BWX Technologies Inc

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 27, 2024

BWXT$126.64-1.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	Year Ended December 31,
	2023	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES: · (In thousands)
Net Income	$246,321	$238,620	$306,288
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	78,566	73,842	69,080
Income of investees, net of dividends	11,130	(3,461)	(13,023)
Provision for deferred taxes	(5,128)	5,515	40,091
Recognition of (gains) losses for pension and postretirement plans	34,087	49,868	(36,647)
Stock-based compensation expense	15,896	14,127	18,613
Premium for early redemption of senior notes	—	—	10,752
Recognition of debt issuance costs from former debt instruments	—	46	4,212
Other, net	(496)	7,649	1,401
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	462	15,167	84,006
Accounts payable	(9,025)	(40,495)	28,795
Retainages	(6,615)	4,189	3,875
Contracts in progress and advance billings on contracts	28,868	(38,615)	(67,137)
Income taxes	(4,786)	(764)	4,116
Accrued and other current liabilities	(9,754)	(18,948)	(1,991)
Pension liabilities, accrued postretirement benefit obligations and employee benefits	(6,964)	(68,535)	(69,424)
Other, net	(8,861)	6,499	3,019
NET CASH PROVIDED BY OPERATING ACTIVITIES	363,701	244,704	386,026
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(151,286)	(198,312)	(311,052)
Acquisition of businesses	—	(47,328)	—
Purchases of securities	(2,343)	(3,803)	(4,739)
Sales and maturities of securities	5,996	3,813	5,553
Investments, net of return of capital, in equity method investees	—	(11,450)	—
Other, net	(8,009)	844	5,585
NET CASH USED IN INVESTING ACTIVITIES	(155,642)	(256,236)	(304,653)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt	353,100	978,200	1,324,300
Repayments of long-term debt	(434,350)	(878,200)	(999,300)
Premium for early redemption of senior notes	—	—	(10,752)
Payment of debt issuance costs	—	(2,405)	(4,838)
Borrowings and repayments of bank overdraft	—	—	(88,694)
Repurchases of common stock	—	(20,000)	(225,786)
Dividends paid to common shareholders	(84,974)	(81,074)	(79,668)
Cash paid for shares withheld to satisfy employee taxes	(7,592)	(6,588)	(5,042)
Settlements of forward contracts, net	3,689	24,013	(2,030)
Other, net	756	6	1,674
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(169,371)	13,952	(90,136)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH	1,937	(1,205)	240
TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS	40,625	1,215	(8,523)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	40,990	39,775	48,298
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD	$81,615	$40,990	$39,775
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$63,216	$51,343	$50,840
Income taxes (net of refunds)	$84,478	$71,755	$44,949
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable	$7,105	$9,588	$27,495

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