Company: BWXT
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001486957-25-000008
Chunk: 18

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 18
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 reported in earnings, or as available-for-sale, with the unrealized gains and losses, net of tax, reported as a component of Accumulated other comprehensive income (loss). Our equity securities are carried at fair value with the unrealized gains and losses reported in earnings. We classify investments available for current operations in the consolidated balance sheets as current assets, while we classify investments held for long-term purposes as noncurrent assets. We adjust the amortized cost of debt securities for amortization of premiums and accretion of discounts to maturity, and such adjustments are included in Interest income. We include realized gains and losses on our investments in Other – net. The cost of securities sold is based on the specific identification method. We include interest on investments in Interest income.InventoriesWe carry our inventory at the lower of cost or net realizable value using either the weighted-average or first-in, first-out methods. At December 31, 2024 and 2023, Other current assets included inventories totaling $40.3 million and $27.4 million, respectively, consisting entirely of raw materials and supplies.Property, Plant and EquipmentWe carry our property, plant and equipment at depreciated cost, less any impairment provisions. We depreciate our property, plant and equipment using the straight-line method over estimated economic useful lives of eight to 40 years for buildings and three to 14 years for machinery and equipment. Our depreciation expense was $72.9 million, $65.6 million and $61.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. We expense the costs of maintenance, repairs and renewals that do not materially prolong the useful life of an asset as we incur them.Property, plant and equipment is stated at cost and is set forth below: December 31, 20242023 (In thousands)Land$10,608 $10,627 Buildings417,189 381,081 Machinery and equipment1,166,236 1,108,504 Property under construction584,539 571,758 2,178,572 2,071,970 Less: Accumulated depreciation900,411 843,450 Property, Plant and Equipment, Net$1,278,161 $1,228,520 

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GoodwillGoodwill represents the excess of the cost of our acquired businesses over the fair value of the net assets acquired. We perform testing of goodwill for impairment annually or more frequently