Cover page
Cover page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-34658 | |
Entity Registrant Name | BWX TECHNOLOGIES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0558025 | |
Entity Address, Address Line One | 800 Main Street, 4th Floor | |
Entity Address, City or Town | Lynchburg, | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 24504 | |
City Area Code | 980 | |
Local Phone Number | 365-4300 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | BWXT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 91,215,647 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001486957 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 67,404 | $ 33,891 |
Restricted cash and cash equivalents | 2,898 | 2,896 |
Investments | 3,777 | 3,811 |
Accounts receivable – trade, net | 85,926 | 70,663 |
Accounts receivable – other | 18,975 | 16,651 |
Retainages | 51,780 | 51,507 |
Contracts in progress | 564,326 | 546,595 |
Other current assets | 57,574 | 47,718 |
Total Current Assets | 852,660 | 773,732 |
Property, Plant and Equipment, Net | 1,088,847 | 1,045,640 |
Investments | 8,053 | 9,558 |
Goodwill | 296,905 | 285,502 |
Deferred Income Taxes | 21,556 | 21,394 |
Investments in Unconsolidated Affiliates | 113,400 | 85,284 |
Intangible Assets | 208,941 | 185,551 |
Other Assets | 115,161 | 94,719 |
TOTAL | 2,705,523 | 2,501,380 |
Current Liabilities: | ||
Accounts payable | 150,167 | 189,842 |
Accrued employee benefits | 69,028 | 71,835 |
Accrued liabilities – other | 78,977 | 80,998 |
Advance billings on contracts | 104,847 | 111,619 |
Accrued warranty expense | 6,348 | 5,321 |
Total Current Liabilities | 409,367 | 459,615 |
Long-Term Debt | 1,380,249 | 1,189,304 |
Accumulated Postretirement Benefit Obligation | 23,063 | 24,333 |
Environmental Liabilities | 94,102 | 92,642 |
Pension Liability | 50,904 | 59,388 |
Other Liabilities | 43,488 | 38,863 |
Commitments and Contingencies (Note 5) | ||
Stockholders' Equity: | ||
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 127,604,870 and 127,311,985 shares at June 30, 2022 and December 31, 2021, respectively | 1,276 | 1,273 |
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | 0 | 0 |
Capital in excess of par value | 183,251 | 174,288 |
Retained earnings | 1,868,822 | 1,775,751 |
Treasury stock at cost, 36,404,085 and 35,915,747 shares at June 30, 2022 and December 31, 2021, respectively | (1,352,324) | (1,326,280) |
Accumulated other comprehensive income (loss) | 3,261 | 12,143 |
Stockholders' Equity – BWX Technologies, Inc. | 704,286 | 637,175 |
Noncontrolling interest | 64 | 60 |
Total Stockholders' Equity | 704,350 | 637,235 |
TOTAL | $ 2,705,523 | $ 2,501,380 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
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) | 127,604,870 | 127,311,985 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Treasury stock at cost, shares (in shares) | 36,404,085 | 35,915,747 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 554,208 | $ 505,099 | $ 1,084,946 | $ 1,033,372 |
Costs and Expenses: | ||||
Cost of operations | 413,000 | 375,817 | 817,827 | 768,623 |
Research and development costs | 2,611 | 3,505 | 5,564 | 6,621 |
Losses (gains) on asset disposals and impairments, net | (1) | (29) | 29 | (37) |
Selling, general and administrative expenses | 54,680 | 59,318 | 114,814 | 117,579 |
Total Costs and Expenses | 470,290 | 438,611 | 938,234 | 892,786 |
Equity in Income of Investees | 11,319 | 7,263 | 20,098 | 15,579 |
Operating Income | 95,237 | 73,751 | 166,810 | 156,165 |
Other Income (Expense): | ||||
Interest income | 73 | 77 | 190 | 209 |
Interest expense | (8,307) | (10,203) | (15,358) | (17,242) |
Other – net | 11,096 | 15,306 | 23,905 | 31,692 |
Total Other Income (Expense) | 2,862 | 5,180 | 8,737 | 14,659 |
Income before Provision for Income Taxes | 98,099 | 78,931 | 175,547 | 170,824 |
Provision for Income Taxes | 23,418 | 19,522 | 41,792 | 41,600 |
Net Income | 74,681 | 59,409 | 133,755 | 129,224 |
Net Income Attributable to Noncontrolling Interest | (68) | (62) | (132) | (128) |
Net Income Attributable to BWX Technologies, Inc. | $ 74,613 | $ 59,347 | $ 133,623 | $ 129,096 |
Basic: | ||||
Net Income Attributable to BWX Technologies, Inc. (in usd per share) | $ 0.82 | $ 0.62 | $ 1.46 | $ 1.35 |
Diluted: | ||||
Net Income Attributable to BWX Technologies, Inc. (in usd per share) | $ 0.82 | $ 0.62 | $ 1.46 | $ 1.35 |
Shares used in the computation of earnings per share (Note 9): | ||||
Basic (in shares) | 91,394,853 | 95,354,932 | 91,479,226 | 95,329,330 |
Diluted (in shares) | 91,540,319 | 95,529,189 | 91,670,307 | 95,544,026 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 74,681 | $ 59,409 | $ 133,755 | $ 129,224 |
Other Comprehensive Income (Loss): | ||||
Currency translation adjustments | (15,281) | 7,220 | (9,916) | 15,221 |
Derivative financial instruments: | ||||
Unrealized (losses) gains arising during the period, net of tax benefit (provision) of $134, $(15), $170 and $124, respectively | (388) | 40 | (496) | (372) |
Reclassification adjustment for losses (gains) included in net income, net of tax (benefit) provision of $(52), $(55), $(104) and $1, respectively | 148 | 163 | 300 | (3) |
Amortization of benefit plan costs, net of tax benefit of $(162), $(158), $(325) and $(315), respectively | 651 | 580 | 1,302 | 1,160 |
Unrealized (losses) gains on investments arising during the period, net of tax benefit of $13, $84, $19 and $60, respectively | (48) | 0 | (72) | 89 |
Other Comprehensive Income (Loss) | (14,918) | 8,003 | (8,882) | 16,095 |
Total Comprehensive Income | 59,763 | 67,412 | 124,873 | 145,319 |
Comprehensive Income Attributable to Noncontrolling Interest | (68) | (62) | (132) | (128) |
Comprehensive Income Attributable to BWX Technologies, Inc. | $ 59,695 | $ 67,350 | $ 124,741 | $ 145,191 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax benefit (provision) on derivative financial instruments, unrealized losses | $ 134 | $ (15) | $ 170 | $ 124 |
Tax provision (benefit) on derivative financial instruments for reclassification adjustments included in net income | (52) | (55) | (104) | 1 |
Tax benefit for amortization of benefit plans | (162) | (158) | (325) | (315) |
Tax provision on unrealized gains (losses) on investments | $ 13 | $ 84 | $ 19 | $ 60 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Stockholders' Equity | Common Stock | Capital In Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2020 | 127,009,536 | |||||||
Beginning balance at Dec. 31, 2020 | $ 617,768 | $ 617,766 | $ 1,270 | $ 153,800 | $ 1,549,950 | $ 8,198 | $ (1,095,452) | $ 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 | 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 | 3,981 | $ 3 | 3,978 | ||||
Ending balance (in shares) at Mar. 31, 2021 | 127,262,146 | |||||||
Ending balance at Mar. 31, 2021 | 656,306 | 656,238 | $ 1,273 | 159,295 | 1,599,526 | 16,290 | (1,120,146) | 68 |
Beginning balance (in shares) at Dec. 31, 2020 | 127,009,536 | |||||||
Beginning balance at Dec. 31, 2020 | 617,768 | 617,766 | $ 1,270 | 153,800 | 1,549,950 | 8,198 | (1,095,452) | 2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 129,224 | |||||||
Currency translation adjustments | 15,221 | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 127,287,679 | |||||||
Ending balance at Jun. 30, 2021 | 709,087 | 708,997 | $ 1,273 | 164,926 | 1,638,709 | 24,293 | (1,120,204) | 90 |
Beginning balance (in shares) at Mar. 31, 2021 | 127,262,146 | |||||||
Beginning balance at Mar. 31, 2021 | 656,306 | 656,238 | $ 1,273 | 159,295 | 1,599,526 | 16,290 | (1,120,146) | 68 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 59,409 | 59,347 | 59,347 | 62 | ||||
Dividends declared | (20,164) | (20,164) | (20,164) | |||||
Currency translation adjustments | 7,220 | 7,220 | 7,220 | |||||
Derivative financial instruments | 203 | 203 | 203 | |||||
Defined benefit obligations | 580 | 580 | 580 | |||||
Exercises of stock options (in shares) | 13,936 | |||||||
Exercises of stock options | 339 | 339 | 339 | |||||
Shares placed in treasury | (58) | (58) | (58) | |||||
Stock-based compensation charges (in shares) | 11,597 | |||||||
Stock-based compensation charges | 5,292 | 5,292 | 5,292 | |||||
Distributions to noncontrolling interests | (40) | (40) | ||||||
Ending balance (in shares) at Jun. 30, 2021 | 127,287,679 | |||||||
Ending balance at Jun. 30, 2021 | $ 709,087 | 708,997 | $ 1,273 | 164,926 | 1,638,709 | 24,293 | (1,120,204) | 90 |
Beginning balance (in shares) at Dec. 31, 2021 | 127,311,985 | 127,311,985 | ||||||
Beginning balance at Dec. 31, 2021 | $ 637,235 | 637,175 | $ 1,273 | 174,288 | 1,775,751 | 12,143 | (1,326,280) | 60 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 59,074 | 59,010 | 59,010 | 64 | ||||
Dividends declared | (20,279) | (20,279) | (20,279) | |||||
Currency translation adjustments | 5,365 | 5,365 | 5,365 | |||||
Derivative financial instruments | 44 | 44 | 44 | |||||
Defined benefit obligations | 651 | 651 | 651 | |||||
Available-for-sale investments | (24) | (24) | (24) | |||||
Shares placed in treasury | (26,011) | (26,011) | (26,011) | |||||
Stock-based compensation charges (in shares) | 279,242 | |||||||
Stock-based compensation charges | 3,958 | 3,958 | $ 3 | 3,955 | ||||
Distributions to noncontrolling interests | (59) | (59) | ||||||
Ending balance (in shares) at Mar. 31, 2022 | 127,591,227 | |||||||
Ending balance at Mar. 31, 2022 | $ 659,954 | 659,889 | $ 1,276 | 178,243 | 1,814,482 | 18,179 | (1,352,291) | 65 |
Beginning balance (in shares) at Dec. 31, 2021 | 127,311,985 | 127,311,985 | ||||||
Beginning balance at Dec. 31, 2021 | $ 637,235 | 637,175 | $ 1,273 | 174,288 | 1,775,751 | 12,143 | (1,326,280) | 60 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 133,755 | |||||||
Currency translation adjustments | $ (9,916) | |||||||
Ending balance (in shares) at Jun. 30, 2022 | 127,604,870 | 127,604,870 | ||||||
Ending balance at Jun. 30, 2022 | $ 704,350 | 704,286 | $ 1,276 | 183,251 | 1,868,822 | 3,261 | (1,352,324) | 64 |
Beginning balance (in shares) at Mar. 31, 2022 | 127,591,227 | |||||||
Beginning balance at Mar. 31, 2022 | 659,954 | 659,889 | $ 1,276 | 178,243 | 1,814,482 | 18,179 | (1,352,291) | 65 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 74,681 | 74,613 | 74,613 | 68 | ||||
Dividends declared | (20,273) | (20,273) | (20,273) | |||||
Currency translation adjustments | (15,281) | (15,281) | (15,281) | |||||
Derivative financial instruments | (240) | (240) | (240) | |||||
Defined benefit obligations | 651 | 651 | 651 | |||||
Available-for-sale investments | (48) | (48) | (48) | |||||
Shares placed in treasury | (33) | (33) | (33) | |||||
Stock-based compensation charges (in shares) | 13,643 | |||||||
Stock-based compensation charges | 5,008 | 5,008 | 5,008 | |||||
Distributions to noncontrolling interests | $ (69) | (69) | ||||||
Ending balance (in shares) at Jun. 30, 2022 | 127,604,870 | 127,604,870 | ||||||
Ending balance at Jun. 30, 2022 | $ 704,350 | $ 704,286 | $ 1,276 | $ 183,251 | $ 1,868,822 | $ 3,261 | $ (1,352,324) | $ 64 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per share (in usd per share) | $ 0.22 | $ 0.22 | $ 0.21 | $ 0.21 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 133,755 | $ 129,224 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 36,216 | 32,992 |
Income of investees, net of dividends | (5,616) | (5,874) |
Recognition of losses for pension and postretirement plans | 1,627 | 1,475 |
Stock-based compensation expense | 8,966 | 9,273 |
Other, net | 2,921 | 1,548 |
Changes in assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable | (1,925) | 93,503 |
Accounts payable | (22,571) | (16,875) |
Retainages | (92) | 4,308 |
Contracts in progress and advance billings on contracts | (38,703) | (53,649) |
Income taxes | (4,897) | 876 |
Accrued and other current liabilities | (8,045) | 411 |
Pension liabilities, accrued postretirement benefit obligations and employee benefits | (29,798) | (44,746) |
Other, net | 200 | 5,857 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 72,038 | 158,323 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (94,946) | (170,170) |
Acquisition of business, net of cash acquired | (47,328) | 0 |
Purchases of securities | (1,975) | (2,378) |
Sales and maturities of securities | 1,981 | 2,764 |
Investments, net of return of capital, in equity method investees | (22,554) | 0 |
Other, net | 71 | 182 |
NET CASH USED IN INVESTING ACTIVITIES | (164,751) | (169,602) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings of long-term debt | 322,400 | 625,800 |
Repayments of long-term debt | (132,400) | (300,800) |
Payment of debt issuance costs | 0 | (4,838) |
Repayment of bank overdraft | 0 | (88,694) |
Repurchases of common stock | (20,000) | (20,007) |
Dividends paid to common shareholders | (40,758) | (40,326) |
Exercises of stock options | 0 | 2,011 |
Cash paid for shares withheld to satisfy employee taxes | (6,044) | (4,745) |
Other, net | 1,848 | (8,979) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 125,046 | 159,422 |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | 977 | 64 |
TOTAL INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | 33,310 | 148,207 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 39,775 | 48,298 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD | 73,085 | 196,505 |
Cash paid during the period for: | ||
Interest | 21,732 | 20,270 |
Income taxes (net of refunds) | 45,187 | 40,661 |
SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||
Accrued capital expenditures included in accounts payable | $ 10,072 | $ 26,328 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 (our "2021 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation. We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We classify assets and liabilities related to long-term contracts as current using the duration of the related contract or program as our operating cycle, which is generally longer than one year. We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries. Reportable Segments We operate in two reportable segments: Government Operations and Commercial Operations. Our reportable segments reflect changes we made during the first quarter of 2022 to better align our businesses by their government and commercial nature, which reflects the manner in which our operating segment information is reported for purposes of assessing operating performance and allocating resources. Prior to 2022, we reported three segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our Government Operations segment consists of our legacy Nuclear Operations Group and Nuclear Services Group segments with certain research and development activities in the areas of advanced reactors and advanced manufacturing. Our Commercial Operations segment consists of our legacy Nuclear Power Group segment with certain research and development and commercialization activities in the areas of medical and industrial radioisotopes. Both segments now include research and development and certain commercialization activities associated with new technologies previously reported centrally, outside of our reportable segments. The change in our reportable segments had no impact on our previously reported consolidated results of operations, financial condition or cash flows. We have applied the change in reportable segments to previously reported historical financial information and related disclosures included in this quarterly report on Form 10-Q. Our reportable segments are further described as follows: • Our Government Operations segment manufactures naval nuclear reactors, including the related nuclear fuel, for the U.S. Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we also fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons, manufacture electro-mechanical equipment, perform design, manufacturing, inspection, assembly and testing activities and downblend Cold War-era government stockpiles of high-enriched uranium. In addition, we supply proprietary and sole-source valves, manifolds and fittings to global naval and ship customers. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. This segment also provides various other services, primarily through joint ventures, to the U.S. Government including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration, the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, and NASA. In addition, 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. • Our Commercial Operations segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste and supplies nuclear- grade materials and precisely machined components for nuclear utility customers. We have supplied the nuclear industry with more than 1,300 large, heavy components worldwide, and we are the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment is also a leading global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals for research, diagnostic and therapeutic uses. See Note 8 and Note 3 for financial information about our segments. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the consolidated financial statements and notes included in our 2021 10-K. Recently Adopted Accounting Standards There were no accounting standards adopted during the six months ended June 30, 2022. 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 Commercial Operations segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. Provision for Income Taxes We are subject to federal income tax in the U.S., Canada and the United Kingdom 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 June 30, 2022 was 23.9% as compared to 24.7% for the three months ended June 30, 2021. Our effective tax rate for the six months ended June 30, 2022 was 23.8% as compared to 24.4% for the six months ended June 30, 2021. The effective tax rates for the three and six months ended June 30, 2022 and 2021 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. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents At June 30, 2022, we had restricted cash and cash equivalents totaling $5.7 million, $2.8 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $2.9 million of which was held to meet reinsurance reserve requirements of our captive insurer. The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: June 30, December 31, (In thousands) Cash and cash equivalents $ 67,404 $ 33,891 Restricted cash and cash equivalents 2,898 2,896 Restricted cash and cash equivalents included in Other Assets 2,783 2,988 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 73,085 $ 39,775 Inventories At June 30, 2022 and December 31, 2021, Other current assets included inventories totaling $26.2 million and $16.3 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: June 30, December 31, (In thousands) Land $ 9,857 $ 9,538 Buildings 347,215 321,872 Machinery and equipment 1,000,173 957,423 Property under construction 489,341 487,856 1,846,586 1,776,689 Less: Accumulated depreciation 757,739 731,049 Property, Plant and Equipment, Net $ 1,088,847 $ 1,045,640 Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows: June 30, December 31, (In thousands) Currency translation adjustments $ 20,711 $ 30,627 Net unrealized loss on derivative financial instruments (890) (694) Unrecognized prior service cost on benefit obligations (16,720) (18,022) Net unrealized gain on available-for-sale investments 160 232 Accumulated other comprehensive income (loss) $ 3,261 $ 12,143 The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected condensed consolidated statements of income line items are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ (23) $ (95) $ 66 $ 132 Revenues (177) (123) (470) (128) Cost of operations (200) (218) (404) 4 Total before tax 52 55 104 (1) Provision for Income Taxes $ (148) $ (163) $ (300) $ 3 Net Income Amortization of prior service cost on benefit obligations $ (813) $ (738) $ (1,627) $ (1,475) Other – net 162 158 325 315 Provision for Income Taxes $ (651) $ (580) $ (1,302) $ (1,160) Net Income Total reclassification for the period $ (799) $ (743) $ (1,602) $ (1,157) 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 June 30, 2022, we had deferred approximately $0.9 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 June 30, 2022 and 2021, we recognized (gains) losses of $(7.5) million and $4.7 million, respectively, and for the six months ended June 30, 2022 and 2021, we recognized losses of $0.4 million and $8.7 million, respectively, in Other – net on our condensed consolidated statements of income associated with FX forward contracts not designated as hedging instruments. At June 30, 2022, our derivative financial instruments consisted of FX forward contracts with a total notional value of $442.3 million with maturities extending to December 2024. 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 | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS Dynamic Controls Limited and Citadel Capital Corporation On April 11, 2022, our subsidiary BWXT Government Group, Inc. acquired all of the outstanding stock of U.K.-based Dynamic Controls Limited ("Dynamic") and U.S.-based Citadel Capital Corporation, along with its wholly-owned subsidiary, Cunico Corporation ("Cunico"), for approximately $49.9 million. Our preliminary purchase price allocation resulted in the recognition of $29.6 million of Intangible Assets, $8.4 million of inventory and $15.6 million of Goodwill. In addition, we recognized right-of-use assets and lease liabilities of $7.2 million. The assets acquired and liabilities assumed have been recorded at preliminary estimates of fair value as determined by management, based on information currently available and on current assumptions of future operations, and are subject to change upon completion of acquisition accounting. Dynamic and Cunico are suppliers of highly-engineered, proprietary valves, manifolds and fittings for global naval nuclear and diesel-electric submarines, surface warfare ships and commercial shipping vessels. These companies are reported as part of our Government Operations segment. The intangible assets included above consist of the following (dollar amounts in thousands): Amount Amortization Period Customer relationships $ 17,700 21 years Backlog $ 7,700 5 years Unpatented technology $ 4,200 8 years |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION As described in Note 1, our operations are assessed based on two reportable segments. In connection with our segment reporting change, we have revised historical amounts to conform to current segment presentation. Disaggregated Revenues Revenues by geographic area and customer type were as follows: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) United States: Government $ 410,793 $ — $ 410,793 $ 384,029 $ — $ 384,029 Non-Government 22,236 8,856 31,092 19,483 11,488 30,971 $ 433,029 $ 8,856 $ 441,885 $ 403,512 $ 11,488 $ 415,000 Canada: Non-Government $ 841 $ 102,757 $ 103,598 $ 634 $ 84,576 $ 85,210 Other: Government $ 725 $ — $ 725 $ — $ — $ — Non-Government 1,942 6,909 8,851 1,351 5,778 7,129 $ 2,667 $ 6,909 $ 9,576 $ 1,351 $ 5,778 $ 7,129 Segment Revenues $ 436,537 $ 118,522 555,059 $ 405,497 $ 101,842 507,339 Eliminations (851) (2,240) Revenues $ 554,208 $ 505,099 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) United States: Government $ 817,040 $ — $ 817,040 $ 782,653 $ — $ 782,653 Non-Government 45,794 16,070 61,864 40,929 21,760 62,689 $ 862,834 $ 16,070 $ 878,904 $ 823,582 $ 21,760 $ 845,342 Canada: Non-Government $ 1,819 $ 193,155 $ 194,974 $ 1,654 $ 175,931 $ 177,585 Other: Government $ 725 $ — $ 725 $ — $ — $ — Non-Government 2,936 9,247 12,183 3,536 11,549 15,085 $ 3,661 $ 9,247 $ 12,908 $ 3,536 $ 11,549 $ 15,085 Segment Revenues $ 868,314 $ 218,472 1,086,786 $ 828,772 $ 209,240 1,038,012 Eliminations (1,840) (4,640) Revenues $ 1,084,946 $ 1,033,372 Revenues by timing of transfer of goods or services were as follows: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Over time $ 436,537 $ 104,580 $ 541,117 $ 405,408 $ 91,857 $ 497,265 Point-in-time — 13,942 13,942 89 9,985 10,074 Segment Revenues $ 436,537 $ 118,522 555,059 $ 405,497 $ 101,842 507,339 Eliminations (851) (2,240) Revenues $ 554,208 $ 505,099 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Over time $ 868,286 $ 190,495 $ 1,058,781 $ 828,658 $ 185,744 $ 1,014,402 Point-in-time 28 27,977 28,005 114 23,496 23,610 Segment Revenues $ 868,314 $ 218,472 1,086,786 $ 828,772 $ 209,240 1,038,012 Eliminations (1,840) (4,640) Revenues $ 1,084,946 $ 1,033,372 Revenues by contract type were as follows: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Fixed-Price Incentive Fee $ 324,948 $ 1,969 $ 326,917 $ 318,843 $ 3,730 $ 322,573 Firm-Fixed-Price 60,672 75,351 136,023 46,466 75,276 121,742 Cost-Plus Fee 49,970 — 49,970 38,022 — 38,022 Time-and-Materials 947 41,202 42,149 2,166 22,836 25,002 Segment Revenues $ 436,537 $ 118,522 555,059 $ 405,497 $ 101,842 507,339 Eliminations (851) (2,240) Revenues $ 554,208 $ 505,099 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Fixed-Price Incentive Fee $ 626,373 $ 4,516 $ 630,889 $ 621,169 $ 4,220 $ 625,389 Firm-Fixed-Price 144,238 153,333 297,571 126,723 143,333 270,056 Cost-Plus Fee 95,488 — 95,488 76,837 — 76,837 Time-and-Materials 2,215 60,623 62,838 4,043 61,687 65,730 Segment Revenues $ 868,314 $ 218,472 1,086,786 $ 828,772 $ 209,240 1,038,012 Eliminations (1,840) (4,640) Revenues $ 1,084,946 $ 1,033,372 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 and six months ended June 30, 2022, we recognized net changes in estimates related to contracts that recognize revenue over time that resulted in increases (decreases) in revenues of $2.1 million and $(3.1) million, respectively, and increases in cost of operations of $2.2 million for both the three and six months ended June 30, 2022. Included in these amounts are contract adjustments for cost overruns related to the manufacture of non-nuclear components being produced within our Government Operations segment. We recognized decreases in operating income of $11.3 million for the three and six months ended June 30, 2022 related to this matter. These contract adjustments resulted in decreases in earnings per share of $0.09 for the three and six months ended June 30, 2022. We are exploring opportunities for recovery of cost overruns related to this project. During the three and six months ended June 30, 2021, we recognized net favorable changes in estimates related to contracts that recognize revenue over time that resulted in increases in revenues of $3.2 million and $9.7 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 receivables. Changes in Contracts in progress and Advance billings on contracts are primarily driven by differences in the timing of revenue recognition and billings to our customers. Our fixed-price incentive fee contracts for our Government Operations segment include provisions that result in an increase in retainages on contracts during the first and third quarters of the year, with larger payments received during the second and fourth quarters. Retainages also vary as a result of timing differences between incurring costs and achieving milestones that allow us to recover these amounts. June 30, December 31, 2022 2021 (In thousands) Included in Contracts in progress: Unbilled receivables $ 544,067 $ 528,644 Retainages $ 51,780 $ 51,507 Included in Other Assets: Retainages $ 1,074 $ 1,271 Advance billings on contracts $ 104,847 $ 111,619 During the three months ended June 30, 2022 and 2021, we recognized $38.6 million and $23.1 million, respectively, of revenues that were in Advance billings on contracts at the beginning of each year. During the six months ended June 30, 2022 and 2021, we recognized $77.3 million and $53.1 million, respectively, of revenues that were in Advance billings on contracts at the beginning of each year. Remaining Performance Obligations Remaining performance obligations represent the dollar amount of revenue we expect to recognize in the future from performance obligations on contracts previously awarded and in progress. At June 30, 2022, our remaining performance obligations were $4,720.7 million. We expect to recognize approximately 57% of the revenue associated with our remaining performance obligations by the end of 2023, with the remainder to be recognized thereafter. |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension Plans and Postretirement Benefits | PENSION PLANS AND POSTRETIREMENT BENEFITS We record the service cost component of net periodic benefit cost within Operating income on our condensed consolidated statements of income. For the three months ended June 30, 2022 and 2021, these amounts were $3.2 million and $3.2 million, respectively. For the six months ended June 30, 2022 and 2021, these amounts were $6.2 million and $6.3 million, respectively. All other components of net periodic benefit cost are included in Other – net within the condensed consolidated statements of income. For the three months ended June 30, 2022 and 2021, these amounts were $(12.6) million and $(13.4) million, respectively. For the six months ended June 30, 2022 and 2021, these amounts were $(25.2) million and $(26.7) million, respectively. Components of net periodic benefit cost included in net income were as follows: Pension Benefits Other Benefits Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2022 2021 2022 2021 2022 2021 2022 2021 (In thousands) Service cost $ 2,988 $ 2,972 $ 5,905 $ 5,929 $ 166 $ 196 $ 331 $ 386 Interest cost 7,858 6,781 15,679 13,535 347 286 694 568 Expected return on plan assets (20,888) (20,448) (41,756) (40,862) (737) (715) (1,475) (1,431) Amortization of prior service cost (credit) 807 782 1,614 1,564 6 (44) 13 (89) Net periodic benefit income $ (9,235) $ (9,913) $ (18,558) $ (19,834) $ (218) $ (277) $ (437) $ (566) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
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 | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Investments The following is a summary of our investments measured at fair value at June 30, 2022: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Mutual funds $ 6,221 $ — $ 6,221 $ — $ — Available-for-sale securities U.S. Government and agency securities 3,235 3,235 — — — Corporate bonds 2,326 1,784 542 — — Asset-backed securities and collateralized mortgage obligations 48 — 48 — — Total $ 11,830 $ 5,019 $ 6,811 $ — $ — The following is a summary of our investments measured at fair value at December 31, 2021: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Mutual funds $ 7,650 $ — $ 7,650 $ — $ — Available-for-sale securities U.S. Government and agency securities 2,738 2,738 — — — Corporate bonds 2,926 1,852 1,074 — — Asset-backed securities and collateralized mortgage obligations 55 — 55 — — Total $ 13,369 $ 4,590 $ 8,779 $ — $ — We estimate the fair value of investments based on quoted market prices. For investments for which there are no quoted market prices, we derive fair values from available yield curves for investments of similar quality and terms. Derivatives Level 2 derivative assets and liabilities currently consist of FX forward contracts. Where applicable, the value of these derivative assets and liabilities is computed by discounting the projected future cash flow amounts to present value using market-based observable inputs, including FX forward and spot rates, interest rates and counterparty performance risk adjustments. At June 30, 2022 and December 31, 2021, we had FX forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars and Euros, with a total fair value of $0.4 million and $(3.2) 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 4.125% senior notes due 2028 (the "Senior Notes due 2028") and our 4.125% senior notes due 2029 (the "Senior Notes due 2029"), on quoted market prices. Where quoted prices are not available, we base the fair values on the present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms. At June 30, 2022 and December 31, 2021, the fair value of the Senior Notes due 2028 was $358.0 million and $406.3 million, respectively, and the fair value of the Senior Notes due 2029 was $357.0 million and $406.5 million, respectively. The fair value of our remaining debt instruments approximated their carrying values at June 30, 2022 and December 31, 2021. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATIONStock-based compensation recognized for all of our plans for the three months ended June 30, 2022 and 2021 totaled $5.1 million and $5.0 million, respectively, with associated tax benefit totaling $0.9 million and $0.8 million, respectively. Stock-based compensation recognized for all of our plans for the six months ended June 30, 2022 and 2021 totaled $9.2 million and $9.2 million, respectively, with associated tax benefit totaling $1.6 million and $1.5 million, respectively. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING As described in Note 1, our operations are assessed based on two reportable segments. In connection with our segment reporting change, we have revised historical amounts to conform to current segment presentation. An analysis of our operations by reportable segment is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands) REVENUES: Government Operations $ 436,537 $ 405,497 $ 868,314 $ 828,772 Commercial Operations 118,522 101,842 218,472 209,240 Eliminations (1) (851) (2,240) (1,840) (4,640) $ 554,208 $ 505,099 $ 1,084,946 $ 1,033,372 (1) Segment revenues are net of the following intersegment transfers: Government Operations Transfers $ (851) $ (1,897) $ (1,774) $ (4,116) Commercial Operations Transfers — (343) (66) (524) $ (851) $ (2,240) $ (1,840) $ (4,640) OPERATING INCOME: Government Operations $ 83,783 $ 72,871 $ 156,014 $ 151,116 Commercial Operations 12,864 5,640 16,826 11,934 $ 96,647 $ 78,511 $ 172,840 $ 163,050 Unallocated Corporate (2) (1,410) (4,760) (6,030) (6,885) Total Operating Income $ 95,237 $ 73,751 $ 166,810 $ 156,165 Other Income (Expense) 2,862 5,180 8,737 14,659 Income before Provision for Income Taxes $ 98,099 $ 78,931 $ 175,547 $ 170,824 (2) Unallocated corporate includes general corporate overhead not allocated to segments. June 30, December 31, (In thousands) SEGMENT ASSETS: Government Operations $ 1,516,899 $ 1,430,863 Commercial Operations 1,033,360 976,382 Total Segment Assets $ 2,550,259 $ 2,407,245 Corporate Assets 155,264 94,135 Total Assets $ 2,705,523 $ 2,501,380 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 74,613 $ 59,347 $ 133,623 $ 129,096 Weighted-average common shares 91,394,853 95,354,932 91,479,226 95,329,330 Basic earnings per common share $ 0.82 $ 0.62 $ 1.46 $ 1.35 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 74,613 $ 59,347 $ 133,623 $ 129,096 Weighted-average common shares (basic) 91,394,853 95,354,932 91,479,226 95,329,330 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 145,466 174,257 191,081 214,696 Adjusted weighted-average common shares 91,540,319 95,529,189 91,670,307 95,544,026 Diluted earnings per common share $ 0.82 $ 0.62 $ 1.46 $ 1.35 (1) At June 30, 2022 and 2021, we excluded 80,117 and 7,914 shares, respectively, from our diluted share calculation as their effect would have been antidilutive. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 (our "2021 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation. |
Consolidation | We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We classify assets and liabilities related to long-term contracts as current using the duration of the related contract or program as our operating cycle, which is generally longer than one year. We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries. |
Reportable Segments | Reportable Segments We operate in two reportable segments: Government Operations and Commercial Operations. Our reportable segments reflect changes we made during the first quarter of 2022 to better align our businesses by their government and commercial nature, which reflects the manner in which our operating segment information is reported for purposes of assessing operating performance and allocating resources. Prior to 2022, we reported three segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our Government Operations segment consists of our legacy Nuclear Operations Group and Nuclear Services Group segments with certain research and development activities in the areas of advanced reactors and advanced manufacturing. Our Commercial Operations segment consists of our legacy Nuclear Power Group segment with certain research and development and commercialization activities in the areas of medical and industrial radioisotopes. Both segments now include research and development and certain commercialization activities associated with new technologies previously reported centrally, outside of our reportable segments. The change in our reportable segments had no impact on our previously reported consolidated results of operations, financial condition or cash flows. We have applied the change in reportable segments to previously reported historical financial information and related disclosures included in this quarterly report on Form 10-Q. Our reportable segments are further described as follows: • Our Government Operations segment manufactures naval nuclear reactors, including the related nuclear fuel, for the U.S. Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we also fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons, manufacture electro-mechanical equipment, perform design, manufacturing, inspection, assembly and testing activities and downblend Cold War-era government stockpiles of high-enriched uranium. In addition, we supply proprietary and sole-source valves, manifolds and fittings to global naval and ship customers. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. This segment also provides various other services, primarily through joint ventures, to the U.S. Government including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration, the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, and NASA. In addition, 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. • Our Commercial Operations segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste and supplies nuclear- |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards There were no accounting standards adopted during the six months ended June 30, 2022. |
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 Commercial Operations segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. |
Provision for Income Taxes | Provision for Income Taxes We are subject to federal income tax in the U.S., Canada and the United Kingdom 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 June 30, 2022, we had restricted cash and cash equivalents totaling $5.7 million, $2.8 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $2.9 million of which was held to meet reinsurance reserve requirements of our captive insurer. |
Inventories | Inventories At June 30, 2022 and December 31, 2021, Other current assets included inventories totaling $26.2 million and $16.3 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) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: June 30, December 31, (In thousands) Cash and cash equivalents $ 67,404 $ 33,891 Restricted cash and cash equivalents 2,898 2,896 Restricted cash and cash equivalents included in Other Assets 2,783 2,988 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 73,085 $ 39,775 |
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: June 30, December 31, (In thousands) Cash and cash equivalents $ 67,404 $ 33,891 Restricted cash and cash equivalents 2,898 2,896 Restricted cash and cash equivalents included in Other Assets 2,783 2,988 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 73,085 $ 39,775 |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net is stated at cost and is set forth below: June 30, December 31, (In thousands) Land $ 9,857 $ 9,538 Buildings 347,215 321,872 Machinery and equipment 1,000,173 957,423 Property under construction 489,341 487,856 1,846,586 1,776,689 Less: Accumulated depreciation 757,739 731,049 Property, Plant and Equipment, Net $ 1,088,847 $ 1,045,640 |
Components of Accumulated Other Comprehensive Income (Loss) | The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows: June 30, December 31, (In thousands) Currency translation adjustments $ 20,711 $ 30,627 Net unrealized loss on derivative financial instruments (890) (694) Unrecognized prior service cost on benefit obligations (16,720) (18,022) Net unrealized gain on available-for-sale investments 160 232 Accumulated other comprehensive income (loss) $ 3,261 $ 12,143 |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected condensed consolidated statements of income line items are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ (23) $ (95) $ 66 $ 132 Revenues (177) (123) (470) (128) Cost of operations (200) (218) (404) 4 Total before tax 52 55 104 (1) Provision for Income Taxes $ (148) $ (163) $ (300) $ 3 Net Income Amortization of prior service cost on benefit obligations $ (813) $ (738) $ (1,627) $ (1,475) Other – net 162 158 325 315 Provision for Income Taxes $ (651) $ (580) $ (1,302) $ (1,160) Net Income Total reclassification for the period $ (799) $ (743) $ (1,602) $ (1,157) |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Intangible Assets Acquired | The intangible assets included above consist of the following (dollar amounts in thousands): Amount Amortization Period Customer relationships $ 17,700 21 years Backlog $ 7,700 5 years Unpatented technology $ 4,200 8 years |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenues | Revenues by geographic area and customer type were as follows: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) United States: Government $ 410,793 $ — $ 410,793 $ 384,029 $ — $ 384,029 Non-Government 22,236 8,856 31,092 19,483 11,488 30,971 $ 433,029 $ 8,856 $ 441,885 $ 403,512 $ 11,488 $ 415,000 Canada: Non-Government $ 841 $ 102,757 $ 103,598 $ 634 $ 84,576 $ 85,210 Other: Government $ 725 $ — $ 725 $ — $ — $ — Non-Government 1,942 6,909 8,851 1,351 5,778 7,129 $ 2,667 $ 6,909 $ 9,576 $ 1,351 $ 5,778 $ 7,129 Segment Revenues $ 436,537 $ 118,522 555,059 $ 405,497 $ 101,842 507,339 Eliminations (851) (2,240) Revenues $ 554,208 $ 505,099 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) United States: Government $ 817,040 $ — $ 817,040 $ 782,653 $ — $ 782,653 Non-Government 45,794 16,070 61,864 40,929 21,760 62,689 $ 862,834 $ 16,070 $ 878,904 $ 823,582 $ 21,760 $ 845,342 Canada: Non-Government $ 1,819 $ 193,155 $ 194,974 $ 1,654 $ 175,931 $ 177,585 Other: Government $ 725 $ — $ 725 $ — $ — $ — Non-Government 2,936 9,247 12,183 3,536 11,549 15,085 $ 3,661 $ 9,247 $ 12,908 $ 3,536 $ 11,549 $ 15,085 Segment Revenues $ 868,314 $ 218,472 1,086,786 $ 828,772 $ 209,240 1,038,012 Eliminations (1,840) (4,640) Revenues $ 1,084,946 $ 1,033,372 Revenues by timing of transfer of goods or services were as follows: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Over time $ 436,537 $ 104,580 $ 541,117 $ 405,408 $ 91,857 $ 497,265 Point-in-time — 13,942 13,942 89 9,985 10,074 Segment Revenues $ 436,537 $ 118,522 555,059 $ 405,497 $ 101,842 507,339 Eliminations (851) (2,240) Revenues $ 554,208 $ 505,099 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Over time $ 868,286 $ 190,495 $ 1,058,781 $ 828,658 $ 185,744 $ 1,014,402 Point-in-time 28 27,977 28,005 114 23,496 23,610 Segment Revenues $ 868,314 $ 218,472 1,086,786 $ 828,772 $ 209,240 1,038,012 Eliminations (1,840) (4,640) Revenues $ 1,084,946 $ 1,033,372 Revenues by contract type were as follows: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Fixed-Price Incentive Fee $ 324,948 $ 1,969 $ 326,917 $ 318,843 $ 3,730 $ 322,573 Firm-Fixed-Price 60,672 75,351 136,023 46,466 75,276 121,742 Cost-Plus Fee 49,970 — 49,970 38,022 — 38,022 Time-and-Materials 947 41,202 42,149 2,166 22,836 25,002 Segment Revenues $ 436,537 $ 118,522 555,059 $ 405,497 $ 101,842 507,339 Eliminations (851) (2,240) Revenues $ 554,208 $ 505,099 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Fixed-Price Incentive Fee $ 626,373 $ 4,516 $ 630,889 $ 621,169 $ 4,220 $ 625,389 Firm-Fixed-Price 144,238 153,333 297,571 126,723 143,333 270,056 Cost-Plus Fee 95,488 — 95,488 76,837 — 76,837 Time-and-Materials 2,215 60,623 62,838 4,043 61,687 65,730 Segment Revenues $ 868,314 $ 218,472 1,086,786 $ 828,772 $ 209,240 1,038,012 Eliminations (1,840) (4,640) Revenues $ 1,084,946 $ 1,033,372 |
Schedule of Contract Assets and Liabilities | June 30, December 31, 2022 2021 (In thousands) Included in Contracts in progress: Unbilled receivables $ 544,067 $ 528,644 Retainages $ 51,780 $ 51,507 Included in Other Assets: Retainages $ 1,074 $ 1,271 Advance billings on contracts $ 104,847 $ 111,619 |
Pension Plans and Postretirem_2
Pension Plans and Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost included in net income were as follows: Pension Benefits Other Benefits Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2022 2021 2022 2021 2022 2021 2022 2021 (In thousands) Service cost $ 2,988 $ 2,972 $ 5,905 $ 5,929 $ 166 $ 196 $ 331 $ 386 Interest cost 7,858 6,781 15,679 13,535 347 286 694 568 Expected return on plan assets (20,888) (20,448) (41,756) (40,862) (737) (715) (1,475) (1,431) Amortization of prior service cost (credit) 807 782 1,614 1,564 6 (44) 13 (89) Net periodic benefit income $ (9,235) $ (9,913) $ (18,558) $ (19,834) $ (218) $ (277) $ (437) $ (566) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Investments Measured at Fair Value | The following is a summary of our investments measured at fair value at June 30, 2022: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Mutual funds $ 6,221 $ — $ 6,221 $ — $ — Available-for-sale securities U.S. Government and agency securities 3,235 3,235 — — — Corporate bonds 2,326 1,784 542 — — Asset-backed securities and collateralized mortgage obligations 48 — 48 — — Total $ 11,830 $ 5,019 $ 6,811 $ — $ — The following is a summary of our investments measured at fair value at December 31, 2021: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Mutual funds $ 7,650 $ — $ 7,650 $ — $ — Available-for-sale securities U.S. Government and agency securities 2,738 2,738 — — — Corporate bonds 2,926 1,852 1,074 — — Asset-backed securities and collateralized mortgage obligations 55 — 55 — — Total $ 13,369 $ 4,590 $ 8,779 $ — $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Operating Results by Segment | An analysis of our operations by reportable segment is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands) REVENUES: Government Operations $ 436,537 $ 405,497 $ 868,314 $ 828,772 Commercial Operations 118,522 101,842 218,472 209,240 Eliminations (1) (851) (2,240) (1,840) (4,640) $ 554,208 $ 505,099 $ 1,084,946 $ 1,033,372 (1) Segment revenues are net of the following intersegment transfers: Government Operations Transfers $ (851) $ (1,897) $ (1,774) $ (4,116) Commercial Operations Transfers — (343) (66) (524) $ (851) $ (2,240) $ (1,840) $ (4,640) OPERATING INCOME: Government Operations $ 83,783 $ 72,871 $ 156,014 $ 151,116 Commercial Operations 12,864 5,640 16,826 11,934 $ 96,647 $ 78,511 $ 172,840 $ 163,050 Unallocated Corporate (2) (1,410) (4,760) (6,030) (6,885) Total Operating Income $ 95,237 $ 73,751 $ 166,810 $ 156,165 Other Income (Expense) 2,862 5,180 8,737 14,659 Income before Provision for Income Taxes $ 98,099 $ 78,931 $ 175,547 $ 170,824 (2) Unallocated corporate includes general corporate overhead not allocated to segments. June 30, December 31, (In thousands) SEGMENT ASSETS: Government Operations $ 1,516,899 $ 1,430,863 Commercial Operations 1,033,360 976,382 Total Segment Assets $ 2,550,259 $ 2,407,245 Corporate Assets 155,264 94,135 Total Assets $ 2,705,523 $ 2,501,380 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 74,613 $ 59,347 $ 133,623 $ 129,096 Weighted-average common shares 91,394,853 95,354,932 91,479,226 95,329,330 Basic earnings per common share $ 0.82 $ 0.62 $ 1.46 $ 1.35 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 74,613 $ 59,347 $ 133,623 $ 129,096 Weighted-average common shares (basic) 91,394,853 95,354,932 91,479,226 95,329,330 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 145,466 174,257 191,081 214,696 Adjusted weighted-average common shares 91,540,319 95,529,189 91,670,307 95,544,026 Diluted earnings per common share $ 0.82 $ 0.62 $ 1.46 $ 1.35 (1) At June 30, 2022 and 2021, we excluded 80,117 and 7,914 shares, respectively, from our diluted share calculation as their effect would have been antidilutive. |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment component | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) segment | |
Noncash or Part Noncash Divestitures [Line Items] | |||||
Number of reportable segments | segment | 2 | 3 | |||
Number of components supplied to worldwide (more than) | component | 1,300 | ||||
Effective tax rate | 23.90% | 24.70% | 23.80% | 24.40% | |
Restricted cash and cash equivalents | $ 5.7 | $ 5.7 | |||
Total inventories | 26.2 | 26.2 | $ 16.3 | ||
Net losses on foreign exchange forward contracts | 0.9 | ||||
Recognized (gain) loss on FX forward contracts not designated as hedges | (7.5) | $ 4.7 | 0.4 | $ 8.7 | |
Notional amount of foreign currency forward contracts | 442.3 | 442.3 | |||
Cash Held for Decommissioning of Facilities | |||||
Noncash or Part Noncash Divestitures [Line Items] | |||||
Restricted cash and cash equivalents | 2.8 | 2.8 | |||
Cash Held to Meet Reinsurance Reserve Requirements | |||||
Noncash or Part Noncash Divestitures [Line Items] | |||||
Restricted cash and cash equivalents | $ 2.9 | $ 2.9 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 67,404 | $ 33,891 | ||
Restricted cash and cash equivalents | 2,898 | 2,896 | ||
Restricted cash and cash equivalents included in Other Assets | 2,783 | 2,988 | ||
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows | $ 73,085 | $ 39,775 | $ 196,505 | $ 48,298 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 1,846,586 | $ 1,776,689 |
Less: Accumulated depreciation | 757,739 | 731,049 |
Property, Plant and Equipment, Net | 1,088,847 | 1,045,640 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 9,857 | 9,538 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 347,215 | 321,872 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 1,000,173 | 957,423 |
Property under construction | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 489,341 | $ 487,856 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | $ 704,350 | $ 659,954 | $ 637,235 | $ 709,087 | $ 656,306 | $ 617,768 |
Currency translation adjustments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | 20,711 | 30,627 | ||||
Net unrealized loss on derivative financial instruments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | (890) | (694) | ||||
Unrecognized prior service cost on benefit obligations | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | (16,720) | (18,022) | ||||
Net unrealized gain on available-for-sale investments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | 160 | 232 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | $ 3,261 | $ 18,179 | $ 12,143 | $ 24,293 | $ 16,290 | $ 8,198 |
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 | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Revenues | $ 554,208 | $ 505,099 | $ 1,084,946 | $ 1,033,372 | ||
Cost of operations | (413,000) | (375,817) | (817,827) | (768,623) | ||
Total before tax | 98,099 | 78,931 | 175,547 | 170,824 | ||
Provision for Income Taxes | (23,418) | (19,522) | (41,792) | (41,600) | ||
Other – net | 11,096 | 15,306 | 23,905 | 31,692 | ||
Net Income | 74,681 | $ 59,074 | 59,409 | $ 69,815 | 133,755 | 129,224 |
Accumulated Other Comprehensive Income (Loss) Component Recognized | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net Income | (799) | (743) | (1,602) | (1,157) | ||
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 | (23) | (95) | 66 | 132 | ||
Cost of operations | (177) | (123) | (470) | (128) | ||
Total before tax | (200) | (218) | (404) | 4 | ||
Provision for Income Taxes | 52 | 55 | 104 | (1) | ||
Net Income | (148) | (163) | (300) | 3 | ||
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 | 162 | 158 | 325 | 315 | ||
Other – net | (813) | (738) | (1,627) | (1,475) | ||
Net Income | $ (651) | $ (580) | $ (1,302) | $ (1,160) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 11, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 296,905 | $ 285,502 | |
Dynamic Controls Limited and Citadel Capital Corporation | |||
Business Acquisition [Line Items] | |||
Business combination, consideration transferred | $ 49,900 | ||
Intangible assets | 29,600 | ||
Business combination, inventory | 8,400 | ||
Goodwill | 15,600 | ||
Operating lease, right-of-use assets | 7,200 | ||
Operating lease, liability | $ 7,200 |
Acquisitions - Intangible Asset
Acquisitions - Intangible Assets Acquired (Detail) - Dynamic Controls Limited and Citadel Capital Corporation $ in Thousands | Apr. 11, 2022 USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 29,600 |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 17,700 |
Amortization Period | 21 years |
Backlog | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 7,700 |
Amortization Period | 5 years |
Unpatented technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 4,200 |
Amortization Period | 8 years |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 554,208 | $ 505,099 | $ 1,084,946 | $ 1,033,372 |
Fixed-Price Incentive Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 326,917 | 322,573 | 630,889 | 625,389 |
Firm-Fixed-Price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 136,023 | 121,742 | 297,571 | 270,056 |
Cost-Plus Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 49,970 | 38,022 | 95,488 | 76,837 |
Time-and-Materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 42,149 | 25,002 | 62,838 | 65,730 |
Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 541,117 | 497,265 | 1,058,781 | 1,014,402 |
Point-in-time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 13,942 | 10,074 | 28,005 | 23,610 |
United States: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 441,885 | 415,000 | 878,904 | 845,342 |
United States: | Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 410,793 | 384,029 | 817,040 | 782,653 |
United States: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 31,092 | 30,971 | 61,864 | 62,689 |
Canada: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 103,598 | 85,210 | 194,974 | 177,585 |
Other: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 9,576 | 7,129 | 12,908 | 15,085 |
Other: | Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 725 | 0 | 725 | 0 |
Other: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8,851 | 7,129 | 12,183 | 15,085 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 555,059 | 507,339 | 1,086,786 | 1,038,012 |
Operating Segments | Government Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 436,537 | 405,497 | 868,314 | 828,772 |
Operating Segments | Government Operations | Fixed-Price Incentive Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 324,948 | 318,843 | 626,373 | 621,169 |
Operating Segments | Government Operations | Firm-Fixed-Price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 60,672 | 46,466 | 144,238 | 126,723 |
Operating Segments | Government Operations | Cost-Plus Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 49,970 | 38,022 | 95,488 | 76,837 |
Operating Segments | Government Operations | Time-and-Materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 947 | 2,166 | 2,215 | 4,043 |
Operating Segments | Government Operations | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 436,537 | 405,408 | 868,286 | 828,658 |
Operating Segments | Government Operations | Point-in-time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 89 | 28 | 114 |
Operating Segments | Government Operations | United States: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 433,029 | 403,512 | 862,834 | 823,582 |
Operating Segments | Government Operations | United States: | Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 410,793 | 384,029 | 817,040 | 782,653 |
Operating Segments | Government Operations | United States: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 22,236 | 19,483 | 45,794 | 40,929 |
Operating Segments | Government Operations | Canada: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 841 | 634 | 1,819 | 1,654 |
Operating Segments | Government Operations | Other: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,667 | 1,351 | 3,661 | 3,536 |
Operating Segments | Government Operations | Other: | Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 725 | 0 | 725 | 0 |
Operating Segments | Government Operations | Other: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,942 | 1,351 | 2,936 | 3,536 |
Operating Segments | Commercial Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 118,522 | 101,842 | 218,472 | 209,240 |
Operating Segments | Commercial Operations | Fixed-Price Incentive Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,969 | 3,730 | 4,516 | 4,220 |
Operating Segments | Commercial Operations | Firm-Fixed-Price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 75,351 | 75,276 | 153,333 | 143,333 |
Operating Segments | Commercial Operations | Cost-Plus Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Commercial Operations | Time-and-Materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 41,202 | 22,836 | 60,623 | 61,687 |
Operating Segments | Commercial Operations | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 104,580 | 91,857 | 190,495 | 185,744 |
Operating Segments | Commercial Operations | Point-in-time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 13,942 | 9,985 | 27,977 | 23,496 |
Operating Segments | Commercial Operations | United States: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8,856 | 11,488 | 16,070 | 21,760 |
Operating Segments | Commercial Operations | United States: | Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Commercial Operations | United States: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8,856 | 11,488 | 16,070 | 21,760 |
Operating Segments | Commercial Operations | Canada: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 102,757 | 84,576 | 193,155 | 175,931 |
Operating Segments | Commercial Operations | Other: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,909 | 5,778 | 9,247 | 11,549 |
Operating Segments | Commercial Operations | Other: | Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Commercial Operations | Other: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,909 | 5,778 | 9,247 | 11,549 |
Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | (851) | (2,240) | (1,840) | (4,640) |
Eliminations | Government Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | (851) | (1,897) | (1,774) | (4,116) |
Eliminations | Commercial Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 0 | $ (343) | $ (66) | $ (524) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Details (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment $ / shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 segment | |
Revenue from Contract with Customer [Abstract] | |||||
Number of reportable segments | segment | 2 | 3 | |||
Net favorable changes in estimate that resulted in an increase in revenue | $ 2.1 | $ 3.2 | $ (3.1) | $ 9.7 | |
Net changes in estimate that resulted in an increase in cost of operations | 2.2 | 2.2 | |||
Net changes in estimate that resulted in a decrease in operating income | $ (11.3) | $ 11.3 | |||
Net changes in estimate that resulted in a decrease in earnings per share | $ / shares | $ (0.09) | $ 0.09 | |||
Revenue recognized from advance billings on contracts | $ 38.6 | $ 23.1 | $ 77.3 | $ 53.1 | |
Revenue, remaining performance obligation, amount | $ 4,720.7 | $ 4,720.7 | |||
Revenue, remaining performance obligation, percentage | 57% | 57% |
Revenue Recognition - Contract
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Contracts with Customers, Asset and Liability [Line Items] | ||
Advance billings on contracts | $ 104,847 | $ 111,619 |
Unbilled receivables | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | 544,067 | 528,644 |
Retainages | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | 51,780 | 51,507 |
Retainages | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | $ 1,074 | $ 1,271 |
Pension Plans and Postretirem_3
Pension Plans and Postretirement Benefits - Additional Details (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 3.2 | $ 3.2 | $ 6.2 | $ 6.3 |
Net periodic benefit (income) cost, excluding service costs | $ (12.6) | $ (13.4) | $ (25.2) | $ (26.7) |
Pension Plans and Postretirem_4
Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 3,200 | $ 3,200 | $ 6,200 | $ 6,300 |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2,988 | 2,972 | 5,905 | 5,929 |
Interest cost | 7,858 | 6,781 | 15,679 | 13,535 |
Expected return on plan assets | (20,888) | (20,448) | (41,756) | (40,862) |
Amortization of prior service cost (credit) | 807 | 782 | 1,614 | 1,564 |
Net periodic benefit income | (9,235) | (9,913) | (18,558) | (19,834) |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 166 | 196 | 331 | 386 |
Interest cost | 347 | 286 | 694 | 568 |
Expected return on plan assets | (737) | (715) | (1,475) | (1,431) |
Amortization of prior service cost (credit) | 6 | (44) | 13 | (89) |
Net periodic benefit income | $ (218) | $ (277) | $ (437) | $ (566) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Investments and Available-for-Sale Securities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 11,830 | $ 13,369 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 6,221 | 7,650 |
U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,235 | 2,738 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,326 | 2,926 |
Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 48 | 55 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 5,019 | 4,590 |
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 | 3,235 | 2,738 |
Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,784 | 1,852 |
Level 1 | Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 6,811 | 8,779 |
Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 6,221 | 7,650 |
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 | 542 | 1,074 |
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 | 48 | 55 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Level 3 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Level 3 | 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 | Jun. 30, 2022 | Dec. 31, 2021 |
Senior Notes | Senior Notes Due 2028 | ||
Fair Values Of Financial Instruments [Line Items] | ||
Stated interest rate | 4.125% | |
Fair value of senior notes | $ 358 | $ 406.3 |
Senior Notes | Senior Notes Due 2029 | ||
Fair Values Of Financial Instruments [Line Items] | ||
Stated interest rate | 4.125% | |
Fair value of senior notes | $ 357 | 406.5 |
FX Forward Contracts | ||
Fair Values Of Financial Instruments [Line Items] | ||
Fair value of foreign currency forward contracts | $ 0.4 | $ (3.2) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Stock based compensation expense | $ 5.1 | $ 5 | $ 9.2 | $ 9.2 |
Stock-based compensation, tax benefits | $ 0.9 | $ 0.8 | $ 1.6 | $ 1.5 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) - segment | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||
Number of reportable segments | 2 | 3 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Operating Results by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Revenues | $ 554,208 | $ 505,099 | $ 1,084,946 | $ 1,033,372 | |
OPERATING INCOME: | |||||
Total Operating Income | 95,237 | 73,751 | 166,810 | 156,165 | |
Other Income (Expense) | 2,862 | 5,180 | 8,737 | 14,659 | |
Income before Provision for Income Taxes | 98,099 | 78,931 | 175,547 | 170,824 | |
Total Assets | 2,705,523 | 2,705,523 | $ 2,501,380 | ||
Operating Segments | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Revenues | 555,059 | 507,339 | 1,086,786 | 1,038,012 | |
OPERATING INCOME: | |||||
Total Operating Income | 96,647 | 78,511 | 172,840 | 163,050 | |
Total Assets | 2,550,259 | 2,550,259 | 2,407,245 | ||
Operating Segments | Government Operations | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Revenues | 436,537 | 405,497 | 868,314 | 828,772 | |
OPERATING INCOME: | |||||
Total Operating Income | 83,783 | 72,871 | 156,014 | 151,116 | |
Total Assets | 1,516,899 | 1,516,899 | 1,430,863 | ||
Operating Segments | Commercial Operations | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Revenues | 118,522 | 101,842 | 218,472 | 209,240 | |
OPERATING INCOME: | |||||
Total Operating Income | 12,864 | 5,640 | 16,826 | 11,934 | |
Total Assets | 1,033,360 | 1,033,360 | 976,382 | ||
Eliminations | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Revenues | (851) | (2,240) | (1,840) | (4,640) | |
Eliminations | Government Operations | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Revenues | (851) | (1,897) | (1,774) | (4,116) | |
Eliminations | Commercial Operations | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Revenues | 0 | (343) | (66) | (524) | |
Unallocated Corporate | |||||
OPERATING INCOME: | |||||
Total Operating Income | (1,410) | $ (4,760) | (6,030) | $ (6,885) | |
Total Assets | $ 155,264 | $ 155,264 | $ 94,135 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic: | ||||
Net Income Attributable to BWX Technologies, Inc. | $ 74,613 | $ 59,347 | $ 133,623 | $ 129,096 |
Weighted-average common shares (in shares) | 91,394,853 | 95,354,932 | 91,479,226 | 95,329,330 |
Basic earnings per common share (in usd per share) | $ 0.82 | $ 0.62 | $ 1.46 | $ 1.35 |
Diluted: | ||||
Net Income Attributable to BWX Technologies, Inc. | $ 74,613 | $ 59,347 | $ 133,623 | $ 129,096 |
Weighted-average common shares (in shares) | 91,394,853 | 95,354,932 | 91,479,226 | 95,329,330 |
Effect of dilutive securities: | ||||
Stock options, restricted stock units and performance shares (in shares) | 145,466 | 174,257 | 191,081 | 214,696 |
Adjusted weighted-average common shares (in shares) | 91,540,319 | 95,529,189 | 91,670,307 | 95,544,026 |
Diluted earnings per common share (in usd per share) | $ 0.82 | $ 0.62 | $ 1.46 | $ 1.35 |
Number of shares that would be antidilutive (in shares) | 80,117 | 7,914 |