Company: BWXT
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001486957-25-000008
Chunk: 36

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 36
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 not have any uncertain tax positions or activity during the years ended December 31, 2023 and 2022.The unrecognized tax benefits balance of $21.1 million at December 31, 2024 would reduce our effective tax rate if recognized. We believe it is unlikely that our unrecognized tax benefits will materially increase or decrease within the next 12 months.Deferred income taxes reflect the net tax effects of temporary differences between the financial and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows: December 31, 20242023 (In thousands)Deferred tax assets:Pension liability$17,359 $17,439 Accrued warranty expense1,570 1,641 Capitalized Section 174 expenditures64,775 23,800 Accrued vacation pay2,434 3,103 Accrued liabilities for executive and employee incentive compensation18,736 13,784 Environmental and products liabilities20,945 20,576 Lease liabilities5,055 4,860 Investments in joint ventures and affiliated companies2,746 224 Long-term contracts— 13,363 U.S. federal tax credits and loss carryforward3,071 7,055 U.S. state tax credits and loss carryforward10,119 7,935 Foreign tax credit and loss carryforward23,394 22,869 Other1,692 2,018 Gross deferred tax assets171,896 138,667 Valuation allowance for deferred tax assets(17,039)(17,421)Total deferred tax assets154,857 121,246 Deferred tax liabilities:Property, plant and equipment88,090 85,661 Long-term contracts54,714 — Right-of-use lease assets10,590 11,550 Accrued liabilities for self-insurance (including postretirement health care benefits)826 341 Intangibles19,589 21,976 Total deferred tax liabilities173,809 119,528 Net deferred tax assets (liabilities)$(18,952)$1,718 

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The components of Income before Provision for Income Taxes were as follows: Year Ended December 31, 202420232022 (In thousands)U.S.$301,018 $282,459 $281,677 Other than U.S.47,702