Company: BWXT
Filing Date: 2025-03-19
Form Type: 10-K/A
Source: 0001486957-25-000015
Chunk: 93

Company: BWX Technologies, Inc.
Filing Date: 2025-03-19
Form: 10-K/A
Chunk 93
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                    |     |                         |  -8,822 |     |   |   3,294 |     |   |  -9,538 |
| Balance at end of period       |     | $                       | 165,325 |     | $ | 185,510 |     | $ | 193,612 |

Estimated amortization expense for the next five fiscal years is as follows (amounts in thousands):

| Year Ended December 31, 
 2025                    |     | Amount | 10,931 |
|:------------------------|:----|:-------|-------:|
| 2026                    |     | $      |  9,818 |
| 2027                    |     | $      |  8,207 |
| 2028                    |     | $      |  7,451 |
| 2029                    |     | $      |  7,366 |

#### Leases
We lease certain manufacturing facilities, office space and equipment under operating leases with terms of one to 20 years. Certain of the leases include options to renew for periods of one to ten years. We include lease options in our

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determination of the right-of-use asset and lease liability if it is reasonably certain that we will exercise one or more of the options. Leases with initial terms of 12 months or less are excluded from our right-of-use assets and lease liabilities. Our right-of-use assets are included in Other Assets on our consolidated balance sheets. Our current lease liabilities are included in Accrued liabilities – other, and our noncurrent lease liabilities are included in Other Liabilities on our consolidated balance sheets. We use discount rates based on our incremental borrowing rate as most of our leases do not provide an implicit rate that can be readily determined.

During the year ended December 31, 2024, we recognized lease expense of $7.4 million, which included $1.5 million related to the amortization of favorable lease agreements, and paid cash of $5.9 million for our operating leases. During the years ended December 31, 2023 and 2022, we recognized lease expense of $7.9 million and $8.6 million, respectively. At December 31, 2024, our weighted-average remaining lease term was 14.29 years, and for the purpose of measuring the present value of our lease liabilities, the weighted-average discount rate was 5.37%. The m