Company: BWXT
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001486957-25-000008
Chunk: 38

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 38
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 to our consolidated financial statements.

68

The following is an analysis of our valuation allowance for deferred tax assets:BeginningBalanceCharges ToCosts andExpensesCharged ToOtherAccountsEndingBalance (In thousands)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 consists of the following: December 31, 20242023 (In thousands)Debt Instruments:Senior Notes$800,000 $800,000 Credit Facility262,500 418,750 Less: Amounts due within one year12,500 6,250 Long-Term Debt, gross1,050,000 1,212,500 Less: Deferred debt issuance costs7,030 9,078 Long-Term Debt$1,042,970 $1,203,422 Maturities of Long-Term Debt subsequent to December 31, 2024 are as follows: 2025