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Section 1: 10-Q (10-Q)

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Table of Contents

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, 2019.
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 class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
BWXT
New 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, 2019 was 95,250,333.


Table of Contents

BWX TECHNOLOGIES, INC.
INDEX – FORM 10-Q
 
 
 
 
 
PAGE
 
 
 
 
 
 
September 30, 2019 and December 31, 2018 (Unaudited)
 
 
 
Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)
 
 
 
Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)
 
 
 
Three Months Ended March 31, June 30 and September 30, 2019 and 2018 (Unaudited)
 
 
 
Nine Months Ended September 30, 2019 and 2018 (Unaudited)
 
 
 
 
 
 
 
 
 
 


1

Table of Contents

PART I
FINANCIAL INFORMATION
Item 1.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
 
 
September 30,
2019
 
December 31,
2018
 
 
(Unaudited)
(In thousands)
Current Assets:
 
 
 
 
Cash and cash equivalents
 
$
13,641

 
$
29,871

Restricted cash and cash equivalents
 
3,524

 
3,834

Investments
 
3,618

 
3,597

Accounts receivable – trade, net
 
71,484

 
71,574

Accounts receivable – other
 
18,872

 
13,374

Retainages
 
70,294

 
57,885

Contracts in progress
 
399,002

 
318,454

Other current assets
 
41,015

 
43,859

Total Current Assets
 
621,450

 
542,448

Property, Plant and Equipment
 
1,233,151

 
1,132,392

Less accumulated depreciation
 
719,151

 
693,153

Net Property, Plant and Equipment
 
514,000

 
439,239

Investments
 
9,333

 
7,382

Goodwill
 
277,078

 
274,082

Deferred Income Taxes
 
60,901

 
63,908

Investments in Unconsolidated Affiliates
 
70,963

 
63,746

Intangible Assets
 
191,318

 
228,676

Other Assets
 
81,377

 
35,615

TOTAL
 
$
1,826,420

 
$
1,655,096

See accompanying notes to condensed consolidated financial statements.

2

Table of Contents

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
September 30,
2019
 
December 31,
2018
 
 
(Unaudited)
(In thousands, except share
and per share amounts)
Current Liabilities:
 
 
 
 
Current maturities of long-term debt
 
$
14,535

 
$
14,227

Accounts payable
 
122,277

 
114,751

Accrued employee benefits
 
70,450

 
77,386

Accrued liabilities – other
 
48,892

 
62,163

Advance billings on contracts
 
66,526

 
98,477

Accrued warranty expense
 
11,060

 
10,344

Total Current Liabilities
 
333,740

 
377,348

Long-Term Debt
 
849,589

 
753,617

Accumulated Postretirement Benefit Obligation
 
19,082

 
19,236

Environmental Liabilities
 
90,421

 
86,372

Pension Liability
 
162,403

 
173,469

Other Liabilities
 
16,652

 
9,353

Commitments and Contingencies (Note 5)
 

 

Stockholders' Equity:
 
 
 
 
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 126,508,355 and 125,871,866 shares at September 30, 2019 and December 31, 2018, respectively
 
1,265

 
1,259

Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued
 

 

Capital in excess of par value
 
128,876

 
115,725

Retained earnings
 
1,299,279

 
1,166,762

Treasury stock at cost, 31,258,239 and 30,625,074 shares at September 30, 2019 and December 31, 2018, respectively
 
(1,067,622
)
 
(1,037,795
)
Accumulated other comprehensive income
 
(7,322
)
 
(10,289
)
Stockholders' Equity – BWX Technologies, Inc.
 
354,476

 
235,662

Noncontrolling interest
 
57

 
39

Total Stockholders' Equity
 
354,533

 
235,701

TOTAL
 
$
1,826,420

 
$
1,655,096

See accompanying notes to condensed consolidated financial statements.


3

Table of Contents

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(Unaudited)
(In thousands, except share and per share amounts)
Revenues
 
$
506,000

 
$
425,507

 
$
1,393,685

 
$
1,321,891

Costs and Expenses:
 
 
 
 
 
 
 
 
Cost of operations
 
357,732

 
326,314

 
999,390

 
971,887

Research and development costs
 
5,125

 
3,959

 
15,631

 
11,673

Losses (gains) on asset disposals and impairments, net
 
(6
)
 
243

 
145

 
(2
)
Selling, general and administrative expenses
 
52,561

 
53,919

 
158,296

 
159,199

Total Costs and Expenses
 
415,412

 
384,435

 
1,173,462

 
1,142,757

Equity in Income of Investees
 
7,874

 
9,323

 
22,418

 
22,698

Operating Income
 
98,462

 
50,395

 
242,641

 
201,832

Other Income (Expense):
 
 
 
 
 
 
 
 
Interest income
 
232

 
1,121

 
784

 
2,340

Interest expense
 
(8,858
)
 
(7,925
)
 
(27,103
)
 
(19,354
)
Other – net
 
4,670

 
40,968

 
18,795

 
63,984

Total Other Income (Expense)
 
(3,956
)
 
34,164

 
(7,524
)
 
46,970

Income before Provision for Income Taxes
 
94,506

 
84,559

 
235,117

 
248,802

Provision for Income Taxes
 
19,508

 
6,482

 
52,009

 
43,578

Net Income
 
$
74,998

 
$
78,077

 
$
183,108

 
$
205,224

Net Income Attributable to Noncontrolling Interest
 
(188
)
 
(158
)
 
(442
)
 
(201
)
Net Income Attributable to BWX Technologies, Inc.
 
$
74,810

 
$
77,919

 
$
182,666

 
$
205,023

Earnings per Common Share:
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
Net Income Attributable to BWX Technologies, Inc.
 
$
0.78

 
$
0.78

 
$
1.92

 
$
2.06

Diluted:
 
 
 
 
 
 
 
 
Net Income Attributable to BWX Technologies, Inc.
 
$
0.78

 
$
0.78

 
$
1.91

 
$
2.04

Shares used in the computation of earnings per share (Note 9):
 
 
 
 
 
 
 
 
Basic
 
95,420,626

 
99,421,031

 
95,344,349

 
99,542,933

Diluted
 
95,811,198

 
100,420,766

 
95,769,919

 
100,501,597

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(Unaudited)
(In thousands)
Net Income
 
$
74,998

 
$
78,077

 
$
183,108

 
$
205,224

Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
Currency translation adjustments
 
(2,535
)
 
2,008

 
2,703

 
(4,725
)
Derivative financial instruments:
 
 
 
 
 
 
 
 
Unrealized (losses) gains arising during the period, net of tax benefit (provision) of $79, $24, $469 and $(5), respectively
 
(248
)
 
(39
)
 
(1,323
)
 
7

Reclassification adjustment for gains included in net income, net of tax provision of $26, $7, $5 and $16, respectively
 
(72
)
 
(26
)
 
(10
)
 
(41
)
Amortization of benefit plan costs, net of tax benefit of $(130), $(78), $(421) and $(286), respectively
 
519

 
360

 
1,523

 
1,145

Investments:
 
 
 
 
 
 
 
 
Unrealized losses arising during the period, net of tax benefit (provision) of $0, $270, $(10) and $270, respectively
 
(54
)
 
(388
)
 
(3
)
 
(432
)
Reclassification adjustment for losses included in net income, net of tax provision of $0, $25, $0 and $25, respectively
 

 
379

 

 
379

Other Comprehensive Income (Loss)
 
(2,390
)
 
2,294

 
2,890

 
(3,667
)
Total Comprehensive Income
 
72,608

 
80,371

 
185,998

 
201,557

Comprehensive Income Attributable to Noncontrolling Interest
 
(188
)
 
(158
)
 
(442
)
 
(201
)
Comprehensive Income Attributable to BWX Technologies, Inc.
 
$
72,420

 
$
80,213

 
$
185,556

 
$
201,356

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
 
 
Common Stock
 
Capital In
Excess of
Par Value
 
 
 
Accumulated
Other
Comprehensive
Income (Loss)
 
 
 
 
 
 
 
Total
Stockholders'
Equity
 
 
Shares
 
Par
Value
 
 
Retained
Earnings
 
 
Treasury
Stock
 
Stockholders'
Equity
 
Noncontrolling
Interest
 
 
 
 
 
(In thousands, except share and per share amounts)
Balance December 31, 2018
 
125,871,866

 
$
1,259

 
$
115,725

 
$
1,166,762

 
$
(10,289
)
 
$
(1,037,795
)
 
$
235,662

 
$
39

 
$
235,701

Recently adopted accounting standards
 

 

 

 
(1,219
)
 
77

 

 
(1,142
)
 

 
(1,142
)
Net income
 

 

 

 
48,978

 

 

 
48,978

 
132

 
49,110

Dividends declared ($0.17 per share)
 

 

 

 
(16,323
)
 

 

 
(16,323
)
 

 
(16,323
)
Currency translation adjustments
 

 

 

 

 
943

 

 
943

 

 
943

Derivative financial instruments
 

 

 

 

 
(582
)
 

 
(582
)
 

 
(582
)
Defined benefit obligations
 

 

 

 

 
511

 

 
511

 

 
511

Available-for-sale investments
 

 

 

 

 
24

 

 
24

 

 
24

Exercises of stock options
 
58,655

 
1

 
1,275

 

 

 

 
1,276

 

 
1,276

Shares placed in treasury
 

 

 

 

 

 
(29,027
)
 
(29,027
)
 

 
(29,027
)
Stock-based compensation charges
 
449,275

 
4

 
2,525

 

 

 

 
2,529

 

 
2,529

Distributions to noncontrolling interests
 

 

 

 

 

 

 

 
(146
)
 
(146
)
Balance March 31, 2019 (unaudited)
 
126,379,796

 
$
1,264

 
$
119,525

 
$
1,198,198

 
$
(9,316
)
 
$
(1,066,822
)
 
$
242,849

 
$
25

 
$
242,874

Net income
 

 

 

 
58,878

 

 

 
58,878

 
122

 
59,000

Dividends declared ($0.17 per share)
 

 

 

 
(16,301
)
 

 

 
(16,301
)
 

 
(16,301
)
Currency translation adjustments
 

 

 

 

 
4,295

 

 
4,295

 

 
4,295

Derivative financial instruments
 

 

 

 

 
(431
)
 

 
(431
)
 

 
(431
)
Defined benefit obligations
 

 

 

 

 
493

 

 
493

 

 
493

Available-for-sale investments
 

 

 

 

 
27

 

 
27

 

 
27

Exercises of stock options
 
32,023

 

 
757

 

 

 

 
757

 

 
757

Shares placed in treasury
 

 

 

 

 

 
(260
)
 
(260
)
 

 
(260
)
Stock-based compensation charges
 
4,927

 

 
3,823

 

 

 

 
3,823

 

 
3,823

Distributions to noncontrolling interests
 

 

 

 

 

 

 

 
(128
)
 
(128
)
Balance June 30, 2019 (unaudited)
 
126,416,746

 
$
1,264

 
$
124,105

 
$
1,240,775

 
$
(4,932
)
 
$
(1,067,082
)
 
$
294,130

 
$
19

 
$
294,149

Net income
 

 

 

 
74,810

 

 

 
74,810

 
188

 
74,998

Dividends declared ($0.17 per share)
 

 

 

 
(16,306
)
 

 

 
(16,306
)
 

 
(16,306
)
Currency translation adjustments
 

 

 

 

 
(2,535
)
 

 
(2,535
)
 

 
(2,535
)
Derivative financial instruments
 

 

 

 

 
(320
)
 

 
(320
)
 

 
(320
)
Defined benefit obligations
 

 

 

 

 
519

 

 
519

 

 
519

Available-for-sale investments
 

 

 

 

 
(54
)
 

 
(54
)
 

 
(54
)
Exercises of stock options
 
86,888

 
1

 
1,984

 

 

 

 
1,985

 

 
1,985

Shares placed in treasury
 

 

 

 

 

 
(540
)
 
(540
)
 

 
(540
)
Stock-based compensation charges
 
4,721

 

 
2,787

 

 

 

 
2,787

 

 
2,787

Distributions to noncontrolling interests
 

 

 

 

 

 

 

 
(150
)
 
(150
)
Balance September 30, 2019 (unaudited)
 
126,508,355

 
$
1,265

 
$
128,876

 
$
1,299,279

 
$
(7,322
)
 
$
(1,067,622
)
 
$
354,476

 
$
57

 
$
354,533

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

6

Table of Contents

 
 
Common Stock
 
Capital In
Excess of
Par Value
 
 
 
Accumulated
Other
Comprehensive
Income (Loss)
 
 
 
 
 
 
 
Total
Stockholders'
Equity
 
 
Shares
 
Par
Value
 
 
Retained
Earnings
 
 
Treasury
Stock
 
Stockholders'
Equity
 
Noncontrolling
Interest
 
 
 
 
 
(In thousands, except share and per share amounts)
Balance December 31, 2017
 
125,381,591

 
$
1,254

 
$
98,843

 
$
990,652

 
$
9,454

 
$
(814,809
)
 
$
285,394

 
$
363

 
$
285,757

Recently adopted accounting standards
 

 

 

 
13,311

 
(3,385
)
 

 
9,926

 

 
9,926

Net income
 

 

 

 
66,441

 

 

 
66,441

 
(28
)
 
66,413

Dividends declared ($0.16 per share)
 

 

 

 
(16,174
)
 

 

 
(16,174
)
 

 
(16,174
)
Currency translation adjustments
 

 

 

 

 
(3,124
)
 

 
(3,124
)
 

 
(3,124
)
Derivative financial instruments
 

 

 

 

 
94

 

 
94

 

 
94

Defined benefit obligations
 

 

 

 

 
322