Company: BWXT
Filing Date: 2025-03-19
Form Type: 10-K/A
Source: 0001486957-25-000015
Chunk: 9

Company: BWX Technologies, Inc.
Filing Date: 2025-03-19
Form: 10-K/A
Chunk 9
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 obligations under contracts that meet the criteria in Financial Accounting Standards Board ("FASB") Topic Revenue from Contracts with Customers , as discussed in Note 3 to our consolidated financial statements included in this Report. It is possible that our methodology for determining backlog may not be comparable to methods used by other companies.

We are subject to the budgetary and appropriations cycle of the U.S. Government as it relates to our Government Operations segment. Backlog may not be indicative of future operating results, and projects in our backlog may be cancelled, modified or otherwise altered by customers.

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Our backlog at December 31, 2024 and 2023 was as follows:

|                       |     |                          | December 31, 
         2024 |     |     |   |     |   | December 31, 
         2023 |     |     |   |
|:----------------------|:----|:-------------------------|-------------:|:----|----:|:--|:----|:--|-------------:|:----|----:|:--|
|                       |     | -In approximate millions |              |     |     |   |     |   |              |     |     |   |
| Government Operations |     | $                        |        3,913 |     |  81 | % |     | $ |        3,217 |     |  80 | % |
| Commercial Operations |     |                          |          930 |     |  19 | % |     |   |          781 |     |  20 | % |
| Total Backlog         |     | $                        |        4,843 |     | 100 | % |     | $ |        3,998 |     | 100 | % |

We do not include the value of our unconsolidated joint venture contracts in backlog. These unconsolidated joint ventures are included in our Government Operations segment. See Note 4 to our consolidated financial statements included in this Report for financial information on our equity method investments.

At December 31, 2024, our ending backlog was $4,842.5 million, which included $387.4 million of unfunded backlog related to U.S. Government contracts. We expect to recognize approximately 48% of the revenue associated with our backlog by the end of 2025, with the remainder to be recognized thereafter.

Major new awards from the U.S. Government are typically received following Congressional