BWX Technologies, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>BWX Technologies, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

BWX Technologies, Inc. (BWXT) filed a Annual Report (10-K) with the SEC on February 27, 2024. BWX Technologies, Inc. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in Engines & Turbines, SIC code 3510. BWXT's headquarters are located in Lynchburg, VA. The company was formerly known as Babcock & Wilcox Co. until March 11, 2010.

Why It Matters

For investors and stakeholders tracking BWX Technologies, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of BWXT's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. As a key player in the Engines & Turbines industry, the detailed disclosures in this report offer insights into market trends, competitive landscape, and potential risks and opportunities relevant to the sector.

Risk Assessment

Risk Level: medium — BWX Technologies, Inc. shows moderate risk based on this filing. The company operates in the Engines & Turbines industry (SIC 3510), which can be subject to cyclical demand and technological shifts, as indicated by its business classification.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand BWXT's performance and outlook in the Engines & Turbines sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-27 — Filing Date (Date filed)
• 3510 — SIC Code (Standard Industrial Classification)
• 001-34658 — SEC File Number (SEC file number)

Key Players & Entities

• BWX Technologies, Inc. (company) — Filer name
• Babcock & Wilcox Co. (company) — Former company name
• LYNCHBURG (location) — Business address city
• VA (location) — Business address state
• 24504 (location) — Business address zip code
• 980-365-4300 (phone) — Business phone number

FAQ

Industry Context

BWX Technologies operates within the Engines & Turbines industry, a sector critical for power generation and industrial applications.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Analyze the full 10-K filing for detailed financial statements and management discussion.
2. Research BWXT's position within the Engines & Turbines industry (SIC 3510).
3. Compare BWXT's performance metrics against industry benchmarks if available.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — The date BWX Technologies, Inc. submitted its 10-K report to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Previous filings would provide comparative data.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value BWXT New York Stock Exchange
• $3,997.6 m — cember 31, 2023, our ending backlog was $3,997.6 million, which included $414.7 million of
• $414.7 million — og was $3,997.6 million, which included $414.7 million of unfunded backlog related to U.S. Gov
• $100 million — of December 31, 2023 was approximately $100 million which are expected to be awarded in 202

Filing Documents

• bwxt-20231231.htm (10-K) — 2928KB
• exhibit1033_123123x10k.htm (EX-10.33) — 9KB
• exhibit1034_123123x10k.htm (EX-10.34) — 198KB
• exhibit211_123123x10k.htm (EX-21.1) — 14KB
• exhibit231_123123x10k.htm (EX-23.1) — 2KB
• exhibit311_123123x10k.htm (EX-31.1) — 10KB
• exhibit312_123123x10k.htm (EX-31.2) — 9KB
• exhibit321_123123x10k.htm (EX-32.1) — 5KB
• exhibit322_123123x10k.htm (EX-32.2) — 5KB
• exhibit971_123123x10k.htm (EX-97.1) — 36KB
• bwxt-20231231_g1.jpg (GRAPHIC) — 245KB
• 0001486957-24-000011.txt (&nbsp;) — 17154KB
• bwxt-20231231.xsd (EX-101.SCH) — 90KB
• bwxt-20231231_cal.xml (EX-101.CAL) — 120KB
• bwxt-20231231_def.xml (EX-101.DEF) — 540KB
• bwxt-20231231_lab.xml (EX-101.LAB) — 1268KB
• bwxt-20231231_pre.xml (EX-101.PRE) — 877KB
• bwxt-20231231_htm.xml (XML) — 3150KB

Business

Business 1 General 1 Business Segments 1 Contracts 3 Backlog 4 Competition 5 Joint Ventures 5 Customers 6 Raw Materials and Suppliers 6 Human Capital Management 7 Patents and Technology Licenses 8 Research and Development Activities 8 Hazard Risks and Insurance 9 Governmental Regulations and Environmental Matters 11 Cautionary Statement Concerning Forward-Looking Statements 13 Available Information 13 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 26 Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 30 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 General 31 Critical Accounting Estimates 32 Results of Operations Years Ended December 31, 2023, 2022 and 2021 35 Effects of Inflation and Changing Prices 37 Liquidity and Capital Resources 37 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 41 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data Report of Independent Registered Public Accounting Firm 43 Consolidated Statements of Income Years Ended December 31, 2023, 2022 and 2021 45 Consolidated Statements of Comprehensive Income Years Ended December 31, 2023, 2022 and 2021 46 i Table of Contents PAGE Consolidated Balance Sheets December 31, 2023 and 2022 47 Consolidated Statements of Stockholders' Equity Years Ended December 31, 2023, 2022 and 2021 49 Consolidated Statements of Cash Flows Years Ended December 31, 2023, 2022 and 2021 50

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 51 Item 9. Changes i n and Disagreements w ith Accountants on Accounting and Financial Disclosure 89 Item 9A.

Controls and Procedures

Controls and Procedures Disclosure Controls and Procedures 89 Management's Report on Internal Control Over Financial Reporting 89 Changes in Internal Control Over Financial Reporting 89 Report of Independent Registered Public Accounting Firm 90 Item 9B. Other Information 91 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 91 PART III Item 10. Directors, Executive Officers and Corporate Governance 92 Item 11.

Executive Compensation

Executive Compensation 92 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92 Item 13. Certain Relationships and Related Transactions, and Director Independence 92 Item 14. Principal Accounting Fees and Services 92 PART IV Item 15. Exhibits, Financial Statement Schedules 93 Item 16. Form 10-K Summary 96

Signatures

Signatures 97 ii Table of Contents PART I

BUSINESS

Item 1. BUSINESS General BWX Technologies, Inc. is a specialty manufacturer of nuclear components, a developer of nuclear technologies and a service provider with an operating history of more than 100 years. Our core businesses focus on the design, engineering and manufacture of precision naval nuclear components, reactors and nuclear fuel for the U.S. Government. We also provide special nuclear materials processing, environmental site restoration services, products and services to customers in the nuclear power industry, critical medical radioisotopes and radiopharmaceuticals and other advanced nuclear technologies. While we provide a wide range of products and services, our business segments are heavily focused on major projects. At any given time, a relatively small number of projects can represent a significant part of our operations. Business Segments We operate in two reportable segments: Government Operations and Commercial Operations. For financial information regarding each of our segments and financial information regarding geographic areas, see Note 15 and Note 3 to our consolidated financial statements included in this Report. For further details regarding each segment's facilities, see Item 2 of this Report. In general, we operate in capital-intensive industries and rely on large contracts for a substantial amount of our revenues. We are currently exploring growth strategies across our segments through strategic investments and acquisitions to expand and complement our existing businesses. We would expect to fund these opportunities with cash generated from operations or by raising additional capital through debt, equity or some combination thereof. Government Operations Through this segment, we engineer, design and manufacture precision naval nuclear components, reactors and nuclear fuel for the U.S. Department of Energy ("DOE")/National Nuclear Security Administration's ("NNSA") Naval Nuclear Propulsion Program. In addition, we supply propriet

View Full Filing

View this 10-K filing on SEC EDGAR