Company: BWXT
Filing Date: 2025-03-19
Form Type: 10-K/A
Source: 0001486957-25-000015
Chunk: 111

Company: BWX Technologies, Inc.
Filing Date: 2025-03-19
Form: 10-K/A
Chunk 111
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The following is an analysis of our valuation allowance for deferred tax assets:

|                              |     | Beginning      
 Balance        
 (In thousands) |         |     | Charges To 
 Costs and  
 Expenses   |        |     | Charged To 
 Other      
 Accounts   |   |     | Ending  
 Balance |         |
|:-----------------------------|:----|:---------------|--------:|:----|:-----------|-------:|:----|:-----------|:--|:----|:--------|--------:|
| Year Ended December 31, 2024 |     | $              | -17,421 |     |            |    382 |     |            | — |     | $       | -17,039 |
| Year Ended December 31, 2023 |     | $              | -13,022 |     |            | -4,399 |     |            | — |     | $       | -17,421 |
| Year Ended December 31, 2022 |     | $              | -13,218 |     |            |    196 |     |            | — |     | $       | -13,022 |

We have domestic federal and foreign capital losses of $7.0 million available to offset future capital gains. The domestic federal capital losses begin to expire in 2025, while the foreign capital losses have an indefinite carryforward period. We are carrying a full valuation allowance of $7.0 million against the deferred tax asset related to these domestic federal and foreign capital loss carryforwards.

In addition, we have state credits and state net operating losses of $12.8 million ($10.1 million net of federal tax benefit) available to offset future taxable income in various states. These state net operating loss carryforwards begin to expire in 2025. We are carrying a valuation allowance of $12.8 million ($10.1 million net of federal tax benefit) against the deferred tax asset related to the state credits and state loss carryforwards.

We would be subject to withholding taxes if we were to distribute earnings from certain foreign subsidiaries. As of December 31, 2024, the undistributed earnings of these subsidiaries were approximately $323.1 million, and unrecognized deferred income tax liabilities of approximately $16.2 million would be payable upon the distribution of these earnings. All of our foreign earnings are considered indefinitely reinvested.

#### NOTE 6 – LONG-TERM DEBT
Our Long-Term Debt