Company: BWXT
Filing Date: 2025-03-19
Form Type: 10-K/A
Source: 0001486957-25-000015
Chunk: 108

Company: BWX Technologies, Inc.
Filing Date: 2025-03-19
Form: 10-K/A
Chunk 108
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 |   |           |
| Revenues     |     | $                       | 5,864,628 |     | $ | 5,334,822 |     | $ | 4,580,032 |
| Gross profit |     | $                       |   198,616 |     | $ |   185,345 |     | $ |   176,592 |
| Net income   |     | $                       |   195,256 |     | $ |   181,981 |     | $ |   173,339 |

Reimbursable costs recorded in revenues by the unconsolidated joint ventures in our Government Operations segment totaled $5,495.9 million, $5,126.6 million and $4,453.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Income taxes for the investees are the responsibility of the respective owners. Accordingly, no provision for income taxes has been recorded by the investees.

Reconciliations of net income per combined income statement information of our investees to equity in income of investees per our consolidated statements of income are as follows:

|                                                     |     | Year Ended December 31, |   2024 |     |   |   2023 |     |   |   2022 |
|:----------------------------------------------------|:----|:------------------------|-------:|:----|:--|-------:|:----|:--|-------:|
|                                                     |     | -In thousands           |        |     |   |        |     |   |        |
| Equity income based on stated ownership percentages |     | $                       | 55,967 |     | $ | 50,595 |     | $ | 46,784 |
| GAAP and other adjustments                          |     |                         |    -36 |     |   |    212 |     |   |   -811 |
| Equity in income of investees                       |     | $                       | 55,931 |     | $ | 50,807 |     | $ | 45,973 |

Our transactions with unconsolidated affiliates were as follows:

|                                       |     | Year Ended December 31, |   2024 |     |   |   2023 |     |   |   2022 |
|:--------------------------------------|:----|:------------------------|-------:|:----|:--|-------: