XML 49 R35.htm IDEA: XBRL DOCUMENT v3.22.4

Pension Plans and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Obligations and Funded Status

Obligations and Funded Status

						Pension Benefits Year Ended December 31,												Other Benefits Year Ended December 31,
						2022						2021						2022						2021
						(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of period						$	1,308,266					$	1,414,055					$	59,301					$	61,086
Service cost						11,116						11,667						650						760
Interest cost						30,924						27,170						1,387						1,197
Plan participants' contributions						224						199						346						488
Amendments						3,100						2,314						261						3,402
Settlements						(48,777)						(38,330)						—						—
Actuarial loss (gain)						(307,946)						(45,476)						(14,747)						(4,944)
Foreign currency exchange rate changes						(6,564)						1,669						(921)						197
Benefits paid						(63,365)						(65,002)						(3,227)						(2,885)
Benefit obligation at end of period						$	926,978					$	1,308,266					$	43,050					$	59,301
Change in plan assets:
Fair value of plan assets at beginning of period						$	1,256,799					$	1,281,232					$	53,512					$	52,077
Actual return on plan assets						(263,881)						72,030						(6,003)						2,898
Plan participants' contributions						224						199						346						488
Company contributions						14,172						6,164						1,032						1,008
Settlements						(61,416)						(39,439)						—						—
Foreign currency exchange rate changes						(6,842)						1,615						—						—
Benefits paid						(63,365)						(65,002)						(3,271)						(2,959)
Fair value of plan assets at the end of period						875,691						1,256,799						45,616						53,512
Funded status						$	(51,287)					$	(51,467)					$	2,566					$	(5,789)
Amounts recognized in the balance sheet consist of:
Prepaid postretirement benefit obligation						$	—					$	—					$	22,232					$	20,122
Prepaid pension						9,542						10,573						—						—
Accrued employee benefits						(2,997)						(3,125)						(1,509)						(1,578)
Accumulated postretirement benefit obligation						—						—						(18,157)						(24,333)
Pension liability						(57,832)						(58,915)						—						—
Accrued benefit liability, net						$	(51,287)					$	(51,467)					$	2,566					$	(5,789)
Amount recognized in accumulated comprehensive income (before taxes):
Prior service cost (credit)						$	20,363					$	20,536					$	2,750					$	2,520
Supplemental information:
Plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation						$	877,431					$	1,172,881					N/A						N/A
Accumulated benefit obligation						$	873,185					$	1,166,855					$	17,795					$	23,503
Fair value of plan assets						$	816,693					$	1,110,841					$	—					$	—
Plans with plan assets in excess of accumulated benefit obligation:
Projected benefit obligation						$	49,547					$	135,385					N/A						N/A
Accumulated benefit obligation						$	49,547					$	135,375					$	25,255					$	35,798
Fair value of plan assets						$	58,999					$	145,958					$	45,616					$	53,512

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,
						2022						2021						2020						2022						2021						2020
						(In thousands)
Components of net periodic benefit cost:
Service cost						$	11,116					$	11,667					$	10,650					$	650					$	760					$	642
Interest cost						30,924						27,170						37,199						1,387						1,197						1,612
Expected return on plan assets						(83,254)						(81,778)						(77,298)						(2,974)						(2,891)						(2,691)
Amortization of prior service cost						3,257						3,097						3,370						26						(178)						(193)
Recognized net actuarial loss (gain)						52,202						(34,690)						6,829						(5,616)						(4,876)						(458)
Net periodic benefit cost (income)						$	14,245					$	(74,534)					$	(19,250)					$	(6,527)					$	(5,988)					$	(1,088)

Summary of Additional Information

Additional Information

						Pension Benefits Year Ended December 31,												Other Benefits Year Ended December 31,
						2022						2021						2022						2021
						(In thousands)
Decrease in accumulated other comprehensive income due to actuarial losses – before taxes						$	(3,100)					$	(2,314)					$	(261)					$	(3,402)

Weighted Average Assumptions

Assumptions

						Pension Benefits												Other Benefits
						2022						2021						2022						2021
Weighted-average assumptions used to determine net periodic benefit obligations at December 31:
Discount rate						5.42		%				2.91		%				5.32		%				2.85		%

						Pension Benefits																		Other Benefits
						2022						2021						2020						2022						2021						2020
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate to determine interest cost						2.42		%				1.96		%				2.78		%				2.42		%				1.87		%				2.62		%
Expected return on plan assets						7.10		%				6.80		%				6.95		%				5.67		%				5.66		%				5.66		%

Assumed health-care cost trend rates

All of the assets for these postretirement benefit plans are contributed into a Voluntary Employees' Beneficiary Association trust.

						2022						2021
Assumed health care cost trend rates at December 31:
Health care cost trend rate assumed for next year						7.25		%				7.50		%
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						2034						2034

Plan Asset Allocations by Asset Category

The following is a summary of the asset allocations for the Master Trust at December 31, 2022 and 2021 by asset category:

						December 31,
						2022						2021
Asset Category:
U.S. Government Securities						36		%				32		%
Commingled and Mutual Funds						25		%				29		%
Real Estate						16		%				11		%
Diversified Credit						13		%				11		%
Fixed Income (excluding U.S. Government Securities)						5		%				11		%
Partnerships with Security Holdings						3		%				4		%
Other						2		%				2		%
Total						100		%				100		%

The following is a summary of the asset allocations of these plans at December 31, 2022 and 2021 by asset category:

						December 31,
						2022						2021
Asset Category:
Fixed Income						51		%				20		%
Commingled and Mutual Funds						29		%				11		%
Cash and Other						20		%				69		%
Total						100		%				100		%

Target Allocation by Asset Class

The target allocation for 2023 for the domestic plans, by asset class, is as follows:

Asset Class:
Fixed Income						45		%
Equities						28		%
Other						27		%

The target allocation for 2023 for the Canadian plan, by asset class, is as follows:

Asset Class:
Fixed Income						65		%
Equities						35		%

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, 2022:

						12/31/2022						Level 1						Level 2						Level 3						Unclassified
						(In thousands)
Pension and Other Benefits:
U.S. Government Securities						$	305,995					$	305,995					$	—					$	—					$	—
Commingled and Mutual Funds						230,674						42,180						—						—						188,494
Real Estate						132,867						—						—						—						132,867
Diversified Credit						108,363						—						—						—						108,363
Fixed Income						95,967						35,563						—						—						60,404
Partnerships with Security Holdings						25,259						—						—						—						25,259
Cash, Cash Equivalents and Accrued Items (1)						22,182						—						—						—						22,182
Total Assets						$	921,307					$	383,738					$	—					$	—					$	537,569

(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, 2021:

						12/31/2021						Level 1						Level 2						Level 3						Unclassified
						(In thousands)
Pension and Other Benefits:
U.S. Government Securities						$	369,980					$	365,295					$	4,685					$	—					$	—
Commingled and Mutual Funds						358,423						77,680						—						—						280,743
Fixed Income						182,169						31,856						128,829						—						21,484
Diversified Credit						133,508						—						—						—						133,508
Real Estate						126,886						—						—						—						126,886
Investment Contract (1)						46,817						—						—						46,817						—
Partnerships with Security Holdings						46,515						—						—						—						46,515
Cash, Cash Equivalents and Accrued Items (2)						46,013						—						—						—						46,013
Total Assets						$	1,310,311					$	474,831					$	133,514					$	46,817					$	655,149

(1)During 2021, we filed for regulatory approval for the wind-up of our foreign salaried pension benefit plan. Based on those participants who elected to receive annuities upon retirement, we purchased a group annuity contract totaling $45.6 million. The wind-up of this plan was completed in 2022.

(2)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 the changes in the Plans' Level 3 instruments for the years ended December 31, 2022 and 2021:

						Year Ended December 31,
						2022						2021
						(In thousands)
Balance at beginning of period						$	46,817					$	—
Purchases						—						45,645
Dispositions						(35,822)						—
Realized gain (loss)						(6,988)						—
Change in unrealized gain (loss)						(652)						652
Translation						(3,355)						520
Balance at end of period						$	—					$	46,817

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:
2023						$	—					$	—					$	2,333					N/A
Expected benefit payments:
2023						$	62,828					$	2,660					$	758					$	544
2024						$	64,396					$	2,654					$	892					$	581
2025						$	65,493					$	2,601					$	1,026					$	626
2026						$	66,355					$	2,527					$	1,157					$	684
2027						$	66,992					$	2,468					$	1,286					$	720
2028-2032						$	333,481					$	11,398					$	7,706					$	3,784

X

- Definition

Schedule of asset allocation by asset category.

+ References

No definition available.

+ Details

Name:	bwxt_ScheduleOfAssetAllocationByAssetCategoryTableTextBlock
Namespace Prefix:	bwxt_
Data Type:	dtr-types: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:	dtr-types: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:	dtr-types: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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration