Company: BWXT
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001486957-25-000008
Chunk: 46

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 46
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 ended December 31, 2024, 2023 and 2022, these amounts were $7.9 million, $7.9 million and $11.8 million, respectively. All other components of net periodic benefit cost are included in Other – net on our consolidated statements of income. For the years ended December 31, 2024, 2023 and 2022, these amounts were $(0.8) million, $20.9 million and $(4.0) million, respectively. Components of net periodic benefit cost included in net income are as follows: Pension BenefitsYear Ended December 31,Other BenefitsYear Ended December 31, 202420232022202420232022 (In thousands)Components of net periodic benefit cost:Service cost$7,523 $7,515 $11,116 $384 $338 $650 Interest cost45,513 47,638 30,924 2,012 2,139 1,387 Expected return on plan assets(60,291)(60,437)(83,254)(1,948)(2,536)(2,974)Amortization of prior service cost3,280 3,238 3,257 45 40 26 Recognized net actuarial loss (gain)9,485 31,755 52,202 1,122 (946)(5,616)Net periodic benefit cost (income)$5,510 $29,709 $14,245 $1,615 $(965)$(6,527)Net periodic benefit cost related to our pension plans is calculated in accordance with GAAP. In addition, we calculate pension costs in accordance with U.S. cost accounting standards ("CAS") for purposes of cost recovery on our U.S. Government contracts to the extent applicable. See further discussion of CAS pension costs under the heading "Critical Accounting Estimates" in Item 7 of this Annual Report on Form 10-K.Recognized net actuarial losses (gains) consist primarily of our reported actuarial losses (gains), settlements, and the differences between the actual returns on plan assets and the expected returns on plan assets. The benefit obligation of our pension plans as of December 31, 2024 and 2023 increased (decreased) by $(49.0) million and $33.2 million, respectively, due to changes in the discount rate.In November 2022