Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-14287 | |
Entity Registrant Name | Centrus Energy Corp. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2107911 | |
Entity Address, Address Line One | 6901 Rockledge Drive, | |
Entity Address, Address Line Two | Suite 800, | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20817 | |
City Area Code | 301 | |
Local Phone Number | 564-3200 | |
Title of 12(b) Security | Class A Common Stock, par value $0.10 per share | |
Trading Symbol | LEU | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001065059 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 14,806,438 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 719,200 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 212.5 | $ 179.9 |
Accounts receivable, net | 9 | 38.1 |
Inventories | 288.6 | 209.2 |
Deferred costs associated with deferred revenue | 137 | 135.7 |
Other current assets | 9 | 24.2 |
Total current assets | 656.1 | 587.1 |
Property, Plant and Equipment, Net | 5.7 | 5.5 |
Deposits for financial assurance | 32.3 | 32.3 |
Intangible assets, net | 42.9 | 45.7 |
Deferred Tax Assets, Net | 21.5 | 26.8 |
Other long-term assets | 3.5 | 8.1 |
Total Assets | 762 | 705.5 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 50.9 | 65.5 |
Accounts payable under purchase agreements | 33.8 | 43.6 |
Inventories owed to customers and suppliers | 72.8 | 60.8 |
Contract with Customer, Liability, Current | 295.3 | 273.2 |
Current debt | 6.1 | 6.1 |
Total current liabilities | 458.9 | 449.2 |
Long-term debt | 92.6 | 95.7 |
Postretirement health and life benefit obligations | 83.8 | 84.5 |
Pension benefit liabilities | 43.3 | 43.6 |
Advances from customer, noncurrent | 32.8 | 46.2 |
Long-term SWU Loan | 74.1 | 48.7 |
Other long-term liabilities | 9 | 11.7 |
Liabilities | 794.5 | 779.6 |
Commitments and contingencies (Note 11) | ||
Stockholders' Deficit | ||
Preferred stock | 0 | 0 |
Excess of capital over par value | 179.8 | 158.1 |
Accumulated deficit | (214) | (233.9) |
Accumulated other comprehensive income (loss), net of tax | 0.1 | 0.2 |
Stockholders' Equity | (32.5) | (74.1) |
Total Liabilities and Stockholders’ Equity (Deficit) | $ 762 | $ 705.5 |
Common Class A [Member] | ||
Stockholders' Deficit | ||
Common Stock, Shares, Issued | 14,806,438 | 13,919,646 |
Common stock | $ 1.5 | $ 1.4 |
Common Class B [Member] | ||
Stockholders' Deficit | ||
Common Stock, Shares, Issued | 719,200 | 719,200 |
Common stock | $ 0.1 | $ 0.1 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Preferred Stock, Par Value Per Share | $ 1 | |
Preferred Stock, Shares Authorized | 20,000,000 | |
Accumulated Depreciation, Property, Plant, and Equipment | $ 3.9 | $ 3.6 |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.10 | |
Common Stock, Shares, Outstanding | 14,806,438 | 13,919,646 |
Common Stock, Shares Authorized | 70,000,000 | |
Common Stock, Shares, Issued | 14,806,438 | 13,919,646 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.10 | |
Common Stock, Shares, Outstanding | 719,200 | 719,200 |
Common Stock, Shares Authorized | 30,000,000 | |
Common Stock, Shares, Issued | 719,200 | 719,200 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 98.4 | $ 99.1 | $ 165.3 | $ 134.4 |
Cost of sales | 70.4 | 38.2 | 114.3 | 67.2 |
Gross profit (loss) | 28 | 60.9 | 51 | 67.2 |
Advanced technology license and decommissioning costs | 4.1 | 3.5 | 7.5 | 4.6 |
Selling, general and administrative | 7.8 | 8.3 | 18.1 | 15.8 |
Amortization of intangible assets | 1.7 | 4 | 2.8 | 5.1 |
Special charges for workforce reductions | 0 | 0.5 | (0.1) | 0.5 |
Operating income (loss) | 14.4 | 44.6 | 22.7 | 41.2 |
Nonoperating components of net periodic benefit expense (income) | 0.4 | (3.4) | 0.7 | (6.7) |
Interest expense | 0.2 | 0 | 0.5 | 0 |
Investment income | (2.2) | (0.2) | (4.1) | (0.2) |
Income (loss) before income taxes | 16 | 48.2 | 25.6 | 48.1 |
Provision (benefit) for income taxes | 3.3 | 10.8 | 5.7 | 11.1 |
Net income (loss) | $ 12.7 | $ 37.4 | $ 19.9 | $ 37 |
Net income (loss) per common share - basic | $ 0.84 | $ 2.56 | $ 1.33 | $ 2.54 |
Net income (loss) per common share - diluted | $ 0.83 | $ 2.51 | $ 1.30 | $ 2.48 |
Weighted-average number of shares outstanding: | ||||
Average number of shares outstanding, basic | 15,161 | 14,587 | 15,002 | 14,567 |
Average number of shares outstanding, diluted | 15,369 | 14,876 | 15,306 | 14,903 |
Product [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 87.6 | $ 85.5 | $ 146.4 | $ 103.2 |
Cost of sales | 60.8 | 26.1 | 95.7 | 40.9 |
Uranium [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 39.5 | 0 | 39.5 | 4.9 |
Separative Work Units [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 48.1 | 85.5 | 106.9 | 98.3 |
Service [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10.8 | 13.6 | 18.9 | 31.2 |
Cost of sales | $ 9.6 | $ 12.1 | $ 18.6 | $ 26.3 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 19.9 | $ 37 |
Adjustments to reconcile net income (loss) to net cash (used in) operating activities: | ||
Depreciation and amortization | 3.2 | 5.4 |
Provision for Loss on Contracts Utilized | (11.3) | (0.5) |
Deferred tax assets | 5.3 | 10.6 |
Equity related compensation | 1.6 | 1.4 |
Revaluation of inventory borrowing | 2.9 | 5.5 |
Changes in operating assets and liabilities: | ||
Accounts receivable – (increase) decrease | 29.2 | 5.1 |
Inventories – (increase) decrease | (54.8) | (10.7) |
Increase Decrease in Inventories Owed to Suppliers | 12 | (8.1) |
Increase (Decrease) in Prepaid Expenses, Other | 15.2 | (15.1) |
Accounts payable and other liabilities – increase (decrease) | (2.1) | (8) |
Payables under SWU purchase agreements – increase (decrease) | (9.8) | (37.9) |
Deferred revenue, net of deferred costs – increase (decrease) | 5.3 | (30.6) |
Pension and postretirement liabilities - increase (decrease) | (1.2) | (10) |
Other, net | (0.2) | (0.3) |
Net Cash (Used in) Operating Activities | 15.2 | (56.2) |
Cash Flows Provided by Investing Activities | ||
Capital expenditures | (0.7) | (0.5) |
Net Cash Provided by (Used in) Investing Activities | (0.7) | (0.5) |
Cash Flows Used in Financing Activities | ||
Proceeds from the sale of common stock, net | 23.2 | 0 |
Payment of interest classified as debt | (3.1) | (3.1) |
Payment, Tax Withholding, Share-based Payment Arrangement | (1.9) | 0 |
Proceeds from (Payments for) Other Financing Activities | (0.1) | (0.3) |
Exercise of stock options | 0 | 0.2 |
Net Cash (Used in) Financing Activities | 18.1 | (3.2) |
Decrease in cash, cash equivalents and restricted cash | 32.6 | (59.9) |
Cash, cash equivalents and restricted cash, start of period | 212.4 | 196.8 |
Cash, cash equivalents and restricted cash, end of period | 245 | 136.9 |
Equity issuance costs included in accounts payable and accrued liabilities [Member] | ||
Supplemental Cash Flow Information: | ||
Other Significant Noncash Transaction, Value of Consideration Given | (0.1) | 0 |
Reclassification of stock-based compensation liability to equity [Member] | ||
Supplemental Cash Flow Information: | ||
Other Significant Noncash Transaction, Value of Consideration Given | 0 | (10.6) |
Property, plant and equipment included in accounts payable and accrued liabilities [Member] | ||
Supplemental Cash Flow Information: | ||
Other Significant Noncash Transaction, Value of Consideration Given | 0 | (0.2) |
Adjustment to Right of Use Lease due to Modification [Domain] | ||
Supplemental Cash Flow Information: | ||
Other Significant Noncash Transaction, Value of Consideration Given | (4.2) | 0 |
Shares withheld for employee taxes [Member] | ||
Supplemental Cash Flow Information: | ||
Other Significant Noncash Transaction, Value of Consideration Given | $ (1.1) | $ (1.9) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Excess of Capital over Par Value [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2021 | $ (141.9) | $ 0 | $ 1.4 | $ 0.1 | $ 140.7 | $ (284.6) | $ 0.5 |
Net income (loss) | (0.4) | 0 | 0 | 0 | 0 | (0.4) | 0 |
Stock Issued During Period, Value, Stock Options Exercised | 0.2 | 0 | 0 | 0 | 0.2 | 0 | 0 |
Exchange of preferred stock for common stock and common stock warrant | 10.6 | ||||||
Reclassification of stock-based compensation liability to equity | (1.9) | 0 | 0 | 0 | 10.6 | 0 | 0 |
Shares withheld for employee taxes | 0 | 0 | 0 | (1.9) | 0 | 0 | |
Other comprehensive income, net of tax | (0.1) | 0 | 0 | 0 | 0 | 0 | (0.1) |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 0.5 | 0 | 0 | 0 | 0.5 | 0 | 0 |
Ending Balance at Mar. 31, 2022 | (133) | 0 | 1.4 | 0.1 | 150.1 | (285) | 0.4 |
Beginning Balance at Dec. 31, 2021 | (141.9) | 0 | 1.4 | 0.1 | 140.7 | (284.6) | 0.5 |
Net income (loss) | 37 | ||||||
Ending Balance at Jun. 30, 2022 | (94.9) | 0 | 1.4 | 0.1 | 150.9 | (247.6) | 0.3 |
Beginning Balance at Mar. 31, 2022 | (133) | 0 | 1.4 | 0.1 | 150.1 | (285) | 0.4 |
Net income (loss) | 37.4 | 0 | 0 | 0 | 0 | 37.4 | 0 |
Other comprehensive income, net of tax | (0.1) | 0 | 0 | 0 | 0 | 0 | (0.1) |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 0.8 | 0 | 0 | 0 | 0.8 | 0 | 0 |
Ending Balance at Jun. 30, 2022 | (94.9) | 0 | 1.4 | 0.1 | 150.9 | (247.6) | 0.3 |
Beginning Balance at Dec. 31, 2022 | (74.1) | 0 | 1.4 | 0.1 | 158.1 | (233.9) | 0.2 |
Net income (loss) | 7.2 | 0 | 0 | 0 | 0 | 7.2 | 0 |
Stock issued during period | 23.2 | 0 | 0.1 | 0 | 23.1 | 0 | 0 |
Shares withheld for employee taxes | (1.9) | 0 | 0 | 0 | (1.9) | 0 | 0 |
Other comprehensive income, net of tax | (0.1) | 0 | 0 | 0 | 0 | 0 | (0.1) |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 1.2 | 0 | 0 | 0 | 1.2 | 0 | 0 |
Ending Balance at Mar. 31, 2023 | (44.5) | 0 | 1.5 | 0.1 | 180.5 | (226.7) | 0.1 |
Beginning Balance at Dec. 31, 2022 | (74.1) | 0 | 1.4 | 0.1 | 158.1 | (233.9) | 0.2 |
Net income (loss) | 19.9 | ||||||
Ending Balance at Jun. 30, 2023 | (32.5) | 0 | 1.5 | 0.1 | 179.8 | (214) | 0.1 |
Beginning Balance at Mar. 31, 2023 | (44.5) | 0 | 1.5 | 0.1 | 180.5 | (226.7) | 0.1 |
Net income (loss) | 12.7 | 0 | 0 | 0 | 0 | 12.7 | 0 |
Shares withheld for employee taxes | (1.1) | 0 | 0 | 0 | (1.1) | 0 | 0 |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 0.4 | 0 | 0 | 0 | 0.4 | 0 | 0 |
Ending Balance at Jun. 30, 2023 | $ (32.5) | $ 0 | $ 1.5 | $ 0.1 | $ 179.8 | $ (214) | $ 0.1 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION Basis of Presentation and Principles of Consolidation The unaudited Consolidated Financial Statements of Centrus (the “Company”), which include the accounts of the Company, its principal subsidiary, Enrichment Corp., and its other subsidiaries, as of June 30, 2023, and for the three and six months ended June 30, 2023, and 2022, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited Consolidated Balance Sheet as of December 31, 2022, was derived from audited Consolidated Financial Statements, but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited Consolidated Financial Statements reflect all adjustments, including normal recurring adjustments, necessary for a fair statement of the financial results for the interim period. Certain information and notes normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. All material intercompany transactions have been eliminated. The Company’s components of comprehensive income for the three and six months ended June 30, 2023 and 2022, are insignificant. Operating results for the three and six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes and Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Annual Report on Form 10-K for the year ended December 31, 2022. Significant Accounting Policies The accounting policies of the Company are set forth in Note 1 to the Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There has not been a material change to the Company’s accounting policies since that report. |
Revenue and Contracts with Cust
Revenue and Contracts with Customers | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE AND CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following table presents revenue from SWU and uranium sales disaggregated by geographical region based on the billing addresses of customers (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 United States $ 72.8 $ 7.3 $ 131.5 $ 19.9 Foreign 14.8 78.2 14.9 83.3 Revenue - SWU and uranium $ 87.6 $ 85.5 $ 146.4 $ 103.2 Refer to Note 12 , Segment Information, for disaggregation of revenue by segment. SWU sales are made primarily to electric utility customers and uranium sales are made primarily to other nuclear fuel related companies. Technical Solutions revenue resulted primarily from services provided to the U.S. government and its contractors. SWU and uranium revenue is recognized at a point in time and Technical Solutions revenue is generally recognized over time based on direct costs incurred or the right to invoice method (in situations where the value transferred matches the Company’s billing rights) as the customer receives and consumes the benefits. Accounts Receivable June 30, 2023 December 31, 2022 ($ millions) Accounts receivable: Billed $ 2.5 $ 29.0 Unbilled * 6.5 9.1 Accounts receivable $ 9.0 $ 38.1 * Billings under certain contracts in the Technical Solutions segment are invoiced based on approved provisional billing rates. Unbilled revenue represents the difference between actual costs incurred and invoiced amounts. The Company expects to invoice and collect the unbilled amounts after actual rates are submitted to the customer and approved. Unbilled revenue also includes unconditional rights to payment that are not yet billable under applicable contracts pending the compilation of supporting documentation. Contract Liabilities The following table presents changes in contract liability balances (in millions): June 30, December 31, Year-To-Date Change Accrued loss on HALEU Operation Contract: Current - Accounts payable and accrued liabilities $ 8.7 $ 20.0 $ (11.3) Deferred revenue - current $ 265.1 $ 258.4 $ 6.7 Advances from customers - current $ 30.2 $ 14.8 $ 15.4 Advances from customers - noncurrent $ 32.8 $ 46.2 $ (13.4) Previously deferred sales recognized in revenue totaled $14.8 million and $59.7 million in the six months ended June 30, 2023 and 2022, respectively. LEU Segment The SWU component of LEU typically is bought and sold under contracts with deliveries over several years. The Company’s agreements for natural uranium hexafluoride and uranium concentrate sales generally are shorter-term, fixed-commitment contracts. The Company’s sales under contract in the Order Book extend to 2030. As of June 30, 2023 and December 31, 2022, the Order Book was approximately $1.0 billion. The Order Book represents the estimated aggregate dollar amount of revenue for future SWU and uranium deliveries under contract and includes approximately $328 million and $319 million of Deferred Revenue and Advances from Customers at June 30, 2023 and December 31, 2022, respectively . Most of the Company’s customer contracts provide for fixed purchases of SWU during a given year. T he Company’s Order Book is partially based on customers’ estimates of the timing and size of their fuel requirements and other assumptions that are subject to change. For example, depending on the terms of specific contracts, the customer may be able to increase or decrease the quantity delivered within an agreed range. T he Company’s Order Book estimate also is based on the Company’s estimates of selling prices, which may be subject to change. For example, depending on the terms of specific contracts, prices may be adjusted based on escalation using a general inflation index, published SWU price indicators prevailing at the time of delivery, and other factors, all of which are variable. T he Company uses external composite forecasts of future market prices and inflation rates in its pricing estimates. Technical Solutions Segment Revenue for the Technical Solutions segment, representing the Company’s technical, manufacturing, engineering, procurement, construction, and operations services offered to public and private sector customers, is recognized over the contractual period as services are rendered. In 2019, the Company entered into a cost-share contract with the DOE, the HALEU Demonstration Contract, to deploy a cascade of centrifuges to demonstrate production of HALEU for advanced reactors. The DOE agreed to reimburse the Company for 80% of its costs incurred in performing the contract. The DOE modified the contract several times to increase the total contract funding to $173.0 million and to extend the period of performance to November 30, 2022. The impact to Cost of Sales in the six months ended June 30, 2023 and 2022, is $0 and $0.5 million, respectively, for previously accrued contract losses attributable to work performed in the periods. As of June 30, 2023, a total of $19.6 million of previously accrued contract losses have been realized and the accrued contract loss balance included in Accounts Payable and Accrued Liabilities as of June 30, 2023 and December 31, 2022 is $0. The Company has received aggregate cash payments under the HALEU Demonstration Contract of $171.1 million through June 30, 2023. In 2022, DOE elected to move the operational portion of the demonstration to a subsequent, competitively-awarded contract that will allow for a much longer period of operation than would have been possible under the original contract. On November 10, 2022, after a competitive solicitation, the DOE awarded the HALEU Operation Contract to the Company with work beginning December 1, 2022. The base contract value is approximately $150 million in two phases through 2024. Phase 1 includes an approximately $30 million cost share contribution from Centrus matched by approximately $30 million from the DOE to complete construction of the cascade, begin operations and produce the initial 20 kilograms of HALEU UF 6 by December 31, 2023. Phase 2 of the contract includes continued operations and maintenance, and production for a full year at an annual production rate of 900 kilograms of HALEU UF 6 , by no later than December 31, 2024. The DOE will own the HALEU produced from the demonstration cascade and Centrus will be compensated on a cost-plus-incentive-fee basis, with an expected Phase 2 contract value of approximately $90 million, subject to Congressional appropriations. The HALEU Operation Contract also gives DOE options to pay for up to nine additional years of production from the cascade beyond the base contract; those options are at the DOE’s sole discretion and subject to the availability of Congressional appropriations. The impact to Cost of Sales in the three and six months ended June 30, 2023 is $5.8 million and $11.3 million, respectively, for previously accrued contract losses attributable to work performed in the period. As of June 30, 2023, a total of $12.6 million of previously accrued contract losses has been realized. At June 30, 2023 and December 31, 2022, the remaining accrued contract loss balance of $8.7 million and $20.0 million, respectively, is included in Accounts Payable and Accrued Liabilities . The HALEU Operation Contract is funded incrementally and the DOE currently is obligated for costs up to approximately $33.0 million of the $120.1 million estimated transaction price for Phases 1 and 2. The Company has received aggregate cash payments under the HALEU Operation Contract of $13.2 million through June 30, 2023. The Company currently does not have a contractual obligation to perform work in excess of the funding provided by the DOE. If the DOE does not commit to additional costs above the existing funding, the Company may incur material additional costs or losses in future periods that could have an adverse impact on its financial condition and liquidity. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2023 | |
Cash, Cash Equivalents and Restricted Cash [Abstract] | |
Cash and Cash Equivalents Disclosure | CASH, CASH EQUIVALENTS AND RESTRICTED CASH The following table reconciles the Company’s cash, cash equivalents and restricted cash as presented on the Consolidated Balance Sheets to amounts on the Consolidated Statements of Cash Flows (in millions): June 30, 2023 December 31, 2022 Cash and cash equivalents $ 212.5 $ 179.9 Deposits for financial assurance - current (a) 0.2 0.2 Deposits for financial assurance - noncurrent 32.3 32.3 Total cash, cash equivalents and restricted cash $ 245.0 $ 212.4 (a) Deposits for financial assurance - current is included within Other Current Assets in the Consolidated Balance Sheets. The following table provides additional detail regarding the Company’s deposits for financial assurance (in millions): June 30, 2023 December 31, 2022 Current Long-Term Current Long-Term Collateral for Inventory Loans $ — $ 29.8 $ — $ 29.8 Workers Compensation — 2.4 — 2.4 Other 0.2 0.1 0.2 0.1 Total deposits for financial assurance $ 0.2 $ 32.3 $ 0.2 $ 32.3 The Company has provided financial assurance to states in which it was previously self-insured for workers’ compensation in accordance with each state’s requirements in the form of a surety bond or deposit that is fully cash collateralized by Centrus. Each surety bond or deposit is subject to reduction and/or cancellation, as each state determines the likely reduction of workers’ compensation obligations pertaining to the period of self-insurance. In March, May, and October 2022, the Company entered into three inventory loans that required a cash deposit into an escrow fund. See Note 4 , Inventories. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory, Net [Abstract] | |
Inventories | INVENTORIES Centrus holds uranium at licensed locations (e.g., fabricators) in the form of natural uranium hexafluoride and as the uranium component of LEU in transit to meet book transfer requests by customers and suppliers. Centrus also holds SWU as the SWU component of LEU at licensed locations or in transit to meet book transfer requests by customers and suppliers. Fabricators process LEU into fuel for use in nuclear reactors. Components of inventories are as follows (in millions): June 30, 2023 December 31, 2022 Current Current Inventories, Net Current Current Inventories, Net Separative work units $ 19.9 $ — $ 19.9 $ 24.1 $ — $ 24.1 Uranium 268.7 72.8 195.9 185.1 60.8 124.3 Total $ 288.6 $ 72.8 $ 215.8 $ 209.2 $ 60.8 $ 148.4 (a) This includes inventories owed to suppliers for advances of uranium. Inventories are valued at the lower of cost or net realizable value. The Company also may borrow SWU or uranium from customers or suppliers, in which case the Company will record the SWU and/or uranium and the related liability for the borrowing using a projected and forecasted purchase price over the borrowing period. In March 2023, the Company borrowed UF 6 which was recorded to inventory at a value of $22.5 million. The inventory value was recorded based on the estimated fair market value of the inventory on the date of borrowing. In June 2023 and 2022, the Company performed a revaluation of the Long-Term Inventory Loans reflecting an updated projection of the timing and sources of inventory to be used for repayment. These revaluations were recorded to Cost of Sales and resulted in an increase to the related liability of $0.8 million and $2.9 million, for the three and six months ended June 30, 2023, respectively, and $5.5 million for the three and six months ended June 30, 2022. At June 30, 2023, the total liability of borrowed inventory was $84.0 million, of which $74.1 million was recorded in Long-Term Inventory Loans and $9.9 million was recorded in Accounts Payable and Accrued Liabilities . At December 31, 2022, the total liability of borrowed inventory was $58.6 million, of which $48.7 million was recorded in Long-Term Inventory Loans and $9.9 million was recorded in Accounts Payable and Accrued Liabilities . |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Intangible assets originated from the Company’s reorganization and application of fresh start accounting as of the date the Company emerged from bankruptcy, September 30, 2014, and reflect the conditions at that time. The intangible asset related to the Company’s sales Order Book is amortized as the Order Book, existing at emergence, is reduced, principally as a result of deliveries to customers. The intangible asset related to customer relationships is amortized using the straight-line method over the estimated average useful life of 15 years. Amortization expense is presented below gross profit on the Consolidated Statements of Operations and Comprehensive Income. Intangible asset balances are as follows (in millions): June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Sales order book $ 54.6 $ 40.4 $ 14.2 $ 54.6 $ 39.9 $ 14.7 Customer relationships 68.9 40.2 28.7 68.9 37.9 31.0 Total $ 123.5 $ 80.6 $ 42.9 $ 123.5 $ 77.8 $ 45.7 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DEBT A summary of debt is as follows (in millions): June 30, 2023 December 31, 2022 Maturity Current Long-Term Current Long-Term 8.25% Notes: Feb. 2027 Principal $ — $ 74.3 $ — $ 74.3 Interest 6.1 18.3 6.1 21.4 Total $ 6.1 $ 92.6 $ 6.1 $ 95.7 Interest on the Company’s 8.25% Notes is payable semi-annually in arrears as of February 28 and August 31 based on a 360-day year consisting of twelve 30-day months. The 8.25% Notes were issued in connection with a troubled debt restructuring; therefore, all future interest payment obligations on the 8.25% Notes are included in the carrying value of the 8.25% Notes. As a result, interest payments are reported as a reduction in the carrying value of the 8.25% Notes and not as interest expense. As of June 30, 2023 and December 31, 2022, $6.1 million of interest was recorded as current and classified as Current Debt in the Consolidated Balance Sheets. Additional terms and conditions of the 8.25% Notes are described in Note 8 , Debt |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value of assets and liabilities, the following hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: • Level 1 assets include investments with quoted prices in active markets that the Company has the ability to liquidate as of the reporting date. • Level 2 assets include investments in U.S. government agency securities, corporate and municipal debt whose estimates are valued based on observable inputs, other than quoted prices. • Level 3 assets include investments with unobservable inputs, such as third-party valuations, due to little or no market activity. Financial Instruments Recorded at Fair Value (in millions): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 212.5 $ — $ — $ 212.5 $ 179.9 $ — $ — $ 179.9 Deferred compensation asset (a) 3.0 — — 3.0 2.4 — — 2.4 Liabilities: Deferred compensation obligation (a) $ 3.0 $ — $ — $ 3.0 $ 2.4 $ — $ — $ 2.4 (a) The deferred compensation obligation represents the balance of deferred compensation plus net investment earnings. The deferred compensation plan is funded through a rabbi trust. Trust funds are invested in mutual funds for which unit prices are quoted in active markets and are classified within Level 1 of the valuation hierarchy. There were no transfers between Level 1, 2 or 3 during the periods presented. Other Financial Instruments As of June 30, 2023, and December 31, 2022, the Consolidated Balance Sheets carrying amounts for Accounts Receivable , Accounts Payable and Accrued Liabilities (excluding the deferred compensation obligation described above), and Payables under Inventory Purchase Agreements approximate fair value because of their short-term nature. The carrying value and estimated fair value of long-term debt were as follows (in millions): June 30, 2023 December 31, 2022 Carrying Value Estimated Fair Value (a) Carrying Value Estimated Fair Value (a) 8.25% Notes $ 98.7 (b) $ 68.3 $ 101.8 (b) $ 68.8 (a) Based on bid/ask quotes as of or near the balance sheet date, which are considered Level 2 inputs based on the frequency of trading. (b) The carrying value of the 8.25% Notes consists of the principal balance of $74.3 million and the sum of current and noncurrent interest payment obligations until maturity. Refer to Note 6 , Debt |
Pension and Postretirement Heal
Pension and Postretirement Health and Life Benefits | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits, Description [Abstract] | |
Pension and Postretirement Health and Life Benefits | PENSION AND POSTRETIREMENT HEALTH AND LIFE BENEFITS The components of net periodic benefit (credits) for the defined benefit pension plans were as follows (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Service costs $ 0.8 $ 0.6 $ 1.5 $ 1.3 Interest costs 6.9 4.8 13.9 9.6 Amortization of prior service costs (credits), net — (0.1) (0.1) (0.1) Expected return on plan assets (gains) (7.8) (8.9) (15.5) (17.8) Net periodic benefit (credits) $ (0.1) $ (3.6) $ (0.2) $ (7.0) The components of net periodic benefit costs for the postretirement health and life benefit plans were as follows (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Interest costs $ 1.3 $ 0.9 $ 2.5 $ 1.8 Amortization of prior service costs (credits), net $ — (0.1) $ — (0.1) Net periodic benefit costs $ 1.3 $ 0.8 $ 2.5 $ 1.7 The Company reports service costs for its defined benefit pension plans and its postretirement health and life benefit plans in Cost of Sales and Selling, General and Administrative Expenses . The remaining components of net periodic benefit (credits) costs are reported as Nonoperating Components of Net Periodic Benefit Loss (Income). |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | NET INCOME PER SHARE Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. In calculating diluted net income per share, the number of shares is increased by the weighted average number of potential common shares related to stock compensation awards including restricted stock, stock options, stock appreciation rights and notional stock units, and the warrant. No dilutive effect is recognized in a period in which a net loss has occurred. The weighted average number of common and common equivalent shares used in the calculation of basic and diluted income per share are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator (in millions): Net income $ 12.7 $ 37.4 $ 19.9 $ 37.0 Denominator (in thousands): Average common shares outstanding - basic 15,161 14,587 15,002 14,567 Potentially dilutive shares related to stock compensation awards and warrant 208 289 304 336 Average common shares outstanding - diluted 15,369 14,876 15,306 14,903 Net income per share (in dollars): Basic $ 0.84 $ 2.56 $ 1.33 $ 2.54 Diluted $ 0.83 $ 2.51 $ 1.30 $ 2.48 Common stock equivalents excluded from the diluted calculation because they would have been antidilutive (in thousands) 5 4 2 — |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity, Attributable to Parent [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS’ EQUITY Common Stock Issuance Pursuant to a sales agreement with its agents, the Company sold, through its ATM offering at the market price, an aggregate of 722,568 shares of its Class A Common Stock in the three months ended March 31, 2023, for a total of $24.4 million. After expenses and commissions paid to the agents, the Company’s proceeds totaled $23.4 million. Additionally, the Company recorded direct costs of $0.2 million related to the issuance. The shares of Class A Common Stock were issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-239242), which became effective on August 5, 2020, and two prospectus supplements dated December 31, 2020 and December 5, 2022, respectively. The Company has used and/or intends to use the net proceeds from this offering for working capital and general corporate purposes including, but not limited to, capital expenditures, working capital, investment in technology development and deployment, repayment of indebtedness, potential acquisitions and other business opportunities. There were no sales of Class A Common Stock through the ATM offering in the three months ended June 30, 2023 or the six months ended June 30, 2022. 2023 Shelf Registration The Company filed a shelf registration statement on Form S-3 (Registration Statement No. 333-272984) with the SEC on June 28, 2023 which became effective on July 10, 2023. Pursuant to this shelf registration statement, the Company may offer and sell up to $200 million in securities, in aggregate. The Company retains broad discretion over the use of the net proceeds from the sale of the securities offered. Unless otherwise specified in any prospectus supplement, we currently intend to use the net proceeds from the sale of our securities offered under this prospectus for working capital and general corporate purposes including, but not limited to, capital expenditures, working capital, repayment of indebtedness, potential acquisitions and other business opportunities. Pending any specific application, we may initially invest funds in short-term marketable securities or apply them to the reduction of indebtedness. Rights Agreement On June 20, 2023, the Company entered into a Fifth Amendment to the Rights Agreement, which amends the Rights Agreement, dated as of April 6, 2016, by and among the Company, and Computershare Trust Company, N.A. and Computershare Inc., as rights agent, as amended by (i) the First Amendment to the Rights Agreement dated as of February 14, 2017, (ii) the Second Amendment to the Rights Agreement dated as of April 3, 2019, (iii) the Third Amendment to the Rights Agreement dated as of April 13, 2020, and (iv) the Fourth Amendment to the Rights Agreement dated as of June 16, 2021. The Fifth Amendment to the Rights Agreement (i) increases the purchase price for each one one-thousandth (1/1000th) of a share of the Company’s Series A Participating Cumulative Preferred Stock, par value $1.00 per share, from $18.00 to $160.38; and (ii) extends the Final Expiration Date (as defined in the Rights Agreement) from June 30, 2023 to June 30, 2026. The Fifth Amendment was not adopted as a result of, or in response to, any effort to acquire control of the Company. The Fifth Amendment has been adopted in order to preserve for the Company’s stockholders the long-term value of the Company’s net operating loss carry-forwards for United States federal income tax purposes and other tax benefits. Awards under Executive Incentive Plan Notional stock units are a component of the 2019 Executive Incentive Plan for participating executives for the three-year period ending December 31, 2021. The plan payouts were settled in Class A Common Stock in April 2021 and March 2022. In April 2020, notional stock units and SARs were granted to participating executives with a vesting period ending in April 2023. These awards were initially determined to be likely settled in cash, and compensation cost for the notional stock units and SARs were re-measured each reporting period based on the trading price of the Company’s Class A Common Stock and the cumulative vested costs were accrued in Accounts Payable and Accrued Liabilities or Other Long-Term Liabilities . In February 2022, the Compensation, Nominating and Governance Committee of the Board determined that remaining notional stock units granted in 2019 and 2020 would be paid in shares of the Company’s Class A Common Stock. The related obligation of $10.6 million was reclassified from Accounts Payable and Accrued Liabilities to Excess of Capital over Par Value in the first quarter of 2022 based on the market share price at the time of the Board’s decision. In the first quarter of 2022, the Company withheld $1.9 million of shares that vested during the period for the purpose of funding the grantees’ tax withholding obligations under the terms of the stock-based compensation plan. In March 2022, restricted stock was granted to participating executives with a vesting period ending in March 2025. In March 2023, restricted stock was granted to participating executives with a vesting period ending in March 2026. The March 2022 and 2023 awards are payable in shares of the Company’s Class A Common Stock subject to achieving a threshold level of cumulative net income over the vesting period. The grant-date fair value is included in Excess of Capital Over Par Value as the value is amortized over the vesting period. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments under SWU Purchase Agreements TENEX The Russian government-owned entity TENEX is a major supplier of SWU to the Company. Under the 2011 TENEX Supply Contract, the Company purchases SWU contained in LEU received from TENEX, and the Company delivers natural uranium hexafluoride to TENEX for the LEU’s uranium component. The LEU that the Company obtains from TENEX is subject to quotas under the RSA and U.S. legislation adopted in 2020 and to other restrictions applicable to commercial Russian LEU. Further, the ability of the Company or TENEX to perform under the TENEX Supply Contract is vulnerable to (i) sanctions or restrictions that might be imposed by Russia, the United States, or other countries as a result of the war in Ukraine, or otherwise, (ii) customers and other parties who may object to receiving or handling Russian LEU or SWU, or (iii) suppliers and service providers seeking to limit their involvement with business related to Russia. The TENEX Supply Contract originally was signed with commitments through 2022, but was modified in 2015 to give the Company the right to reschedule certain quantities of SWU of the original commitments into the period 2023 and beyond, in return for the purchase of additional SWU in those years. The Company has exercised this right to reschedule in each year through December 31, 2022. As a result of exercising this right to reschedule, the Company has purchase commitments that could extend through 2028. The TENEX Supply Contract provides that the Company must pay for all SWU in its minimum purchase obligation each year, even if it fails to submit orders for such SWU. In such a case, the Company would pay for the SWU, but have to take the unordered SWU in the following year. Pricing terms for SWU under the TENEX Supply Contract are based on a combination of market-related price points and other factors. This formula was subject to an adjustment at the end of 2018 that reduced the unit costs of SWU under this contract in 2019 and for the duration of the contract. Orano In 2018, the Company entered into the Orano Supply Agreement with a French company, Orano Cycle, for the long-term supply of SWU contained in LEU. The Orano Supply Agreement subsequently was assigned by Orano Cycle to its affiliate, Orano CE. Under the amended Orano Supply Agreement, the supply of SWU runs through 2030. The Orano Supply Agreement provides significant flexibility to adjust purchase volumes, subject to annual minimums and maximums in fixed amounts that vary year by year. The pricing for the SWU purchased by the Company is determined by a formula that uses a combination of market-related price points and other factors and is subject to certain floors and ceilings. Russian Suspension Agreement Beginning in September 2022, the DOC and the ITC, respectively, initiated two “sunset” reviews of the RSA that will determine if the RSA should be maintained. These “sunset” reviews are required to be conducted every five years. This is the fifth round of “sunset” reviews of the RSA. In April 2023, the DOC published a notice that this round of reviews concluded with determinations to keep the RSA in effect. Milestones Under the 2002 DOE-USEC Agreement The Company’s predecessor, USEC Inc., and DOE signed the 2002 DOE-USEC Agreement dated June 17, 2002, pursuant to which the parties made long-term commitments directed at resolving issues related to the stability and security of the domestic uranium enrichment industry. The 2002 DOE-USEC Agreement requires Centrus to develop, demonstrate and deploy advanced enrichment technology in accordance with milestones, including the deployment of a commercial American Centrifuge Plant, and provides for remedies in the event of a failure to meet a milestone under certain circumstances, including terminating the 2002 DOE-USEC Agreement, revoking Centrus’ access to DOE’s centrifuge technology that is required for the success of the Company’s ongoing work with the American Centrifuge technology, requiring Centrus to transfer certain rights in the American Centrifuge technology and facilities to DOE, and requiring Centrus to reimburse DOE for certain costs associated with the American Centrifuge technology. The 2002 DOE-USEC Agreement provides that if a delaying event beyond the control and without the fault or negligence of Centrus occurs that could affect Centrus’ ability to meet the American Centrifuge Plant milestones under the 2002 DOE-USEC Agreement, DOE and the Company will jointly meet to discuss in good faith possible adjustments to the milestones as appropriate to accommodate the delaying event. In 2014, the 2002 DOE-USEC Agreement and other agreements between the Company and DOE were assumed by Centrus subject to an express reservation of all rights, remedies and defenses by DOE and the Company under those agreements. DOE and the Company have agreed that all rights, remedies and defenses of the parties with respect to any missed milestones and all other matters under the 2002 DOE-USEC Agreement continue to be preserved, and that the time limits for each party to respond to any missed milestones continue to be tolled. Legal Matters From time to time, the Company is involved in various pending legal proceedings, including the pending legal proceedings described below. In 1993, USEC-Government entered into a lease for the Paducah and Portsmouth GDPs with the DOE. As part of that lease, DOE and USEC-Government also entered into a Power MOU regarding power purchase agreements between DOE and the providers of power to the GDPs. Under the Power MOU, DOE and USEC-Government agreed upon the allocation of rights and liabilities under the power purchase agreements. In 1998, USEC-Government was privatized and became Enrichment Corp., now a principal subsidiary of the Company. Pursuant to legislation authorizing the privatization, the lease for the GDPs, which included the Power MOU as an Appendix, was transferred to Enrichment Corp., and Enrichment Corp. was given the right to purchase power from DOE. The Paducah GDP was shut down in 2013 and deleased by Enrichment Corp. in 2014. On August 4, 2021, DOE informally informed Enrichment Corp. that the Joppa power plant, which had supplied power to the Paducah GDP, was planned to undergo D&D. According to DOE, the power purchase agreement with Electric Energy Inc. requires DOE to pay for a portion of the D&D costs of the Joppa power plant, and DOE has asserted that a portion of the DOE liability is the responsibility of Enrichment Corp. under the Power MOU in the amount of approximately $9.6 million. The Company is assessing DOE’s assertions including whether all or a portion of any such potential liability had been previously settled. The Company has not formed an opinion on the merits of DOE’s claim nor is it able to estimate its potential liability, if any, for such claim and no expense or liability has been accrued. On May 26, 2019, the Company, Enrichment Corp., and six other DOE contractors who have operated facilities at the Portsmouth GDP in Piketon, Ohio (including, in the case of the Company, the American Centrifuge Plant site located on premises currently leased from DOE) were named as defendants in a class action complaint filed by Ursula McGlone, Jason McGlone, Julia Dunham, and K.D. and C.D., minor children by and through their parent and natural guardian Julia Dunham (collectively, the “McGlone Plaintiffs”) in the U.S. District Court in the Southern District of Ohio, Eastern Division. The complaint seeks damages for alleged off-site contamination allegedly resulting from activities on the Portsmouth GDP site. The McGlone Plaintiffs are seeking to represent a class of (i) all current or former residents within a seven-mile radius of the Portsmouth GDP site and (ii) all students and their parents at the Zahn’s Corner Middle School from 1993-present. Since its initial filing, the complaint has been amended four times, the latest of which was filed on March 18, 2021. Likewise, based on motions brought by the Company, Enrichment Corp. and the other DOE contractors, the court has dismissed ten of the fifteen claims and dismissed claims brought on behalf of the minor children. As such, the case continues in the discovery stage of litigation. The Company and Enrichment Corp. believe that its operations at the Portsmouth GDP site were fully in compliance with the NRC’s regulations. Further, the Company and Enrichment Corp. believe that any such liability should be indemnified by DOE under the Price-Anderson Act. The Company and Enrichment Corp. have provided notifications to DOE required to invoke indemnification under the Price-Anderson Act and other contractual provisions. On June 8, 2022, the Company, Enrichment Corp., and six other DOE contractors who operated facilities at the Portsmouth GDP were named as defendants in a complaint filed by Brad Allen Lykins, as administrator of the estate of Braden Aaron Lee Lykins in the U.S. District Court in the Southern District of Ohio, Eastern Division (“Lykins Complaint”). In March 2021, Brayden Lykins, who was thirteen years old, passed away from leukemia. The complaint alleges that the defendants released radiation into the environment in violation of the Price-Anderson Act causing Lykins’ death and seeks monetary damages. On August 30, 2022, the Company, Enrichment Corp., and the other defendants filed their answer to the Lykins Compliant. The Company and Enrichment Corp. believe that their operations at the Portsmouth GDP site were fully in compliance with the NRC’s regulations. Further, the Company and Enrichment Corp. believe that any such liability should be indemnified by DOE under the Price-Anderson Act. The Company and Enrichment Corp. have provided notifications to DOE required to invoke indemnification under the Price-Anderson Act and other contractual provisions. On March 8, 2023, the Company, Enrichment Corp., and six other DOE contractors who operated facilities at the Portsmouth GDP were named as defendants in a complaint filed by Christian C. Rose in the U.S. District Court in the Southern District of Ohio, Eastern Division (“Rose Complaint”). The Rose Complaint alleges that the defendants released radiation into the environment in violation of the Price-Anderson Act causing injuries and death and seeks monetary damages. On May 15, 2023, the Company, Enrichment Corp. and the other defendants filed their answers to the Rose Complaint. The Company and Enrichment Corp. believe that their operations at the Portsmouth GDP site were fully in compliance with the NRC’s regulations. Further, the Company and Enrichment Corp. believe that any such liability should be indemnified by DOE under the Price-Anderson Act. The Company and Enrichment Corp. have provided notifications to the DOE required to invoke indemnification under the Price-Anderson Act and other contractual provisions. Centrus is subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of these claims cannot be predicted with certainty, other than the above, Centrus does not believe that the outcome of any of these legal matters, individually and in the aggregate, will have a material adverse effect on its cash flows, results of operations, or consolidated financial condition. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Information | SEGMENT INFORMATION Gross profit is the Company’s measure for segment reporting. There were no intersegment sales in the periods presented. Refer to Note 2 , Revenue and Contracts with Customers, for additional details on revenue for each segment. The following table presents the Company’s segment information (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenue LEU segment: Separative work units $ 48.1 $ 85.5 $ 106.9 $ 98.3 Uranium 39.5 — 39.5 4.9 Total 87.6 85.5 146.4 103.2 Technical Solutions segment 10.8 13.6 18.9 31.2 Total revenue $ 98.4 $ 99.1 $ 165.3 $ 134.4 Segment Gross Profit LEU segment $ 26.8 $ 59.4 $ 50.7 $ 62.3 Technical Solutions segment 1.2 1.5 0.3 4.9 Gross profit $ 28.0 $ 60.9 $ 51.0 $ 67.2 Revenue from Major Customers (10% or More of Total Revenue) In the three months ended June 30, 2023, three customers in the LEU segment individually represented $47.8 million, $14.8 million, and $13.6 million of revenue. In the six months ended June 30, 2023, two customers in the LEU segment individually represented $47.8 million and $41.6 million of revenue. One customer in the Technical Solutions segment individually represented $10.7 million and $18.7 million of revenue in the three and six months ended June 30, 2023, respectively. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net income (loss) | $ 12.7 | $ 7.2 | $ 37.4 | $ (0.4) | $ 19.9 | $ 37 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Revenue and Contracts with Cu_2
Revenue and Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Geographic Areas | The following table presents revenue from SWU and uranium sales disaggregated by geographical region based on the billing addresses of customers (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 United States $ 72.8 $ 7.3 $ 131.5 $ 19.9 Foreign 14.8 78.2 14.9 83.3 Revenue - SWU and uranium $ 87.6 $ 85.5 $ 146.4 $ 103.2 |
Contract with Customer, Asset and Liability | June 30, 2023 December 31, 2022 ($ millions) Accounts receivable: Billed $ 2.5 $ 29.0 Unbilled * 6.5 9.1 Accounts receivable $ 9.0 $ 38.1 * Billings under certain contracts in the Technical Solutions segment are invoiced based on approved provisional billing rates. Unbilled revenue represents the difference between actual costs incurred and invoiced amounts. The Company expects to invoice and collect the unbilled amounts after actual rates are submitted to the customer and approved. Unbilled revenue also includes unconditional rights to payment that are not yet billable under applicable contracts pending the compilation of supporting documentation. June 30, December 31, Year-To-Date Change Accrued loss on HALEU Operation Contract: Current - Accounts payable and accrued liabilities $ 8.7 $ 20.0 $ (11.3) Deferred revenue - current $ 265.1 $ 258.4 $ 6.7 Advances from customers - current $ 30.2 $ 14.8 $ 15.4 Advances from customers - noncurrent $ 32.8 $ 46.2 $ (13.4) |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash, Cash Equivalents and Restricted Cash [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table reconciles the Company’s cash, cash equivalents and restricted cash as presented on the Consolidated Balance Sheets to amounts on the Consolidated Statements of Cash Flows (in millions): June 30, 2023 December 31, 2022 Cash and cash equivalents $ 212.5 $ 179.9 Deposits for financial assurance - current (a) 0.2 0.2 Deposits for financial assurance - noncurrent 32.3 32.3 Total cash, cash equivalents and restricted cash $ 245.0 $ 212.4 |
Schedule of Restricted Cash and Cash Equivalents | The following table provides additional detail regarding the Company’s deposits for financial assurance (in millions): June 30, 2023 December 31, 2022 Current Long-Term Current Long-Term Collateral for Inventory Loans $ — $ 29.8 $ — $ 29.8 Workers Compensation — 2.4 — 2.4 Other 0.2 0.1 0.2 0.1 Total deposits for financial assurance $ 0.2 $ 32.3 $ 0.2 $ 32.3 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory, Net [Abstract] | |
Schedule of Inventories | Components of inventories are as follows (in millions): June 30, 2023 December 31, 2022 Current Current Inventories, Net Current Current Inventories, Net Separative work units $ 19.9 $ — $ 19.9 $ 24.1 $ — $ 24.1 Uranium 268.7 72.8 195.9 185.1 60.8 124.3 Total $ 288.6 $ 72.8 $ 215.8 $ 209.2 $ 60.8 $ 148.4 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Excess Reorganization Value [Table Text Block] | Intangible asset balances are as follows (in millions): June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Sales order book $ 54.6 $ 40.4 $ 14.2 $ 54.6 $ 39.9 $ 14.7 Customer relationships 68.9 40.2 28.7 68.9 37.9 31.0 Total $ 123.5 $ 80.6 $ 42.9 $ 123.5 $ 77.8 $ 45.7 |
Debt Schedule of Debt (Tables)
Debt Schedule of Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | A summary of debt is as follows (in millions): June 30, 2023 December 31, 2022 Maturity Current Long-Term Current Long-Term 8.25% Notes: Feb. 2027 Principal $ — $ 74.3 $ — $ 74.3 Interest 6.1 18.3 6.1 21.4 Total $ 6.1 $ 92.6 $ 6.1 $ 95.7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Recorded at Fair Value | Financial Instruments Recorded at Fair Value (in millions): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 212.5 $ — $ — $ 212.5 $ 179.9 $ — $ — $ 179.9 Deferred compensation asset (a) 3.0 — — 3.0 2.4 — — 2.4 Liabilities: Deferred compensation obligation (a) $ 3.0 $ — $ — $ 3.0 $ 2.4 $ — $ — $ 2.4 |
Fair Value Option, Disclosures | The carrying value and estimated fair value of long-term debt were as follows (in millions): June 30, 2023 December 31, 2022 Carrying Value Estimated Fair Value (a) Carrying Value Estimated Fair Value (a) 8.25% Notes $ 98.7 (b) $ 68.3 $ 101.8 (b) $ 68.8 (a) Based on bid/ask quotes as of or near the balance sheet date, which are considered Level 2 inputs based on the frequency of trading. (b) The carrying value of the 8.25% Notes consists of the principal balance of $74.3 million and the sum of current and noncurrent interest payment obligations until maturity. Refer to Note 6 , Debt |
Pension and Postretirement He_2
Pension and Postretirement Health and Life Benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic benefit (credits) for the defined benefit pension plans were as follows (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Service costs $ 0.8 $ 0.6 $ 1.5 $ 1.3 Interest costs 6.9 4.8 13.9 9.6 Amortization of prior service costs (credits), net — (0.1) (0.1) (0.1) Expected return on plan assets (gains) (7.8) (8.9) (15.5) (17.8) Net periodic benefit (credits) $ (0.1) $ (3.6) $ (0.2) $ (7.0) The components of net periodic benefit costs for the postretirement health and life benefit plans were as follows (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Interest costs $ 1.3 $ 0.9 $ 2.5 $ 1.8 Amortization of prior service costs (credits), net $ — (0.1) $ — (0.1) Net periodic benefit costs $ 1.3 $ 0.8 $ 2.5 $ 1.7 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Share | The weighted average number of common and common equivalent shares used in the calculation of basic and diluted income per share are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator (in millions): Net income $ 12.7 $ 37.4 $ 19.9 $ 37.0 Denominator (in thousands): Average common shares outstanding - basic 15,161 14,587 15,002 14,567 Potentially dilutive shares related to stock compensation awards and warrant 208 289 304 336 Average common shares outstanding - diluted 15,369 14,876 15,306 14,903 Net income per share (in dollars): Basic $ 0.84 $ 2.56 $ 1.33 $ 2.54 Diluted $ 0.83 $ 2.51 $ 1.30 $ 2.48 Common stock equivalents excluded from the diluted calculation because they would have been antidilutive (in thousands) 5 4 2 — |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Reporting Information | The following table presents the Company’s segment information (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenue LEU segment: Separative work units $ 48.1 $ 85.5 $ 106.9 $ 98.3 Uranium 39.5 — 39.5 4.9 Total 87.6 85.5 146.4 103.2 Technical Solutions segment 10.8 13.6 18.9 31.2 Total revenue $ 98.4 $ 99.1 $ 165.3 $ 134.4 Segment Gross Profit LEU segment $ 26.8 $ 59.4 $ 50.7 $ 62.3 Technical Solutions segment 1.2 1.5 0.3 4.9 Gross profit $ 28.0 $ 60.9 $ 51.0 $ 67.2 |
Revenue and Contracts with Cu_3
Revenue and Contracts with Customers (Revenue from External Customers by Geographic Areas) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | $ 98.4 | $ 99.1 | $ 165.3 | $ 134.4 |
Product [Member] | ||||
Revenue | 87.6 | 85.5 | 146.4 | 103.2 |
Product [Member] | United States | ||||
Revenue | 72.8 | 7.3 | 131.5 | 19.9 |
Product [Member] | Other Foreign | ||||
Revenue | $ 14.8 | $ 78.2 | $ 14.9 | $ 83.3 |
Revenue and Contracts with Cu_4
Revenue and Contracts with Customers (Contract with Customer Asset and Liability) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Provision for Loss on Contract Change | $ (11.3) | |
Deferred revenue | 265.1 | $ 258.4 |
Deferred revenue – change | 6.7 | |
Contract With Customer, Advances, Liability, Current | 30.2 | 14.8 |
Advances from customers, current | 15.4 | |
Deferred Revenue, Noncurrent | 32.8 | 46.2 |
Advances from customers, noncurrent - change | (13.4) | |
Government [Member] | ||
Provision for Loss on Contracts | $ 8.7 | $ 20 |
Revenue and Contracts with Cu_5
Revenue and Contracts with Customers Revenue and Contracts with Customers (Schedule of Accounts Receivable) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Billed accounts receivable | $ 2.5 | $ 29 |
Unbilled contract revenue | 6.5 | 9.1 |
Accounts receivable, net | $ 9 | $ 38.1 |
Revenue and Contracts with Cu_6
Revenue and Contracts with Customers - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 7 Months Ended | 54 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Provision for Loss on Contracts Utilized | $ (11.3) | $ (0.5) | ||||
Deferred revenue, revenue recognized | 14.8 | 59.7 | ||||
Revenue, remaining performance obligation, amount | $ 1,000 | 1,000 | $ 1,000 | $ 1,000 | ||
Deferred Revenue and Advances from Customers - Current and Noncurrent | $ 328 | $ 328 | $ 328 | $ 328 | $ 319 | |
HALEU Demo Contract | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Government cost share, percentage | 80% | 80% | 80% | 80% | ||
HALEU Ops Contract | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Cost obligated to DOE | $ 33 | |||||
Total Amount Program Cost | 120.1 | |||||
Contract Value | $ 150 | $ 150 | 150 | $ 150 | ||
HALEU Ops Contract | Phase 2 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Contract Value | 90 | 90 | 90 | 90 | ||
Government [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Provision for Loss on Contracts | 8.7 | 8.7 | 8.7 | 8.7 | $ 20 | |
Proceeds from Customers | 13.2 | 171.1 | ||||
Government [Member] | HALEU Demo Contract | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Provision for Loss on Contracts Utilized | 0 | $ (0.5) | 19.6 | |||
Provision for Loss on Contracts | 0 | 0 | 0 | 0 | ||
Government [Member] | HALEU Ops Contract | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Provision for Loss on Contracts Utilized | 5.8 | 11.3 | 12.6 | |||
Provision for Loss on Contracts | 8.7 | 8.7 | 8.7 | 8.7 | ||
Maximum [Member] | HALEU Demo Contract | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Government cost share portion | 173 | 173 | 173 | 173 | ||
Maximum [Member] | HALEU Ops Contract | Phase 1 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Government cost share portion | 30 | 30 | 30 | 30 | ||
Company cost share portion | $ 30 | $ 30 | $ 30 | $ 30 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Cash, Cash Equivalents and Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 212.5 | $ 179.9 | ||
Restricted cash included in other current assets | 0.2 | 0.2 | ||
Restricted cash included in other long-term assets | 32.3 | 32.3 | ||
Total cash, cash equivalents and restricted cash | $ 245 | $ 212.4 | $ 136.9 | $ 196.8 |
Cash, Cash Equivalents and Re_4
Cash, Cash Equivalents and Restricted Cash (Schedule of Restricted Cash) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash included in other current assets | $ 0.2 | $ 0.2 |
Restricted cash included in other long-term assets | 32.3 | 32.3 |
Collateral for Inventory Loan [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash included in other current assets | 0 | 0 |
Restricted cash included in other long-term assets | 29.8 | 29.8 |
Workers compensation financial assurance [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash included in other current assets | 0 | 0 |
Restricted cash included in other long-term assets | 2.4 | 2.4 |
Other financial assurance [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash included in other current assets | 0.2 | 0.2 |
Restricted cash included in other long-term assets | $ 0.1 | $ 0.1 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory, Net [Abstract] | ||
Separative work units inventory | $ 19.9 | $ 24.1 |
Uranium inventory | 268.7 | 185.1 |
Inventories | 288.6 | 209.2 |
Separative work units owed to customers and suppliers | 0 | 0 |
Uranium owed to customers and suppliers | 72.8 | 60.8 |
Inventories owed to customers and suppliers | 72.8 | 60.8 |
Separative work units net of liability | 19.9 | 24.1 |
Uranium inventory net of liability | 195.9 | 124.3 |
Inventories, net | $ 215.8 | $ 148.4 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Inventory, Net [Abstract] | ||||
UF6 units borrowed in period, value | $ 22.5 | |||
Inventory Loans, Current & Noncurrent | $ 84 | 84 | $ 58.6 | |
Inventory Loans, Current | 9.9 | 9.9 | $ 9.9 | |
Separative work units valuation change in period | $ 0.8 | $ 2.9 | $ 5.5 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | $ 123.5 | $ 123.5 |
Accumulated intangible asset amortization | (80.6) | (77.8) |
Amortizable intangible assets, net | $ 42.9 | 45.7 |
Average useful life of finite-lived intangible assets | 15 years | |
Contract-Based Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | $ 54.6 | 54.6 |
Accumulated intangible asset amortization | (40.4) | (39.9) |
Amortizable intangible assets, net | 14.2 | 14.7 |
Customer-Related Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 68.9 | 68.9 |
Accumulated intangible asset amortization | (40.2) | (37.9) |
Amortizable intangible assets, net | $ 28.7 | $ 31 |
Schedule of Debt (Details)
Schedule of Debt (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 92.6 | $ 95.7 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, face amount | 74.3 | 74.3 |
Long-term debt, interest | 18.3 | 21.4 |
Long-term debt, current | 6.1 | 6.1 |
Long-term debt | $ 92.6 | $ 95.7 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - Senior Notes [Member] - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt instrument interest rate | 8.25% | |
Long-term debt, current | $ 6.1 | $ 6.1 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments Recorded at Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 212.5 | $ 179.9 |
Deferred compensation asset | 3 | 2.4 |
Deferred compensation obligation | 3 | 2.4 |
Fair Value, Inputs, Level 1 [Member] | ||
Deferred compensation asset | 3 | 2.4 |
Deferred compensation obligation | 3 | 2.4 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Deferred compensation asset | 0 | 0 |
Deferred compensation obligation | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Deferred compensation asset | 0 | 0 |
Deferred compensation obligation | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Senior Notes [Member] - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, long-term and short-term, combined carrying value | $ 98.7 | $ 101.8 |
Long-term debt, fair value | 68.3 | 68.8 |
Long-term debt, face amount | $ 74.3 | $ 74.3 |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% |
Pension and Postretirement He_3
Pension and Postretirement Health and Life Benefits (Schedule of Net Benefit Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Plan, Defined Benefit [Member] | ||||
Service costs | $ 0.8 | $ 0.6 | $ 1.5 | $ 1.3 |
Interest costs | 6.9 | 4.8 | 13.9 | 9.6 |
Amortization of prior service costs (credits), net | 0 | (0.1) | (0.1) | (0.1) |
Expected return on plan assets (gains) | (7.8) | (8.9) | (15.5) | (17.8) |
Net periodic benefit cost (credit) | (0.1) | (3.6) | (0.2) | (7) |
Postretirement Health and Life Benefits Plans [Member] | ||||
Interest costs | 1.3 | 0.9 | 2.5 | 1.8 |
Amortization of prior service costs (credits), net | 0 | (0.1) | 0 | (0.1) |
Net periodic benefit cost (credit) | $ 1.3 | $ 0.8 | $ 2.5 | $ 1.7 |
Net Income Per Share (Schedule
Net Income Per Share (Schedule of Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||
Net income (loss) | $ 12.7 | $ 7.2 | $ 37.4 | $ (0.4) | $ 19.9 | $ 37 |
Average number of shares outstanding, basic | 15,161 | 14,587 | 15,002 | 14,567 | ||
Potentially dilutive shares related to stock options | 208 | 289 | 304 | 336 | ||
Average number of shares outstanding, diluted | 15,369 | 14,876 | 15,306 | 14,903 | ||
Net income (loss) per common share - basic | $ 0.84 | $ 2.56 | $ 1.33 | $ 2.54 | ||
Net income (loss) per common share - diluted | $ 0.83 | $ 2.51 | $ 1.30 | $ 2.48 | ||
Antidilutive securities excluded from computation of earnings per share | 5 | 4 | 2 | 0 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 20, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | |||||
Exchange of preferred stock for common stock and common stock warrant | $ 10.6 | ||||
Reclassification of stock-based compensation liability to equity | (1.9) | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ (1.1) | $ (1.9) | |||
Awards Under Executive Incentive Plan Period | 3 years | ||||
Preferred Stock, Par Value Per Share | $ 1 | $ 1 | |||
Minimum [Member] | |||||
Class of Stock [Line Items] | |||||
Purchase Price Increase Per Share | 18 | ||||
Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Purchase Price Increase Per Share | $ 160.38 | ||||
Common Class A [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 722,568 | ||||
Stock Issued During Period, Value, Gross | $ 24.4 | ||||
Stock Issued During Period, Value, Net | 23.4 | ||||
Direct Costs of Stock Issuance | 0.2 | ||||
Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Reclassification of stock-based compensation liability to equity | 0 | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 0 | 0 | 0 | ||
Common Stock [Member] | Common Class A [Member] | |||||
Class of Stock [Line Items] | |||||
Reclassification of stock-based compensation liability to equity | 0 | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 0 | 0 | 0 | ||
Excess of Capital over Par Value [Member] | |||||
Class of Stock [Line Items] | |||||
Reclassification of stock-based compensation liability to equity | 10.6 | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ (1.1) | $ (1.9) | $ (1.9) |
Commitment and Contingencies (D
Commitment and Contingencies (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency, Possible Loss Not Accrued | $ 9.6 |
Segment Information (Segment Re
Segment Information (Segment Reporting Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 98.4 | $ 99.1 | $ 165.3 | $ 134.4 |
Gross Profit | 28 | 60.9 | 51 | 67.2 |
Low Enriched Uranium Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross Profit | 26.8 | 59.4 | 50.7 | 62.3 |
Technical Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross Profit | 1.2 | 1.5 | 0.3 | 4.9 |
Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 87.6 | 85.5 | 146.4 | 103.2 |
Separative Work Units [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 48.1 | 85.5 | 106.9 | 98.3 |
Uranium [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 39.5 | 0 | 39.5 | 4.9 |
Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 10.8 | $ 13.6 | $ 18.9 | $ 31.2 |
Segment Information Schedule Of
Segment Information Schedule Of Entity Wide Revenue By Major Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Customer A [Member] | Low Enriched Uranium Segment [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue | $ 44.9 | $ 41.6 | ||
Customer A [Member] | Technical Solutions Segment [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue | $ 10.7 | 12.3 | 18.7 | $ 24 |
Customer B [Member] | Low Enriched Uranium Segment [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue | 47.8 | 18.9 | $ 47.8 | |
Customer C [Member] | Low Enriched Uranium Segment [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue | 14.8 | $ 14.5 | ||
Customer E [Member] | Low Enriched Uranium Segment [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue | $ 13.6 |