Company: BWXT
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001486957-25-000008
Chunk: 35

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 35
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 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, 202420232022 (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, 202420232022 (In thousands)Sales to$23,068 $18,530 $19,857 Dividends received$45,333 $61,937 $42,512 Capital contributions, net of returns$197 $— $11,450 At December 31, 2024 and 2023, Accounts receivable – other included amounts due from unconsolidated affiliates of $0.0 million and $1.1 million, respectively.

NOTE 5 – INCOME TAXES

We are subject to federal income tax in the U.S., Canada and the U.K., as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, 

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can contribute to shifts in our effective tax rate from period to period. As of the date of this filing, we are not currently under audit by any domestic or international tax authority.We apply the provisions of FASB Topic Income Taxes regarding the treatment of uncertain tax positions. A reconciliation of unrecognized tax benefits (exclusive of interest and federal and state benefits) is as follows (amounts in thousands):Year Ended December 31, 2024AmountBalance at beginning of period (1)$— Additions based on tax positions taken in the current year2,121 Additions based on tax positions taken in prior years19,027 Changes for tax positions taken in prior years— Settlements with tax authorities— Balance at end of period$21,148 (1)We did