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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, 2024.
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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller 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 October 31, 2024 was 91,443,505.

BWX TECHNOLOGIES, INC.
INDEX – FORM 10-Q
 PAGE
Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)
Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)
September 30, 2024 and December 31, 2023 (Unaudited)
Three Months Ended March 31, June 30 and September 30, 2024 and 2023 (Unaudited)
Nine Months Ended September 30, 2024 and 2023 (Unaudited)

1
PART I
FINANCIAL INFORMATION
Item 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
(Unaudited)
(In thousands, except share and per share amounts)
Revenues$671,956 $589,989 $1,957,387 $1,770,794 
Costs and Expenses:
Cost of operations508,000 436,296 1,476,553 1,338,750 
Research and development costs2,081 1,156 4,842 5,955 
Gains on asset disposals and impairments, net— — (4)(15)
Selling, general and administrative expenses80,829 79,828 227,970 205,100 
Total Costs and Expenses590,910 517,280 1,709,361 1,549,790 
Equity in Income of Investees15,532 12,649 40,319 38,862 
Operating Income96,578 85,358 288,345 259,866 
Other Income (Expense):
Interest income663 643 2,049 1,623 
Interest expense(9,907)(12,175)(30,190)(35,200)
Other – net3,290 4,340 10,426 9,490 
Total Other Income (Expense)(5,954)(7,192)(17,715)(24,087)
Income before Provision for Income Taxes
90,624 78,166 270,630 235,779 
Provision for Income Taxes20,983 17,814 59,410 55,769 
Net Income$69,641 $60,352 $211,220 $180,010 
Net Income Attributable to Noncontrolling Interest(158)(79)(297)(48)
Net Income Attributable to BWX Technologies, Inc.$69,483 $60,273 $210,923 $179,962 
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc.$0.76 $0.66 $2.30 $1.96 
Diluted:
Net Income Attributable to BWX Technologies, Inc.$0.76 $0.66 $2.30 $1.96 
Shares used in the computation of earnings per share (Note 8):
Basic91,574,531 91,659,117 91,564,726 91,596,650 
Diluted91,886,710 91,895,480 91,849,724 91,833,450 
See accompanying notes to condensed consolidated financial statements.
2
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
(Unaudited)
(In thousands)
Net Income$69,641 $60,352 $211,220 $180,010 
Other Comprehensive Income (Loss):
Currency translation adjustments7,370 (13,485)(9,108)(868)
Derivative financial instruments:
Unrealized gains (losses) arising during the period, net of tax (provision) benefit of $(118), $2, $52 and $(207), respectively
318 (11)(158)603 
Reclassification adjustment for (gains) losses included in net income, net of tax provision (benefit) of $80, $(31), $84 and $101, respectively
(237)100 (249)(293)
Amortization of benefit plan costs, net of tax benefit of $(161), $(162), $(485) and $(488), respectively
670 668 2,009 2,002 
Unrealized (losses) gains arising during the period, net of tax provision of $0, $(14), $(12) and $(25), respectively
(4)53 42 91 
Other Comprehensive Income (Loss)8,117 (12,675)(7,464)1,535 
Total Comprehensive Income77,758 47,677 203,756 181,545 
Comprehensive Loss (Income) Attributable to Noncontrolling Interest(158)(79)(297)(48)
Comprehensive Income Attributable to BWX Technologies, Inc.$77,600 $47,598 $203,459 $181,497 
See accompanying notes to condensed consolidated financial statements.
3
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
September 30,
2024		December 31,
2023
(Unaudited)
(In thousands)
Current Assets:
Cash and cash equivalents$35,522 $75,766 
Restricted cash and cash equivalents2,962 2,858 
Accounts receivable – trade, net90,227 70,180 
Accounts receivable – other15,934 16,339 
Retainages92,295 55,181 
Contracts in progress661,248 533,155 
Other current assets84,761 64,322 
Total Current Assets982,949 817,801 
Property, Plant and Equipment, Net1,275,053 1,228,520 
Investments10,659 9,496 
Goodwill295,134 297,020 
Deferred Income Taxes12,118 16,332 
Investments in Unconsolidated Affiliates98,386 88,608 
Intangible Assets175,200 185,510 
Other Assets97,961 103,778 
TOTAL$2,947,460 $2,747,065 
See accompanying notes to condensed consolidated financial statements.
4
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30,
2024		December 31,
2023
(Unaudited)
(In thousands, except share
and per share amounts)
Current Liabilities:
Current portion of long-term debt$10,938 $6,250 
Accounts payable172,206 126,651 
Accrued employee benefits53,438 64,544 
Accrued liabilities – other81,321 70,210 
Advance billings on contracts119,563 107,391 
Total Current Liabilities437,466 375,046 
Long-Term Debt1,220,583 1,203,422 
Accumulated Postretirement Benefit Obligation17,797 18,466 
Environmental Liabilities92,721 90,575 
Pension Liability74,347 82,786 
Other Liabilities45,875 43,469 
Commitments and Contingencies (Note 4)
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,307,682 and 128,065,521 shares at September 30, 2024 and December 31, 2023, respectively
1,283 1,281 
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued
— — 
Capital in excess of par value222,062 206,478 
Retained earnings2,238,437 2,093,917 
Treasury stock at cost, 36,867,475 and 36,537,695 shares at September 30, 2024 and December 31, 2023, respectively
(1,388,106)(1,360,862)
Accumulated other comprehensive income (loss)(14,927)(7,463)
Stockholders' Equity – BWX Technologies, Inc.1,058,749 933,351 
Noncontrolling interest(78)(50)
Total Stockholders' Equity1,058,671 933,301 
TOTAL$2,947,460 $2,747,065 
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, 2023128,065,521 $1,281 $206,478 $2,093,917 $(7,463)$(1,360,862)$933,351 $(50)$933,301 
Net income— — — 68,468 — — 68,468 66 68,534 
Dividends declared ($0.24 per share)
— — — (22,150)— — (22,150)— (22,150)
Currency translation adjustments— — — — (11,308)— (11,308)— (11,308)
Derivative financial instruments— — — — (446)— (446)— (446)
Defined benefit obligations— — — — 670 — 670 — 670 
Available-for-sale investments— — — — 28 — 28 — 28 
Exercises of stock options7,294 — 218 — — — 218 — 218 
Shares placed in treasury— — — — — (26,906)(26,906)— (26,906)
Stock-based compensation charges199,991 2 4,295 — — — 4,297 — 4,297 
Distributions to noncontrolling interests— — — — — — — (172)(172)
Balance March 31, 2024 (unaudited)128,272,806 $1,283 $210,991 $2,140,235 $(18,519)$(1,387,768)$946,222 $(156)$946,066 
Net income— — — 72,972 — — 72,972 73 73,045 
Dividends declared ($0.24 per share)
— — — (22,128)— — (22,128)— (22,128)
Currency translation adjustments— — — — (5,170)— (5,170)— (5,170)
Derivative financial instruments— — — — (42)— (42)— (42)
Defined benefit obligations— — — — 669 — 669 — 669 
Available-for-sale investments— — — — 18 — 18 — 18 
Exercises of stock options— — — — — — — — — 
Shares placed in treasury— — — — — (35)(35)— (35)
Stock-based compensation charges9,319 — 5,982 — — — 5,982 — 5,982 
Distributions to noncontrolling interests— — — — — — — (154)(154)
Balance June 30, 2024 (unaudited)128,282,125 $1,283 $216,973 $2,191,079 $(23,044)$(1,387,803)$998,488 $(237)$998,251 
Net income— — — 69,483 — — 69,483 158 69,641 
Dividends declared ($0.24 per share)
— — — (22,125)— — (22,125)— (22,125)
Currency translation adjustments— — — — 7,370 — 7,370 — 7,370 
Derivative financial instruments— — — — 81 — 81 — 81 
Defined benefit obligations— — — — 670 — 670 — 670 
Available-for-sale investments— — — — (4)— (4)— (4)
Exercises of stock options17,949 — 516 — — — 516 — 516 
Shares placed in treasury— — — — — (303)(303)— (303)
Stock-based compensation charges7,608 — 4,573 — — — 4,573 — 4,573 
Distributions to noncontrolling interests— — — — — — — 1 1 
Balance September 30, 2024 (unaudited)128,307,682 $1,283 $222,062 $2,238,437 $(14,927)$(1,388,106)$1,058,749 $(78)$1,058,671 
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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, 2022127,671,756 $1,277 $189,263 $1,932,970 $(21,930)$(1,353,270)$748,310 $45 $748,355 
Net income (loss)— — — 61,092 — — 61,092 (99)60,993 
Dividends declared ($0.23 per share)
— — — (21,231)— — (21,231)— (21,231)
Currency translation adjustments— — — — 1,694 — 1,694 — 1,694 
Derivative financial instruments— — — — 554 — 554 — 554 
Defined benefit obligations— — — — 657 — 657 — 657 
Available-for-sale investments— — — — (9)— (9)— (9)
Exercises of stock options3,000 2 70 — — — 72 — 72 
Shares placed in treasury— — — — — (6,903)(6,903)— (6,903)
Stock-based compensation charges293,961 1 3,892 — — — 3,893 — 3,893 
Distributions to noncontrolling interests— — — — — — — (67)(67)
Balance March 31, 2023 (unaudited)127,968,717 $1,280 $193,225 $1,972,831 $(19,034)$(1,360,173)$788,129 $(121)$788,008 
Net income— — — 58,597 — — 58,597 68 58,665 
Dividends declared ($0.23 per share)
— — — (21,216)— — (21,216)— (21,216)
Currency translation adjustments— — — — 10,923 — 10,923 — 10,923 
Derivative financial instruments— — — — (333)— (333)— (333)
Defined benefit obligations— — — — 677 — 677 — 677 
Available-for-sale investments— — — — 47 — 47 — 47 
Exercises of stock options4,417 — 105 — — — 105 — 105 
Shares placed in treasury— — — — — (46)(46)— (46)
Stock-based compensation charges12,967 — 4,776 — — — 4,776 — 4,776 
Distributions to noncontrolling interests— — — — — — — (78)(78)
Balance June 30, 2023 (unaudited)127,986,101 $1,280 $198,106 $2,010,212 $(7,720)$(1,360,219)$841,659 $(131)$841,528 
Net income— — — 60,273 — — 60,273 79 60,352 
Dividends declared ($0.23 per share)
— — — (21,231)— — (21,231)— (21,231)
Currency translation adjustments— — — — (13,485)— (13,485)— (13,485)
Derivative financial instruments— — — — 89 — 89 — 89 
Defined benefit obligations— — — — 668 — 668 — 668 
Available-for-sale investments— — — — 53 — 53 — 53 
Exercises of stock options39,468 — 932 — — — 932 — 932 
Shares placed in treasury— — — — — (558)(558)— (558)
Stock-based compensation charges23,084 — 3,636 — — — 3,636 — 3,636 
Distributions to noncontrolling interests— — — — — — — (73)(73)
Balance September 30, 2023 (unaudited)128,048,653 $1,280 $202,674 $2,049,254 $(20,395)$(1,360,777)$872,036 $(125)$871,911 
See accompanying notes to condensed consolidated financial statements.
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BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
 20242023
 (Unaudited) (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$211,220 $180,010 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization63,429 58,205 
Income of investees, net of dividends(9,778)(4,854)
Recognition of losses for pension and postretirement plans2,494 2,490 
Stock-based compensation expense14,852 12,305 
Other, net(633)21 
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable(30,238)(31,520)
Accounts payable48,306 24,874 
Retainages(37,114)(29,257)
Contracts in progress and advance billings on contracts(120,829)(38,217)
Income taxes15,654 (5,331)
Accrued and other current liabilities5,174 (10,231)
Pension liabilities, accrued postretirement benefit obligations and employee benefits(20,217)(10,874)
Other, net(10,772)(5,684)
NET CASH PROVIDED BY OPERATING ACTIVITIES131,548 141,937 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(101,128)(100,498)
Purchases of securities— (2,343)
Sales and maturities of securities— 5,996 
Other, net203 (8,142)
NET CASH USED IN INVESTING ACTIVITIES(100,925)(104,987)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt396,800 332,000 
Repayments of long-term debt(376,488)(281,688)
Repurchases of common stock(20,000)— 
Dividends paid to common shareholders(66,326)(63,870)
Cash paid for shares withheld to satisfy employee taxes(7,244)(7,505)
Settlements of forward contracts, net2,954 (2,030)
Other, net409 902 
NET CASH USED IN FINANCING ACTIVITIES(69,895)(22,191)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH(379)414 
TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
(39,651)15,173 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD81,615 40,990 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD$41,964 $56,163 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$48,360 $44,745 
Income taxes (net of refunds)$43,547 $59,947 
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable$15,114 $9,239 
See accompanying notes to condensed consolidated financial statements.
8
BWX TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
(UNAUDITED)
NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
We have presented the condensed consolidated financial statements of BWX Technologies, Inc. ("BWXT" or the "Company") in U.S. dollars in accordance with the interim reporting requirements of Form 10-Q, Rule 10-01 of Regulation S-X and accounting principles generally accepted in the United States ("GAAP"). Certain financial information and disclosures normally included in our financial statements prepared annually in accordance with GAAP have been condensed or omitted. Readers of these financial statements should, therefore, refer to the consolidated financial statements and notes in our annual report on Form 10-K for the year ended December 31, 2023 (our "2023 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation.
We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We classify assets and liabilities related to long-term contracts as current using the duration of the related contract or program as our operating cycle, which is generally longer than one year. We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated.
Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries.
Reportable Segments
We operate in two reportable segments: Government Operations and Commercial Operations. Our reportable segments are further described as follows:
•Our Government Operations segment manufactures naval nuclear reactors, including the related nuclear fuel, for the U.S. Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we also fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons, manufacture electromechanical equipment, perform design, manufacturing, inspection, assembly and testing activities and downblend Cold War-era government stockpiles of high-enriched uranium. In addition, we supply proprietary and sole-source valves, manifolds and fittings to global naval and commercial shipping customers. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. This segment also provides various other services, primarily through joint ventures, to the U.S. Government including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are primarily provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration, the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, the Department of Defense and NASA. In addition, this segment also develops technology for advanced nuclear reactors for a variety of power and propulsion applications in the space and terrestrial domains and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for these programs.
•Our Commercial Operations segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste, and supplies nuclear-grade materials and precisely machined components for nuclear utility customers. We have supplied the nuclear industry with more than 1,300 large, heavy components worldwide and are the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment also manufactures medical radioisotopes, radiopharmaceuticals and medical devices, and partners with life science and pharmaceutical companies developing new drugs.
9
See Note 7 and Note 2 for financial information about our segments. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the consolidated financial statements and notes included in our 2023 10-K.
Recently Adopted Accounting Standards
There were no accounting standards adopted during the nine months ended September 30, 2024 that had a significant impact on our financial position, results of operations, cash flows or disclosures.
Contracts and Revenue Recognition
We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with FASB Topic Revenue from Contracts with Customers. We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. We recognize revenue on certain cost plus and time and materials contracts equal to the amount we have the right to invoice the customer when performance obligations are satisfied over time and the invoice amount corresponds directly with the value we are providing the customer. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Commercial Operations segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined.
See Note 2 for a further discussion of revenue recognition.
Provision for 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 changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period.
Our effective tax rate for the three months ended September 30, 2024 was 23.2% as compared to 22.8% for the three months ended September 30, 2023. Our effective tax rate for the nine months ended September 30, 2024 was 22.0% as compared to 23.7% for the nine months ended September 30, 2023. The effective tax rates for the three and nine months ended September 30, 2024 and September 30, 2023 were higher than the U.S. corporate income tax rate of 21% primarily due to state income taxes within the U.S. and the unfavorable rate differential associated with our foreign earnings.
Certain jurisdictions have implemented the Organization for Economic Cooperation and Development’s Pillar Two rules regarding a global minimum tax. Effective January 1, 2024, these rules enforce a minimum effective tax rate of 15%, calculated on a jurisdictional basis. Considering our current global footprint, we do not anticipate that these new rules will materially impact our provision for income taxes.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
At September 30, 2024, we had restricted cash and cash equivalents totaling $6.4 million, $3.5 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.
10
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:
September 30,
2024		December 31,
2023
 (In thousands)
Cash and cash equivalents$35,522 $75,766 
Restricted cash and cash equivalents2,962 2,858 
Restricted cash and cash equivalents included in Other Assets3,480 2,991 
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statements of cash flows$41,964 $81,615 
Inventories
At September 30, 2024 and December 31, 2023, Other current assets included inventories totaling $37.5 million and $27.4 million, respectively, consisting entirely of raw materials and supplies.
Property, Plant and Equipment, Net
Property, plant and equipment is stated at cost and is set forth below:
 September 30,
2024		December 31,
2023
 (In thousands)
Land$10,622 $10,627 
Buildings411,048 381,081 
Machinery and equipment1,157,929 1,108,504 
Property under construction587,021 571,758 
2,166,620 2,071,970 
Less: Accumulated depreciation891,567 843,450 
Property, Plant and Equipment, Net$1,275,053 $1,228,520 
Accumulated Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows:
September 30,
2024		December 31,
2023
 (In thousands)
Currency translation adjustments$(439)$8,669 
Net unrealized gain on derivative financial instruments151 558 
Unrecognized prior service cost on benefit obligations(14,908)(16,917)
Net unrealized gain on available-for-sale investments269 227 
Accumulated other comprehensive loss$(14,927)$(7,463)
11
The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected condensed consolidated statements of income line items are as follows:
 Three Months Ended
September 30,		Nine Months Ended
September 30,		 
 2024202320242023 
Accumulated Other Comprehensive Income (Loss) Component Recognized
(In thousands)Line Item Presented
Realized gain (loss) on derivative financial instruments
$(131)$(207)$(40)$(80)Revenues
448 76 373 474 Cost of operations
317 (131)333 394 Total before tax
(80)31 (84)(101)Provision for Income Taxes
$237 $(100)$249 $293 Net Income
Amortization of prior service cost on benefit obligations
$(831)$(830)$(2,494)$(2,490)Other – net
161 162 485 488 Provision for Income Taxes
$(670)$(668)$(2,009)$(2,002)Net Income
Total reclassification for the period
$(433)$(768)$(1,760)$(1,709)
Derivative Financial Instruments
Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes.
We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments and loans between domestic and foreign subsidiaries denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income and are recorded in our condensed consolidated statements of cash flows based on the nature and use of the instruments.
We have designated the majority of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions primarily related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates. At September 30, 2024, we had deferred approximately $0.2 million of net gains on these derivative financial instruments. Assuming market conditions continue, we expect to recognize the majority of this amount in the next 12 months. For the three months ended September 30, 2024 and 2023, we recognized (gains) losses of $3.6 million and $(12.6) million, respectively, and for the nine months ended September 30, 2024 and 2023, we recognized (gains) losses of $(11.2) million and $(3.7) million, respectively, in Other – net on our condensed consolidated statements of income associated with FX forward contracts not designated as hedging instruments.
At September 30, 2024, our derivative financial instruments consisted of FX forward contracts with a total notional value of $476.6 million with maturities extending to July 2026. These instruments consist primarily of FX forward contracts to purchase or sell Canadian dollars and Euros. We are exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. We attempt to mitigate this risk by using major financial institutions with high credit ratings. Our counterparties to derivative financial instruments have the benefit of the same collateral arrangements and covenants as described under our credit facility.
12
New Accounting Standards
In November 2023, the FASB issued updates to FASB Topic Segment Reporting to improve disclosures about a public company's reportable segments and address requests from investors to provide additional, more detailed information about a reportable segment’s expenses on an interim and annual basis and provide in interim periods all disclosures currently only required on an annual basis. Additionally, it requires a public entity to disclose the title and position of the Company’s Chief Operating Decision Maker. These updates do not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 31, 2024, with early adoption permitted. This change will apply retrospectively to all periods presented. The adoption of this standard will only require changes to our disclosures with no impact on our results of operations, financial position or cash flows.
In December 2023, the FASB issued updates to FASB Topic Income Taxes to provide disaggregated disclosures with respect to the reconciliation of our effective tax rate, as well as a disaggregation of income taxes paid, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This standard will apply on a prospective basis; however, retrospective application in all prior periods presented is permitted. The adoption of this standard will only require changes to our disclosures with no impact on our results of operations, financial position or cash flows.
13
NOTE 2 – REVENUE RECOGNITION
As described in Note 1, our operations are assessed based on two reportable segments.
Disaggregated Revenues
Revenues by geographic area and customer type were as follows:
 Three Months Ended September 30, 2024Three Months Ended September 30, 2023
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
United States:
Government$533,545 $— $533,545 $427,237 $— $427,237 
Non-Government19,654 18,240 37,894 47,004 15,322 62,326 
$553,199 $18,240 $571,439 $474,241 $15,322 $489,563 
Canada:
Government$22 $— $22 $90 $— $90 
Non-Government473 88,214 88,687 161 92,904 93,065 
$495 $88,214 $88,709 $251 $92,904 $93,155 
Other:
Government$3,630 $— $3,630 $1,008 $— $1,008 
Non-Government2,749 6,658 9,407 2,355 4,133 6,488 
$6,379 $6,658 $13,037 $3,363 $4,133 $7,496 
Segment Revenues$560,073 $113,112 673,185 $477,855 $112,359 590,214 
Eliminations(1,229)(225)
Revenues$