Company: BWXT
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001486957-25-000052
Chunk: 84

Company: BWX Technologies, Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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 $3.4 million increase in restructuring-related expenditures when compared to the corresponding period in the prior year. These increases were partially offset by a decrease in expenditures related to the transformation of our information technology infrastructure of $2.0 million.

Six months ended June 30, 2025 vs. 2024

Unallocated corporate expenses increased $9.8 million in the six months ended June 30, 2025 compared to the corresponding period of 2024. The increase was due to higher healthcare costs of $3.4 million related to the timing of claims in addition to an increase in legal and consulting costs associated with merger and acquisition related activities of $3.5 million when compared to the corresponding period in the prior year. We also experienced a $3.6 million increase in restructuring-related expenditures. These increases were partially offset by a decrease in expenditures related to the transformation of our information technology infrastructure of $1.1 million.

Provision for Income Taxes

 Three Months EndedJune 30, Six Months EndedJune 30,  20252024$ Change20252024$ Change (In thousands)Income before Provision for Income Taxes$97,759 $91,629 $6,130 $189,576 $180,006 $9,570 Provision for Income Taxes$19,297 $18,584 $713 $35,588 $38,427 $(2,839)Effective Tax Rate19.7%20.3%18.8%21.3%

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We primarily operate in the U.S. and Canada and we recognize our U.S. income tax provision based on the U.S. federal statutory rate of 21%, our Canadian tax provision based on the Canadian local statutory rate of approximately 25%, and other foreign jurisdictions at various enacted rates.

Our effective tax rate for the three months ended June 30, 2025 was 19.7% as compared to 20.3% for the three months ended June 30, 2024. Our effective tax rate for the six months ended June 30, 2025 was 18.8% as compared to 21.3% for the six months ended June 30, 2024. The effective tax rates for the three and six months ended June 30, 2025 were lower than the U.S. corporate federal income tax rate of 21% primarily due to benefits from U.S. federal research and