Company: BWXT
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001486957-25-000008
Chunk: 44

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 44
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 Revolving Credit Facility, is adequate to support our existing requirements for the next 12 months. As of December 31, 2024, letters of credit and bank guarantees issued and outstanding under our bilateral letter of credit facility totaled approximately $33.7 million, and such letters of credit and bank guarantees are secured by the collateral under our Credit Facility.

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NOTE 7 – PENSION PLANS AND POSTRETIREMENT BENEFITS

We have historically provided defined benefit retirement benefits, primarily through noncontributory pension plans, for most of our regular employees. Certain of our subsidiaries have made other benefits available to certain groups of employees, including postretirement health care and life insurance benefits. For salaried employees, all major U.S. and Canadian defined benefit retirement plans have been closed to new entrants, and benefit accruals have ceased. For hourly employees, certain defined benefit retirement plans have been closed to new entrants.Our funding policy is to fund the plans as recommended by the respective plan actuaries and in accordance with the Employee Retirement Income Security Act of 1974, as amended, or other applicable law. Assuming we continue as a government contractor, our contractual arrangements with the U.S. Government provide for the recovery of contributions to our pension and other postretirement benefit plans covering employees working primarily in our Government Operations segment.

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Obligations and Funded Status Pension BenefitsYear Ended December 31,Other BenefitsYear Ended December 31, 2024202320242023 (In thousands)Change in benefit obligation:Benefit obligation at beginning of period$954,369 $926,978 $43,316 $43,050 Service cost7,523 7,515 384 338 Interest cost45,513 47,638 2,012 2,139 Plan participants' contributions156 137 396 218 Amendments1,307 2,161 — — Settlements— — — — Actuarial loss (gain)(50,535)30,568 835 159 Foreign currency exchange rate changes(2,814)738 (1,054)292 Benefits paid(62,605)(61,366)(2,813)(2,880)Benefit obligation at end of period$892,914 $954,369 $43,076 $43,316 Change in plan assets:Fair value of plan assets at beginning of period$878