Company: BWXT
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001486957-25-000026
Chunk: 56

Company: BWX Technologies, Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 56
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 $128,310 683,596 $487,121 $117,038 604,159 Eliminations(1,338)(193)Revenues$682,258 $603,966 

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Revenues by contract type were as follows: Three Months Ended March 31, 2025Three Months Ended March 31, 2024Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal (In thousands)Fixed-Price Incentive Fee$208,551 $4,327 $212,878 $297,251 $5,522 $302,773 Firm-Fixed-Price255,862 91,940 347,802 94,920 67,205 162,125 Cost-Plus Fee90,789 — 90,789 93,715 — 93,715 Time-and-Materials84 32,043 32,127 1,235 44,311 45,546 Segment Revenues$555,286 $128,310 683,596 $487,121 $117,038 604,159 Eliminations(1,338)(193)Revenues$682,258 $603,966 Performance ObligationsAs we progress on our contracts and the underlying performance obligations for which we recognize revenue over time, we refine our estimates of variable consideration and total estimated costs at completion, which impact the overall profitability on our contracts and performance obligations. Changes in these estimates result in the recognition of cumulative catch-up adjustments that impact our revenues and/or costs of contracts. The aggregate impact of changes in estimates decreased our revenues and operating income as follows:Three Months EndedMarch 31, 20252024 (In thousands)Revenues (1)$(11,590)$(693)Operating Income (1)$(11,558)$(1,271)(1)During the three months ended March 31, 2025 and 2024, no adjustments to any one contract had a material impact on our consolidated financial statements.Contract Assets and LiabilitiesWe include revenues and related costs incurred, plus accumulated contract costs that exceed amounts invoiced to customers under the terms of the contracts, in Contracts in progress. Costs specific to certain contracts for which we recognize revenue at a point in time are also included in Contracts in progress. We include in Advance billings on contracts billings that exceed accumulated contract costs and revenues recognized over time. Amounts that are withheld