Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-34658 | |
Entity Registrant Name | BWX TECHNOLOGIES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0558025 | |
Entity Address, Address Line One | 800 Main Street, 4th Floor | |
Entity Address, City or Town | Lynchburg, | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 24504 | |
City Area Code | 980 | |
Local Phone Number | 365-4300 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | BWXT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 95,228,613 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001486957 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 77,627 | $ 86,540 |
Restricted cash and cash equivalents | 3,066 | 3,056 |
Investments | 3,694 | 5,843 |
Accounts receivable – trade, net | 63,051 | 56,721 |
Accounts receivable – other | 11,292 | 13,426 |
Retainages | 62,385 | 46,670 |
Contracts in progress | 407,854 | 376,037 |
Other current assets | 37,226 | 41,462 |
Assets held for sale | 20,845 | 0 |
Total Current Assets | 687,040 | 629,755 |
Property, Plant and Equipment, Net | 594,157 | 580,241 |
Investments | 6,291 | 7,620 |
Goodwill | 271,593 | 275,502 |
Deferred Income Taxes | 55,129 | 58,689 |
Investments in Unconsolidated Affiliates | 71,754 | 70,116 |
Intangible Assets | 185,678 | 191,392 |
Other Assets | 94,961 | 95,598 |
TOTAL | 1,966,603 | 1,908,913 |
Current Liabilities: | ||
Current maturities of long-term debt | 13,924 | 14,711 |
Accounts payable | 123,975 | 170,678 |
Accrued employee benefits | 54,190 | 82,640 |
Accrued liabilities – other | 44,825 | 52,213 |
Advance billings on contracts | 80,065 | 75,425 |
Accrued warranty expense | 4,873 | 9,042 |
Income taxes payable | 18,721 | 0 |
Liabilities associated with assets held for sale | 2,585 | 0 |
Total Current Liabilities | 343,158 | 404,709 |
Long-Term Debt | 911,312 | 809,442 |
Accumulated Postretirement Benefit Obligation | 22,066 | 23,259 |
Environmental Liabilities | 80,634 | 80,368 |
Pension Liability | 164,031 | 172,508 |
Other Liabilities | 15,890 | 14,515 |
Commitments and Contingencies (Note 6) | ||
Stockholders' Equity: | ||
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 126,888,659 and 126,579,285 shares at March 31, 2020 and December 31, 2019, respectively | 1,269 | 1,266 |
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | 0 | 0 |
Capital in excess of par value | 138,500 | 134,069 |
Retained earnings | 1,401,628 | 1,344,383 |
Treasury stock at cost, 31,660,046 and 31,266,670 shares at March 31, 2020 and December 31, 2019, respectively | (1,093,240) | (1,068,164) |
Accumulated other comprehensive income (loss) | (18,645) | (7,448) |
Stockholders' Equity – BWX Technologies, Inc. | 429,512 | 404,106 |
Noncontrolling interest | 0 | 6 |
Total Stockholders' Equity | 429,512 | 404,112 |
TOTAL | $ 1,966,603 | $ 1,908,913 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 325,000,000 | 325,000,000 |
Common stock, shares issued (in shares) | 126,888,659 | 126,579,285 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Treasury stock at cost, shares (in shares) | 31,660,046 | 31,266,670 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenues | $ 542,208 | $ 416,454 |
Costs and Expenses: | ||
Cost of operations | 392,443 | 303,635 |
Research and development costs | 4,603 | 5,174 |
Selling, general and administrative expenses | 52,958 | 51,683 |
Total Costs and Expenses | 450,004 | 360,492 |
Equity in Income of Investees | 6,063 | 7,682 |
Operating Income | 98,267 | 63,644 |
Other Income (Expense): | ||
Interest income | 231 | 415 |
Interest expense | (7,967) | (8,703) |
Other – net | 7,917 | 7,521 |
Total Other Income (Expense) | 181 | (767) |
Income before Provision for Income Taxes | 98,448 | 62,877 |
Provision for Income Taxes | 22,828 | 13,767 |
Net Income | 75,620 | 49,110 |
Net Income Attributable to Noncontrolling Interest | (121) | (132) |
Net Income Attributable to BWX Technologies, Inc. | $ 75,499 | $ 48,978 |
Basic: | ||
Net Income Attributable to BWX Technologies, Inc. (in usd per share) | $ 0.79 | $ 0.51 |
Diluted: | ||
Net Income Attributable to BWX Technologies, Inc. (in usd per share) | $ 0.79 | $ 0.51 |
Shares used in the computation of earnings per share (Note 10): | ||
Basic (in shares) | 95,412,351 | 95,255,109 |
Diluted (in shares) | 95,756,372 | 95,821,354 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 75,620 | $ 49,110 |
Other Comprehensive Income (Loss): | ||
Currency translation adjustments | (11,940) | 943 |
Derivative financial instruments: | ||
Unrealized gains (losses) arising during the period, net of tax (provision) benefit of $(109) and $164, respectively | 313 | (441) |
Reclassification adjustment for losses (gains) included in net income, net of tax (benefit) provision of $(138) and $49, respectively | 420 | (141) |
Amortization of benefit plan costs, net of tax benefit of $(167) and $(136), respectively | 610 | 511 |
Investments: | ||
Unrealized (losses) gains arising during the period, net of tax provision of $(2) and $(7), respectively | (600) | 24 |
Other Comprehensive Income (Loss) | (11,197) | 896 |
Total Comprehensive Income | 64,423 | 50,006 |
Comprehensive Income Attributable to Noncontrolling Interest | (121) | (132) |
Comprehensive Income Attributable to BWX Technologies, Inc. | $ 64,302 | $ 49,874 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Tax provision of unrealized (losses) gains on derivative financial instruments | $ (109) | $ 164 |
Tax provision (benefit) on reclassification adjustment for (gains) losses on derivative financial instruments | (138) | 49 |
Tax benefit of amortization of benefit plan costs | (167) | (136) |
Tax (provision) benefit of unrealized gains (losses) | (2) | (7) |
Tax provision on reclassification adjustment for gain (loss) on investment |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital In Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Stockholders' Equity | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2018 | 125,871,866 | |||||||
Beginning balance at Dec. 31, 2018 | $ 235,701 | $ 1,259 | $ 115,725 | $ 1,166,762 | $ (10,289) | $ (1,037,795) | $ 235,662 | $ 39 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 49,110 | 48,978 | 48,978 | 132 | ||||
Dividends declared | (16,323) | (16,323) | (16,323) | |||||
Currency translation adjustments | 943 | 943 | 943 | |||||
Derivative financial instruments | (582) | (582) | (582) | |||||
Defined benefit obligations | 511 | 511 | 511 | |||||
Available-for-sale investments | 24 | 24 | 24 | |||||
Exercises of stock options (in shares) | 58,655 | |||||||
Exercises of stock options | 1,276 | $ 1 | 1,275 | 1,276 | ||||
Shares placed in treasury | (29,027) | 0 | (29,027) | (29,027) | ||||
Stock-based compensation charges (in shares) | 449,275 | |||||||
Stock-based compensation charges | 2,529 | $ 4 | 2,525 | 2,529 | ||||
Distributions to noncontrolling interests | (146) | (146) | ||||||
Ending balance (in shares) at Mar. 31, 2019 | 126,379,796 | |||||||
Ending balance at Mar. 31, 2019 | $ 242,874 | $ 1,264 | 119,525 | 1,198,198 | (9,316) | (1,066,822) | 242,849 | 25 |
Beginning balance (in shares) at Dec. 31, 2019 | 126,579,285 | 126,579,285 | ||||||
Beginning balance at Dec. 31, 2019 | $ 404,112 | $ 1,266 | 134,069 | 1,344,383 | (7,448) | (1,068,164) | 404,106 | 6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 75,620 | 75,499 | 75,499 | 121 | ||||
Dividends declared | (18,254) | (18,254) | (18,254) | |||||
Currency translation adjustments | (11,940) | (11,940) | (11,940) | |||||
Derivative financial instruments | 733 | 733 | 733 | |||||
Defined benefit obligations | 610 | 610 | 610 | |||||
Available-for-sale investments | (600) | (600) | (600) | |||||
Exercises of stock options (in shares) | 56,431 | |||||||
Exercises of stock options | 1,332 | $ 1 | 1,331 | 1,332 | ||||
Shares placed in treasury | (25,076) | (25,076) | (25,076) | |||||
Stock-based compensation charges (in shares) | 252,943 | |||||||
Stock-based compensation charges | 3,102 | $ 2 | 3,100 | 3,102 | ||||
Distributions to noncontrolling interests | $ (127) | (127) | ||||||
Ending balance (in shares) at Mar. 31, 2020 | 126,888,659 | 126,888,659 | ||||||
Ending balance at Mar. 31, 2020 | $ 429,512 | $ 1,269 | $ 138,500 | $ 1,401,628 | $ (18,645) | $ (1,093,240) | $ 429,512 | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share (in usd per share) | $ 0.19 | $ 0.17 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 75,620 | $ 49,110 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,614 | 15,122 |
Income of investees, net of dividends | (1,929) | (2,960) |
Recognition of losses for pension and postretirement plans | 777 | 647 |
Stock-based compensation expense | 3,102 | 2,529 |
Other, net | 283 | (1,663) |
Changes in assets and liabilities: | ||
Accounts receivable | (2,092) | 5,812 |
Accounts payable | (21,158) | 1,612 |
Retainages | (15,760) | (13,949) |
Contracts in progress and advance billings on contracts | (35,941) | (43,735) |
Income taxes | 20,332 | 7,559 |
Accrued and other current liabilities | (8,073) | (10,748) |
Pension liabilities, accrued postretirement benefit obligations and employee benefits | (36,761) | (25,876) |
Other, net | (461) | (1,183) |
NET CASH USED IN OPERATING ACTIVITIES | (6,447) | (17,723) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (64,768) | (44,519) |
Acquisition of business | (16,174) | 0 |
Purchases of securities | (1,511) | (1,786) |
Sales and maturities of securities | 3,680 | 1,800 |
NET CASH USED IN INVESTING ACTIVITIES | (78,773) | (44,505) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings of long-term debt | 214,000 | 212,500 |
Repayments of long-term debt | (97,607) | (113,457) |
Payment of debt issuance costs | (1,340) | 0 |
Repurchases of common shares | (20,000) | (20,000) |
Dividends paid to common shareholders | (18,596) | (16,797) |
Exercises of stock options | 1,254 | 823 |
Cash paid for shares withheld to satisfy employee taxes | (4,998) | (8,574) |
Other, net | 5,068 | 943 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 77,781 | 55,438 |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | (1,419) | 104 |
TOTAL DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | (8,858) | (6,686) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 92,400 | 36,408 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD | 83,542 | 29,722 |
Cash paid during the period for: | ||
Interest | 14,668 | 14,767 |
Income taxes (net of refunds) | 1,327 | 6,191 |
SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||
Accrued capital expenditures included in accounts payable | $ 15,433 | $ 11,249 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES We have presented the condensed consolidated financial statements of BWX Technologies, Inc. ("BWXT" or the "Company") in U.S. dollars in accordance with the interim reporting requirements of Form 10-Q, Rule 10-01 of Regulation S-X and accounting principles generally accepted in the United States ("GAAP"). Certain financial information and disclosures normally included in our financial statements prepared annually in accordance with GAAP have been condensed or omitted. Readers of these financial statements should, therefore, refer to the consolidated financial statements and notes in our annual report on Form 10-K for the year ended December 31, 2019 (our " 2019 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation. We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We have reclassified certain amounts previously reported to conform to the presentation at March 31, 2020 and for the three months ended March 31, 2020 . We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries. Reportable Segments We operate in three reportable segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our reportable segments are further described as follows: • Our Nuclear Operations Group segment manufactures naval nuclear reactors for the 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 and supplies nuclear-grade materials and precisely machined components for nuclear utility customers. BWXT has supplied the nuclear industry with more than 1,300 large, heavy components worldwide and is the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment is also a leading global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals for research, diagnostic and therapeutic uses. • Our Nuclear Services Group segment provides various services to the U.S. Government and the commercial nuclear industry. Services provided to the U.S. Government include nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration ("NNSA"), the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, and NASA. Through this segment we deliver services and management solutions to nuclear and high-consequence operations. A significant portion of this segment's operations are conducted through joint ventures. Our Nuclear Services Group segment is also engaged in inspection and maintenance services for the commercial nuclear industry primarily in the U.S. These services include steam generator, heat exchanger and balance of plant inspection and servicing as well as high pressure water lancing, non-destructive examination and the development of customized tooling solutions. This segment also offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for new advanced nuclear reactors and other nuclear technologies. See Note 9 for financial information about our segments. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . For further information, refer to the consolidated financial statements and notes included in our 2019 10-K. Recently Adopted Accounting Standards On January 1, 2020, we adopted the update to the Financial Accounting Standards Board ("FASB") Topic Financial Instruments – Credit Losses . This update requires entities to recognize expected credit losses immediately in the financial statements. We considered our customer base, credit loss history and expected loss rate in our evaluation of expected credit losses. The adoption of the provisions in this update did not have an impact on our financial position, results of operations or cash flows. On January 1, 2020, we adopted the update to the FASB Topic Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This update simplifies the accounting for goodwill impairment by eliminating the second step from the goodwill impairment test. Goodwill impairment will now be determined by comparing the fair value of a reporting unit with its carrying amount. The adoption of the provisions in this update did not have an impact on our financial position, results of operations or cash flows. In December 2019, the FASB issued an update to the FASB Topic Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This update simplifies various aspects related to the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740, simplifies when companies recognize deferred taxes in an interim period and clarifies certain aspects of the current guidance to promote consistent application. We elected to early adopt this update effective January 1, 2020, which did not have a material impact on our financial position, results of operations or cash flows. Contracts and Revenue Recognition We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with FASB Topic Revenue from Contracts with Customers . We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. 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. Provision for Income Taxes We are subject to federal income tax in the U.S. and Canada as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period. Our effective tax rate for the three months ended March 31, 2020 was 23.2% as compared to 21.9% for the three months ended March 31, 2019 . The effective tax rates for the three months ended March 31, 2020 and 2019 were higher than the U.S. corporate income tax rate of 21% primarily due to state income taxes within the U.S. and the unfavorable rate differential associated with our Canadian earnings. Our effective tax rates for the three months ended March 31, 2020 and 2019 were favorably impacted by benefits recognized for excess tax benefits related to employee share-based payments of $0.7 million and $1.7 million , respectively. As of March 31, 2020 , we had gross unrecognized tax benefits of $3.9 million (exclusive of interest and federal and state benefits), all of which would reduce our effective tax rate if recognized. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents At March 31, 2020 , 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 condensed 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 condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: March 31, December 31, (In thousands) Cash and cash equivalents $ 77,627 $ 86,540 Restricted cash and cash equivalents 3,066 3,056 Restricted cash and cash equivalents included in Other Assets 2,849 2,804 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 83,542 $ 92,400 Inventories At March 31, 2020 and December 31, 2019 , Other current assets included inventories totaling $11.6 million and $17.1 million , respectively, consisting entirely of raw materials and supplies. Assets Held for Sale During the three months ended March 31, 2020, we committed to a plan to sell net assets totaling $18.3 million , which primarily consists of property, plant and equipment. As we believe the fair value less costs to sell for these assets held for sale exceeds their carrying amount, no adjustment to their carrying value has been recorded in the three months ended March 31, 2020. Property, Plant and Equipment, Net Property, plant and equipment, net is stated at cost and is set forth below: March 31, December 31, (In thousands) Land $ 9,338 $ 8,919 Buildings 233,544 221,462 Machinery and equipment 761,300 775,997 Property under construction 271,152 265,715 1,275,334 1,272,093 Less: Accumulated depreciation 681,177 691,852 Property, Plant and Equipment, Net $ 594,157 $ 580,241 Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows: March 31, December 31, (In thousands) Currency translation adjustments $ (3,171 ) $ 8,769 Net unrealized gain on derivative financial instruments 797 64 Unrecognized prior service cost on benefit obligations (16,004 ) (16,614 ) Net unrealized gain (loss) on available-for-sale investments (267 ) 333 Accumulated other comprehensive income (loss) $ (18,645 ) $ (7,448 ) The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected condensed consolidated statements of income line items are as follows: Three Months Ended 2020 2019 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ (1 ) $ (12 ) Revenues (557 ) 202 Cost of operations (558 ) 190 Total before tax 138 (49 ) Provision for Income Taxes $ (420 ) $ 141 Net Income Amortization of prior service cost on benefit obligations $ (777 ) $ (647 ) Other – net 167 136 Provision for Income Taxes $ (610 ) $ (511 ) Net Income Total reclassification for the period $ (1,030 ) $ (370 ) Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income. We have designated the majority of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions primarily related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates. At March 31, 2020 , we had deferred approximately $0.8 million of net gains on these derivative financial instruments. Assuming market conditions continue, we expect to recognize the majority of this amount in the next 12 months. For the three months ended March 31, 2020 and 2019, we recognized gains of $5.2 million and $1.6 million , respectively, in Other – net on our condensed consolidated statements of income associated with FX forward contracts not designated as hedges. At March 31, 2020 , our derivative financial instruments consisted of FX forward contracts with a total notional value of $118.2 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. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2020 | |
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 . Our preliminary purchase price allocation resulted in the recognition of $8.3 million of Property, Plant and Equipment, Net, $6.4 million of Intangible Assets and $3.5 million of Goodwill. In addition, we recognized right of use assets and lease liabilities of $2.7 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 is reported as part of our Nuclear Power Group segment. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Disaggregated Revenues Revenues by geographical area and customer type were as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) United States: Government $ 401,066 $ — $ 24,596 $ 425,662 $ 297,303 $ — $ 24,451 $ 321,754 Non-Government 20,841 9,608 11,209 41,658 5,338 9,162 4,353 18,853 $ 421,907 $ 9,608 $ 35,805 $ 467,320 $ 302,641 $ 9,162 $ 28,804 $ 340,607 Canada: Non-Government $ — $ 74,527 $ 960 $ 75,487 $ — $ 68,611 $ 290 $ 68,901 Other: Non-Government $ 1,868 $ 3,782 $ — $ 5,650 $ 2,160 $ 6,626 $ — $ 8,786 Segment Revenues $ 423,775 $ 87,917 $ 36,765 548,457 $ 304,801 $ 84,399 $ 29,094 418,294 Adjustments and Eliminations (6,249 ) (1,840 ) Revenues $ 542,208 $ 416,454 Revenues by timing of transfer of goods or services were as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Over time $ 423,739 $ 77,185 $ 36,765 $ 537,689 $ 304,733 $ 70,661 $ 29,094 $ 404,488 Point-in-time 36 10,732 — 10,768 68 13,738 — 13,806 Segment Revenues $ 423,775 $ 87,917 $ 36,765 548,457 $ 304,801 $ 84,399 $ 29,094 418,294 Adjustments and Eliminations (6,249 ) (1,840 ) Revenues $ 542,208 $ 416,454 Revenues by contract type were as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Fixed-Price Incentive Fee $ 284,374 $ 492 $ — $ 284,866 $ 245,487 $ 273 $ — $ 245,760 Firm-Fixed-Price 113,337 70,836 11,637 195,810 39,343 61,998 6,168 107,509 Cost-Plus Fee 25,996 — 22,493 48,489 19,853 — 22,535 42,388 Time-and-Materials 68 16,589 2,635 19,292 118 22,128 391 22,637 Segment Revenues $ 423,775 $ 87,917 $ 36,765 548,457 $ 304,801 $ 84,399 $ 29,094 418,294 Adjustments and Eliminations (6,249 ) (1,840 ) Revenues $ 542,208 $ 416,454 Performance Obligations As we progress on our contracts and the underlying performance obligations for which we recognize revenue over time, we refine our estimates of variable consideration and total estimated costs at completion, which impact the overall profitability on our contracts and performance obligations. Changes in these estimates result in the recognition of cumulative catch-up adjustments that impact our revenues and/or costs of contracts. During the three months ended March 31, 2020 and 2019, we recognized net favorable changes in estimates that resulted in increases in revenues of $9.6 million and $4.8 million , respectively. Contract Assets and Liabilities We include revenues and related costs incurred, plus accumulated contract costs that exceed amounts invoiced to customers under the terms of the contracts, in Contracts in progress. We include in Advance billings on contracts billings that exceed accumulated contract costs and revenues recognized over time. Amounts that are withheld on our fixed-price incentive fee contracts are classified within Retainages. Certain of these amounts require conditions other than the passage of time to be achieved, with the remaining amounts only requiring the passage of time. Most long-term contracts contain provisions for progress payments. Our unbilled receivables do not contain an allowance for credit losses as we expect to invoice customers and collect all amounts for unbilled revenues. Changes in Contracts in progress and Advance billings on contracts are primarily driven by differences in the timing of revenue recognition and billings to our customers. During the three months ended March 31, 2020 , our unbilled receivables increased $32.1 million primarily as a result of the timing of milestone billings on certain firm-fixed-price contracts within our Nuclear Power Group segment. Our fixed-price incentive fee contracts for our Nuclear Operations Group segment include provisions that result in an increase in retainages on contracts during the first and third quarters of the year, with larger payments made during the second and fourth quarters. Retainages also vary as a result of timing differences between incurring costs and achieving milestones that allow us to recover these amounts. March 31, December 31, 2020 2019 (In thousands) Included in Contracts in progress: Unbilled receivables $ 397,925 $ 365,861 Retainages $ 62,385 $ 46,670 Included in Other Assets: Retainages $ 1,457 $ 1,412 Advance billings on contracts $ 80,065 $ 75,425 During the three months ended March 31, 2020 and 2019, we recognized $30.2 million and $33.8 million of revenues that were in Advance billings on contracts at December 31, 2019 and 2018, respectively. Remaining Performance Obligations Remaining performance obligations represent the dollar amount of revenue we expect to recognize in the future from performance obligations on contracts previously awarded and in progress. Of the March 31, 2020 remaining performance obligations on our contracts with customers, we expect to recognize revenues as follows: 2020 2021 Thereafter Total (In approximate millions) Nuclear Operations Group $ 1,116 $ 1,043 $ 2,123 $ 4,282 Nuclear Power Group 183 183 412 778 Nuclear Services Group 34 6 11 51 Total Remaining Performance Obligations $ 1,333 $ 1,232 $ 2,546 $ 5,111 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt | LONG-TERM DEBT Our Long-Term Debt consists of the following: March 31, December 31, (In thousands) Secured Debt: Senior Notes $ 400,000 $ 400,000 Credit Facility 534,115 432,159 Less: Amounts due within one year 13,924 14,711 Long-Term Debt, gross 920,191 817,448 Less: Deferred debt issuance costs 8,879 8,006 Long-Term Debt $ 911,312 $ 809,442 Maturities of long-term debt subsequent to March 31, 2020 are as follows: 2020 – $10.4 million ; 2021 – $13.9 million ; 2022 – $13.9 million ; 2023 – $215.8 million ; 2024 – $0.0 million ; 2025 – $280.0 million ; and thereafter – $400.0 million . Credit Facility On March 24, 2020, we entered into an Amendment No. 1 to Credit Agreement (the "Amendment"), which amended the Credit Agreement dated May 24, 2018 (the "Credit Facility") with Wells Fargo Bank, N.A., as administrative agent, and the other lenders party thereto. The Credit Facility originally provided for a $500 million senior secured revolving credit facility (the "Revolving Credit Facility"), a $50 million U.S. dollar senior secured term loan A made available to the Company (the "USD Term Loan") and a $250 million (U.S. dollar equivalent) Canadian dollar senior secured term loan A made available to BWXT Canada Ltd. (the "CAD Term Loan" and together with the USD Term Loan, the "Term Loans"). The Amendment, among other things, (1) provided additional commitments to increase the Revolving Credit Facility by $250 million , such that the Revolving Credit Facility is now $750 million ; (2) extended the maturity date of the Revolving Credit Facility to March 24, 2025; (3) removed BWXT Canada Ltd. as a borrower under the Revolving Credit Facility; (4) modified the applicable margin for borrowings under the Revolving Credit Facility to be, at the Company's option, either (i) the Eurocurrency rate plus a margin ranging from 1.0% to 1.75% per year or (ii) the base rate plus a margin ranging from 0.0% to 0.75% per year, in each case depending on the Company's leverage ratio; (5) modified the commitment fee on the unused portion of the Revolving Credit Facility to range from 0.15% to 0.225% per year, depending on the Company's leverage ratio; and (6) modified the letter of credit fee with respect to each financial letter of credit and performance letter of credit issued under the Revolving Credit Facility to range from 1.0% to 1.75% and 0.75% to 1.05% per year, respectively, in each case, depending on the Company's leverage ratio. The Term Loans are scheduled to mature on May 24, 2023, and all obligations under the Revolving Credit Facility are scheduled to mature on March 24, 2025. The proceeds of loans under the Revolving Credit Facility are available for working capital needs, permitted acquisitions and other general corporate purposes. The Credit Facility allows for additional parties to become lenders and, subject to certain conditions, for the increase of the commitments under the Credit Facility, subject to an aggregate maximum for all additional commitments of (1) the greater of (a) $250 million and (b) 65% of EBITDA, as defined in the Credit Facility, for the last four full fiscal quarters, plus (2) all voluntary prepayments of the Term Loans, plus (3) additional amounts provided the Company is in compliance with a pro forma first lien leverage ratio test of less than or equal to 2.50 to 1.00 . The Company's obligations under the Credit Facility are guaranteed, subject to certain exceptions, by substantially all of the Company's present and future wholly owned domestic restricted subsidiaries. The obligations of BWXT Canada Ltd. under the CAD Term Loan 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 and its subsidiary guarantors (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 Term Loans in amounts equal to 1.25% of the initial aggregate principal amount of each 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 March 31, 2020 , we were in compliance with all covenants set forth in the Credit Facility. The Term Loans 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. Outstanding loans under the Revolving Credit Facility bear interest at our option at either (1) the Eurocurrency rate plus a margin ranging from 1.0% to 1.75% per year or (2) the base rate plus a margin ranging from 0.0% to 0.75% per year. We are charged a commitment fee on the unused portion of the Revolving Credit Facility, and that fee ranges from 0.15% to 0.225% per year. Additionally, we are charged a letter of credit fee of between 1.0% and 1.75% per year with respect to the amount of each financial letter of credit issued under the Credit Facility, and a letter of credit fee of between 0.75% and 1.05% per year with respect to the amount of each performance letter of credit issued under the Credit Facility. The applicable margin for loans, the commitment fee and the letter of credit fees set forth above will vary quarterly based on our leverage ratio. Based on the leverage ratio applicable at March 31, 2020 , the margin for Eurocurrency rate and base rate or Canadian index rate term loans was 1.375% and 0.375% , respectively, the margin for Eurocurrency rate and base rate revolving loans was 1.25% and 0.25% , respectively, the letter of credit fee for financial letters of credit and performance letters of credit was 1.25% and 0.825% , respectively, and the commitment fee for the unused portion of the Revolving Credit Facility was 0.175% . As of March 31, 2020 , borrowings outstanding totaled $254.1 million and $280.0 million under the Term Loans and Revolving Credit Facility, respectively, and letters of credit issued under the Revolving Credit Facility totaled $65.7 million . As a result, we had $404.3 million available under the Revolving Credit Facility for borrowings or to meet letter of credit requirements as of March 31, 2020 . As of March 31, 2020 , the weighted-average interest rate on outstanding borrowings under our Credit Facility was 2.40% . The Credit Facility generally includes customary events of default for a secured credit facility. Under the Credit Facility, (1) if an event of default relating to bankruptcy or other insolvency events occurs with respect to the Company, all related obligations will immediately become due and payable; (2) if any other event of default exists, the lenders will be permitted to accelerate the maturity of the related obligations outstanding; and (3) if any event of default exists, the lenders will be permitted to terminate their commitments thereunder and exercise other rights and remedies, including the commencement of foreclosure or other actions against the collateral. If any default occurs under the Credit Facility, or if we are unable to make any of the representations and warranties in the Credit Facility, we will be unable to borrow funds or have letters of credit issued under the Credit Facility. |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension Plans and Postretirement Benefits | PENSION PLANS AND POSTRETIREMENT BENEFITS We record the service cost component of net periodic benefit cost within Operating income on our condensed consolidated statements of income. For the three months ended March 31, 2020 and 2019 , these amounts were $3.0 million and $2.6 million , respectively. All other components of net periodic benefit cost are included in Other – net within the condensed consolidated statements of income. For the three months ended March 31, 2020 and 2019 , these amounts were $(9.5) million and $(5.2) million , respectively. Components of net periodic benefit cost included in net income were as follows: Pension Benefits Other Benefits Three Months Ended Three Months Ended 2020 2019 2020 2019 (In thousands) Service cost $ 2,819 $ 2,456 $ 166 $ 145 Interest cost 9,302 11,592 410 585 Expected return on plan assets (19,364 ) (17,436 ) (672 ) (627 ) Amortization of prior service cost (credit) 825 725 (48 ) (78 ) Net periodic benefit (income) cost $ (6,418 ) $ (2,663 ) $ (144 ) $ 25 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES There were no material contingencies during the period covered by this Form 10-Q. For more information regarding commitments and contingencies, refer to Note 10 to the consolidated financial statements in Part II of our 2019 10-K. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Investments The following is a summary of our investments measured at fair value at March 31, 2020 : Total Level 1 Level 2 Level 3 (In thousands) Equity securities Mutual funds $ 4,962 $ — $ 4,962 $ — Available-for-sale securities U.S. Government and agency securities 2,315 2,315 — — Corporate bonds 2,650 1,271 1,379 — Asset-backed securities and collateralized mortgage obligations 58 — 58 — Total $ 9,985 $ 3,586 $ 6,399 $ — The following is a summary of our investments measured at fair value at December 31, 2019 : Total 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 $ — We estimate the fair value of investments based on quoted market prices. For investments for which there are no quoted market prices, we derive fair values from available yield curves for investments of similar quality and terms. Derivatives Level 2 derivative assets and liabilities currently consist of FX forward contracts. Where applicable, the value of these derivative assets and liabilities is computed by discounting the projected future cash flow amounts to present value using market-based observable inputs, including FX forward and spot rates, interest rates and counterparty performance risk adjustments. At March 31, 2020 and December 31, 2019 , we had forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars and Euros, with a total fair value of $0.3 million and $(0.8) million , respectively. Other Financial Instruments We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments, as follows: Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts that we have reported in the accompanying condensed consolidated balance sheets for Cash and cash equivalents and Restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. Long-term and short-term debt . We base the fair values of debt instruments, including our 5.375% senior notes due 2026 (the "Senior Notes"), on quoted market prices. Where quoted prices are not available, we base the fair values on the present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms. At March 31, 2020 and December 31, 2019 , the fair value of our Senior Notes was $389.5 million and $423.5 million , respectively. The fair value of our remaining debt instruments approximated their carrying values at March 31, 2020 and December 31, 2019 . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION Stock-based compensation recognized for all of our plans for the three months ended March 31, 2020 and 2019 totaled $2.6 million and $3.6 million , respectively, with associated tax benefit totaling $0.4 million and $0.6 million , respectively. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING As described in Note 1 , our operations are assessed based on three reportable segments. An analysis of our operations by reportable segment is as follows: Three Months Ended 2020 2019 (In thousands) REVENUES: Nuclear Operations Group $ 423,775 $ 304,801 Nuclear Power Group 87,917 84,399 Nuclear Services Group 36,765 29,094 Eliminations (1) (6,249 ) (1,840 ) $ 542,208 $ 416,454 (1) Segment revenues are net of the following intersegment transfers: Nuclear Operations Group Transfers $ (673 ) $ (857 ) Nuclear Power Group Transfers (129 ) (40 ) Nuclear Services Group Transfers (5,447 ) (943 ) $ (6,249 ) $ (1,840 ) OPERATING INCOME: Nuclear Operations Group $ 90,359 $ 57,625 Nuclear Power Group 8,470 12,583 Nuclear Services Group 6,400 1,571 Other (5,359 ) (6,096 ) $ 99,870 $ 65,683 Unallocated Corporate (2) (1,603 ) (2,039 ) Total Operating Income $ 98,267 $ 63,644 Other Income (Expense) 181 (767 ) Income before Provision for Income Taxes $ 98,448 $ 62,877 (2) Unallocated corporate includes general corporate overhead not allocated to segments. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended 2020 2019 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 75,499 $ 48,978 Weighted-average common shares 95,412,351 95,255,109 Basic earnings per common share $ 0.79 $ 0.51 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 75,499 $ 48,978 Weighted-average common shares (basic) 95,412,351 95,255,109 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 344,021 566,245 Adjusted weighted-average common shares 95,756,372 95,821,354 Diluted earnings per common share $ 0.79 $ 0.51 (1) At March 31, 2020 and 2019 , we excluded 99,102 and 181,358 shares, respectively, from our diluted share calculation as their effect would have been antidilutive. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | We have presented the condensed consolidated financial statements of BWX Technologies, Inc. ("BWXT" or the "Company") in U.S. dollars in accordance with the interim reporting requirements of Form 10-Q, Rule 10-01 of Regulation S-X and accounting principles generally accepted in the United States ("GAAP"). Certain financial information and disclosures normally included in our financial statements prepared annually in accordance with GAAP have been condensed or omitted. Readers of these financial statements should, therefore, refer to the consolidated financial statements and notes in our annual report on Form 10-K for the year ended December 31, 2019 (our " 2019 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation. |
Consolidation | We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We have reclassified certain amounts previously reported to conform to the presentation at March 31, 2020 and for the three months ended March 31, 2020 . We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries. |
Reclassification | We have reclassified certain amounts previously reported to conform to the presentation at March 31, 2020 and for the three months ended March 31, 2020 |
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 and supplies nuclear-grade materials and precisely machined components for nuclear utility customers. BWXT has supplied the nuclear industry with more than 1,300 large, heavy components worldwide and is the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment is also a leading global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals for research, diagnostic and therapeutic uses. • Our Nuclear Services Group segment provides various services to the U.S. Government and the commercial nuclear industry. Services provided to the U.S. Government include nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration ("NNSA"), the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, and NASA. Through this segment we deliver services and management solutions to nuclear and high-consequence operations. A significant portion of this segment's operations are conducted through joint ventures. Our Nuclear Services Group segment is also engaged in inspection and maintenance services for the commercial nuclear industry primarily in the U.S. These services include steam generator, heat exchanger and balance of plant inspection and servicing as well as high pressure water lancing, non-destructive examination and the development of customized tooling solutions. This segment also offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for new advanced nuclear reactors and other nuclear technologies. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards On January 1, 2020, we adopted the update to the Financial Accounting Standards Board ("FASB") Topic Financial Instruments – Credit Losses . This update requires entities to recognize expected credit losses immediately in the financial statements. We considered our customer base, credit loss history and expected loss rate in our evaluation of expected credit losses. The adoption of the provisions in this update did not have an impact on our financial position, results of operations or cash flows. On January 1, 2020, we adopted the update to the FASB Topic Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This update simplifies the accounting for goodwill impairment by eliminating the second step from the goodwill impairment test. Goodwill impairment will now be determined by comparing the fair value of a reporting unit with its carrying amount. The adoption of the provisions in this update did not have an impact on our financial position, results of operations or cash flows. |
Contracts and Revenue Recognition | Contracts and Revenue Recognition We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with 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. |
Provision for Income Taxes | Provision for Income Taxes We are subject to federal income tax in the U.S. and Canada as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period. |
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents At March 31, 2020 , 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 condensed consolidated balance sheets) and $3.1 million of which was held to meet reinsurance reserve requirements of our captive insurer. |
Inventories | Inventories At March 31, 2020 and December 31, 2019 , Other current assets included inventories totaling $11.6 million and $17.1 million , respectively, consisting entirely of raw materials and supplies. |
Derivative Financial Instruments | Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net is stated at cost and is set forth below: March 31, December 31, (In thousands) Land $ 9,338 $ 8,919 Buildings 233,544 221,462 Machinery and equipment 761,300 775,997 Property under construction 271,152 265,715 1,275,334 1,272,093 Less: Accumulated depreciation 681,177 691,852 Property, Plant and Equipment, Net $ 594,157 $ 580,241 |
Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: March 31, December 31, (In thousands) Cash and cash equivalents $ 77,627 $ 86,540 Restricted cash and cash equivalents 3,066 3,056 Restricted cash and cash equivalents included in Other Assets 2,849 2,804 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 83,542 $ 92,400 |
Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: March 31, December 31, (In thousands) Cash and cash equivalents $ 77,627 $ 86,540 Restricted cash and cash equivalents 3,066 3,056 Restricted cash and cash equivalents included in Other Assets 2,849 2,804 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 83,542 $ 92,400 |
Components of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows: March 31, December 31, (In thousands) Currency translation adjustments $ (3,171 ) $ 8,769 Net unrealized gain on derivative financial instruments 797 64 Unrecognized prior service cost on benefit obligations (16,004 ) (16,614 ) Net unrealized gain (loss) on available-for-sale investments (267 ) 333 Accumulated other comprehensive income (loss) $ (18,645 ) $ (7,448 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected condensed consolidated statements of income line items are as follows: Three Months Ended 2020 2019 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ (1 ) $ (12 ) Revenues (557 ) 202 Cost of operations (558 ) 190 Total before tax 138 (49 ) Provision for Income Taxes $ (420 ) $ 141 Net Income Amortization of prior service cost on benefit obligations $ (777 ) $ (647 ) Other – net 167 136 Provision for Income Taxes $ (610 ) $ (511 ) Net Income Total reclassification for the period $ (1,030 ) $ (370 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenues | Revenues by geographical area and customer type were as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) United States: Government $ 401,066 $ — $ 24,596 $ 425,662 $ 297,303 $ — $ 24,451 $ 321,754 Non-Government 20,841 9,608 11,209 41,658 5,338 9,162 4,353 18,853 $ 421,907 $ 9,608 $ 35,805 $ 467,320 $ 302,641 $ 9,162 $ 28,804 $ 340,607 Canada: Non-Government $ — $ 74,527 $ 960 $ 75,487 $ — $ 68,611 $ 290 $ 68,901 Other: Non-Government $ 1,868 $ 3,782 $ — $ 5,650 $ 2,160 $ 6,626 $ — $ 8,786 Segment Revenues $ 423,775 $ 87,917 $ 36,765 548,457 $ 304,801 $ 84,399 $ 29,094 418,294 Adjustments and Eliminations (6,249 ) (1,840 ) Revenues $ 542,208 $ 416,454 Revenues by timing of transfer of goods or services were as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Over time $ 423,739 $ 77,185 $ 36,765 $ 537,689 $ 304,733 $ 70,661 $ 29,094 $ 404,488 Point-in-time 36 10,732 — 10,768 68 13,738 — 13,806 Segment Revenues $ 423,775 $ 87,917 $ 36,765 548,457 $ 304,801 $ 84,399 $ 29,094 418,294 Adjustments and Eliminations (6,249 ) (1,840 ) Revenues $ 542,208 $ 416,454 Revenues by contract type were as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Fixed-Price Incentive Fee $ 284,374 $ 492 $ — $ 284,866 $ 245,487 $ 273 $ — $ 245,760 Firm-Fixed-Price 113,337 70,836 11,637 195,810 39,343 61,998 6,168 107,509 Cost-Plus Fee 25,996 — 22,493 48,489 19,853 — 22,535 42,388 Time-and-Materials 68 16,589 2,635 19,292 118 22,128 391 22,637 Segment Revenues $ 423,775 $ 87,917 $ 36,765 548,457 $ 304,801 $ 84,399 $ 29,094 418,294 Adjustments and Eliminations (6,249 ) (1,840 ) Revenues $ 542,208 $ 416,454 |
Schedule of Contract Assets and Liabilities | March 31, December 31, 2020 2019 (In thousands) Included in Contracts in progress: Unbilled receivables $ 397,925 $ 365,861 Retainages $ 62,385 $ 46,670 Included in Other Assets: Retainages $ 1,457 $ 1,412 Advance billings on contracts $ 80,065 $ 75,425 |
Schedule of Remaining Performance Obligations | Of the March 31, 2020 remaining performance obligations on our contracts with customers, we expect to recognize revenues as follows: 2020 2021 Thereafter Total (In approximate millions) Nuclear Operations Group $ 1,116 $ 1,043 $ 2,123 $ 4,282 Nuclear Power Group 183 183 412 778 Nuclear Services Group 34 6 11 51 Total Remaining Performance Obligations $ 1,333 $ 1,232 $ 2,546 $ 5,111 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Our Long-Term Debt consists of the following: March 31, December 31, (In thousands) Secured Debt: Senior Notes $ 400,000 $ 400,000 Credit Facility 534,115 432,159 Less: Amounts due within one year 13,924 14,711 Long-Term Debt, gross 920,191 817,448 Less: Deferred debt issuance costs 8,879 8,006 Long-Term Debt $ 911,312 $ 809,442 |
Pension Plans and Postretirem_2
Pension Plans and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost included in net income were as follows: Pension Benefits Other Benefits Three Months Ended Three Months Ended 2020 2019 2020 2019 (In thousands) Service cost $ 2,819 $ 2,456 $ 166 $ 145 Interest cost 9,302 11,592 410 585 Expected return on plan assets (19,364 ) (17,436 ) (672 ) (627 ) Amortization of prior service cost (credit) 825 725 (48 ) (78 ) Net periodic benefit (income) cost $ (6,418 ) $ (2,663 ) $ (144 ) $ 25 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Investments Measured at Fair Value | The following is a summary of our investments measured at fair value at March 31, 2020 : Total Level 1 Level 2 Level 3 (In thousands) Equity securities Mutual funds $ 4,962 $ — $ 4,962 $ — Available-for-sale securities U.S. Government and agency securities 2,315 2,315 — — Corporate bonds 2,650 1,271 1,379 — Asset-backed securities and collateralized mortgage obligations 58 — 58 — Total $ 9,985 $ 3,586 $ 6,399 $ — The following is a summary of our investments measured at fair value at December 31, 2019 : Total 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 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Operating Results by Segment | An analysis of our operations by reportable segment is as follows: Three Months Ended 2020 2019 (In thousands) REVENUES: Nuclear Operations Group $ 423,775 $ 304,801 Nuclear Power Group 87,917 84,399 Nuclear Services Group 36,765 29,094 Eliminations (1) (6,249 ) (1,840 ) $ 542,208 $ 416,454 (1) Segment revenues are net of the following intersegment transfers: Nuclear Operations Group Transfers $ (673 ) $ (857 ) Nuclear Power Group Transfers (129 ) (40 ) Nuclear Services Group Transfers (5,447 ) (943 ) $ (6,249 ) $ (1,840 ) OPERATING INCOME: Nuclear Operations Group $ 90,359 $ 57,625 Nuclear Power Group 8,470 12,583 Nuclear Services Group 6,400 1,571 Other (5,359 ) (6,096 ) $ 99,870 $ 65,683 Unallocated Corporate (2) (1,603 ) (2,039 ) Total Operating Income $ 98,267 $ 63,644 Other Income (Expense) 181 (767 ) Income before Provision for Income Taxes $ 98,448 $ 62,877 (2) Unallocated corporate includes general corporate overhead not allocated to segments. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended 2020 2019 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 75,499 $ 48,978 Weighted-average common shares 95,412,351 95,255,109 Basic earnings per common share $ 0.79 $ 0.51 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 75,499 $ 48,978 Weighted-average common shares (basic) 95,412,351 95,255,109 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 344,021 566,245 Adjusted weighted-average common shares 95,756,372 95,821,354 Diluted earnings per common share $ 0.79 $ 0.51 (1) At March 31, 2020 and 2019 , we excluded 99,102 and 181,358 shares, respectively, from our diluted share calculation as their effect would have been antidilutive. |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($)componentsegment | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Long Lived Assets Held-for-sale [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Number of components supplied to worldwide (more than) | component | 1,300 | ||
Effective tax rate | 23.20% | 21.90% | |
Benefits recognized for excess tax benefits related to employee share-based payments | $ 0.7 | $ 1.7 | |
Gross unrecognized tax benefits | 3.9 | ||
Restricted cash and cash equivalents | 5.9 | ||
Total inventories | 11.6 | $ 17.1 | |
Net gains on foreign exchange forward contracts | 0.8 | ||
Recognized gain on FX forward contracts not designated as hedges | 5.2 | $ 1.6 | |
Notional amount of foreign currency forward contracts | 118.2 | ||
U.S. Commercial Nuclear Inspection and Maintenance Services Business | Disposal Group, Held-for-sale, Not Discontinued Operations | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Assets held-for-sale | $ 18.3 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Restricted cash and cash equivalents | $ 5,900 | |||
Cash and cash equivalents | 77,627 | $ 86,540 | ||
Restricted cash and cash equivalents | 3,066 | 3,056 | ||
Restricted cash and cash equivalents included in Other Assets | 2,849 | 2,804 | ||
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows | 83,542 | $ 92,400 | $ 29,722 | $ 36,408 |
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_6
Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 1,275,334 | $ 1,272,093 |
Less: Accumulated depreciation | 681,177 | 691,852 |
Property, Plant and Equipment, Net | 594,157 | 580,241 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 9,338 | 8,919 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 233,544 | 221,462 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 761,300 | 775,997 |
Property under construction | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 271,152 | $ 265,715 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | $ 429,512 | $ 404,112 | $ 242,874 | $ 235,701 |
Currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | (3,171) | 8,769 | ||
Net unrealized gain on derivative financial instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | 797 | 64 | ||
Unrecognized prior service cost on benefit obligations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | (16,004) | (16,614) | ||
Net unrealized gain (loss) on available-for-sale investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | (267) | 333 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | $ (18,645) | $ (7,448) | $ (9,316) | $ (10,289) |
Basis of Presentation and Sig_8
Basis of Presentation and Significant Accounting Policies - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenues | $ 542,208 | $ 416,454 |
Cost of operations | (392,443) | (303,635) |
Income before Provision for Income Taxes | 98,448 | 62,877 |
Provision for Income Taxes | (22,828) | (13,767) |
Other – net | 7,917 | 7,521 |
Net Income | 75,620 | 49,110 |
Accumulated Other Comprehensive Income (Loss) Component Recognized | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net Income | (1,030) | (370) |
Accumulated Other Comprehensive Income (Loss) Component Recognized | Realized gain (loss) on derivative financial instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenues | (1) | (12) |
Cost of operations | (557) | 202 |
Income before Provision for Income Taxes | (558) | 190 |
Provision for Income Taxes | 138 | (49) |
Net Income | (420) | 141 |
Accumulated Other Comprehensive Income (Loss) Component Recognized | Amortization of prior service cost on benefit obligations | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Provision for Income Taxes | 167 | 136 |
Other – net | (777) | (647) |
Net Income | $ (610) | $ (511) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands, $ in Millions | Jan. 02, 2020CAD ($)personnel | Jan. 02, 2020USD ($)personnel | Mar. 31, 2020USD ($) | Jan. 02, 2020USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 271,593 | $ 275,502 | |||
Laker Energy Products, Ltd | |||||
Business Acquisition [Line Items] | |||||
Purchase of business | $ 21.1 | $ 16,200 | |||
Contingent consideration | $ 12 | ||||
Number of personnel acquired | personnel | 140 | 140 | |||
Property, plant and equipment | $ 8,300 | ||||
Intangible assets | 6,400 | ||||
Goodwill | 3,500 | ||||
Right-of-use assets | 2,700 | ||||
Lease liabilities | $ 2,700 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 542,208 | $ 416,454 | |
Fixed-Price Incentive Fee | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 284,866 | 245,760 | |
Firm-Fixed-Price | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 195,810 | 107,509 | |
Cost-Plus Fee | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 48,489 | 42,388 | |
Time-and-Materials | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 19,292 | 22,637 | |
Over time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 537,689 | 404,488 | |
Point-in-time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 10,768 | 13,806 | |
United States: | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 467,320 | 340,607 | |
United States: | Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 425,662 | 321,754 | |
United States: | Non-Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 41,658 | 18,853 | |
Canada: | Non-Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 75,487 | 68,901 | |
Other: | Non-Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,650 | 8,786 | |
Nuclear Operations Group | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 423,775 | 304,801 | |
Nuclear Operations Group | Fixed-Price Incentive Fee | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 245,487 | $ 284,374 | |
Nuclear Operations Group | Firm-Fixed-Price | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 39,343 | 113,337 | |
Nuclear Operations Group | Cost-Plus Fee | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 19,853 | 25,996 | |
Nuclear Operations Group | Time-and-Materials | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 118 | 68 | |
Nuclear Operations Group | Over time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 304,733 | 423,739 | |
Nuclear Operations Group | Point-in-time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 68 | 36 | |
Nuclear Power Group | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 87,917 | 84,399 | |
Nuclear Power Group | Fixed-Price Incentive Fee | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 273 | 492 | |
Nuclear Power Group | Firm-Fixed-Price | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 61,998 | 70,836 | |
Nuclear Power Group | Cost-Plus Fee | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Nuclear Power Group | Time-and-Materials | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 22,128 | 16,589 | |
Nuclear Power Group | Over time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 70,661 | 77,185 | |
Nuclear Power Group | Point-in-time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 13,738 | 10,732 | |
Nuclear Services Group | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 36,765 | 29,094 | |
Nuclear Services Group | Fixed-Price Incentive Fee | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Nuclear Services Group | Firm-Fixed-Price | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 6,168 | 11,637 | |
Nuclear Services Group | Cost-Plus Fee | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 22,535 | 22,493 | |
Nuclear Services Group | Time-and-Materials | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 391 | 2,635 | |
Nuclear Services Group | Over time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 29,094 | 36,765 | |
Nuclear Services Group | Point-in-time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 548,457 | 418,294 | |
Operating Segments | Nuclear Operations Group | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 423,775 | 304,801 | |
Operating Segments | Nuclear Operations Group | United States: | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 421,907 | 302,641 | |
Operating Segments | Nuclear Operations Group | United States: | Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 297,303 | 401,066 | |
Operating Segments | Nuclear Operations Group | United States: | Non-Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,338 | 20,841 | |
Operating Segments | Nuclear Operations Group | Canada: | Non-Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Operating Segments | Nuclear Operations Group | Other: | Non-Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,160 | 1,868 | |
Operating Segments | Nuclear Power Group | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 87,917 | 84,399 | |
Operating Segments | Nuclear Power Group | United States: | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 9,608 | 9,162 | |
Operating Segments | Nuclear Power Group | United States: | Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Operating Segments | Nuclear Power Group | United States: | Non-Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 9,162 | 9,608 | |
Operating Segments | Nuclear Power Group | Canada: | Non-Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 68,611 | 74,527 | |
Operating Segments | Nuclear Power Group | Other: | Non-Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 6,626 | 3,782 | |
Operating Segments | Nuclear Services Group | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 36,765 | 29,094 | |
Operating Segments | Nuclear Services Group | United States: | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 35,805 | 28,804 | |
Operating Segments | Nuclear Services Group | United States: | Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 24,451 | 24,596 | |
Operating Segments | Nuclear Services Group | United States: | Non-Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 4,353 | 11,209 | |
Operating Segments | Nuclear Services Group | Canada: | Non-Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 290 | 960 | |
Operating Segments | Nuclear Services Group | Other: | Non-Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | $ 0 | |
Adjustments and Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (6,249) | (1,840) | |
Adjustments and Eliminations | Nuclear Operations Group | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ (673) | $ (857) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Details (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Net favorable changes in estimate that resulted in an increase in revenue | $ 9.6 | $ 4.8 |
Contracts in progress increase | 32.1 | |
Revenue recognized from advance billings on contracts | $ 30.2 | $ 33.8 |
Revenue Recognition - Contract
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Contracts with Customers, Asset and Liability [Line Items] | ||
Advance billings on contracts | $ 80,065 | $ 75,425 |
Unbilled receivables | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | 397,925 | 365,861 |
Retainages | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | 62,385 | 46,670 |
Other Assets | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | $ 1,457 | $ 1,412 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 5,111 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 1,333 |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 1,232 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 2,546 |
Remaining performance obligation, expected timing of satisfaction, period | |
Nuclear Operations Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 4,282 |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 1,116 |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 1,043 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 2,123 |
Remaining performance obligation, expected timing of satisfaction, period | |
Nuclear Power Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 778 |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 183 |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 183 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 412 |
Remaining performance obligation, expected timing of satisfaction, period | |
Nuclear Services Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 51 |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 34 |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 6 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 11 |
Remaining performance obligation, expected timing of satisfaction, period |
Revenue Recognition - Remaini_2
Revenue Recognition - Remaining Performance Obligations Total (Details) $ in Millions | Mar. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 5,111 |
Nuclear Operations Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 4,282 |
Nuclear Power Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 778 |
Nuclear Services Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 51 |
Long-term Debt - Components of
Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Less: Amounts due within one year | $ 13,924 | $ 14,711 |
Long-term debt, gross | 920,191 | 817,448 |
Less: Deferred debt issuance costs | 8,879 | 8,006 |
Long-term debt | 911,312 | 809,442 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross, including current maturities | 400,000 | 400,000 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross, including current maturities | $ 534,115 | $ 432,159 |
Long-term Debt - Maturities of
Long-term Debt - Maturities of long-term debt (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Debt Disclosure [Abstract] | |
Maturities of long-term debt, 2020 | $ 10.4 |
Maturities of long-term debt, 2021 | 13.9 |
Maturities of long-term debt, 2022 | 13.9 |
Maturities of long-term debt, 2023 | 215.8 |
Maturities of long-term debt, 2024 | 0 |
Maturities of long-term debt, 2025 | 280 |
Maturities of long-term debt, thereafter | $ 400 |
Long-term Debt Long-term Debt -
Long-term Debt Long-term Debt - Narrative (Details) | Mar. 24, 2020USD ($) | Feb. 24, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2018 | May 24, 2018USD ($) |
New Credit Facility | Secured Debt | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement, maximum borrowing capacity | $ 500,000,000 | ||||
New Credit Facility | Secured Debt | Term Loan Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement, maximum borrowing capacity | 50,000,000 | ||||
New Credit Facility | Secured Debt | Canadian Dollar Term Loan Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement, maximum borrowing capacity | $ 250,000,000 | ||||
Amendment No. 1 to Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Amount available under revolving credit facility | $ 404,300,000 | ||||
Weighted average interest rate on borrowings | 2.40% | ||||
Amendment No. 1 to Credit Agreement | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Long-term debt | $ 280,000,000 | ||||
Unused capacity commitment fee percentage | 0.175% | ||||
Amendment No. 1 to Credit Agreement | Financial Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Letter of credit fee | 1.00% | 1.75% | |||
Amendment No. 1 to Credit Agreement | Term Loan Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Long-term debt | $ 254,100,000 | ||||
Amendment No. 1 to Credit Agreement | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Long-term debt | $ 65,700,000 | ||||
Amendment No. 1 to Credit Agreement | Secured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Increase in maximum borrowing capacity under certain conditions | $ 250,000,000 | $ 250,000,000 | |||
Line of credit facility covenant, percentage of EBITDA | 65.00% | ||||
Maximum leverage ratio required for future credit increase | 2.50 | ||||
Maximum leverage ratio | 4 | ||||
Maximum leverage ratio after material acquisition | 4.50 | ||||
Minimum interest coverage ratio amount | 3 | ||||
Amendment No. 1 to Credit Agreement | Secured Debt | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement, maximum borrowing capacity | $ 750,000,000 | ||||
Amendment No. 1 to Credit Agreement | Secured Debt | Term Loan Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Quarterly amortization payment, percentage of principal | 1.25% | ||||
Eurocurrency Rate | Amendment No. 1 to Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 1.375% | ||||
Eurocurrency Rate | Amendment No. 1 to Credit Agreement | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 1.25% | ||||
Eurocurrency Rate | Amendment No. 1 to Credit Agreement | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Letter of credit fee | 1.25% | ||||
Base Rate | Amendment No. 1 to Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 0.375% | ||||
Base Rate | Amendment No. 1 to Credit Agreement | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 0.25% | ||||
Base Rate | Amendment No. 1 to Credit Agreement | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Letter of credit fee | 0.825% | ||||
Base Rate | Amendment No. 1 to Credit Agreement | Term Loan Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 0.50% | ||||
One Month Eurocurrency Rate | Amendment No. 1 to Credit Agreement | Term Loan Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 1.00% | ||||
Minimum | Amendment No. 1 to Credit Agreement | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Unused capacity commitment fee percentage | 0.15% | ||||
Minimum | Amendment No. 1 to Credit Agreement | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Letter of credit fee | 1.00% | ||||
Minimum | Amendment No. 1 to Credit Agreement | Performance Letter Of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Letter of credit fee | 0.75% | ||||
Minimum | Eurocurrency Rate | Amendment No. 1 to Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 1.00% | ||||
Minimum | Eurocurrency Rate | Amendment No. 1 to Credit Agreement | Term Loan Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 1.25% | ||||
Minimum | Eurocurrency Rate | Amendment No. 1 to Credit Agreement | Term Loan Credit Facility | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 1.00% | ||||
Minimum | Base Rate | Amendment No. 1 to Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 0.00% | ||||
Minimum | Prime Rate Or Canadian Prime Rate | Amendment No. 1 to Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 0.25% | ||||
Maximum | Amendment No. 1 to Credit Agreement | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Unused capacity commitment fee percentage | 0.225% | ||||
Maximum | Amendment No. 1 to Credit Agreement | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Letter of credit fee | 1.75% | ||||
Maximum | Amendment No. 1 to Credit Agreement | Performance Letter Of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Letter of credit fee | 1.05% | ||||
Maximum | Eurocurrency Rate | Amendment No. 1 to Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 1.75% | ||||
Maximum | Eurocurrency Rate | Amendment No. 1 to Credit Agreement | Term Loan Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 2.00% | ||||
Maximum | Eurocurrency Rate | Amendment No. 1 to Credit Agreement | Term Loan Credit Facility | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 1.75% | ||||
Maximum | Base Rate | Amendment No. 1 to Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 0.75% | ||||
Maximum | Prime Rate Or Canadian Prime Rate | Amendment No. 1 to Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Margin on rate | 1.00% |
Pension Plans and Postretirem_3
Pension Plans and Postretirement Benefits Pension Plans and Postretirement Benefits - Additional Details (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 3 | $ 2.6 |
Net periodic benefit (income) cost, excluding service costs | $ (9.5) | $ (5.2) |
Pension Plans and Postretirem_4
Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3,000 | $ 2,600 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2,819 | 2,456 |
Interest cost | 9,302 | 11,592 |
Expected return on plan assets | (19,364) | (17,436) |
Amortization of prior service cost (credit) | 825 | 725 |
Net periodic benefit (income) cost | (6,418) | (2,663) |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 166 | 145 |
Interest cost | 410 | 585 |
Expected return on plan assets | (672) | (627) |
Amortization of prior service cost (credit) | (48) | (78) |
Net periodic benefit (income) cost | $ (144) | $ 25 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Investments and Available-for-Sale Securities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 9,985 | $ 13,463 |
Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 2,172 | |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 4,962 | 5,685 |
U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,315 | 2,044 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,650 | 3,483 |
Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 58 | 79 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 3,586 | 3,899 |
Level 1 | Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | |
Level 1 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Level 1 | U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,315 | 2,044 |
Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,271 | 1,855 |
Level 1 | Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 6,399 | 9,564 |
Level 2 | Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 2,172 | |
Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 4,962 | 5,685 |
Level 2 | U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,379 | 1,628 |
Level 2 | Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 58 | 79 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Level 3 | Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | |
Level 3 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Level 3 | U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 3 | Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Senior Notes | ||
Fair Values Of Financial Instruments [Line Items] | ||
Fair value of senior notes | $ 389.5 | $ 423.5 |
FX Forward Contracts | ||
Fair Values Of Financial Instruments [Line Items] | ||
Fair value of foreign currency forward contracts | $ 0.3 | $ (0.8) |
Senior Notes | ||
Fair Values Of Financial Instruments [Line Items] | ||
Stated interest rate on senior notes | 5.375% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Stock based compensation expense | $ 2.6 | $ 3.6 |
Stock-based compensation, tax benefits | $ 0.4 | $ 0.6 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2020segment | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Operating Results by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | $ 542,208 | $ 416,454 |
OPERATING INCOME: | ||
Total Operating Income | 98,267 | 63,644 |
Other Income (Expense) | 181 | (767) |
Income before Provision for Income Taxes | 98,448 | 62,877 |
Nuclear Operations Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 423,775 | 304,801 |
Operating Segments | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 548,457 | 418,294 |
OPERATING INCOME: | ||
Total Operating Income | 99,870 | 65,683 |
Operating Segments | Nuclear Operations Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 423,775 | 304,801 |
OPERATING INCOME: | ||
Total Operating Income | 90,359 | 57,625 |
Operating Segments | Nuclear Power Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 87,917 | 84,399 |
OPERATING INCOME: | ||
Total Operating Income | 8,470 | 12,583 |
Operating Segments | Nuclear Services Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 36,765 | 29,094 |
OPERATING INCOME: | ||
Total Operating Income | 6,400 | 1,571 |
Adjustments and Eliminations | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | (6,249) | (1,840) |
Adjustments and Eliminations | Nuclear Operations Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | (673) | (857) |
Adjustments and Eliminations | Nuclear Power Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | (129) | (40) |
Adjustments and Eliminations | Nuclear Services Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | (5,447) | (943) |
Segment Reconciling Items | ||
OPERATING INCOME: | ||
Total Operating Income | (5,359) | (6,096) |
Unallocated Corporate | ||
OPERATING INCOME: | ||
Total Operating Income | $ (1,603) | $ (2,039) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic: | ||
Net Income Attributable to BWX Technologies, Inc. | $ 75,499 | $ 48,978 |
Weighted-average common shares (in shares) | 95,412,351 | 95,255,109 |
Basic earnings per common share (in usd per share) | $ 0.79 | $ 0.51 |
Diluted: | ||
Net Income Attributable to BWX Technologies, Inc. | $ 75,499 | $ 48,978 |
Weighted-average common shares (in shares) | 95,412,351 | 95,255,109 |
Effect of dilutive securities: | ||
Stock options, restricted stock units and performance shares (in shares) | 344,021 | 566,245 |
Adjusted weighted-average common shares (in shares) | 95,756,372 | 95,821,354 |
Diluted earnings per common share (in usd per share) | $ 0.79 | $ 0.51 |
Number of shares that would be antidilutive (in shares) | 99,102 | 181,358 |
Uncategorized Items - bwxt33120
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,142,000) |
AOCI Attributable to Parent [Member] | ||
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) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,219,000) |