Company: BWXT
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001486957-25-000008
Chunk: 34

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 34
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87.0 million and $70.8 million of revenue that was in Advance billings on contracts at the beginning of each year, respectively.Remaining Performance ObligationsRemaining 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. Our backlog is equal to our remaining performance obligations under contracts that meet the criteria in FASB Topic Revenue from Contracts with Customers. At December 31, 2024, our ending backlog was $4,842.5 million, which included $387.4 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.

NOTE 4 – EQUITY METHOD INVESTMENTS

We have investments in entities that we account for using the equity method. Our share of the undistributed earnings of our equity method investees were $40.4 million and $31.1 million at December 31, 2024 and 2023, respectively. These amounts are included in Investments in Unconsolidated Affiliates on our consolidated balance sheets.

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The following tables summarize combined balance sheet and income statement information for investments accounted for under the equity method: December 31, 20242023 (In thousands)Current assets$567,185 $555,364 Noncurrent assets1,302 1,933 Total Assets$568,487 $557,297 Total Liabilities$285,225 $307,562 Owners' equity283,262 249,735 Total Liabilities and Owners' Equity$568,487 $557,297  Year Ended December 31, 202420232022 (In thousands)Revenues$5,864,628 $5,334,822 $4,580,032 Gross profit$198,616 $185,345 $176,592 Net income$195,256 $181,981 $173,339 Reimbursable costs recorded in revenues by the unconsolidated joint ventures in our Government Operations segment totaled $5,495.9 million, $5,126.6 million and $4,453.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.Income taxes for the investees are the responsibility of the respective owners. Accordingly,