Company: BWXT
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001486957-25-000052
Chunk: 20

Company: BWX Technologies, Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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, 2024. Our effective tax rate for the six months ended June 30, 2025 was 18.8% as compared to 21.3% for the six months ended June 30, 2024. The effective tax rates for the three and six months ended June 30, 2025 were lower than the U.S. corporate federal income tax rate of 21% primarily due to benefits from U.S. federal research and development tax credits and excess tax benefits associated with equity compensation. The effective tax rates for the three and six months ended June 30, 2024 approximated the U.S. corporate federal income tax rate of 21% due to the revaluation of our Canadian net deferred tax liabilities, which was required by the temporary reduction of the Canadian federal tax rate for qualifying nuclear manufacturers for tax years beginning on or after January 1, 2024.On July 4, 2025, President Trump signed into law an act commonly referred to as the “One Big Beautiful Bill Act”. This bill includes a number of tax provisions including extending existing provisions that were set to expire, substantive changes in international tax rules and the repeal or phase outs of certain energy tax credits. We are currently evaluating the impact of this legislation on our results of operations, financial position and cash flows.Cash and Cash Equivalents and Restricted Cash and Cash EquivalentsAt June 30, 2025, we had restricted cash and cash equivalents totaling $7.2 million, $4.1 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $3.0 million of which was held to meet reinsurance reserve requirements of our captive insurer.

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The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statements of cash flows:June 30,2025December 31,2024 (In thousands)Cash and cash equivalents$36,984 $74,109 Restricted cash and cash equivalents3,049 2,785 Restricted cash and cash equivalents included in Other Assets4,102 3,677 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statements of cash flows$44,135 $80,571 InventoriesAt June 30, 2025 and December 31, 2024, we had inventories