Company: BWXT
Filing Date: 2025-03-19
Form Type: 10-K/A
Source: 0001486957-25-000015
Chunk: 106

Company: BWX Technologies, Inc.
Filing Date: 2025-03-19
Form: 10-K/A
Chunk 106
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 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. During the year ended December 31, 2024, our unbilled receivables increased $39.5 million primarily as a result of decreases in cost in excess of billings on our fixed-price incentive fee contracts and the timing of milestone billings on certain firm-fixed-price contracts within our Government Operations segment, partially offset by increases due to the timing of milestone billings on firm-fixed-price contracts within our Commercial Operations segments. During the year ended December 31, 2024, our Advance billings on contracts increased $53.9 million primarily as a result of revenue recognized in excess of billings on certain firm-fixed-price contracts within our Government Operations segment. Certain contracts within 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 made 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.

| Included in Contracts in progress: |     | December 31,   
 2024           
 (In thousands) |         |     | December 31, 
 2023         |         |
|:-----------------------------------|:----|:---------------|--------:|:----|:-------------|--------:|
| Unbilled receivables               |     | $              | 559,415 |     | $            | 519,931 |
| Retainages                         |     | $              |  33,667 |     | $            |  55,181 |
| Advance billings on contracts      |     | $              | 161,290 |     | $            | 107,391 |

During the years ended December 31, 2024 and 2023, we recognized $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 Obligations
Remaining performance obligations represent the dollar amount of revenue we expect to recognize in the future from performance obligations on contracts