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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, 2021.
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 October 28, 2021 was 92,201,983.


BWX TECHNOLOGIES, INC.
INDEX – FORM 10-Q
 PAGE
September 30, 2021 and December 31, 2020 (Unaudited)
Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)
Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)
Three Months Ended March 31, June 30 and September 30, 2021 and 2020 (Unaudited)
Nine Months Ended September 30, 2021 and 2020 (Unaudited)

1

PART I
FINANCIAL INFORMATION
Item 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
September 30,
2021
December 31,
2020
(Unaudited)
(In thousands)
Current Assets:
Cash and cash equivalents$69,381 $42,610 
Restricted cash and cash equivalents3,071 3,070 
Investments3,820 3,707 
Accounts receivable – trade, net57,136 153,368 
Accounts receivable – other24,471 22,239 
Retainages70,176 55,172 
Contracts in progress540,504 449,176 
Other current assets45,264 44,256 
Total Current Assets813,823 773,598 
Property, Plant and Equipment, Net983,974 816,471 
Investments10,031 9,356 
Goodwill285,066 283,708 
Deferred Income Taxes25,431 49,415 
Investments in Unconsolidated Affiliates84,636 71,806 
Intangible Assets187,384 192,751 
Other Assets99,368 96,398 
TOTAL$2,489,713 $2,293,503 
See accompanying notes to condensed consolidated financial statements.
2

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30,
2021
December 31,
2020
(Unaudited)
(In thousands, except share
and per share amounts)
Current Liabilities:
Bank overdraft$ $88,694 
Accounts payable137,936 184,392 
Accrued employee benefits74,102 89,740 
Accrued liabilities – other77,872 78,028 
Advance billings on contracts102,370 83,581 
Accrued warranty expense5,513 5,292 
Total Current Liabilities397,793 529,727 
Long-Term Debt1,253,832 862,731 
Accumulated Postretirement Benefit Obligation24,389 25,689 
Environmental Liabilities93,051 84,153 
Pension Liability109,829 144,859 
Other Liabilities32,245 28,576 
Commitments and Contingencies (Note 6)
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 127,303,992 and 127,009,536 shares at September 30, 2021 and December 31, 2020, respectively
1,273 1,270 
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued
  
Capital in excess of par value170,514 153,800 
Retained earnings1,678,478 1,549,950 
Treasury stock at cost, 35,102,009 and 31,698,747 shares at September 30, 2021 and December 31, 2020, respectively
(1,286,261)(1,095,452)
Accumulated other comprehensive income (loss)14,311 8,198 
Stockholders' Equity – BWX Technologies, Inc.578,315 617,766 
Noncontrolling interest259 2 
Total Stockholders' Equity578,574 617,768 
TOTAL$2,489,713 $2,293,503 
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,
 2021202020212020
(Unaudited)
(In thousands, except share and per share amounts)
Revenues$498,727 $519,878 $1,532,099 $1,566,606 
Costs and Expenses:
Cost of operations361,530 373,783 1,130,153 1,133,760 
Research and development costs2,870 2,933 9,491 11,565 
Losses (gains) on asset disposals and impairments, net(981)25 (1,018)324 
Selling, general and administrative expenses58,458 62,638 176,037 170,733 
Total Costs and Expenses421,877 439,379 1,314,663 1,316,382 
Equity in Income of Investees10,618 8,271 26,197 19,247 
Operating Income87,468 88,770 243,633 269,471 
Other Income (Expense):
Interest income160 161 369 453 
Interest expense(11,483)(7,701)(28,725)(23,533)
Other – net1,624 10,652 33,316 28,019 
Total Other Income (Expense)(9,699)3,112 4,960 4,939 
Income before Provision for Income Taxes
77,769 91,882 248,593 274,410 
Provision for Income Taxes17,611 18,687 59,211 61,199 
Net Income$60,158 $73,195 $189,382 $213,211 
Net Income Attributable to Noncontrolling Interest
(244)(24)(372)(283)
Net Income Attributable to BWX Technologies, Inc.$59,914 $73,171 $189,010 $212,928 
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc.
$0.64 $0.77 $1.99 $2.23 
Diluted:
Net Income Attributable to BWX Technologies, Inc.
$0.63 $0.76 $1.99 $2.22 
Shares used in the computation of earnings per share (Note 10):
Basic94,277,253 95,483,003 94,978,638 95,450,994 
Diluted94,483,975 95,730,696 95,190,676 95,706,880 
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,
 2021202020212020
(Unaudited)
(In thousands)
Net Income$60,158 $73,195 $189,382 $213,211 
Other Comprehensive Income (Loss):
Currency translation adjustments(10,605)8,704 4,616 (2,380)
Derivative financial instruments:
Unrealized (losses) gains arising during the period, net of tax benefit (provision) of $43, $(12), $167 and $20, respectively
(119)32 (491)(59)
Reclassification adjustment for losses (gains) included in net income, net of tax (benefit) provision of $(61), $79, $(60) and $(27), respectively
181 (232)178 99 
Amortization of benefit plan costs, net of tax benefit of $(153), $(141), $(468) and $(475), respectively
561 688 1,721 1,907 
Unrealized gains (losses) on investments arising during the period, net of tax benefit (provision) of $0, $1, $60 and $(1), respectively
 (81)89 (527)
Other Comprehensive Income (Loss)(9,982)9,111 6,113 (960)
Total Comprehensive Income50,176 82,306 195,495 212,251 
Comprehensive Income Attributable to Noncontrolling Interest
(244)(29)(372)(283)
Comprehensive Income Attributable to BWX Technologies, Inc.
$49,932 $82,277 $195,123 $211,968 
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, 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 
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, 2019126,579,285 $1,266 $134,069 $1,344,383 $(7,448)$(1,068,164)$404,106 $6 $404,112 
Net income— — — 75,499 — — 75,499 121 75,620 
Dividends declared ($0.19 per share)
— — — (18,254)— — (18,254)— (18,254)
Currency translation adjustments— — — — (11,940)— (11,940)— (11,940)
Derivative financial instruments— — — — 733 — 733 — 733 
Defined benefit obligations— — — — 610 — 610 — 610 
Available-for-sale investments— — — — (600)— (600)— (600)
Exercises of stock options56,431 1 1,331 — — — 1,332 — 1,332 
Shares placed in treasury— — — — — (25,076)(25,076)— (25,076)
Stock-based compensation charges252,943 2 3,100 — — — 3,102 — 3,102 
Distributions to noncontrolling interests— — — — — — — (127)(127)
Balance March 31, 2020 (unaudited)126,888,659 $1,269 $138,500 $1,401,628 $(18,645)$(1,093,240)$429,512 $ $429,512 
Net income— — — 64,258 — — 64,258 138 64,396 
Dividends declared ($0.19 per share)
— — — (18,244)— — (18,244)— (18,244)
Currency translation adjustments— — — — 856 — 856 — 856 
Derivative financial instruments— — — — (493)— (493)— (493)
Defined benefit obligations— — — — 609 — 609 — 609 
Available-for-sale investments— — — — 154 — 154 — 154 
Exercises of stock options22,556 — 537 — — — 537 — 537 
Shares placed in treasury— — — — — (47)(47)— (47)
Stock-based compensation charges38,667 — 4,375 — — — 4,375 — 4,375 
Distributions to noncontrolling interests— — — — — — — (123)(123)
Balance June 30, 2020 (unaudited)126,949,882 $1,269 $143,412 $1,447,642 $(17,519)$(1,093,287)$481,517 $15 $481,532 
Net income— — — 73,171 — — 73,171 24 73,195 
Dividends declared ($0.19 per share)
— — — (18,242)— — (18,242)— (18,242)
Currency translation adjustments— — — —