Company: BWXT
Filing Date: 2025-03-19
Form Type: 10-K/A
Source: 0001486957-25-000015
Chunk: 110

Company: BWX Technologies, Inc.
Filing Date: 2025-03-19
Form: 10-K/A
Chunk 110
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 $ | 75,757 |

The following is a reconciliation of our income tax provision from the U.S. statutory federal tax rate to our consolidated effective tax rate:

|                                              |     | Year Ended December 31, | 2024 |   |     |     | 2023 |   |     |     | 2022 |   |
|:---------------------------------------------|:----|:------------------------|-----:|:--|:----|:----|-----:|:--|:----|:----|-----:|:--|
| U.S. federal statutory tax rate              |     |                         | 21.0 | % |     |     | 21.0 | % |     |     | 21.0 | % |
| State and local income taxes                 |     |                         |  1.3 | % |     |     |  1.2 | % |     |     |  1.7 | % |
| Research and development tax credit          |     |                         | -4.0 | % |     |     |    — | % |     |     |    — | % |
| Excess tax deductions on equity compensation |     |                         | -0.5 | % |     |     | -0.3 | % |     |     | -0.1 | % |
| Other, net                                   |     |                         |  1.2 | % |     |     |  1.5 | % |     |     |  1.5 | % |
| Effective tax rate                           |     |                         | 19.0 | % |     |     | 23.4 | % |     |     | 24.1 | % |

The effective tax rate benefit related to research and development tax credits is presented net of reserves for uncertain tax positions and includes credits corresponding to current year activities, as well as credits corresponding to activities in prior reporting periods.

At December 31, 2024, we had a valuation allowance of $17.0 million for deferred tax assets, which we expect cannot be realized through carrybacks, future reversals of existing taxable temporary differences and our estimate of future taxable income. We believe that our remaining deferred tax assets are more likely than not realizable through carrybacks, future reversals of existing taxable temporary differences, our estimate of future taxable income and potential tax planning. Any changes to our estimated valuation allowance could be material to our consolidated financial statements.

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