XML 48 R34.htm IDEA: XBRL DOCUMENT
v3.20.4

Pension Plans and Postretirement Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Retirement Benefits [Abstract] |
Obligations and Funded Status | Obligations and Funded Status
|  | Pension Benefits Year Ended December 31, |  | Other Benefits Year Ended December 31,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (In thousands)
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of period |  | $ | 1,308,798 |  |  | $ | 1,186,186 |  |  | $ | 58,881 |  |  | $ | 60,405 |
Service cost |  | 10,650 |  |  | 9,123 |  |  | 642 |  |  | 545 |
Interest cost |  | 37,199 |  |  | 46,307 |  |  | 1,612 |  |  | 2,254 |
Plan participants' contributions |  | 180 |  |  | 321 |  |  | 562 |  |  | 550 |
Amendments |  | 2,333 |  |  | 5,523 |  |  | — |  |  | — |
Settlements |  | (7,041) |  |  | (25,694) |  |  | — |  |  | — |
Actuarial loss (gain) |  | 120,126 |  |  | 139,909 |  |  | 2,219 |  |  | (2,427) |
Foreign currency exchange rate changes |  | 3,513 |  |  | 6,027 |  |  | 331 |  |  | 462 |
Benefits paid |  | (61,703) |  |  | (58,904) |  |  | (3,161) |  |  | (2,908) |
Benefit obligation at end of period |  | $ | 1,414,055 |  |  | $ | 1,308,798 |  |  | $ | 61,086 |  |  | $ | 58,881 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of period |  | $ | 1,150,495 |  |  | $ | 1,024,091 |  |  | $ | 48,321 |  |  | $ | 43,945 |
Actual return on plan assets |  | 190,862 |  |  | 195,846 |  |  | 5,293 |  |  | 5,688 |
Plan participants' contributions |  | 180 |  |  | 321 |  |  | 562 |  |  | 550 |
Company contributions |  | 5,131 |  |  | 4,284 |  |  | 992 |  |  | 915 |
Settlements |  | (7,041) |  |  | (21,191) |  |  | — |  |  | — |
Foreign currency exchange rate changes |  | 3,308 |  |  | 6,048 |  |  | — |  |  | — |
Benefits paid |  | (61,703) |  |  | (58,904) |  |  | (3,091) |  |  | (2,777) |
Fair value of plan assets at the end of period |  | 1,281,232 |  |  | 1,150,495 |  |  | 52,077 |  |  | 48,321 |
Funded status |  | $ | (132,823) |  |  | $ | (158,303) |  |  | $ | (9,009) |  |  | $ | (10,560) |
Amounts recognized in the balance sheet consist of: |  |  |  |  |  |  |  |
Prepaid postretirement benefit obligation |  | $ | — |  |  | $ | — |  |  | $ | 18,069 |  |  | $ | 14,012 |
Prepaid pension |  | 14,588 |  |  | 16,936 |  |  | — |  |  | — |
Accrued employee benefits |  | (3,082) |  |  | (3,218) |  |  | (1,389) |  |  | (1,313) |
Accumulated postretirement benefit obligation |  | — |  |  | — |  |  | (25,689) |  |  | (23,259) |
Pension liability |  | (144,329) |  |  | (172,021) |  |  | — |  |  | — |
Accrued benefit liability, net |  | $ | (132,823) |  |  | $ | (158,303) |  |  | $ | (9,009) |  |  | $ | (10,560) |
Amount recognized in accumulated comprehensive income (before taxes): |  |  |  |  |  |  |  |
Prior service cost (credit) |  | $ | 21,319 |  |  | $ | 22,356 |  |  | $ | (1,059) |  |  | $ | (1,252) |
Supplemental information: |  |  |  |  |  |  |  |
Plans with accumulated benefit obligation in excess of plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 1,264,764 |  |  | $ | 1,167,257 |  |  | N/A |  | N/A
Accumulated benefit obligation |  | $ | 1,255,899 |  |  | $ | 1,153,811 |  |  | $ | 24,593 |  |  | $ | 22,316 |
Fair value of plan assets |  | $ | 1,117,353 |  |  | $ | 992,018 |  |  | $ | — |  |  | $ | — |
Plans with plan assets in excess of accumulated benefit obligation: |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 149,291 |  |  | $ | 141,541 |  |  | N/A |  | N/A
Accumulated benefit obligation |  | $ | 149,270 |  |  | $ | 141,497 |  |  | $ | 36,493 |  |  | $ | 36,565 |
Fair value of plan assets |  | $ | 163,879 |  |  | $ | 158,477 |  |  | $ | 52,077 |  |  | $ | 48,321 |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost included in net income are as follows:
|  | Pension Benefits Year Ended December 31, |  | Other Benefits Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
|  | (In thousands)
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 10,650 |  |  | $ | 9,123 |  |  | $ | 9,593 |  |  | $ | 642 |  |  | $ | 545 |  |  | $ | 620 |
Interest cost |  | 37,199 |  |  | 46,307 |  |  | 47,496 |  |  | 1,612 |  |  | 2,254 |  |  | 2,121 |
Expected return on plan assets |  | (77,298) |  |  | (69,809) |  |  | (80,939) |  |  | (2,691) |  |  | (2,514) |  |  | (2,540) |
Amortization of prior service cost |  | 3,370 |  |  | 2,903 |  |  | 2,221 |  |  | (193) |  |  | (311) |  |  | (311) |
Recognized net actuarial loss (gain) |  | 6,829 |  |  | 9,353 |  |  | 36,738 |  |  | (458) |  |  | (5,723) |  |  | (4,094) |
Net periodic benefit cost (income) |  | $ | (19,250) |  |  | $ | (2,123) |  |  | $ | 15,109 |  |  | $ | (1,088) |  |  | $ | (5,749) |  |  | $ | (4,204) |
Summary of Additional Information | Additional Information
|  | Pension Benefits Year Ended December 31, |  | Other Benefits Year Ended December 31,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (In thousands)
Decrease in accumulated other comprehensive income due to actuarial losses – before taxes |  | $ | (2,333) |  |  | $ | (5,523) |  |  | $ | — |  |  | $ | — |
Weighted Average Assumptions | Assumptions
|  | Pension Benefits |  | Other Benefits
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Weighted-average assumptions used to determine net periodic benefit obligations at December 31: |  |  |  |  |  |  |  |
Discount rate |  | 2.63 | % |  | 3.31 | % |  | 2.49 | % |  | 3.21 | %
|  | Pension Benefits |  | Other Benefits
|  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate to determine service cost |  | 3.00 | % |  | 3.74 | % |  | 3.32 | % |  | 3.01 | % |  | 3.93 | % |  | 3.91 | %
Discount rate to determine interest cost |  | 2.78 | % |  | 3.98 | % |  | 3.56 | % |  | 2.62 | % |  | 3.92 | % |  | 3.50 | %
Expected return on plan assets |  | 6.95 | % |  | 6.95 | % |  | 6.95 | % |  | 5.66 | % |  | 5.68 | % |  | 5.70 | %
Assumed health-care cost trend rates | All of the assets for these postretirement benefit plans are contributed into a Voluntary Employees' Beneficiary Association trust.
|  | 2020 |  | 2019
Assumed health care cost trend rates at December 31: |  |  |  |
Health care cost trend rate assumed for next year |  | 6.75 | % |  | 7.00 | %
Rates to which the cost trend rate is assumed to decline (ultimate trend rate) |  | 4.50 | % |  | 4.50 | %
Year that the rate reaches ultimate trend rate |  | 2030 |  | 2030
Plan Asset Allocations by Asset Category | The following is a summary of the asset allocations for the Master Trust at December 31, 2020 and 2019 by asset category:
|  | December 31,
|  | 2020 |  | 2019
Asset Category: |  |  |  |
Commingled and Mutual Funds |  | 29 | % |  | 27 | %
U.S. Government Securities |  | 28 | % |  | 22 | %
Fixed Income (excluding U.S. Government Securities) |  | 18 | % |  | 33 | %
Diversified Credit |  | 11 | % |  | 5 | %
Real Estate |  | 7 | % |  | 7 | %
Partnerships with Security Holdings |  | 4 | % |  | 5 | %
Other |  | 3 | % |  | 1 | %
Total |  | 100 | % |  | 100 | %
The combined weighted-average asset allocations of these plans at December 31, 2020 and 2019 by asset category were as follows:
|  | December 31,
|  | 2020 |  | 2019
Asset Category: |  |  |  |
Fixed Income |  | 98 | % |  | 62 | %
Equity Securities and Commingled Mutual Funds |  | — | % |  | 35 | %
Other |  | 2 | % |  | 3 | %
Total |  | 100 | % |  | 100 | %
Target Allocation by Asset Class | The target allocation for 2021 for the domestic plans, by asset class, is as follows:
Asset Class: |  |
Fixed Income |  | 49 | %
Equities |  | 28 | %
Other |  | 23 | %
The target allocation for 2021 for the Canadian plans, by asset class, is entirely fixed income securities.
Summary of Total Investments Measured at Fair Value | The following is a summary of total assets for our plans measured at fair value at December 31, 2020:
|  | 12/31/2020 |  | Level 1 |  | Level 2 |  | Level 3 |  | Unclassified
|  | (In thousands)
Pension and Other Benefits: |  |  |  |  |  |  |  |  |  |
Fixed Income |  | $ | 391,418 |  |  | $ | — |  |  | $ | 228,857 |  |  | $ | — |  |  | $ | 162,561 |
Commingled and Mutual Funds |  | 338,473 |  |  | 72,764 |  |  | — |  |  | — |  |  | 265,709 |
U.S. Government Securities |  | 316,375 |  |  | 310,975 |  |  | 5,400 |  |  | — |  |  | — |
Diversified Credit |  | 126,823 |  |  | — |  |  | — |  |  | — |  |  | 126,823 |
Real Estate |  | 77,437 |  |  | — |  |  | — |  |  | — |  |  | 77,437 |
Partnerships with Security Holdings |  | 49,007 |  |  | — |  |  | — |  |  | — |  |  | 49,007 |
Cash and Accrued Items (1) |  | 33,776 |  |  | — |  |  | — |  |  | — |  |  | 33,776 |
Total Assets |  | $ | 1,333,309 |  |  | $ | 383,739 |  |  | $ | 234,257 |  |  | $ | — |  |  | $ | 715,313 |
(1)Includes items that are not required to be categorized in the fair value hierarchy in order to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented in the Obligations and Funded Status table. The following is a summary of total assets for our plans measured at fair value at December 31, 2019:
|  | 12/31/2019 |  | Level 1 |  | Level 2 |  | Level 3 |  | Unclassified
|  | (In thousands)
Pension and Other Benefits: |  |  |  |  |  |  |  |  |  |
Fixed Income |  | $ | 453,390 |  |  | $ | — |  |  | $ | 355,064 |  |  | $ | — |  |  | $ | 98,326 |
Commingled and Mutual Funds |  | 334,786 |  |  | 58,161 |  |  | — |  |  | — |  |  | 276,625 |
U.S. Government Securities |  | 220,606 |  |  | 216,300 |  |  | 4,306 |  |  | — |  |  | — |
Partnerships with Security Holdings |  | 52,840 |  |  | — |  |  | — |  |  | — |  |  | 52,840 |
Real Estate |  | 65,821 |  |  | — |  |  | — |  |  | — |  |  | 65,821 |
Other |  | 47,550 |  |  | — |  |  | — |  |  | — |  |  | 47,550 |
Cash and Accrued Items |  | 23,823 |  |  | 17,180 |  |  | 6,643 |  |  | — |  |  | — |
Total Assets |  | $ | 1,198,816 |  |  | $ | 291,641 |  |  | $ | 366,013 |  |  | $ | — |  |  | $ | 541,162 |
Cash Flows | Cash Flows
|  | Domestic Plans |  | Foreign Plans
|  | Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
|  | (In thousands)
Expected employer contributions to trusts of defined benefit plans: |  |  |  |  |  |  |  |
2021 |  | $ | — |  |  | $ | 90 |  |  | $ | 1,827 |  |  | N/A
Expected benefit payments: |  |  |  |  |  |  |  |
2021 |  | $ | 59,656 |  |  | $ | 2,736 |  |  | $ | 7,007 |  |  | $ | 507 |
2022 |  | $ | 61,903 |  |  | $ | 2,812 |  |  | $ | 7,237 |  |  | $ | 509 |
2023 |  | $ | 63,795 |  |  | $ | 2,819 |  |  | $ | 7,353 |  |  | $ | 539 |
2024 |  | $ | 65,255 |  |  | $ | 2,841 |  |  | $ | 7,469 |  |  | $ | 549 |
2025 |  | $ | 66,330 |  |  | $ | 2,827 |  |  | $ | 7,578 |  |  | $ | 578 |
2026-2030 |  | $ | 336,783 |  |  | $ | 12,950 |  |  | $ | 38,756 |  |  | $ | 3,322 |

X
- Definition Schedule of asset allocation by asset category. + References No definition available. + Details
Name: | bwxt_ScheduleOfAssetAllocationByAssetCategoryTableTextBlock
Namespace Prefix: | bwxt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of changes in accumulated other comprehensive income (loss). + References No definition available. + Details
Name: | bwxt_ScheduleOfChangesInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | bwxt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References No definition available. + Details
Name: | bwxt_ScheduleOfInvestmentsMeasuredAtFairValueTableTextBlock
Namespace Prefix: | bwxt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumed health care cost trend rates for the next year used to measure the expected cost of benefits covered by the plans, including the ultimate trend rate(s) and when that rate is expected to be achieved. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (l) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration