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

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 24
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 arrangements. We adjust the estimated costs as further information develops or circumstances change. Given the long-lived nature of these facilities, we are required to estimate retirement costs that will be incurred in the future, which may extend up to 40 years at the time the asset retirement obligation is established. Due to the significance of the remaining useful life of these facilities, the timing of retirement and future costs for material components of the asset retirement obligations, such as labor and waste disposal fees, could differ from our estimates. An exception to this accounting treatment relates to the work we perform for two facilities for which the U.S. Government is obligated to pay substantially all of the decommissioning costs.

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Substantially all of our asset retirement obligations relate to the remediation of our nuclear analytical laboratory at our facility in Lynchburg, Virginia and the Nuclear Fuel Services, Inc. ("NFS") facility in Erwin, Tennessee in our Government Operations segment as well as certain facilities in our Commercial Operations segment. The following summarizes the changes in the carrying amount of these liabilities: Year Ended December 31, 202420232022 (In thousands)Balance at beginning of period$79,541 $82,512 $84,132 Costs incurred(1,172)(3,471)(1,223)Additions/adjustments(3,201)(6,512)(4,289)Accretion7,003 6,939 5,158 Translation(465)73 (1,266)Balance at end of period (1)$81,706 $79,541 $82,512 (1)Includes current asset retirement obligations of $1.1 million, $2.3 million and $4.7 million at December 31, 2024, 2023 and 2022, respectively.Self-InsuranceWe have a wholly owned insurance subsidiary that provides employer's liability, general and automotive liability and primary workers' compensation insurance and, from time to time, builder's risk insurance (within certain limits) to our companies. We may also, in the future, have this insurance subsidiary accept other risks that we cannot or do not wish to transfer to outside insurance companies. Included in Other Liabilities on our consolidated balance sheets were reserves for self-insurance totaling $4.4 million and $4.1 million at December 31, 2024 and 2023, respectively.Loss ContingenciesWe accrue liabilities for loss contingencies when it is probable that a liability has