Acquisitions and Divestitures |
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions and Divestitures | ACQUISITIONS AND DIVESTITURES Aerojet Ordnance Tennessee, Inc. On January 3, 2025, we acquired all of the equity interests of Aerojet Ordnance Tennessee, Inc. ("A.O.T."), a subsidiary of L3Harris Technologies, Inc. for approximately $101.1 million. A.O.T. is a leading provider of advanced special materials which will further enhance our capabilities to develop and manufacture advanced materials and products for commercial, military and space applications. A.O.T. is reported as part of our Government Operations segment. Our final purchase price allocation resulted in the recognition of $75.0 million of Goodwill, $27.0 million of Intangible Assets and $12.7 million of Property, Plant and Equipment. The intangible assets included above consist of the following (dollar amounts in thousands):
Kinectrics Inc. On May 20, 2025, we acquired all of the equity interests of Kinectrics Holdings Inc., the parent company of Kinectrics Inc. ("Kinectrics") for CAD $782.7 million, subject to certain working capital and other adjustments. This resulted in purchase consideration of CAD $614.5 million ($440.6 million U.S. dollar equivalent) which is net of assumed pension liabilities, other postretirement benefit obligations and indebtedness. Kinectrics is a leader in providing lifecycle management services for the global nuclear power and transmission and distribution markets and in the production and supply of isotopes for the radiopharmaceutical industry and employs over 1,300 employees located across 20 sites worldwide. Kinectrics is reported as part of our Commercial Operations segment. Our final purchase price allocation resulted in the recognition of $174.9 million of Property, Plant and Equipment, $132.6 million of Goodwill, $151.3 million of Intangible Assets, $39.5 million of Investments in Unconsolidated Affiliates and $25.4 million of net working capital, net of acquired Pension Liabilities and Other Postretirement Obligations totaling $90.3 million. The intangible assets included above consist of the following (dollar amounts in thousands):
Precision Components Group, LLC On July 1, 2026, we acquired all of the membership interests of Precision Components Group, LLC ("PCG"), including its subsidiaries Precision Custom Components and DC Fabricators for approximately $216.8 million. PCG is a U.S. manufacturer of complex, heavy-walled and heat-transfer components. The acquisition expands BWXT’s heavy-manufacturing footprint and establishes additional U.S. commercial nuclear production capacity to serve growing domestic demand. PCG's results are reported as part of our Commercial Operations segment. Our preliminary purchase price allocation resulted in the recognition of $65.3 million of Goodwill, $51.0 million of Intangible Assets and $112.3 million of Property, Plant and Equipment. The assets acquired and liabilities assumed have been recorded at their preliminary estimates of fair value as determined by management, based on information currently available and on current assumptions of future operations. These amounts are subject to change upon the completion of acquisition accounting. The Intangible Assets included above consist of the following(dollar amounts in thousands):
Sale of Medical Business On July 31, 2026, we entered into a definitive agreement to sell our medical business, which includes BWXT Medical and Kinectrics' stable medical isotope business, to Nordic Capital, in a transaction valued at up to $800 million. Under the agreement, BWXT will continue to provide specialized isotope and radiochemical expertise to Nordic Capital and will maintain a minority interest in the divested business. The transaction is subject to customary regulatory approvals and is expected to be completed in 2026 or in the first quarter of 2027. We do not expect a significant gain or loss from this transaction. This sale does not represent a material change in the nature or strategic direction of the Company's ongoing operations and is not expected to significantly affect the Company's continuing financial results. For the three-months ended September 30, 2026, we classified our medical business, which is part of our Commercial Operations segment, as held for sale. Assets classified as held for sale include Property, Plant and Equipment, net, of $482.1 million, Goodwill of $86.7 million, Intangible Assets of $73.0 million, current assets of $40.8 million and other non-current assets of $17.7 million. Liabilities classified as held for sale primarily include accounts payable and other accrued liabilities, income taxes payable, accrued employee benefits and other long-term obligations totaling $45.7 million.
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