Cover page
Cover page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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, $0.01 par value | |
Trading Symbol | BWXT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 95,141,155 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001486957 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 57,677 | $ 42,610 |
Restricted cash and cash equivalents | 3,071 | 3,070 |
Investments | 3,827 | 3,707 |
Accounts receivable – trade, net | 57,999 | 153,368 |
Accounts receivable – other | 17,572 | 22,239 |
Retainages | 81,820 | 55,172 |
Contracts in progress | 497,827 | 449,176 |
Other current assets | 39,446 | 44,256 |
Total Current Assets | 759,239 | 773,598 |
Property, Plant and Equipment, Net | 884,000 | 816,471 |
Investments | 9,612 | 9,356 |
Goodwill | 285,992 | 283,708 |
Deferred Income Taxes | 47,861 | 49,415 |
Investments in Unconsolidated Affiliates | 74,216 | 71,806 |
Intangible Assets | 193,015 | 192,751 |
Other Assets | 97,979 | 96,398 |
TOTAL | 2,351,914 | 2,293,503 |
Current Liabilities: | ||
Bank overdraft | 0 | 88,694 |
Accounts payable | 146,958 | 184,392 |
Accrued employee benefits | 59,843 | 89,740 |
Accrued liabilities – other | 91,100 | 78,028 |
Advance billings on contracts | 99,218 | 83,581 |
Accrued warranty expense | 6,858 | 5,292 |
Total Current Liabilities | 403,977 | 529,727 |
Long-Term Debt | 1,018,265 | 862,731 |
Accumulated Postretirement Benefit Obligation | 25,506 | 25,689 |
Environmental Liabilities | 85,889 | 84,153 |
Pension Liability | 133,423 | 144,859 |
Other Liabilities | 28,548 | 28,576 |
Commitments and Contingencies (Note 5) | ||
Stockholders' Equity: | ||
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 127,262,146 and 127,009,536 shares at March 31, 2021 and December 31, 2020, respectively | 1,273 | 1,270 |
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | 0 | 0 |
Capital in excess of par value | 159,295 | 153,800 |
Retained earnings | 1,599,526 | 1,549,950 |
Treasury stock at cost, 32,120,991 and 31,698,747 shares at March 31, 2021 and December 31, 2020, respectively | (1,120,146) | (1,095,452) |
Accumulated other comprehensive income (loss) | 16,290 | 8,198 |
Stockholders' Equity – BWX Technologies, Inc. | 656,238 | 617,766 |
Noncontrolling interest | 68 | 2 |
Total Stockholders' Equity | 656,306 | 617,768 |
TOTAL | $ 2,351,914 | $ 2,293,503 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 325,000,000 | 325,000,000 |
Common stock, shares issued (in shares) | 127,262,146 | 127,009,536 |
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) | 32,120,991 | 31,698,747 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 528,273 | $ 542,208 |
Costs and Expenses: | ||
Cost of operations | 392,806 | 392,443 |
Research and development costs | 3,116 | 4,603 |
Losses (gains) on asset disposals and impairments, net | (8) | 0 |
Selling, general and administrative expenses | 58,261 | 52,958 |
Total Costs and Expenses | 454,175 | 450,004 |
Equity in Income of Investees | 8,316 | 6,063 |
Operating Income | 82,414 | 98,267 |
Other Income (Expense): | ||
Interest income | 132 | 231 |
Interest expense | (7,039) | (7,967) |
Other – net | 16,386 | 7,917 |
Total Other Income (Expense) | 9,479 | 181 |
Income before Provision for Income Taxes | 91,893 | 98,448 |
Provision for Income Taxes | 22,078 | 22,828 |
Net Income | 69,815 | 75,620 |
Net Income Attributable to Noncontrolling Interest | (66) | (121) |
Net Income Attributable to BWX Technologies, Inc. | $ 69,749 | $ 75,499 |
Basic: | ||
Net Income Attributable to BWX Technologies, Inc. (in usd per share) | $ 0.73 | $ 0.79 |
Diluted: | ||
Net Income Attributable to BWX Technologies, Inc. (in usd per share) | $ 0.73 | $ 0.79 |
Shares used in the computation of earnings per share (Note 9): | ||
Basic (in shares) | 95,303,728 | 95,412,351 |
Diluted (in shares) | 95,558,863 | 95,756,372 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 69,815 | $ 75,620 |
Other Comprehensive Income (Loss): | ||
Currency translation adjustments | 8,001 | (11,940) |
Derivative financial instruments: | ||
Unrealized (losses) gains arising during the period, net of tax benefit (provision) of $139 and $(109), respectively | (412) | 313 |
Reclassification adjustment for (gains) losses included in net income, net of tax provision (benefit) of $56 and $(138), respectively | (166) | 420 |
Amortization of benefit plan costs, net of tax benefit of $(157) and $(167), respectively | 580 | 610 |
Unrealized gains (losses) on investments arising during the period, net of tax provision of $(24) and $(2), respectively | 89 | (600) |
Other Comprehensive Income (Loss) | 8,092 | (11,197) |
Total Comprehensive Income | 77,907 | 64,423 |
Comprehensive Income Attributable to Noncontrolling Interest | (66) | (121) |
Comprehensive Income Attributable to BWX Technologies, Inc. | $ 77,841 | $ 64,302 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Tax benefit (provision) on derivative financial instruments, unrealized losses | $ 139 | $ (109) |
Tax provision (benefit) on derivative financial instruments for reclassification adjustments included in net income | 56 | (138) |
Tax benefit for amortization of benefit plans | (157) | (167) |
Tax provision on unrealized gains (losses) on investments | $ (24) | $ (2) |
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, 2019 | 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 | |||||||
Ending balance at Mar. 31, 2020 | $ 429,512 | $ 1,269 | 138,500 | 1,401,628 | (18,645) | (1,093,240) | 429,512 | 0 |
Beginning balance (in shares) at Dec. 31, 2020 | 127,009,536 | 127,009,536 | ||||||
Beginning balance at Dec. 31, 2020 | $ 617,768 | $ 1,270 | 153,800 | 1,549,950 | 8,198 | (1,095,452) | 617,766 | 2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 69,815 | 69,749 | 69,749 | 66 | ||||
Dividends declared | (20,173) | (20,173) | (20,173) | |||||
Currency translation adjustments | 8,001 | 8,001 | 8,001 | |||||
Derivative financial instruments | (578) | (578) | (578) | |||||
Defined benefit obligations | 580 | 580 | 580 | |||||
Available-for-sale investments | 89 | 89 | 89 | |||||
Exercises of stock options (in shares) | 61,260 | |||||||
Exercises of stock options | 1,517 | $ 0 | 1,517 | 1,517 | ||||
Shares placed in treasury | (24,694) | (24,694) | (24,694) | |||||
Stock-based compensation charges (in shares) | 191,350 | |||||||
Stock-based compensation charges | 3,981 | $ 3 | 3,978 | 3,981 | ||||
Distributions to noncontrolling interests | $ 0 | 0 | ||||||
Ending balance (in shares) at Mar. 31, 2021 | 127,262,146 | 127,262,146 | ||||||
Ending balance at Mar. 31, 2021 | $ 656,306 | $ 1,273 | $ 159,295 | $ 1,599,526 | $ 16,290 | $ (1,120,146) | $ 656,238 | $ 68 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share (in usd per share) | $ 0.21 | $ 0.19 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 69,815 | $ 75,620 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,897 | 15,614 |
Income of investees, net of dividends | (2,414) | (1,929) |
Recognition of losses for pension and postretirement plans | 737 | 777 |
Stock-based compensation expense | 3,981 | 3,102 |
Other, net | 1,168 | 283 |
Changes in assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable | 96,449 | (2,092) |
Accounts payable | (12,623) | (21,158) |
Retainages | (26,475) | (15,760) |
Contracts in progress and advance billings on contracts | (29,541) | (35,941) |
Income taxes | 17,134 | 20,332 |
Accrued and other current liabilities | 1,751 | (8,073) |
Pension liabilities, accrued postretirement benefit obligations and employee benefits | (42,584) | (36,761) |
Other, net | 5,119 | (461) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 98,414 | (6,447) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (101,932) | (64,768) |
Acquisition of business | 0 | (16,174) |
Purchases of securities | (1,384) | (1,511) |
Sales and maturities of securities | 1,252 | 3,680 |
Other, net | 32 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (102,032) | (78,773) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings of long-term debt | 205,800 | 214,000 |
Repayments of long-term debt | (50,800) | (97,607) |
Payment of debt issuance costs | 0 | (1,340) |
Repayment of bank overdraft | (88,694) | 0 |
Repurchases of common shares | (20,007) | (20,000) |
Dividends paid to common shareholders | (20,322) | (18,596) |
Exercises of stock options | 1,672 | 1,254 |
Cash paid for shares withheld to satisfy employee taxes | (4,687) | (4,998) |
Other, net | (3,680) | 5,068 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 19,282 | 77,781 |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | (542) | (1,419) |
TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | 15,122 | (8,858) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 48,298 | 92,400 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD | 63,420 | 83,542 |
Cash paid during the period for: | ||
Interest | 11,438 | 14,668 |
Income taxes (net of refunds) | 4,386 | 1,327 |
SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||
Accrued capital expenditures included in accounts payable | $ 25,849 | $ 15,433 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 (our "2020 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 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 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. • 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 including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration ("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. This segment also develops technology for a variety of applications, including advanced nuclear power sources, and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for new advanced nuclear reactors. See Note 8 for financial information about our segments. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. For further information, refer to the consolidated financial statements and notes included in our 2020 10-K. Divestiture of U.S.-Based Commercial Nuclear Services Business On May 29, 2020, our subsidiary BWXT Nuclear Energy, Inc. divested its U.S.-based commercial nuclear services business, a component of our Nuclear Services Group segment. In a cashless transaction, we exchanged net assets totaling $18.0 million, consisting primarily of property, plant and equipment and certain warranty obligations, for a manufacturing facility and the associated land of approximately the same value. The acquired assets are reported as part of the Nuclear Services Group segment. Recently Adopted Accounting Standards There were no accounting standards adopted during the three months ended March 31, 2021. 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, 2021 was 24.0% as compared to 23.2% for the three months ended March 31, 2020. The effective tax rates for the three months ended March 31, 2021 and 2020 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, 2021 and 2020 were favorably impacted by excess tax benefits recognized related to employee share-based payments of $0.2 million and $0.7 million, respectively. As of March 31, 2021, we had gross unrecognized tax benefits of $5.9 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, 2021, we had restricted cash and cash equivalents totaling $5.7 million, $2.7 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $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 $ 57,677 $ 42,610 Restricted cash and cash equivalents 3,071 3,070 Restricted cash and cash equivalents included in Other Assets 2,672 2,618 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 63,420 $ 48,298 Inventories At March 31, 2021 and December 31, 2020, Other current assets included inventories totaling $13.9 million and $15.0 million, respectively, consisting entirely of raw materials and supplies. Property, Plant and Equipment, Net Property, plant and equipment, net is stated at cost and is set forth below: March 31, December 31, (In thousands) Land $ 9,591 $ 9,585 Buildings 274,383 267,808 Machinery and equipment 849,960 827,785 Property under construction 451,274 420,374 1,585,208 1,525,552 Less: Accumulated depreciation 701,208 709,081 Property, Plant and Equipment, Net $ 884,000 $ 816,471 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 $ 32,455 $ 24,454 Net unrealized loss on derivative financial instruments (1,074) (496) Unrecognized prior service cost on benefit obligations (15,322) (15,902) Net unrealized gain on available-for-sale investments 231 142 Accumulated other comprehensive income (loss) $ 16,290 $ 8,198 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 2021 2020 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ 227 $ (1) Revenues (5) (557) Cost of operations 222 (558) Total before tax (56) 138 Provision for Income Taxes $ 166 $ (420) Net Income Amortization of prior service cost on benefit obligations $ (737) $ (777) Other – net 157 167 Provision for Income Taxes $ (580) $ (610) Net Income Total reclassification for the period $ (414) $ (1,030) Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments and loans between domestic and foreign subsidiaries denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income. We have designated the majority of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions primarily related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates. At March 31, 2021, we had deferred approximately $1.1 million of net losses on these derivative financial instruments. Assuming market conditions continue, we expect to recognize the majority of this amount in the next 12 months. For the three months ended March 31, 2021 and 2020, we recognized (gains) losses of $3.6 million and $(5.2) million, respectively, in Other – net on our condensed consolidated statements of income associated with FX forward contracts not designated as hedges. At March 31, 2021, our derivative financial instruments consisted of FX forward contracts with a total notional value of $310.6 million with maturities extending to March 2023. 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, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Laker Energy Products Ltd. On January 2, 2020, our subsidiary BWXT Canada Ltd. acquired Laker Energy Products Ltd., which was renamed BWXT Precision Manufacturing Inc. ("Precision Manufacturing"), for CAD 23.3 million ($17.8 million U.S. dollar equivalent). We are subject to the payment of contingent consideration totaling CAD 5.0 million, of which we have recognized CAD 2.5 million as a component of the purchase price. Our purchase price allocation resulted in the recognition of $8.4 million of Property, Plant and Equipment, Net, $8.2 million of Intangible Assets and $5.8 million of Goodwill. In addition, we recognized |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 Three Months Ended March 31, 2020 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) United States: Government $ 379,243 $ — $ 22,769 $ 402,012 $ 401,066 $ — $ 24,596 $ 425,662 Non-Government 20,666 10,272 1,668 32,606 20,841 9,608 11,209 41,658 $ 399,909 $ 10,272 $ 24,437 $ 434,618 $ 421,907 $ 9,608 $ 35,805 $ 467,320 Canada: Non-Government $ — $ 91,355 $ 1,020 $ 92,375 $ — $ 74,527 $ 960 $ 75,487 Other: Non-Government $ 2,159 $ 5,771 $ 26 $ 7,956 $ 1,868 $ 3,782 $ — $ 5,650 Segment Revenues $ 402,068 $ 107,398 $ 25,483 534,949 $ 423,775 $ 87,917 $ 36,765 548,457 Eliminations (6,676) (6,249) Revenues $ 528,273 $ 542,208 Revenues by timing of transfer of goods or services were as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Over time $ 402,043 $ 93,887 $ 25,483 $ 521,413 $ 423,739 $ 77,185 $ 36,765 $ 537,689 Point-in-time 25 13,511 — 13,536 36 10,732 — 10,768 Segment Revenues $ 402,068 $ 107,398 $ 25,483 534,949 $ 423,775 $ 87,917 $ 36,765 548,457 Eliminations (6,676) (6,249) Revenues $ 528,273 $ 542,208 Revenues by contract type were as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Fixed-Price Incentive Fee $ 302,325 $ 490 $ — $ 302,815 $ 284,374 $ 492 $ — $ 284,866 Firm-Fixed-Price 75,369 68,057 5,540 148,966 113,337 70,836 11,637 195,810 Cost-Plus Fee 24,180 — 17,980 42,160 25,996 — 22,493 48,489 Time-and-Materials 194 38,851 1,963 41,008 68 16,589 2,635 19,292 Segment Revenues $ 402,068 $ 107,398 $ 25,483 534,949 $ 423,775 $ 87,917 $ 36,765 548,457 Eliminations (6,676) (6,249) Revenues $ 528,273 $ 542,208 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, 2021 and 2020, we recognized net favorable changes in estimates that resulted in increases in revenues of $6.5 million and $9.6 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, 2021, our unbilled receivables increased $49.3 million primarily as a result of the timing of milestone billings on certain firm-fixed-price contracts within our Nuclear Power Group segment and increases in unbilled receivables on fixed-price incentive fee contracts within our Nuclear Operations Group segment. During the three months ended March 31, 2021, our Advance billings on contracts increased $15.6 million primarily as a result of billings in excess of revenue recognized within our Nuclear Operations 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 received during the second and fourth quarters. Retainages also vary as a result of timing differences between incurring costs and achieving milestones that allow us to recover these amounts. March 31, December 31, 2021 2020 (In thousands) Included in Contracts in progress: Unbilled receivables $ 485,621 $ 436,279 Retainages $ 81,820 $ 55,172 Included in Other Assets: Retainages $ 1,315 $ 1,488 Advance billings on contracts $ 99,218 $ 83,581 During the three months ended March 31, 2021 and 2020, we recognized $30.0 million and $30.2 million of revenues that were in Advance billings on contracts at December 31, 2020 and 2019, respectively. Remaining Performance Obligations Remaining performance obligations represent the dollar amount of revenue we expect to recognize in the future from performance obligations on contracts previously awarded and in progress. Of the remaining performance obligations on our contracts with customers at March 31, 2021, we expect to recognize revenues as follows: 2021 2022 Thereafter Total (In approximate millions) Nuclear Operations Group $ 1,156 $ 1,192 $ 2,100 $ 4,448 Nuclear Power Group 223 179 295 697 Nuclear Services Group 45 3 — 48 Total Remaining Performance Obligations $ 1,424 $ 1,374 $ 2,395 $ 5,193 |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension Plans and Postretirement Benefits | PENSION PLANS AND POSTRETIREMENT BENEFITSWe 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, 2021 and 2020, these amounts were $3.1 million and $3.0 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, 2021 and 2020, these amounts were $(13.4) million and $(9.5) 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 2021 2020 2021 2020 (In thousands) Service cost $ 2,957 $ 2,819 $ 190 $ 166 Interest cost 6,754 9,302 282 410 Expected return on plan assets (20,414) (19,364) (716) (672) Amortization of prior service cost (credit) 782 825 (45) (48) Net periodic benefit income $ (9,921) $ (6,418) $ (289) $ (144) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIESThere were no material contingencies during the period covered by this Form 10-Q. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Equities $ 800 $ — $ — $ 800 $ — Mutual funds 6,897 — 6,897 — — Available-for-sale securities U.S. Government and agency securities 2,689 2,689 — — — Corporate bonds 2,992 1,854 1,138 — — Asset-backed securities and collateralized mortgage obligations 61 — 61 — — Total $ 13,439 $ 4,543 $ 8,096 $ 800 $ — The following is a summary of our investments measured at fair value at December 31, 2020: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Equities $ 800 $ — $ — $ 800 $ — Mutual funds 6,755 — 6,755 — — Available-for-sale securities U.S. Government and agency securities 2,314 2,314 — — — Corporate bonds 3,132 1,738 1,394 — — Asset-backed securities and collateralized mortgage obligations 62 — 62 — — Total $ 13,063 $ 4,052 $ 8,211 $ 800 $ — 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, 2021 and December 31, 2020, we had FX forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars and Euros, with a total fair value of $(1.7) million and $(2.2) million, respectively. Other Financial Instruments We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments, as follows: Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts that we have reported in the accompanying condensed consolidated balance sheets for Cash and cash equivalents and Restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. Long-term and short-term debt . We base the fair values of debt instruments, including our 5.375% senior notes due 2026 (the "Senior Notes due 2026") and our 4.125% senior notes due 2028 (the "Senior Notes due 2028"), 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, 2021 and December 31, 2020, the fair value of our Senior Notes due 2026 was $413.8 million and $415.5 million, respectively. At March 31, 2021 and December 31, 2020, the fair value of our Senior Notes due 2028 was $405.0 million and $416.7 million, respectively. The fair value of our remaining debt instruments approximated their carrying values at March 31, 2021 and December 31, 2020. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATIONStock-based compensation recognized for all of our plans for the three months ended March 31, 2021 and 2020 totaled $4.2 million and $2.6 million, respectively, with associated tax benefit totaling $0.7 million and $0.4 million, respectively. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
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 2021 2020 (In thousands) REVENUES: Nuclear Operations Group $ 402,068 $ 423,775 Nuclear Power Group 107,398 87,917 Nuclear Services Group 25,483 36,765 Eliminations (1) (6,676) (6,249) $ 528,273 $ 542,208 (1) Segment revenues are net of the following intersegment transfers: Nuclear Operations Group Transfers $ (940) $ (673) Nuclear Power Group Transfers (181) (129) Nuclear Services Group Transfers (5,555) (5,447) $ (6,676) $ (6,249) OPERATING INCOME: Nuclear Operations Group $ 74,360 $ 90,359 Nuclear Power Group 10,318 8,470 Nuclear Services Group 5,747 6,400 Other (5,886) (5,359) $ 84,539 $ 99,870 Unallocated Corporate (2) (2,125) (1,603) Total Operating Income $ 82,414 $ 98,267 Other Income (Expense) 9,479 181 Income before Provision for Income Taxes $ 91,893 $ 98,448 (2) Unallocated corporate includes general corporate overhead not allocated to segments. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
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 2021 2020 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 69,749 $ 75,499 Weighted-average common shares 95,303,728 95,412,351 Basic earnings per common share $ 0.73 $ 0.79 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 69,749 $ 75,499 Weighted-average common shares (basic) 95,303,728 95,412,351 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 255,135 344,021 Adjusted weighted-average common shares 95,558,863 95,756,372 Diluted earnings per common share $ 0.73 $ 0.79 (1) At March 31, 2021 and 2020, we excluded 131,775 and 99,102 shares, respectively, from our diluted share calculation as their effect would have been antidilutive. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT On April 13, 2021, we issued $400 million aggregate principal amount of our 4.125% senior notes due 2029 (the "Senior Notes due 2029") pursuant to an indenture dated April 13, 2021 (the "2021 Indenture"), among the Company, certain of our subsidiaries, as guarantors, and U.S. Bank National Association, as trustee. Interest on the Senior Notes due 2029 will be payable semi-annually in cash in arrears on April 15 and October 15 of each year, commencing on October 15, 2021, at a rate of 4.125% per annum. The Senior Notes due 2029 will mature on April 15, 2029. The 2021 Indenture contains customary events of default, including, among other things, payment default, failure to comply with covenants or agreements contained in the 2021 Indenture or the Senior Notes due 2029 and certain provisions related to bankruptcy events. The 2021 Indenture also contains customary negative covenants. We intend to use the net proceeds from the issuance of the Senior Notes due 2029, together with cash on hand or borrowings under our credit facility, to redeem all of our outstanding Senior Notes due 2026 at the then-applicable redemption price. On and after July 15, 2021, we may redeem the Senior Notes due 2026, in whole or in part, at a redemption price equal to (i) 102.688% of the principal amount to be redeemed if the redemption occurs during the twelve-month period beginning on July 15, 2021, (ii) 101.344% of the principal amount to be redeemed if the redemption occurs during the twelve-month period beginning on July 15, 2022 and (iii) 100.0% of the principal amount to be redeemed if the redemption occurs on or after July 15, 2023, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. As of March 31, 2021, we have deferred financing costs of $4.5 million related to the Senior Notes due 2026. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 (our "2020 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 present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries. |
Reportable Segments | Reportable Segments We operate in three reportable segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our reportable segments are further described as follows: • Our Nuclear Operations Group segment manufactures naval nuclear reactors for the 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 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. • 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 including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration ("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. This segment also develops technology for a variety of applications, including advanced |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards There were no accounting standards adopted during the three months ended March 31, 2021. |
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, 2021, we had restricted cash and cash equivalents totaling $5.7 million, $2.7 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $3.1 million of which was held to meet reinsurance reserve requirements of our captive insurer. |
Inventories | Inventories At March 31, 2021 and December 31, 2020, Other current assets included inventories totaling $13.9 million and $15.0 million, respectively, consisting entirely of raw materials and supplies. |
Derivative Financial Instruments | Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments and loans between domestic and foreign subsidiaries denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
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 $ 57,677 $ 42,610 Restricted cash and cash equivalents 3,071 3,070 Restricted cash and cash equivalents included in Other Assets 2,672 2,618 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 63,420 $ 48,298 |
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 $ 57,677 $ 42,610 Restricted cash and cash equivalents 3,071 3,070 Restricted cash and cash equivalents included in Other Assets 2,672 2,618 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 63,420 $ 48,298 |
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 $ 9,591 $ 9,585 Buildings 274,383 267,808 Machinery and equipment 849,960 827,785 Property under construction 451,274 420,374 1,585,208 1,525,552 Less: Accumulated depreciation 701,208 709,081 Property, Plant and Equipment, Net $ 884,000 $ 816,471 |
Components of Accumulated Other Comprehensive Income (Loss) | 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 $ 32,455 $ 24,454 Net unrealized loss on derivative financial instruments (1,074) (496) Unrecognized prior service cost on benefit obligations (15,322) (15,902) Net unrealized gain on available-for-sale investments 231 142 Accumulated other comprehensive income (loss) $ 16,290 $ 8,198 |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected condensed consolidated statements of income line items are as follows: Three Months Ended 2021 2020 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ 227 $ (1) Revenues (5) (557) Cost of operations 222 (558) Total before tax (56) 138 Provision for Income Taxes $ 166 $ (420) Net Income Amortization of prior service cost on benefit obligations $ (737) $ (777) Other – net 157 167 Provision for Income Taxes $ (580) $ (610) Net Income Total reclassification for the period $ (414) $ (1,030) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 Three Months Ended March 31, 2020 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) United States: Government $ 379,243 $ — $ 22,769 $ 402,012 $ 401,066 $ — $ 24,596 $ 425,662 Non-Government 20,666 10,272 1,668 32,606 20,841 9,608 11,209 41,658 $ 399,909 $ 10,272 $ 24,437 $ 434,618 $ 421,907 $ 9,608 $ 35,805 $ 467,320 Canada: Non-Government $ — $ 91,355 $ 1,020 $ 92,375 $ — $ 74,527 $ 960 $ 75,487 Other: Non-Government $ 2,159 $ 5,771 $ 26 $ 7,956 $ 1,868 $ 3,782 $ — $ 5,650 Segment Revenues $ 402,068 $ 107,398 $ 25,483 534,949 $ 423,775 $ 87,917 $ 36,765 548,457 Eliminations (6,676) (6,249) Revenues $ 528,273 $ 542,208 Revenues by timing of transfer of goods or services were as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Over time $ 402,043 $ 93,887 $ 25,483 $ 521,413 $ 423,739 $ 77,185 $ 36,765 $ 537,689 Point-in-time 25 13,511 — 13,536 36 10,732 — 10,768 Segment Revenues $ 402,068 $ 107,398 $ 25,483 534,949 $ 423,775 $ 87,917 $ 36,765 548,457 Eliminations (6,676) (6,249) Revenues $ 528,273 $ 542,208 Revenues by contract type were as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Fixed-Price Incentive Fee $ 302,325 $ 490 $ — $ 302,815 $ 284,374 $ 492 $ — $ 284,866 Firm-Fixed-Price 75,369 68,057 5,540 148,966 113,337 70,836 11,637 195,810 Cost-Plus Fee 24,180 — 17,980 42,160 25,996 — 22,493 48,489 Time-and-Materials 194 38,851 1,963 41,008 68 16,589 2,635 19,292 Segment Revenues $ 402,068 $ 107,398 $ 25,483 534,949 $ 423,775 $ 87,917 $ 36,765 548,457 Eliminations (6,676) (6,249) Revenues $ 528,273 $ 542,208 |
Schedule of Contract Assets and Liabilities | March 31, December 31, 2021 2020 (In thousands) Included in Contracts in progress: Unbilled receivables $ 485,621 $ 436,279 Retainages $ 81,820 $ 55,172 Included in Other Assets: Retainages $ 1,315 $ 1,488 Advance billings on contracts $ 99,218 $ 83,581 |
Schedule of Remaining Performance Obligations | Of the remaining performance obligations on our contracts with customers at March 31, 2021, we expect to recognize revenues as follows: 2021 2022 Thereafter Total (In approximate millions) Nuclear Operations Group $ 1,156 $ 1,192 $ 2,100 $ 4,448 Nuclear Power Group 223 179 295 697 Nuclear Services Group 45 3 — 48 Total Remaining Performance Obligations $ 1,424 $ 1,374 $ 2,395 $ 5,193 |
Pension Plans and Postretirem_2
Pension Plans and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 2021 2020 2021 2020 (In thousands) Service cost $ 2,957 $ 2,819 $ 190 $ 166 Interest cost 6,754 9,302 282 410 Expected return on plan assets (20,414) (19,364) (716) (672) Amortization of prior service cost (credit) 782 825 (45) (48) Net periodic benefit income $ (9,921) $ (6,418) $ (289) $ (144) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Equities $ 800 $ — $ — $ 800 $ — Mutual funds 6,897 — 6,897 — — Available-for-sale securities U.S. Government and agency securities 2,689 2,689 — — — Corporate bonds 2,992 1,854 1,138 — — Asset-backed securities and collateralized mortgage obligations 61 — 61 — — Total $ 13,439 $ 4,543 $ 8,096 $ 800 $ — The following is a summary of our investments measured at fair value at December 31, 2020: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Equities $ 800 $ — $ — $ 800 $ — Mutual funds 6,755 — 6,755 — — Available-for-sale securities U.S. Government and agency securities 2,314 2,314 — — — Corporate bonds 3,132 1,738 1,394 — — Asset-backed securities and collateralized mortgage obligations 62 — 62 — — Total $ 13,063 $ 4,052 $ 8,211 $ 800 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Operating Results by Segment | An analysis of our operations by reportable segment is as follows: Three Months Ended 2021 2020 (In thousands) REVENUES: Nuclear Operations Group $ 402,068 $ 423,775 Nuclear Power Group 107,398 87,917 Nuclear Services Group 25,483 36,765 Eliminations (1) (6,676) (6,249) $ 528,273 $ 542,208 (1) Segment revenues are net of the following intersegment transfers: Nuclear Operations Group Transfers $ (940) $ (673) Nuclear Power Group Transfers (181) (129) Nuclear Services Group Transfers (5,555) (5,447) $ (6,676) $ (6,249) OPERATING INCOME: Nuclear Operations Group $ 74,360 $ 90,359 Nuclear Power Group 10,318 8,470 Nuclear Services Group 5,747 6,400 Other (5,886) (5,359) $ 84,539 $ 99,870 Unallocated Corporate (2) (2,125) (1,603) Total Operating Income $ 82,414 $ 98,267 Other Income (Expense) 9,479 181 Income before Provision for Income Taxes $ 91,893 $ 98,448 (2) Unallocated corporate includes general corporate overhead not allocated to segments. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 2021 2020 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 69,749 $ 75,499 Weighted-average common shares 95,303,728 95,412,351 Basic earnings per common share $ 0.73 $ 0.79 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 69,749 $ 75,499 Weighted-average common shares (basic) 95,303,728 95,412,351 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 255,135 344,021 Adjusted weighted-average common shares 95,558,863 95,756,372 Diluted earnings per common share $ 0.73 $ 0.79 (1) At March 31, 2021 and 2020, we excluded 131,775 and 99,102 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 | May 29, 2020USD ($) | Mar. 31, 2021USD ($)componentsegment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Noncash or Part Noncash Divestitures [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Number of components supplied to worldwide (more than) | component | 1,300 | |||
Effective tax rate | 24.00% | 23.20% | ||
Benefits recognized for excess tax benefits related to employee share-based payments | $ 0.2 | $ 0.7 | ||
Unrecognized tax benefits that would impact effective tax rate | 5.9 | |||
Restricted cash and cash equivalents | 5.7 | |||
Total inventories | 13.9 | $ 15 | ||
Net gains on foreign exchange forward contracts | 1.1 | |||
Recognized gain on FX forward contracts not designated as hedges | 3.6 | $ (5.2) | ||
Notional amount of foreign currency forward contracts | 310.6 | |||
Cash Held for Decommissioning of Facilities | ||||
Noncash or Part Noncash Divestitures [Line Items] | ||||
Restricted cash and cash equivalents | 2.7 | |||
Cash Held to Meet Reinsurance Reserve Requirements | ||||
Noncash or Part Noncash Divestitures [Line Items] | ||||
Restricted cash and cash equivalents | $ 3.1 | |||
Nuclear Services Business | ||||
Noncash or Part Noncash Divestitures [Line Items] | ||||
Net assets exchanged in non-cash transaction | $ 18 |
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, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 57,677 | $ 42,610 | ||
Restricted cash and cash equivalents | 3,071 | 3,070 | ||
Restricted cash and cash equivalents included in Other Assets | 2,672 | 2,618 | ||
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows | $ 63,420 | $ 48,298 | $ 83,542 | $ 92,400 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 1,585,208 | $ 1,525,552 |
Less: Accumulated depreciation | 701,208 | 709,081 |
Property, Plant and Equipment, Net | 884,000 | 816,471 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 9,591 | 9,585 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 274,383 | 267,808 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 849,960 | 827,785 |
Property under construction | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 451,274 | $ 420,374 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | $ 656,306 | $ 617,768 | $ 429,512 | $ 404,112 |
Currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | 32,455 | 24,454 | ||
Net unrealized loss on derivative financial instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | (1,074) | (496) | ||
Unrecognized prior service cost on benefit obligations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | (15,322) | (15,902) | ||
Net unrealized gain (loss) on available-for-sale investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | 231 | 142 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | $ 16,290 | $ 8,198 | $ (18,645) | $ (7,448) |
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, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenues | $ 528,273 | $ 542,208 |
Cost of operations | (392,806) | (392,443) |
Income before Provision for Income Taxes | 91,893 | 98,448 |
Provision for Income Taxes | (22,078) | (22,828) |
Other – net | 16,386 | 7,917 |
Net Income | 69,815 | 75,620 |
Accumulated Other Comprehensive Income (Loss) Component Recognized | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net Income | (414) | (1,030) |
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 | 227 | (1) |
Cost of operations | (5) | (557) |
Income before Provision for Income Taxes | 222 | (558) |
Provision for Income Taxes | (56) | 138 |
Net Income | 166 | (420) |
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 | 157 | 167 |
Other – net | (737) | (777) |
Net Income | $ (580) | $ (610) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands, $ in Millions | Jan. 02, 2020USD ($)personnel | Jan. 02, 2020CAD ($)personnel | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jan. 02, 2020CAD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 285,992 | $ 283,708 | |||
Laker Energy Products, Ltd | |||||
Business Acquisition [Line Items] | |||||
Purchase of business | $ 17,800 | $ 23.3 | |||
Contingent consideration | $ 5 | ||||
Property, plant and equipment | 8,400 | ||||
Intangible assets | 8,200 | ||||
Goodwill | 5,800 | ||||
Right-of-use assets | 2,700 | ||||
Lease liabilities | $ 2,700 | ||||
Number of personnel acquired | personnel | 140 | 140 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 528,273 | $ 542,208 |
Fixed-Price Incentive Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 302,815 | 284,866 |
Firm-Fixed-Price | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 148,966 | 195,810 |
Cost-Plus Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 42,160 | 48,489 |
Time-and-Materials | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 41,008 | 19,292 |
Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 521,413 | 537,689 |
Point-in-time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13,536 | 10,768 |
United States: | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 434,618 | 467,320 |
United States: | Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 402,012 | 425,662 |
United States: | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 32,606 | 41,658 |
Canada: | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 92,375 | 75,487 |
Other: | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 7,956 | 5,650 |
Nuclear Operations Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 402,068 | 423,775 |
Nuclear Operations Group | Fixed-Price Incentive Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 302,325 | 284,374 |
Nuclear Operations Group | Firm-Fixed-Price | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 75,369 | 113,337 |
Nuclear Operations Group | Cost-Plus Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 24,180 | 25,996 |
Nuclear Operations Group | Time-and-Materials | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 194 | 68 |
Nuclear Operations Group | Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 402,043 | 423,739 |
Nuclear Operations Group | Point-in-time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 25 | 36 |
Nuclear Power Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 107,398 | 87,917 |
Nuclear Power Group | Fixed-Price Incentive Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 490 | 492 |
Nuclear Power Group | Firm-Fixed-Price | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 68,057 | 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 | 38,851 | 16,589 |
Nuclear Power Group | Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 93,887 | 77,185 |
Nuclear Power Group | Point-in-time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13,511 | 10,732 |
Nuclear Services Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 25,483 | 36,765 |
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 | 5,540 | 11,637 |
Nuclear Services Group | Cost-Plus Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 17,980 | 22,493 |
Nuclear Services Group | Time-and-Materials | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,963 | 2,635 |
Nuclear Services Group | Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 25,483 | 36,765 |
Nuclear Services Group | Point-in-time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 534,949 | 548,457 |
Operating Segments | Nuclear Operations Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 402,068 | 423,775 |
Operating Segments | Nuclear Operations Group | United States: | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 399,909 | 421,907 |
Operating Segments | Nuclear Operations Group | United States: | Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 379,243 | 401,066 |
Operating Segments | Nuclear Operations Group | United States: | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 20,666 | 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 | 2,159 | 1,868 |
Operating Segments | Nuclear Power Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 107,398 | 87,917 |
Operating Segments | Nuclear Power Group | United States: | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10,272 | 9,608 |
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 | 10,272 | 9,608 |
Operating Segments | Nuclear Power Group | Canada: | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 91,355 | 74,527 |
Operating Segments | Nuclear Power Group | Other: | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5,771 | 3,782 |
Operating Segments | Nuclear Services Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 25,483 | 36,765 |
Operating Segments | Nuclear Services Group | United States: | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 24,437 | 35,805 |
Operating Segments | Nuclear Services Group | United States: | Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 22,769 | 24,596 |
Operating Segments | Nuclear Services Group | United States: | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,668 | 11,209 |
Operating Segments | Nuclear Services Group | Canada: | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,020 | 960 |
Operating Segments | Nuclear Services Group | Other: | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 26 | 0 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (6,676) | (6,249) |
Eliminations | Nuclear Operations Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ (940) | $ (673) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Details (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Net favorable changes in estimate that resulted in an increase in revenue | $ 6.5 | $ 9.6 |
Contracts in progress increase | 49.3 | |
Change in advanced billings | 15.6 | |
Revenue recognized from advance billings on contracts | $ 30 | $ 30.2 |
Revenue Recognition - Contract
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Contracts with Customers, Asset and Liability [Line Items] | ||
Advance billings on contracts | $ 99,218 | $ 83,581 |
Unbilled receivables | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | 485,621 | 436,279 |
Retainages | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | 81,820 | 55,172 |
Retainages | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | $ 1,315 | $ 1,488 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 5,193 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Total Remaining Performance Obligations | $ 1,424 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Total Remaining Performance Obligations | $ 1,374 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | |
Total Remaining Performance Obligations | $ 2,395 |
Nuclear Operations Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 4,448 |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Total Remaining Performance Obligations | $ 1,156 |
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] | |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Total Remaining Performance Obligations | $ 1,192 |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | |
Total Remaining Performance Obligations | $ 2,100 |
Nuclear Power Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 697 |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Total Remaining Performance Obligations | $ 223 |
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] | |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Total Remaining Performance Obligations | $ 179 |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | |
Total Remaining Performance Obligations | $ 295 |
Nuclear Services Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 48 |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Total Remaining Performance Obligations | $ 45 |
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] | |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Total Remaining Performance Obligations | $ 3 |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | |
Total Remaining Performance Obligations | $ 0 |
Revenue Recognition - Remaini_2
Revenue Recognition - Remaining Performance Obligations Total (Details) $ in Millions | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 5,193 |
Nuclear Operations Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 4,448 |
Nuclear Power Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 697 |
Nuclear Services Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 48 |
Pension Plans and Postretirem_3
Pension Plans and Postretirement Benefits - Additional Details (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 3.1 | $ 3 |
Net periodic benefit (income) cost, excluding service costs | $ (13.4) | $ (9.5) |
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, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3,100 | $ 3,000 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2,957 | 2,819 |
Interest cost | 6,754 | 9,302 |
Expected return on plan assets | (20,414) | (19,364) |
Amortization of prior service cost (credit) | 782 | 825 |
Net periodic benefit income | (9,921) | (6,418) |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 190 | 166 |
Interest cost | 282 | 410 |
Expected return on plan assets | (716) | (672) |
Amortization of prior service cost (credit) | (45) | (48) |
Net periodic benefit income | $ (289) | $ (144) |
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, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 13,439 | $ 13,063 |
Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 800 | 800 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 6,897 | 6,755 |
U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,689 | 2,314 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,992 | 3,132 |
Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 61 | 62 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 4,543 | 4,052 |
Level 1 | Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Level 1 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Level 1 | U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,689 | 2,314 |
Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,854 | 1,738 |
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 | 8,096 | 8,211 |
Level 2 | Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 6,897 | 6,755 |
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 | 1,138 | 1,394 |
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 | 61 | 62 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 800 | 800 |
Level 3 | Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 800 | 800 |
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, 2021 | Dec. 31, 2020 |
Senior Notes | Senior Notes Due 2026 | ||
Fair Values Of Financial Instruments [Line Items] | ||
Stated interest rate on senior notes | 5.375% | |
Fair value of senior notes | $ 413.8 | $ 415.5 |
Senior Notes | Senior Notes Due 2028 | ||
Fair Values Of Financial Instruments [Line Items] | ||
Stated interest rate on senior notes | 4.125% | |
Fair value of senior notes | $ 405 | 416.7 |
FX Forward Contracts | ||
Fair Values Of Financial Instruments [Line Items] | ||
Fair value of foreign currency forward contracts | $ (1.7) | $ (2.2) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Stock based compensation expense | $ 4.2 | $ 2.6 |
Stock-based compensation, tax benefits | $ 0.7 | $ 0.4 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
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, 2021 | Mar. 31, 2020 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | $ 528,273 | $ 542,208 |
OPERATING INCOME: | ||
Total Operating Income | 82,414 | 98,267 |
Other Income (Expense) | 9,479 | 181 |
Income before Provision for Income Taxes | 91,893 | 98,448 |
Nuclear Operations Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 402,068 | 423,775 |
Operating Segments | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 534,949 | 548,457 |
OPERATING INCOME: | ||
Total Operating Income | 84,539 | 99,870 |
Operating Segments | Nuclear Operations Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 402,068 | 423,775 |
OPERATING INCOME: | ||
Total Operating Income | 74,360 | 90,359 |
Operating Segments | Nuclear Power Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 107,398 | 87,917 |
OPERATING INCOME: | ||
Total Operating Income | 10,318 | 8,470 |
Operating Segments | Nuclear Services Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 25,483 | 36,765 |
OPERATING INCOME: | ||
Total Operating Income | 5,747 | 6,400 |
Eliminations | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | (6,676) | (6,249) |
Eliminations | Nuclear Operations Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | (940) | (673) |
Eliminations | Nuclear Power Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | (181) | (129) |
Eliminations | Nuclear Services Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | (5,555) | (5,447) |
Segment Reconciling Items | ||
OPERATING INCOME: | ||
Total Operating Income | (5,886) | (5,359) |
Unallocated Corporate | ||
OPERATING INCOME: | ||
Total Operating Income | $ (2,125) | $ (1,603) |
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, 2021 | Mar. 31, 2020 | |
Basic: | ||
Net Income Attributable to BWX Technologies, Inc. | $ 69,749 | $ 75,499 |
Weighted-average common shares (in shares) | 95,303,728 | 95,412,351 |
Basic earnings per common share (in usd per share) | $ 0.73 | $ 0.79 |
Diluted: | ||
Net Income Attributable to BWX Technologies, Inc. | $ 69,749 | $ 75,499 |
Weighted-average common shares (in shares) | 95,303,728 | 95,412,351 |
Effect of dilutive securities: | ||
Stock options, restricted stock units and performance shares (in shares) | 255,135 | 344,021 |
Adjusted weighted-average common shares (in shares) | 95,558,863 | 95,756,372 |
Diluted earnings per common share (in usd per share) | $ 0.73 | $ 0.79 |
Number of shares that would be antidilutive (in shares) | 131,775 | 99,102 |
Subsequent Events (Details)
Subsequent Events (Details) - Senior Notes - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Apr. 13, 2021 | |
Subsequent Event [Line Items] | ||
Deferred debt issuance costs | $ 4,500,000 | |
Senior Notes Due 2029 | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Aggregate principal amount of debt issued | $ 400,000,000 | |
Stated interest rate | 4.125% | |
Senior Notes Due 2026 | ||
Subsequent Event [Line Items] | ||
Stated interest rate | 5.375% | |
Senior Notes Due 2026 | On and after July 15, 2021 | ||
Subsequent Event [Line Items] | ||
Redemption price as a percentage | 102.688% | |
Senior Notes Due 2026 | On and after July 15, 2022 | ||
Subsequent Event [Line Items] | ||
Redemption price as a percentage | 101.344% | |
Senior Notes Due 2026 | On and after July 15, 2023 | ||
Subsequent Event [Line Items] | ||
Redemption price as a percentage | 100.00% |