v3.25.4
Basis of Presentation and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Restrictions on Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our consolidated balance sheets to the totals presented on our consolidated statements of cash flows:
December 31,
20252024
 (In thousands)
Cash and cash equivalents$499,779 $74,109 
Restricted cash and cash equivalents3,085 2,785 
Restricted cash and cash equivalents included in Other Assets4,340 3,677 
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our consolidated statements of cash flows
$507,204 $80,571 
Property, Plant and Equipment
Property, plant and equipment is stated at cost and is set forth below:
 December 31,
 20252024
 (In thousands)
Land$54,802 $10,608 
Buildings519,901 417,189 
Machinery and equipment1,286,010 1,166,236 
Property under construction693,992 584,539 
2,554,705 2,178,572 
Less: Accumulated depreciation969,569 900,411 
Property, Plant and Equipment, Net$1,585,136 $1,278,161 
Changes in Carrying Amount of Goodwill
The following summarizes the changes in the carrying amount of Goodwill:
Government OperationsCommercial OperationsTotal
 (In thousands)
Balance at December 31, 2023$173,253 $123,767 $297,020 
Translation(199)(9,459)(9,658)
Balance at December 31, 2024$173,054 $114,308 $287,362 
Purchase price adjustment74,699 130,055 204,754 
Translation1,170 7,574 8,744 
Balance at December 31, 2025$248,923 $251,937 $500,860 
Schedule of Intangible Assets
Our Intangible Assets were as follows:
 December 31,
 202520242023
 (In thousands)
Amortized intangible assets:
Gross cost:
Technical support agreement$64,239 $61,309 $66,562 
Customer relationships191,694 55,394 57,103 
Unpatented technology39,409 37,634 40,540 
CNSC class 1B nuclear facility license24,774 23,644 25,670 
Acquired backlog15,444 13,248 13,882 
Patented technology8,744 694 755 
All other901 765 831 
Total$345,205 $192,688 $205,343 
Accumulated amortization:
Technical support agreement$(20,715)$(17,104)$(15,676)
Customer relationships(36,858)(26,029)(23,649)
Unpatented technology(14,352)(11,650)(10,345)
CNSC class 1B nuclear facility license(8,624)(6,337)(6,023)
Acquired backlog(13,680)(9,140)(7,116)
Patented technology(847)(508)(483)
All other(533)(425)(371)
Total$(95,609)$(71,193)$(63,663)
Net amortized intangible assets$249,596 $121,495 $141,680 
Unamortized intangible assets:
NRC category 1 license$43,830 $43,830 $43,830 
Kinectrics trade name$36,433 $— $— 
Changes in Carrying Amount of Intangible Assets
The following summarizes the changes in the carrying amount of Intangible Assets:
 Year Ended December 31,
 202520242023
 (In thousands)
Balance at beginning of period$165,325 $185,510 $193,612 
Acquisitions (Note 2)179,649 — — 
Amortization expense(20,581)(11,363)(11,396)
Translation5,466 (8,822)3,294 
Balance at end of period$329,859 $165,325 $185,510 
Estimated Amortization Expense
Estimated amortization expense for the next five fiscal years is as follows (amounts in thousands):
Year Ended December 31,Amount
2026$20,344 
2027$18,692 
2028$17,918 
2029$17,829 
2030$17,436 
Maturities of Lease Liabilities The maturities of our lease liabilities at December 31, 2025 were as follows (amounts in thousands):
2026$9,079 
2027$8,011 
2028$7,592 
2029$5,648 
2030$4,855 
Thereafter$23,895 
Total lease payments$59,080 
Less: Interest$(14,859)
Present value of lease liabilities (1)
$44,221 
(1)Includes current lease liabilities of $8.8 million.
Changes in Carrying Amount of Debt Issuance Costs The following summarizes the changes in the carrying amount of these assets:
 Year Ended December 31,
 202520242023
 (In thousands)
Balance at beginning of period$7,030 $9,078 $11,126 
Additions33,494 — — 
Interest expense (1)
(4,540)(2,048)(2,048)
Balance at end of period$35,984 $7,030 $9,078 
(1)Includes the recognition of prior deferred debt issuance costs associated with former debt instruments of $(1.5) million for the year ended December 31, 2025.
Asset Retirement Obligations The following summarizes the changes in the carrying amount of these liabilities:
 Year Ended December 31,
 202520242023
 (In thousands)
Balance at beginning of period$81,706 $79,541 $82,512 
Costs incurred(868)(1,172)(3,471)
Additions/adjustments2,724 (3,201)(6,512)
Accretion2,928 7,003 6,939 
Translation206 (465)73 
Balance at end of period (1)
$86,696 $81,706 $79,541 
(1)Includes current asset retirement obligations of $0.2 million, $1.1 million and $2.3 million at December 31, 2025, 2024 and 2023, respectively.
Accumulated Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows:
 December 31,
 20252024
 (In thousands)
Currency translation adjustments$(2,020)$(33,735)
Net unrealized gain on derivative financial instruments6 490 
Unrecognized prior service cost on benefit obligations(17,265)(15,233)
Net unrealized (loss) gain on available-for-sale investments(94)267 
Accumulated other comprehensive income (loss)$(19,373)$(48,211)
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income
The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected consolidated statements of income line items are as follows:
 Year Ended December 31, 
 202520242023 
Accumulated Other Comprehensive Income (Loss) Component Recognized
(In thousands)Line Item Presented
Realized gain on derivative financial instruments$51 $(96)$(72)
Revenues
1,284 1,075 427 
Cost of operations
1,335 979 355 
Total before tax
(339)(245)(91)
Provision for Income Taxes
$996 $734 $264 
Net Income
Amortization of prior service cost on benefit obligations
$(3,239)$(3,325)$(3,278)
Other – net
629 344 609 
Provision for Income Taxes
$(2,610)$(2,981)$(2,669)
Net Income
Realized gain on investments$380 $— $— Other - net
$(80)$— $— Income Taxes
$300 $— $— Net Income
Total reclassification for the period
$(1,314)$(2,247)$(2,405)