Company: BWXT
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001486957-25-000052
Chunk: 111

Company: BWX Technologies, Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 111
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 by the collateral under our Credit Facility.

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Table of Contents

Long-term Benefit Obligations

As of June 30, 2025, we had underfunded defined benefit pension and postretirement benefit plans with obligations totaling approximately $190.3 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 $13.3 million for the remainder of 2025 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 June 30, 2025 and December 31, 2024 were as follows:

June 30,2025December 31,2024 (In thousands)Domestic$39,994 $69,595 Foreign11,714 21,585 Total$51,708 $91,180 

Our working capital decreased by $49.1 million to $406.7 million at June 30, 2025 from $455.8 million at December 31, 2024, primarily due to net changes in contracts in progress and advance billings on contracts due to the timing of project cash flows, as well as increases in accounts receivable, accounts payable and accrued liabilities.

Our net cash provided by operating activities increased by $110.8 million to $209.7 million in the six months ended June 30, 2025, compared to cash provided by operating activities of $98.9 million in the six months ended June 30, 2024. The increase in cash provided by operating activities was primarily attributable to the timing of project cash flows.

Our net cash used in investing activities increased by $568.9 million to $629.5 million in the six months ended June 30, 2025, compared to cash used in investing activities $60.6 million in the six months ended June 30, 2024. The increase in cash used in investing activities was primarily attributable to the acquisitions of A.O.T. and Kinectrics for $103.3 million and $434.4 million, respectively, net of cash acquired. We also experienced an increase in investments in equity method investees of $33.