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目次
UNITED STATES
証券取引委員会
ワシントンDC20549
 _________________________________________________________________________________________________________________________________ 
フォーム 10-Q
 _________________________________________________________________________________________________________________________________ 
（表1）
☒証券取引法第13条または15(d)条に基づく四半期報告書
報告期間が終了した2023年6月30日をもって2024年9月30日.
OR
☐移行期間：             から             まで
移行期間中の                    売上高 調整後 EBITDA の                    .
委員会ファイル番号001-34658
BWXテクノロジーズ、インク。
（会社設立時の指定名）
__________________________________________________________________________________________________________________________________
デラウェア 80-0558025
（設立または組織の州または管轄区域） （国税庁雇用者識別番号）
800 Main Street、4階 
Lynchburg,バージニア 24504
(主要執行オフィスの住所) （郵便番号）
登記者の電話番号（市外局番を含む）:（980) 365-4300
_________________________________________________________________________________________________________________________________
法第12条（b）に基づく登録証券
各クラスの名称取引シンボル登録されている各取引所の名称
普通株式、1セントの割賦価額BWXTニューヨーク証券取引所
登録者が法案のセクション13、15(d)によって報告義務のあるすべての報告書を過去12ヵ月間(またはその期間中に登録者がそのような報告書を提出することが求められたより短い期間)に提出したか、または(2)過去90日間にわたって当該報告書の提出要件の対象となったかどうかを示すチェックマークを記入してください。はい  ☒    いいえ  ☐
規制S-tのルール405に基づき、過去12か月間(またはそのような短期間)、登録者が提出を求められたすべてのインタラクティブデータファイルを電子的に提出したかどうかをチェックマークで示す。はい  ☒    いいえ  ☐
記載されている者が大企業加速申告者、加速申告者、非加速申告者、小規模報告会社、または新興成長企業であるかどうかは、チェックマークで示します。Exchange法第1202条の「大企業加速申告者」、「加速申告者」、「小規模報告会社」、および「新興成長企業」の定義については、ルール1202でご確認ください。
大型加速ファイラー☒加速度ファイラー☐
非加速ファイラー☐小規模報告会社☐
新興成長企業☐
新しいまたは改訂された財務会計基準に準拠するための拡張期間を利用しないことを選択したことを示すチェックマークで、新しいまたは改訂された財務会計基準に対して第13条（a）に基づいて提供された提供することをここに明記します。証券取引法のセクション18の目的のために「提出された」と見なされ、またこのセクションの責任の範囲に含まれるものではなく、証券法の1933年改正に基づくいずれかの提出書に照会されたものと見なされません。☐
Exchange ActのRule 12b-2で定義されるシェル企業であるかどうかをチェックマークで示してください。はい☐    いいえ  ☒
発行者の普通株式の発行済株式数は2024年10月31日時点で 91,443,505.

目次
BWXテクノロジーズ、インク。
INDEX – 10-Qフォーム
 ページ
2024年および2023年9月30日終了の三ヶ月と九ヶ月（未監査）
2024年および2023年9月30日終了の三ヶ月と九ヶ月（未監査）
2024年9月30日および2023年12月31日（未監査）
2024年3月31日、6月30日、および9月30日、2024年及び2023年（未監査）
2024年9月30日までの9ヶ月間、2024年及び2023年（未監査）

1
目次
第I部分
財務情報
項目 1. 簡易連結財務諸表

BWXテクノロジーズ、インク。
損益計算書要約（未監査）
9月30日までの3か月間 9月30日までの9ヶ月間
 2024202320242023
（未確定）
（千）
収益$671,956 $589,989 $1,957,387 $1,770,794 
コストと費用：
運営費用508,000 436,296 1,476,553 1,338,750 
研究開発費用2,081 1,156 4,842 5,955 
資産売却益および減損、純額— — (4)(15)
販売、一般および管理費用80,829 79,828 227,970 205,100 
総費用および経費590,910 517,280 1,709,361 1,549,790 
投資法適用による当期純利益15,532 12,649 40,319 38,862 
営業利益96,578 85,358 288,345 259,866 
その他の収益（費用）:
利息収入663 643 2,049 1,623 
利子費用(9,907)(12,175)(30,190)(35,200)
その他 - 正味3,290 4,340 10,426 9,490 
その他の収入（費用）合計(5,954)(7,192)(17,715)(24,087)
法人税調整前利益
90,624 78,166 270,630 235,779 
所得税費用20,983 17,814 59,410 55,769 
当期純利益$69,641 $60,352 $211,220 $180,010 
非支配株式に帰属する当期純利益(158)(79)(297)(48)
BWXテクノロジーズ株式会社に帰属する当期純利益$69,483 $60,273 $210,923 $179,962 
1株当たり利益:
基本的特性
BWXテクノロジーズ社に帰属する当期純利益$0.76 $0.66 $2.30 $1.96 
希薄化後:
BWXテクノロジーズ社に帰属する当期純利益$0.76 $0.66 $2.30 $1.96 
1株当たり利益の計算に使用される株式数（注8）：
基本91,574,531 91,659,117 91,564,726 91,596,650 
希薄化後91,886,710 91,895,480 91,849,724 91,833,450 
要約された連結財務諸表に付随する注記を参照してください。
2
目次
BWXテクノロジーズ、インク。
CONDENSED CONSOLIDATED STATEMENTS OF
包括利益
9月30日までの3か月間 9月30日までの9ヶ月間
 2024202320242023
（未確定）
営業活動によるキャッシュフロー：
当期純利益$69,641 $60,352 $211,220 $180,010 
その他包括的損益：
為替換算差額7,370 (13,485)(9,108)(868)
デリバティブ金融商品：
当期に発生した未実現損益（税引き後）の調整$118), $2, $52と$(207それぞれ($の税金引後)
318 (11)(158)603 
当期純利益に含まれる再分類調整（損失）の調整額、税引き後の処分$80, $(31), $84と $101それぞれ
(237)100 (249)(293)
年金計画コストの償却、税引き後の利益調整額$161), $(162), $(485累積その他の包括利益（損失）、税引前の額は$(488それぞれ($の税金引後)
670 668 2,009 2,002 
期間中に発生した未実現（損失）利益、税引後の額は$0, $(14), $(12累積その他の包括利益（損失）、税引前の額は$(25それぞれ($の税金引後)
(4)53 42 91 
その他包括利益(損失)8,117 (12,675)(7,464)1,535 
総包括利益77,758 47,677 203,756 181,545 
非支配株主に帰属する包括損失（収益）(158)(79)(297)(48)
BWXテクノロジーズ社に帰属する包括利益$77,600 $47,598 $203,459 $181,497 
要約された連結財務諸表に付随する注記を参照してください。
3
目次
BWXテクノロジーズ、インク。
連結簡易貸借対照表
資産
9月30日、
2024		12月31日、
2023
(未監査)
(千単位)
現在の資産:
現金および現金同等物$35,522 $75,766 
制限付現金および現金同等物2,962 2,858 
売掛金 — 取引、純額90,227 70,180 
売掛金 — その他15,934 16,339 
リテーナージュ92,295 55,181 
契約は進行中です661,248 533,155 
その他の流動資産84,761 64,322 
流動資産合計982,949 817,801 
不動産、プラントおよび設備、純額1,275,053 1,228,520 
投資10,659 9,496 
グッドウィル295,134 297,020 
繰延所得税12,118 16,332 
非連結関連会社への投資98,386 88,608 
無形資産175,200 185,510 
その他の資産97,961 103,778 
合計$2,947,460 $2,747,065 
要約された連結財務諸表に付随する注記を参照してください。
4
目次
BWXテクノロジーズ、インク。
連結簡易貸借対照表
負債及び株主資本
9月30日、
2024		12月31日
2023
(未監査)
（千ドル、株式を除く
40,850
支払手形および手形交換可能債務
長期借入金の短期部分$10,938 $6,250 
支払調整172,206 126,651 
従業員福利厚生費用53,438 64,544 
その他の負債－償還債務81,321 70,210 
契約に係る前払金119,563 107,391 
流動負債合計437,466 375,046 
新規買負債1,220,583 1,203,422 
積み立て退職給付債務17,797 18,466 
環境負債92,721 90,575 
年金負債74,347 82,786 
その他の負債45,875 43,469 
コミットメントおよびコンティンジェンシー（注4）
株主資本：
普通株式、割当資本金 1株の額 $0.01 株に対して、認可済み 325,000,00061,622,411株および60,995,513株；それぞれ2024年3月30日および2023年9月30日時点で発行済み128,307,682 そして 128,065,521 2024年9月30日および2023年12月31日時点における株式数
1,283 1,281 
優先株式、1株当たりの額 $0.01 シェア毎に、認可済 75,000,000 No発行済み株式数
— — 
帳簿価額超過分222,062 206,478 
留保利益2,238,437 2,093,917 
自己株式（取得原価法）36,867,475 そして 36,537,695 2024年9月30日および2023年12月31日時点における株式数
(1,388,106)(1,360,862)
その他包括利益/損失差額額(14,927)(7,463)
株主資本 - bwxテクノロジーズ社1,058,749 933,351 
非支配持分(78)(50)
株主資本の合計1,058,671 933,301 
合計$2,947,460 $2,747,065 
要約された連結財務諸表に付随する注記を参照してください。

5
目次
BWXテクノロジーズ、インク。
株主資本に関する連結簡易財務諸表
普通株式キャピタルイン
親会社株主持分の超過額
額面価格		 
他
包括的
利益（損失）		総計
株主資本
株式
 株式資本金
値		保有
決算		宝くじ
ストック		株主資本
株式		非支配株主持分
利息
 （千）
2023年12月31日の残高128,065,521 $1,281 $206,478 $2,093,917 $(7,463)$(1,360,862)$933,351 $(50)$933,301 
当期純利益— — — 68,468 — — 68,468 66 68,534 
宣言された配当（$0.24株式当たり)
— — — (22,150)— — (22,150)— (22,150)
為替換算差額— — — — (11,308)— (11,308)— (11,308)
派生金融商品— — — — (446)— (446)— (446)
給付が確定した義務— — — — 670 — 670 — 670 
有価証券類売却備蓄— — — — 28 — 28 — 28 
ストックオプションの行使7,294 — 218 — — — 218 — 218 
自己株式— — — — — (26,906)(26,906)— (26,906)
ストックベースの報酬費用199,991 2 4,295 — — — 4,297 — 4,297 
非支配株主への配当— — — — — — — (172)(172)
2024年3月31日の残高（未検査）128,272,806 $1,283 $210,991 $2,140,235 $(18,519)$(1,387,768)$946,222 $(156)$946,066 
当期純利益— — — 72,972 — — 72,972 73 73,045 
宣言された配当（$0.24株式当たり)
— — — (22,128)— — (22,128)— (22,128)
為替換算差額— — — — (5,170)— (5,170)— (5,170)
派生金融商品— — — — (42)— (42)— (42)
給付が確定した義務— — — — 669 — 669 — 669 
売買可能証券— — — — 18 — 18 — 18 
ストックオプションの行使— — — — — — — — — 
自己株式取得— — — — — (35)(35)— (35)
ストックベースの報酬費用9,319 — 5,982 — — — 5,982 — 5,982 
非支配株主への配当— — — — — — — (154)(154)
2024年6月30日の残高（未検査）128,282,125 $1,283 $216,973 $2,191,079 $(23,044)$(1,387,803)$998,488 $(237)$998,251 
当期純利益— — — 69,483 — — 69,483 158 69,641 
宣言された配当（$0.24株式当たり)
— — — (22,125)— — (22,125)— (22,125)
為替換算差額— — — — 7,370 — 7,370 — 7,370 
派生金融商品— — — — 81 — 81 — 81 
給付が確定した義務— — — — 670 — 670 — 670 
売買可能有価証券— — — — (4)— (4)— (4)
ストックオプションの行使17,949 — 516 — — — 516 — 516 
自己株式取得の株式— — — — — (303)(303)— (303)
ストックベースの報酬費用7,608 — 4,573 — — — 4,573 — 4,573 
非支配株主への配当— — — — — — — 1 1 
2024年9月30日の残高（未監査）128,307,682 $1,283 $222,062 $2,238,437 $(14,927)$(1,388,106)$1,058,749 $(78)$1,058,671 
6
目次
BWXテクノロジーズ、インク。
株主資本に関する連結簡易財務諸表
普通株式Capital In
親会社株主持分の超過額
額面価格		 
他
包括的
利益（損失）		総計
株主資本
株式
 株式資本金
値		保有
決算		宝くじ
ストック		株主資本
株式		非支配株主持分
利息
 （千）
2022年12月31日の残高127,671,756 $1,277 $189,263 $1,932,970 $(21,930)$(1,353,270)$748,310 $45 $748,355 
当期純利益— — — 61,092 — — 61,092 (99)60,993 
宣言された配当（$0.23株式当たり)
— — — (21,231)— — (21,231)— (21,231)
為替換算差額— — — — 1,694 — 1,694 — 1,694 
派生金融商品— — — — 554 — 554 — 554 
給付が確定した義務— — — — 657 — 657 — 657 
有価証券類売却備蓄— — — — (9)— (9)— (9)
ストックオプションの行使3,000 2 70 — — — 72 — 72 
自己株式のシェア— — — — — (6,903)(6,903)— (6,903)
ストックベースの報酬費用293,961 1 3,892 — — — 3,893 — 3,893 
非支配株主への配当— — — — — — — (67)(67)
2023年3月31日の残高（未監査）127,968,717 $1,280 $193,225 $1,972,831 $(19,034)$(1,360,173)$788,129 $(121)$788,008 
当期純利益— — — 58,597 — — 58,597 68 58,665 
宣言された配当（$0.23株式当たり)
— — — (21,216)— — (21,216)— (21,216)
為替換算差額— — — — 10,923 — 10,923 — 10,923 
派生金融商品— — — — (333)— (333)— (333)
給付が確定した義務— — — — 677 — 677 — 677 
売り持ち株式— — — — 47 — 47 — 47 
ストックオプションの行使4,417 — 105 — — — 105 — 105 
自己株式取得による株式— — — — — (46)(46)— (46)
ストックベースの報酬費用12,967 — 4,776 — — — 4,776 — 4,776 
非支配株主への配当— — — — — — — (78)(78)
2023年6月30日の貸借対照表（未経査）127,986,101 $1,280 $198,106 $2,010,212 $(7,720)$(1,360,219)$841,659 $(131)$841,528 
当期純利益— — — 60,273 — — 60,273 79 60,352 
宣言された配当（$0.23株式当たり)
— — — (21,231)— — (21,231)— (21,231)
為替換算差額— — — — (13,485)— (13,485)— (13,485)
派生金融商品— — — — 89 — 89 — 89 
給付が確定した義務— — — — 668 — 668 — 668 
売買可能有価証券— — — — 53 — 53 — 53 
株式オプションの行使39,468 — 932 — — — 932 — 932 
自己株式保有シェア— — — — — (558)(558)— (558)
ストックベースの報酬費用23,084 — 3,636 — — — 3,636 — 3,636 
非支配株主への配当— — — — — — — (73)(73)
2023年9月30日の残高（未監査）128,048,653 $1,280 $202,674 $2,049,254 $(20,395)$(1,360,777)$872,036 $(125)$871,911 
要約された連結財務諸表に付随する注記を参照してください。
7
目次
BWXテクノロジーズ、インク。
キャッシュフローの概要
9月30日までの9ヶ月間
 20242023
 (未審査) (千単位で)
営業活動からのキャッシュ・フロー:
当期純利益$211,220 $180,010 
当期純利益に調整するための項目:
減価償却費および償却費63,429 58,205 
投資企業の当期純利益、配当を控除(9,778)(4,854)
年金および退職給付計画の損失の認識2,494 2,490 
株式報酬費用 14,852 12,305 
その他、純額(633)21 
買収に伴う資産および負債の変動（買収に起因する影響を除く）:
売掛金 (30,238)(31,520)
支払調整48,306 24,874 
保留金(37,114)(29,257)
進行中の契約と契約に関する前受請求(120,829)(38,217)
所得税15,654 (5,331)
未払費用およびその他の流動負債5,174 (10,231)
年金負債、退職後給付義務および従業員給付(20,217)(10,874)
その他、純額(10,772)(5,684)
営業活動による純現金特定131,548 141,937 
投資活動からのキャッシュフロー:
固定資産の購入(101,128)(100,498)
証券の購入— (2,343)
セキュリティの売却および満期— 5,996 
その他、純額203 (8,142)
投資活動に伴う純現金使用(100,925)(104,987)
財務活動からのキャッシュフロー:
新規買の長期負債396,800 332,000 
新規買の長期債務償還(376,488)(281,688)
普通株式の自己株式取得(20,000)— 
普通株主への配当支払い(66,326)(63,870)
従業員の税金を支払うために差し引かれた株式に対する現金(7,244)(7,505)
フォワード契約の決済, 純額2,954 (2,030)
その他、純額409 902 
投資活動に係る純現金流出額(69,895)(22,191)
現金への為替レート変動の影響(379)414 
現金及び現金同等物、制限付現金及び現金同等物の合計(減少)増加
(39,651)15,173 
期初の現金及び現金同等物、制限付現金及び現金同等物81,615 40,990 
期末の現金及び現金同等物、制限付現金及び現金同等物$41,964 $56,163 
キャッシュフロー情報の補足開示：
期間中に支払われた現金：
利息$48,360 $44,745 
所得税（還付金を差し引いた額）$43,547 $59,947 
ノンキャッシュ投資活動のスケジュール:
負債勘定に含まれる未払資本支出$15,114 $9,239 
要約された連結財務諸表に付随する注記を参照してください。
8
目次
BWXテクノロジーズ、インク。
コンデンスド連結財務諸表に関する注記
2024年9月30日
（未审核）
注釈1－ビジネスと報告の基盤発表の基準と重要な会計方針
米国における一般的に受け入れられている会計原則（「GAAP」）に準拠し、Form 10-Q、Regulation S-XのRule 10-01の中間報告要件に従い、BWXT（「BWXT」または「会社」）の要約連結財務諸表を米ドルで提示しました。通常はGAAPに従って年次に作成された我々の財務諸表に含まれる特定の財務情報や開示は要約されたり省略されています。したがって、これらの財務諸表の読者は、我々が2023年12月31日に終了する年度報告書である連結財務諸表および注記を参照すべきです（「2023 10-K」と呼ばれる）。我々は、通常繰り返し行われる調整だけからなり、経営陣の意見によると、公正な表示に必要なすべての調整を含めました。
我々は支配を行っていないが、重要な影響力を行使する権限を持つ企業に対する投資を収益法に基づいて評価しています。一般的にこれらの企業を「持分法適用下の共同事業」と呼んでいます。当社は全ての社内取引と勘定科目を除外しています。長期契約に関連する資産および負債を、その契約やプログラムの期間を運転サイクルとして使用し、通常1年以上の期間として現在の財務諸表に分類しています。私たちは、継続する事業に関するノートを抄録連結財務諸表に基づいて表示していますが、特に指定されていない限り。
文脈が示す以外の場合、「私たち」「私たち」および「私たち」はBWXtおよびその連結子会社を意味します。
報告可能セグメント
•当社のOSBセグメントは、木材層を層状に配列し樹脂で接着した基盤材を製造・販売しています。LP® Structural Solutions（LP TechShield® Radiant Barrier、LP WeatherLogic®Air &Water Barrier、LP Legacy®Premium Sub-Flooring、LP NovaCore®Thermal Insulated Sheathing、LP FlameBlock®Fire-Rated Sheathing、LP TopNotch®350 Durable Sub-Flooringを含む価値あるオプションを備えたOSB製品ポートフォリオとして知られています。two 報告セグメント：政府業務および商業業務。弊社の報告セグメントは以下のように詳述されます。
•当社の政府オペレーションセグメントは、アメリカ海軍原子力推進プログラム向けの海軍原子炉、関連する核燃料、潜水艦や航空母艦で使用される部品を製造しています。このセグメントを通じて、数グラムから数百トンの重量の範囲である燃料軸受部品を製造し、電機機械装置を製造し、設計、製造、検査、組み立て、試験活動を行い、冷戦時代の高濃縮ウランの政府ダンプ在庫を下蒸留しています。また、特許取得済みおよびソース独占の弁、マニホールド、配管をグローバルな海軍および商用船舶顧客に供給しています。社内には、濡れた化学ウラン処理、コンポーネント材料特性を最適化するための先進的な熱処理、鉄道車サイズのコンポーネントを組み立てるための制御されたクリーンルーム環境もあります。このセグメントは、主に合弁事業を通じて、米国政府に様々な他のサービスを提供しており、原子力材料管理と運用、環境管理、様々な米国政府所有の施設に対する管理および運用サービスを提供しています。これらのサービスは主に米国エネルギー省（「DOE」）、国立原子力安全保障局、原子力局、科学局、環境管理局、国防総省、NASAに提供されています。さらに、このセグメントは、宇宙および陸上領域でのさまざまな電力および推進用途のための先進的な原子炉技術を開発し、これらのプログラム向けの完全な先進的原子炉燃料および原子炉設計およびエンジニアリング、ライセンス取得、製造サービスも提供しています。
•当社のコマーシャル オペレーションズ セグメントは、商用原子力蒸気発生器、核燃料、燃料取り扱いシステム、圧力容器、炉部品、熱交換器、工具配送システム、その他の補助設備（使用済み核燃料やその他高レベル放射性廃棄物の貯蔵用コンテナを含む）の製造を行い、核電設備向けに正確に加工された部品や核グレード素材を供給しています。世界中で大型・重量級の部品を供給し、北米では商用重量級核部品メーカーとして唯一の存在です。このセグメントは、構造部品設計、3次元熱水力工学解析、溶接・ロボットプロセス開発、電気制御工学、冶金・材料工学を含む特殊技術サービスも提供しています。さらに、検査、保守、改修サービスも提供し、また、核蒸気発生器、熱交換器、反応器、燃料取り扱いシステム、プラント設備などに対して専門的な非破壊検査や工具修理ソリューションも提供しています。また、このセグメントは医療用放射性同位体、放射性医薬品、医療機器の製造も行い、新薬の開発に取り組むライフサイエンス・医薬品企業と協力しています。 1,300 世界中で大型・重量級の部品を取り扱っており、北米では商用重量級核部品のみの製造会社です。このセグメントは、構造コンポーネント設計、3次元熱水力工学解析、溶接およびロボットプロセス開発、電気および制御工学、冶金および材料工学を含む専門技術サービスも提供します。さらに、核蒸気発生器、熱交換器、反応器、燃料取り扱いシステム、プラント装置などの点検、保守、改修サービスを提供し、非破壊検査および工具・修理ソリューションに特化したサービスも提供しています。また、このセグメントは医療用放射性同位体、放射性医薬品、医療機器を製造し、新薬の開発に取り組むライフサイエンスや医薬品企業と提携しています。
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セグメントに関する財務情報については、財務諸表のノート7およびノート2を参照してください。2024年9月30日までの3か月および9か月の運営結果は、2024年12月31日終了予定の年の結果を必ずしも示しているわけではありません。詳細は、2023年の10-Kに含まれる連結財務諸表および注釈を参照してください。
最近採用された会計基準
2024年9月30日までの9ヶ月間に採用された会計基準は、当社の財務状況、業績、キャッシュフロー、開示に重大な影響を与えるものはありませんでした。
契約と売上高認識
一般的に、FASbトピックに準拠して、個々の履行義務に基づいて、契約売上高と関連する費用を時間の経過に応じてコスト対コスト法に基づいて認識します。 契約に基づく収益総プロジェクトの割合として完了に向けた進捗の計測に基づいて、契約売上高とその結果としての収益を見積もります。
売上高認識のさらなる議論については、ノート2を参照してください。
所得税費用
米国、カナダ、イギリスでは連邦所得税の対象となり、複数の米国州の管轄内で所得税が課されます。私たちは、営業する管轄区域の制定済み税法と税率に基づいて所得税を計上しています。これらの管轄区域には、名目税率やこれらの税率が適用される基準に関して異なる課税制度が存在するかもしれません。この変動は、これらの管轄区域内での収入のミックスの変化とともに、期ごとに私たちの実効税率の変化に寄与することができます。
2024年9月30日までの3か月間における実効税率は 23.2% に対して 22.82024年9月30日までの9か月間における実効税率は 22.0% に対して 23.72024年9月30日までの3か月間および9か月間における実効税率は、2019年9月30日までの米国法人所得税率の21％よりも、主に米国内の州所得税や当社の海外収益に関連する不利なレート差によることから高くなっていました。
特定の管轄区域では、経済協力開発機構のピラー2に関するルールに基づいて、グローバル最低税率に関する規定が導入されています。2024年1月1日より、これらの規則は、管轄上の基準に基づいて15％の最低効果的税率を課します。現在のグローバルな足跡を考慮すると、新しい規則が所得税債務に実質的な影響を与えるとは予想していません。
現金及び現金同等物と制限付き現金及び現金同等物
2024年9月30日時点で、制限付き現金及び現金同等物は合計$を有しておりました6.4百万ドル3.5 その内$が施設の将来的な廃止に備えて保持されており（当社の貸借対照表のその他資産に含まれています）、そして$が当社の属下保険会社の再保険準備要件を満たすために保持されていました3.0 2024年9月30日時点で、制限付き現金及び現金同等物は合計$を有しておりました
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以下の表は、当社の要約連結貸借対照表における現金及び現金同等物と制限付き現金及び現金同等物を、要約連結キャッシュフロー計算書に提示される合計金額との調整を提供しています:
9月30日、
2024		12月31日
2023
 営業活動によるキャッシュフロー：
現金及び現金同等物$35,522 $75,766 
制限付現金及び現金同等物2,962 2,858 
その他の資産に含まれる制限付き現金及び現金同等物3,480 2,991 
現金及び現金同等物と制限付き現金及び現金同等物の合計は、当社の簡易合算現金フロー計算書に記載されています$41,964 $81,615 
在庫
2024年9月30日および2023年12月31日には、その他の流動資産には、合計$もの在庫が含まれておりました。37.5百万ドルと$27.4 百万ドルで、原材料と消耗品だけで構成されています。
固定資産, 税引前純額
有形固定資産は原価で計上され、以下に示す通りです。
 9月30日、
2024		12月31日
2023
 営業活動によるキャッシュフロー：
土地$10,622 $10,627 
建物411,048 381,081 
機械装置1,157,929 1,108,504 
建設中の物件587,021 571,758 
2,166,620 2,071,970 
減価償却累計額より891,567 843,450 
固定資産, 税引前純額$1,275,053 $1,228,520 
その他包括利益（損失）の繰延欄
包括利益（損失）の累積部品に含まれる株主資本は、以下の通りです:
9月30日、
2024		12月31日
2023
 営業活動によるキャッシュフロー：
為替換算差額$(439)$8,669 
デリバティブ金融商品における未実現損益151 558 
給付義務に関する前払い給付費用の未認識(14,908)(16,917)
利用可能な売り出し投資に対する実現しない利益269 227 
その他の総合損失$(14,927)$(7,463)
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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
September 30,		Nine Months Ended
September 30,		 
 2024202320242023 
Accumulated Other Comprehensive Income (Loss) Component Recognized
(In thousands)Line Item Presented
Realized gain (loss) on derivative financial instruments
$(131)$(207)$(40)$(80)Revenues
448 76 373 474 Cost of operations
317 (131)333 394 Total before tax
(80)31 (84)(101)Provision for Income Taxes
$237 $(100)$249 $293 Net Income
Amortization of prior service cost on benefit obligations
$(831)$(830)$(2,494)$(2,490)Other – net
161 162 485 488 Provision for Income Taxes
$(670)$(668)$(2,009)$(2,002)Net Income
Total reclassification for the period
$(433)$(768)$(1,760)$(1,709)
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 (loss) 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 and are recorded in our condensed consolidated statements of cash flows based on the nature and use of the instruments.
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 September 30, 2024, we had deferred approximately $0.2 million of net gains on these derivative financial instruments. Assuming market conditions continue, we expect to recognize the majority of this amount in the next 12 months. For the three months ended September 30, 2024 and 2023, we recognized (gains) losses of $3.6 million and $(12.6) million, respectively, and for the nine months ended September 30, 2024 and 2023, we recognized (gains) losses of $(11.2) million and $(3.7) million, respectively, in Other – net on our condensed consolidated statements of income associated with FX forward contracts not designated as hedging instruments.
At September 30, 2024, our derivative financial instruments consisted of FX forward contracts with a total notional value of $476.6 million with maturities extending to July 2026. 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.
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New Accounting Standards
In November 2023, the FASB issued updates to FASB Topic Segment Reporting to improve disclosures about a public company's reportable segments and address requests from investors to provide additional, more detailed information about a reportable segment’s expenses on an interim and annual basis and provide in interim periods all disclosures currently only required on an annual basis. Additionally, it requires a public entity to disclose the title and position of the Company’s Chief Operating Decision Maker. These updates do not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 31, 2024, with early adoption permitted. This change will apply retrospectively to all periods presented. The adoption of this standard will only require changes to our disclosures with no impact on our results of operations, financial position or cash flows.
In December 2023, the FASB issued updates to FASB Topic Income Taxes to provide disaggregated disclosures with respect to the reconciliation of our effective tax rate, as well as a disaggregation of income taxes paid, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This standard will apply on a prospective basis; however, retrospective application in all prior periods presented is permitted. The adoption of this standard will only require changes to our disclosures with no impact on our results of operations, financial position or cash flows.
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NOTE 2 – REVENUE RECOGNITION
As described in Note 1, our operations are assessed based on two reportable segments.
Disaggregated Revenues
Revenues by geographic area and customer type were as follows:
 Three Months Ended September 30, 2024Three Months Ended September 30, 2023
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
United States:
Government$533,545 $— $533,545 $427,237 $— $427,237 
Non-Government19,654 18,240 37,894 47,004 15,322 62,326 
$553,199 $18,240 $571,439 $474,241 $15,322 $489,563 
Canada:
Government$22 $— $22 $90 $— $90 
Non-Government473 88,214 88,687 161 92,904 93,065 
$495 $88,214 $88,709 $251 $92,904 $93,155 
Other:
Government$3,630 $— $3,630 $1,008 $— $1,008 
Non-Government2,749 6,658 9,407 2,355 4,133 6,488 
$6,379 $6,658 $13,037 $3,363 $4,133 $7,496 
Segment Revenues$560,073 $113,112 673,185 $477,855 $112,359 590,214 
Eliminations(1,229)(225)
Revenues$671,956 $589,989 
 Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
United States:
Government$1,507,275 $— $1,507,275 $1,318,149 $— $1,318,149 
Non-Government63,481 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 
Canada:
Government$47 $— $47 $178 $— $178 
Non-Government641 303,742 304,383 754 286,016 286,770 
$688 $303,742 $304,430 $932 $286,016 $286,948 
Other:
Government$5,293 $— $5,293 $3,311 $— $3,311 
Non-Government11,303 16,801 28,104 8,539 14,669 23,208 
$16,596 $16,801 $33,397 $11,850 $14,669 $26,519 
Segment Revenues$1,588,040 $371,641 1,959,681 $1,429,708 $342,203 1,771,911 
Eliminations(2,294)(1,117)
Revenues$1,957,387 $1,770,794 
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Revenues by timing of transfer of goods or services were as follows:
 Three Months Ended September 30, 2024Three Months Ended September 30, 2023
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
Over time$557,976 $100,904 $658,880 $473,778 $101,005 $574,783 
Point-in-time2,097 12,208 14,305 4,077 11,354 15,431 
Segment Revenues$560,073 $113,112 673,185 $477,855 $112,359 590,214 
Eliminations(1,229)(225)
Revenues$671,956 $589,989 
 Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
Over time$1,580,170 $309,884 $1,890,054 $1,415,319 $291,721 $1,707,040 
Point-in-time7,870 61,757 69,627 14,389 50,482 64,871 
Segment Revenues$1,588,040 $371,641 1,959,681 $1,429,708 $342,203 1,771,911 
Eliminations(2,294)(1,117)
Revenues$1,957,387 $1,770,794 
Revenues by contract type were as follows:
 Three Months Ended September 30, 2024Three Months Ended September 30, 2023
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
Fixed-Price Incentive Fee$366,234 $2,587 $368,821 $301,392 $2,225 $303,617 
Firm-Fixed-Price82,296 72,018 154,314 87,812 72,719 160,531 
Cost-Plus Fee108,507 — 108,507 83,549 — 83,549 
Time-and-Materials3,036 38,507 41,543 5,102 37,415 42,517 
Segment Revenues$560,073 $113,112 673,185 $477,855 $112,359 590,214 
Eliminations(1,229)(225)
Revenues$671,956 $589,989 
 Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
Fixed-Price Incentive Fee$1,021,222 $13,529 $1,034,751 $920,821 $9,013 $929,834 
Firm-Fixed-Price258,242 207,730 465,972 259,853 221,841 481,694 
Cost-Plus Fee304,305 — 304,305 242,774 — 242,774 
Time-and-Materials4,271 150,382 154,653 6,260 111,349 117,609 
Segment Revenues$1,588,040 $371,641 1,959,681 $1,429,708 $342,203 1,771,911 
Eliminations(2,294)(1,117)
Revenues$1,957,387 $1,770,794 
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. The aggregate impact of changes in estimates increased our revenues and operating income as follows:
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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.
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. Costs specific to certain contracts for which we recognize revenue at a point in time are also included 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.
 September 30,December 31,
 20242023
 (In thousands)
Included in Contracts in progress:
Unbilled receivables$641,413 $519,931 
Retainages$92,295 $55,181 
Advance billings on contracts$119,563 $107,391 
During the three months ended September 30, 2024 and 2023, we recognized $5.8 million and $1.1 million, respectively, of revenues that were in Advance billings on contracts at the beginning of each year. During the nine months ended September 30, 2024 and 2023, we recognized $92.2 million and $70.3 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 September 30, 2024, our remaining performance obligations were $3,380.7 million. We expect to recognize approximately 48% of the revenue associated with our remaining performance obligations by the end of 2025, with the remainder to be recognized thereafter.
NOTE 3 – 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 September 30, 2024 and 2023, these amounts were $2.0 million and $2.0 million, respectively. For the nine months ended September 30, 2024 and 2023, these amounts were $5.9 million and $5.9 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 September 30, 2024 and 2023, these amounts were $(2.8)
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million and $(2.5) million, respectively. For the nine months ended September 30, 2024 and 2023, these amounts were $(8.5) million and $(7.4) million, respectively. Components of net periodic benefit cost included in net income were as follows:
 Pension BenefitsOther Benefits
Three Months Ended
September 30,		Nine Months Ended
September 30,		Three Months Ended
September 30,		Nine Months Ended
September 30,
 20242023202420232024202320242023
 (In thousands)
Service cost$1,880 $1,881 $5,645 $5,639 $96 $86 $289 $255 
Interest cost11,377 11,913 34,140 35,772 503 538 1,511 1,607 
Expected return on plan assets
(15,072)(15,113)(45,225)(45,332)(487)(634)(1,461)(1,903)
Amortization of prior service cost 820 820 2,460 2,460 11 10 34 30 
Net periodic benefit (income) / loss$(995)$(499)$(2,980)$(1,461)$123 $— $373 $(11)
NOTE 4 – COMMITMENTS AND CONTINGENCIES
There were no material contingencies during the period covered by this Form 10-Q.
NOTE 5 – FAIR VALUE MEASUREMENTS
Investments
The following is a summary of our investments measured at fair value at September 30, 2024:
TotalLevel 1Level 2Level 3Unclassified
 (In thousands)
Equity securities
Mutual funds$8,822 $— $8,822 $— $— 
Available-for-sale securities
Corporate bonds1,837 1,837 — — — 
Total$10,659 $1,837 $8,822 $— $— 
The following is a summary of our investments measured at fair value at December 31, 2023:
TotalLevel 1Level 2Level 3Unclassified
 (In thousands)
Equity securities
Mutual funds$7,713 $— $7,713 $— $— 
Available-for-sale securities
Corporate bonds1,783 1,783 — — — 
Total$9,496 $1,783 $7,713 $— $— 
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 September 30, 2024 and December 31, 2023, we had FX forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars and Euros, with a total fair value of $(2.0) million and $(9.9) million, respectively. Derivative assets and liabilities are included in Accounts receivable – other and Accounts payable, respectively, on our condensed consolidated balance sheets.
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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 September 30, 2024 and December 31, 2023, the fair value of the Senior Notes due 2028 was $384.9 million and $367.7 million, respectively, and the fair value of the Senior Notes due 2029 was $383.0 million and $367.0 million, respectively. The fair value of our remaining debt instruments approximated their carrying values at September 30, 2024 and December 31, 2023.
Note receivable. Included in Other Assets is a note receivable related to a third-party loan. We base the fair value of this level 2 note receivable instrument on the present value of future cash flows discounted at market interest rates for financial instruments with similar quality and terms. At September 30, 2024 and December 31, 2023, the carrying value of our note receivable was $6.9 million and $7.4 million, respectively, and approximated its fair value.
NOTE 6 – STOCK-BASED COMPENSATION
Stock-based compensation recognized for all of our plans for the three months ended September 30, 2024 and 2023 totaled $4.6 million and $3.7 million, respectively, with associated tax benefit totaling $0.7 million and $0.5 million, respectively. Stock-based compensation recognized for all of our plans for the nine months ended September 30, 2024 and 2023 totaled $15.0 million and $12.5 million, respectively, with associated tax benefit totaling $2.5 million and $2.0 million, respectively.
NOTE 7 – SEGMENT REPORTING
As described in Note 1, our operations are assessed based on two reportable segments. An analysis of our operations by reportable segment is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (In thousands)
REVENUES:
Government Operations$560,073 $477,855 $1,588,040 $1,429,708 
Commercial Operations113,112 112,359 371,641 342,203 
Eliminations(1,229)(225)(2,294)(1,117)
$671,956 $589,989 $1,957,387 $1,770,794 
OPERATING INCOME:
Government Operations$101,609 $85,632 $279,815 $258,400 
Commercial Operations6,728 9,083 31,947 21,613 
$108,337 $94,715 $311,762 $280,013 
Unallocated Corporate (1)
(11,759)(9,357)(23,417)(20,147)
Total Operating Income$96,578 $85,358 $288,345 $259,866 
Other Income (Expense)(5,954)(7,192)(17,715)(24,087)
Income before Provision for Income Taxes$90,624 $78,166 $270,630 $235,779 
(1)Unallocated corporate includes general corporate overhead not allocated to segments.
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NOTE 8 – EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (In thousands, except share and per share amounts)
Basic:
Net Income Attributable to BWX Technologies, Inc.$69,483 $60,273 $210,923 $179,962 
Weighted-average common shares91,574,531 91,659,117 91,564,726 91,596,650 
Basic earnings per common share$0.76 $0.66 $2.30 $1.96 
Diluted:
Net Income Attributable to BWX Technologies, Inc.$69,483 $60,273 $210,923 $179,962 
Weighted-average common shares (basic)91,574,531 91,659,117 91,564,726 91,596,650 
Effect of dilutive securities:
Stock options, restricted stock units and performance shares (1)
312,179 236,363 284,998 236,800 
Adjusted weighted-average common shares91,886,710 91,895,480 91,849,724 91,833,450 
Diluted earnings per common share$0.76 $0.66 $2.30 $1.96 
(1)At September 30, 2024 and 2023, we excluded 109,146 and 92,389 shares, respectively, from our diluted share calculation as their effect would have been antidilutive.
NOTE 9 – SUBSEQUENT EVENT
Subsequent to September 30, 2024, we announced our intention to acquire Aerojet Ordinance Tennessee, Inc. ("A.O.T"), a subsidiary of L3Harris Technologies. A.O.T is a leading provider of advanced special materials which will further enhance our capabilities to develop and manufacture advanced materials and products for commercial, military and space applications. The acquisition is targeted to close during the fourth quarter of 2024 and will require a cash investment of approximately $98.0 million upon closing. Once completed, A.O.T. will be reported as part of our Government Operations segment.

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Item 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following information should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included in Item 1 in Part I of this quarterly report on Form 10-Q ("Report"), as well as the audited consolidated financial statements and the related notes and Item 7 of our annual report on Form 10-K for the year ended December 31, 2023 (our "2023 10-K").
In this Report, unless the context otherwise indicates, "we," "us" and "our" mean BWX Technologies, Inc. ("BWXT" or the "Company") and its consolidated subsidiaries.
Cautionary Statement Concerning Forward-Looking Statements
From time to time, our management or persons acting on our behalf make forward-looking statements to inform existing and potential security holders about our Company. Forward-looking statements include those statements that express a belief, expectation or intention, as well as those that are not statements of historical fact, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements and assumptions regarding expectations and projections of specific projects, our future backlog, revenues, income, capital spending, strategic investments, acquisitions or divestitures, return of capital activities or margin improvement initiatives are examples of forward-looking statements. Forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "plan," "seek," "goal," "could," "intend," "may," "should" or other words that convey the uncertainty of future events or outcomes. In addition, sometimes we will specifically describe a statement as being a forward-looking statement and refer to this cautionary statement.
We have based our forward-looking statements on information currently available to us and our current expectations, estimates and projections about our Company, industries and business environment. We caution that these statements are not guarantees of future performance and you should not rely unduly on them as they involve risks, uncertainties and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these statements and assumptions to be reasonable, they are inherently subject to numerous factors, including potentially the risk factors described in Item 1A of our 2023 10-K, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements.
We have discussed many of these factors in more detail elsewhere in this Report. These factors are not necessarily all the factors that could affect us. Unpredictable or unanticipated factors we have not discussed in this Report or in our 2023 10-K could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. We do not intend to update or review any forward-looking statement or our description of important factors, whether as a result of new information, future events or otherwise, except as required by applicable laws.
General
We operate in two reportable segments: Government Operations and Commercial Operations. 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 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
The revenues of our Government Operations segment are largely a function of defense spending by the U.S. Government. 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 Safety Administration's Naval Nuclear Propulsion Program. In addition, we supply proprietary and sole-source valves, manifolds and fittings to global naval and commercial shipping customers. As a supplier of major nuclear components for certain U.S. Government programs, this segment is a significant participant in the defense industry.
This segment also provides various services to the U.S. Government by managing and operating high-consequence operations at U.S. nuclear weapons sites, national laboratories and manufacturing complexes. The revenues and equity income of investees under these types of contracts are largely a function of spending by the U.S. Government and the performance
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scores we and our consortium partners earn in managing and operating these sites. With our specialized capabilities of full life-cycle management of special materials, facilities and technologies, we believe this segment is well-positioned to continue participating in the ongoing cleanup, operation and management of critical government-owned nuclear sites, laboratories and manufacturing complexes maintained by the DOE, NASA and other federal agencies.
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 $3.3 million when compared to the corresponding period in the prior year.
Government Operations
 Three Months Ended
September 30,		 Nine Months Ended
September 30,		 
 20242023$ Change20242023$ Change
 (In thousands)
Revenues$560,073 $477,855 $82,218 $1,588,040 $1,429,708 $158,332 
Operating Income$101,609 $85,632 $15,977 $279,815 $258,400 $21,415 
% of Revenues18.1%17.9%17.6%18.1%
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Three months ended September 30, 2024 vs. 2023
Revenues increased $82.2 million, or 17.2%, to $560.1 million in the three months ended September 30, 2024 compared to $477.9 million for the corresponding period of 2023. The increase was primarily driven by higher volume in the manufacture of nuclear components for U.S. Government programs of $47.2 million as well as an increase in revenues caused by the timing of long-lead material procurements of $32.0 million, when compared to the corresponding period in the prior year. Continued growth in design and engineering work executed by our advanced technologies business, particularly in the defense market, resulted in an additional increase in revenues of $20.7 million. These increases were partially offset by a decrease in revenues associated with our downblending operations.
Operating income increased $16.0 million to $101.6 million in the three months ended September 30, 2024 compared to $85.6 million for the corresponding period of 2023, primarily driven by the operating income impact of the changes in revenues noted above.
Nine months ended September 30, 2024 vs. 2023
Revenues increased $158.3 million, or 11.1%, to $1,588.0 million in the nine months ended September 30, 2024 compared to $1,429.7 million for the corresponding period of 2023. The increase was primarily driven by higher volume in the manufacture of nuclear components for U.S. Government programs of $101.4 million when compared to the corresponding period in the prior year. Continued growth in design and engineering work executed by our advanced technologies business, particularly in the defense market, resulted in additional revenues of $59.0 million. These increases were partially offset by a decrease in revenues associated with our downblending operations.
Operating income increased $21.4 million to $279.8 million in the nine months ended September 30, 2024 compared to $258.4 million for the corresponding period of 2023, primarily driven by the operating income impact of the changes in revenues noted above. This was partially offset by a decrease associated with our downblending operations and by investments in new digital and transformation related initiatives that caused an increase in selling, general and administrative expenses when compared to the corresponding period of the prior year.
Commercial Operations
 Three Months Ended
September 30,		 Nine Months Ended
September 30,		 
 20242023$ Change20242023$ Change
 (In thousands)
Revenues$113,112 $112,359 $753 $371,641 $342,203 $29,438 
Operating Income$6,728 $9,083 $(2,355)$31,947 $21,613 $10,334 
% of Revenues5.9%8.1%8.6%6.3%
Three months ended September 30, 2024 vs. 2023
Revenues increased 0.7%, or $0.8 million, to $113.1 million in the three months ended September 30, 2024 compared to $112.4 million for the corresponding period of 2023. The increase was primarily related to higher revenues in our nuclear components, medical radioisotopes, fuel handling and fuel fabrication businesses, partially offset by lower revenues in our on-site refurbishment work when compared to the same period in the prior year.
Operating income decreased $2.4 million to $6.7 million in the three months ended September 30, 2024 compared to $9.1 million for the corresponding period of 2023. The decrease was primarily related to a $2.2 million increase in expenses associated with due diligence and restructuring-related activities as well as higher expenses in our components business when compared to the corresponding period of the prior year. These decreases were partially offset by a favorable shift in our product mix when compared to the same period in the prior year.
Nine months ended September 30, 2024 vs. 2023
Revenues increased 8.6%, or $29.4 million, to $371.6 million in the nine months ended September 30, 2024 compared to $342.2 million for the corresponding period of 2023. The increase was driven by higher revenues across all of our core
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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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