Company: BWXT
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001486957-25-000008
Chunk: 5

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 5
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 exhibit characteristics of audit interest, we performed the following testing:

◦Read the contract to understand the contract terms and the accounting treatment in accordance with generally accepted accounting principles.

◦Compared the transaction price to the consideration expected to be received based on current rights and obligations under the contract, including modifications that were agreed upon with the customer.

◦Tested the mathematical accuracy of management’s calculation of the profit margin and the revenue recognized based on the costs incurred during the year, consistent with the cost-plus fixed fee nature of the contract.

Charlotte, North Carolina

February 24, 2025

We have served as the Company's auditor since 2009.

45

BWX TECHNOLOGIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

 Year Ended December 31, 202420232022 (In thousands, except share and per share amounts)Revenues$2,703,654 $2,496,309 $2,232,834 Costs and Expenses:Cost of operations2,048,447 1,875,716 1,680,899 Research and development costs7,478 7,613 9,535 Losses on asset disposals and impairments, net4,390 1,034 5,520 Selling, general and administrative expenses318,663 279,694 234,282 Total Costs and Expenses2,378,978 2,164,057 1,930,236 Equity in Income of Investees55,931 50,807 45,973 Operating Income380,607 383,059 348,571 Other Income (Expense):Interest income2,554 2,359 758 Interest expense(39,475)(47,036)(36,410)Other – net5,034 (16,982)1,458 Total Other Income (Expense)(31,887)(61,659)(34,194)Income before Provision for Income Taxes348,720 321,400 314,377 Provision for Income Taxes66,422 75,079 75,757 Net Income$282,298 $246,321 $238,620 Net Income Attributable to Noncontrolling Interest(357)(472)(429)Net Income Attributable to BWX Technologies, Inc.$281,941 $245,849 $238,191 Earnings per Common Share:Basic:Net Income Attributable