,888 $ 71,549 $ 50,395 $ 103,145 Equity in income of investees $ 7,150 $ 6,225 $ 9,323 $ 7,645 Net Income Attributable to BWX Technologies, Inc. $ 66,441 $ 60,663 $ 77,919 $ 21,935 Earnings per common share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.67 $ 0.61 $ 0.78 $ 0.22 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 0.66 $ 0.60 $ 0.78 $ 0.22 (1) Includes equity in income of investees. In the quarter ended September 30, 2018, we recognized $12.5 million of benefit in our provision for income taxes related to the remeasurement of our deferred tax assets as a result of accelerating additional contributions to certain of our domestic pension plans for inclusion in our 2017 U.S. tax return. We immediately recognize actuarial gains (losses) for our pension and postretirement benefit plans in earnings as a component of net periodic benefit cost. Recorded in the quarters ended December 31, 2019 and 2018 , the effects of these adjustments on pre-tax income were $(3.6) million and $(67.8) million , respectively. Additionally, we recorded an interim net actuarial gain of $35.1 million in the quarter ended September 30, 2018 as a result of the purchase of a group annuity contract to transfer certain domestic pension benefit obligations to an insurance company, which included a $10.4 million settlement loss and a $45.5 million actuarial gain. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 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: Year Ended December 31, 2019 2018 2017 (In thousands, except shares and Basic: Net Income Attributable to BWX Technologies, Inc. $ 244,115 $ 226,958 $ 147,844 Weighted-average common shares 95,377,414 99,062,087 99,334,472 Basic earnings per common share $ 2.56 $ 2.29 $ 1.49 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 244,115 $ 226,958 $ 147,844 Weighted-average common shares (basic) 95,377,414 99,062,087 99,334,472 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 433,124 956,966 1,034,718 Adjusted weighted-average common shares 95,810,538 100,019,053 100,369,190 Diluted earnings per common share $ 2.55 $ 2.27 $ 1.47 (1) At December 31, 2019 , 2018 and 2017 , we excluded 0 , 0 and 41,854 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) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Spin-off | On June 30, 2015, we completed the spin-off of our former Power Generation business (the "spin-off") into an independent, publicly traded company named Babcock & Wilcox Enterprises, Inc. ("BWE"). |
Reportable Segments | Reportable Segments We operate in three reportable segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our reportable segments are further described as follows: • Our Nuclear Operations Group segment manufactures naval nuclear reactors for the U.S. Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we own and operate manufacturing facilities located in Lynchburg, Virginia; Barberton, Ohio; Mount Vernon, Indiana; Euclid, Ohio; and Erwin, Tennessee. The Lynchburg operations fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. The Barberton and Mount Vernon locations specialize in the design and manufacture of heavy components inclusive of 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. • 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 also provides inspection and maintenance services primarily for the U.S. commercial nuclear industry including steam generator and heat exchanger inspection services, high pressure water lancing, non-destructive examination and customized tooling solutions. This segment also develops technology for a variety of applications, including advanced nuclear power sources, and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for new advanced nuclear reactors. |
Recently Adopted and New Accounting Standards | Recently Adopted Accounting Standards On January 1, 2019, we adopted the update to the Financial Accounting Standards Board ("FASB") Topic Leases . 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 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 from Intangible Assets of favorable leases related to recent acquisitions. 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 consolidated statements of income or cash flows. New Accounting Standards In June 2016, the FASB issued Topic Financial Instruments – Credit Losses . This update requires entities to recognize expected credit losses immediately in the financial statements. We expect to adopt the provisions of this update on January 1, 2020. We do not expect the adoption of this update to have a material impact on our financial statements. In January 2017, the FASB issued an update to the Topic Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This update eliminates the two-step process that requires the identification of a potential impairment and a separate analysis to measure the amount of the impairment. Our annual assessment of goodwill impairment will be now determined by comparing the fair value of a reporting unit with its carrying amount. We expect to adopt the provisions of this update on January 1, 2020. We do not expect the adoption of this update to have a material impact on our financial statements. |
Use of Estimates | Use of Estimates We use estimates and assumptions to prepare our financial statements in conformity with GAAP. Some of our more significant estimates include estimates of costs to complete long-term contracts and the associated revenues, estimates of the fair value of acquired intangible and other assets, estimates we make in selecting assumptions related to the valuations of our pension and postretirement benefit plans, including the selection of our discount rates, mortality and expected rates of return on our pension plan assets and estimates we make in evaluating our asset retirement obligations. These estimates and assumptions affect the amounts we report in our financial statements and accompanying notes. Our actual results could differ from these estimates. Variances could result in a material effect on our financial condition and results of operations in future periods. |
Contracts and Revenue Recognition | Contracts and Revenue Recognition We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with FASB Topic Revenue from Contracts with Customers . We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Nuclear Power Group segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. 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 consolidated balance sheet. |
Warranty Expense | Warranty Expense We accrue estimated warranty expense, included in Cost of operations on our consolidated statements of income, to satisfy contractual warranty requirements when we recognize the associated revenue on the related contracts. In addition, we record specific provisions or reductions where we expect the actual warranty costs to significantly differ from the accrued estimates. Such changes could have a material effect on our consolidated financial condition, results of operations and cash flows. |
Stock-Based Compensation | Stock-Based Compensation We expense stock-based compensation in accordance with FASB Topic Compensation – Stock Compensation. Under this topic, the fair value of equity-classified awards, such as restricted stock, performance shares and stock options, is determined on the date of grant and is not remeasured. The fair value of liability-classified awards, such as cash-settled stock appreciation rights, restricted stock units and performance units, is determined on the date of grant and is remeasured at the end of each reporting period through the date of settlement. Grant date fair values for restricted stock, restricted stock units, performance shares and performance units are determined using the closing price of our common stock on the date of grant. Under the provisions of this FASB topic, we recognize expense for all share-based awards granted on a straight-line basis over the requisite service periods of the awards, which is generally equivalent to the vesting term. This topic requires compensation expense to be recognized such that compensation expense is recorded only for those awards expected to vest. As a result, we periodically review the amount of actual forfeitures and record any adjustments deemed necessary each reporting period. We also recognize excess tax benefits in our provision for income taxes. These excess tax benefits result from tax deductions in excess of the cumulative compensation expense recognized for options exercised and other equity-classified awards. Additionally, this FASB topic amended FASB Topic Statement of Cash Flows to require excess tax benefits to be classified along with other income tax cash flows as an operating activity. In addition, cash flows related to employee taxes paid for withheld shares are classified as a financing activity. |
Research and Development | Research and Development Our research and development activities are related to the development and improvement of new and existing products and equipment, as well as conceptual and engineering evaluation for translation into practical applications. We charge the costs of research and development unrelated to specific contracts as incurred. Contractual arrangements for customer-sponsored research and development can vary on a case-by-case basis and include contracts, cooperative agreements and grants. |
Capitalization of Interest Cost | Capitalization of Interest Cost We capitalize interest in accordance with FASB Topic Interest |
Income Taxes | Income Taxes Income tax expense for federal, foreign, state and local income taxes is calculated on pre-tax income based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We assess deferred taxes and the adequacy of the valuation allowance on a quarterly basis. In the ordinary course of business, there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. We record interest and penalties (net of any applicable tax benefit) related to income taxes as a component of Provision for Income Taxes on our consolidated statements of income. We would be subject to withholding taxes if we were to distribute earnings from certain foreign subsidiaries, and unrecognized deferred income tax liabilities, including withholding taxes, would be payable upon distribution of these earnings. We consider the earnings of our non-U.S. subsidiaries to be permanently reinvested. |
Earnings Per Share | Earnings Per Share We have computed earnings per common share on the basis of the weighted-average number of common shares, and, where dilutive, common share equivalents, outstanding during the indicated periods. We issue a number of forms of stock-based compensation periodically, including incentive and non-qualified stock options, restricted stock, restricted stock units and performance shares and performance units, subject to satisfaction of specific performance goals. We include the shares applicable to these plans in our computation of diluted earnings per share when related performance criteria have been met. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Our cash equivalents are highly liquid investments with maturities of three months or less when we purchase them. |
Investments | Investments Our investment portfolio consists primarily of U.S. Government and agency securities, corporate bonds and equities and mutual funds. Our debt securities are carried at fair value and are either classified as trading, with unrealized gains and losses reported in earnings, or as available-for-sale, with the unrealized gains and losses, net of tax, reported as a component of Accumulated other comprehensive income. Our equity securities are carried at fair value with the unrealized gains and losses reported in earnings. We classify investments available for current operations in the consolidated balance sheets as current assets, while we classify investments held for long-term purposes as non-current assets. We adjust the amortized cost of debt securities for amortization of premiums and accretion of discounts to maturity. That amortization is included in Interest income. We include realized gains and losses on our investments in Other – net. The cost of securities sold is based on the specific identification method. We include interest on securities in Interest income. |
Inventories | Inventories |
Property, Plant and Equipment | Property, Plant and Equipment We carry our property, plant and equipment at depreciated cost, less any impairment provisions. We depreciate our property, plant and equipment using the straight-line method over estimated economic useful lives of eight to 40 years for buildings and three to 14 years for machinery and equipment. Our depreciation expense was $51.0 million , $48.6 million and $47.3 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. We expense the costs of maintenance, repairs and renewals that do not materially prolong the useful life of an asset as we incur them. |
Goodwill | Goodwill Goodwill represents the excess of the cost of our acquired businesses over the fair value of the net assets acquired. We perform testing of goodwill for impairment annually. We may elect to perform a qualitative test when we believe that there is sufficient excess fair value over carrying value based on our most recent quantitative assessment, adjusted for relevant events and circumstances that could affect fair value during the current year. If we conclude based on this assessment that it is more likely than not that the reporting unit is not impaired, we do not perform a quantitative impairment test. In all other circumstances, we utilize a two-step quantitative impairment test to identify potential goodwill impairment and measure the amount of any goodwill impairment. The first step of the test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. The second step compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates We use the equity method of accounting for affiliates in which we are able to exert significant influence. Currently, all of our material investments in affiliates that are not consolidated are recorded using the equity method. Affiliates in which we are unable to exert significant influence are carried at fair value. |
Intangible Assets | Intangible Assets |
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 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 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. |
Deferred Debt Issuance Costs | Deferred Debt Issuance Costs |
Pension Plans and Postretirement Benefits | Pension Plans and Postretirement Benefits We sponsor various defined benefit pension and postretirement benefit plans covering certain employees of our U.S. and Canadian subsidiaries. We utilize actuarial valuations to calculate the cost and benefit obligations of our pension and postretirement benefits. The actuarial valuations utilize significant assumptions in the determination of our benefit cost and obligations, including assumptions regarding discount rates, expected returns on plan assets, mortality and health care cost trends. We determine our discount rate based on a yield curve comprised of rates of return on high-quality, fixed-income investments currently available and expected to be available during the period to maturity of our pension and postretirement benefit plan obligations. The expected rate of return on plan assets assumption is based on capital market assumptions of the long-term expected returns for the investment mix of assets currently in the portfolio. The expected rate of return on plan assets is determined to be the weighted-average of the nominal returns based on the weightings of the classes within the total asset portfolio. Expected health care cost trends represent expected annual rates of change in the cost of health care benefits and are estimated based on analysis of health care cost inflation. The components of benefit cost related to service cost, interest cost, expected return on plan assets and prior service cost amortization are recorded on a quarterly basis based on actuarial assumptions. In the fourth quarter of each year, or as interim remeasurements are required, we immediately recognize net actuarial gains and losses in earnings as a component of net periodic benefit cost. Recognized net actuarial gains and losses consist primarily of our reported actuarial gains and losses and the difference between the actual return on plan assets and the expected return on plan assets. |
Asset Retirement Obligations and Environmental Clean-up Costs | Asset Retirement Obligations and Environmental Cleanup Costs We accrue for future decommissioning of our nuclear facilities that will permit the release of these facilities to unrestricted use at the end of each facility's service life, which is a requirement of our licenses from the U.S. Nuclear Regulatory Commission ("NRC") and the Canadian Nuclear Safety Commission ("CNSC"). In accordance with the FASB Topic Asset Retirement and Environmental Obligations, we record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When we initially record such a liability, we capitalize a cost by increasing the carrying amount of the related long-lived asset. When we acquire a business that has an asset retirement obligation, the asset retirement obligation is recognized at fair value without a corresponding increase to the related long-lived asset. Over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of a liability, we will settle the obligation for its recorded amount or incur a gain or loss. This topic applies to environmental liabilities associated with assets that we currently operate and are obligated to remove from service. For environmental liabilities associated with assets that we no longer operate, we have accrued amounts based on the estimated costs of cleanup activities for which we are responsible, net of any cost-sharing arrangements. We adjust the estimated costs as further information develops or circumstances change. An exception to this accounting treatment relates to the work we perform for two facilities for which the U.S. Government is obligated to pay substantially all of the decommissioning costs. |
Self-Insurance | Self-Insurance |
Loss Contingencies | Loss Contingencies We accrue liabilities for loss contingencies when it is probable that a liability has been incurred and the amount of loss is reasonably estimable. We provide disclosure when there is a reasonable possibility that the ultimate loss will exceed the recorded provision or if such probable loss is not reasonably estimable. Due to the nature of our business, we are, from time to time, involved in investigations, litigation, disputes or claims related to our business activities, as discussed in Note 10 . Our losses are typically resolved over long periods of time and are often difficult to assess and estimate due to, among other reasons, the possibility of multiple actions by third parties; the attribution of damages, if any, among multiple defendants; plaintiffs, in most cases involving personal injury claims, do not specify the amount of damages claimed; the discovery process may take multiple years to complete; during the litigation process, it is common to have multiple complex unresolved procedural and substantive issues; the potential availability of insurance and indemnity coverages; the wide-ranging outcomes reached in similar cases, including the variety of damages awarded; the likelihood of settlements for de minimus amounts prior to trial; the likelihood of success at trial; and the likelihood of success on appeal. Consequently, it is possible future earnings could be affected by changes in our assessments of the probability that a loss has been incurred in a material pending litigation against us and/or changes in our estimates related to such matters. |
Foreign Currency Translation | Foreign Currency Translation We translate assets and liabilities of our foreign operations into U.S. dollars at current exchange rates, and we translate income statement items at average exchange rates for the periods presented. We record adjustments resulting from the translation of foreign currency financial statements as a component of Accumulated other comprehensive income. We report foreign currency transaction gains and losses in income. We have included in Other – net transaction gains (losses) of $1.0 million , $2.0 million and $(0.7) million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Derivative Financial Instruments | Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments denominated in foreign currencies. We record these contracts at fair value on our consolidated balance sheets. Based on the hedge designation at inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our consolidated statements of income. We have designated the majority of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions primarily related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates. At December 31, 2019 , we had deferred approximately $0.1 million of net gains on these derivative financial instruments. Assuming market conditions continue, we expect to recognize the majority of this amount in the next twelve months. For the year ended December 31, 2018, we recognized $4.7 million of gains associated with FX forward contracts not designated as hedges, which we recorded as an investing activity in the consolidated statement of cash flows. At December 31, 2019 , our derivative financial instruments consisted of FX forward contracts with a total notional value of $68.1 million with maturities extending to December 2021 . These instruments consist primarily of FX forward contracts to purchase or sell Canadian dollars and Euros. We are exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. We attempt to mitigate this risk by using major financial institutions with high credit ratings. Our counterparties to derivative financial instruments have the benefit of the same collateral arrangements and covenants as described under our credit facility. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Changes in Carrying Amount of Accrued Warranty Expense | The following summarizes the changes in the carrying amount of Accrued warranty expense: Year Ended December 31, 2019 2018 2017 (In thousands) Balance at beginning of period $ 10,344 $ 13,428 $ 11,477 Additions 2,232 1,494 3,783 Expirations and other changes (1) (2,728 ) (3,367 ) (2,213 ) Payments (1,065 ) (663 ) (70 ) Translation 259 (548 ) 451 Balance at end of period $ 9,042 $ 10,344 $ 13,428 (1) Includes discounts provided to customers in satisfaction of warranty obligations totaling $1.2 million in each of the years ended December 31, 2019 , 2018 and 2017 . |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our consolidated balance sheets to the totals presented on our consolidated statements of cash flows: December 31, 2019 2018 (In thousands) Cash and cash equivalents $ 86,540 $ 29,871 Restricted cash and cash equivalents 3,056 3,834 Restricted cash and cash equivalents included in Other Assets 2,804 2,703 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our consolidated statements of cash flows $ 92,400 $ 36,408 |
Property, Plant and Equipment | Property, plant and equipment is stated at cost and is set forth below: December 31, 2019 2018 (In thousands) Land $ 8,919 $ 8,784 Buildings 221,462 205,552 Machinery and equipment 775,997 770,876 Property under construction 265,715 147,180 1,272,093 1,132,392 Less: Accumulated depreciation 691,852 693,153 Net Property, Plant and Equipment $ 580,241 $ 439,239 |
Changes in Carrying Amount of Goodwill | The following summarizes the changes in the carrying amount of Goodwill: Nuclear Operations Group Nuclear Power Group Nuclear Services Group Total (In thousands) Balance at December 31, 2017 $ 110,939 $ 62,392 $ 45,000 $ 218,331 Acquisition of the MI business (Note 2) — 62,495 — 62,495 Translation — (6,744 ) — (6,744 ) Balance at December 31, 2018 $ 110,939 $ 118,143 $ 45,000 $ 274,082 Translation and other (1) — 1,420 — 1,420 Balance at December 31, 2019 $ 110,939 $ 119,563 $ 45,000 $ 275,502 (1) Includes an adjustment of $(3.2) million , net of tax, to correct the business combination accounting for our 2016 acquisition. |
Schedule of Intangible Assets | Our Intangible Assets were as follows: December 31, 2019 2018 2017 (In thousands) Amortized intangible assets: Gross cost: Technical support agreement $ 67,423 $ 64,749 $ — Customer relationships 39,555 38,771 30,339 Unpatented technology 36,785 35,327 8,379 Favorable operating leases — 35,161 8,832 CNSC class 1B nuclear facility license 26,002 24,971 27,055 Acquired backlog — 8,079 13,527 Patented technology 765 734 796 Tradename — — 1,500 All other 2,200 2,200 2,200 Total $ 172,730 $ 209,992 $ 92,628 Accumulated amortization: Technical support agreement $ (4,153 ) $ (1,173 ) $ — Customer relationships (13,841 ) (11,767 ) (11,505 ) Unpatented technology (2,805 ) (1,194 ) (4,456 ) Favorable operating leases — (1,295 ) (459 ) CNSC class 1B nuclear facility license (2,635 ) (1,698 ) (938 ) Acquired backlog — (6,581 ) (6,113 ) Patented technology (212 ) (136 ) (75 ) Tradename — — (1,425 ) All other (1,522 ) (1,302 ) (1,082 ) Total $ (25,168 ) $ (25,146 ) $ (26,053 ) Net amortized intangible assets $ 147,562 $ 184,846 $ 66,575 Unamortized intangible assets: NRC category 1 license $ 43,830 $ 43,830 $ 43,830 |
Changes in Carrying Amount of Intangible Assets | The following summarizes the changes in the carrying amount of Intangible Assets: Year Ended December 31, 2019 2018 2017 (In thousands) Balance at beginning of period $ 228,676 $ 110,405 $ 114,748 Acquisitions (Note 2) — 139,257 746 Amortization expense (9,128 ) (11,490 ) (9,210 ) Reclassification of right-of-use assets (33,866 ) — — Translation 5,710 (9,496 ) 4,121 Balance at end of period $ 191,392 $ 228,676 $ 110,405 |
Estimated Amortization Expense | Estimated amortization expense for the next five fiscal years is as follows (amounts in thousands): Year Ended December 31, Amount 2020 $ 7,881 2021 $ 7,881 2022 $ 7,881 2023 $ 7,679 2024 $ 7,661 |
Maturities of Lease Liabilities | The maturities of our lease liabilities at December 31, 2019 were as follows (amounts in thousands): 2020 $ 3,505 2021 1,912 2022 1,198 2023 553 2024 172 Thereafter 1,069 Total lease payments $ 8,409 Less: Interest (846 ) Present value of lease liabilities (1) $ 7,563 |
Schedule of Future Minimum Payments for Operating Leases | Future minimum payments required under operating leases that had 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 |
Changes in Carrying Amount of Debt Issuance Costs | The following summarizes the changes in the carrying amount of these assets: Year Ended December 31, 2019 2018 2017 (In thousands) Balance at beginning of period $ 9,583 $ 4,202 $ 5,892 Additions — 9,443 — Interest expense (1) (1,577 ) (4,062 ) (1,690 ) Balance at end of period $ 8,006 $ 9,583 $ 4,202 (1) Includes the recognition of prior deferred debt issuance costs associated with a former credit facility of $2.4 million for the year ended December 31, 2018. |
Asset Retirement Obligations | The following summarizes the changes in the carrying amount of these liabilities: Year Ended December 31, 2019 2018 2017 (In thousands) Balance at beginning of period $ 90,822 $ 78,036 $ 71,899 Costs incurred (10,380 ) (1,011 ) (2 ) Additions/adjustments (5,030 ) 8,000 — Acquisitions — 2,062 — Accretion 5,379 5,523 4,728 Translation and other (1) (3,503 ) (1,788 ) 1,411 Balance at end of period (2) $ 77,288 $ 90,822 $ 78,036 (1) Includes an adjustment of $(4.3) million to correct the business combination accounting for our 2016 acquisition. (2) Includes current asset retirement obligations of $5.7 million , $13.8 million and $8.1 million at December 31, 2019 , 2018 and 2017 , respectively. |
Accumulated Other Comprehensive Income | The components of Accumulated other comprehensive income included in Stockholders' Equity are as follows: December 31, 2019 2018 (In thousands) Currency translation adjustments $ 8,769 $ 3,506 Net unrealized gain on derivative financial instruments 64 685 Unrecognized prior service cost on benefit obligations (16,614 ) (14,395 ) Net unrealized gain (loss) on available-for-sale investments 333 (85 ) Accumulated other comprehensive income $ (7,448 ) $ (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 consolidated statements of income line items are as follows: Year Ended December 31, 2019 2018 2017 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized (loss) gain on derivative financial instruments $ (132 ) $ (242 ) $ 169 Revenues (1,066 ) 407 (84 ) Cost of operations (1,198 ) 165 85 Total before tax 310 (47 ) (21 ) Provision for Income Taxes $ (888 ) $ 118 $ 64 Net Income Amortization of prior service cost on benefit obligations $ (2,592 ) $ (1,910 ) $ (1,760 ) Other – net 562 410 618 Provision for Income Taxes $ (2,030 ) $ (1,500 ) $ (1,142 ) Net Income Realized gains on investments $ — $ 3 $ 735 Other – net — (1 ) (223 ) Provision for Income Taxes $ — $ 2 $ 512 Net Income Total reclassification for the period $ (2,918 ) $ (1,380 ) $ (566 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisition Assets Acquired and Liabilities Assumed | 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 |
Schedule of Preliminary 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. Year Ended December 31, 2018 2017 (In thousands, except per share amounts) Revenues $ 1,825,029 $ 1,726,135 Net Income Attributable to BWX Technologies, Inc. $ 228,545 $ 143,475 Basic Earnings per Common Share $ 2.31 $ 1.44 Diluted Earnings per Common Share $ 2.29 $ 1.43 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The initial impact of the adoption of the FASB Topic Revenue from Contracts with Customers , which was recognized in a cumulative catch-up adjustment on January 1, 2018, is illustrated below: January 1, December 31, 2018 2017 (In thousands) Assets: Contracts in progress $ 260,932 $ 420,628 Deferred Income Taxes $ 85,193 $ 86,740 Liabilities: Accrued liabilities – other $ 66,371 $ 64,738 Advance billings on contracts $ 73,390 $ 246,192 Stockholders' Equity: Retained earnings $ 1,000,578 $ 990,652 |
Disaggregation of Revenue | Disaggregated Revenues Revenues by geographical area and customer type were as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) (In thousands) United States: Government $ 1,368,555 $ — $ 111,236 $ 1,479,791 $ 1,311,886 $ — $ 107,711 $ 1,419,597 Non-Government 51,802 38,058 17,907 107,767 4,146 16,059 11,831 32,036 $ 1,420,357 $ 38,058 $ 129,143 $ 1,587,558 $ 1,316,032 $ 16,059 $ 119,542 $ 1,451,633 Canada: Non-Government $ — $ 287,948 $ 2,196 $ 290,144 $ 161 $ 294,781 $ 2,758 $ 297,700 Other: Non-Government $ 8,230 $ 26,634 $ — $ 34,864 $ 2,977 $ 55,071 $ 138 $ 58,186 Segment Revenues $ 1,428,587 $ 352,640 $ 131,339 1,912,566 $ 1,319,170 $ 365,911 $ 122,438 1,807,519 Eliminations (17,646 ) (7,630 ) Revenues $ 1,894,920 $ 1,799,889 Revenues by timing of transfer of goods or services were as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) (In thousands) Over time $ 1,428,348 $ 305,075 $ 131,339 $ 1,864,762 $ 1,318,884 $ 335,430 $ 122,438 $ 1,776,752 Point-in-time 239 47,565 — 47,804 286 30,481 — 30,767 Segment Revenues $ 1,428,587 $ 352,640 $ 131,339 1,912,566 $ 1,319,170 $ 365,911 $ 122,438 1,807,519 Eliminations (17,646 ) (7,630 ) Revenues $ 1,894,920 $ 1,799,889 Revenues by contract type were as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) (In thousands) Fixed-Price Incentive Fee $ 1,137,883 $ 2,511 $ — $ 1,140,394 $ 1,041,083 $ 16,165 $ — $ 1,057,248 Firm-Fixed-Price 210,631 282,014 26,163 518,808 195,030 252,893 23,294 471,217 Cost-Plus Fee 79,741 755 102,726 183,222 80,880 45 96,566 177,491 Time-and-Materials 332 67,360 2,450 70,142 2,177 96,808 2,578 101,563 Segment Revenues $ 1,428,587 $ 352,640 $ 131,339 1,912,566 $ 1,319,170 $ 365,911 $ 122,438 1,807,519 Eliminations (17,646 ) (7,630 ) Revenues $ 1,894,920 $ 1,799,889 |
Contract with Customer, Asset and Liability | Retainages also vary as a result of timing differences between incurring costs and achieving milestones that allow us to recover these amounts. December 31, December 31, 2019 2018 (In thousands) Included in Contracts in progress: Unbilled receivables $ 365,861 $ 308,723 Retainages $ 46,670 $ 57,885 Included in Other Assets: Retainages $ 1,412 $ 1,674 Advance billings on contracts $ 75,425 $ 98,477 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | Of the remaining performance obligations on our contracts with customers at December 31, 2019 , we expect to recognize revenues as follows: 2020 2021 Thereafter Total (In approximate millions) Nuclear Operations Group $ 1,396 $ 1,013 $ 2,106 $ 4,515 Nuclear Power Group 217 174 339 730 Nuclear Services Group 32 1 10 43 Total Remaining Performance Obligations $ 1,645 $ 1,188 $ 2,455 $ 5,288 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Combined Balance Sheet Information | The following tables summarize combined balance sheet and income statement information for investments accounted for under the equity method: December 31, 2019 2018 (In thousands) Current assets $ 442,253 $ 449,369 Noncurrent assets 1,285 1,621 Total Assets $ 443,538 $ 450,990 Current liabilities $ 219,702 $ 234,464 Owners' equity 223,836 216,526 Total Liabilities and Owners' Equity $ 443,538 $ 450,990 |
Summary of Combined Income Statement Information | Year Ended December 31, 2019 2018 2017 (In thousands) Revenues $ 3,716,548 $ 5,685,015 $ 678,080 Gross profit $ 133,170 $ 172,673 $ 35,081 Net income $ 130,949 $ 162,095 $ 35,081 |
Reconciliation of Net Income to Equity in Income | Reconciliations of net income per combined income statement information of our investees to equity in income of investees per our consolidated statements of income are as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Equity income based on stated ownership percentages $ 28,272 $ 30,787 $ 13,412 Timing of GAAP and other adjustments 652 (444 ) 200 Equity in income of investees $ 28,924 $ 30,343 $ 13,612 |
Schedule of Transactions with Unconsolidated Affiliates | Our transactions with unconsolidated affiliates were as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Sales to $ 14,668 $ 18,454 $ 22,259 Dividends received $ 20,955 $ 22,237 $ 16,132 Capital contributions, net of returns $ (255 ) $ 9,059 $ 2,789 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Unrecognized Tax Benefits | We apply the provisions of FASB Topic Income Taxes regarding the treatment of uncertain tax positions. A reconciliation of unrecognized tax benefits (exclusive of interest and federal and state benefits) is as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Balance at beginning of period $ 274 $ 1,680 $ 1,651 Increases based on tax positions taken in the current year 3,736 — — Increases based on tax positions taken in the prior years — — — Decreases based on tax positions taken in the prior years — — — Decreases due to settlements with tax authorities — — — Decreases due to lapse of applicable statute of limitation (127 ) (1,379 ) — Other, net 16 (27 ) 29 Balance at end of period $ 3,899 $ 274 $ 1,680 |
Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 (In thousands) Deferred tax assets: Pension liability $ 36,791 $ 37,528 Accrued warranty expense 2,365 2,639 Accrued vacation pay 7,077 6,821 Accrued liabilities for self-insurance (including postretirement health care benefits) 2,991 4,352 Accrued liabilities for executive and employee incentive compensation 12,121 11,835 Environmental and products liabilities 20,100 24,805 Lease liabilities 1,856 — Investments in joint ventures and affiliated companies 4,702 8,977 Long-term contracts 10,790 6,046 State tax credits and net operating loss carryforward 7,297 6,349 Foreign tax credit and net operating loss carryforward 5,848 1,683 Other 8,798 2,998 Total deferred tax assets 120,736 114,033 Valuation allowance for deferred tax assets (13,578 ) (13,257 ) Deferred tax assets 107,158 100,776 Deferred tax liabilities: Property, plant and equipment 23,889 14,348 Right-of-use lease assets 10,446 — Intangibles 14,134 24,358 Total deferred tax liabilities 48,469 38,706 Net deferred tax assets $ 58,689 $ 62,070 |
Income from Continuing Operations Before Provision for Income Taxes | The components of Income before Provision for Income Taxes were as follows: Year Ended December 31, 2019 2018 2017 (In thousands) U.S. $ 270,569 $ 231,721 $ 255,194 Other than U.S. 43,173 48,424 40,586 Income before Provision for Income Taxes $ 313,742 $ 280,145 $ 295,780 |
Components of Provision for Income Taxes | The components of Provision for Income Taxes were as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Current: U.S. – federal $ 47,693 $ 14,680 $ 26,632 U.S. – state and local 2,180 4,597 3,023 Other than U.S. 15,398 16,117 24,299 Total current 65,271 35,394 53,954 Deferred: U.S. – federal 7,975 20,327 107,844 U.S. – state and local 872 1,564 (158 ) Other than U.S. (5,053 ) (4,445 ) (14,225 ) Total deferred 3,794 17,446 93,461 Provision for Income Taxes $ 69,065 $ 52,840 $ 147,415 |
Reconciliation of Income Tax Provision Related to Continuing Operations from U.S. Statutory Federal Tax Rate | The following is a reconciliation of our income tax provision from the U.S. statutory federal tax rate to our consolidated effective tax rate: Year Ended December 31, 2019 2018 2017 U.S. federal statutory tax rate 21.0 % 21.0 % 35.0 % State and local income taxes 1.0 % 2.1 % 1.2 % Foreign rate differential 0.6 % 0.7 % (1.4 )% Excess tax deductions on equity compensation (0.7 )% (1.0 )% (2.0 )% Impact of U.S. Tax Cuts & Jobs Act — % (4.7 )% 17.7 % Manufacturing deduction — % — % (1.4 )% Minority interest — % — % (0.1 )% Other 0.1 % 0.8 % 0.8 % Effective tax rate 22.0 % 18.9 % 49.8 % |
Valuation Allowance for Deferred Tax Assets | The following is an analysis of our valuation allowance for deferred tax assets: Beginning Balance Charges To Costs and Expenses Charged To Other Accounts Ending Balance (In thousands) Year Ended December 31, 2019 $ (13,257 ) (414 ) 93 $ (13,578 ) Year Ended December 31, 2018 $ (15,252 ) 2,017 (22 ) $ (13,257 ) Year Ended December 31, 2017 $ (17,226 ) 2,544 (570 ) $ (15,252 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Our Long-Term Debt consists of the following: December 31, 2019 2018 (In thousands) Secured Debt: Senior Notes $ 400,000 $ 400,000 Credit Facility 432,159 377,427 Less: Amounts due within one year 14,711 14,227 Long-Term Debt, gross 817,448 763,200 Less: Deferred debt issuance costs 8,006 9,583 Long-Term Debt $ 809,442 $ 753,617 |
Pension Plans and Postretirem_2
Pension Plans and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Obligations and Funded Status | Obligations and Funded Status Pension Benefits Year Ended December 31, Other Benefits Year Ended December 31, 2019 2018 2019 2018 (In thousands) Change in benefit obligation: Benefit obligation at beginning of period $ 1,186,186 $ 1,543,343 $ 60,405 $ 68,239 Service cost 9,123 9,593 545 620 Interest cost 46,307 47,496 2,254 2,121 Plan participants' contributions 321 60 550 584 Amendments 5,523 10,734 — — Acquisition — 9,746 — — Settlements (25,694 ) (242,513 ) — — Actuarial loss (gain) 139,909 (107,669 ) (2,427 ) (7,336 ) Transfers — 1,167 — — Foreign currency exchange rate changes 6,027 (12,010 ) 462 (870 ) Benefits paid (58,904 ) (73,761 ) (2,908 ) (2,953 ) Benefit obligation at end of period $ 1,308,798 $ 1,186,186 $ 58,881 $ 60,405 Change in plan assets: Fair value of plan assets at beginning of period $ 1,024,091 $ 1,257,699 $ 43,945 $ 45,602 Actual return on plan assets 195,846 (53,299 ) 5,688 (772 ) Plan participants' contributions 321 177 550 584 Company contributions 4,284 157,573 915 1,379 Settlements (21,191 ) (252,908 ) — — Transfers — 1,134 — — Foreign currency exchange rate changes 6,048 (12,524 ) — — Benefits paid (58,904 ) (73,761 ) (2,777 ) (2,848 ) Fair value of plan assets at the end of period 1,150,495 1,024,091 48,321 43,945 Funded status $ (158,303 ) $ (162,095 ) $ (10,560 ) $ (16,460 ) Amounts recognized in the balance sheet consist of: Prepaid postretirement benefit obligation $ — $ — $ 14,012 $ 4,000 Prepaid pension 16,936 14,145 — — Accrued employee benefits (3,218 ) (3,191 ) (1,313 ) (1,240 ) Accumulated postretirement benefit obligation — — (23,259 ) (19,220 ) Pension liability (172,021 ) (173,049 ) — — Accrued benefit liability, net $ (158,303 ) $ (162,095 ) $ (10,560 ) $ (16,460 ) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 22,356 $ 19,736 $ (1,252 ) $ (1,563 ) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 1,167,257 $ 1,058,828 N/A N/A Accumulated benefit obligation $ 1,153,811 $ 1,048,252 $ 22,316 $ 18,429 Fair value of plan assets $ 992,018 $ 882,588 $ — $ — Plans with plan assets in excess of accumulated benefit obligation: Projected benefit obligation $ 141,541 $ 127,358 N/A N/A Accumulated benefit obligation $ 141,497 $ 127,378 $ 36,565 $ 41,976 Fair value of plan assets $ 158,477 $ 141,503 $ 48,321 $ 43,945 |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost included in net income are as follows: Pension Benefits Year Ended December 31, Other Benefits Year Ended December 31, 2019 2018 2017 2019 2018 2017 (In thousands) Components of net periodic benefit cost: Service cost $ 9,123 $ 9,593 $ 8,031 $ 545 $ 620 $ 567 Interest cost 46,307 47,496 54,353 2,254 2,121 2,182 Expected return on plan assets (69,809 ) (80,939 ) (83,617 ) (2,514 ) (2,540 ) (2,383 ) Amortization of prior service cost 2,903 2,221 2,074 (311 ) (311 ) (314 ) Recognized net actuarial loss (gain) 9,353 36,738 8,322 (5,723 ) (4,094 ) 2,741 Net periodic benefit cost (income) $ (2,123 ) $ 15,109 $ (10,837 ) $ (5,749 ) $ (4,204 ) $ 2,793 |
Summary of Additional Information | Additional Information Pension Benefits Year Ended December 31, Other Benefits Year Ended December 31, 2019 2018 2019 2018 (In thousands) Decrease in accumulated other comprehensive income due to actuarial losses – before taxes $ (5,523 ) $ (10,734 ) $ — $ — |
Weighted Average Assumptions | Assumptions Pension Benefits Other Benefits 2019 2018 2019 2018 Weighted-average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 3.31 % 4.30 % 3.21 % 4.25 % Pension Benefits Other Benefits 2019 2018 2017 2019 2018 2017 Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate to determine service cost 3.74 % 3.32 % 3.84 % 3.93 % 3.91 % 4.29 % Discount rate to determine interest cost 3.98 % 3.56 % 3.17 % 3.92 % 3.50 % 3.71 % Expected return on plan assets 6.95 % 6.95 % 7.00 % 5.68 % 5.70 % 5.71 % |
Assumed health-care cost trend rates | All of the assets for these postretirement benefit plans are contributed into a Voluntary Employees' Beneficiary Association trust. 2019 2018 Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year 7.00 % 7.25 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches ultimate trend rate 2030 2030 |
Effect of One-Percentage-Point Change in Assumed Health-Care Cost Trend Rates | A one-percentage-point change in our assumed health care cost trend rates would have the following effects: One-Percentage- One-Percentage- (In thousands) Effect on total of service and interest cost $ 300 $ (247 ) Effect on postretirement benefit obligation $ 5,470 $ (4,624 ) |
Plan Asset Allocations by Asset Category | The combined weighted-average asset allocations of these plans at December 31, 2019 and 2018 by asset category were as follows: December 31, 2019 2018 Asset Category: Fixed Income 62 % 46 % Equity Securities and Commingled Mutual Funds 35 % 51 % Other 3 % 3 % Total 100 % 100 % The following is a summary of the asset allocations for the Master Trust at December 31, 2019 and 2018 by asset category: December 31, 2019 2018 Asset Category: Fixed Income (excluding U.S. Government Securities) 33 % 33 % Commingled and Mutual Funds 27 % 27 % U.S. Government Securities 22 % 24 % Partnerships with Security Holdings 5 % 7 % Real Estate 7 % 7 % Other 6 % 2 % Total 100 % 100 % |
Target Allocation by Asset Class | The target allocation for 2020 for the Canadian plans, by asset class, is as follows: Asset Class: Fixed Income 65 % Global Equity 19 % U.S. Equity 16 % The target allocation for 2020 for the domestic plans, by asset class, is as follows: Asset Class: Fixed Income 55 % Equities 28 % Other 17 % |
Summary of Total Investments Measured at Fair Value | The following is a summary of total investments for our plans measured at fair value at December 31, 2019 : 12/31/2019 Level 1 Level 2 Level 3 Unclassified (In thousands) Pension and Other Benefits: Fixed Income $ 453,390 $ — $ 355,064 $ — $ 98,326 Commingled and Mutual Funds 334,786 58,161 — — 276,625 U.S. Government Securities 220,606 216,300 4,306 — — Partnerships with Security Holdings 52,840 — — — 52,840 Real Estate 65,821 — — — 65,821 Other 47,550 — — — 47,550 Cash and Accrued Items 23,823 17,180 6,643 — — Total Assets $ 1,198,816 $ 291,641 $ 366,013 $ — $ 541,162 The following is a summary of total investments for our plans measured at fair value at December 31, 2018 : 12/31/2018 Level 1 Level 2 Level 3 Unclassified (In thousands) Pension and Other Benefits: Fixed Income $ 380,925 $ — $ 315,691 $ — $ 65,234 Commingled and Mutual Funds 320,210 47,975 — — 272,235 U.S. Government Securities 218,074 214,427 3,647 — — Partnerships with Security Holdings 62,309 — — — 62,309 Real Estate 61,219 — — — 61,219 Cash and Accrued Items 25,299 21,542 3,757 — — Total Assets $ 1,068,036 $ 283,944 $ 323,095 $ — $ 460,997 |
Cash Flows | Cash Flows Domestic Plans Foreign Plans Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Expected employer contributions to trusts of defined benefit plans: 2020 $ — $ 85 $ 3,608 N/A Expected benefit payments: 2020 $ 57,550 $ 2,822 $ 6,820 $ 447 2021 $ 59,995 $ 2,890 $ 6,933 $ 493 2022 $ 62,010 $ 2,950 $ 7,165 $ 499 2023 $ 63,804 $ 2,965 $ 7,310 $ 528 2024 $ 65,194 $ 3,003 $ 7,413 $ 536 2025-2029 $ 335,013 $ 14,062 $ 41,293 $ 3,171 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summarized Activity of Stock Options | The following table summarizes activity for our stock options for the year ended December 31, 2019 (share data in thousands): Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In millions) Outstanding at beginning of period 571 $ 23.44 Granted — N/A Exercised (246 ) $ 22.85 Cancelled/expired/forfeited (1 ) $ 20.31 Outstanding at end of period 324 $ 23.91 3.1 Years $ 12.4 Exercisable at end of period 324 $ 23.91 3.1 Years $ 12.4 |
Schedule of Restricted Stock Units | Nonvested performance shares as of December 31, 2019 and changes during the year ended December 31, 2019 were as follows (share data in thousands): Number of Shares Weighted- Average Grant Date Fair Value Nonvested at beginning of period 639 $ 43.06 Adjustment to assumed vesting percentage 13 $ 48.52 Granted 140 $ 51.78 Vested (368 ) $ 34.64 Cancelled/forfeited (15 ) $ 53.97 Nonvested at end of period 409 $ 53.39 The actual number of shares in which each participant vests is dependent upon achievement of certain return on invested capital and diluted earnings per share targets over a three-year performance period. The number of shares in which participants can vest ranges from zero to 200% of the initial performance shares granted, to be determined upon completion of the three-year performance period. The nonvested shares at the end of the period in the table above assumes weighted-average vesting of 114% . The actual tax benefits realized related to the performance shares vested during the year ended December 31, 2019 totaled $3.3 million . Restricted Stock Units Nonvested restricted stock units as of December 31, 2019 and changes during the year ended December 31, 2019 were as follows (share data in thousands): Number of Shares Weighted- Average Grant Date Fair Value Nonvested at beginning of period 160 $ 51.85 Granted 123 $ 51.36 Vested (110 ) $ 46.96 Cancelled/forfeited (7 ) $ 55.22 Nonvested at end of period 166 $ 54.51 |
Schedule of Summarized Activity of Stock Appreciation | The following table summarizes activity for our stock appreciation rights for the year ended December 31, 2019 (unit data in thousands): Number of Units Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In millions) Outstanding at beginning of period 64 $ 22.92 Granted — N/A Exercised (9 ) $ 20.00 Cancelled/expired/forfeited — N/A Outstanding at end of period 55 $ 23.39 3.0 Years $ 2.1 Exercisable at end of period 55 $ 23.39 3.0 Years $ 2.1 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available for Sale Securities | The following is a summary of our investments at December 31, 2019 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Equity securities Equities $ 417 $ 1,755 $ — $ 2,172 Mutual funds 4,988 697 — 5,685 Available-for-sale securities U.S. Government and agency securities 2,039 5 — 2,044 Corporate bonds 3,103 380 — 3,483 Asset-backed securities and collateralized mortgage obligations 132 — (53 ) 79 Total $ 10,679 $ 2,837 $ (53 ) $ 13,463 The following is a summary of our investments at December 31, 2018 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Equity securities Equities $ 908 $ 255 $ — $ 1,163 Mutual funds 4,699 — (5 ) 4,694 Available-for-sale securities U.S. Government and agency securities 2,216 11 — 2,227 Corporate bonds 2,850 — (47 ) 2,803 Asset-backed securities and collateralized mortgage obligations 144 — (52 ) 92 Total $ 10,817 $ 266 $ (104 ) $ 10,979 |
Summary of Proceeds, Gross Realized Gains and Gross Realized Losses on Sales of Available for Sale Securities | Proceeds, gross realized gains and gross realized losses on sales of available-for-sale securities were as follows: Proceeds Gross Realized Gains Gross Realized Losses (In thousands) Year Ended December 31, 2019 $ — $ — $ — Year Ended December 31, 2018 $ — $ — $ — Year Ended December 31, 2017 $ 148 $ 108 $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Investments and Available-for-Sale Securities Measured at Fair Value | The following is a summary of our investments measured at fair value at December 31, 2019 : 12/31/2019 Level 1 Level 2 Level 3 (In thousands) Equity securities Equities $ 2,172 $ — $ 2,172 $ — Mutual funds 5,685 — 5,685 — Available-for-sale securities U.S. Government and agency securities 2,044 2,044 — — Corporate bonds 3,483 1,855 1,628 — Asset-backed securities and collateralized mortgage obligations 79 — 79 — Total $ 13,463 $ 3,899 $ 9,564 $ — The following is a summary of our investments measured at fair value at December 31, 2018 : 12/31/2018 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) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Operating Results by Segment | 1. Information about Operations in our Different Industry Segments: Year Ended December 31, 2019 2018 2017 (In thousands) REVENUES (1) : Nuclear Operations Group $ 1,428,587 $ 1,319,170 $ 1,271,861 Nuclear Power Group 352,640 365,911 285,831 Nuclear Services Group 131,339 122,438 137,249 Eliminations (17,646 ) (7,630 ) (7,203 ) $ 1,894,920 $ 1,799,889 $ 1,687,738 (1) Segment revenues are net of the following intersegment transfers: Nuclear Operations Group Transfers $ (4,382 ) $ (4,004 ) $ (1,322 ) Nuclear Power Group Transfers (208 ) (308 ) (246 ) Nuclear Services Group Transfers (13,056 ) (3,318 ) (5,635 ) $ (17,646 ) $ (7,630 ) $ (7,203 ) OPERATING INCOME: Nuclear Operations Group $ 298,328 $ 271,405 $ 267,930 Nuclear Power Group 53,815 52,270 36,548 Nuclear Services Group 14,226 20,374 22,083 Other (23,099 ) (18,074 ) (10,688 ) $ 343,270 $ 325,975 $ 315,873 Unallocated Corporate (1) (17,749 ) (20,998 ) (23,650 ) Total Operating Income (2) $ 325,521 $ 304,977 $ 292,223 Other Income (Expense) (11,779 ) (24,832 ) 3,557 Income before Provision for Income Taxes $ 313,742 $ 280,145 $ 295,780 (1) Unallocated Corporate includes general corporate overhead not allocated to segments. (2) The following amounts are included in Operating Income: Losses (Gains) on Asset Disposals and Impairments, Net: Nuclear Operations Group $ (6 ) $ — $ (65 ) Nuclear Power Group 103 (179 ) (129 ) Nuclear Services Group 2,727 — — Other — 467 — Unallocated Corporate — (224 ) — $ 2,824 $ 64 $ (194 ) Equity in Income of Investees : Nuclear Operations Group $ — $ — $ — Nuclear Power Group — — — Nuclear Services Group 28,924 30,343 13,612 Other — — — $ 28,924 $ 30,343 $ 13,612 Year Ended December 31, 2019 2018 2017 (In thousands) CAPITAL EXPENDITURES: Nuclear Operations Group $ 133,279 $ 93,360 $ 86,323 Nuclear Power Group 38,053 4,710 3,856 Nuclear Services Group 1,169 974 1,514 Other 2,597 2,780 628 Segment Capital Expenditures 175,098 101,824 92,321 Corporate Capital Expenditures 7,026 7,514 4,559 Total Capital Expenditures $ 182,124 $ 109,338 $ 96,880 DEPRECIATION AND AMORTIZATION: Nuclear Operations Group $ 33,231 $ 32,132 $ 31,289 Nuclear Power Group 17,054 17,154 13,751 Nuclear Services Group 3,246 3,401 3,702 Other 787 — — Segment Depreciation and Amortization 54,318 52,687 48,742 Corporate Depreciation and Amortization 7,404 7,410 7,815 Total Depreciation and Amortization $ 61,722 $ 60,097 $ 56,557 December 31, 2019 2018 2017 (In thousands) SEGMENT ASSETS: Nuclear Operations Group $ 986,827 $ 878,758 $ 947,055 Nuclear Power Group 580,413 482,763 313,959 Nuclear Services Group 177,952 180,441 161,948 Other 3,751 5,557 2,511 Segment Assets 1,748,943 1,547,519 1,425,473 Corporate Assets 159,970 107,577 286,866 Total Assets $ 1,908,913 $ 1,655,096 $ 1,712,339 INVESTMENT IN UNCONSOLIDATED AFFILIATES: Nuclear Operations Group $ — $ — $ — Nuclear Power Group — — — Nuclear Services Group 70,116 63,746 43,266 Other — — — Total Investment in Unconsolidated Affiliates $ 70,116 $ 63,746 $ 43,266 |
Schedule of Revenue Information from Products and Service Lines | 2. Information about our Product and Service Lines: Year Ended December 31, 2019 2018 2017 (In thousands) REVENUES: Nuclear Operations Group: Government Programs $ 1,368,555 $ 1,311,886 $ 1,262,929 Commercial Operations 60,032 7,284 8,932 1,428,587 1,319,170 1,271,861 Nuclear Power Group: Nuclear Manufacturing 243,472 201,628 158,931 Nuclear Services and Engineering 109,168 164,283 126,900 352,640 365,911 285,831 Nuclear Services Group: Nuclear Environmental Services 102,726 96,566 101,056 Management & Operation Contracts of U.S. Government Facilities — — 9,746 Nuclear Services and Advanced Reactor Design and Engineering 28,613 25,872 26,447 131,339 122,438 137,249 Other: — — — Eliminations (17,646 ) (7,630 ) (7,203 ) $ 1,894,920 $ 1,799,889 $ 1,687,738 |
Schedule of Revenues by Geographical Area | 3. Information about our Consolidated Operations in Different Geographic Areas: Year Ended December 31, 2019 2018 2017 (In thousands) REVENUES (1) : U.S. $ 1,572,085 $ 1,446,791 $ 1,408,817 Canada 287,971 294,913 245,073 All Other Countries 34,864 58,185 33,848 $ 1,894,920 $ 1,799,889 $ 1,687,738 (1) |
Schedule of Property, Plant and Equipment, Net by Geographical Area | December 31, 2019 2018 2017 (In thousands) NET PROPERTY, PLANT AND EQUIPMENT: U.S. $ 494,202 $ 390,632 $ 308,561 Canada 86,039 48,607 40,068 $ 580,241 $ 439,239 $ 348,629 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2019 and 2018 : Year Ended December 31, 2019 March 31, June 30, September 30, December 31, (In thousands, except per share amounts) Revenues $ 416,454 $ 471,231 $ 506,000 $ 501,235 Operating income (1) $ 63,644 $ 80,535 $ 98,462 $ 82,880 Equity in income of investees $ 7,682 $ 6,862 $ 7,874 $ 6,506 Net Income Attributable to BWX Technologies, Inc. $ 48,978 $ 58,878 $ 74,810 $ 61,449 Earnings per common share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.51 $ 0.62 $ 0.78 $ 0.64 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 0.51 $ 0.62 $ 0.78 $ 0.64 (1) Includes equity in income of investees. Year Ended December 31, 2018 March 31, June 30, September 30, December 31, (In thousands, except per share amounts) Revenues $ 457,463 $ 438,921 $ 425,507 $ 477,998 Operating income (1) $ 79,888 $ 71,549 $ 50,395 $ 103,145 Equity in income of investees $ 7,150 $ 6,225 $ 9,323 $ 7,645 Net Income Attributable to BWX Technologies, Inc. $ 66,441 $ 60,663 $ 77,919 $ 21,935 Earnings per common share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.67 $ 0.61 $ 0.78 $ 0.22 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 0.66 $ 0.60 $ 0.78 $ 0.22 (1) Includes equity in income of investees. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 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: Year Ended December 31, 2019 2018 2017 (In thousands, except shares and Basic: Net Income Attributable to BWX Technologies, Inc. $ 244,115 $ 226,958 $ 147,844 Weighted-average common shares 95,377,414 99,062,087 99,334,472 Basic earnings per common share $ 2.56 $ 2.29 $ 1.49 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 244,115 $ 226,958 $ 147,844 Weighted-average common shares (basic) 95,377,414 99,062,087 99,334,472 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 433,124 956,966 1,034,718 Adjusted weighted-average common shares 95,810,538 100,019,053 100,369,190 Diluted earnings per common share $ 2.55 $ 2.27 $ 1.47 (1) At December 31, 2019 , 2018 and 2017 , we excluded 0 , 0 and 41,854 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 (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($)componentfacilitysegment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Goodwill, Translation and Purchase Accounting Adjustments | $ (3,200) | ||||
Retained earnings | 1,344,383 | $ 1,166,762 | |||
AOCI Impact of Topic Derivatives adoption | $ (7,448) | (10,289) | |||
Number of reportable segments | segment | 3 | ||||
Number of large, heavy components supplied to worldwide (more than) | component | 1,300 | ||||
Reclassification of favorable leases | $ 33,200 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ (70,116) | (63,746) | $ (43,266) | ||
Research and development activities | 66,900 | 63,400 | 50,400 | ||
Research and development activities, paid by customers | 49,200 | 48,200 | 43,200 | ||
Interest expense | 41,400 | 31,500 | 16,500 | ||
Interest costs capitalized | 6,100 | 3,700 | 1,600 | ||
Restricted cash and cash equivalents reclassified into other assets | 5,900 | ||||
Restricted cash and cash equivalents | 3,056 | 3,834 | |||
Total inventories | 17,100 | 16,000 | |||
Depreciation | 51,000 | 48,600 | 47,300 | ||
Lease expense | 8,100 | 6,200 | 5,100 | ||
Cash payments for leases | $ 7,000 | ||||
Weighted average remaining lease term | 4 years 3 months 18 days | ||||
Weighted average discount rate | 4.96% | ||||
Operating lease, right-of-use asset | $ 41,000 | ||||
Number of facilities with U.S. Government decommissioning costs obligation | facility | 2 | ||||
Reserves for self-insurance | $ 5,200 | 5,600 | |||
Net foreign currency transaction gains (losses) | 1,000 | 2,000 | (700) | ||
Net gains deferred on derivative financial instruments in accumulated other comprehensive income (loss) | 100 | ||||
Gains recognized in other-net associated with derivative financial instruments | $ 4,700 | ||||
Notional amount of foreign currency forward contracts | $ 68,100 | ||||
Retained earnings impact of Revenue Recognition Adoption | 1,142 | $ (9,926) | |||
Accounting Standards Update 2016-01 | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
AOCI Impact of Topic Derivatives adoption | 100 | ||||
Accounting Standards Update 2016-02 | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Finance lease, right-of-use asset | 45,100 | ||||
Finance lease, liability | 11,900 | ||||
Accounting Standards Update 2014-09 | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Retained earnings | $ 990,652 | 1,000,578 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 1,100 | ||||
Minimum | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Operating lease contract term | 1 year | ||||
Operating lease renewal contract term | 1 year | ||||
Minimum | Buildings | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 8 years | ||||
Minimum | Machinery and equipment | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Maximum | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Operating lease contract term | 20 years | ||||
Operating lease renewal contract term | 10 years | ||||
Maximum | Buildings | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Maximum | Machinery and equipment | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 14 years | ||||
Retained Earnings | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Retained earnings impact of Revenue Recognition Adoption | 1,219 | $ (13,311) | |||
Retained Earnings | Accounting Standards Update 2014-09 | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Retained earnings impact of Revenue Recognition Adoption | 1,100 | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Accounting Standards Update 2018-02 | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
AOCI Impact of Topic Derivatives adoption | $ (100) | ||||
Cash Held For Decommissioning Of Facilities | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Restricted cash and cash equivalents | $ 2,800 | ||||
Cash Held To Meet Reinsurance Reserve Requirements | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Restricted cash and cash equivalents | $ 3,100 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Summary of Changes in Carrying Amount of Accrued Warranty Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Balance at beginning of period | $ 10,344 | $ 13,428 | $ 11,477 |
Additions | 2,232 | 1,494 | 3,783 |
Expirations and other changes | (2,728) | (3,367) | (2,213) |
Payments | (1,065) | (663) | (70) |
Translation | 259 | (548) | 451 |
Balance at end of period | 9,042 | 10,344 | 13,428 |
Discount to customers in satisfaction of warranty obligations | $ 1,200 | $ 1,200 | $ 1,200 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 86,540 | $ 29,871 | ||
Restricted cash and cash equivalents | 3,056 | 3,834 | ||
Restricted cash and cash equivalents included in Other Assets | 2,804 | 2,703 | ||
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our consolidated statements of cash flows | $ 92,400 | $ 36,408 | $ 213,144 | $ 134,600 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | $ 1,272,093 | $ 1,132,392 | |
Less: Accumulated depreciation | 691,852 | 693,153 | |
Net Property, Plant and Equipment | 580,241 | 439,239 | $ 348,629 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | 8,919 | 8,784 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | 221,462 | 205,552 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | 775,997 | 770,876 | |
Property under construction | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | $ 265,715 | $ 147,180 |
Basis of Presentation and Sig_8
Basis of Presentation and Significant Accounting Policies - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 274,082 | $ 218,331 |
Acquisition of the MI business (Note 2) | 62,495 | |
Translation | 1,420 | (6,744) |
Ending balance | 275,502 | 274,082 |
Nuclear Operations Group | ||
Goodwill [Roll Forward] | ||
Beginning balance | 110,939 | 110,939 |
Acquisition of the MI business (Note 2) | 0 | |
Translation | 0 | 0 |
Ending balance | 110,939 | 110,939 |
Nuclear Power Group | ||
Goodwill [Roll Forward] | ||
Beginning balance | 118,143 | 62,392 |
Acquisition of the MI business (Note 2) | 62,495 | |
Translation | 1,420 | (6,744) |
Ending balance | 119,563 | 118,143 |
Nuclear Services Group | ||
Goodwill [Roll Forward] | ||
Beginning balance | 45,000 | 45,000 |
Acquisition of the MI business (Note 2) | 0 | |
Translation | 0 | 0 |
Ending balance | $ 45,000 | $ 45,000 |
Basis of Presentation and Sig_9
Basis of Presentation and Significant Accounting Policies - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | $ 172,730 | $ 209,992 | $ 92,628 |
Accumulated amortization | (25,168) | (25,146) | (26,053) |
Net amortized intangible assets | 147,562 | 184,846 | 66,575 |
Technical support agreement | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 67,423 | 64,749 | 0 |
Accumulated amortization | (4,153) | (1,173) | 0 |
Customer relationships | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 39,555 | 38,771 | 30,339 |
Accumulated amortization | (13,841) | (11,767) | (11,505) |
Unpatented technology | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 36,785 | 35,327 | 8,379 |
Accumulated amortization | (2,805) | (1,194) | (4,456) |
Favorable operating leases | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 0 | 35,161 | 8,832 |
Accumulated amortization | 0 | (1,295) | (459) |
CNSC class 1B nuclear facility license | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 26,002 | 24,971 | 27,055 |
Accumulated amortization | (2,635) | (1,698) | (938) |
Acquired backlog | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 0 | 8,079 | 13,527 |
Accumulated amortization | 0 | (6,581) | (6,113) |
Patented technology | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 765 | 734 | 796 |
Accumulated amortization | (212) | (136) | (75) |
Tradename | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 0 | 0 | 1,500 |
Accumulated amortization | 0 | 0 | (1,425) |
All other | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 2,200 | 2,200 | 2,200 |
Accumulated amortization | (1,522) | (1,302) | (1,082) |
NRC category 1 license | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Unamortized intangible assets | $ 43,830 | $ 43,830 | $ 43,830 |
Basis of Presentation and Si_10
Basis of Presentation and Significant Accounting Policies - Changes in Carrying Amount of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Balance at beginning of period | $ 228,676 | $ 110,405 | $ 114,748 |
Acquisitions (Note 2) | 0 | 139,257 | 746 |
Amortization expense | (9,128) | (11,490) | (9,210) |
Reclassification of right-of-use assets | (33,866) | 0 | 0 |
Translation | 5,710 | (9,496) | 4,121 |
Balance at end of period | $ 191,392 | $ 228,676 | $ 110,405 |
Basis of Presentation and Si_11
Basis of Presentation and Significant Accounting Policies - Estimated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Accounting Policies [Abstract] | |
2019 | $ 7,881 |
2020 | 7,881 |
2021 | 7,881 |
2022 | 7,679 |
2023 | $ 7,661 |
Basis of Presentation and Si_12
Basis of Presentation and Significant Accounting Policies - Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
2020 | $ 3,505 |
2021 | 1,912 |
2022 | 1,198 |
2023 | 553 |
2024 | 172 |
Thereafter | 1,069 |
Total lease payments | 8,409 |
Less: Interest | (846) |
Present value of lease liabilities | 7,563 |
Current lease liabilities | $ 3,400 |
Basis of Presentation and Si_13
Basis of Presentation and Significant Accounting Policies - Leases Under ASC 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 5,650 |
2020 | 2,655 |
2021 | 1,969 |
2022 | 1,216 |
2023 | 511 |
Thereafter | $ 1,231 |
Basis of Presentation and Si_14
Basis of Presentation and Significant Accounting Policies - Changes in Carrying Amount of Other Non-Current Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Finance Costs [Roll Forward] | |||
Balance at beginning of period | $ 9,583 | $ 4,202 | $ 5,892 |
Additions | 0 | 9,443 | 0 |
Interest expense | (1,577) | (4,062) | (1,690) |
Balance at end of period | 8,006 | $ 9,583 | $ 4,202 |
Former Credit Facility | |||
Deferred Finance Costs [Roll Forward] | |||
Interest expense | $ (2,400) |
Basis of Presentation and Si_15
Basis of Presentation and Significant Accounting Policies - Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Asset Retirement Obligation, Adjustment for Business Acquisition, Foreign Currency Translation Gain (Loss) | $ (4,300) | ||
Asset retirement obligations Abstract | |||
Balance at beginning of period | 90,822 | $ 78,036 | $ 71,899 |
Costs incurred | (10,380) | (1,011) | (2) |
Additions/adjustments | (5,030) | 8,000 | 0 |
Acquisitions | 0 | 2,062 | 0 |
Accretion | 5,379 | 5,523 | 4,728 |
Translation | (3,503) | (1,788) | 1,411 |
Balance at end of period | 77,288 | 90,822 | 78,036 |
Current asset retirement obligation | $ 5,700 | $ 13,800 | $ 8,100 |
Basis of Presentation and Si_16
Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | $ 404,112 | $ 235,701 | $ 285,757 | $ 150,410 |
Accumulated other comprehensive income | (7,448) | (10,289) | ||
Currency translation adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | 8,769 | 3,506 | ||
Net unrealized gain on derivative financial instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | 64 | |||
Net unrealized gain on derivative financial instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | 685 | |||
Unrecognized prior service cost on benefit obligations | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | (16,614) | (14,395) | ||
Net unrealized gain (loss) on available-for-sale investments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | 333 | (85) | ||
Accumulated other comprehensive income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | $ (7,448) | $ (10,289) | $ 9,454 | $ 3,811 |
Basis of Presentation and Si_17
Basis of Presentation and Significant Accounting Policies - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Revenues | $ 501,235 | $ 506,000 | $ 471,231 | $ 416,454 | $ 477,998 | $ 425,507 | $ 438,921 | $ 457,463 | $ 1,894,920 | $ 1,799,889 | $ 1,687,738 |
Cost of operations | (1,361,056) | (1,295,876) | (1,191,983) | ||||||||
Total before tax | 313,742 | 280,145 | 295,780 | ||||||||
Other – net | 22,599 | 512 | 17,031 | ||||||||
Provision for Income Taxes | (69,065) | (52,840) | (147,415) | ||||||||
Net Income | 244,677 | 227,305 | 148,365 | ||||||||
Accumulated Other Comprehensive Income Component Recognized | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net Income | (2,918) | (1,380) | (566) | ||||||||
Accumulated Other Comprehensive Income Component Recognized | Realized (loss) gain on derivative financial instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Revenues | (132) | ||||||||||
Cost of operations | (1,066) | ||||||||||
Total before tax | (1,198) | ||||||||||
Provision for Income Taxes | 310 | ||||||||||
Net Income | (888) | ||||||||||
Accumulated Other Comprehensive Income Component Recognized | Realized (loss) gain on derivative financial instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Revenues | (242) | 169 | |||||||||
Cost of operations | 407 | (84) | |||||||||
Total before tax | 165 | 85 | |||||||||
Provision for Income Taxes | (47) | (21) | |||||||||
Net Income | 118 | 64 | |||||||||
Accumulated Other Comprehensive Income Component Recognized | Amortization of prior service cost on benefit obligations | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other – net | (2,592) | (1,910) | (1,760) | ||||||||
Provision for Income Taxes | 562 | 410 | 618 | ||||||||
Net Income | (2,030) | (1,500) | (1,142) | ||||||||
Accumulated Other Comprehensive Income Component Recognized | Realized gains on investments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other – net | 0 | 3 | 735 | ||||||||
Provision for Income Taxes | 0 | (1) | (223) | ||||||||
Net Income | $ 0 | $ 2 | $ 512 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) $ in Millions, $ in Millions | Jan. 02, 2020USD ($)employee | Jan. 02, 2020CAD ($)employee | Jul. 30, 2018USD ($)facilityemployee | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Sotera Health LLC's Nordion Medical Isotope Business | |||||
Business Acquisition [Line Items] | |||||
Business combination, consideration transferred | $ 213 | ||||
Business Combination, Number of Personnel Acquired | employee | 150 | ||||
Number of operating facilities | facility | 2 | ||||
Increase in Amortization Expense | Sotera Health LLC's Nordion Medical Isotope Business | |||||
Business Acquisition [Line Items] | |||||
Purchase price allocation adjustment, intangible assets | $ 3.5 | $ 6 | |||
Additional Interest Expense Associated with Incremental Borrowings | Sotera Health LLC's Nordion Medical Isotope Business | |||||
Business Acquisition [Line Items] | |||||
Purchase price allocation adjustment, interest expense | 2.4 | $ 5.2 | |||
Elimination of Recognized Acquisition Related Costs | Sotera Health LLC's Nordion Medical Isotope Business | |||||
Business Acquisition [Line Items] | |||||
Elimination of acquisition related costs | $ 2.5 | ||||
Subsequent Event [Member] | Nuclear Services Group | Laker Energy Products, Ltd | |||||
Business Acquisition [Line Items] | |||||
Business combination, consideration transferred | $ 16.2 | $ 21.1 | |||
Business combination, contingent consideration | $ 12 | ||||
Business Combination, Number of Personnel Acquired | employee | 140 | 140 |
Acquisitions - Business Acquisi
Acquisitions - Business Acquisition Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 30, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 275,502 | $ 274,082 | $ 218,331 | |
Sotera Health LLC's Nordion Medical Isotope Business | ||||
Business Acquisition [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 (Details) - USD ($) $ in Thousands | Jul. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquisitions (Note 2) | $ 0 | $ 139,257 | $ 746 | |
Sotera Health LLC's Nordion Medical Isotope Business | Technical support agreement | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquisitions (Note 2) | $ 67,500 | |||
Acquired finite-lived intangible assets, weighted average useful life | 23 years | |||
Sotera Health LLC's Nordion Medical Isotope Business | Unpatented technology | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquisitions (Note 2) | $ 33,000 | |||
Acquired finite-lived intangible assets, weighted average useful life | 23 years | |||
Sotera Health LLC's Nordion Medical Isotope Business | Favorable operating lease | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquisitions (Note 2) | $ 28,157 | |||
Sotera Health LLC's Nordion Medical Isotope Business | Customer relationships | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquisitions (Note 2) | $ 10,600 | |||
Acquired finite-lived intangible assets, weighted average useful life | 23 years | |||
Minimum | Sotera Health LLC's Nordion Medical Isotope Business | Favorable operating lease | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life | 13 years | |||
Maximum | Sotera Health LLC's Nordion Medical Isotope Business | Favorable operating lease | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life | 30 years |
Acquisitions - Unaudited Pro Fo
Acquisitions - Unaudited Pro Forma Financial Information (Details) - Sotera Health LLC's Nordion Medical Isotope Business - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Revenues | $ 1,825,029 | $ 1,726,135 |
Net Income Attributable to BWX Technologies, Inc. | $ 228,545 | $ 143,475 |
Basic Earnings per Common Share (USD per share) | $ 2.31 | $ 1.44 |
Diluted Earnings per Common Share (USD per share) | $ 2.29 | $ 1.43 |
Revenue Recognition - Impact of
Revenue Recognition - Impact of Adoption of Revenue Recognition Standard (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Assets: | ||||
Contracts in progress | $ 376,037 | $ 318,454 | ||
Deferred Income Taxes | 58,689 | 63,908 | ||
Liabilities: | ||||
Accrued liabilities – other | 52,213 | 62,163 | ||
Advance billings on contracts | 75,425 | 98,477 | ||
Stockholders' Equity: | ||||
Retained earnings | $ 1,344,383 | $ 1,166,762 | ||
Accounting Standards Update 2014-09 | ||||
Assets: | ||||
Contracts in progress | $ 260,932 | $ 420,628 | ||
Deferred Income Taxes | 85,193 | 86,740 | ||
Liabilities: | ||||
Accrued liabilities – other | 66,371 | 64,738 | ||
Advance billings on contracts | 73,390 | 246,192 | ||
Stockholders' Equity: | ||||
Retained earnings | $ 1,000,578 | $ 990,652 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 501,235 | $ 506,000 | $ 471,231 | $ 416,454 | $ 477,998 | $ 425,507 | $ 438,921 | $ 457,463 | $ 1,894,920 | $ 1,799,889 | $ 1,687,738 |
Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,912,566 | 1,807,519 | |||||||||
Consolidation, Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (17,646) | (7,630) | (7,203) | ||||||||
Fixed-Price Incentive Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,140,394 | 1,057,248 | |||||||||
Firm-Fixed-Price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 518,808 | 471,217 | |||||||||
Cost-Plus Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 183,222 | 177,491 | |||||||||
Time-and-Materials | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 70,142 | 101,563 | |||||||||
Over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,864,762 | 1,776,752 | |||||||||
Point-in-time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 47,804 | 30,767 | |||||||||
UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,572,085 | 1,446,791 | 1,408,817 | ||||||||
UNITED STATES | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,587,558 | 1,451,633 | |||||||||
UNITED STATES | Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,479,791 | 1,419,597 | |||||||||
UNITED STATES | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 107,767 | 32,036 | |||||||||
Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 287,971 | 294,913 | 245,073 | ||||||||
Canada | Non-Government | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 290,144 | 297,700 | |||||||||
Other | Non-Government | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 34,864 | 58,186 | |||||||||
Nuclear Operations Group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,428,587 | 1,319,170 | 1,271,861 | ||||||||
Nuclear Operations Group | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,428,587 | 1,319,170 | 1,271,861 | ||||||||
Nuclear Operations Group | Consolidation, Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (4,382) | (4,004) | (1,322) | ||||||||
Nuclear Operations Group | Fixed-Price Incentive Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,137,883 | 1,041,083 | |||||||||
Nuclear Operations Group | Firm-Fixed-Price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 210,631 | 195,030 | |||||||||
Nuclear Operations Group | Cost-Plus Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 79,741 | 80,880 | |||||||||
Nuclear Operations Group | Time-and-Materials | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 332 | 2,177 | |||||||||
Nuclear Operations Group | Over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,428,348 | 1,318,884 | |||||||||
Nuclear Operations Group | Point-in-time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 239 | 286 | |||||||||
Nuclear Operations Group | UNITED STATES | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,420,357 | 1,316,032 | |||||||||
Nuclear Operations Group | UNITED STATES | Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,368,555 | 1,311,886 | |||||||||
Nuclear Operations Group | UNITED STATES | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 51,802 | 4,146 | |||||||||
Nuclear Operations Group | Canada | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | 161 | |||||||||
Nuclear Operations Group | Other | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 8,230 | 2,977 | |||||||||
Nuclear Services Group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 131,339 | 122,438 | 137,249 | ||||||||
Nuclear Services Group | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 131,339 | 122,438 | 137,249 | ||||||||
Nuclear Services Group | Consolidation, Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (13,056) | (3,318) | (5,635) | ||||||||
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 | 26,163 | 23,294 | |||||||||
Nuclear Services Group | Cost-Plus Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 102,726 | 96,566 | |||||||||
Nuclear Services Group | Time-and-Materials | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 2,450 | 2,578 | |||||||||
Nuclear Services Group | Over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 131,339 | 122,438 | |||||||||
Nuclear Services Group | Point-in-time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | 0 | |||||||||
Nuclear Services Group | UNITED STATES | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 129,143 | 119,542 | |||||||||
Nuclear Services Group | UNITED STATES | Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 111,236 | 107,711 | |||||||||
Nuclear Services Group | UNITED STATES | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 17,907 | 11,831 | |||||||||
Nuclear Services Group | Canada | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 2,196 | 2,758 | |||||||||
Nuclear Services Group | Other | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | 138 | |||||||||
Nuclear Power Group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 352,640 | 365,911 | 285,831 | ||||||||
Nuclear Power Group | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 352,640 | 365,911 | 285,831 | ||||||||
Nuclear Power Group | Consolidation, Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (208) | (308) | $ (246) | ||||||||
Nuclear Power Group | Fixed-Price Incentive Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 2,511 | 16,165 | |||||||||
Nuclear Power Group | Firm-Fixed-Price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 282,014 | 252,893 | |||||||||
Nuclear Power Group | Cost-Plus Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 755 | 45 | |||||||||
Nuclear Power Group | Time-and-Materials | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 67,360 | 96,808 | |||||||||
Nuclear Power Group | Over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 305,075 | 335,430 | |||||||||
Nuclear Power Group | Point-in-time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 47,565 | 30,481 | |||||||||
Nuclear Power Group | UNITED STATES | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 38,058 | 16,059 | |||||||||
Nuclear Power Group | UNITED STATES | Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | 0 | |||||||||
Nuclear Power Group | UNITED STATES | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 38,058 | 16,059 | |||||||||
Nuclear Power Group | Canada | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 287,948 | 294,781 | |||||||||
Nuclear Power Group | Other | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 26,634 | $ 55,071 |
Revenue Recognition - Additiona
Revenue Recognition - Additional details (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net favorable changes in estimates resulting in increased revenues | $ 70.9 | $ 58.6 |
Increase in cost of operations | (0.7) | 12.3 |
Recognized decrease in operating income | $ 29.2 | |
Decrease in earnings per share. | $ 0.23 | |
Increase in receivables billed | 57.1 | |
Increase in customer advance billings due to rework issues related to manufacture | 23.1 | |
Retainages expected to be collected 2021 | 0.3 | |
Retainages expected to be collected 2022 | 1.1 | |
Advanced billings revenue recognized | $ 62.3 | $ 53.6 |
Revenue Recognition - Retainage
Revenue Recognition - Retainages (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue from External Customer [Line Items] | ||
Contract with customer asset | $ 376,037 | $ 318,454 |
Contract with customer, liability | 75,425 | 98,477 |
Contracts in Progress | ||
Revenue from External Customer [Line Items] | ||
Contract with customer asset | 365,861 | 308,723 |
Accounts Receivable | ||
Revenue from External Customer [Line Items] | ||
Contract with customer asset | 46,670 | 57,885 |
Other Assets | ||
Revenue from External Customer [Line Items] | ||
Contract with customer asset | $ 1,412 | $ 1,674 |
Revenue Recognition - Revenue R
Revenue Recognition - Revenue Remaining Performance Obligation (Details) $ in Millions | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1,645 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 1 year |
Remaining performance obligation | $ 1,188 |
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 year |
Remaining performance obligation | $ 2,455 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 5,288 |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 1,396 |
Nuclear Operations Group | 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 | 1,013 |
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] | |
Remaining performance obligation | 2,106 |
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] | |
Remaining performance obligation | 4,515 |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 217 |
Nuclear Power Group | 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 | 174 |
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] | |
Remaining performance obligation | 339 |
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] | |
Remaining performance obligation | 730 |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 32 |
Nuclear Services Group | 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 | 1 |
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] | |
Remaining performance obligation | 10 |
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] | |
Remaining performance obligation | $ 43 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | |||
Undistributed earnings of equity method investees | $ 16,100,000 | $ 16,100,000 | |
Reimbursable costs included in revenues of equity method investees | 3,516,100,000 | 5,339,700,000 | $ 638,400,000 |
Provision for income taxes | 69,065,000 | 52,840,000 | $ 147,415,000 |
Investees | |||
Schedule Of Results Related To Equity Accounted Investees [Line Items] | |||
Provision for income taxes | 0 | ||
Other Assets | |||
Schedule Of Results Related To Equity Accounted Investees [Line Items] | |||
Amounts due from related parties included in other assets | $ 2,600,000 | $ 4,300,000 |
Equity Method Investments - Sum
Equity Method Investments - Summary of Combined Balance Sheet Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Current assets | $ 442,253 | $ 449,369 |
Noncurrent assets | 1,285 | 1,621 |
Total Assets | 443,538 | 450,990 |
Current liabilities | 219,702 | 234,464 |
Owners' equity | 223,836 | 216,526 |
Total Liabilities and Owners' Equity | $ 443,538 | $ 450,990 |
Equity Method Investments - S_2
Equity Method Investments - Summary of Combined Income Statement Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Revenues | $ 3,716,548 | $ 5,685,015 | $ 678,080 |
Gross profit | 133,170 | 172,673 | 35,081 |
Net income | $ 130,949 | $ 162,095 | $ 35,081 |
Equity Method Investments - Rec
Equity Method Investments - Reconciliation of Net Income to Equity in Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||
Equity income based on stated ownership percentages | $ 28,272 | $ 30,787 | $ 28,272 | $ 30,787 | $ 13,412 | ||||||
Timing of GAAP and other adjustments | 652 | (444) | 652 | (444) | 200 | ||||||
Equity in income of investees | $ 6,506 | $ 7,874 | $ 6,862 | $ 7,682 | $ 7,645 | $ 9,323 | $ 6,225 | $ 7,150 | $ 28,924 | $ 30,343 | $ 13,612 |
Equity Method Investments - Sch
Equity Method Investments - Schedule of Transactions with Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Sales to | $ 14,668 | $ 18,454 | $ 22,259 |
Dividends received | 20,955 | 22,237 | 16,132 |
Capital contributions, net of returns | $ (255) | $ 9,059 | $ 2,789 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | ||||
Gross unrecognized tax benefits, effective tax rate reduced | $ 3,900 | |||
Decrease in unrecognized tax benefits | 100 | |||
Expense in income tax provision related to significant changes in U.S. tax laws | $ 53,000 | |||
Decrease in valuation allowance | $ (12,500) | $ 13,500 | ||
Valuation allowance for deferred tax asset | 13,578 | $ 13,257 | ||
Undistributed earnings of subsidiaries | 168,500 | |||
Unrecognized deferred income tax liabilities | 8,400 | |||
Federal | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | 7,300 | |||
Net operating loss carryforwards, valuation allowance | 6,200 | |||
State | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | 9,200 | |||
Net operating loss carryforwards, valuation allowance | $ 7,800 | |||
Canada Revenue Agency | ||||
Income Tax Contingency [Line Items] | ||||
Canadian local statutory rate | 25.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 274 | $ 1,680 | $ 1,651 |
Increases based on tax positions taken in the current year | 3,736 | 0 | 0 |
Increases based on tax positions taken in the prior years | 0 | 0 | 0 |
Decreases based on tax positions taken in the prior years | 0 | 0 | 0 |
Decreases due to settlements with tax authorities | 0 | 0 | 0 |
Decreases due to lapse of applicable statute of limitation | (127) | (1,379) | 0 |
Other, net | 16 | (27) | 29 |
Balance at end of period | $ 3,899 | $ 274 | $ 1,680 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Pension liability | $ 36,791 | $ 37,528 |
Accrued warranty expense | 2,365 | 2,639 |
Accrued vacation pay | 7,077 | 6,821 |
Accrued liabilities for self-insurance (including postretirement health care benefits) | 2,991 | 4,352 |
Accrued liabilities for executive and employee incentive compensation | 12,121 | 11,835 |
Environmental and products liabilities | 20,100 | 24,805 |
Lease liabilities | 1,856 | |
Investments in joint ventures and affiliated companies | 4,702 | 8,977 |
Long-term contracts | 10,790 | 6,046 |
State tax credits and net operating loss carryforward | 7,297 | 6,349 |
Foreign tax credit and net operating loss carryforward | 5,848 | 1,683 |
Other | 8,798 | 2,998 |
Total deferred tax assets | 120,736 | 114,033 |
Valuation allowance for deferred tax assets | (13,578) | (13,257) |
Deferred tax assets | 107,158 | 100,776 |
Deferred tax liabilities: | ||
Property, plant and equipment | 23,889 | 14,348 |
Right-of-use lease assets | 10,446 | |
Intangibles | 14,134 | 24,358 |
Total deferred tax liabilities | 48,469 | 38,706 |
Net deferred tax assets | $ 58,689 | $ 62,070 |
Income Taxes - Income from Cont
Income Taxes - Income from Continuing Operations Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 270,569 | $ 231,721 | $ 255,194 |
Other than U.S. | 43,173 | 48,424 | 40,586 |
Total before tax | $ 313,742 | $ 280,145 | $ 295,780 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
U.S. – federal | $ 47,693 | $ 14,680 | $ 26,632 |
U.S. – state and local | 2,180 | 4,597 | 3,023 |
Other than U.S. | 15,398 | 16,117 | 24,299 |
Total current | 65,271 | 35,394 | 53,954 |
Deferred: | |||
U.S. – federal | 7,975 | 20,327 | 107,844 |
U.S. – state and local | 872 | 1,564 | (158) |
Other than U.S. | (5,053) | (4,445) | (14,225) |
Total deferred | 3,794 | 17,446 | 93,461 |
Provision for Income Taxes | $ 69,065 | $ 52,840 | $ 147,415 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of the Income Tax Provision Related to Continuing Operations from the U.S. Statutory Federal Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory tax rate | 21.00% | 21.00% | 35.00% |
State and local income taxes | 1.00% | 2.10% | 1.20% |
Foreign rate differential | 0.60% | 0.70% | (1.40%) |
Excess tax deductions on equity compensation | (0.70%) | (1.00%) | (2.00%) |
Impact of U.S. Tax Cuts & Jobs Act | 0.00% | (4.70%) | 17.70% |
Manufacturing deduction | 0.00% | 0.00% | (1.40%) |
Minority interest | 0.00% | 0.00% | (0.10%) |
Other | 0.10% | 0.80% | 0.80% |
Effective tax rate | 22.00% | 18.90% | 49.80% |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance for Deferred Tax Assets (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | $ (13,257) | $ (15,252) | $ (17,226) |
Charges To Costs and Expenses | (414) | 2,017 | 2,544 |
Charged To Other Accounts | 93 | (22) | (570) |
Ending Balance | $ (13,578) | $ (13,257) | $ (15,252) |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Less: Amounts due within one year | $ 14,711 | $ 14,227 | ||
Long-Term Debt, gross | 817,448 | 763,200 | ||
Less: Deferred debt issuance costs | 8,006 | 9,583 | $ 4,202 | $ 5,892 |
Long-Term Debt | 809,442 | 753,617 | ||
Senior Notes | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt including current maturities | 400,000 | 400,000 | ||
Credit Facility | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt including current maturities | $ 432,159 | $ 377,427 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | May 24, 2018USD ($)Quarter | Dec. 31, 2019USD ($) | Sep. 30, 2018 |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Maturity of long-term debt, 2020 | $ 14,700,000 | ||
Maturity of long-term debt, 2021 | 14,700,000 | ||
Maturity of long-term debt, 2022 | 14,700,000 | ||
Maturity of long-term debt, 2023 | 388,000,000 | ||
Maturity of long-term debt, 2024 | 0 | ||
Maturities of long-term debt, thereafter | 400,000,000 | ||
Bonds issued and outstanding | 73,300,000 | ||
Senior Notes | Secured Debt | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Long-term debt, senior notes | $ 400,000,000 | ||
Credit Facility | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Aggregate amount to be borrowed to meet letter of credit requirements | $ 272,400,000 | ||
Interest rate on borrowings | 3.29% | ||
Credit Facility | Federal Funds Rate | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Debt instrument, basis spread on variable rate | 0.50% | ||
Credit Facility | Prime Rate or Canadian Prime Rate | Minimum | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Debt instrument, basis spread on variable rate | 0.25% | ||
Credit Facility | Prime Rate or Canadian Prime Rate | Maximum | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Debt instrument, basis spread on variable rate | 1.00% | ||
Credit Facility | Base Rate | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Debt instrument, basis spread on variable rate | 0.375% | ||
Credit Facility | Eurocurrency Rate | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Debt instrument, basis spread on variable rate | 1.375% | ||
Credit Facility | Eurocurrency Rate | Minimum | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Debt instrument, basis spread on variable rate | 1.25% | ||
Credit Facility | Eurocurrency Rate | Maximum | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Debt instrument, basis spread on variable rate | 2.00% | ||
Credit Facility | Secured Debt | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Increase in maximum borrowing capacity under certain conditions | $ 250,000,000 | ||
Line of credit facility covenant, percentage of EBITDA | 65.00% | ||
Number of fiscal quarters | Quarter | 4 | ||
Maximum leverage ratio required for future credit increase | 2.50 | ||
Maximum leverage ratio | 4 | ||
Maximum leverage ration after material acquisition | 4.50 | ||
Minimum interest coverage ratio | 3 | ||
Credit Facility | Base Rate Loans | One Month Eurocurrency Rate | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Debt instrument, basis spread on variable rate | 1.00% | ||
Credit Facility | New Credit Facility | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Credit facility, aggregate borrowings outstanding | $ 272,200,000 | ||
Credit Facility | New Credit Facility | Secured Debt | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Credit agreement, maximum borrowing capacity | $ 50,000,000 | ||
Quarterly amortization payment, percentage of principal | 1.25% | ||
Credit Facility | Canadian Dollar Term Loan Facility | Secured Debt | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Credit agreement, maximum borrowing capacity | $ 250,000,000 | ||
Credit Facility | Performance Letter of Credit | Minimum | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Letter of credit fee | 0.75% | ||
Credit Facility | Performance Letter of Credit | Maximum | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Letter of credit fee | 1.20% | ||
Credit Facility | Senior Notes | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Commitment fee on unused portions of credit agreement, variable range | 0.175% | ||
Credit facility, aggregate borrowings outstanding | $ 160,000,000 | ||
Credit Facility | Senior Notes | Minimum | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Commitment fee on unused portions of credit agreement, variable range | 0.15% | ||
Credit Facility | Senior Notes | Maximum | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Commitment fee on unused portions of credit agreement, variable range | 0.275% | ||
Credit Facility | Senior Notes | Secured Debt | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Credit agreement, maximum borrowing capacity | $ 500,000,000 | ||
Credit Facility | Letter of Credit | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Credit facility, aggregate borrowings outstanding | $ 67,600,000 | ||
Credit Facility | Letter of Credit | Minimum | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Letter of credit fee | 1.25% | ||
Credit Facility | Letter of Credit | Maximum | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Letter of credit fee | 2.00% | ||
Credit Facility | Letter of Credit | Base Rate | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Letter of credit fee | 0.825% | ||
Credit Facility | Letter of Credit | Eurocurrency Rate | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Letter of credit fee | 1.375% | ||
Senior Notes | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Stated interest rate percentage of senior notes | 5.375% | ||
Debt Instrument, Redemption, Period One | Senior Notes | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Percentage of principal redeemable | 40.00% | ||
Redemption price percentage | 105.375% | ||
Debt Instrument, Redemption, Period Two | Senior Notes | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Redemption price percentage | 100.00% | ||
Debt Instrument, Redemption, Period Three | Senior Notes | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Redemption price percentage | 102.688% | ||
Debt Instrument, Redemption, Period Four | Senior Notes | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Redemption price percentage | 101.344% | ||
Debt Instrument, Redemption, Period Five | Senior Notes | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Redemption price percentage | 100.00% |
Pension Plans and Postretirem_3
Pension Plans and Postretirement Benefits - Obligations and Funded Status (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2018 | Jul. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligation: | |||||||
Service cost | $ 9,700 | $ 10,200 | $ 8,600 | ||||
Actuarial loss (gain) | $ 3,600 | $ 67,800 | |||||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of period | 1,068,036 | ||||||
Company contributions | 4,284 | ||||||
Fair value of plan assets at the end of period | 1,198,816 | 1,068,036 | 1,198,816 | 1,068,036 | |||
Amounts recognized in the balance sheet consist of: | |||||||
Accumulated postretirement benefit obligation | (23,259) | (19,236) | (23,259) | (19,236) | |||
Pension liability | (172,508) | (173,469) | (172,508) | (173,469) | |||
Pension Plan | |||||||
Change in benefit obligation: | |||||||
Benefit obligation at beginning of period | 1,186,186 | 1,543,343 | |||||
Service cost | 9,123 | 9,593 | 8,031 | ||||
Interest cost | 46,307 | 47,496 | 54,353 | ||||
Plan participants' contributions | 321 | 60 | |||||
Amendments | 5,523 | 10,734 | |||||
Acquisition | 0 | 9,746 | |||||
Settlements | $ (240,000) | (25,694) | (242,513) | ||||
Actuarial loss (gain) | 139,909 | (107,669) | |||||
Transfers | 0 | 1,167 | |||||
Foreign currency exchange rate changes | 6,027 | (12,010) | |||||
Benefits paid | (58,904) | (73,761) | |||||
Benefit obligation at end of period | 1,308,798 | 1,186,186 | 1,308,798 | 1,186,186 | 1,543,343 | ||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of period | 1,024,091 | 1,257,699 | |||||
Actual return on plan assets | 195,846 | (53,299) | |||||
Plan participants' contributions | 321 | 177 | |||||
Company contributions | $ 118,100 | 159,000 | 157,573 | ||||
Settlements | (21,191) | (252,908) | |||||
Transfers | 0 | 1,134 | |||||
Foreign currency exchange rate changes | 6,048 | (12,524) | |||||
Benefits paid | (58,904) | (73,761) | |||||
Fair value of plan assets at the end of period | 1,150,495 | 1,024,091 | 1,150,495 | 1,024,091 | 1,257,699 | ||
Funded status | (158,303) | (162,095) | (158,303) | (162,095) | |||
Amounts recognized in the balance sheet consist of: | |||||||
Prepaid pension | 16,936 | 14,145 | 16,936 | 14,145 | |||
Accrued employee benefits | (3,218) | (3,191) | (3,218) | (3,191) | |||
Accumulated postretirement benefit obligation | 0 | 0 | 0 | 0 | |||
Pension liability | (172,021) | (173,049) | (172,021) | (173,049) | |||
Accrued benefit liability, net | (158,303) | (162,095) | (158,303) | (162,095) | |||
Amount recognized in accumulated comprehensive income (before taxes): | |||||||
Prior service cost (credit) | 22,356 | 19,736 | 22,356 | 19,736 | |||
Plans with accumulated benefit obligation in excess of plan assets: | |||||||
Projected benefit obligation | 1,167,257 | 1,058,828 | 1,167,257 | 1,058,828 | |||
Accumulated benefit obligation | 1,153,811 | 1,048,252 | 1,153,811 | 1,048,252 | |||
Fair value of plan assets | 992,018 | 882,588 | 992,018 | 882,588 | |||
Plans with plan assets in excess of accumulated benefit obligation: | |||||||
Projected benefit obligation | 141,541 | 127,358 | 141,541 | 127,358 | |||
Accumulated benefit obligation | 141,497 | 127,378 | 141,497 | 127,378 | |||
Fair value of plan assets | 158,477 | 141,503 | 158,477 | 141,503 | |||
Other Benefits | |||||||
Change in benefit obligation: | |||||||
Benefit obligation at beginning of period | 60,405 | 68,239 | |||||
Service cost | 545 | 620 | 567 | ||||
Interest cost | 2,254 | 2,121 | 2,182 | ||||
Plan participants' contributions | 550 | 584 | |||||
Amendments | 0 | 0 | |||||
Acquisition | 0 | 0 | |||||
Settlements | 0 | 0 | |||||
Actuarial loss (gain) | (2,427) | (7,336) | |||||
Transfers | 0 | 0 | |||||
Foreign currency exchange rate changes | 462 | (870) | |||||
Benefits paid | (2,908) | (2,953) | |||||
Benefit obligation at end of period | 58,881 | 60,405 | 58,881 | 60,405 | 68,239 | ||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of period | 43,945 | 45,602 | |||||
Actual return on plan assets | 5,688 | (772) | |||||
Plan participants' contributions | 550 | 584 | |||||
Company contributions | 915 | 1,379 | |||||
Settlements | 0 | 0 | |||||
Transfers | 0 | 0 | |||||
Foreign currency exchange rate changes | 0 | 0 | |||||
Benefits paid | (2,777) | (2,848) | |||||
Fair value of plan assets at the end of period | 48,321 | 43,945 | 48,321 | 43,945 | $ 45,602 | ||
Funded status | (10,560) | (16,460) | (10,560) | (16,460) | |||
Amounts recognized in the balance sheet consist of: | |||||||
Prepaid pension | 14,012 | 4,000 | 14,012 | 4,000 | |||
Accrued employee benefits | (1,313) | (1,240) | (1,313) | (1,240) | |||
Accumulated postretirement benefit obligation | (23,259) | (19,220) | (23,259) | (19,220) | |||
Pension liability | 0 | 0 | 0 | 0 | |||
Accrued benefit liability, net | (10,560) | (16,460) | (10,560) | (16,460) | |||
Amount recognized in accumulated comprehensive income (before taxes): | |||||||
Prior service cost (credit) | (1,252) | (1,563) | (1,252) | (1,563) | |||
Plans with accumulated benefit obligation in excess of plan assets: | |||||||
Accumulated benefit obligation | 22,316 | 18,429 | 22,316 | 18,429 | |||
Fair value of plan assets | 0 | 0 | 0 | 0 | |||
Plans with plan assets in excess of accumulated benefit obligation: | |||||||
Accumulated benefit obligation | 36,565 | 41,976 | 36,565 | 41,976 | |||
Fair value of plan assets | $ 48,321 | $ 43,945 | $ 48,321 | $ 43,945 |
Pension Plans and Postretirem_4
Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 9,700 | $ 10,200 | $ 8,600 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 9,123 | 9,593 | 8,031 |
Interest cost | 46,307 | 47,496 | 54,353 |
Expected return on plan assets | (69,809) | (80,939) | (83,617) |
Amortization of prior service cost | 2,903 | 2,221 | 2,074 |
Recognized net actuarial loss (gain) | 9,353 | 36,738 | 8,322 |
Net periodic benefit cost (income) | (2,123) | 15,109 | (10,837) |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 545 | 620 | 567 |
Interest cost | 2,254 | 2,121 | 2,182 |
Expected return on plan assets | (2,514) | (2,540) | (2,383) |
Amortization of prior service cost | (311) | (311) | (314) |
Recognized net actuarial loss (gain) | (5,723) | (4,094) | 2,741 |
Net periodic benefit cost (income) | $ (5,749) | $ (4,204) | $ 2,793 |
Pension Plans and Postretirem_5
Pension Plans and Postretirement Benefits - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2018USD ($) | Jul. 31, 2018USD ($)retiree | Oct. 31, 2017USD ($)retiree | Sep. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Service cost | $ 9,700 | $ 10,200 | $ 8,600 | ||||
Other components of net periodic benefit cost | (17,500) | $ 700 | (16,600) | ||||
Company contributions | 4,284 | ||||||
Other comprehensive loss as components of net periodic benefit cost for pension benefit in the current fiscal year | 2,900 | ||||||
Other comprehensive income as components of net periodic benefit cost for other benefit in the current fiscal year | (300) | ||||||
Other comprehensive loss as components of net periodic benefit cost for pension benefit in the next fiscal year | 4,100 | ||||||
Other comprehensive income as components of net periodic benefit cost for other benefit in the next fiscal year | $ (200) | ||||||
Expected return on plan assets | 7.20% | ||||||
Percentage of investment return on domestic plan assets | 21.00% | (4.00%) | |||||
Vesting period for employer matching contributions | 3 years | ||||||
BWXT Retirement Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Pension settlement related charges | $ 10,400 | $ 10,400 | $ 3,800 | ||||
Pension benefit obligations transferred | $ 113,600 | ||||||
Thrift Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of matching contribution by employer | 50.00% | ||||||
Thrift Plan | Maximum | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Participants' contributions as a percentage of compensation | 6.00% | ||||||
Thrift Plan and MII Thrift Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer contributions | $ 31,700 | 31,300 | 29,100 | ||||
Pension Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Service cost | 9,123 | 9,593 | $ 8,031 | ||||
Pension settlement related charges | $ 240,000 | 25,694 | 242,513 | ||||
Number of retirees transferred to annuity contract | retiree | 1,300 | 2,300 | |||||
Pension benefit obligations transferred | 0 | (1,167) | |||||
Company contributions | $ 118,100 | $ 159,000 | $ 157,573 | ||||
Expected return on plan assets | 6.95% | 6.95% | 7.00% | ||||
Percentage of total assets | 86.00% |
Pension Plans and Postretirem_6
Pension Plans and Postretirement Benefits - Summary of Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Decrease in accumulated other comprehensive income due to actuarial losses – before taxes | $ (5,523) | $ (10,734) |
Other Benefits | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Decrease in accumulated other comprehensive income due to actuarial losses – before taxes | $ 0 | $ 0 |
Pension Plans and Postretirem_7
Pension Plans and Postretirement Benefits - Weighted Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Expected return on plan assets | 7.20% | ||
Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.31% | 4.30% | |
Discount rate to determine service cost | 3.74% | 3.32% | 3.84% |
Discount rate to determine interest cost | 3.98% | 3.56% | 3.17% |
Expected return on plan assets | 6.95% | 6.95% | 7.00% |
Other Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.21% | 4.25% | |
Discount rate to determine service cost | 3.93% | 3.91% | 4.29% |
Discount rate to determine interest cost | 3.92% | 3.50% | 3.71% |
Expected return on plan assets | 5.68% | 5.70% | 5.71% |
Pension Plans and Postretirem_8
Pension Plans and Postretirement Benefits - Assumed Health Care Cost Trend Rates (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Health care cost trend rate assumed for next year | 7.00% | 7.25% |
Rates to which the cost trend rate is assumed to decline (ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reaches ultimate trend rate | 2030 | 2030 |
Pension Plans and Postretirem_9
Pension Plans and Postretirement Benefits - Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Retirement Benefits [Abstract] | |
One-Percentage-Point Increase, Effect on total of service and interest cost | $ 300 |
One-Percentage-Point Increase, Effect on postretirement benefit obligation | 5,470 |
One-Percentage-Point Decrease, Effect on total of service and interest cost | (247) |
One-Percentage-Point Decrease, Effect on postretirement benefit obligation | $ (4,624) |
Pension Plans and Postretire_10
Pension Plans and Postretirement Benefits - Plan Asset Allocations by Asset Category (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
UNITED STATES | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
UNITED STATES | Pension Plan | Fixed Income (excluding U.S. Government Securities) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 33.00% | 33.00% |
UNITED STATES | Pension Plan | Commingled and Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 27.00% | 27.00% |
UNITED STATES | Pension Plan | U.S. Government Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 22.00% | 24.00% |
UNITED STATES | Pension Plan | Partnerships with Security Holdings | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 5.00% | 7.00% |
UNITED STATES | Pension Plan | Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 7.00% | 7.00% |
UNITED STATES | Pension Plan | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 6.00% | 2.00% |
Canada | Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
Canada | Other Benefits | Equity Securities and Commingled Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 35.00% | 51.00% |
Canada | Other Benefits | Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 62.00% | 46.00% |
Canada | Other Benefits | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 3.00% | 3.00% |
Pension Plans and Postretire_11
Pension Plans and Postretirement Benefits - Target Allocation by Asset Class (Detail) - Pension Plan | Dec. 31, 2019 |
UNITED STATES | Fixed Income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 55.00% |
UNITED STATES | Equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 28.00% |
UNITED STATES | Other | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 17.00% |
Canada | Fixed Income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 16.00% |
Canada | U. S. Equity | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 65.00% |
Canada | Global Equity | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 19.00% |
Pension Plans and Postretire_12
Pension Plans and Postretirement Benefits - Summary of Total Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | $ 1,198,816 | $ 1,068,036 |
Unclassified | 541,162 | 460,997 |
Fixed Income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 453,390 | 380,925 |
Unclassified | 98,326 | 65,234 |
Commingled and Mutual Funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 334,786 | 320,210 |
Unclassified | 276,625 | 272,235 |
U.S. Government Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 220,606 | 218,074 |
Unclassified | 0 | 0 |
Partnerships with Security Holdings | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 52,840 | 62,309 |
Unclassified | 52,840 | 62,309 |
Real Estate | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 65,821 | 61,219 |
Unclassified | 65,821 | 61,219 |
Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 47,550 | |
Unclassified | 47,550 | |
Cash and Accrued Items | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 23,823 | 25,299 |
Unclassified | 0 | 0 |
Level 1 | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 291,641 | 283,944 |
Level 1 | Fixed Income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 1 | Commingled and Mutual Funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 58,161 | 47,975 |
Level 1 | U.S. Government Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 216,300 | 214,427 |
Level 1 | Partnerships with Security Holdings | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 1 | Real Estate | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 1 | Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | |
Level 1 | Cash and Accrued Items | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 17,180 | 21,542 |
Level 2 | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 366,013 | 323,095 |
Level 2 | Fixed Income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 355,064 | 315,691 |
Level 2 | Commingled and Mutual Funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | U.S. Government Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 4,306 | 3,647 |
Level 2 | Partnerships with Security Holdings | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | Real Estate | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | |
Level 2 | Cash and Accrued Items | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 6,643 | 3,757 |
Level 3 | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Fixed Income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Commingled and Mutual Funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | U.S. Government Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Partnerships with Security Holdings | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Real Estate | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | |
Level 3 | Cash and Accrued Items | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | $ 0 | $ 0 |
Pension Plans and Postretire_13
Pension Plans and Postretirement Benefits - Cash Flows (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
UNITED STATES | Pension Plan | |
Expected employer contributions to trusts of defined benefit plans: | |
Expected benefit payments, 2020 | $ 0 |
Expected benefit payments: | |
Expected benefit payments, 2020 | 57,550 |
Expected benefit payments, 2021 | 59,995 |
Expected benefit payments, 2022 | 62,010 |
Expected benefit payments, 2023 | 63,804 |
Expected benefit payments, 2024 | 65,194 |
Expected benefit payments, 2025-2029 | 335,013 |
UNITED STATES | Other Benefits | |
Expected employer contributions to trusts of defined benefit plans: | |
Expected benefit payments, 2020 | 85 |
Expected benefit payments: | |
Expected benefit payments, 2020 | 2,822 |
Expected benefit payments, 2021 | 2,890 |
Expected benefit payments, 2022 | 2,950 |
Expected benefit payments, 2023 | 2,965 |
Expected benefit payments, 2024 | 3,003 |
Expected benefit payments, 2025-2029 | 14,062 |
Canada | |
Expected employer contributions to trusts of defined benefit plans: | |
Expected benefit payments, 2020 | 3,608 |
Canada | Pension Plan | |
Expected benefit payments: | |
Expected benefit payments, 2020 | 6,820 |
Expected benefit payments, 2021 | 6,933 |
Expected benefit payments, 2022 | 7,165 |
Expected benefit payments, 2023 | 7,310 |
Expected benefit payments, 2024 | 7,413 |
Expected benefit payments, 2025-2029 | 41,293 |
Canada | Other Benefits | |
Expected benefit payments: | |
Expected benefit payments, 2020 | 447 |
Expected benefit payments, 2021 | 493 |
Expected benefit payments, 2022 | 499 |
Expected benefit payments, 2023 | 528 |
Expected benefit payments, 2024 | 536 |
Expected benefit payments, 2025-2029 | $ 3,171 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | Nov. 06, 2018 | Mar. 24, 2017 | Feb. 24, 2017 | Sep. 16, 2016 | Oct. 31, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 15, 2016 |
Capital Stock [Line Items] | |||||||||
Additional common stock at an aggregate purchase price | $ 250,000,000 | $ 150,000,000 | $ 300,000,000 | $ 20,000,000 | |||||
Common stock repurchased | $ 30,369,000 | $ 222,986,000 | $ 12,733,000 | ||||||
Stock repurchase program, term | 3 years | ||||||||
Accelerated Share Repurchase Agreement | |||||||||
Capital Stock [Line Items] | |||||||||
Common stock at an aggregate purchase price | $ 200,000,000 | ||||||||
Accelerated share repurchase, settlement (payment) or receipt | $ 200,000,000 | ||||||||
Stock repurchased during period (shares) | 4,982,003 | 4,135,435 | 846,568 | ||||||
Share Repurchase Program | |||||||||
Capital Stock [Line Items] | |||||||||
Common stock repurchased (shares) | 443,877 | 4,523,934 | 0 | ||||||
Common stock repurchased | $ 214,700,000 | ||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 165,300,000 | ||||||||
Weighted Average | Accelerated Share Repurchase Agreement | |||||||||
Capital Stock [Line Items] | |||||||||
Shares repurchased average price (USD per share) | $ 40.14 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2012 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | $ 14.8 | $ 10.8 | $ 18.5 | |||
Stock-based compensation, tax benefits | 2.5 | 1.7 | 3.7 | |||
Stock-based compensation, accelerated compensation cost | 2.5 | |||||
BWXT Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total intrinsic value of stock options exercised | 8.1 | $ 8.5 | $ 22.6 | |||
Tax benefits realized related to the stock options exercised | 1.1 | |||||
BWXT Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Tax benefits realized related to the stock options exercised | $ 3.3 | |||||
Vesting period | 3 years | |||||
Nonvested cash-settled performance units (shares) | 409,000 | 639,000 | ||||
BWXT Performance Shares | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 0.00% | |||||
BWXT Performance Shares | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 200.00% | |||||
BWXT Performance Shares | Weighted Average | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 114.00% | |||||
BWXT Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Tax benefits realized related to the stock options exercised | $ 0.8 | |||||
Nonvested cash-settled performance units (shares) | 166,000 | 160,000 | ||||
Cash Settled Performance Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Nonvested cash-settled performance units value per share | $ 62.08 | |||||
Nonvested cash-settled performance units assumed weighted average vesting | 124.00% | |||||
Nonvested cash-settled performance units (shares) | 5,207 | |||||
Cash Settled Performance Units | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 0.00% | |||||
Cash Settled Performance Units | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 200.00% | |||||
Cash Settled Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Nonvested cash-settled performance units value per share | $ 62.08 | |||||
Nonvested cash-settled performance units (shares) | 1,193 | |||||
2010 Long - Term Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized for issuance (shares) | 10,000,000 | |||||
Additional shares authorized for issuance (shares) | 2,300,000 | |||||
Minimum percentage of fair market value closing price | 100.00% | |||||
Expiry date of B&W common stock | 10 years | |||||
Shares issued under the plan (shares) | 9,109,541 | |||||
Shares available for issuance of awards in future (shares) | 3,190,459 | |||||
2012 Long-Term Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Minimum percentage of fair market value closing price | 100.00% | |||||
Expiry date of B&W common stock | 10 years | |||||
Total unrecognized estimated compensation expense, nonvested awards | $ 13.3 | |||||
Unrecognized estimated compensation expense to be recognized, weighted-average period | 1 year 8 months 12 days |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summarized Activity of Stock Options (Detail) - BWXT Stock Options $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at beginning of period (shares) | 571 |
Granted (shares) | 0 |
Exercised (shares) | (246) |
Cancelled/expired/forfeited (shares) | (1) |
Outstanding at end of period (shares) | 324 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding at beginning of period (USD per share) | $ / shares | $ 23.44 |
Exercised (USD per share) | $ / shares | 22.85 |
Cancelled/expired/forfeited (USD per share) | $ / shares | 20.31 |
Outstanding at end of period (USD per share) | $ / shares | $ 23.91 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding at end of period, weighted-average remaining contractual term (in years) | 3 years 1 month 6 days |
Outstanding at end of period, aggregate intrinsic value | $ | $ 12.4 |
Exercisable at end of period, Number of options (shares) | 324 |
Exercisable at end of period, weighted-average exercise price (USD per share) | $ / shares | $ 23.91 |
Exercisable at end of period, weighted-average remaining contractual term | 3 years 1 month 6 days |
Exercisable at end of period, aggregate intrinsic value | $ | $ 12.4 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Changes in Nonvested Stock Awards (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Vested, weighted-average grant date fair value (USD per share) | $ / shares | $ 34.64 |
BWXT Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested at beginning of period (shares) | shares | 639 |
Adjustment to assumed vesting percentage (shares) | shares | 13 |
Granted (shares) | shares | 140 |
Vested (shares) | shares | (368) |
Cancelled/forfeited (shares) | shares | (15) |
Nonvested at end of period (shares) | shares | 409 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested at beginning of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 43.06 |
Adjustment to assumed vesting percentage, weighted-average grant date fair value (USD per share) | $ / shares | 48.52 |
Granted, weighted-average grant date fair value (USD per share) | $ / shares | 51.78 |
Cancelled/forfeited, weighted-average grant date fair value (USD per share) | $ / shares | 53.97 |
Nonvested at end of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 53.39 |
BWXT Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested at beginning of period (shares) | shares | 160 |
Granted (shares) | shares | 123 |
Vested (shares) | shares | (110) |
Cancelled/forfeited (shares) | shares | (7) |
Nonvested at end of period (shares) | shares | 166 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested at beginning of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 51.85 |
Granted, weighted-average grant date fair value (USD per share) | $ / shares | 51.36 |
Vested, weighted-average grant date fair value (USD per share) | $ / shares | 46.96 |
Cancelled/forfeited, weighted-average grant date fair value (USD per share) | $ / shares | 55.22 |
Nonvested at end of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 54.51 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Summarized Activity of Stock Appreciation (Detail) - Stock Appreciation Rights $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at beginning of period (shares) | 64 |
Granted (shares) | 0 |
Exercised (shares) | (9) |
Cancelled/expired/forfeited (shares) | 0 |
Outstanding at end of period (shares) | 55 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding at beginning of period (USD per share) | $ / shares | $ 22.92 |
Exercised (USD per share) | $ / shares | 20 |
Outstanding at end of period (USD per share) | $ / shares | $ 23.39 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding at end of period, weighted-average remaining contractual term (in years) | 3 years |
Outstanding at end of period, aggregate intrinsic value | $ | $ 2.1 |
Exercisable at end of period, Number of options (shares) | 55 |
Exercisable at end of period, weighted-average exercise price (USD per share) | $ / shares | $ 23.39 |
Exercisable at end of period, weighted-average remaining contractual term | 3 years |
Exercisable at end of period, aggregate intrinsic value | $ | $ 2.1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Environmental Matters $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Contingencies And Commitments [Line Items] | |||
Pretax charge to comply U.S. federal, state and local environmental control and protection regulations | $ 15.9 | $ 14.7 | $ 14.1 |
Capital expenditure to comply environmental regulations | 1.4 | 1.7 | $ 0.9 |
Environmental reserves | 90.8 | 104.9 | |
Environmental reserves included in current liabilities | 10.4 | 18.5 | |
Nuclear Operations Group | |||
Contingencies And Commitments [Line Items] | |||
Financial assurance to pay expected cost of decommissioning | $ 61.8 | 56.2 | |
Number of facilities | facility | 2 | ||
Nuclear Power Group | |||
Contingencies And Commitments [Line Items] | |||
Financial assurance to pay expected cost of decommissioning | $ 47 | $ 45.1 |
Financial Instruments with Co_2
Financial Instruments with Concentrations of Credit Risk - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Allowance for doubtful accounts receivable | $ 0.2 | $ 0.1 | |
Government Contracts Concentration Risk | Sales Revenue, Net | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Concentration risk percentage | 77.00% | 79.00% | 81.00% |
Government Contracts Concentration Risk | Accounts Receivable | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Concentration risk percentage | 67.00% | 63.00% |
Investments - Summary of Availa
Investments - Summary of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Total | ||
Total, amortized cost | $ 10,679 | $ 10,817 |
Total, gross unrealized gains | 2,837 | 266 |
Total, gross unrealized losses | (53) | (104) |
Total, estimated fair value | 13,463 | 10,979 |
Equities | ||
Equity securities | ||
Equity securities, amortized cost | 417 | 908 |
Equity securities, gross unrealized gains | 1,755 | 255 |
Equity securities, gross unrealized losses | 0 | 0 |
Equity securities, estimated fair value | 2,172 | 1,163 |
Mutual funds | ||
Equity securities | ||
Equity securities, amortized cost | 4,988 | 4,699 |
Equity securities, gross unrealized gains | 697 | 0 |
Equity securities, gross unrealized losses | 0 | (5) |
Equity securities, estimated fair value | 5,685 | 4,694 |
U.S. Government and agency securities | ||
Available-for-sale securities | ||
Available-for-sale securities, amortized cost | 2,039 | 2,216 |
Available-for-sale securities, gross unrealized gains | 5 | 11 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Available-for-sale securities, estimated fair value | 2,044 | 2,227 |
Corporate bonds | ||
Available-for-sale securities | ||
Available-for-sale securities, amortized cost | 3,103 | 2,850 |
Available-for-sale securities, gross unrealized gains | 380 | 0 |
Available-for-sale securities, gross unrealized losses | 0 | (47) |
Available-for-sale securities, estimated fair value | 3,483 | 2,803 |
Asset-backed securities and collateralized mortgage obligations | ||
Available-for-sale securities | ||
Available-for-sale securities, amortized cost | 132 | 144 |
Available-for-sale securities, gross unrealized gains | 0 | 0 |
Available-for-sale securities, gross unrealized losses | (53) | (52) |
Available-for-sale securities, estimated fair value | $ 79 | $ 92 |
Investments - Summary of Procee
Investments - Summary of Proceeds, Gross Realized Gains and Gross Realized Losses on Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds | $ 0 | $ 0 | $ 148 |
Gross Realized Gains | 0 | 0 | 108 |
Gross Realized Losses | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Investments and Available-for-Sale Securities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 13,463 | $ 10,979 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,899 | 3,660 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 9,564 | 7,319 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 2,172 | |
Available-for-sale securities | 1,163 | |
Equities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | |
Available-for-sale securities | 0 | |
Equities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 2,172 | |
Available-for-sale securities | 1,163 | |
Equities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | |
Available-for-sale securities | 0 | |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5,685 | |
Available-for-sale securities | 4,694 | |
Mutual funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | |
Available-for-sale securities | 0 | |
Mutual funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5,685 | |
Available-for-sale securities | 4,694 | |
Mutual funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | |
Available-for-sale securities | 0 | |
U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,044 | 2,227 |
U.S. Government and agency securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,044 | 2,227 |
U.S. Government and agency securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. Government and agency securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,483 | 2,803 |
Corporate bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,855 | 1,433 |
Corporate bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,628 | 1,370 |
Corporate bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 79 | 92 |
Asset-backed securities and collateralized mortgage obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Asset-backed securities and collateralized mortgage obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 79 | 92 |
Asset-backed securities and collateralized mortgage obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of foreign currency forward contracts | $ (0.8) | $ 0.7 |
Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of senior notes | $ 423.5 | $ 384.9 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Operating Results by Segment (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | $ 501,235 | $ 506,000 | $ 471,231 | $ 416,454 | $ 477,998 | $ 425,507 | $ 438,921 | $ 457,463 | $ 1,894,920 | $ 1,799,889 | $ 1,687,738 |
Operating income | $ 82,880 | $ 98,462 | $ 80,535 | $ 63,644 | $ 103,145 | $ 50,395 | $ 71,549 | $ 79,888 | 325,521 | 304,977 | 292,223 |
Interest income | 942 | 2,479 | 1,405 | ||||||||
Interest expense | (35,320) | (27,823) | (14,879) | ||||||||
Other – net | 22,599 | 512 | 17,031 | ||||||||
Other Income (Expense) | $ (11,779) | (24,832) | 3,557 | ||||||||
Number of reportable segments | segment | 3 | ||||||||||
Total before tax | $ 313,742 | 280,145 | 295,780 | ||||||||
Nuclear Operations Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 1,428,587 | 1,319,170 | 1,271,861 | ||||||||
Nuclear Power Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 352,640 | 365,911 | 285,831 | ||||||||
Nuclear Services Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 131,339 | 122,438 | 137,249 | ||||||||
Reportable Segments | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 1,912,566 | 1,807,519 | |||||||||
Operating income | 343,270 | 325,975 | 315,873 | ||||||||
Reportable Segments | Nuclear Operations Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 1,428,587 | 1,319,170 | 1,271,861 | ||||||||
Operating income | 298,328 | 271,405 | 267,930 | ||||||||
Reportable Segments | Nuclear Power Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 352,640 | 365,911 | 285,831 | ||||||||
Operating income | 53,815 | 52,270 | 36,548 | ||||||||
Reportable Segments | Nuclear Services Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 131,339 | 122,438 | 137,249 | ||||||||
Operating income | 14,226 | 20,374 | 22,083 | ||||||||
Reportable Segments | Other | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Operating income | (23,099) | (18,074) | (10,688) | ||||||||
Eliminations | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | (17,646) | (7,630) | (7,203) | ||||||||
Eliminations | Nuclear Operations Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | (4,382) | (4,004) | (1,322) | ||||||||
Eliminations | Nuclear Power Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | (208) | (308) | (246) | ||||||||
Eliminations | Nuclear Services Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | (13,056) | (3,318) | (5,635) | ||||||||
Corporate, Non-Segment | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Operating income | $ (17,749) | $ (20,998) | $ (23,650) |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net | $ 2,824 | $ 64 | $ (194) | ||||||||
Equity in income of investees | $ 6,506 | $ 7,874 | $ 6,862 | $ 7,682 | $ 7,645 | $ 9,323 | $ 6,225 | $ 7,150 | 28,924 | 30,343 | 13,612 |
Total Capital Expenditures | 182,124 | 109,338 | 96,880 | ||||||||
Total Depreciation and Amortization | 61,722 | 60,097 | 56,557 | ||||||||
Total Assets | 1,908,913 | 1,655,096 | 1,908,913 | 1,655,096 | 1,712,339 | ||||||
Total Investment in Unconsolidated Affiliates | 70,116 | 63,746 | 70,116 | 63,746 | 43,266 | ||||||
Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Capital Expenditures | 175,098 | 101,824 | 92,321 | ||||||||
Total Depreciation and Amortization | 54,318 | 52,687 | 48,742 | ||||||||
Total Assets | 1,748,943 | 1,547,519 | 1,748,943 | 1,547,519 | 1,425,473 | ||||||
Reportable Segments | Nuclear Operations Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net | (6) | 0 | (65) | ||||||||
Equity in income of investees | 0 | 0 | 0 | ||||||||
Total Capital Expenditures | 133,279 | 93,360 | 86,323 | ||||||||
Total Depreciation and Amortization | 33,231 | 32,132 | 31,289 | ||||||||
Total Assets | 986,827 | 878,758 | 986,827 | 878,758 | 947,055 | ||||||
Total Investment in Unconsolidated Affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Reportable Segments | Nuclear Power Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net | 103 | (179) | (129) | ||||||||
Equity in income of investees | 0 | 0 | 0 | ||||||||
Total Capital Expenditures | 38,053 | 4,710 | 3,856 | ||||||||
Total Depreciation and Amortization | 17,054 | 17,154 | 13,751 | ||||||||
Total Assets | 580,413 | 482,763 | 580,413 | 482,763 | 313,959 | ||||||
Total Investment in Unconsolidated Affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Reportable Segments | Nuclear Services Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net | 2,727 | 0 | 0 | ||||||||
Equity in income of investees | 28,924 | 30,343 | 13,612 | ||||||||
Total Capital Expenditures | 1,169 | 974 | 1,514 | ||||||||
Total Depreciation and Amortization | 3,246 | 3,401 | 3,702 | ||||||||
Total Assets | 177,952 | 180,441 | 177,952 | 180,441 | 161,948 | ||||||
Total Investment in Unconsolidated Affiliates | 70,116 | 63,746 | 70,116 | 63,746 | 43,266 | ||||||
Reportable Segments | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net | 0 | 467 | 0 | ||||||||
Equity in income of investees | 0 | 0 | 0 | ||||||||
Total Capital Expenditures | 2,597 | 2,780 | 628 | ||||||||
Total Depreciation and Amortization | 787 | 0 | 0 | ||||||||
Total Assets | 3,751 | 5,557 | 3,751 | 5,557 | 2,511 | ||||||
Total Investment in Unconsolidated Affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Corporate, Non-Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net | 0 | (224) | 0 | ||||||||
Total Capital Expenditures | 7,026 | 7,514 | 4,559 | ||||||||
Total Depreciation and Amortization | 7,404 | 7,410 | 7,815 | ||||||||
Total Assets | $ 159,970 | $ 107,577 | $ 159,970 | $ 107,577 | $ 286,866 |
Segment Reporting - Schedule _3
Segment Reporting - Schedule of Revenue Information from Products and Service Lines (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 501,235 | $ 506,000 | $ 471,231 | $ 416,454 | $ 477,998 | $ 425,507 | $ 438,921 | $ 457,463 | $ 1,894,920 | $ 1,799,889 | $ 1,687,738 |
Nuclear Operations Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,428,587 | 1,319,170 | 1,271,861 | ||||||||
Nuclear Power Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 352,640 | 365,911 | 285,831 | ||||||||
Nuclear Services Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 131,339 | 122,438 | 137,249 | ||||||||
Reportable Segments | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,912,566 | 1,807,519 | |||||||||
Reportable Segments | Nuclear Operations Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,428,587 | 1,319,170 | 1,271,861 | ||||||||
Reportable Segments | Nuclear Operations Group | Government Programs | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,368,555 | 1,311,886 | 1,262,929 | ||||||||
Reportable Segments | Nuclear Operations Group | Commercial Operations | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 60,032 | 7,284 | 8,932 | ||||||||
Reportable Segments | Nuclear Power Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 352,640 | 365,911 | 285,831 | ||||||||
Reportable Segments | Nuclear Power Group | Nuclear Services and Engineering | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 109,168 | 164,283 | 126,900 | ||||||||
Reportable Segments | Nuclear Power Group | Nuclear Services and Engineering | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 243,472 | 201,628 | 158,931 | ||||||||
Reportable Segments | Nuclear Services Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 131,339 | 122,438 | 137,249 | ||||||||
Reportable Segments | Nuclear Services Group | Nuclear Environmental Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 102,726 | 96,566 | 101,056 | ||||||||
Reportable Segments | Nuclear Services Group | Management & Operation Contracts of U.S. Government Facilities | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 0 | 0 | 9,746 | ||||||||
Reportable Segments | Nuclear Services Group | Nuclear Services and Advanced Reactor Design and Engineering | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 28,613 | 25,872 | 26,447 | ||||||||
Reportable Segments | Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ (17,646) | $ (7,630) | $ (7,203) |
Segment Reporting - Schedule _4
Segment Reporting - Schedule of Revenues by Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 501,235 | $ 506,000 | $ 471,231 | $ 416,454 | $ 477,998 | $ 425,507 | $ 438,921 | $ 457,463 | $ 1,894,920 | $ 1,799,889 | $ 1,687,738 |
U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,572,085 | 1,446,791 | 1,408,817 | ||||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 287,971 | 294,913 | 245,073 | ||||||||
All Other Countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 34,864 | $ 58,185 | $ 33,848 |
Segment Reporting - Schedule _5
Segment Reporting - Schedule of Property, Plant and Equipment, Net by Geographical Area (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property, Plant and Equipment | $ 580,241 | $ 439,239 | $ 348,629 |
U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property, Plant and Equipment | 494,202 | 390,632 | 308,561 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property, Plant and Equipment | $ 86,039 | $ 48,607 | $ 40,068 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Government Contracts Concentration Risk | Sales Revenue, Net | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 77.00% | 79.00% | 81.00% |
Quarterly Financial Data - Sele
Quarterly Financial Data - Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 501,235 | $ 506,000 | $ 471,231 | $ 416,454 | $ 477,998 | $ 425,507 | $ 438,921 | $ 457,463 | $ 1,894,920 | $ 1,799,889 | $ 1,687,738 |
Operating income | 82,880 | 98,462 | 80,535 | 63,644 | 103,145 | 50,395 | 71,549 | 79,888 | 325,521 | 304,977 | 292,223 |
Equity in income of investees | 6,506 | 7,874 | 6,862 | 7,682 | 7,645 | 9,323 | 6,225 | 7,150 | 28,924 | 30,343 | 13,612 |
Net Income Attributable to BWX Technologies, Inc. | $ 61,449 | $ 74,810 | $ 58,878 | $ 48,978 | $ 21,935 | $ 77,919 | $ 60,663 | $ 66,441 | $ 244,115 | $ 226,958 | $ 147,844 |
Basic: | |||||||||||
Net income attributable to BWX Technologies, Inc. (USD per share) | $ 0.64 | $ 0.78 | $ 0.62 | $ 0.51 | $ 0.22 | $ 0.78 | $ 0.61 | $ 0.67 | $ 2.56 | $ 2.29 | $ 1.49 |
Diluted: | |||||||||||
Net income attributable to BWX Technologies, Inc. (USD per share) | $ 0.64 | $ 0.78 | $ 0.62 | $ 0.51 | $ 0.22 | $ 0.78 | $ 0.60 | $ 0.66 | $ 2.55 | $ 2.27 | $ 1.47 |
Quarterly Financial Data - Addi
Quarterly Financial Data - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Data [Line Items] | |||||
Decrease in valuation allowance | $ 12.5 | $ (13.5) | |||
Defined benefit plan, actuarial gain (loss) | $ (3.6) | $ (67.8) | |||
BWXT Retirement Plan | |||||
Quarterly Financial Data [Line Items] | |||||
Defined benefit plan, actuarial gain (loss) | 45.5 | ||||
Defined benefit plan, actuarial gain before settlement | 35.1 | ||||
Pension settlement related charges | $ 10.4 | $ 10.4 | $ 3.8 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic: | |||||||||||
Net Income Attributable to BWX Technologies, Inc. | $ 244,115 | $ 226,958 | $ 147,844 | ||||||||
Weighted-average common shares | 95,377,414 | 99,062,087 | 99,334,472 | ||||||||
Basic earnings per common share | $ 0.64 | $ 0.78 | $ 0.62 | $ 0.51 | $ 0.22 | $ 0.78 | $ 0.61 | $ 0.67 | $ 2.56 | $ 2.29 | $ 1.49 |
Diluted: | |||||||||||
Weighted-average common shares | 95,377,414 | 99,062,087 | 99,334,472 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options, restricted stock and performance shares (in shares) | 433,124 | 956,966 | 1,034,718 | ||||||||
Adjusted weighted average common shares (in shares) | 95,810,538 | 100,019,053 | 100,369,190 | ||||||||
Diluted earnings per common share: | |||||||||||
Diluted earnings per common share (USD per share) | $ 0.64 | $ 0.78 | $ 0.62 | $ 0.51 | $ 0.22 | $ 0.78 | $ 0.60 | $ 0.66 | $ 2.55 | $ 2.27 | $ 1.47 |
Antidilutive shares related to stock options excluded from the diluted share (in shares) | 0 | 0 | 41,854 |
Uncategorized Items - bwxt12311
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 | (1,142,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 9,926,000 |