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目錄
美國
證券交易委員會
華盛頓特區20549
 _________________________________________________________________________________________________________________________________ 
表格 10-Q
 _________________________________________________________________________________________________________________________________ 
（標記一）
☒根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月30日.
或者
☐根據1934年證券交易法第13或15(d)節的轉型報告書
過渡期從                    至                    .
委員會文件號 001-40368001-34658
BWX TECHNOLOGIES，INC。
(根據其章程規定的註冊人準確名稱)
__________________________________________________________________________________________________________________________________
特拉華州 80-0558025
（設立或組織的其他管轄區域） （納稅人識別號碼）
800號主街，4樓 
林奇堡,弗吉尼亞州。 24504
，（主要行政辦公地址） (郵政編碼)
報告人電話號碼，包括區號：（980) 365-4300
_________________________________________________________________________________________________________________________________
在法案第12(b)條的規定下注冊的證券：
每一類的名稱交易標誌在其上註冊的交易所的名稱
普通股票，面值爲$0.01BWXT請使用moomoo賬號登錄查看New York Stock Exchange
請勾選以下內容。申報人是否（1）在過去12個月內（或申報人需要報告這些報告的時間較短的期間內）已提交證券交易法規定的第13或15（d）條要求提交的所有報告；以及（2）過去90天內已被要求提交此類報告。    是  ☒    否  ☐
請勾選以下內容。申報人是否已在過去12個月內（或申報人需要提交此類文件的時間較短的期間內）逐個以電子方式提交了根據規則405提交的互動數據文件。這章的交易中規定。    是  ☒    否  ☐
勾選表示註冊人是大型規模加速報告人、加速報告人、非加速報告人、小型報告公司或新興成長公司。請參閱證交所法規120億.2中「大型規模加速報告人」、「加速報告人」、「小型報告公司」和「新興成長公司」的定義。
大型加速報告人☒加速文件申報人☐
非加速文件提交人☐更小的報告公司☐
新興成長公司☐
如果是新興成長型公司，請通過勾選表示公司選擇放棄使用依據《證券交易法》第13(a)節規定提供的任何新的或修改後的財務會計準則的延長過渡期來符合該規定的計劃。☐
請勾選以下內容。申報人是否是外殼公司（根據證券交易法規則12b-2定義）。    是  ☐    否  ☒
2024年10月31日，登記股東的普通股流通股數量爲 91,443,505.

目錄
BWX TECHNOLOGIES，INC。
指數 – 第10-Q表格
 頁碼
2024年和2023年9月30日結束的三個月和九個月（未經審計）
2024年和2023年9月30日結束的三個月和九個月（未經審計）
2024年9月30日和2023年12月31日（未經審計）
2024年3月31日、6月30日和9月30日以及2023年（未經審計）
2024年和2023年截至9月30日的九個月（未經審計）

1
目錄
第一部分
財務信息
項目 1. 簡明綜合財務報表

BWX TECHNOLOGIES，INC。
簡明合併利潤表
截至9月30日的三個月截至9月30日的九個月
 2024202320242023
(未經審計)
（以千爲單位，除股份數量和每股金額外）
收入$671,956 $589,989 $1,957,387 $1,770,794 
成本和費用：
運營成本508,000 436,296 1,476,553 1,338,750 
研究開發費用2,081 1,156 4,842 5,955 
資產處置收益和減值損失，淨— — (4)(15)
銷售，總務及管理費用80,829 79,828 227,970 205,100 
總成本和費用590,910 517,280 1,709,361 1,549,790 
對關聯公司淨收益15,532 12,649 40,319 38,862 
營業收入96,578 85,358 288,345 259,866 
其他收益（費用）：
利息收入663 643 2,049 1,623 
利息支出(9,907)(12,175)(30,190)(35,200)
Amortization3,290 4,340 10,426 9,490 
其他收入（費用），淨額(5,954)(7,192)(17,715)(24,087)
稅前收入
90,624 78,166 270,630 235,779 
所得稅規定20,983 17,814 59,410 55,769 
淨利潤$69,641 $60,352 $211,220 $180,010 
歸屬於非控股權益的淨收入(158)(79)(297)(48)
歸屬於BWX Technologies，Inc.的淨利潤。$69,483 $60,273 $210,923 $179,962 
普通股每股收益：
基本的：
淨利潤歸屬於BWX科技公司$0.76 $0.66 $2.30 $1.96 
稀釋的：
淨利潤歸屬於BWX科技公司$0.76 $0.66 $2.30 $1.96 
用於計算每股收益的股份數量（注8）：
基本91,574,531 91,659,117 91,564,726 91,596,650 
稀釋91,886,710 91,895,480 91,849,724 91,833,450 
請參閱附註事項的簡明合併財務報表。
2
目錄
BWX TECHNOLOGIES，INC。
壓縮綜合財務報表:
綜合收益
截至9月30日的三個月截至9月30日的九個月
 2024202320242023
(未經審計)
（以千爲單位）
淨利潤$69,641 $60,352 $211,220 $180,010 
其他全面收益（虧損）：
貨幣轉換差異7,370 (13,485)(9,108)(868)
衍生金融工具:
本期未實現利潤（損失），減稅（準備）爲$(118), $2, $52和$207和), 分別爲
318 (11)(158)603 
重新分類調整爲（獲利）損失，減稅準備爲$80, $(31), $84 和 $101 的壞賬準備
(237)100 (249)(293)
福利計劃成本攤銷，減稅好處爲$(161), $(162), $(485) and $(488和), 分別爲
670 668 2,009 2,002 
期間未實現（損失）收益，稅後淨額爲$0, $(14), $(12) and $(25和), 分別爲
(4)53 42 91 
其他綜合收益（損失）8,117 (12,675)(7,464)1,535 
綜合收益總額77,758 47,677 203,756 181,545 
歸屬於非控股權益的綜合（損失）收益(158)(79)(297)(48)
歸屬於BWX Technologies, Inc.的綜合收益$77,600 $47,598 $203,459 $181,497 
請參閱附註事項的簡明合併財務報表。
3
目錄
BWX TECHNOLOGIES，INC。
簡明合併資產負債表
資產
2020年9月30日
2024		12月31日
2023
(未經審計)
（以千爲單位）
流動資產：
現金及現金等價物$35,522 $75,766 
限制性現金及現金等價物2,962 2,858 
應收賬款-交易，淨額90,227 70,180 
其他應收款15,934 16,339 
Retainages92,295 55,181 
進行中合同661,248 533,155 
其他資產84,761 64,322 
流動資產合計982,949 817,801 
淨固定資產1,275,053 1,228,520 
投資10,659 9,496 
商譽295,134 297,020 
遞延所得稅負債12,118 16,332 
未合併關聯公司的投資98,386 88,608 
無形資產175,200 185,510 
其他資產97,961 103,778 
TOTAL$2,947,460 $2,747,065 
請參閱附註事項的簡明合併財務報表。
4
目錄
BWX TECHNOLOGIES，INC。
簡明合併資產負債表
負債和股東權益
九月三十日
2024		十二月三十一日
2023
（未經審計）
（以千計，份額除外
和每股金額）
流動負債：
長期債務的當前部分$10,938 $6,250 
應付賬款172,206 126,651 
應計員工福利53,438 64,544 
應計負債——其他81,321 70,210 
合同的預付賬單119,563 107,391 
流動負債總額437,466 375,046 
長期債務1,220,583 1,203,422 
累計退休後福利債務17,797 18,466 
環境負債92,721 90,575 
養老金責任74,347 82,786 
其他負債45,875 43,469 
承付款和或有開支（注4）
股東權益：
普通股，面值 $0.01 每股，已授權 325,000,000 股票；已發行 128,307,682 和 128,065,521 分別在 2024 年 9 月 30 日和 2023 年 12 月 31 日的股票
1,283 1,281 
優先股，面值 $0.01 每股，已授權 75,000,000 股份； 沒有 已發行的股票
— — 
超過面值的資本222,062 206,478 
留存收益2,238,437 2,093,917 
按成本計算的庫存股， 36,867,475 和 36,537,695 分別在 2024 年 9 月 30 日和 2023 年 12 月 31 日的股票
(1,388,106)(1,360,862)
累計其他綜合收益（虧損）(14,927)(7,463)
股東權益 — BWX Technologies, Inc.1,058,749 933,351 
非控股權益(78)(50)
股東權益總額1,058,671 933,301 
總計$2,947,460 $2,747,065 
請參閱附註事項的簡明合併財務報表。

5
目錄
BWX TECHNOLOGIES，INC。
股東權益簡明合併財務報表
普通股資本收益
超額收益
票面價值		累積的
其他
綜合
收益（損失）		總費用
股東權益
股權
 股份股票名義價值
數值		留存收益
收益		國庫
股票		股東權益
股權		非控制權益
利息
 （以千爲單位，除股份數量和每股金額外）
2023年12月31日餘額128,065,521 $1,281 $206,478 $2,093,917 $(7,463)$(1,360,862)$933,351 $(50)$933,301 
淨收入— — — 68,468 — — 68,468 66 68,534 
已宣佈的分紅派息（$0.24每股)
— — — (22,150)— — (22,150)— (22,150)
貨幣轉換差異— — — — (11,308)— (11,308)— (11,308)
衍生金融工具— — — — (446)— (446)— (446)
確定福利義務— — — — 670 — 670 — 670 
可供出售的投資— — — — 28 — 28 — 28 
股票期權行權7,294 — 218 — — — 218 — 218 
股份置於庫藏— — — — — (26,906)(26,906)— (26,906)
股權補償費用199,991 2 4,295 — — — 4,297 — 4,297 
對非控股權益的分配— — — — — — — (172)(172)
2024年3月31日餘額（未經審計）128,272,806 $1,283 $210,991 $2,140,235 $(18,519)$(1,387,768)$946,222 $(156)$946,066 
淨收入— — — 72,972 — — 72,972 73 73,045 
已宣佈的分紅派息（$0.24每股)
— — — (22,128)— — (22,128)— (22,128)
貨幣轉換差異— — — — (5,170)— (5,170)— (5,170)
衍生金融工具— — — — (42)— (42)— (42)
確定福利義務— — — — 669 — 669 — 669 
可供出售的投資— — — — 18 — 18 — 18 
股票期權行權— — — — — — — — — 
股份放入庫存— — — — — (35)(35)— (35)
股權補償費用9,319 — 5,982 — — — 5,982 — 5,982 
對非控股權益的分配— — — — — — — (154)(154)
2024年6月30日餘額（未經審計）128,282,125 $1,283 $216,973 $2,191,079 $(23,044)$(1,387,803)$998,488 $(237)$998,251 
淨收入— — — 69,483 — — 69,483 158 69,641 
已宣佈的分紅派息（$0.24每股)
— — — (22,125)— — (22,125)— (22,125)
貨幣轉換差異— — — — 7,370 — 7,370 — 7,370 
衍生金融工具— — — — 81 — 81 — 81 
確定福利義務— — — — 670 — 670 — 670 
可供出售的投資— — — — (4)— (4)— (4)
股票期權行權17,949 — 516 — — — 516 — 516 
股份置於儲備中— — — — — (303)(303)— (303)
股權補償費用7,608 — 4,573 — — — 4,573 — 4,573 
對非控股權益的分配— — — — — — — 1 1 
2024年9月30日結餘（未經審計）128,307,682 $1,283 $222,062 $2,238,437 $(14,927)$(1,388,106)$1,058,749 $(78)$1,058,671 
6
目錄
BWX TECHNOLOGIES，INC。
股東權益簡明合併財務報表
普通股資本入金
超額收益
票面價值		累積的
其他
綜合
收益（損失）		總費用
股東權益
股權
 股份股票名義價值
數值		留存收益
收益		國庫
股票		股東權益
股權		非控制權益
利息
 （以千爲單位，除股份數量和每股金額外）
2022年12月31日期末餘額127,671,756 $1,277 $189,263 $1,932,970 $(21,930)$(1,353,270)$748,310 $45 $748,355 
— — — 61,092 — — 61,092 (99)60,993 
已宣佈的分紅派息（$0.23每股)
— — — (21,231)— — (21,231)— (21,231)
貨幣轉換差異— — — — 1,694 — 1,694 — 1,694 
衍生金融工具— — — — 554 — 554 — 554 
確定福利義務— — — — 657 — 657 — 657 
可供出售的投資— — — — (9)— (9)— (9)
股票期權行權3,000 2 70 — — — 72 — 72 
股份置於庫存中— — — — — (6,903)(6,903)— (6,903)
股權補償費用293,961 1 3,892 — — — 3,893 — 3,893 
對非控股權益的分配— — — — — — — (67)(67)
2023年3月31日結餘（未經審計）127,968,717 $1,280 $193,225 $1,972,831 $(19,034)$(1,360,173)$788,129 $(121)$788,008 
淨收入— — — 58,597 — — 58,597 68 58,665 
已宣佈的分紅派息（$0.23每股)
— — — (21,216)— — (21,216)— (21,216)
貨幣轉換差異— — — — 10,923 — 10,923 — 10,923 
衍生金融工具— — — — (333)— (333)— (333)
確定福利義務— — — — 677 — 677 — 677 
可供出售的投資— — — — 47 — 47 — 47 
股票期權行權4,417 — 105 — — — 105 — 105 
股份放入庫存— — — — — (46)(46)— (46)
股權補償費用12,967 — 4,776 — — — 4,776 — 4,776 
對非控股權益的分配— — — — — — — (78)(78)
2023年6月30日餘額（未經審計）127,986,101 $1,280 $198,106 $2,010,212 $(7,720)$(1,360,219)$841,659 $(131)$841,528 
淨收入— — — 60,273 — — 60,273 79 60,352 
已宣佈的分紅派息（$0.23每股)
— — — (21,231)— — (21,231)— (21,231)
貨幣轉換差異— — — — (13,485)— (13,485)— (13,485)
衍生金融工具— — — — 89 — 89 — 89 
確定福利義務— — — — 668 — 668 — 668 
可供出售的投資— — — — 53 — 53 — 53 
股票期權行權39,468 — 932 — — — 932 — 932 
股份放入庫存— — — — — (558)(558)— (558)
股權補償費用23,084 — 3,636 — — — 3,636 — 3,636 
對非控股權益的分配— — — — — — — (73)(73)
2023年9月30日結餘（未經審計）128,048,653 $1,280 $202,674 $2,049,254 $(20,395)$(1,360,777)$872,036 $(125)$871,911 
請參閱附註事項的簡明合併財務報表。
7
目錄
BWX TECHNOLOGIES，INC。
現金流量表簡明綜合報表
截至9月30日的九個月
 20242023
 (未經審計) (單位：千元)
經營活動產生的現金流量：
淨利潤$211,220 $180,010 
調整淨利潤以計入經營活動現金流量:
折舊和攤銷63,429 58,205 
投資者收入淨額，除去股息(9,778)(4,854)
養老金和退休計劃的損失確認2,494 2,490 
股票補償費用14,852 12,305 
其他，淨額(633)21 
資產負債變動，扣除收購效應的淨額：
應收賬款(30,238)(31,520)
應付賬款48,306 24,874 
Retainages(37,114)(29,257)
進行中的合同和合同預付款賬單(120,829)(38,217)
所得稅15,654 (5,331)
應計及其他流動負債5,174 (10,231)
養老金責任、退休福利義務和員工福利(20,217)(10,874)
其他，淨額(10,772)(5,684)
營業活動產生的現金流量淨額131,548 141,937 
投資活動產生的現金流量：
購買固定資產(101,128)(100,498)
證券購入款項— (2,343)
證券的銷售和到期兌付— 5,996 
其他，淨額203 (8,142)
投資活動產生的淨現金流量(100,925)(104,987)
籌資活動產生的現金流量：
長期債務負債396,800 332,000 
長期負債還款(376,488)(281,688)
購回普通股(20,000)— 
支付給普通股股東的分紅派息(66,326)(63,870)
用於支付扣除以滿足員工稅款的股票(7,244)(7,505)
遠期合同的結算淨額2,954 (2,030)
其他，淨額409 902 
融資活動中使用的淨現金(69,895)(22,191)
現匯匯率變動的影響(379)414 
現金及現金等價物和限定性現金及現金等價物的總（減少）增加
(39,651)15,173 
現金及現金等價物和限定性現金及現金等價物期初餘額81,615 40,990 
現金及現金等價物和限定性現金及現金等價物期末餘額$41,964 $56,163 
現金流補充說明：
期間支付的現金用於：
利息$48,360 $44,745 
所得稅（扣除退款）$43,547 $59,947 
非現金投資活動時間表：
應付賬款中包括的計提資本支出$15,114 $9,239 
請參閱附註事項的簡明合併財務報表。
8
目錄
BWX TECHNOLOGIES，INC。
簡明合併財務報表附註
2024年9月30日
(未經審計)
注1 - Guochun International Inc.（以下簡稱「公司」或「國春」）於2018年8月2日在內華達州成立。到2022年6月27日，公司正在開發一種聊天應用程序，旨在爲用戶在與他人對話時提供變聲的機會以及類似的即時通訊應用程序的全部功能。公司計劃在iOS，Google Play，Amazon和Ethereum平台上開發和發佈移動應用。 Guochun International Inc.打算通過出售品牌廣告和通過消費者交易（包括應用內購買）來產生收入。公司管理層計劃利用各種平台將應用程序分發到全球各地。報告的基礎及重要會計政策
我們已按照Form 10-Q、Regulation S-X的Rule 10-01和美國通用會計準則（"GAAP"）要求的中期報告要求，以美元向您呈現了BWX Technologies, Inc.（"BWXT"或"公司"）的精簡合併基本報表。根據GAAP，我們通常在年度財務報表中包含的某些財務信息和披露已被壓縮或省略。因此，閱讀這些基本報表的讀者應參考我們截至2023年12月31日的年度報告中的合併財務報表和附註（我們的"2023 10-K"）。在我們的管理意見中，我們已包括所有調整，這些調整僅包括正常重複調整，以確保公正呈現。
我們採用權益法覈算我們無控制權但能夠行使重大影響力的投資實體。通常我們稱這些實體爲"合營企業"。我們已經消除所有公司內部交易和帳戶。我們將與長期合同相關的資產和負債分類爲按照相關合同或項目的週期來進行分類，這通常長於一年。我們根據持續經營的基礎爲我們的簡明綜合財務報表附註，除非另有說明。
除非上下文另有說明，「我們」、「我們」和「我們」的意思是BWXt及其合併子公司。
可報告部門
我們經營消費和調味品兩個業務板塊。消費板塊在全球範圍內生產、銷售和分銷香料、草藥、調味料混合物、調味品等美味佳餚。我們的消費板塊銷售規模包括零售渠道（如雜貨店、大型量販店、倉儲俱樂部、折扣店和藥店）和電子商務，使用「McCormick」品牌以及「French's」、 「Frank's RedHot」、「OLD BAY」、「Lawry's」、「Zatarain's」、「Simply Asia」、「Thai Kitchen」、「Ducros」、「Vahine」、「Cholula」、「Schwartz」、「Club House」、「Kamis」、「DaQiao」、「La Drogheria」、「Stubb's」和「Gourmet Garden」等世界各地品牌。我們的調味品解決方案板塊面向食品製造商和餐飲行業銷售，通過分銷商直接或間接銷售，我們在中國的業務除外，中國的餐飲銷售由我們的消費板塊管理並報告。兩個 可報告部門：政府業務和商業業務。我們的可報告部門進一步描述如下：
•我們的政府運營部門製造海軍核反應堆，包括相關核燃料，供美國海軍核動力計劃使用，用於潛艇和航空母艦。通過這一部門，我們還生產重量從幾克到數百噸的燃料軸承精密元件，製造機電設備，進行設計、製造、檢驗、裝配和測試活動，並混合降低冷戰時期的高濃縮鈾政府庫存。此外，我們向全球海軍和商用船舶客戶提供專有和唯一來源的閥門、多路閥和配件。內部能力還包括溼化學鈾加工、先進熱處理以優化元件材料屬性、具有能力組裝火車車廂大小元件的受控潔淨室環境。該部門還通過合資企業，向美國政府提供各種其他服務，主要包括核材料管理和操作、環境管理、以及用於各種美國政府擁有設施的行政和營運服務。這些服務主要提供給美國能源部（"DOE"），包括國家核安全管理局、核能辦公室、科學辦公室和環境管理辦公室、國防部和NASA。此外，該部門還爲太空和地面領域的各種動力和推進應用開發先進核反應堆技術，併爲這些項目提供完整的先進核燃料和反應堆設計、工程、許可和製造服務。
•我們的商業運營板塊生產商用核蒸汽發生器、核燃料、燃料搬運系統、壓力容器、反應堆元件、換熱器、工裝交付系統和其他輔助設備，包括用於儲存廢舊核燃料和其他高放廢物的容器，併爲核電設施客戶提供核級材料和精密加工元件。我們向核行業提供了全球超過大型重型元件，是北美唯一的商用重型核元件製造商。該板塊還提供專業工程服務，包括結構元件設計、三維熱水工程分析、焊接和機器人工藝開發、電氣和控制工程以及冶金和材料工程。此外，該板塊提供核蒸汽發生器、換熱器、反應堆、燃料搬運系統和廠區其它設備的檢驗、維護和改造服務，以及專業的無損檢測和工裝/修復解決方案。該板塊還生產醫用放射性同位素、放射性藥品和醫療設備，並與生命科學和藥品公司合作開發新藥。 1,300 我們的商業運營板塊生產商用核蒸汽發生器、核燃料、燃料搬運系統、壓力容器、反應堆元件、換熱器、工裝交付系統和其他輔助設備，包括用於儲存廢舊核燃料和其他高放廢物的容器，併爲核電設施客戶提供核級材料和精密加工元件。我們向核行業提供了全球超過大型重型元件，是北美唯一的商用重型核元件製造商。該板塊還提供專業工程服務，包括結構元件設計、三維熱水工程分析、焊接和機器人工藝開發、電氣和控制工程以及冶金和材料工程。此外，該板塊提供核蒸汽發生器、換熱器、反應堆、燃料搬運系統和廠區其它設備的檢驗、維護和改造服務，以及專業的無損檢測和工裝/修復解決方案。該板塊還生產醫用放射性同位素、放射性藥品和醫療設備，並與生命科學和藥品公司合作開發新藥。
9
目錄
有關我們各業務領域的財務信息，請參閱第7和第2注。截至2024年9月30日三個月和九個月的營運結果並不一定代表截至2024年12月31日的年度業績。更多信息，請參閱包括在我們2023年10-k報表中的合併財務報表和註解。
近期採納的會計準則
2024年9月30日結束的九個月內，我們未採納任何會計準則，對我們的財務狀況、經營業績、現金流或披露造成重大影響。
合同和營業收入確認
我們通常根據FASB主題的成本-成本方法，按照逐步滿足各個履約責任的時間來確認合同收入和相關成本。 與客戶簽訂合同的營業收入我們根據完成進度的測量（作爲總項目的百分比）來確認估計的合同收入和相應收入。某些成本可能不包括在成本-成本方法中，如未安裝材料的重要成本，如果這些成本沒有反映我們在向客戶轉讓商品或服務方面的履行情況。我們定期審查合同價格和成本估算，隨着工作的進展，在這些估算進行修訂時，按比例調整與完成百分比一致的收入。我們根據我們有權向客戶開具發票的金額，確認某些成本加和時間與材料合同上我們向客戶提供價值時已滿足履約責任，發票金額與我們爲客戶提供的價值直接對應時確認收入。我們的某些合同在特定時間點確認收入，在這些合同上的收入是在控制轉移給客戶時確認的。我們確認特定時間點上的大部分收入與我們商業運營部門的零部件以及某些醫療放射同位素和放射藥品相關。對於所有合同，如果當前總合同成本的估算表明在某個合同上存在虧損，那麼當確定時，將完全確認預計的虧損。
請參閱註釋2，進一步討論營業收入確認。
所得稅規定
我們在美國、加拿大和英國要繳納聯邦所得稅，以及在多個美國州的管轄範圍內繳納所得稅。我們根據制定的稅法和匯率提供所得稅準備金，在我們開展業務的司法管轄區。這些司法管轄區的稅收制度可能因名義稅率以及這些稅率適用的基礎而有所不同。這種變化，以及在這些司法管轄區內收入結構的變化，可能導致我司的有效稅率在不同時期發生變化。
2024年9月30日結束的三個月，我們的有效稅率爲 23.2與可比的去年同期的%相比。本公司在美國、加拿大和歐洲的所得稅費率分別約爲%。每個司法管轄區產生的相對收入或虧損可能對公司的整體有效所得稅稅率產生重大影響，尤其是加拿大和歐洲稅前收益與美國稅前收益的比率。去年同期估計的所得稅稅率在美國、加拿大和歐洲分別爲%。 22.82023年9月30日結束的三個月，我們的有效稅率爲 22.0與可比的去年同期的%相比。本公司在美國、加拿大和歐洲的所得稅費率分別約爲%。每個司法管轄區產生的相對收入或虧損可能對公司的整體有效所得稅稅率產生重大影響，尤其是加拿大和歐洲稅前收益與美國稅前收益的比率。去年同期估計的所得稅稅率在美國、加拿大和歐洲分別爲%。 23.7 2024年9月30日結束的九個月，我們的有效稅率爲, 2023年9月30日結束的九個月，我們的有效稅率爲。截至2024年9月30日和2023年9月30日結束的三個月和九個月的有效稅率均高於美國的21%的企業所得稅率，主要原因是美國國內州所得稅和我們的外國收入所帶來的不利稅率差異。
一些司法管轄區已經實施了經濟合作與發展組織的第二支柱規則，涉及全球最低稅率。自2024年1月1日起，這些規則將在各司法管轄區基礎上執行15%的最低有效稅率。考慮到我們當前的全球業務分佈，我們預計這些新規定不會對我們的所得稅準備產生實質影響。
現金及現金等價物和受限制的現金及現金等價物
截至2024年9月30日，我們的限制性現金及現金等價物總額爲$6.4（未明確提到美元）3.5 百萬，其中用於未來設施退役的資金（已計入我們的資產負債表上的其他資產）爲$3.0 百萬，其中用於滿足我們自保險公司再保險準備金要求的資金。
10
目錄
以下表格提供了現金及現金等價物和受限制的現金及現金等價物在我們的簡明合併資產負債表上的調解，以便與我們的簡明合併現金流量表上呈現的總額相對應：
2020年9月30日
2024		12月31日
2023
 （以千爲單位）
現金及現金等價物$35,522 $75,766 
限制性現金及現金等價物2,962 2,858 
其他資產中包括受限制的現金及現金等價物3,480 2,991 
在我們的簡明綜合現金流量表上列示的現金及現金等價物和受限制現金及現金等價物總額$41,964 $81,615 
存貨
在2024年9月30日和2023年12月31日，其他流動資產中包括總計$的存貨37.5萬美元和27.4 百萬，這些存貨完全由原材料和耗材組成。
淨固定資產
資產、廠房及設備列示的成本如下所示：
 2020年9月30日
2024		12月31日
2023
 （以千爲單位）
土地$10,622 $10,627 
建築411,048 381,081 
機械和設備1,157,929 1,108,504 
施工中的財產587,021 571,758 
2,166,620 2,071,970 
減：累計折舊891,567 843,450 
淨固定資產$1,275,053 $1,228,520 
累計其他綜合收益（損失）
包括在股東權益中的累積其他綜合收益（損失）的元件如下:
2020年9月30日
2024		12月31日
2023
 （以千爲單位）
貨幣轉換差異$(439)$8,669 
衍生金融工具的未實現收益151 558 
福利責任的未承認先前服務成本(14,908)(16,917)
可供出售投資的未實現收益269 227 
累計其他綜合損失$(14,927)$(7,463)
11
目錄
從其他綜合收益（虧損）重新分類的金額及受影響的簡 Condensed 合綜合利潤表中的行項目如下：
 三個月之內結束
2020年9月30日		九個月結束
2020年9月30日		 
 2024202320242023 
確認的其他綜合收益（損失）項目
（以千爲單位）項目列示
衍生金融工具的已實現收益（損失）
$(131)$(207)$(40)$(80)收入
448 76 373 474 運營成本
317 (131)333 394 稅前總額
(80)31 (84)(101)所得稅費用準備
$237 $(100)$249 $293 淨利潤
關於福利責任的往前期服務成本攤銷
$(831)$(830)$(2,494)$(2,490)Amortization
161 162 485 488 所得稅規定
$(670)$(668)$(2,009)$(2,002)淨利潤
本期總重新分類
$(433)$(768)$(1,760)$(1,709)
衍生金融工具
我們的業務會使我方暴露於外匯匯率變動帶來的市場風險。我們使用衍生金融工具，主要是外匯遠期合約，以減少外匯匯率變動對我們經營業績的影響。我們使用這些工具來對沖我們在長期合同和其他以非運營實體的功能貨幣計價的貨幣中暴露的風險。我們不爲交易或其他投機目的持有或發行衍生金融工具。
我們主要以將來衍生金融工具作爲對特定公司購買和銷售承諾以及國內外子公司之間以外幣計價的貸款的套期保值工具。我們在簡明綜合資產負債表上以公允價值記錄這些合同。根據合同初次指定的套期保值，在契約啓動時，這些合同的相關收益和損失被推遲記錄在股東權益中，作爲其他綜合收益（損失）的一部分，直到被套期項目納入收益中。未被指定爲套期保值工具的衍生工具的收益或損失會立即納入收益。需要立即確認的衍生金融工具的收益和損失會作爲其他綜合收入在簡明綜合收入表中的組成部分，並根據這些工具的性質和使用情況記錄在我們的簡明綜合現金流量表中。
我們已將符合對沖會計條件的大多數外匯遠期合約指定爲現金流套期保值。套期保值風險是由於主要與長期合約相關的預測交易的外匯即期匯率變化而導致的功能貨幣等價現金流變化的風險。我們在有效性評估中排除外匯遠期合約公允價值中歸因於外匯即期匯率和遠期外匯匯率差異的部分。 截至 2024 年 9 月 30 日，我們推遲了大約 $0.2 這些衍生金融工具的淨收益爲數百萬美元。假設市場狀況持續下去，我們預計將在未來12個月內確認其中的大部分。在截至2024年9月30日和2023年9月30日的三個月中，我們確認的（收益）虧損爲美元3.6 百萬和美元 (12.6) 分別爲百萬美元，在截至2024年9月30日和2023年9月30日的九個月中，我們確認的（收益）虧損爲美元（11.2) 百萬和 $ (3.7）其他類別分別爲百萬美元——扣除我們與未指定爲套期保值工具的外匯遠期合約相關的簡明合併收益表。
截至2024年9月30日，我們的衍生金融工具包括外匯遠期合約，其名義價值總額爲$476.6 百萬元，到期日延伸至2026年7月。這些工具主要包括用於購買或賣出加拿大元和歐元的外匯遠期合約。在衍生金融工具的交易對手出現不履行義務的情況下，我們面臨信用相關損失。我們試圖通過使用信用評級高的主要金融機構來減輕這一風險。我們的衍生金融工具交易對手享有與我們信貸協議下描述的相同抵押安排和契約的好處。
12
目錄
新的會計準則
2023 年 11 月，FasB 發佈了 FasB 主題的更新 分部報告 改善上市公司應申報板塊的披露，滿足投資者的要求，即就應申報板塊的中期和年度支出提供更多、更詳細的信息，並在過渡期內提供目前僅按年度進行的所有披露。此外，它要求公共實體披露公司首席運營決策者的頭銜和職位。這些更新不會改變公共實體識別其運營部門、彙總運營細分市場的方式，也不會應用定量閾值來確定其應報告的細分市場。新標準對2023年12月15日之後開始的年度期限和2024年12月31日之後開始的過渡期有效，允許提前採用。此變更將追溯適用於所有呈現的時期。採用該標準只需要更改我們的披露內容，而不會影響我們的經營業績、財務狀況或現金流。
2023年12月，FASB發佈了關於FASB專題的更新，以提供關於我們有效稅率協調的細分披露，以及所得稅支付淨額與收到退款的細分披露。新準則將於2024年12月15日後開始的年度期間生效，允許提前採納。這一標準將採用前瞻性的方式實施；然而，允許在所有以往的報告期間採用追溯法。採納此標準僅要求我們更改披露內容，對我們的經營業績、財務狀況或現金流量沒有影響。 所得稅 2023年12月，FASB發佈了關於FASB專題的更新，以提供關於我們有效稅率協調的細分披露，以及所得稅支付淨額與收到退款的細分披露。新準則將於2024年12月15日後開始的年度期間生效，允許提前採納。這一標準將採用前瞻性的方式實施；然而，允許在所有以往的報告期間採用追溯法。採納此標準僅要求我們更改披露內容，對我們的經營業績、財務狀況或現金流量沒有影響。
13
目錄
注2 - 收入確認。
根據注1所述，我們的運營狀況是根據 兩個 可報告分段。
分類收入
按地域和客戶類型劃分的收入如下:
 2024年9月30日止三個月2023年9月30日止三個月
政府運營商業運營總費用政府運營商業運營總費用
 （以千爲單位）
美國：
政府$533,545 $— $533,545 $427,237 $— $427,237 
非政府19,654 18,240 37,894 47,004 15,322 62,326 
$553,199 $18,240 $571,439 $474,241 $15,322 $489,563 
加拿大:
政府$22 $— $22 $90 $— $90 
非政府473 88,214 88,687 161 92,904 93,065 
$495 $88,214 $88,709 $251 $92,904 $93,155 
其他:
政府$3,630 $— $3,630 $1,008 $— $1,008 
非政府2,749 6,658 9,407 2,355 4,133 6,488 
$6,379 $6,658 $13,037 $3,363 $4,133 $7,496 
其他$560,073 $113,112 673,185 $477,855 $112,359 590,214 
剔除項(1,229)(225)
收入$671,956 $589,989 
 2024年9月30日止九個月2023年9月30日止九個月
政府運營商業運營總費用政府運營商業運營總費用
 （以千爲單位）
美國：
政府$1,507,275 $— $1,507,275 $1,318,149 $— $1,318,149 
非政府63,481 51,098 114,579 98,777 41,518 140,295 
$1,570,756 $51,098 $1,621,854 $1,416,926 $41,518 $1,458,444 
加拿大:
政府$47 $— $47 $178 $— $178 
非政府641 303,742 304,383 754 286,016 286,770 
$688 $303,742 $304,430 $932 $286,016 $286,948 
其他:
政府$5,293 $— $5,293 $3,311 $— $3,311 
非政府11,303 16,801 28,104 8,539 14,669 23,208 
$16,596 $16,801 $33,397 $11,850 $14,669 $26,519 
其他$1,588,040 $371,641 1,959,681 $1,429,708 $342,203 1,771,911 
剔除項(2,294)(1,117)
收入$1,957,387 $1,770,794 
14
目錄
根據貨物或服務轉移的時間，收入如下：
 截至2024年9月30日的三個月截至2023年9月30日的三個月
政府運營商業運營總計政府運營商業運營總計
 （以千計）
隨着時間的推移$557,976 $100,904 $658,880 $473,778 $101,005 $574,783 
時間點2,097 12,208 14,305 4,077 11,354 15,431 
分部收入$560,073 $113,112 673,185 $477,855 $112,359 590,214 
淘汰(1,229)(225)
收入$671,956 $589,989 
 截至2024年9月30日的九個月截至2023年9月30日的九個月
政府運營商業運營總計政府運營商業運營總計
 （以千計）
隨着時間的推移$1,580,170 $309,884 $1,890,054 $1,415,319 $291,721 $1,707,040 
時間點7,870 61,757 69,627 14,389 50,482 64,871 
分部收入$1,588,040 $371,641 1,959,681 $1,429,708 $342,203 1,771,911 
淘汰(2,294)(1,117)
收入$1,957,387 $1,770,794 
按合同類型的收入如下:
 2024年9月30日止三個月2023年9月30日止三個月
政府運營商業運營總費用政府運營商業運營總費用
 （以千爲單位）
固定價格獎勵費$366,234 $2,587 $368,821 $301,392 $2,225 $303,617 
堅定固定價格82,296 72,018 154,314 87,812 72,719 160,531 
成本加酬金108,507 — 108,507 83,549 — 83,549 
工時與材料3,036 38,507 41,543 5,102 37,415 42,517 
其他$560,073 $113,112 673,185 $477,855 $112,359 590,214 
剔除項(1,229)(225)
收入$671,956 $589,989 
 2024年9月30日止九個月2023年9月30日止九個月
政府運營商業運營總費用政府運營商業運營總費用
 （以千爲單位）
固定價格激勵費$1,021,222 $13,529 $1,034,751 $920,821 $9,013 $929,834 
固定價格258,242 207,730 465,972 259,853 221,841 481,694 
成本加費304,305 — 304,305 242,774 — 242,774 
工時與材料4,271 150,382 154,653 6,260 111,349 117,609 
其他$1,588,040 $371,641 1,959,681 $1,429,708 $342,203 1,771,911 
剔除項(2,294)(1,117)
收入$1,957,387 $1,770,794 
履行責任
隨着我們在合同上的進展以及隨時間確認營業收入的基礎履行責任，我們完善對變量考慮和完工總成本的估計，這將影響我們合同和履行責任的整體盈利能力。這些估計的變化導致了累積追溯調整的確認，影響了我們的營業收入和/或合同成本。 估計變化的總體影響如下增加了我們的營業收入和營業收入如下：
15
目錄
三個月已結束
九月三十日		九個月已結束
九月三十日
 2024202320242023
 （以千計）（以千計）
收入 (1)
$10,241 $17,370 $7,449 $4,328 
營業收入 (1)
$9,721 $19,870 $6,372 $6,828 
(1)截至2024年9月30日的三個月和九個月內，任何一份合同的調整對我們的基本報表未產生重大影響。截至2023年9月30日的三個月和九個月內，我們的政府運營部門的業績受到與核運營合同相關的合同調整的影響。這些調整導致營業收入增加了$20.41百萬美元和20.0百萬美元，分別爲截至2023年9月30日的三個月和九個月減少了運營成本$2.5百萬美元。
合同資產和負債
我們在進行中的合同中包括已發生的營業收入和相關成本，以及超過根據合同條款向客戶收取的金額的累積合同成本。特定合同的成本，其中我們在某個時間點確認營業收入的，也包括在進行中的合同中。我們在合同預付款項中包括超過累積合同成本和逐漸確認的營業收入的合同賬單。我方在固定價格獎勵費合同中扣留的金額分類爲保留款。其中一部分金額需要實現除經過時間的條件外的條件，剩餘金額僅需要經過時間。大多數長期合同都包括進度付款條款。我們的未開票應收款項不包括因信用損失而形成的準備金，因爲我們預計將向客戶開具發票並收回所有未開票應收款項的金額。進行中的合同和合同預付款項的變動主要受到營業收入確認和向客戶開具賬單的時間差異的影響。我們政府業務部門的固定價格獎勵費合同包括條款，導致在年度的第一和第三季度扣留的合同款項增加，在年度的第二和第四季度收到更大的付款。因成本發生和實現里程碑之間的時間差異而導致的扣留款項金額也會有所變化，這些里程碑使得我們可以收回這些金額。
 2020年9月30日12月31日
 20242023
 （以千爲單位）
正在進行的合同中包含：
未計費應收賬款$641,413 $519,931 
Retainages$92,295 $55,181 
合同預付款$119,563 $107,391 
截至2024年和2023年9月30日止三個月，我們確認收入$5.8萬美元和1.1 百萬美元分別爲每年初在合同提前賬單中的收入。截至2024年和2023年9月30日止九個月，我們確認收入$92.21百萬美元和70.3百萬美元分別爲每年初在合同提前賬單中的收入。
剩餘績效承諾
剩餘履約義務代表我們預計從以前簽訂的合同和在進行中的合同中未來預計要確認的營業收入金額。截至2024年9月30日，我們的剩餘履約義務爲$3,380.7 我們預計將在接下來的%內將2024年6月30日的積壓約識別爲營業收入。 48將於2025年底前確認與我們剩餘履約義務相關的營業收入的%，其餘部分在此後確認。
注3 - 養老金計劃和退休後福利
我們在簡明綜合利潤表中記錄了淨週期福利成本的服務成本元件。截至2024年9月30日的三個月內，這些金額分別爲$2.0萬美元和2.0 百萬。截至2024年9月30日的九個月內，這些金額分別爲$5.91百萬美元和5.9百萬。所有的淨週期福利成本的其他元件均包含在簡明綜合利潤表中的其他-淨中。截至2024年9月30日的三個月內，這些金額爲$(2.8)
16
目錄
分別爲$(百萬)2.5百萬，分別爲$(百萬)8.5在截至2024年5月31日和2023年5月31日的六個月結束時，養老金和其他養老福利的淨總收益，除去服務成本元件，分別爲$(7.42024年和2023年截至9月30日的九個月分別爲$(百萬) 淨利潤中包括的淨週期性福利成本元件如下：
 養老金福利其他福利
三個月之內結束
2020年9月30日		九個月結束
2020年9月30日		三個月之內結束
2020年9月30日		九個月結束
2020年9月30日
 20242023202420232024202320242023
 （以千爲單位）
服務成本$1,880 $1,881 $5,645 $5,639 $96 $86 $289 $255 
利息費用11,377 11,913 34,140 35,772 503 538 1,511 1,607 
計劃資產預期回報
(15,072)(15,113)(45,225)(45,332)(487)(634)(1,461)(1,903)
往期服務費用攤銷 820 820 2,460 2,460 11 10 34 30 
淨週期性福利（收入）/損失$(995)$(499)$(2,980)$(1,461)$123 $— $373 $(11)
注4-關承諾和 contingencies
在本10-Q表格覆蓋期間內，沒有重大的應變情況。
注5——公允價值計量
投資
以下是2024年9月30日按公允價值計量的我們投資的摘要：
總費用一級二級第三層次Unclassified
 （以千爲單位）
股票投資
所有基金類型$8,822 $— $8,822 $— $— 
可供出售證券
公司債券1,837 1,837 — — — 
總費用$10,659 $1,837 $8,822 $— $— 
以下是截至2023年12月31日按公允價值計量的投資摘要：
總費用一級二級第三層次Unclassified
 （以千爲單位）
股票投資
所有基金類型$7,713 $— $7,713 $— $— 
可供出售證券
公司債券1,783 1,783 — — — 
總費用$9,496 $1,783 $7,713 $— $— 
我們根據報價市場價格評估投資的公允價值。對於沒有報價市場價格的投資，我們根據類似質量和期限的投資可用收益率曲線推導公允價值。
衍生品
目前二級衍生資產和負債主要包括外匯遠期合約。在適用的情況下，這些衍生資產和負債的價值是通過貼現未來現金流量金額至現值的方式計算出來，使用基於市場的可觀測輸入，包括外匯遠期和即期匯率、利率以及交易對手履約風險調整。截至2024年9月30日和2023年12月31日，我們持有的外匯遠期合約用於購買或賣出外幣，主要是加元和歐元，總公平價值分別爲$(2.0 百萬和 $(9.9)百萬。衍生資產和負債分別包含在我們的簡明合併資產負債表上的應收賬款-其他和應付賬款中。
17
目錄
其他金融工具
我們在估計其他財務工具的公允價值披露時，採用了以下方法和假設，具體如下：
現金及現金等價物和受限現金及現金等價物我們在附表中報告的現金及現金等價物和受限制現金及現金等價物的賬面價值，由於其具有高度流動性質，接近其公允價值。
長期債務和短期債務我們基於債務工具的公允價值，包括我們的 4.125%到期的優先票據截至2028年（以下簡稱"於2028年到期的優先票據"）以及我們的 4.125%到期的優先票據截至2029年（以下簡稱"於2029年到期的優先票據"），依據報價市場價格確定。當無法獲取報價價格時，我們基於類似債務工具的預估借款利率折現未來現金流的現值或根據類似質量和條款的債務發行的當前收益率預估價格。截至2024年9月30日和2023年12月31日，2028年到期的優先票據的公允價值分別爲$384.9萬美元和367.7 百萬美元，而2029年到期的優先票據的公允價值分別爲$383.0萬美元和367.0 百萬美元。截至2024年9月30日和2023年12月31日，我們其餘債務工具的公允價值大致接近其賬面價值。
應收票據。 其他資產中包括一項與第三方貸款相關的應收票據。我們基於類似質量和條件的金融工具的市場利率貼現未來現金流的現值，確定該2級應收票據工具的公允價值。截至2024年9月30日和2023年12月31日，我們的應收票據賬面價值分別爲$，近似於其公允價值。6.9萬美元和7.4 百萬，近似於其公允價值。
附註6 -基於股票的報酬
所有板塊的股票補償在截至2024年和2023年9月30日的三個月內共計$4.6萬美元和3.7 百萬，相應的稅收利益總計$0.7萬美元和0.5 所有板塊的股票補償在截至2024年和2023年9月30日的九個月內共計$15.01百萬美元和12.5百萬，相應的稅收利益總計$2.51百萬美元和2.0百萬。
未以公允價值計量的金融工具業務分部報告
根據注1所述，我們的運營狀況是根據 兩個 可報告分部。 我們的業務分析報告如下：
三個月已結束
九月三十日		九個月已結束
九月三十日
 2024202320242023
 （以千計）
收入：
政府運營$560,073 $477,855 $1,588,040 $1,429,708 
商業運營113,112 112,359 371,641 342,203 
淘汰(1,229)(225)(2,294)(1,117)
$671,956 $589,989 $1,957,387 $1,770,794 
營業收入:
政府運營$101,609 $85,632 $279,815 $258,400 
商業運營6,728 9,083 31,947 21,613 
$108,337 $94,715 $311,762 $280,013 
未分配的企業部門 (1)
(11,759)(9,357)(23,417)(20,147)
總營業收入$96,578 $85,358 $288,345 $259,866 
其他收益（費用）(5,954)(7,192)(17,715)(24,087)
稅前收入$90,624 $78,166 $270,630 $235,779 
(1)未分配的企業部門包括未分配給各業務部門的一般企業總部開支。
18
目錄
注8 - 每股收益
下表給出了基本和稀釋後每股收益的計算：
三個月之內結束
2020年9月30日		九個月結束
2020年9月30日
 2024202320242023
 （以千爲單位，除股份數量和每股金額外）
基本的：
淨利潤歸屬於BWX科技公司$69,483 $60,273 $210,923 $179,962 
加權平均普通股股數91,574,531 91,659,117 91,564,726 91,596,650 
基本每股收益$0.76 $0.66 $2.30 $1.96 
稀釋的：
淨利潤歸屬於BWX科技公司$69,483 $60,273 $210,923 $179,962 
加權平均普通股（基本）91,574,531 91,659,117 91,564,726 91,596,650 
攤薄效應:
期權、受限股單位和績效股份 (1)
312,179 236,363 284,998 236,800 
調整後的加權平均普通股91,886,710 91,895,480 91,849,724 91,833,450 
稀釋每股收益$0.76 $0.66 $2.30 $1.96 
(1)在2024年和2023年9月30日，我們從稀釋每股收益的計算中排除了 109,146和頁面。92,389 相應地，排除了股份，因爲其效果可能會對股份造成抵消效應。
注9 - 隨後的事件
2024年9月30日之後，我們宣佈了收購愛文思控股旗下子公司Aerojet Ordinance Tennessee, Inc. ("A.O.T")的意向。A.O.T是領先的高級特種材料供應商，這將進一步增強我們開發和製造商用、軍工-半導體和航天應用的先進材料和產品的能力。收購計劃於2024年第四季度完成，預計需要在收購時支付約$的現金投資。收購完成後，A.O.T.將歸入我們的政府業務部門。98.0收購完成後，A.O.T.將作爲我們政府業務部門的一部分進行報告。

19
目錄
項目 2.    管理層對財務狀況和經營成果的討論與分析
以下信息應與未經審計的簡明綜合財務報表以及附表一同閱讀，這些內容包括本季度報告表格10-Q（"報告"）中的第I部分中包含的財務報表，以及截至2023年12月31日的年度報告表格10-k中包含的經審計的綜合財務報表、相關附註及第7項（我們的"2023 10-K"）。
在本報告中，除非上下文另有說明，「我們」、「我們」和「我們」的意思是BWX Technologies, Inc.（「BWXT」或「公司」）及其合併子公司。
關於前瞻性聲明的風險提示聲明
我們的管理層或代表我們行事的人不時地發表前瞻性聲明，以告知現有和潛在的安防-半導體持有人有關我們公司的信息。前瞻性聲明包括表達信念、期望或意圖的聲明，以及非歷史事實聲明，符合1933年證券法第27A條和1934年證券交易所法第21E條及其修正案（"交易所法"）的含義。關於特定項目、我們未來的訂單量、收入、利潤、資本支出、戰略投資、收購或出售、資本回報活動或利潤改善舉措的聲明和假設，都屬於前瞻性聲明的示例。前瞻性聲明通常伴隨着"估計"、"項目"、"預測"、"相信"、"期望"、"預期"、"計劃"、"尋求"、"目標"、"可能"、"意圖"、"可能"、"應該"等詞語，傳達未來事件或結果的不確定性。此外，有時我們會明確將一項聲明描述爲前瞻性聲明，並提及此警示聲明。
我們基於當前可獲得的信息和對我們公司、行業和業務環境的當前期望、估計和展望，發佈了前瞻性聲明。我們提醒您，這些聲明並不是對未來績效的保證，您不應過度依賴它們，因爲它們涉及我們無法預測的風險、不確定性和假設。此外，我們對許多這些前瞻性聲明是基於可能被證明不準確的未來事件的假設。儘管我們的管理層認爲這些聲明和假設是合理的，但它們本質上受許多因素影響，包括可能的風險因素，這些風險因素的描述在我們2023年10k表格的1A項中，其中大多數難以預測，許多超出我們的控制範圍。因此，我們的實際結果可能會明顯不同於我們在前瞻性聲明中表達或預測的未來績效。
我們在本報告的其他地方更詳細地討論了許多這些因素。這些因素不一定是可能影響我們的所有因素。我們未在本報告或我們的2023年10-k中討論過的不可預測或意外因素也可能對我們前瞻性陳述的實際結果產生重大不利影響。我們沒有打算根據適用法律的要求更新或審查任何前瞻性陳述或我們對重要因素的描述，除非有新信息、未來事件或其他情況需要。
總體來說
我們在兩個可報告的業務部門運營：政府業務和商業業務。一般來說，我們在資本密集型產業中運營，並依賴大型合同來獲得相當一部分的收入。我們目前正在探索跨業務部門的增長戰略，以擴大和補充我們現有的業務。我們預計將通過運營所產生的現金或通過增加債務、股權或兩者的組合來資助這些機會。
政府運營
我們政府運營板塊的收入在很大程度上取決於美國政府的軍事開支。通過這一板塊，我們爲美國能源部（"DOE")/國家核安全管理局的海軍核推進計劃工程、設計和製造精密核海軍元件、反應堆和核燃料。此外，我們向全球海軍和商業航運客戶提供專有和獨家閥門、歧管和配件。作爲美國政府某些項目的主要核元件供應商，該板塊在軍工股行業中扮演着重要角色。
該領域還通過管理和運營美國核武器基地、國家實驗室和製造綜合體，向美國政府提供各種服務。在這些類型的合同下，被投資方的收入和權益收入主要取決於美國政府的支出和表現。
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目錄
我們和財團夥伴在管理和運營這些場所中獲得的分數。憑藉我們對特殊材料、設施和技術全生命週期管理的專業能力，我們相信該領域定位良好，能夠繼續參與由能源部、美國宇航局和其他聯邦機構維護的關鍵政府擁有的核場地、實驗室和製造綜合體的持續清理、運營和管理。
Additionally, 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.
Commercial Operations
Through this segment, we design and manufacture commercial nuclear steam generators, heat exchangers, pressure vessels, reactor components, as well as other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level nuclear waste. This segment is a leading supplier of nuclear fuel, fuel handling systems, tooling delivery systems, nuclear-grade materials and precisely machined components, and related services for CANDU nuclear power plants. This segment also provides a variety of engineering and in-plant services and is a significant supplier to nuclear power utilities undergoing major refurbishment and plant life extension projects. Additionally, this segment is a global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals.
Our Commercial Operations segment's overall activity primarily depends on the demand and competitiveness of nuclear energy and the demand for critical radioisotopes and radiopharmaceuticals. A significant portion of our Commercial Operations segment's operations depends on the timing of maintenance outages, the cyclical nature of capital expenditures and major refurbishment and life extension projects, as well as the demand for nuclear fuel and fuel handling equipment primarily in the Canadian market, which could cause variability in our financial results.
Critical Accounting Estimates
For a summary of the critical accounting policies and estimates that we use in the preparation of our unaudited condensed consolidated financial statements, see Item 7 of our 2023 10-K. There have been no material changes to our critical accounting policies and estimates during the nine months ended September 30, 2024.
Contracts & Revenue Recognition
We generally recognize estimated contract revenue and resulting income over time based on the measurement of the extent of progress toward completion using total costs incurred as a percentage of the total estimated project costs for individual performance obligations. 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. If a current estimate of total contract costs indicates a loss on a contract, the projected loss is recognized in full when determined.
As we progress on our contracts and the underlying performance obligations, 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. The aggregate impact of changes in estimates increased our revenues and operating income as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (In thousands)(In thousands)
Revenues (1)
$10,241 $17,370 $7,449 $4,328 
Operating Income (1)
$9,721 $19,870 $6,372 $6,828 
(1)During the three and nine months ended September 30, 2024, no adjustments to any one contract had a material impact on our consolidated financial statements. During the three and nine months ended September 30, 2023, our Government Operations segment results were favorably impacted by contract adjustments related to a nuclear operations contract. These adjustments resulted in an increase in revenue of $20.4 million and $20.0 million and decreases in cost of operations of $2.5 million, for the three and nine months ended September 30, 2023 respectively.
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Results of Operations – Three and Nine Months Ended September 30, 2024 vs. Three and Nine Months Ended September 30, 2023
Selected financial highlights are presented in the table below:
 Three Months Ended
September 30,		 Nine Months Ended
September 30,		 
 20242023$ Change20242023$ Change
 (In thousands)
REVENUES:
Government Operations$560,073 $477,855 $82,218 $1,588,040 $1,429,708 $158,332 
Commercial Operations113,112 112,359 753 371,641 342,203 29,438 
Eliminations(1,229)(225)(1,004)(2,294)(1,117)(1,177)
$671,956 $589,989 $81,967 $1,957,387 $1,770,794 $186,593 
OPERATING INCOME:
Government Operations$101,609 $85,632 $15,977 $279,815 $258,400 $21,415 
Commercial Operations6,728 9,083 (2,355)31,947 21,613 10,334 
$108,337 $94,715 $13,622 $311,762 $280,013 $31,749 
Unallocated Corporate(11,759)(9,357)(2,402)(23,417)(20,147)(3,270)
Total Operating Income$96,578 $85,358 $11,220 $288,345 $259,866 $28,479 
Consolidated Results of Operations
Three months ended September 30, 2024 vs. 2023
Consolidated revenues increased 13.9%, or $82.0 million, to $672.0 million in the three months ended September 30, 2024 compared to $590.0 million for the corresponding period of 2023, due to increases in our Government Operations and Commercial Operations segments of $82.2 million and $0.8 million, respectively.
Consolidated operating income increased $11.2 million to $96.6 million in the three months ended September 30, 2024 compared to $85.4 million for the corresponding period of 2023. Operating income in our Government Operations segment increased $16.0 million which was partially offset by lower operating income in our Commercial Operations segment of $2.4 million when compared to the corresponding period in the prior year. We also experienced an increase in Unallocated Corporate expenses of $2.4 million when compared to the corresponding period in the prior year.
Nine months ended September 30, 2024 vs. 2023
Consolidated revenues increased 10.5%, or $186.6 million, to $1,957.4 million in the nine months ended September 30, 2024 compared to $1,770.8 million for the corresponding period of 2023, due to increases in our Government Operations and Commercial Operations segments of $158.3 million and $29.4 million, respectively.
Consolidated operating income increased $28.5 million to $288.3 million in the nine months ended September 30, 2024 compared to $259.9 million for the corresponding period of 2023. Operating income in our Government Operations and Commercial Operations segments increased $21.4 million and $10.3 million, respectively. These increases were partially offset by an increase in Unallocated Corporate expenses of $3.3 million when compared to the corresponding period in the prior year.
Government Operations
 三個月已結束
九月三十日		 九個月已結束
九月三十日		 
 20242023$ Change20242023$ Change
 （以千計）
收入$560,073 $477,855 $82,218 $1,588,040 $1,429,708 $158,332 
營業收入$101,609 $85,632 $15,977 $279,815 $258,400 $21,415 
收入的百分比18.1%17.9%17.6%18.1%
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目錄
2024年9月30日結束的三個月與2023年對比
截至2024年9月30日三個月的收入增加了8220萬美元，或17.2%，達到了56010萬美元，而2023年對應時期爲47790萬美元。這一增長主要是由於核元件製造業務的成交量增加了4720萬美元，以及由於長鉛期材料採購時間的變動而導致的收入增加了3200萬美元。與前一年同期相比，我們的高級技術業務（特別是在軍工股市場）執行的設計和工程協作持續增長，導致收入增加了2070萬美元。這些增加部分地被與我們的混合作業相關的收入減少所抵消。
截至2024年9月30日的三個月內，營業收入增加1600萬至10160萬美元，而2023年對應期的營業收入爲8560萬美元，主要受上述收入變化對營業收入的影響推動。
2024年9月30日結束的九個月 vs. 2023年
截至2024年9月30日的九個月中，收入增加了15830萬美元，或11.1%，達到了158800萬美元，而2023年同期爲1429億美元。這一增長主要是由核元件的製造成交量增加驅動的，爲美國政府項目帶來了1.01億美元的增長，與前一年同期相比。我們先進技術業務在軍工市場特別是設計和工程領域的持續增長，爲我們帶來了5900萬美元的額外收入。這些增長部分被與我們的下混合操作相關的收入減少所抵消。
截至2024年9月30日的九個月，營業收入同比增加了2140萬美元，達到27980萬美元，而2023年同期爲25840萬美元，主要受上述收入變化的營業收入影響。這在一定程度上被我們的混合操作減少以及對新數字化和轉型相關倡議的投資所抵消，相比上一年同期，銷售、一般和管理費用出現增加。
商業運營
 三個月已結束
九月三十日		 九個月已結束
九月三十日		 
 20242023$ Change20242023$ Change
 （以千計）
收入$113,112 $112,359 $753 $371,641 $342,203 $29,438 
營業收入$6,728 $9,083 $(2,355)$31,947 $21,613 $10,334 
收入的百分比5.9%8.1%8.6%6.3%
2024年9月30日止三個月 vs. 2023年
收入在2024年9月30日結束的三個月內增長了0.7%，即80萬美元，達到11310萬美元，而2023年同期爲11240萬美元。這一增長主要與我們核元件、醫療放射性同位素、燃料處理和燃料製造業務中的收入增加有關，部分抵消了與前一年同期相比我們現場翻新工作中收入較低的情況。
截至2024年9月30日的三個月裏，營業收入由2023年同期的910萬下降了240萬至670萬。這主要是由於盡職調查和重組相關活動的支出增加了220萬，以及與往年同期相比，我們元件業務中的支出增加。這些減少部分被與前一年同期相比產品組合的有利變化部分抵消。
2024年9月30日結束的九個月對比2023年
截至2024年9月30日的九個月，收入增長了8.6%，達到37160萬美元，而2023年同期爲34220萬美元。這一增長得益於我們所有核心業務板塊的收入增加。
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businesses when compared to the corresponding period in the prior year which included a $12.6 million increase in our medical radioisotopes business.
Operating income increased $10.3 million to $31.9 million in the nine months ended September 30, 2024 compared to $21.6 million for the corresponding period of 2023. The increase was primarily due to the increase in revenues noted above as well as a favorable shift in our product mix. The increase was partially offset by a $1.1 million increase in expenses associated with due diligence and restructuring-related activities when compared to the corresponding period of the prior year.
Unallocated Corporate
Unallocated corporate expenses increased $2.4 million and $3.3 million in the three and nine months ended September 30, 2024, respectively, when compared to the corresponding periods of 2023. During the third quarter of 2023, we undertook several initiatives to transform our current information technology infrastructure and to improve the effectiveness of our digital framework. These initiatives are expected to continue into 2026 and accounted for increases in expense of $2.0 million and $6.1 million for the three and nine months ended September 30, 2024, respectively. We also experienced an increase in legal and consulting costs associated with due diligence activities of $2.2 million and $2.1 million for the three and nine months ended September 30, 2024, respectively. These increases were partially offset by decreases in healthcare costs when compared to the corresponding periods in the prior year.
Provision for Income Taxes
 Three Months Ended
September 30,		 Nine Months Ended
September 30,		 
 20242023$ Change20242023$ Change
 (In thousands)
Income before Provision for Income Taxes$90,624 $78,166 $12,458 $270,630 $235,779 $34,851 
Provision for Income Taxes$20,983 $17,814 $3,169 $59,410 $55,769 $3,641 
Effective Tax Rate23.2%22.8%22.0%23.7%
We primarily operate in the U.S., Canada and the U.K. and we recognize our U.S. income tax provision based on the U.S. federal statutory rate of 21%, our Canadian tax provision based on the Canadian local statutory rate of approximately 25%, and our U.K. tax provision based on the U.K. local statutory rate of 25%.
Our effective tax rate for the three months ended September 30, 2024 was 23.2% as compared to 22.8% for the three months ended September 30, 2023. Our effective tax rate for the nine months ended September 30, 2024 was 22.0% as compared to 23.7% for the nine months ended September 30, 2023. The effective tax rates for the three and nine months ended September 30, 2024 and September 30, 2023 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 foreign earnings.
Certain jurisdictions have implemented the Organization for Economic Cooperation and Development’s Pillar Two rules regarding a global minimum tax. Effective January 1, 2024, these rules enforce a minimum effective tax rate of 15%, calculated on a jurisdictional basis. Considering our current global footprint, we do not anticipate that these new rules will materially impact our provision for income taxes.
Backlog
Backlog represents the dollar amount of revenue we expect to recognize in the future from contracts awarded and in progress. Not all of our expected revenue from a contract award is recorded in backlog for a variety of reasons, including that some projects are awarded and completed within the same reporting period.
Our backlog is equal to our remaining performance obligations under contracts that meet the criteria in FASB Topic Revenue from Contracts with Customers, as discussed in Note 2 to our condensed consolidated financial statements included in this Report. It is possible that our methodology for determining backlog may not be comparable to methods used by other companies.
We are subject to the budgetary and appropriations cycle of the U.S. Government as it relates to our Government Operations segment. Backlog may not be indicative of future operating results and projects in our backlog may be cancelled, modified or otherwise altered by customers.
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September 30,
2024		December 31,
2023
(In approximate millions)
Government Operations$2,745 $3,217 
Commercial Operations635 781 
Total Backlog$3,380 $3,998 
We do not include the value of our unconsolidated joint venture contracts in backlog. These unconsolidated joint ventures are included in our Government Operations segment.
As of September 30, 2024, our ending backlog was $3,380.7 million, which included $366.4 million of unfunded backlog related to U.S. Government contracts. We expect to recognize approximately 48% of the revenue associated with our backlog by the end of 2025, with the remainder to be recognized thereafter.
Major new awards from the U.S. Government are typically received following Congressional approval of the budget for the U.S. Government's next fiscal year, which starts October 1, and may not be awarded to us before the end of the calendar year. Due to the fact that most contracts awarded by the U.S. Government are subject to these annual funding approvals, the total values of the underlying programs are significantly larger.
The value of unexercised options excluded from backlog as of September 30, 2024, was approximately $100 million, which is expected to be awarded in 2024, subject to annual Congressional appropriations.
Liquidity and Capital Resources
Credit Facility
On October 12, 2022, we entered into an Amended and Restated Credit Agreement (the "Credit Facility") with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto. The Credit Facility consists of a $750 million senior secured revolving credit facility (the "Revolving Credit Facility") and a $250 million senior secured term A loan (the "Term Loan"). The Revolving Credit Facility and the Term Loan are scheduled to mature on October 12, 2027. The proceeds of loans under the Credit Facility are available for working capital needs, permitted acquisitions and other general corporate purposes.
The Credit Facility allows for additional parties to become lenders and, subject to certain conditions, for the increase of the commitments under the Credit Facility, subject to an aggregate maximum for all additional commitments of (1) the greater of (a) $400 million and (b) 100% of EBITDA, as defined in the Credit Facility, for the last four full fiscal quarters, plus (2) all voluntary prepayments of the Term Loan, plus (3) additional amounts provided the Company is in compliance with a pro forma first lien net leverage ratio test of less than or equal to 2.50 to 1.00.
The Company's obligations under the Credit Facility are guaranteed, subject to certain exceptions, by substantially all of the Company's present and future wholly owned domestic restricted subsidiaries. The Credit Facility is secured by first-priority liens on certain assets owned by the Company and its subsidiary guarantors (other than its subsidiaries comprising a portion of its Government Operations segment).
The Credit Facility requires interest payments on outstanding loans on a periodic basis until maturity. We are required to make quarterly amortization payments on the Term Loan in an amount equal to (i) 0.625% of the initial aggregate principal amount of the Term Loan on the last business day of each quarter beginning the quarter ended March 31, 2023 and ending the quarter ending December 31, 2024 and (ii) 1.25% of the initial aggregate principal amount of the Term Loan on the last business day of each quarter ending after December 31, 2024, with the balance of the Term Loan due at maturity. We may prepay all loans under the Credit Facility at any time without premium or penalty (other than customary Term SOFR breakage costs), subject to notice requirements.
The Credit Facility includes financial covenants that are evaluated on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter. The maximum permitted total net leverage ratio is 4.00 to 1.00, which may be increased to 4.50 to 1.00 for up to four consecutive fiscal quarters after a material acquisition. The minimum consolidated interest coverage ratio is 3.00 to 1.00. In addition, the Credit Facility contains various restrictive covenants, including with respect to debt, liens, investments, mergers, acquisitions, dividends, equity repurchases and asset sales. As of September 30, 2024, we were in compliance with all covenants set forth in the Credit Facility.
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Outstanding loans under the Credit Facility bear interest at our option at either (1) the Term SOFR plus a credit spread adjustment of 0.10% plus a margin ranging from 1.0% to 1.75% per year or (2) the base rate plus a margin ranging from 0.0% to 0.75% per year. We are charged a commitment fee on the unused portion of the Revolving Credit Facility, and that fee ranges from 0.15% to 0.225% per year. Additionally, we are charged a letter of credit fee of between 1.0% and 1.75% per year with respect to the amount of each financial letter of credit issued under the Revolving Credit Facility, and a letter of credit fee of between 0.75% and 1.05% per year with respect to the amount of each performance letter of credit issued under the Revolving Credit Facility. The applicable margin for loans, the commitment fee and the letter of credit fees set forth above will vary quarterly based on our total net leverage ratio. Based on the total net leverage ratio applicable at September 30, 2024, the margin for Term SOFR and base rate loans was 1.25% and 0.25%, respectively, the letter of credit fee for financial letters of credit and performance letters of credit was 1.25% and 0.825%, respectively, and the commitment fee for the unused portion of the Revolving Credit Facility was 0.175%.
As of September 30, 2024, borrowings under the Term Loan totaled $239.1 million, borrowings and letters of credit issued under the Revolving Credit Facility totaled $200.0 million and $1.4 million, respectively, and we had $548.6 million available under the Revolving Credit Facility for borrowings and to meet letter of credit requirements. As of September 30, 2024, the weighted-average interest rate on outstanding borrowings under the Credit Facility was 6.31%.
The Credit Facility generally includes customary events of default for a secured credit facility. Under the Credit Facility, (1) if an event of default relating to bankruptcy or other insolvency events occurs with respect to the Company, all related obligations will immediately become due and payable; (2) if any other event of default exists, the lenders will be permitted to accelerate the maturity of the related obligations outstanding; and (3) if any event of default exists, the lenders will be permitted to terminate their commitments thereunder and exercise other rights and remedies, including the commencement of foreclosure or other actions against the collateral.
If any default occurs under the Credit Facility, or if we are unable to make any of the representations and warranties in the Credit Facility, we will be unable to borrow funds or have letters of credit issued under the Credit Facility.
Senior Notes due 2028
We issued $400 million aggregate principal amount of 4.125% senior notes due 2028 (the "Senior Notes due 2028") pursuant to an indenture dated June 12, 2020 (the "2020 Indenture"), among the Company, certain of our subsidiaries, as guarantors, and U.S. Bank Trust Company, National Association (formerly known as U.S. Bank National Association) ("U.S. Bank"), as trustee. The Senior Notes due 2028 are guaranteed by each of the Company's present and future direct and indirect wholly owned domestic subsidiaries that is a guarantor under the Credit Facility.
Interest on the Senior Notes due 2028 is payable semi-annually in cash in arrears on June 30 and December 30 of each year at a rate of 4.125% per annum. The Senior Notes due 2028 will mature on June 30, 2028.
We may redeem the Senior Notes due 2028, in whole or in part, at any time at a redemption price equal to (i) 101.031% of the principal amount to be redeemed if the redemption occurs during the 12-month period beginning on June 30, 2024 and (ii) 100.0% of the principal amount to be redeemed if the redemption occurs on or after June 30, 2025, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
The 2020 Indenture contains customary events of default, including, among other things, payment default, failure to comply with covenants or agreements contained in the 2020 Indenture or the Senior Notes due 2028 and certain provisions related to bankruptcy events. The 2020 Indenture also contains customary negative covenants. As of September 30, 2024, we were in compliance with all covenants set forth in the 2020 Indenture and the Senior Notes due 2028.
Senior Notes due 2029
We issued $400 million aggregate principal amount of 4.125% senior notes due 2029 (the "Senior Notes due 2029") pursuant to an indenture dated April 13, 2021 (the "2021 Indenture"), among the Company, certain of our subsidiaries, as guarantors, and U.S. Bank, as trustee. The Senior Notes due 2029 are guaranteed by each of the Company's present and future direct and indirect wholly owned domestic subsidiaries that is a guarantor under the Credit Facility.
Interest on the Senior Notes due 2029 is payable semi-annually in cash in arrears on April 15 and October 15 of each year, at a rate of 4.125% per annum. The Senior Notes due 2029 will mature on April 15, 2029.
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We may redeem the Senior Notes due 2029, in whole or in part, at any time at a redemption price equal to (i) 102.063% of the principal amount to be redeemed if the redemption occurs during the 12-month period beginning on April 15, 2024, (ii) 101.031% of the principal amount to be redeemed if the redemption occurs during the 12-month period beginning on April 15, 2025 and (iii) 100.0% of the principal amount to be redeemed if the redemption occurs on or after April 15, 2026, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
The 2021 Indenture contains customary events of default, including, among other things, payment default, failure to comply with covenants or agreements contained in the 2021 Indenture or the Senior Notes due 2029 and certain provisions related to bankruptcy events. The 2021 Indenture also contains customary negative covenants. As of September 30, 2024, we were in compliance with all covenants set forth in the 2021 Indenture and the Senior Notes due 2029.
Other Arrangements
We have posted surety bonds to support regulatory and contractual obligations for certain decommissioning responsibilities, projects and legal matters. We utilize bonding facilities to support such obligations, but the issuance of bonds under those facilities is typically at the surety's discretion, and the bonding facilities generally permit the surety, in its sole discretion, to terminate the facility or demand collateral. Although there can be no assurance that we will maintain our surety bonding capacity, we believe our current capacity is adequate to support our existing requirements for the next 12 months. In addition, these bonds generally indemnify the beneficiaries should we fail to perform our obligations under the applicable agreements. We, and certain of our subsidiaries, have jointly executed general agreements of indemnity in favor of surety underwriters relating to surety bonds those underwriters issue. As of September 30, 2024, bonds issued and outstanding under these arrangements totaled approximately $101.1 million.
Similarly, we have provided letters of credit to governmental agencies and contractual counterparties to support regulatory and contractual obligations for certain decommissioning responsibilities, projects and legal matters. We utilize our Revolving Credit Facility and a bilateral letter of credit facility to support such obligations, but the issuance of letters of credit under our bilateral letter of credit facility is at the issuer’s discretion, and our bilateral letter of credit facility generally permits the issuer, in its sole discretion, to demand collateral if the issuer does not otherwise have the benefit of the collateral under our Credit Facility. Although there can be no assurance that we will maintain our bilateral letter of credit facility capacity, we believe our current capacity, together with capacity under our Revolving Credit Facility, is adequate to support our existing requirements for the next 12 months. As of September 30, 2024, letters of credit issued and outstanding under our bilateral letter of credit facility totaled approximately $35.6 million, and such letters of credit are secured by the collateral under our Credit Facility.
Long-term Benefit Obligations
As of September 30, 2024, we had underfunded defined benefit pension and postretirement benefit plans with obligations totaling approximately $96.2 million. These long-term liabilities are expected to require use of our resources to satisfy future funding obligations. Based largely on statutory funding requirements, we expect to make contributions of approximately $1.4 million for the remainder of 2024 related to our pension and postretirement plans. We may also make additional contributions based on a variety of factors including, but not limited to, tax planning, evaluation of funded status and risk mitigation strategies.
Other
Cash, Cash Equivalents, Restricted Cash and Investments
Our domestic and foreign cash and cash equivalents, restricted cash and cash equivalents and investments as of September 30, 2024 and December 31, 2023 were as follows:
September 30,
2024		December 31,
2023
 (In thousands)
Domestic$46,427 $71,177 
Foreign6,196 19,934 
Total$52,623 $91,111 

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Our working capital increased by $102.7 million to $545.5 million at September 30, 2024 from $442.8 million at December 31, 2023, primarily attributable to changes in contracts in progress and retainages due to the timing of project cash flows which was partially offset by the timing of vendor payments.
Our net cash provided by operating activities decreased by $10.4 million to $131.5 million in the nine months ended September 30, 2024, compared to cash provided by operating activities of $141.9 million in the nine months ended September 30, 2023. The decrease in cash provided by operating activities was primarily attributable to the timing of project cash flows which was partially offset by the timing of vendor payments and an increase in net income.
Our net cash used in investing activities decreased by $4.1 million to $100.9 million in the nine months ended September 30, 2024, compared to cash used in investing activities $105.0 million in the nine months ended September 30, 2023. No single item contributed significantly to this change.
Our net cash used in financing activities increased by $47.7 million to $69.9 million in the nine months ended September 30, 2024, compared to cash used in financing activities of $22.2 million in the nine months ended September 30, 2023. The increase in cash used in financing activities was primarily attributable to a reduction in net borrowings of long-term debt of $30.0 million as well as an increase in repurchases of common stock of $20.0 million when compared to the corresponding period of the prior year.
At September 30, 2024, we had restricted cash and cash equivalents totaling $6.4 million, $3.5 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $3.0 million of which was held to meet reinsurance reserve requirements of our captive insurer.
At September 30, 2024, we had long-term investments with a fair value of $10.7 million. Our investment portfolio consists primarily of corporate bonds and mutual funds. Our debt securities are carried at fair value and are either classified as trading, with unrealized gains and losses reported in earnings, or as available-for-sale, with unrealized gains and losses, net of tax, being reported as a component of other comprehensive income. Our equity securities are carried at fair value with the unrealized gains and losses reported in earnings.
Cash Requirements
As discussed in Note 9 to our condensed consolidated financial statements, subsequent to September 30, 2024, we announced our intention to acquire Aerojet Ordinance Tennessee, Inc., a subsidiary of L3Harris Technologies. We expect to make a significant cash investment during the fourth quarter of 2024 to complete this acquisition.
We believe we have sufficient cash and cash equivalents and borrowing capacity, along with cash generated from operations and continued access to capital markets, to satisfy our cash requirements for the next 12 months and beyond.
Item 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our exposures to market risks have not changed materially from those disclosed in Item 7A of our 2023 10-K.
Item 4.    CONTROLS AND PROCEDURES
As of the end of the period covered by this Report, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) adopted by the Securities and Exchange Commission ("SEC") under the Exchange Act). This evaluation was conducted under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. Our disclosure controls and procedures were developed through a process in which our management applied its judgment in assessing the costs and benefits of such controls and procedures, which, by their nature, can provide only reasonable assurance regarding the control objectives. You should note that the design of any system of disclosure controls and procedures is based in part upon various assumptions about the likelihood of future events, and we cannot assure you that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. Based on the evaluation referred to above, our Chief Executive Officer and Chief Financial Officer concluded that the design and operation of our disclosure controls and procedures are effective as of September 30, 2024 to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and such information is accumulated and communicated to management as appropriate to allow timely decisions regarding disclosure. There has been no change in our internal control over financial
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reporting during the three months ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II
OTHER INFORMATION
Item 1.    LEGAL PROCEEDINGS
For information regarding ongoing investigations and litigation, see Note 4 to our unaudited condensed consolidated financial statements in Part I of this Report, which we incorporate by reference into this Item.
Item 1A.    RISK FACTORS
In addition to the other information in this Report, the other factors presented in Item 1A of our 2023 10-K are some of the factors that could materially affect our business, financial condition or future results. There have been no material changes to our risk factors from those disclosed in our 2023 10-K.
Item 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Since November 2012, we have periodically announced that our Board of Directors has authorized share repurchase programs. The following table provides information on our purchases of equity securities during the three months ended September 30, 2024. Any shares purchased that were not part of a publicly announced plan or program are related to repurchases of common stock pursuant to the provisions of employee benefit plans that permit the repurchase of shares to satisfy statutory tax withholding obligations.
Period
Total number
of shares
purchased (1)
Average
price
paid
per share		Total number of shares purchased as part of publicly announced plans or programs
Approximate dollar
value of shares that
may yet be
purchased under the
plans or programs
(in millions) (2)
July 1, 2024 - July 31, 2024— $— — $377.6 
August 1, 2024 - August 31, 20242,965 $101.65 — $377.6 
September 1, 2024 - September 30, 202419 $103.00 — $377.6 
Total2,984 $101.66 — 
(1)Includes 0, 2,965 and 19 shares repurchased during July, August and September, respectively, pursuant to the provisions of employee benefit plans that permit the repurchase of shares to satisfy statutory tax withholding obligations.
(2)On April 30, 2021, our Board of Directors authorized us to repurchase an indeterminate number of shares of our common stock at an aggregate market value of up to $500 million with no expiration date.
Item 5.    OTHER INFORMATION
Rule 10b5-1 Trading Arrangements
During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
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Item 6.    EXHIBITS
Exhibit
Number		Description
3.1
3.2
3.3
31.1
31.2
32.1
32.2
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BWX TECHNOLOGIES, INC.
/s/ Robb A. LeMasters
By:Robb A. LeMasters
Senior Vice President and Chief Financial Officer
(Principal Financial Officer and Duly Authorized
Representative)
/s/ Mike T. Fitzgerald
By:Mike T. Fitzgerald
Vice President, Finance and Chief Accounting Officer
(Principal Accounting Officer and Duly Authorized
Representative)
November 4, 2024
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