Company: BWXT
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001486957-25-000008
Chunk: 37

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 37
---
 38,941 32,700 Income before Provision for Income Taxes$348,720 $321,400 $314,377 The components of Provision for Income Taxes were as follows: Year Ended December 31, 202420232022 (In thousands)Current:U.S. – federal$36,553 $69,254 $54,683 U.S. – state and local2,005 4,255 5,360 Other than U.S.8,019 6,698 10,199 Total current46,577 80,207 70,242 Deferred:U.S. – federal15,439 (8,968)5,755 U.S. – state and local2,648 (376)(34)Other than U.S.1,758 4,216 (206)Total deferred19,845 (5,128)5,515 Provision for Income Taxes$66,422 $75,079 $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, 202420232022U.S. federal statutory tax rate21.0 %21.0 %21.0 %State and local income taxes1.3 %1.2 %1.7 %Research and development tax credit(4.0)%— %— %Excess tax deductions on equity compensation(0.5)%(0.3)%(0.1)%Other, net1.2 %1.5 %1.5 %Effective tax rate19.0 %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