Company: BWXT
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001486957-25-000008
Chunk: 32

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 32
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,728 $1,235,993 Firm-Fixed-Price590,884 315,061 905,945 469,138 312,236 781,374 334,076 300,129 634,205 Cost-Plus Fee388,116 — 388,116 337,598 — 337,598 244,063 — 244,063 Time-and-Materials30,312 191,532 221,844 6,085 142,989 149,074 4,079 117,501 121,580 Segment Revenues$2,183,040 $523,972 2,707,012 $2,031,337 $466,344 2,497,681 $1,808,483 $427,358 2,235,841 Eliminations(3,358)(1,372)(3,007)Revenues$2,703,654 $2,496,309 $2,232,834 Performance ObligationsAs we progress on our contracts and the underlying performance obligations for which we recognize revenue over time, we refine our estimates of variable consideration and total estimated costs at completion, which impact the overall profitability on our contracts and performance obligations. Changes in these estimates result in the recognition of cumulative catch-up adjustments that impact our revenues and/or costs of contracts. The aggregate impact of changes in estimates increased our revenue and operating income as follows: Year Ended December 31, 202420232022 (In thousands)Revenues$37,908 $24,728 $26,629 Operating Income (1)$36,770 $24,813 $24,405 (1)During the year ended December 31, 2024, no adjustments to any one contract had a material impact on our consolidated financial statements.During the year ended December 31, 2023, our Government Operations segment results were favorably impacted by contract adjustments related to a nuclear operations contract which resulted in an increase in operating income of $22.5 million. Our Government Operations segment also recognized favorable adjustments totaling $27.9 million as a result of the successful negotiation of change orders related to cost growth that was driven by out-of-scope changes associated with the manufacture of non-nuclear components.During the year ended December 31, 2022, our Government Operations segment results were negatively affected by contract adjustments for cost growth related