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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _________________________________________________________________________________________________________________________________ 
FORM 10-Q
 _________________________________________________________________________________________________________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022.
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     .
Commission File No. 001-34658
BWX TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
__________________________________________________________________________________________________________________________________
Delaware 80-0558025
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
800 Main Street, 4th Floor 
Lynchburg,Virginia 24504
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (980) 365-4300
_________________________________________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueBWXTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The number of shares of the registrant's common stock outstanding at November 3, 2022 was 91,222,288.


BWX TECHNOLOGIES, INC.
INDEX – FORM 10-Q
 PAGE
September 30, 2022 and December 31, 2021 (Unaudited)
Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)
Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)
Three Months Ended March 31, June 30 and September 30, 2022 and 2021 (Unaudited)
Nine Months Ended September 30, 2022 and 2021 (Unaudited)

1

PART I
FINANCIAL INFORMATION
Item 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
September 30,
2022
December 31,
2021
(Unaudited)
(In thousands)
Current Assets:
Cash and cash equivalents$51,400 $33,891 
Restricted cash and cash equivalents2,908 2,896 
Investments3,820 3,811 
Accounts receivable – trade, net72,404 70,663 
Accounts receivable – other34,145 16,651 
Retainages76,193 51,507 
Contracts in progress545,517 546,595 
Other current assets63,317 47,718 
Total Current Assets849,704 773,732 
Property, Plant and Equipment, Net1,083,436 1,045,640 
Investments7,769 9,558 
Goodwill289,962 285,502 
Deferred Income Taxes20,458 21,394 
Investments in Unconsolidated Affiliates107,430 85,284 
Intangible Assets192,898 185,551 
Other Assets120,401 94,719 
TOTAL$2,672,058 $2,501,380 
See accompanying notes to condensed consolidated financial statements.
2

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30,
2022
December 31,
2021
(Unaudited)
(In thousands, except share
and per share amounts)
Current Liabilities:
Accounts payable$146,543 $189,842 
Accrued employee benefits75,114 71,835 
Accrued liabilities – other80,749 80,998 
Advance billings on contracts98,545 111,619 
Accrued warranty expense5,846 5,321 
Total Current Liabilities406,797 459,615 
Long-Term Debt1,340,722 1,189,304 
Accumulated Postretirement Benefit Obligation21,553 24,333 
Environmental Liabilities94,414 92,642 
Pension Liability48,018 59,388 
Other Liabilities47,618 38,863 
Commitments and Contingencies (Note 5)
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 127,638,048 and 127,311,985 shares at September 30, 2022 and December 31, 2021, respectively
1,276 1,273 
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued
  
Capital in excess of par value186,790 174,288 
Retained earnings1,910,197 1,775,751 
Treasury stock at cost, 36,420,960 and 35,915,747 shares at September 30, 2022 and December 31, 2021, respectively
(1,353,269)(1,326,280)
Accumulated other comprehensive income (loss)(32,280)12,143 
Stockholders' Equity – BWX Technologies, Inc.712,714 637,175 
Noncontrolling interest222 60 
Total Stockholders' Equity712,936 637,235 
TOTAL$2,672,058 $2,501,380 
See accompanying notes to condensed consolidated financial statements.

3

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
(Unaudited)
(In thousands, except share and per share amounts)
Revenues$523,711 $498,727 $1,608,657 $1,532,099 
Costs and Expenses:
Cost of operations399,281 361,530 1,217,108 1,130,153 
Research and development costs1,426 2,870 6,990 9,491 
Losses (gains) on asset disposals and impairments, net(251)(981)(222)(1,018)
Selling, general and administrative expenses58,160 58,458 172,974 176,037 
Total Costs and Expenses458,616 421,877 1,396,850 1,314,663 
Equity in Income of Investees14,783 10,618 34,881 26,197 
Operating Income79,878 87,468 246,688 243,633 
Other Income (Expense):
Interest income273 160 463 369 
Interest expense(9,625)(11,483)(24,983)(28,725)
Other – net11,496 1,624 35,401 33,316 
Total Other Income (Expense)2,144 (9,699)10,881 4,960 
Income before Provision for Income Taxes
82,022 77,769 257,569 248,593 
Provision for Income Taxes20,185 17,611 61,977 59,211 
Net Income$61,837 $60,158 $195,592 $189,382 
Net Income Attributable to Noncontrolling Interest(234)(244)(366)(372)
Net Income Attributable to BWX Technologies, Inc.$61,603 $59,914 $195,226 $189,010 
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc.$0.67 $0.64 $2.13 $1.99 
Diluted:
Net Income Attributable to BWX Technologies, Inc.$0.67 $0.63 $2.13 $1.99 
Shares used in the computation of earnings per share (Note 9):
Basic91,407,599 94,277,253 91,455,350 94,978,638 
Diluted91,655,536 94,483,975 91,665,383 95,190,676 
See accompanying notes to condensed consolidated financial statements.
4

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
(Unaudited)
(In thousands)
Net Income$61,837 $60,158 $195,592 $189,382 
Other Comprehensive Income (Loss):
Currency translation adjustments(36,906)(10,605)(46,822)4,616 
Derivative financial instruments:
Unrealized gains (losses) arising during the period, net of tax (provision) benefit of $(177), $43, $(7) and $167, respectively
515 (119)19 (491)
Reclassification adjustment for losses included in net income, net of tax benefit of $(74), $(61), $(178) and $(60), respectively
220 181 520 178 
Amortization of benefit plan costs, net of tax benefit of $(163), $(153), $(488) and $(468), respectively
650 561 1,952 1,721 
Unrealized (losses) gains on investments arising during the period, net of tax benefit of $5, $0, $24 and $60, respectively
(20) (92)89 
Other Comprehensive Income (Loss)(35,541)(9,982)(44,423)6,113 
Total Comprehensive Income26,296 50,176 151,169 195,495 
Comprehensive Income Attributable to Noncontrolling Interest(234)(244)(366)(372)
Comprehensive Income Attributable to BWX Technologies, Inc.$26,062 $49,932 $150,803 $195,123 
See accompanying notes to condensed consolidated financial statements.
5

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Common StockCapital In
Excess of
Par Value
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
 SharesPar
Value
Retained
Earnings
Treasury
Stock
Stockholders'
Equity
Noncontrolling
Interest
  (In thousands, except share and per share amounts)
Balance December 31, 2021127,311,985 $1,273 $174,288 $1,775,751 $12,143 $(1,326,280)$637,175 $60 $637,235 
Net income— — — 59,010 — — 59,010 64 59,074 
Dividends declared ($0.22 per share)
— — — (20,279)— — (20,279)— (20,279)
Currency translation adjustments— — — — 5,365 — 5,365 — 5,365 
Derivative financial instruments— — — — 44 — 44 — 44 
Defined benefit obligations— — — — 651 — 651 — 651 
Available-for-sale investments— — — — (24)— (24)— (24)
Exercises of stock options— — — — — — — — — 
Shares placed in treasury— — — — — (26,011)(26,011)— (26,011)
Stock-based compensation charges279,242 3 3,955 — — — 3,958 — 3,958 
Distributions to noncontrolling interests— — — — — — — (59)(59)
Balance March 31, 2022 (unaudited)127,591,227 $1,276 $178,243 $1,814,482 $18,179 $(1,352,291)$659,889 $65 $659,954 
Net income— — — 74,613 — — 74,613 68 74,681 
Dividends declared ($0.22 per share)
— — — (20,273)— — (20,273)— (20,273)
Currency translation adjustments— — — — (15,281)— (15,281)— (15,281)
Derivative financial instruments— — — — (240)— (240)— (240)
Defined benefit obligations— — — — 651 — 651 — 651 
Available-for-sale investments— — — — (48)— (48)— (48)
Exercises of stock options— — — — — — — — — 
Shares placed in treasury— — — — — (33)(33)— (33)
Stock-based compensation charges13,643 — 5,008 — — — 5,008 — 5,008 
Distributions to noncontrolling interests— — — — — — — (69)(69)
Balance June 30, 2022 (unaudited)127,604,870 $1,276 $183,251 $1,868,822 $3,261 $(1,352,324)$704,286 $64 $704,350 
Net income— — — 61,603 — — 61,603 234 61,837 
Dividends declared ($0.22 per share)
— — — (20,228)— — (20,228)— (20,228)
Currency translation adjustments— — — — (36,906)— (36,906)— (36,906)
Derivative financial instruments— — — — 735 — 735 — 735 
Defined benefit obligations— — — — 650 — 650 — 650 
Available-for-sale investments— — — — (20)— (20)— (20)
Exercises of stock options19,345 — 458 — — — 458 — 458 
Shares placed in treasury— — — — — (945)(945)— (945)
Stock-based compensation charges13,833 — 3,081 — — — 3,081 — 3,081 
Distributions to noncontrolling interests— — — — — — — (76)(76)
Balance September 30, 2022 (unaudited)127,638,048 $1,276 $186,790 $1,910,197 $(32,280)$(1,353,269)$712,714 $222 $712,936 
6

</
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Common StockCapital In
Excess of
Par Value
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
 SharesPar
Value
Retained
Earnings
Treasury
Stock
Stockholders'
Equity
Noncontrolling
Interest
  (In thousands, except share and per share amounts)
Balance December 31, 2020127,009,536 $1,270 $153,800 $1,549,950 $8,198 $(1,095,452)$617,766 $2 $617,768 
Net income— — — 69,749 — — 69,749 66 69,815 
Dividends declared ($0.21 per share)
— — — (20,173)— — (20,173)— (20,173)
Currency translation adjustments— — — — 8,001 — 8,001 — 8,001 
Derivative financial instruments— — — — (578)— (578)— (578)
Defined benefit obligations— — — — 580 — 580 — 580 
Available-for-sale investments— — — — 89 — 89 — 89 
Exercises of stock options61,260 — 1,517 — — — 1,517 — 1,517 
Shares placed in treasury— — — — — (24,694)(24,694)— (24,694)
Stock-based compensation charges191,350 3 3,978 — — — 3,981 — 3,981 
Distributions to noncontrolling interests— — — — — — — — — 
Balance March 31, 2021 (unaudited)127,262,146 $1,273 $159,295 $1,599,526 $16,290 $(1,120,146)$656,238 $68 $656,306 
Net income— — — 59,347 — — 59,347 62 59,409 
Dividends declared ($0.21 per share)
— — — (20,164)— — (20,164)— (20,164)
Currency translation adjustments— — — — 7,220 — 7,220 — 7,220 
Derivative financial instruments— — — — 203 — 203 — 203 
Defined benefit obligations— — — — 580 — 580 — 580 
Available-for-sale investments— — — — — — — — — 
Exercises of stock options13,936 — 339 — — — 339 — 339 
Shares placed in treasury— — — — — (58)(58)— (58)
Stock-based compensation charges11,597 — 5,292 — — — 5,292 — 5,292 
Distributions to noncontrolling interests— — — — — — — (40)(40)
Balance June 30, 2021 (unaudited)127,287,679 $1,273 $164,926 $1,638,709 $24,293 $(1,120,204)$708,997 $90 $709,087 
Net income— — — 59,914 — — 59,914 244 60,158 
Dividends declared ($0.21 per share)
— — — (20,145)— — (20,145)— (20,145)
Currency translation adjustments— — — — (10,605)— (10,605)— (10,605)
Derivative financial instruments— — — — 62 — 62 — 62 
Defined benefit obligations— — — — 561 — 561 — 561 
Available-for-sale investments— — — — — — — — — 
Exercises of stock options— — — — — — — — — 
Shares placed in treasury— — — — — (166,057)(166,057)— (166,057)
Stock-based compensation charges16,313  5,588 — — — 5,588 — 5,588 
Distributions to noncontrolling interests— — — — — — — (75)(75)
Balance September 30, 2021 (unaudited)127,303,992 $1,273 $170,514 $1,678,478 $14,311 $(1,286,261)$578,315 $259 $578,574