Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 19, 2014 | Jun. 30, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'USEC INC | ' | ' |
Entity Central Index Key | '0001065059 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 4,945,549 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Public Float | ' | ' | $34,500,000 |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $314.20 | $292.90 |
Accounts receivable, net | 163 | 134.8 |
Inventories | 967.6 | 1,593.20 |
Deferred costs associated with deferred revenue | 165.5 | 116.8 |
Other current assets | 21.7 | 19.2 |
Total Current Assets | 1,632 | 2,156.90 |
Property, Plant and Equipment, net | 7.9 | 51 |
Other Long-Term Assets | ' | ' |
Deposits for surety bonds | 39.8 | 22.3 |
Goodwill | 0 | 6.8 |
Other assets | 25.8 | 29.4 |
Total Other Long-Term Assets | 65.6 | 58.5 |
Total Assets | 1,705.50 | 2,266.40 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 114.5 | 145.8 |
Payables under Russian Contract | 340.7 | 209.8 |
Inventories owed to customers and suppliers | 499.7 | 950 |
Deferred revenue and advances from customers | 195.9 | 125.5 |
Credit facility term loan | 0 | 83.2 |
Convertible senior notes | 530 | 0 |
Convertible preferred stock and accrued dividends payable-in-kind, 85,900 shares issued | 113.9 | 100.5 |
Total Current Liabilities | 1,794.70 | 1,614.80 |
Convertible Senior Notes | 0 | 530 |
Other Long-Term Liabilities | ' | ' |
Postretirement health and life benefit obligations | 195 | 207.2 |
Pension benefit liabilities | 121.2 | 321.7 |
Other liabilities | 52.8 | 65.6 |
Total Other Long-Term Liabilities | 369 | 594.5 |
Commitments and Contingencies (Note 20) | ' | ' |
Stockholders' Equity (Deficit) | ' | ' |
Common stock, par value $.10 per share, 25,000,000 shares authorized, 5,211,000 shares issued | 0.5 | 0.5 |
Excess of capital over par value | 1,216.40 | 1,213.30 |
Retained earnings (deficit) | -1,520.70 | -1,361.80 |
Treasury stock, 226,000 and 203,000 shares | -34.3 | -33 |
Accumulated other comprehensive loss, net of tax | -120.1 | -291.9 |
Total Stockholders' Equity (Deficit) | -458.2 | -472.9 |
Total Liabilities and Stockholders’ Equity (Deficit) | $1,705.50 | $2,266.40 |
BALANCE_SHEET_PARENTHETICALS_P
BALANCE SHEET PARENTHETICALS (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred Stock, Par or Stated Value Per Share | $1 | $1 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Issued | 85,900 | 85,900 |
Common Stock, Par or Stated Value Per Share | $0.10 | $0.10 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 5,211,000 | 5,211,000 |
Treasury Stock, Shares | 226,000 | 203,000 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue: | ' | ' | ' |
Separative work units | $1,222.90 | $1,821.80 | $1,330.90 |
Uranium | 71.2 | 26 | 131.8 |
Contract services | 13.4 | 14.3 | 138.1 |
Total Revenue | 1,307.50 | 1,862.10 | 1,600.80 |
Cost of Sales: | ' | ' | ' |
Separative work units and uranium | 1,388.80 | 1,718.50 | 1,391.10 |
Contract services | 13.6 | 14.2 | 134.3 |
Total Cost of Sales | 1,402.40 | 1,732.70 | 1,525.40 |
Gross profit (loss) | -94.9 | 129.4 | 75.4 |
Advanced technology costs | 186.1 | 1,313.20 | 271.6 |
Selling, general and administrative | 46.8 | 50.3 | 56.4 |
Special charges for workforce reductions and advisory costs | 57.2 | 12.3 | 0 |
Other (income) | -154.3 | -92.1 | -3.7 |
Operating (loss) | -230.7 | -1,154.30 | -248.9 |
Interest expense | 40.1 | 50.4 | 11.6 |
Interest (income) | -0.7 | -1.9 | -0.5 |
(Loss) from continuing operations before income taxes | -270.1 | -1,202.80 | -260 |
Provision (benefit) for income taxes | -86.5 | -1 | 231.8 |
Net (loss) from continuing operations | -183.6 | -1,201.80 | -491.8 |
Net income from discontinued operations | 24.7 | 1.2 | 0.7 |
Net (loss) | ($158.90) | ($1,200.60) | ($491.10) |
Net (loss) from continuing operations per share – basic and diluted | ($37.47) | ($245.26) | ($102.46) |
Net (loss) per share – basic and diluted | ($32.43) | ($245.02) | ($102.31) |
Weighted-average number of shares outstanding: | ' | ' | ' |
Weighted-average number of shares outstanding – basic and diluted | 4.9 | 4.9 | 4.8 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net (loss) | ($158.90) | ($1,200.60) | ($491.10) |
Valuation gain (losses) arising during the period | 187.8 | -55.1 | -136.2 |
Prior service credit arising during the period | 27.8 | 0 | 0 |
Amortization of actuarial (gains) losses, net | 55.3 | 24.2 | 16.2 |
Amortization of prior service costs (credit) | -24.1 | 1.5 | 1.6 |
Other comprehensive income (loss), before tax | 246.8 | -29.4 | -118.4 |
Income tax expense related to items of other comprehensive income | -75 | 0 | 0 |
Other comprehensive income (loss), net of tax | 171.8 | -29.4 | -118.4 |
Comprehensive income (loss) | $12.90 | ($1,230) | ($609.50) |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities | ' | ' | ' |
Net (loss) | ($158.90) | ($1,200.60) | ($491.10) |
Adjustments to reconcile net (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 27.6 | 37.5 | 50.1 |
Transfers and retirements of machinery and equipment | 19.8 | 47.4 | 0 |
Expense of American Centrifuge capital assets | 0 | 1,092.30 | 146.6 |
Deferred income taxes | 0 | 0 | 252 |
Other non-cash income on release of disposal obligation | 0 | -92.1 | -0.6 |
Convertible preferred stock dividends payable-in-kind | 13.4 | 11.9 | 10.4 |
Gain on sale of subsidiary | -35.6 | 0 | 0 |
Gain on extinguishment of convertible notes | 0 | 0 | -3.1 |
Inventory valuation adjustments | 15.2 | 0 | 0 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable – (increase) decrease | -28.2 | 1.4 | 146.6 |
Inventories, net – (increase) decrease | 160.1 | 238.7 | -75.2 |
Payables under Russian Contract – increase | 130.9 | 2.9 | 5.7 |
Deferred revenue, net of deferred costs – increase | 20.9 | 90.3 | 5.2 |
Accounts payable and other liabilities – increase (decrease) | -82.5 | 27.2 | -10.6 |
Accrued depleted uranium disposition – increase (decrease) | 0.4 | -145 | 19.8 |
Other, net | -1.9 | 31 | 0.5 |
Net Cash Provided by Operating Activities | 81.2 | 142.9 | 56.3 |
Cash Flows Provided by Investing Activities | ' | ' | ' |
Capital expenditures | 0 | -4.3 | -152.8 |
Deposits for surety bonds - net (increase) decrease | -17.5 | 129.1 | -10.4 |
Proceeds from sale of subsidiary | 43.2 | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | 25.7 | 124.8 | -163.2 |
Cash Flows Used in Financing Activities | ' | ' | ' |
Borrowings under revolving credit facility | 0 | 123.6 | 80.9 |
Repayments under revolving credit facility | 0 | -123.6 | -80.9 |
Repayment of credit facility term loan | -83.2 | -1.8 | 0 |
Payments for deferred financing costs | -2.2 | -10.1 | -5 |
Common stock issued (purchased), net | -0.2 | -0.5 | -1.5 |
Net Cash (Used in) Financing Activities | -85.6 | -12.4 | -6.5 |
Net Increase (Decrease) | 21.3 | 255.3 | -113.4 |
Cash and Cash Equivalents at Beginning of Period | 292.9 | 37.6 | 151 |
Cash and Cash Equivalents at End of Period | 314.2 | 292.9 | 37.6 |
Supplemental Cash Flow Information: | ' | ' | ' |
Interest paid | 20.7 | 27.5 | 4.5 |
Income taxes paid, net of refunds | $0.40 | $0 | $0 |
CONSOLIDATED_CONDENSED_STATEME3
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock Par Value $.10 per Share [Member] | Excess of Capital over Par Value [Member] | Retained Earnings (Deficit) [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] |
In Millions | ||||||
Beginning Balance at Dec. 31, 2010 | $1,313.80 | $12.30 | $1,172.80 | $329.90 | ($57.10) | ($144.10) |
Reverse stock split of 1 share for 25 (Note 1) | 0 | -12.5 | 12.5 | 0 | 0 | 0 |
Other comprehensive income, net of tax (Note 21) | -118.4 | 0 | 0 | 0 | 0 | -118.4 |
Common stock issued in exchange for convertible senior notes | 41.2 | 0.7 | 40.5 | 0 | 0 | 0 |
Restricted and other common stock issued, net of amortization | 6.9 | 0 | -0.8 | 0 | 7.7 | 0 |
Net (loss) | -491.1 | 0 | 0 | -491.1 | 0 | 0 |
Ending Balance at Dec. 31, 2011 | 752.4 | 0.5 | 1,225 | -161.2 | -49.4 | -262.5 |
Other comprehensive income, net of tax (Note 21) | -29.4 | 0 | 0 | 0 | 0 | -29.4 |
Restricted and other common stock issued, net of amortization | 4.7 | 0 | -11.7 | 0 | 16.4 | 0 |
Net (loss) | -1,200.60 | 0 | 0 | -1,200.60 | 0 | 0 |
Ending Balance at Dec. 31, 2012 | -472.9 | ' | ' | ' | ' | ' |
Reverse stock split of 1 share for 25 (Note 1) | 12.5 | ' | ' | ' | ' | ' |
Other comprehensive income, net of tax (Note 21) | 171.8 | 0 | 0 | 0 | 0 | 171.8 |
Restricted and other common stock issued, net of amortization | 1.8 | 0 | 3.1 | 0 | -1.3 | 0 |
Net (loss) | -158.9 | 0 | 0 | -158.9 | 0 | 0 |
Ending Balance at Dec. 31, 2013 | ($458.20) | $0.50 | $1,216.40 | ($1,520.70) | ($34.30) | ($120.10) |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation | ' | |
BASIS OF PRESENTATION | ||
Nature of Operations | ||
USEC Inc. ("USEC" or "the Company"), a global energy company, supplies low enriched uranium ("LEU") for commercial nuclear power plants. LEU consists of two components: separative work units ("SWU") and uranium. SWU is a standard unit of measurement that represents the effort required to transform a given amount of natural uranium into two components: LEU having a higher percentage of the uranium-235 isotope ("U235") and depleted uranium having a lower percentage of U235. The SWU contained in LEU is calculated using an industry standard formula based on the physics of enrichment. The amount of enrichment deemed to be contained in LEU under this formula is commonly referred to as its SWU component and the quantity of natural uranium used in the production of LEU under this formula is referred to as its uranium component. Utility customers typically provide uranium to USEC as part of their enrichment contracts, and USEC delivers LEU to these customers and charges for the SWU component. | ||
USEC has historically produced or acquired LEU from two principal sources. USEC has produced about half of its supply of LEU at the Paducah Gaseous Diffusion Plant ("Paducah GDP") in Paducah, Kentucky, and USEC has acquired the other portion under a contract with Russia (the "Russian Contract") under the 20-year Megatons to Megawatts program. USEC ceased uranium enrichment at the Paducah GDP at the end of May 2013 and is actively taking steps to transfer the site back to the U.S. Department of Energy ("DOE"). USEC's purchases under the Russian Contract also ended in 2013. Commencing in June 2013, USEC continues to acquire Russian LEU under the terms of a 10-year commercial agreement with Russia (the “Russian Supply Agreement”). Purchase quantities under the Russian Supply Agreement will be about half the amount of SWU under the Megatons to Megawatts program unless the parties exercise a mutual option to increase such purchases. | ||
The cessation of domestic enrichment and the successful conclusion of the Megatons to Megawatts program have placed our business in a state of significant transition. USEC's business will contract in 2014 from one that sold approximately 10 to 12 million SWU annually to one where it is expected to sell about one-third of that amount from its existing inventory, the smaller quantities purchased from Russia under the Russian Supply Agreement and potential other suppliers. USEC expects to be a significantly smaller company with lower revenues for at least several years. USEC continues to pursue various paths with DOE for deploying the American Centrifuge technology, which USEC believes is the best path to remaining a competitive producer of LEU in the long-term. | ||
The economics of the American Centrifuge project are severely challenged by the current supply/demand imbalance in the market for LEU and related downward pressure on market prices for SWU which are now at their lowest levels in more than a decade. At current market prices, USEC does not believe that its plans for commercialization of the American Centrifuge project are economically viable without additional government support beyond the $2 billion loan guarantee funding that the Company has applied for from DOE. | ||
USEC has provided various options to DOE related to preserving the American Centrifuge technology for national security needs which may enable USEC to maintain the option to deploy the technology for commercial purposes at some point in the future. Over the past two years, USEC confirmed the technical readiness of the American Centrifuge technology through a cooperative cost-sharing research, development and demonstration program (such program, including any extension or successor program, the "RD&D Program") with DOE. The continuation of the RD&D Program in 2014 includes work primarily related to additional cascade testing. The program continuation also supports DOE analysis of the technology while sustaining program capabilities as DOE considers its options for meeting national security needs. Funding for the RD&D Program has only been provided through April 15, 2014, and DOE has stated that it does not plan to extend the RD&D cooperative agreement beyond such date. We continue to discuss with DOE its options for maintaining a domestic enrichment capability and DOE’s plans for the American Centrifuge project post-April 15, as well as USEC’s potential role in such options and during any transition. However, the scope of and USEC's role in a program after April 15 are uncertain, and USEC has no assurance that the U.S. government will continue to support the project beyond April 15, 2014. In light of its limited cash generation, USEC’s ability to provide funding in 2014 will be limited. USEC continues to evaluate its options concerning the American Centrifuge project, including its role in any government-supported continuation of the project beyond completion of the RD&D Program, further demobilization of or delays in the commercial deployment of the project, and termination of the project. Any such actions may have a material adverse impact on USEC's ability to deploy the American Centrifuge technology, on its liquidity, on the long-term viability of its LEU business, and could delay or impact its ability to obtain confirmation of its financial restructuring plan and its emergence from the Chapter 11 bankruptcy proceeding discussed below. | ||
In parallel, USEC is taking steps to strengthen its financial structure by addressing balance sheet issues through a Chapter 11 filing with the U.S. Bankruptcy Court so that it can emerge as a stronger sponsor of the American Centrifuge project. See "Chapter 11 Filing" below. | ||
USEC provides limited contract services to DOE and DOE contractors at the Paducah GDP and the site of the former Portsmouth GDP in Piketon, Ohio related to facilities it continues to lease for the American Centrifuge Plant ("ACP"). Revenue from USEC's contract services segment formerly included revenue generated by its subsidiary NAC International Inc. ("NAC"). On March 15, 2013, USEC sold NAC to a subsidiary of Hitachi Zosen Corporation. Refer to Note 3 for details. | ||
Basis of Presentation | ||
The consolidated financial statements include the accounts of USEC Inc., its principal subsidiary United States Enrichment Corporation, and its other subsidiaries. Financial results for NAC through the date of divestiture of March 15, 2013 are reported as discontinued operations. All material intercompany transactions are eliminated. Certain amounts in the consolidated financial statements have been reclassified to conform to the current presentation. | ||
Reverse Stock Split | ||
On July 1, 2013, USEC effectuated a reverse stock split of 1-for-25 shares as described below, resulting in a reclassification from Common Stock to Excess of Capital over Par Value of $12.5 million. | ||
Chapter 11 Filing | ||
On March 5, 2014 (the “Petition Date”), USEC Inc. filed a voluntary petition for relief (the “Bankruptcy Filing”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) case number 14-10475. The Bankruptcy Filing was a “pre-arranged” filing which, as described further below, included the filing of a proposed Plan of Reorganization (the “Plan”) which is supported by certain holders of the claims and interests impaired under the Plan. USEC Inc.’s subsidiaries (collectively, the “Non-Filing Entities”), including United States Enrichment Corporation ("Enrichment"), which is our primary operating subsidiary, were not part of the Bankruptcy Filing. USEC Inc. will continue to operate its business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. The Non-Filing Entities will continue to operate in the ordinary course of business. | ||
The Bankruptcy Filing is intended to strengthen the Company’s balance sheet, enhance its ability to sponsor the American Centrifuge project and improve its long-term business opportunities. USEC Inc. has reached an agreement on the terms of a financial restructuring plan with the holders (the “Consenting Noteholders”) of approximately 65% of the principal amount of its convertible senior notes (the “Convertible Notes”). Under the terms of the agreement described in more detail below, USEC Inc. will replace the approximately $530 million of Convertible Notes that are scheduled to mature in October 2014 with new debt and equity. USEC Inc. has also reached an agreement with Babcock & Wilcox Investment Company (“B&W”) and Toshiba America Nuclear Energy Corporation (“Toshiba” and together with B&W, the “Preferred Investors”) to restructure their preferred convertible equity investment. As strategic investors, Toshiba and B&W remain supportive of deployment of the ACP. | ||
Throughout the restructuring process, both USEC Inc. and the Non-Filing Entities expect to continue operations and meet obligations to stakeholders, including suppliers, partners, customers and employees, subject to limitations on the ability of USEC Inc. to pay certain pre-petition obligations pending confirmation and implementation of the Plan. USEC also anticipates the continuation of research, development and demonstration activities for the American Centrifuge technology subject to the availability of continued government funding. As a non-debtor, Enrichment’s operations, which include the transition of the Paducah GDP back to DOE and the sale of SWU from its inventory and purchases of Russian LEU, are expected to continue unaffected by the bankruptcy. | ||
Reorganization Plan | ||
The material terms of the Plan include, among other things, that, upon the effective date of the Plan (the “Effective Date”): | ||
• | The holders of the Convertible Notes will receive, on a pro rata basis, in exchange for claims on account of their $530 million in outstanding principal amount of Convertible Notes: | |
◦ | 79.04% of the common stock of reorganized USEC Inc. (“New Common Stock”), subject to dilution on account of a new management incentive plan; | |
◦ | cash for interest payable on the Convertible Notes accrued from October 1, 2013, the date of the last semi-annual interest payment, to the Effective Date; and | |
◦ | $200 million in principal amount of new notes issued by reorganized USEC Inc. on terms described in the Plan’s implementing documents (the “New Notes”), with the New Notes being guaranteed and secured on a subordinated and limited basis by Enrichment. | |
• | B&W and Toshiba will each receive in exchange and on account of their shares of USEC’s Series B-1 12.75% convertible preferred stock (the “Preferred Stock”) (as of December 31, 2013, there were 85,903 shares of Preferred Stock outstanding with an aggregate liquidation preference of $113.9 million including accrued paid-in-kind dividends) and warrants dated September 2, 2010 to purchase up to 250,000 shares of USEC’s common stock (the “Warrants”): | |
◦ | 7.98% of the New Common Stock (15.96% in the aggregate), subject to dilution on account of a new management incentive plan; and | |
◦ | $20.19 million in principal amount of New Notes ($40.38 million in the aggregate). | |
◦ | The Preferred Investors have agreed to enter into good faith negotiations to each invest $20.19 million (for an aggregate investment of $40.38 million) of equity in the American Centrifuge project in the future, upon mutually agreed upon terms and conditions, but in any event contingent upon the funding for the ACP of not less than $1.5 billion of debt supported by the DOE loan guarantee program or other government support or funding in such amount (the “ACP Funding Condition”). | |
◦ | In connection with USEC Inc.’s compliance with regulatory requirements, the New Common Stock issued to the Preferred Investors would be structured in a similar manner to the Class B Common Stock contemplated to be issuable to the Preferred Investors upon conversion of the Preferred Stock. As contemplated, Class B Common Stock and will have the same rights, powers, preferences and restrictions and rank equally in all matters with the common stock of the reorganized USEC Inc., except voting. Holders of Class B Common Stock shall be entitled to elect two members of the Board of Directors of USEC Inc., consistent with their current arrangements. | |
• | If the Noteholders and Preferred Investors vote by requisite majorities to accept the Plan, the holders of USEC Inc.’s common stock will receive, on a pro rata basis, 5% of the New Common Stock, subject to dilution on account of a new management incentive plan. | |
• | All secured claims will be reinstated and otherwise not impaired and all liens shall be continued until the claims are paid in full. | |
• | All other general unsecured claims of the Company will be unimpaired and will be either reinstated or paid in full in the ordinary course of business upon the later of the Effective Date or when such obligation becomes due according to its terms. | |
USEC believes that the Plan meets the standards for confirmation under the Bankruptcy Code, but that determination will rest with the Bankruptcy Court. Confirmation of the Plan could materially alter the classifications and amounts reported in USEC’s consolidated financial statements, which do not give effect to any adjustments to the carrying values of assets or amounts of liabilities that might be necessary as a consequence of a confirmation of the Plan or other arrangement or the effect of any operational changes that may be implemented. | ||
Operation and Implication of the Bankruptcy Filing | ||
Under Section 362 of the Bankruptcy Code, the filing of a voluntary bankruptcy petition by USEC Inc. automatically stayed most actions against USEC Inc., including most actions to collect indebtedness incurred prior to the Petition Date or to exercise control over USEC Inc.’s property. Accordingly, although the Bankruptcy Filing triggered defaults for certain of USEC Inc.’s obligations, creditors are stayed from taking any actions as a result of such defaults. Absent an order of the Bankruptcy Court, substantially all of USEC Inc.’s pre-petition liabilities are subject to settlement under the Plan. | ||
Subsequent to the Petition Date, USEC Inc. received interim approval from the Bankruptcy Court to pay or otherwise honor certain pre-petition obligations generally designed to stabilize its operations. These obligations were primarily related to certain employee wages, salaries and benefits, certain governmental taxes and fees, and certain insurance commitments. Pre-petition obligations not authorized to be paid currently by the Bankruptcy Court will be treated under the Plan. Post-petition obligations will be paid when due in the ordinary course of business, without prior payment authorization from the Bankruptcy Court. USEC Inc. has retained, pursuant to Bankruptcy Court approval, legal and financial professionals to advise it in connection with the Bankruptcy Filing and certain other professionals to provide services and advice in the ordinary course of business. From time to time, USEC Inc. may seek Bankruptcy Court approval to retain additional professionals. | ||
USEC Inc. also received interim approval from the Bankruptcy Court to enter into a Debtor-In-Possession Credit Facility (the “DIP Facility”). This $50 million revolving credit facility is provided by Enrichment, USEC Inc.’s subsidiary. It accrues interest at an annual rate of 10.5% and is secured by substantially all of USEC Inc.’s assets. The DIP Facility requires mandatory prepayments from USEC Inc. when cost sharing reimbursements under the RD&D Program have been received from DOE. It matures at the earlier of the Effective Date of the Plan or 120 days, and is expected to be repaid with a draw on the Exit Facility described below. Borrowings must be consistent with a budget satisfactory to Enrichment. USEC Inc. is also required to manage its cash flows pursuant to this budget on a weekly basis with a limitation on variance from the budget. Enrichment’s obligations to make funds available include certain conditions precedent such as confirmation of a Plan within 100 days of the Petition Date, American Centrifuge activities shall not have demobilized, and DOE shall not have suspended or terminated the RD&D program or associated funding. Events of default include termination of any of the Plan Support Agreements prior to confirmation of a Plan, USEC Inc. filing a plan that has not been consented to by Enrichment, as well as other events of default common to such facilities. The Bankruptcy Court will consider final approval of the DIP Facility at a hearing scheduled for April 21, 2014. Pending such final approval, USEC Inc. is authorized to obtain up to $20 million out of the aggregate of $50 million in financing under the DIP Facility. | ||
Reorganization Plan Approval Process | ||
In order for USEC Inc. to emerge successfully from Chapter 11, USEC Inc. must obtain the Bankruptcy Court’s approval of the Plan, which will enable the Company to transition from Chapter 11 into ordinary course operations outside of bankruptcy. In connection with the Plan, USEC Inc. expects to enter into a new credit facility (the “Exit Facility”) with Enrichment. USEC Inc.’s ability to obtain such approval and financing will depend on, among other things, the timing and outcome of various ongoing matters related to the Bankruptcy Filing including issues relating to continued U.S. government funding for the American Centrifuge technology after April 15, 2014. As summarized above, the Plan determines the rights and satisfaction of claims of various creditors and security holders, and is subject to the ultimate outcome of events, negotiations and Bankruptcy Court decisions ongoing through the date on which the Plan is confirmed. | ||
Only creditors impaired under the Plan are entitled to vote on the Plan. As described above, USEC Inc. has already entered into agreements with the Consenting Noteholders and Preferred Investors pursuant to which the Consenting Noteholders and Preferred Investors have agreed to vote in favor of the Plan. The Plan Support Agreements may be terminated by USEC Inc., a majority of the Consenting Noteholders, or the Preferred Investors following written notice and the occurrence of certain events including: | ||
• | Upon a good faith determination of the Board of Directors of USEC Inc. that proceeding with the Plan would be inconsistent with the exercise of its fiduciary duties; | |
• | DOE terminates or suspends (or announces its intent to terminate or suspend) its 80% cost share funding of the RD&D program; | |
• | There is a termination or suspension or material delay in completion of the RD&D program (other than, in the case of USEC’s right to terminate, as a result of action or inaction by USEC); and | |
• | If the Russian transitional supply agreement between Enrichment and Joint Stock Company Techsnabexport is terminated. | |
A majority of Consenting Noteholders or the Preferred Investors can also terminate their respective Plan Support Agreements following written notice and the occurrence of certain events including: | ||
• | USEC Inc. fails to commence the solicitation within 50 days of the commencement of the Chapter 11 case; and | |
• | USEC Inc. experiences any circumstance, change or other event that has had or is reasonably likely to have a short-term or long-term material adverse effect on the financial condition or operations of USEC Inc. and its subsidiaries. | |
Further, the Plan is subject to revision in response to creditor claims and objections, the requirements of the Bankruptcy Code or the Bankruptcy Court and material changes in U.S. government funding for the American Centrifuge technology. While USEC expects to emerge successfully from bankruptcy with Plan approval from the Bankruptcy Court within 90-120 days of the filing, there can be no assurance that USEC will be able to secure approval for the Plan within that period or at all. | ||
Liquidity Risks and Uncertainties | ||
During the pendency of USEC Inc.’s Chapter 11 Case, Enrichment will continue to be the Company’s sole source of revenues and will provide the DIP Facility to USEC Inc. Enrichment is also expected to provide USEC Inc. with a credit facility to exit bankruptcy. USEC Inc.’s liquidity is therefore wholly dependent upon the operations of Enrichment and timely reimbursement from DOE for its portion of funding for the RD&D Program. | ||
USEC incurred a net loss for the years ended December 31, 2013, 2012 and, 2011 and had a shareholders’ deficit as of December 31, 2013. USEC’s business is in a state of significant transition and is subject to numerous risks and uncertainties. The increasingly competitive industry conditions under which USEC operates have negatively impacted the Company’s results of operations and cash flows and may continue to do so in the future. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company's consolidated financial statements have been prepared assuming that USEC will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the 12-month period following the date of these financial statements. | ||
USEC Inc.’s ability to continue as a going concern is contingent upon the Bankruptcy Court’s approval of the Plan and the Company’s ability to successfully implement the Plan, among other factors. As a result of the Bankruptcy Filing, the realization of assets and the satisfaction of liabilities are subject to uncertainty. While operating as a debtor-in-possession under Chapter 11, USEC Inc. may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business (and subject to restrictions contained in the DIP Facility), for amounts other than those reflected in the consolidated financial statements. Further, USEC's reorganization could materially change the amounts and classifications of assets and liabilities reported in the consolidated financial statements. The consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the Bankruptcy Filing, including confirmation of a plan of reorganization or emergence from bankruptcy. | ||
Although the Company ended 2013 with a consolidated cash balance of $314.2 million, the Company’s prospects for adequate liquidity in 2014 are uncertain. The Company’s liquidity is dependent on a number of factors, including (i) the Company’s operating needs, including the cost of the restructuring; (ii) the level of expenditures for the American Centrifuge project, including the availability of any additional government funding of the American Centrifuge project beyond the current RD&D Program, which is funded through April 15, 2014, and the potential demobilization or termination costs if funding for the project beyond April 15 is not available or if USEC Inc. determines there is no longer a viable path to commercialization of the American Centrifuge project; (iii) the amount and timing of transition expenses for the Paducah GDP and the Company’s ability to reach an acceptable agreement with DOE for the transition; and (iv) USEC Inc.’s ability to obtain confirmation and effectiveness of the Plan to restructure its $530.0 million of convertible senior notes that mature on October 1, 2014, all of which impact the Company’s liquidity. | ||
Consistent with prior years, the Company’s payments to Russia for SWU in the first quarter of 2014 are expected to exceed USEC's cash receipts from customers in that quarter, putting pressure on its liquidity in mid-2014 until deliveries to customers under its backlog occur later in the year. The Company’s $110.0 million credit facility matured on September 30, 2013 and was not renewed or replaced. USEC’s working capital requirements are substantially reduced as a result of the conclusion of the Russian Contract under the 20-year Megatons-to-Megawatts program that ended in 2013 and the cessation of enrichment at the Paducah GDP as of May 31, 2013. Purchase quantities under the new 10-year Russian Supply Agreement will be about half the level under the Russian Contract unless the parties exercise a mutual option to increase such purchases. The Company is working with customers to modify delivery schedules to provide sufficient liquidity and working capital for the Company’s operating needs. However, the timing of customer deliveries could create risks to the Company’s liquidity. The Company’s ability to manage unanticipated expenses or delays in customer orders or payments is reduced without a credit facility, which could adversely affect the Company’s liquidity. | ||
The economics of the American Centrifuge project are severely challenged by the current supply/demand imbalance in the market for LEU and related downward pressure on market prices for SWU, which are now at their lowest levels in more than a decade. At current market prices, the Company does not believe that its plans for American Centrifuge commercialization are economically viable without additional government support. In addition, the Company does not currently have any financing in place for the project following the current funding of the RD&D Program. Funding for the RD&D Program has only been provided through April 15, 2014, and DOE has stated that it does not plan to extend the RD&D cooperative agreement beyond such date. We continue to discuss with DOE its options for maintaining a domestic enrichment capability and DOE’s plans for the American Centrifuge project post-April 15, as well as USEC’s potential role in such options and during any transition. However, the scope of and USEC's role in a program after April 15 are uncertain, and USEC has no assurance that the U.S. government will continue to support the project beyond April 15, 2014. The Company’s ability to provide funding in 2014 will be limited. Therefore, the Company continues to evaluate its options concerning the American Centrifuge project, including further demobilization of or delays in the commercial deployment of the project, and termination of the project, and could make a decision to demobilize or terminate the project in the near term. Any such actions may have a material adverse impact on USEC's ability to deploy the American Centrifuge technology, on its liquidity, on the long-term viability of its LEU business, and could delay or impact USEC's ability to obtain confirmation of its financial restructuring plan discussed above and its emergence from bankruptcy. See Note 20, "American Centrifuge" for additional information. | ||
In addition, on May 8, 2012, USEC received a notice from the New York Stock Exchange ("NYSE") that the average closing price of its common stock was below the NYSE's continued listing criteria relating to minimum share price. On July 1, 2013, USEC effectuated a reverse stock split of 1-for-25 shares in order to regain compliance with the NYSE continued listing criteria related to minimum share price. This action resulted in USEC's closing share price exceeding $1.00 per share and remaining above that level, and the condition has now been cured. However, on April 30, 2013, USEC received notice from the NYSE that the decline in USEC's total market capitalization had caused it to be out of compliance with another of the NYSE's continued listing standards. In accordance with the NYSE's rules, USEC submitted a plan advising the NYSE of definitive action it has taken, or is taking, that would bring it into conformity with the market capitalization listing standards within 18 months of receipt of the letter. On August 1, 2013, the NYSE accepted USEC's plan of compliance and USEC's common stock will continue to be listed on the NYSE during the 18-month cure period, subject to the compliance with other NYSE continued listing standards and continued periodic review by the NYSE of USEC's progress with respect to its plan. USEC's plan outlines initiatives USEC must execute by quarter. These initiatives include the successful completion of development milestones for the American Centrifuge Plant, the commercialization activities related to the American Centrifuge project, as well as the successful execution of the Company's Russian Supply Agreement and the Company's potential balance sheet restructuring. The NYSE has notified USEC that if USEC does not achieve these financial and operational goals, the Company will be subject to NYSE trading suspension at the point the initiative or goal is not met. | ||
In addition, the NYSE can at any time suspend trading in a security and delist the stock if it deems it necessary for the protection of investors. The NYSE can take accelerated listing action if USEC's common stock trades at levels viewed to be “abnormally low” over a sustained period of time. USEC would also be subject to immediate suspension and de-listing from the NYSE if its average market capitalization is less than $15 million over a consecutive 30 trading-day period. During July 2013, USEC's market capitalization fell below $15 million for several days. Even if USEC meets the numerical listing standards above, the NYSE reserves the right to assess the suitability of the continued listing of a company on a case-by-case basis whenever it deems it appropriate and will consider factors such as unsatisfactory financial conditions and/or operating results or inability to meet debt obligations or adequately finance operations. | ||
Under the terms of the Convertible Notes, a "fundamental change" is triggered if USEC's shares of common stock are not listed for trading on any of the NYSE, the American Stock Exchange (now NYSE-MKT), the NASDAQ Global Market or the NASDAQ Global Select Market, and the holders of the notes can require USEC to repurchase the notes at par for cash. However, as a result of the Chapter 11 filing, any actions to enforce such repurchase right or to otherwise exercise rights under the notes are stayed. See Note 20, "NYSE Listing Standards Notices" for additional information. | ||
USEC is in discussions with the Pension Benefit Guaranty Corporation ("PBGC") regarding the impact of its de-lease of the Portsmouth GDP and related transition of employees on its defined benefit plan funding obligations as well as the impact of ceasing enrichment at the Paducah GDP and related transition of employees including reductions in force. For additional information, refer to Note 20, "Potential ERISA Section 4062(e) Liability." | ||
The above noted actions, as well as actions that may be taken by vendors, customers, creditors and other third parties in response to these actions or based on their view of USEC Inc.'s or Enrichment's financial strength and future business prospects, could give rise to events that individually, or in the aggregate, impose significant demands on liquidity and have a material adverse impact on our operations. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Cash and Cash Equivalents | |
Cash and cash equivalents include temporary cash investments with original maturities of three months or less. | |
Inventories and Inventories Owed to Customers and Suppliers | |
USEC holds uranium in the form of natural uranium and as the uranium component of LEU. USEC holds SWU as the SWU component of LEU. USEC may also hold title to the uranium and SWU components of LEU at fabricators to meet book transfer requests by customers. Fabricators process LEU into fuel for use in nuclear reactors. Under inventory optimization arrangements between USEC and domestic fabricators, fabricators order bulk quantities of LEU from USEC based on scheduled or anticipated orders from utility customers for deliveries in future periods. As delivery obligations under actual customer orders arise, USEC satisfies these obligations by arranging for the transfer to the customer of title to the specified quantity of LEU at the fabricator. USEC’s balances of SWU and uranium vary over time based on the timing and size of the fabricator’s LEU orders from USEC. Balances can be positive or negative at the discretion of the fabricator. Fabricators have other inventory supplies and, where a fabricator has elected to order less material from USEC than USEC is required to deliver to its customers at the fabricator, the fabricator will use these other inventories to satisfy USEC’s customer order obligations on USEC’s behalf. In such cases, the transfer of title of LEU from USEC to the customer results in quantities of SWU and uranium owed by USEC to the fabricator. These obligations are presented in current liabilities, comprising most of the balance of inventories owed to customers and suppliers. The amounts of SWU and uranium owed to fabricators are satisfied as future bulk deliveries of LEU are made. | |
Inventories of SWU and uranium are valued at the lower of cost or market. Market is based on the terms of long-term contracts with customers, and, for uranium not under contract, market is based primarily on published price indicators at the balance sheet date. SWU and uranium inventory costs are determined using the monthly moving average cost method. | |
SWU costs are based on Russian SWU purchase costs and past production costs. The cost of the SWU component of LEU purchased from Russia is recorded at acquisition cost plus related shipping costs. Past production costs at the Paducah GDP consisted principally of electric power, labor and benefits, materials, depreciation and amortization and maintenance and repairs. Past production also had included a mode of operation, called underfeeding, that used or fed less uranium but required more SWU in the enrichment process requiring more electric power. The quantity of uranium that was earned or added to uranium inventory from underfeeding was accounted for as a byproduct of the enrichment process. Production costs were allocated to the uranium earned based on the net realizable value of the uranium, and the remainder of production costs were allocated to SWU inventory costs. | |
Inventories owed to customers and suppliers, included in current liabilities, consist primarily of SWU and uranium inventories owed to fabricators. Fabricators process LEU into fuel for use in nuclear reactors. Under inventory optimization arrangements between USEC and domestic fabricators, fabricators order bulk quantities of LEU from USEC based on scheduled or anticipated orders from utility customers for deliveries in future periods. As delivery obligations under actual customer orders arise, USEC satisfies these obligations by arranging for the transfer to the customer of title to the specified quantity of LEU at the fabricator. USEC’s balances of SWU and uranium vary over time based on the timing and size of the fabricator’s LEU orders from USEC and the fabricator's needs for working stock of LEU. Balances can be positive or negative at the discretion of the fabricator. Fabricators have other inventory supplies and, where a fabricator has elected to order less material from USEC than USEC is required to deliver to its customers at the fabricator, the fabricator will use these other inventories to satisfy USEC’s customer order obligations on USEC’s behalf. In such cases, the transfer of title of LEU from USEC to the customer results in quantities of SWU and uranium owed by USEC to the fabricator. The amounts of SWU and uranium owed to fabricators are satisfied as future bulk deliveries of LEU are made. | |
Deferred Income Taxes | |
USEC follows the asset and liability approach to account for deferred income taxes. Deferred tax assets and liabilities are recognized for the anticipated future tax consequences of temporary differences between the balance sheet carrying amounts of assets and liabilities and their respective tax bases. Deferred income taxes are based on income tax rates in effect for the years in which temporary differences are expected to reverse. The effect on deferred income taxes of a change in income tax rates is recognized in income when the change in rates is enacted in the law. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets may not be realized. | |
Property, Plant and Equipment | |
Historically, USEC has recoded construction work in progress at acquisition or construction cost. Upon being placed into service, costs were transferred to leasehold improvements or machinery and equipment at which time depreciation and amortization commenced. Maintenance and repair costs are charged to production costs or cost of sales as incurred. | |
USEC leases the Paducah GDP located in Paducah, Kentucky and portions of the former Portsmouth GDP located in Piketon, Ohio from DOE. Leasehold improvements and machinery and equipment are recorded at acquisition cost and depreciated on a straight line basis over the shorter of the useful life of the assets or the expected productive life of the plant. Beginning in the fourth quarter of 2012, the expected productive life of property, plant and equipment at the Paducah GDP was reduced from the lease term ending June 2016 to an accelerated basis ending December 2014. In addition, beginning in the third quarter of 2012, costs that would have been previously treated as construction work in progress are treated similar to maintenance and repair costs because of the shorter expected productive life of the Paducah GDP. The expected productive life of the Paducah GDP was further reduced following the ceasing of enrichment at the end of May 2013. In general, these assets, depending on their continuing economic life, are now expected to be useful only through the first half of 2014. | |
Beginning with the start of the fourth quarter of 2011, all American Centrifuge project costs incurred have been expensed. Based on USEC’s internal analysis concluded as part of its annual assessment, all previously capitalized costs related to the American Centrifuge project were expensed as of December 31, 2012. Capitalization of expenditures related to the American Centrifuge project has ceased until commercial deployment resumes. Additional details related are provided below in “Advanced Technology Costs.” | |
Advanced Technology Costs | |
Historically, costs relating to the American Centrifuge technology were either charged to expense or capitalized based on the nature of the activities and estimates and judgments involving the completion of project milestones. Costs relating to the demonstration of American Centrifuge technology were charged to expense as incurred and costs relating to the construction and deployment of the ACP were capitalized. | |
Instead of moving forward with a conditional commitment for a loan guarantee for the American Centrifuge project through the DOE Loan Guarantee Program, in the fall of 2011, DOE proposed a two-year cost share RD&D Program for the American Centrifuge project. As a result of the shift in focus of the American Centrifuge project, beginning in the fourth quarter of 2011, USEC began spending on the American Centrifuge technology at reduced levels with activities concentrating on development and demonstration. As a result, beginning with the fourth quarter of 2011, all project costs incurred have been expensed, including interest expense that previously would have been capitalized. Refer to Note 8, "Property, Plant and Equipment" and Note 20, "Commitments and Contingencies" for further details. | |
Long-Lived Assets | |
USEC evaluates the carrying value of long-lived assets by performing impairment tests on an annual basis or whenever adverse conditions or changes in circumstances indicate a possible impairment loss. Impairment tests are based on a comparison of estimated undiscounted future cash flows to the carrying values of long-lived assets. If impairment is indicated, the asset carrying value is reduced to fair market value or, if fair market value is not readily available, the asset is reduced to a value determined by applying a discount rate to expected cash flows. | |
Based on USEC’s internal analysis concluded as part of its annual assessment, all previously capitalized costs related to the American Centrifuge project were expensed as of December 31, 2012. Although USEC continues to make progress in the deployment of the ACP, including the effective execution of the RD&D Program during 2012 and 2013, the expense of previously capitalized costs was based on USEC’s assessment of its ability to recover the full amount of this prior capital investment. In light of the significant remaining capital needed to deploy the ACP and USEC’s view of its anticipated cash flow from operations available to finance the ACP given USEC’s other anticipated cash needs during that period, USEC anticipates that its ultimate share of the ownership of the ACP will likely be reduced, which affects its likelihood of recovering this past investment. This expense of previously capitalized costs does not affect any future capital investment in the ACP. USEC would anticipate that capitalization of amounts related to the ACP would resume if and when commercial plant deployment resumes. | |
Financial Instruments and Fair Value Measurement | |
Accounting standards define fair value as 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 measurements for assets and liabilities required or permitted to be recorded at fair value, consideration is given to the principal or most advantageous market and assumptions that market participants would use when pricing the asset or liability. | |
Pursuant to accounting standards, USEC’s convertible debt are recorded at face value and the fair value is disclosed. The estimated fair value of the convertible notes is based on the trading price as of the balance sheet date. Financing costs are generally deferred and amortized over the life of the instrument. | |
Pursuant to accounting standards, USEC’s convertible preferred stock was initially recorded at fair value on a recurring basis. The preferred stock is classified as a liability since it is convertible for a variable number of shares of common stock based on a fixed monetary value known at the issuance date. Since the preferred stock is classified as a liability, the proceeds were first allocated to the liability instrument's full fair value, and no residual proceeds remained to be assigned to the warrants. Upfront costs and fees related to the investment were expensed in 2010 and classified as preferred stock issuance costs. The issuance costs were expensed in the period of issuance, rather than deferred and amortized, since the preferred stock is classified as a liability and was initially recorded at fair value. Dividends paid-in-kind, either issued or payable, are classified as interest. | |
As of December 31, 2013, the convertible preferred stock can be converted at the holder’s option and is classified as a current liability at the redemption value. If a share issuance limitation were to exist at the time of share conversion or sale, any preferred stock shares subject to the share issuance limitation would be subject to optional or mandatory redemption for, at USEC's option, cash or SWU consideration. However, USEC’s ability to redeem may be limited by Delaware law. | |
The balance sheet carrying amounts for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and payables under the Russian Contract approximate fair value because of the short-term nature of the instruments. | |
Lease Turnover Costs and Asset Retirement Obligations | |
Property, plant and equipment assets related to the Paducah GDP are not subject to an asset retirement obligation. At the end of the GDP lease, ownership of plant and equipment that USEC leaves at the GDP transfers to DOE, and responsibility for decontamination and decommissioning ("D&D") of the GDP remains with DOE. USEC estimates and accrues lease turnover costs. Costs of returning the GDP to DOE in acceptable condition include removing nuclear material as required and removing USEC-generated waste. Liabilities for lease turnover costs are based on current-dollar cost estimates and are not discounted. | |
USEC also leases facilities in Piketon, Ohio from DOE for the ACP. Pursuant to contract, DOE has obtained title to certain equipment used in the RD&D Program. Other than equipment transferred to DOE (collectively “DOE Transferred Property”), USEC owns all capital improvements and, unless otherwise consented to by DOE, must remove them by the conclusion of the lease term. At the conclusion of the lease, USEC is obligated to return these leased facilities to DOE in a condition that meets U.S. Nuclear Regulatory Commission ("NRC") requirements and in the same condition as the facilities were in when they were leased to USEC (other than due to normal wear and tear). In the event USEC returns the facilities in Piketon, Ohio prior to completing installation of 1 million SWU of capacity, DOE retains title to and responsibility for disposition of the DOE Transferred Property. | |
D&D requirements for the ACP create an asset retirement obligation. As construction of the ACP takes place, the present value of the related asset retirement obligation (the initially determined fair value of the future obligation) is recognized as a long-term liability. An equivalent amount was and would be recognized as part of the capitalized asset cost during the previous construction period and when commercial plant deployment resumes. Upon commencement of commercial operations, the asset cost will be depreciated over the shorter of the asset life or the expected lease period. | |
The capitalization of asset retirement obligations based on construction progress has been suspended since the third quarter of 2009, when USEC significantly reduced machine manufacturing and construction activities due to project funding uncertainty. In 2012, USEC expensed previously capitalized costs related to the American Centrifuge project and there is no ARO asset balance as of December 31, 2013. | |
The long-term liability for the asset retirement obligation is accreted, or increased, for the passage of time and the estimate also is revised for any changes in long-term inflation rate assumptions. The accretion, based on a time value of money calculation, is charged to cost of sales in the LEU segment. At the end of 2010, USEC reassessed the long-term liability and determined that the current fair value of the obligation was accrued at a sufficient amount based on construction progress and no further increase would be made until additional commercial plant deployment resumes. | |
When ACP commercial plant deployment resumes, USEC will begin again to reassess and revise the estimate of the asset retirement obligation during each reporting period based on construction progress, cost evaluation of future decommissioning expectations, and other judgmental considerations which impact the amount recorded in both construction work in progress and other long-term liabilities. Significant increases in asset retirement obligations and related capitalized asset costs would result when ACP construction is fully underway as part of any commercial plant deployment and plant operations. | |
Environmental Compliance Costs | |
Estimated environmental compliance costs are accrued where environmental assessments indicate that storage, treatment or disposal of wastes is probable and costs can be reasonably estimated. Liabilities for the storage, treatment or disposal of waste are based on current-dollar cost estimates and are not discounted. | |
Concentrations of Credit Risk | |
Credit risk could result from the possibility of a customer failing to perform or pay according to the terms of a contract. Extension of credit is based on an evaluation of each customer's financial condition. USEC regularly monitors credit risk exposure and takes steps to mitigate the likelihood of such exposure resulting in a loss. | |
SWU and Uranium Revenue | |
Revenue is derived from sales of the SWU component of LEU, from sales of both the SWU and uranium components of LEU, and from sales of uranium. Revenue is recognized at the time LEU or uranium is delivered under the terms of contracts with domestic and international electric utility customers. Some customers take title and delivery of LEU at the Paducah GDP, and revenue is recognized when delivery of LEU to the customer is complete. Most customers take title and delivery of LEU at fuel fabricators. USEC ships LEU to nuclear fuel fabricators for scheduled or anticipated orders from utility customers. Based on customer orders, USEC arranges for the transfer of title of LEU from USEC to the customer for the specified quantity of LEU at the fuel fabricator. Revenue is recognized when delivery of LEU to the customer occurs at the fuel fabricator. | |
In a number of sales transactions, title to uranium or LEU is transferred to the customer and USEC receives payment under normal credit terms without physically delivering the uranium or LEU to the customer. This may occur because the terms of the agreement require USEC to hold the uranium to which the customer has title, or because the customer encounters brief delays in taking delivery of LEU at USEC’s facilities. In such cases, recognition of revenue does not occur at the time title to uranium or LEU transfers to the customer but instead is deferred until LEU to which the customer has title is physically delivered. Certain customers make advance payments to be applied against future orders. Advances from customers are reported as deferred revenue, and revenue is recognized as product is delivered or services are provided. | |
Contract Services Revenue | |
USEC performs services and earns revenue from contract work from limited contract work for DOE and DOE contractors at the Paducah GDP and the Portsmouth site. Contract services revenue includes billings for fees and reimbursements for allowable costs that are determined in accordance with the terms of the underlying contracts. Revenue is recognized as work is performed and as fees are earned. Allowable costs include direct costs as well as allocations of indirect plant and corporate overhead costs determined in accordance with government cost accounting standards. Amounts representing contract change orders or final billing rates based on incurred costs are accrued and included in revenue when they can be reliably estimated and realization is probable. Allowable costs are subject to audit by the Defense Contract Audit Agency ("DCAA"), or such other entity that DOE authorizes to conduct the audit. The final settlement of amounts submitted by USEC for reimbursement is subject to Federal Acquisition Regulations requiring the DOE contracting officer to conduct negotiations and prepare a written indirect cost agreement. Revenue resulting from final billing rates is recognized upon completion of the government audits and notice by DOE authorizing final billing. DOE historically has not approved USEC’s provisional billing rates and has not completed audits of USEC’s incurred cost submissions and authorized final payments in a timely manner. Additional details are provided in Note 6. There is the potential for additional revenue to be recognized, based on the outcome of DOE reviews and audits, as the result of the release of previously established receivable related reserves. However, because these periods have not been finalized with DOE, uncertainty exists and USEC has not yet recognized this additional revenue. | |
Stock-Based Compensation | |
USEC historically has had stock-based compensation plans available to grant restricted stock, restricted stock units, non-qualified stock options, performance awards and other stock-based awards to key employees and non-employee directors. Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized over the requisite service period, which is either immediate recognition if the employee is eligible to retire, or on a straight-line basis until the earlier of either the date of retirement eligibility or the end of the vesting period. | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect reported amounts presented and disclosed in the consolidated financial statements. Significant estimates and judgments include, but are not limited to, asset valuations, asset retirement obligations and transition costs, pension and postretirement health and life benefit costs and obligations, the tax bases of assets and liabilities, the future recoverability of deferred tax assets, and determination of the valuation allowance for deferred tax assets. Actual results may differ from such estimates, and estimates may change if the underlying conditions or assumptions change. | |
New Accounting Standards | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued guidance on the presentation of accumulated other comprehensive income ("AOCI"), adding new disclosure requirements for items reclassified out of AOCI. The new guidance does not amend any existing requirements for reporting net income or other comprehensive income in the financial statements. The implementation of the new pronouncement in 2013 is reflected in USEC’s consolidated financial statements and did not have an effect on USEC’s results of operations, cash flows or financial position. | |
In July 2013, the FASB issued guidance requiring an entity to present unrecognized tax benefits as a reduction to deferred tax assets when a net operating loss carryforward, similar tax loss or a tax credit carryforward exists, with limited exceptions. This pronouncement is effective beginning in the first quarter of 2014. USEC has historically presented uncertain tax positions in accordance with the new guidance and does not expect it to have a material impact on its consolidated financial statements. |
Sale_of_NAC_Subsidiary
Sale of NAC Subsidiary | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ' | |||||||||||
Sale of NAC Subsidiary | ' | |||||||||||
SALE OF NAC SUBSIDIARY | ||||||||||||
On January 23, 2013, USEC entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Hitz Holdings U.S.A. Inc. (“Hitz”), a subsidiary of Hitachi Zosen Corporation. Pursuant to the Stock Purchase Agreement, on March 15, 2013, Hitz acquired all of the outstanding shares of USEC’s wholly-owned subsidiary NAC International, Inc. (“NAC”). NAC was acquired by USEC in 2004 and provides transportation and storage systems for spent nuclear fuel and provides nuclear and energy consulting services. USEC recorded a gain on the sale of $35.6 million in the first quarter of 2013, representing the final sale proceeds of $43.2 million less the net carrying amount of NAC assets and liabilities of $5.5 million (including goodwill of $6.8 million) and transaction costs of $2.1 million. | ||||||||||||
The following financial information related to NAC is segregated from continuing operations and reported as discontinued operations (in millions). Results for 2013 reported in discontinued operations are through the date of divestiture of March 15, 2013. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 13.7 | $ | 56 | $ | 71 | ||||||
Cost of sales | 11.8 | 47.4 | 62.2 | |||||||||
Gross profit | 1.9 | 8.6 | 8.8 | |||||||||
Advanced technology costs | — | 0.8 | 1.6 | |||||||||
Selling, general and administrative | 1.8 | 5.8 | 5.7 | |||||||||
Operating income | 0.1 | 2 | 1.5 | |||||||||
Gain on sale of subsidiary | 35.6 | — | — | |||||||||
Income before income taxes | 35.7 | 2 | 1.5 | |||||||||
Provision for income taxes | 11 | 0.8 | 0.8 | |||||||||
Net income from discontinued operations | $ | 24.7 | $ | 1.2 | $ | 0.7 | ||||||
Transition_Charges
Transition Charges | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Transition Charges | ' | |||||||||||||||||||||||
TRANSITION CHARGES | ||||||||||||||||||||||||
Non-Production Expenses Related to Ceasing Enrichment at the Paducah Plant | ||||||||||||||||||||||||
On May 24, 2013, USEC announced that it was not able to conclude a deal for the short-term extension of uranium enrichment at the Paducah GDP. USEC ceased uranium enrichment at the end of May 2013. USEC is in discussions with DOE regarding the timing of USEC’s de-lease of the Paducah GDP from DOE and is seeking to minimize its transition costs related to the site turnover, which could be substantial. | ||||||||||||||||||||||||
Under the terms of the lease, USEC can terminate the lease prior to June 2016 upon two years' notice. Also, as USEC's requirements change, USEC can de-lease portions of the property under lease upon 60 days' notice with DOE's consent, which cannot be unreasonably withheld. However, the right of partial de-lease does not include the right of USEC to terminate the lease in its entirety or with respect to the Paducah GDP, which termination is permitted only in accordance with the two-year termination provision of the lease. On August 1, 2013, USEC provided notice to DOE that USEC exercised its rights to terminate the lease with respect to the Paducah GDP and USEC has been in discussions with DOE regarding the timing of USEC’s de-lease. USEC anticipates being ready to complete the return of leased premises and to terminate the Paducah GDP lease as early as July 2014. However, based on USEC's current discussions with DOE, the return of the leased premises appears unlikely before October 2014 and USEC and DOE have not reached agreement on a lease termination date prior to August 1, 2015. DOE has indicated that its ability to agree to such an earlier date will depend on the its ability to award a contract for deactivation services and be prepared to assume responsibility for the leased areas, among other things. In the event that USEC is unable to agree with DOE on a schedule for termination prior to two years, USEC plans to retain a small portion of the leased premises until August 1, 2015, at which time the Paducah GDP lease will terminate and any remaining portion of the leased premises will be returned to DOE. In such an event, during this period USEC plans to return portions of the leased premises no longer required to meet its business needs. In addition, while DOE has stated that it continues to be willing to work with USEC to develop a transition plan and schedule for the safe and secure return of the Paducah GDP, DOE has taken the position that USEC is foreclosed from invoking its rights to a partial return of facilities under the lease. While USEC strongly disagrees with this DOE position, USEC believes it will be able to reach agreement with DOE on a mutually agreeable date to return the leased areas. Disputes could also arise regarding the requirements of the lease and responsibility for associated turnover costs. | ||||||||||||||||||||||||
The Paducah GDP operated for more than 60 years. Environmental liabilities associated with plant operations by agencies of the U.S. government prior to USEC's privatization on July 28, 1998 are the responsibility of the U.S. government. The USEC Privatization Act and the lease for the plant provide that DOE remains responsible for D&D of the Paducah site. | ||||||||||||||||||||||||
As USEC accelerated the expected productive life of plant assets and ceased uranium enrichment at the Paducah GDP, USEC has incurred a number of expenses unrelated to production that have been charged directly to cost of sales. Non-production expenses totaled $194.2 million in 2013 and $18.8 million in 2012 as follows: | ||||||||||||||||||||||||
- | Site expenses, including lease turnover activities and Paducah and Portsmouth retiree benefit costs, of $103.0 million in 2013. Following the cessation of enrichment at the Paducah GDP, costs for plant activities that formerly were capitalized as production costs are now charged directly to cost of sales including inventory management and disposition, ongoing regulatory compliance, utility requirements for operations, security, and other site management activities related to transition of facilities and infrastructure. | |||||||||||||||||||||||
Prior to the start of 2012, a significant portion of retiree benefit costs were attributed to Portsmouth contract services, based on the employee base performing contract services work. Starting in 2012, ongoing retiree benefit costs related to USEC's former Portsmouth employees are charged to cost of sales of the LEU segment rather than the contract services segment based on continuing operations that support USEC's active and retired employees. Non-production expenses of $13.2 million in 2012 relate to Portsmouth retiree benefit costs; | ||||||||||||||||||||||||
- | Accelerated asset charges of $19.4 million in 2013 and $5.6 million in 2012. Beginning in the fourth quarter of 2012, the expected productive life of property, plant and equipment at the Paducah GDP was reduced from the lease term ending June 2016 to an accelerated basis ending December 2014. In addition, beginning in the third quarter of 2012, costs that would have been previously treated as construction work in progress are treated similar to maintenance and repair costs because of the shorter expected productive life of the Paducah GDP. The expected productive life of the Paducah GDP was further reduced following the ceasing of enrichment at the end of May 2013. In general, these assets, depending on their continuing economic life, are now expected to be useful only through the first half of 2014; | |||||||||||||||||||||||
- | Inventory charges of $25.0 million in 2013. Inventories that are intended to be transferred to DOE upon final de-lease were charged to expense totaling $22.7 million. These inventories include residual uranium in cylinders and inventories deployed for cascade drawdown, assay blending and repackaging. USEC determined that it was currently uneconomic to recover resulting residual quantities for resale. In addition, certain materials and supplies used in the enrichment process with a book value of $2.3 million were expensed following the termination of enrichment at the end of the second quarter 2013; | |||||||||||||||||||||||
- | Inventory valuation adjustments of $15.2 million in 2013, reflecting declines in uranium market price indicators. Inventories of SWU and uranium are valued at lower of cost or market; | |||||||||||||||||||||||
- | Asset retirement charges of $19.8 million in 2013 for property, plant and equipment formerly used in the enrichment process at the Paducah GDP; and | |||||||||||||||||||||||
- | Power contract losses of $11.8 million in 2013. In anticipation of a potential short-term extension of uranium enrichment at the Paducah GDP, USEC purchased approximately 700 megawatts of power for the period from June 1 through September 30, 2013 from several power providers. Due to falling prices in power markets following the purchase of this power, as part of agreements to unwind these purchases, USEC incurred expenses of approximately $11.8 million. | |||||||||||||||||||||||
USEC may incur additional non-production expense and special charges in future periods based on the results of the planning and execution of the Paducah transition, assessments of evolving business needs, and changes in market prices. | ||||||||||||||||||||||||
Special Charges for Workforce Reductions | ||||||||||||||||||||||||
The cessation of enrichment at the Paducah GDP has resulted in charges of $24.0 million in 2013 for termination benefits consisting primarily of severance payments. | ||||||||||||||||||||||||
USEC has notified its Paducah employees of potential layoffs beginning in August 2013. The notifications are provided under the Worker Adjustment and Retraining Notification Act ("WARN Act"), a federal statute that requires an employer to provide advance notice to its employees of potential layoffs in certain circumstances. Following the cessation of enrichment at the Paducah GDP in the second quarter of 2013, USEC initiated an initial workforce reduction of 140 employees that was substantially completed in August 2013. On September 30, 2013, USEC's senior management authorized an additional workforce reduction of approximately 90 Paducah employees. This workforce reduction occurred between October 2013 and January 2014. Between June and December 2013, the Paducah GDP workforce has been reduced by 202 employees through layoffs. Severance payments of $3.2 million were charged to expense in 2013 for these workforce reductions, which is net of $1.2 million of severance paid by USEC and invoiced to DOE. Accounts receivable as of December 31, 2013 include DOE's share of severance paid by USEC. Substantially all cash payments for these workforce reductions were made by the end of 2013. | ||||||||||||||||||||||||
Additional layoffs are expected to occur in stages through 2014 of the remaining Paducah workforce depending on business needs to manage inventory, fulfill customer orders, meet regulatory requirements and transition the site back to DOE in a safe and orderly manner. USEC anticipates being ready to complete the return of leased premises and to terminate the Paducah GDP lease as early as July 2014. However, based on USEC's current discussions with DOE, the return of the leased premises appears unlikely before October 2014 and USEC and DOE have not reached agreement on a lease termination date prior to August 1, 2015. DOE has indicated that its ability to agree to such an earlier date will depend on the its ability to award a contract for deactivation services and be prepared to assume responsibility for the leased areas, among other things. In the event that USEC is unable to agree with DOE on a schedule for termination prior to two years, USEC plans to retain a small portion of the leased premises until August 1, 2015, at which time the Paducah GDP lease will terminate and any remaining portion of the leased premises will be returned to DOE. In such an event, during this period USEC plans to return portions of the leased premises no longer required to meet its business needs. USEC believes that it is now probable of incurring severance costs for the remaining Paducah GDP workforce and estimates that cost to be $20.8 million in the event of a full termination of activities at the site without a transfer of employees to another employer, with DOE owing a portion of this amount estimated to be up to $5 million. DOE’s liability for its share of severance paid is pursuant to the USEC Privatization Act. Information on these additional layoffs would be communicated to affected employees in future notices and may also result in additional charges. | ||||||||||||||||||||||||
Workforce reductions taken in 2012 resulted in special charges and related cash expenditures totaling $3.9 million for termination benefits consisting of severance payments, short-term health care coverage and immediate vesting of restricted stock and stock options for certain employees. These actions were a result of USEC’s 2012 organizational structure review efforts resulting in workforce reductions at the American Centrifuge design and engineering operations in Oak Ridge, Tennessee, at the headquarters operations located in Bethesda, Maryland and at the central services operations located in Piketon, Ohio. The reductions involved approximately 50 employees including two senior corporate officers. | ||||||||||||||||||||||||
As discussed in Note 14, "Pension and Postretirement Health and Life Benefits", USEC froze benefit accruals under its defined benefit pension plans, effective August 5, 2013, for active employees other than those who are covered by a collective bargaining agreement at the Paducah GDP. Pension benefits will no longer increase for these employees to reflect changes in compensation or company service. However, these employees will not lose any benefits earned through August 4, 2013 under the pension plans and continue to accrue service credits toward vesting and qualifying for early or unreduced retirement benefits under the plans. Unamortized prior service costs related to those pension plan participants were accelerated. In addition, as discussed above, layoffs of the remaining Paducah workforce are expected to occur in stages through 2014, but no later than the lease termination date of August 1, 2015. The layoffs are expected to accelerate retirement obligations in the GDP pension plan and GDP postretirement health and life benefit plans. Unamortized prior service costs related to affected plan participants were accelerated due to these terminations. Moreover, and in accordance with plan documents, certain affected plan participants were credited additional plan service credits based on their involuntary termination of employment. The net impact recorded in special charges for the year ended December 31, 2013 for these plans is $22.2 million. | ||||||||||||||||||||||||
Special Charges for Advisory Costs | ||||||||||||||||||||||||
In early 2012, USEC initiated an internal review of its organizational structure and engaged a management consulting firm to support this review. Since late 2012, USEC also has been engaged with advisors on the restructuring of its balance sheet. During the fourth quarter of 2013, USEC engaged additional advisory support to assist with the restructuring of USEC's balance sheet in 2014. Special charges recorded for these advisors totaled $11.0 million in 2013 compared to $8.4 million in 2012. | ||||||||||||||||||||||||
Special Charges Summary | ||||||||||||||||||||||||
A summary of special charges recorded in 2013 and 2012 and changes in the related balance sheet accounts at December 31 follow (in millions): | ||||||||||||||||||||||||
2012 Special Charges | 2012 | Liability Balance to be Paid, Dec. 31, 2012 | 2013 Special Charges | 2013 | Liability Balance to Be Paid, Dec. 31, 2013 | |||||||||||||||||||
Paid | Paid | |||||||||||||||||||||||
Workforce reductions, primarily severance payments | $ | 3.4 | $ | (3.4 | ) | $ | — | $ | 25.2 | $ | (4.0 | ) | $ | 21.2 | ||||||||||
Workforce reductions, non-cash, immediate vesting of restricted stock and stock options | 0.5 | na | na | — | — | — | ||||||||||||||||||
Less: Amounts billed to DOE | — | — | — | (1.2 | ) | na | na | |||||||||||||||||
Pension and postretirement benefit charges, non-cash | — | — | — | 22.2 | na | na | ||||||||||||||||||
Advisory costs | 8.4 | (8.3 | ) | 0.1 | 11 | (9.9 | ) | 1.2 | ||||||||||||||||
$ | 12.3 | $ | (11.7 | ) | $ | 0.1 | $ | 57.2 | $ | (13.9 | ) | $ | 22.4 | |||||||||||
na - not applicable |
Advanced_Technology_Costs_and_
Advanced Technology Costs and Other Income | 12 Months Ended | |
Dec. 31, 2013 | ||
Research and Development [Abstract] | ' | |
Advanced Technology Costs and Other Income | ' | |
ADVANCED TECHNOLOGY COSTS AND OTHER INCOME | ||
USEC is conducting a RD&D Program for the American Centrifuge technology with cost-share funding from DOE. The objectives of the RD&D Program are (1) to demonstrate the American Centrifuge technology through the construction and operation of a commercial demonstration cascade of 120 centrifuge machines and (2) sustain the domestic U.S. centrifuge technical and industrial base for national security purposes and potential commercialization of the American Centrifuge Plant. This includes activities to reduce the technical risks and improve the future prospects of deployment of the American Centrifuge technology. To date, USEC has achieved or exceeded all of the program milestones and performance indicators on or ahead of schedule and on or under budget. | ||
The June 2012 cooperative agreement with DOE, as most recently amended on February 12, 2014, defines the scope, funding and technical goals for the RD&D Program. The cooperative agreement provides for 80% DOE and 20% USEC cost sharing for work performed beginning June 1, 2012. The cooperative agreement is being incrementally funded, and $279.6 million of DOE funding has been provided as follows: | ||
• | $87.7 million of funding was provided by DOE accepting title to quantities of depleted uranium that enabled USEC to release encumbered funds that were providing financial assurance for the disposition of this depleted uranium; | |
• | $45.7 million of funding was provided pursuant to the six-month continuing appropriations resolution passed by Congress and signed by the President on September 28, 2012; | |
• | $44.4 million of funding was provided in March 2013 by DOE transferring the SWU component of LEU that DOE previously acquired from USEC in exchange for the transfer of quantities of USEC’s depleted uranium to DOE; | |
• | $49.9 million of funding was provided pursuant to the FY2013 continuing appropriations resolution, through amendments to the cooperative agreement on June 13, 2013 and July 24, 2013; | |
• | $13.6 million of funding was provided pursuant to the FY2014 continuing appropriations resolution, through an amendment to the cooperative agreement on October 25, 2013; | |
• | $15.7 million of funding was provided through an amendment to the cooperative agreement on November 25, 2013; and | |
• | $22.6 million of funding was provided through amendments to the cooperative agreement on January 28, 2014 and February 12, 2014. | |
Under the cooperative agreement, the RD&D Program is extended through April 15, 2014. The Total Estimated Cost is $350 million and the Total Estimated Government Share is $280 million. | ||
As of December 31, 2013, USEC has made cumulative qualifying American Centrifuge expenditures of $307.8 million. DOE’s pro-rata share is 80% or $246.3 million. Of the $246.3 million, $226.2 million was received by USEC and DOE’s remaining funding share of $20.1 million is included in current accounts receivable as of December 31, 2013. DOE’s pro-rata share of 80% is recognized as other income. | ||
Additional details regarding funding for the RD&D Program and commitments and contingencies related to the American Centrifuge project under the 2002 DOE-USEC Agreement and the June 2012 cooperative agreement are provided in Note 20. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Receivable, Net, Current [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
RECEIVABLES | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(millions) | ||||||||
Accounts Receivable: | ||||||||
Utility customers | $ | 129.3 | $ | 118.3 | ||||
DOE pro-rata share of RD&D Program funding | 20.1 | 4.4 | ||||||
Contract services, primarily DOE: | ||||||||
Billed revenue | 15.7 | 12.6 | ||||||
Unbilled revenue | 1.9 | 1.6 | ||||||
Contract services, primarily DOE | 17.6 | 14.2 | ||||||
Accounts receivable, gross | 167 | 136.9 | ||||||
Less: valuation allowances and allowances for doubtful accounts | 4 | 2.1 | ||||||
Accounts receivable, net | $ | 163 | $ | 134.8 | ||||
DOE Receivables included in Other Long-Term Assets: | ||||||||
DOE long-term receivables, gross | $ | 80.8 | $ | 38 | ||||
Less: valuation allowances and allowances for doubtful accounts | $ | 55 | 12.2 | |||||
DOE long-term receivables, net | $ | 25.8 | $ | 25.8 | ||||
Additional details regarding DOE’s pro-rata share of funding for American Centrifuge expenditures under the RD&D Program are provided in Note 5. | ||||||||
Billings for contract services related to DOE are generally invoiced based on provisional billing rates approved by DOE. Unbilled revenue represents the difference between actual costs incurred, prior to incurred cost audit and notice by DOE authorizing final billing, and provisional billing rate invoiced amounts. Unbilled amounts are invoiced to DOE as billing rates are revised, submitted to and approved by DOE. | ||||||||
Certain receivables from DOE are included in other long-term assets based on the extended timeframe expected to resolve claims for payment. USEC believes DOE has breached its agreements by failing to establish appropriate provisional billing and final indirect cost rates on a timely basis and USEC has filed claims with DOE for payment under the Contract Disputes Act ("CDA"). DOE denied USEC's initial claim for payment of $38.0 million, and on May 30, 2013, USEC appealed the DOE's denial of its claims to the U.S. Court of Federal Claims. | ||||||||
On August 30, 2013, USEC submitted an additional claim to DOE under the CDA for payment of $42.8 million, representing DOE's share of pension and postretirement benefits costs related to the transition of Portsmouth site employees to DOE's D&D contractor. As noted in Note 20, USEC has potential pension plan funding obligations under Section 4062(e) of the Employee Retirement Income Security Act (“ERISA”) related to USEC's de-lease of the Portsmouth gaseous diffusion facilities and transition of employees to DOE's D&D contractor and related to the transition of employees in connection with the Paducah GDP transition. USEC believes that DOE is responsible for a significant portion of any pension and postretirement benefit costs associated with the transition of employees at Portsmouth. The receivable for DOE's share of pension and postretirement benefits costs has a full valuation allowance due to the lack of a resolution with DOE and uncertainty regarding the amounts owed and the timing of collection. The amounts owed by DOE may be more than the amounts invoiced by USEC to date. | ||||||||
USEC has unapplied payments from DOE included in other long-term liabilities pending resolution of the long-term receivables from DOE described above. DOE funded a portion of USEC's contract services work through an arrangement whereby DOE transferred uranium to USEC which USEC immediately sold. USEC completed six competitive sales of uranium between the fourth quarter of 2009 and the first quarter of 2011. The net cash proceeds from the uranium sales are to be applied, at the direction of DOE, (a) as revenue is recognized in USEC’s contract services segment as services are provided or (b) to existing receivables balances due from DOE in USEC’s contract services segment. The remaining payment balance included in other long-term liabilities is $19.7 million as of December 31, 2013 and $20.5 million as of December 31, 2012. |
Inventories
Inventories | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||||||||||||||
Inventories | ' | |||||||||||||||||||||||
INVENTORIES | ||||||||||||||||||||||||
USEC holds uranium, principally at the Paducah GDP, in the form of natural uranium and as the uranium component of LEU. USEC holds SWU as the SWU component of LEU. USEC may also hold title to the uranium and SWU components of LEU at fabricators to meet book transfer requests by customers. Fabricators process LEU into fuel for use in nuclear reactors. Costs included in inventory include purchase costs and previous production costs at the Paducah GDP. With the coming return of the Paducah GDP to DOE, USEC is transferring inventory held at the Paducah GDP to other locations. | ||||||||||||||||||||||||
Components of inventories follow (in millions): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Current | Current | Inventories, Net | Current | Current | Inventories, Net | |||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||
(a) | (a) | |||||||||||||||||||||||
Separative work units | $ | 628.4 | $ | 200 | $ | 428.4 | $ | 880.9 | $ | 382.7 | $ | 498.2 | ||||||||||||
Uranium | 335.4 | 299.7 | 35.7 | 703.7 | 567.3 | 136.4 | ||||||||||||||||||
Materials and supplies | 3.8 | — | 3.8 | 8.6 | — | 8.6 | ||||||||||||||||||
$ | 967.6 | $ | 499.7 | $ | 467.9 | $ | 1,593.20 | $ | 950 | $ | 643.2 | |||||||||||||
(a) | Inventories owed to customers and suppliers, included in current liabilities, consist primarily of SWU and uranium inventories owed to fabricators. | |||||||||||||||||||||||
Uranium Provided by Customers and Suppliers | ||||||||||||||||||||||||
USEC held uranium with estimated values of approximately $1.3 billion at December 31, 2013, and $1.9 billion at December 31, 2012, to which title was held by customers and suppliers and for which no assets or liabilities were recorded on the balance sheet. The reduction reflects a 20% decline in the uranium spot price indicator and a 15% decline in quantities. Utility customers provide uranium to USEC as part of their enrichment contracts. Title to uranium provided by customers generally remains with the customer until delivery of LEU at which time title to LEU is transferred to the customer, and title to uranium is transferred to USEC. |
Property_Plant_and_Equipment_P
Property, Plant and Equipment Property, Plant and Equipment | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure | ' | |||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||||||||||||
A summary of changes in property, plant and equipment follows (in millions): | ||||||||||||||||||||||||||||
Dec 31, | Capital Expenditures (Depreciation) | Transfers and Retirements | Dec 31, | Capital Expenditures (Depreciation) | Transfers and Retirements | Dec 31, | ||||||||||||||||||||||
2010 | 2011 | 2012 | ||||||||||||||||||||||||||
Construction work in progress | $ | 1,126.30 | $ | 135.9 | $ | (151.0 | ) | $ | 1,111.20 | $ | 13.6 | $ | (1,122.1 | ) | $ | 2.7 | ||||||||||||
Leasehold improvements | 187.3 | — | (4.4 | ) | 182.9 | — | 0.8 | 183.7 | ||||||||||||||||||||
Machinery and equipment | 269.1 | — | (17.9 | ) | 251.2 | 0.3 | (69.8 | ) | 181.7 | |||||||||||||||||||
1,582.70 | 135.9 | (173.3 | ) | 1,545.30 | 13.9 | (1,191.1 | ) | 368.1 | ||||||||||||||||||||
Accumulated depreciation and amortization | (351.3 | ) | (42.7 | ) | 35.8 | (358.2 | ) | (27.0 | ) | 68.1 | (317.1 | ) | ||||||||||||||||
$ | 1,231.40 | $ | 93.2 | $ | (137.5 | ) | $ | 1,187.10 | $ | (13.1 | ) | $ | (1,123.0 | ) | $ | 51 | ||||||||||||
Dec 31, | Capital Expenditures (Depreciation) | Transfers and Retirements | Dec 31, | |||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||||
Construction work in progress | $ | 2.7 | $ | — | $ | (2.7 | ) | $ | — | |||||||||||||||||||
Leasehold improvements | 183.7 | — | (42.6 | ) | 141.1 | |||||||||||||||||||||||
Machinery and equipment | 181.7 | — | (17.7 | ) | 164 | |||||||||||||||||||||||
368.1 | — | (63.0 | ) | 305.1 | ||||||||||||||||||||||||
Accumulated depreciation and amortization | (317.1 | ) | (23.3 | ) | 43.2 | (297.2 | ) | |||||||||||||||||||||
$ | 51 | $ | (23.3 | ) | $ | (19.8 | ) | $ | 7.9 | |||||||||||||||||||
Paducah GDP | ||||||||||||||||||||||||||||
As noted in Note 4, "Transition Charges", USEC incurred a charge to cost of sales of $19.8 million in 2013 in connection with the ceasing of enrichment at the Paducah GDP and the related retirements of property, plant and equipment used in the enrichment process. Beginning in the fourth quarter of 2012, the expected productive life of property, plant and equipment at the Paducah GDP was reduced from the lease term ending June 2016 to an accelerated basis ending December 2014. In addition, beginning in the third quarter of 2012, costs that would have been previously treated as construction work in progress are treated similar to maintenance and repair costs because of the shorter expected productive life of the Paducah GDP. The expected productive life of the Paducah GDP was further reduced following the ceasing of enrichment at the end of May 2013. | ||||||||||||||||||||||||||||
American Centrifuge | ||||||||||||||||||||||||||||
USEC is working to deploy the American Centrifuge technology at the ACP in Piketon, Ohio. In the fall of 2011, instead of moving forward with a conditional commitment for a loan guarantee for the American Centrifuge project through the DOE Loan Guarantee Program, DOE proposed a two-year cost share RD&D Program for the American Centrifuge project. USEC, its subsidiary American Centrifuge Demonstration, LLC (“ACD”) and DOE entered into a cooperative agreement for the RD&D Program on June 12, 2012. Additional details are provided in Note 20 under "American Centrifuge - Project Funding." Beginning in the fourth quarter of 2011, as a result of the shift in focus of the American Centrifuge project, USEC began spending on the American Centrifuge technology at reduced levels with activities concentrating on development and demonstration. As a result, all project costs incurred since the start of the fourth quarter of 2011 have been expensed, including interest expense that previously would have been capitalized. | ||||||||||||||||||||||||||||
Based on USEC’s internal analysis concluded as part of its annual assessment, as of December 31, 2012, USEC expensed $1.1 billion of previously capitalized costs related to the American Centrifuge project. This included previously capitalized costs related to property, plant and equipment (including construction work in progress) of $1,075.6 million, prepayments made to suppliers of $9.9 million and deferred financing costs related to the DOE loan guarantee program of $6.7 million that were previously capitalized during the period 2007 through 2011. | ||||||||||||||||||||||||||||
Although USEC continues to effectively execute the RD&D Program, the expense of previously capitalized costs in 2012 was based on USEC's assessment of its ability to recover the full amount of this prior capital investment. In light of the significant remaining capital needed to deploy the ACP and USEC’s view of its anticipated cash flow from operations available to finance the ACP given its other anticipated cash needs during that period, USEC anticipates that its ultimate share of the ownership of the ACP will likely be reduced, which affects USEC’s likelihood of recovering this past investment. This expense of previously capitalized costs does not affect any future capital investment in the ACP. USEC would anticipate that capitalization of amounts related to the ACP would resume if and when commercial plant deployment resumes. | ||||||||||||||||||||||||||||
On June 12, 2012, USEC, through its subsidiary ACD, entered into a contract with DOE to transfer to DOE title to the centrifuge machines and equipment produced or acquired under the RD&D Program. The transferred property included specified existing machines and equipment having a cost of $44.6 million that were transferred in the second quarter of 2012, and the machines and equipment that are produced or acquired under the cooperative agreement. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities (Notes) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities [Text Block] | ' | |||||||
ACCOUNTS PAYABLE AND ACCRUED LIABILITES | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(millions) | ||||||||
Trade payables | $ | 8.7 | $ | 21.1 | ||||
Compensation and benefits | 27.3 | 41 | ||||||
American Centrifuge accrued liabilities | 4.6 | 13.3 | ||||||
Accrued property and other taxes payable | 3.2 | 4.7 | ||||||
Accrued lease turnover - current | 30.4 | 32.2 | ||||||
Accrued interest payable on debt | 4 | 5.3 | ||||||
Accrued severance payments | 21.2 | — | ||||||
Other accrued liabilities | 15.1 | 28.2 | ||||||
$ | 114.5 | $ | 145.8 | |||||
Deferred_Revenue_and_Advances_
Deferred Revenue and Advances From Customers | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Revenue and Credits, Current [Abstract] | ' | |||||||
Deferred Revenue and Advances From Customers | ' | |||||||
DEFERRED REVENUE AND ADVANCES FROM CUSTOMERS | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(millions) | ||||||||
Deferred revenue | $ | 195.9 | $ | 123.1 | ||||
Advances from customers | — | 2.4 | ||||||
$ | 195.9 | $ | 125.5 | |||||
Deferred costs associated with deferred revenue | $ | 165.5 | $ | 116.8 | ||||
Debt
Debt | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Line of Credit Facility [Abstract] | ' | |||||||||||||||||||||||||||
Debt | ' | |||||||||||||||||||||||||||
DEBT | ||||||||||||||||||||||||||||
Credit Facility | ||||||||||||||||||||||||||||
USEC's $110.0 million credit facility matured on September 30, 2013 and was not renewed or replaced. Letters of credit as of December 31, 2013 remain outstanding until their maturity. Utilization of the credit facility at December 31, 2013 and December 31, 2012 follows: | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||
Borrowings under the revolving credit facility | $ | — | $ | — | ||||||||||||||||||||||||
Term loan | — | 83.2 | ||||||||||||||||||||||||||
Letters of credit | 1.6 | 14.7 | ||||||||||||||||||||||||||
Available credit | — | 87.1 | ||||||||||||||||||||||||||
Convertible Senior Notes due October 1, 2014 | ||||||||||||||||||||||||||||
The balance sheet carrying value of USEC’s convertible senior notes was $530.0 million as of December 31, 2013 and December 31, 2012. The convertible senior notes, issued in September 2007, bear interest at a rate of 3.0% per annum payable semi-annually in arrears on April 1 and October 1 of each year. The convertible senior notes are due October 1, 2014, and are classified as a current liability as of December 31, 2013. USEC paid underwriting discounts and offering expenses of $14.3 million in 2007, and these costs were deferred and are being amortized using the effective interest rate method over the life of the convertible notes. Under our proposed Plan, the convertible notes will be restructured. Refer to "Chapter 11 Filing" in Note 1. | ||||||||||||||||||||||||||||
The notes are senior unsecured obligations and rank equally with all existing and future senior unsecured debt of USEC Inc. and senior to all subordinated debt of USEC Inc. The notes are structurally subordinated to all existing and future liabilities of subsidiaries of USEC Inc. and will be effectively subordinated to existing and future secured indebtedness of USEC Inc. to the extent of the value of the collateral. The notes were not eligible for conversion to common stock as of December 31, 2013 or December 31, 2012. | ||||||||||||||||||||||||||||
Under the terms of USEC's convertible notes, a "fundamental change" is triggered if USEC's shares of common stock are not listed for trading on any of the NYSE, the American Stock Exchange (now NYSE-MKT), the NASDAQ Global Market or the NASDAQ Global Select Market, and the holders of the notes can require USEC to repurchase the notes at par for cash. However, as a result of the Chapter 11 filing, any actions to enforce such repurchase right or to otherwise exercise rights under the notes are stayed. | ||||||||||||||||||||||||||||
Deferred Financing Costs | ||||||||||||||||||||||||||||
Financing costs are generally deferred and amortized over the life of the instrument. Deferred financing costs related to the DOE loan guarantee application were expensed in 2012 as described in Note 8. A summary of deferred financing costs for the two years ended December 31, 2013 follows (in millions): | ||||||||||||||||||||||||||||
Dec. 31, | Additions | Reductions | Dec. 31, | Additions/ | Reductions | Dec. 31, | ||||||||||||||||||||||
2011 | 2012 | (Reclasses) | 2013 | |||||||||||||||||||||||||
Other current assets: | ||||||||||||||||||||||||||||
Bank credit facilities | $ | 2.4 | $ | 9.2 | $ | (8.6 | ) | $ | 3 | $ | 2.2 | $ | (5.2 | ) | $ | — | ||||||||||||
Convertible notes | — | — | — | — | 1.8 | (0.2 | ) | 1.6 | ||||||||||||||||||||
Other long-term assets: | ||||||||||||||||||||||||||||
Convertible notes | 5.5 | — | (1.9 | ) | 3.6 | (1.8 | ) | (1.8 | ) | — | ||||||||||||||||||
DOE Loan Guarantee application | 6.7 | — | (6.7 | ) | — | — | — | — | ||||||||||||||||||||
Total | $ | 14.6 | $ | 9.2 | $ | (17.2 | ) | $ | 6.6 | $ | 2.2 | $ | (7.2 | ) | $ | 1.6 | ||||||||||||
Convertible_Preferred_Stock_an
Convertible Preferred Stock and Common Stock Warrants (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Convertible Preferred Stock and Common Stock Warrants [Abstract] | ' |
Preferred Stock [Text Block] | ' |
CONVERTIBLE PREFERRED STOCK AND COMMON STOCK WARRANTS | |
In May 2010, Toshiba and B&W signed a securities purchase agreement to make a $200 million investment in USEC. Under the terms of the agreement, Toshiba and B&W each agreed to invest $100 million in USEC over three phases, each of which is subject to specific closing conditions. Closing for the first phase occurred in September 2010 and USEC received $75 million. Subsequent closings for the second and third phases are subject to certain conditions, including securing a $2 billion loan guarantee from DOE. Under our proposed Plan, the investments of Toshiba and B&W will be restructured. Refer to "Chapter 11 Filing" in Note 1. | |
At the September 2010 closing, Toshiba and B&W purchased 75,000 shares of Series B-1 12.75% convertible preferred stock, and warrants to purchase 250,000 shares of common stock (adjusted for 1-for-25 reverse stock split) at an exercise price of $187.50 per share, which will be exercisable in the future. As of December 31, 2013, the convertible preferred stock balance of $113.9 million includes additional shares of convertible preferred stock totaling $38.9 million representing dividends paid-in-kind either issued or payable. The convertible preferred stock balance of $113.9 million equates to 17.1 million shares of common stock based on the arithmetic average of the daily volume-weighted average share price for USEC common stock as of December 31, 2013 for the preceding 20 trading days, or $6.66 per share. The effect of dilutive securities on net income per share is provided in Note 18. | |
Prior to obtaining shareholder approval, the preferred stock may not be converted into an aggregate number of shares of common stock in excess of 19.99% of the shares of USEC’s common stock outstanding on May 25, 2010 (approximately 0.9 million shares adjusted for 1-for-25 reverse stock split), in compliance with the rules of the New York Stock Exchange. If a share issuance limitation were to exist at the time of share conversion, any preferred stock shares subject to the share issuance limitation would be subject to optional or mandatory redemption for, at USEC's option, cash or SWU consideration. However, USEC’s ability to redeem may be limited by Delaware law. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
Pursuant to the accounting guidance for fair value measurements, fair value is defined as 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 measurements for assets and liabilities required or permitted to be recorded at fair value, consideration is given to the principal or most advantageous market and assumptions that market participants would use when pricing the asset or liability. | ||||||||||||||||||||||||
As a result of USEC Inc.'s bankruptcy filing on March 5, 2014, the realization of assets and the satisfaction of liabilities are subject to uncertainty. Further, USEC's reorganization could materially change the amounts and classifications of assets and liabilities reported in the consolidated financial statements. | ||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||
The accounting guidance for fair value measurement also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: | ||||||||||||||||||||||||
• | Level 1 – quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||
• | Level 2 – inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||||||||||||||||||||||
• | Level 3 – unobservable inputs in which little or no market data exists. | |||||||||||||||||||||||
Financial Instruments Recorded at Fair Value | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents (a) | — | $ | 312.7 | — | $ | 312.7 | — | $ | 292.2 | — | $ | 292.2 | ||||||||||||
Deferred compensation asset (b) | — | 3.1 | — | 3.1 | — | 2.7 | — | 2.7 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation obligation (b) | — | 3 | — | 3 | — | 2.7 | — | 2.7 | ||||||||||||||||
(a) | Cash equivalents consist of funds invested in money market funds. These investments are classified within Level 2 of the valuation hierarchy because the publicly reported Net Asset Value (“NAV”) of one dollar does not necessarily reflect the fair value of the underlying securities. | |||||||||||||||||||||||
(b) | The deferred compensation obligation represents the balance of deferred compensation plus net investment earnings. The deferred compensation plan is informally funded through a rabbi trust using variable universal life insurance. The cash surrender value of the life insurance policies is designed to track the deemed investments of the plan participants. Investment crediting options consist of institutional and retail investment funds. The deemed investments are classified within Level 2 of the valuation hierarchy because (i) of the indirect method of investing and (ii) unit prices of institutional funds are not quoted in active markets. | |||||||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||||||
As of December 31, 2013 and December 31, 2012, the balance sheet carrying amounts for accounts receivable, accounts payable and accrued liabilities (excluding the deferred compensation obligation described above), and payables under the Russian Contract approximate fair value because of the short-term nature of the instruments. | ||||||||||||||||||||||||
The balance sheet carrying amounts and estimated fair values of USEC’s debt follow (in millions): | ||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||
Credit facility term loan | $ | — | $ | — | $ | 83.2 | $ | 93.5 | ||||||||||||||||
Convertible preferred stock and accrued dividends payable-in-kind | 113.9 | 113.9 | 100.5 | 100.5 | ||||||||||||||||||||
3.0% convertible senior notes, due October 1, 2014 | 530 | 184.1 | 530 | 198.2 | ||||||||||||||||||||
The estimated fair value of the term loan as of December 31, 2012 was based on the change in market value of an index of loans of similar credit quality based on published credit ratings, and is classified as using Level 2 inputs in the fair value measurement. | ||||||||||||||||||||||||
The convertible preferred stock can be converted or sold at the holder’s option and is classified as a current liability at the redemption value. The estimated fair value of the convertible preferred stock is based on a market approach using a discount rate of 12.75%, which is unobservable (Level 3) since the instruments do not trade. Dividends on the convertible preferred stock are paid (or accrued and are added to the liquidation preference of the convertible preferred stock) as additional shares of convertible preferred stock on a quarterly basis at an annual rate of 12.75%, which is consistent with current market prices and other market benchmarks. The estimated fair value equals the redemption value of $1,000 per share. The convertible preferred stock are currently subject to a share issuance limitation. If a share issuance limitation were to exist at the time of share conversion or sale, any preferred stock shares subject to the share issuance limitation would be subject to optional or mandatory redemption for, at USEC's option, cash or SWU consideration. However, USEC’s ability to redeem may be limited by Delaware law. | ||||||||||||||||||||||||
The estimated fair value of the convertible notes is based on the trading price as of the balance sheet date, and is classified as using Level 1 inputs in the fair value measurement. |
Pension_and_Postretirement_Hea
Pension and Postretirement Health and Life Benefits | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||||||||||
Pension and Postretirement Health and Life Benefits | ' | |||||||||||||||||||||||||||||||
PENSION AND POSTRETIREMENT HEALTH AND LIFE BENEFITS | ||||||||||||||||||||||||||||||||
There are approximately 6,100 employees and retirees covered by qualified defined benefit pension plans providing retirement benefits based on compensation and years of service, and approximately 4,000 employees, retirees and dependents covered by postretirement health and life benefit plans. DOE retained the obligation for postretirement health and life benefits for workers who retired prior to July 28, 1998. Pursuant to the supplemental executive retirement plans (“SERP”) and pension restoration plan, USEC provides executive officers additional retirement benefits in excess of qualified plan limits imposed by tax law. Employees hired on or after September 1, 2008 and who are not covered by a collective bargaining agreement that provides for participation do not participate in a qualified defined benefit pension plan or the postretirement health and life benefit plan. | ||||||||||||||||||||||||||||||||
Changes in the projected benefit obligations and plan assets and the funded status of the plans follow (in millions): | ||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Postretirement Health | |||||||||||||||||||||||||||||||
and Life Benefit Plans | ||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Changes in Benefit Obligations: | ||||||||||||||||||||||||||||||||
Obligations at beginning of year | $ | 1,099.00 | $ | 989.5 | $ | 248.8 | $ | 252.9 | ||||||||||||||||||||||||
Actuarial (gains) losses, net | (121.0 | ) | 104.6 | (25.2 | ) | (7.2 | ) | |||||||||||||||||||||||||
Service costs | 9.9 | 14.6 | 3.6 | 3.7 | ||||||||||||||||||||||||||||
Interest costs | 45 | 48.3 | 9 | 11.1 | ||||||||||||||||||||||||||||
Benefits paid | (58.2 | ) | (58.0 | ) | (12.2 | ) | (12.3 | ) | ||||||||||||||||||||||||
Lump sum benefits paid | (47.2 | ) | — | — | — | |||||||||||||||||||||||||||
Less federal subsidy on benefits paid | — | — | 0.5 | 0.6 | ||||||||||||||||||||||||||||
Plan amendments | — | — | (27.8 | ) | — | |||||||||||||||||||||||||||
Curtailments | (20.1 | ) | — | 24.6 | — | |||||||||||||||||||||||||||
Special termination benefits | — | — | 10.6 | — | ||||||||||||||||||||||||||||
Obligations at end of year | 907.4 | 1,099.00 | 231.9 | 248.8 | ||||||||||||||||||||||||||||
Changes in Plan Assets: | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 774.8 | 727.8 | 41.6 | 45.1 | ||||||||||||||||||||||||||||
Actual return on plan assets | 92.7 | 91.3 | 6.9 | 5.8 | ||||||||||||||||||||||||||||
USEC contributions | 21.9 | 13.7 | 0.6 | 3 | ||||||||||||||||||||||||||||
Benefits paid | (58.2 | ) | (58.0 | ) | (12.2 | ) | (12.3 | ) | ||||||||||||||||||||||||
Lump sum benefits paid | (47.2 | ) | — | — | — | |||||||||||||||||||||||||||
Fair value of plan assets at end of year | 784 | 774.8 | 36.9 | 41.6 | ||||||||||||||||||||||||||||
(Unfunded) status at end of year | (123.4 | ) | (324.2 | ) | (195.0 | ) | (207.2 | ) | ||||||||||||||||||||||||
Amounts recognized in assets and liabilities: | ||||||||||||||||||||||||||||||||
Current liabilities | $ | (2.2 | ) | $ | (2.5 | ) | — | — | ||||||||||||||||||||||||
Noncurrent liabilities | (121.2 | ) | (321.7 | ) | (195.0 | ) | (207.2 | ) | ||||||||||||||||||||||||
$ | (123.4 | ) | $ | (324.2 | ) | $ | (195.0 | ) | $ | (207.2 | ) | |||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (loss), pre-tax: | ||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 115.3 | $ | 326 | $ | 12.8 | $ | 45.3 | ||||||||||||||||||||||||
Prior service cost (credit) | 0.2 | 1.7 | (2.1 | ) | — | |||||||||||||||||||||||||||
$ | 115.5 | $ | 327.7 | $ | 10.7 | $ | 45.3 | |||||||||||||||||||||||||
Assumptions used to determine benefit | ||||||||||||||||||||||||||||||||
obligations at end of year: | ||||||||||||||||||||||||||||||||
Discount rate | 4.87 | % | 4.07 | % | 4.45 | % | 3.66 | % | ||||||||||||||||||||||||
Compensation increases | 2 | % | 4 | % | 2 | % | 4 | % | ||||||||||||||||||||||||
The discount rates above are the estimated rates at which the benefit obligations could be effectively settled on the measurement date and are based on yields of high quality fixed income investments whose cash flows match the timing and amount of expected benefit payments of the plans. | ||||||||||||||||||||||||||||||||
Assets and benefit obligations of the pension and postretirement health and life benefit plans are measured as of the year-end balance sheet date. The overfunded or underfunded status of the plans are recognized as either assets or liabilities in the balance sheet, and offsetting amounts are recognized in accumulated other comprehensive income (loss), a component of stockholders’ equity. Net actuarial losses and prior service costs and benefits are therefore recognized in the balance sheet, and are deferred and recognized as net periodic benefit costs in the statement of operations over time. | ||||||||||||||||||||||||||||||||
The expected return on plan assets is based on the weighted average of long-term return expectations for the composition of the plans’ equity and debt securities. Expected returns on equity securities are based on historical long-term returns of equity markets. Expected returns on debt securities are based on the current interest rate environment. The differences between the actual return on plan assets and expected return on plan assets are accumulated actuarial gains and losses. | ||||||||||||||||||||||||||||||||
The current portion of underfunded plan liabilities represents the expected benefit payments for the following year in excess of the fair value of the plan assets at year-end. The current liability reflects projected benefit payments for SERP and the pension restoration plan in the following year. | ||||||||||||||||||||||||||||||||
Projected benefit obligations are based on actuarial assumptions including future increases in compensation for employees covered by a collective bargaining agreement. Accumulated benefit obligations are based on actuarial assumptions but do not include possible future increases in compensation. The accumulated benefit obligation for all defined benefit pension plans was $906.0 million at December 31, 2013 and $1,040.4 million at December 31, 2012. At December 31, 2013, none of USEC’s plans had fair value of plan assets in excess of accumulated benefit obligations. | ||||||||||||||||||||||||||||||||
The expected cost of providing pension benefits is accrued over the years employees render service, and actuarial gains and losses are amortized over the employees’ average expected future service life or average expected future lifetime, as applicable. For the postretirement health and life benefit plan, actuarial gains and losses are amortized over the average expected future lifetime of plan participants; prior service costs or benefits are amortized over the employees’ average remaining years of service from age 40 until the date of full benefit eligibility or the average expected future lifetime of all plan participants, as applicable. Participants in the postretirement health and life benefit plan are generally eligible for benefits at retirement after age 50 with 10 years of continuous credited service at the time of retirement. | ||||||||||||||||||||||||||||||||
Significant Plan Impacts in 2013 | ||||||||||||||||||||||||||||||||
A curtailment occurs when an employer eliminates accrual of pension benefits for some or all future services of a significant number of employees covered by the pension plan. When a curtailment occurs, plan assets and benefit obligations are remeasured. | ||||||||||||||||||||||||||||||||
Effective August 5, 2013, accrued benefits for active employees who are not covered by a collective bargaining agreement at the Paducah GDP have been frozen under the defined benefit pension plans, including the non-qualified USEC Inc. Pension Restoration Plan. The retirement benefit is fixed and will no longer increase for these employees to reflect changes in compensation or company service. However, these employees will not lose any benefits earned through August 4, 2013 under the pension plans and continue to accrue service credits toward vesting and qualifying for early or unreduced retirement benefits under the plans. Unamortized prior service costs related to those pension plan participants were accelerated and a plan re-measurement was conducted at June 30, 2013. The result was a curtailment gain of $0.7 million recorded in the second quarter of 2013 to special charges. Obligations for plans affected by the benefit freeze decreased by $32.7 million in total. | ||||||||||||||||||||||||||||||||
In addition, as discussed in Note 4, “Transition Charges,” layoffs are expected to occur in stages through 2014 of the remaining Paducah workforce, but no later than the lease termination date of August 1, 2015. The layoffs are expected to accelerate retirement obligations in the GDP pension plan and GDP postretirement health and life benefit plan. Unamortized prior service costs related to affected plan participants were accelerated due to these terminations. Moreover, and in accordance with plan documents, certain affected plan participants were credited additional plan service credits based on their involuntary termination of employment. The net impact recorded in special charges at December 31, 2013 for the two plans is $22.9 million, and obligations for both plans increased in total by $47.9 million. | ||||||||||||||||||||||||||||||||
The freeze of the defined benefit pension plans is part of the internal organizational structure review effort. The defined benefit pension plans were amended to allow a lump sum payment option to active employees who are not covered by a collective bargaining agreement at the Paducah GDP who are terminated as a result of participation in a reduction in force from August 5, 2013 through December 31, 2014. The qualified defined benefit pension plans were further amended to allow a one-time voluntary election for a lump sum payment in December 2013 to certain former employees with deferred vested pension benefits. Any lump sum distributions under this program would fully settle USEC's long-term pension obligations related to those benefits. Settlement accounting, which would require immediate recognition of a portion of amounts deferred in accumulated other comprehensive income, need not be followed if the sum of the settlements for the year is less than the sum of the service cost and interest cost components of the net periodic benefit cost for the plan year, measured on a plan by plan basis. Total lump sum payments in 2013 fell below the minimum settlement accounting thresholds for the plans and therefore settlement accounting was not required. | ||||||||||||||||||||||||||||||||
Prior to recent plan amendments, the qualified pension plans offered a lump sum option to plan participants in only limited circumstances. First, in the event that the entire present value of the participant’s benefits was less than $5,000, a participant may elect a lump sum representing a full distribution of plan benefits. Because plan rules require five years of service to have a vested right to pension benefits, almost all participants are eligible for benefits with present values in excess of $5,000. | ||||||||||||||||||||||||||||||||
Second, with respect to the Employee’s Retirement Plan of USEC Inc., a participant may elect a lump sum representing the present value of the participant’s benefits attributable to service through December 31, 2000. Lump sum distributions are not a permissible optional payment form for benefits accrued after December 31, 2000 except for the aforementioned lump sum program. This plan became effective in 1994. Few participants remain eligible for lump sum payments of plan benefits for service through December 31, 2000. | ||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Postretirement Health | |||||||||||||||||||||||||||||||
and Life Benefit Plans | ||||||||||||||||||||||||||||||||
(in millions) | Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Net Periodic Benefit Costs | ||||||||||||||||||||||||||||||||
Service costs | $ | 9.9 | $ | 14.6 | $ | 16.2 | $ | 3.6 | $ | 3.7 | $ | 4.3 | ||||||||||||||||||||
Interest costs | 45 | 48.3 | 50.3 | 9 | 11.1 | 12.2 | ||||||||||||||||||||||||||
Expected return on plan assets (gains) | (51.1 | ) | (52.0 | ) | (54.0 | ) | (2.3 | ) | (2.9 | ) | (3.7 | ) | ||||||||||||||||||||
Amortization of prior service costs (credits), net | 0.7 | 1.5 | 1.7 | — | — | — | ||||||||||||||||||||||||||
Amortization of actuarial (gains) losses, net | 16.2 | 19.7 | 9.4 | 2.7 | 4.5 | 2.6 | ||||||||||||||||||||||||||
Curtailment loss (gain) | 12.6 | — | 3.2 | (1.0 | ) | — | 1.9 | |||||||||||||||||||||||||
Special termination loss | — | — | — | 10.6 | — | — | ||||||||||||||||||||||||||
Net periodic benefit costs | $ | 33.3 | $ | 32.1 | $ | 26.8 | $ | 22.6 | $ | 16.4 | $ | 17.3 | ||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
Net valuation (gain) loss | $ | (182.7 | ) | $ | 65.2 | $ | 115.4 | $ | (5.1 | ) | $ | (10.1 | ) | $ | 20.8 | |||||||||||||||||
Net prior service cost (credit) | — | — | — | (27.8 | ) | — | — | |||||||||||||||||||||||||
Amortization of actuarial gains (losses), net | (28.0 | ) | (19.7 | ) | (11.6 | ) | (27.3 | ) | (4.5 | ) | (4.6 | ) | ||||||||||||||||||||
Amortization of prior service (costs) credits | (1.5 | ) | (1.5 | ) | (1.6 | ) | 25.6 | — | — | |||||||||||||||||||||||
Total (gain) loss recognized in other comprehensive income (loss), pre-tax | $ | (212.2 | ) | $ | 44 | $ | 102.2 | $ | (34.6 | ) | $ | (14.6 | ) | $ | 16.2 | |||||||||||||||||
Total recognized in net periodic benefit costs (income) and other comprehensive income (loss), pre-tax | $ | (178.9 | ) | $ | 76.1 | $ | 129 | $ | 12 | $ | 1.8 | $ | 33.5 | |||||||||||||||||||
Defined Benefit Pension Plans | Postretirement Health | |||||||||||||||||||||||||||||||
and Life Benefit Plans | ||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Assumptions used to determine net periodic benefit costs: | ||||||||||||||||||||||||||||||||
Discount rates: | ||||||||||||||||||||||||||||||||
Final remeasurement/Curtailment | 4.87 | % | 4.95 | % | 5.77 | % | 4.45 | % | 4.46 | % | 5.32 | % | ||||||||||||||||||||
Initial Curtailment- Freeze | 4.92 | — | — | — | — | — | ||||||||||||||||||||||||||
Expected return on plan assets | 6.75 | 7.25 | 7.5 | 6.75 | 7.25 | 7.5 | ||||||||||||||||||||||||||
Compensation increases | 4 | 4.25 | 4.25 | 4 | 4.25 | 4.25 | ||||||||||||||||||||||||||
Net periodic benefit costs are allocated to cost of sales for the LEU segment, selling, general and administrative expense, and advanced technology costs. Prior to cessation of enrichment at the Paducah GDP, net periodic benefit costs were allocated to SWU inventory costs rather than as a direct charge to cost of sales. | ||||||||||||||||||||||||||||||||
Prior to the start of 2012, a significant portion of the costs related to pension and postretirement health and life benefit plans were attributed to Portsmouth contract services, based on the employee base performing contract services work. Starting in 2012, ongoing retiree benefit costs related to USEC's former Portsmouth employees are charged to the LEU segment rather than the contract services segment based on USEC's continuing LEU segment operations that support its active and retired employees. These net benefit costs totaled $8.9 million for 2013 and $13.2 million for 2012 and are directly charged to cost of sales rather than production. The transition of Portsmouth site contract services workers from USEC to DOE’s D&D contractor began in the first quarter of 2011 and was completed on September 30, 2011. The elimination of expected years of future service for certain employees at the Portsmouth site in the actuarial calculation resulted in a combined special termination and curtailment loss of $3.2 million for the defined benefit pension plan in the first quarter of 2011. A curtailment loss of $1.9 million for the postretirement health and life benefit plans was recognized in the second quarter of 2011 based on greater clarity of employee decisions regarding the plan offered by the D&D contractor and further refinement of actuarial assumptions. The curtailment losses were included in cost of sales for the contract services segment. | ||||||||||||||||||||||||||||||||
The estimated actuarial net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic pension benefit cost during 2014 are $1.3 million and less than $0.1 million, respectively. The estimated prior service credit for the postretirement health and life benefit plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2014 is $0.5 million. | ||||||||||||||||||||||||||||||||
Healthcare cost trend rates used to measure postretirement health benefit obligations follow: | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Healthcare cost trend rate for the following year | 7.50% | 7.50% | ||||||||||||||||||||||||||||||
Long-term rate that the healthcare cost trend rate gradually declines to | 5% | 5% | ||||||||||||||||||||||||||||||
Year that the healthcare cost trend rate is expected to reach the long-term rate | 2019 | 2018 | ||||||||||||||||||||||||||||||
A one-percentage-point change in the assumed healthcare cost trend rates would have an effect on the postretirement health benefit obligation and costs, as follows (in millions): | ||||||||||||||||||||||||||||||||
One Percentage Point | ||||||||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||||||
Postretirement health benefit obligation | $ | 6.3 | $ | (5.9 | ) | |||||||||||||||||||||||||||
Net periodic benefit costs | $ | 0.7 | $ | (0.6 | ) | |||||||||||||||||||||||||||
Benefit Plan Assets | ||||||||||||||||||||||||||||||||
Independent advisors manage investment assets of USEC’s defined benefit pension plans and postretirement health and life benefit plans. USEC has the fiduciary responsibility for reviewing performance of the various investment advisors. The investment policy of the plans is to maximize portfolio returns within reasonable and prudent levels of risk in order to meet projected liabilities and maintain sufficient cash to make timely payments of all participant benefits. Risk is reduced by diversifying plan assets in a broad mix of asset classes and by following a strategic asset allocation approach. Asset classes and target weights are adjusted periodically to optimize the long-term portfolio risk/return tradeoff, to provide liquidity for benefit payments, and to align portfolio risk with the underlying obligations. The investment policy of the plans prohibits the use of leverage, direct investments in tangible assets, or any investment prohibited by applicable laws or regulations. | ||||||||||||||||||||||||||||||||
The allocation of plan assets between equity and debt securities and the target allocation range by asset category follows: | ||||||||||||||||||||||||||||||||
Percentage of | Target Allocation | |||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||
December 31, | Range | |||||||||||||||||||||||||||||||
2013 | 2012 | 2014 | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans: | ||||||||||||||||||||||||||||||||
Equity securities | 54 | % | 52 | % | 40 | - | 60% | |||||||||||||||||||||||||
Debt securities | 46 | 48 | 40 | - | 60 | |||||||||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||||||||||
Postretirement Health and Life Benefit Plans: | ||||||||||||||||||||||||||||||||
Equity securities | 69 | % | 65 | % | 55 | - | 75% | |||||||||||||||||||||||||
Debt securities | 31 | 35 | 25 | - | 45 | |||||||||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||||||||||
Plan assets are measured at fair value. Following are the plan investments as of December 31, 2013 and December 31, 2012 categorized by the fair value hierarchy levels described in Note 13 (in millions): | ||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
U.S. government securities | $ | — | $ | — | $ | 74.2 | $ | 89.8 | $ | — | $ | — | $ | 74.2 | $ | 89.8 | ||||||||||||||||
Collective trust - money market funds | — | — | 19.4 | 16.5 | — | — | 19.4 | 16.5 | ||||||||||||||||||||||||
Collective trust - bond funds | — | — | 48.1 | 47.7 | — | — | 48.1 | 47.7 | ||||||||||||||||||||||||
Collective trust - equity funds | — | — | 423.1 | 397.4 | — | — | 423.1 | 397.4 | ||||||||||||||||||||||||
Corporate debt | — | — | 208.5 | 211.1 | — | 0.6 | 208.5 | 211.7 | ||||||||||||||||||||||||
Municipal bonds | — | — | 7 | 7.8 | — | — | 7 | 7.8 | ||||||||||||||||||||||||
Mortgage and asset backed securities | — | — | — | 0.2 | — | — | — | 0.2 | ||||||||||||||||||||||||
Fair value of investments by hierarchy level | $ | — | $ | — | $ | 780.3 | $ | 770.5 | $ | — | $ | 0.6 | $ | 780.3 | $ | 771.1 | ||||||||||||||||
Accrued interest receivable | 4 | 3.8 | ||||||||||||||||||||||||||||||
Unsettled transactions payable | (0.3 | ) | (0.1 | ) | ||||||||||||||||||||||||||||
Plan assets | $ | 784 | $ | 774.8 | ||||||||||||||||||||||||||||
Postretirement Health and Life Benefit Plans | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Money market funds | $ | — | $ | — | $ | 0.9 | $ | 0.8 | $ | — | $ | — | $ | 0.9 | $ | 0.8 | ||||||||||||||||
Bond mutual funds | 10.4 | 13.7 | — | — | — | — | 10.4 | 13.7 | ||||||||||||||||||||||||
Equity mutual funds | 25.6 | 27.1 | — | — | — | — | 25.6 | 27.1 | ||||||||||||||||||||||||
Fair value of investments by hierarchy level | $ | 36 | $ | 40.8 | $ | 0.9 | $ | 0.8 | $ | — | $ | — | $ | 36.9 | $ | 41.6 | ||||||||||||||||
Level 1 assets consist of bond and equity mutual funds that have a publicly available Net Asset Value (“NAV”). | ||||||||||||||||||||||||||||||||
Level 2 assets include investments in U.S. government agency securities, corporate and municipal debt and mortgage and asset backed securities that are valued based on estimated prices using observable, market-based inputs. Bond and equity funds in collective trusts are valued based on the NAVs provided by administrators of the funds. A collective trust fund is an investment vehicle with a NAV quoted in a private market. The NAV for each fund is based on the underlying assets owned by the fund, less any expenses accrued against the fund, divided by the number of fund shares outstanding. Investments in these funds are classified within Level 2 of the valuation hierarchy because the NAV’s unit price is not quoted in an active market; however, the unit price is based on underlying investments which are traded in an active market. Investments in money market funds are classified within Level 2 of the valuation hierarchy because the publicly reported Net Asset Value (“NAV”) of one dollar does not necessarily reflect the fair value of the underlying securities. | ||||||||||||||||||||||||||||||||
Level 3 assets include investments in corporate debt securities that are valued based on estimated prices that include unobservable inputs such as extrapolated data, indicative quotes and proprietary models of third-party pricing sources. The table below sets forth a summary of changes in the fair value of Level 3 assets of the defined benefit pension plans (in millions): | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Beginning balance | $ | 0.6 | $ | 0.9 | ||||||||||||||||||||||||||||
Transfer out to Level 2 | (0.6 | ) | (0.9 | ) | ||||||||||||||||||||||||||||
Transfer in from Level 2 | — | 0.1 | ||||||||||||||||||||||||||||||
New purchases | — | 0.5 | ||||||||||||||||||||||||||||||
Ending balance | $ | — | $ | 0.6 | ||||||||||||||||||||||||||||
Benefit Plan Cash Flows | ||||||||||||||||||||||||||||||||
USEC expects to contribute $37.7 million to the defined benefit pension plans in 2014, consisting of $35.5 million of required contributions under the Employee Retirement Income Security Act (“ERISA”) and $2.2 million to non-qualified plans. There is no required contribution for the postretirement health and life benefit plans under ERISA and USEC does not expect to contribute in 2014. USEC receives federal subsidy payments for sponsoring prescription drug benefits that are at least actuarially equivalent to Medicare Part D. | ||||||||||||||||||||||||||||||||
Estimated future benefit plan payments and expected subsidies from Medicare follow (in millions): | ||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Postretirement Health and Life Benefit Plans | Expected | ||||||||||||||||||||||||||||||
Subsidies | ||||||||||||||||||||||||||||||||
From Medicare | ||||||||||||||||||||||||||||||||
2014 | $ | 85.8 | $ | 16.3 | $ | 0.2 | ||||||||||||||||||||||||||
2015 | 64.1 | 20.9 | 0.2 | |||||||||||||||||||||||||||||
2016 | 73 | 24.1 | 0.2 | |||||||||||||||||||||||||||||
2017 | 62.2 | 24.6 | 0.3 | |||||||||||||||||||||||||||||
2018 | 61.4 | 23.9 | 0.3 | |||||||||||||||||||||||||||||
2019 to 2023 | 291.5 | 98.2 | 2 | |||||||||||||||||||||||||||||
Other Plans | ||||||||||||||||||||||||||||||||
USEC sponsors a 401(k) defined contribution plan for employees. Employee contributions are matched at established rates. Amounts contributed are invested in a range of investment options available to participants, and the funds are administered by an independent trustee. USEC’s matching cash contributions amounted to $6.3 million in 2013, $6.1 million in 2012 and $7.7 million in 2011. | ||||||||||||||||||||||||||||||||
Effective August 5, 2013, certain employees impacted by the pension freeze discussed above are eligible to receive an enhanced matching contribution formula under the USEC Savings Program (401(k) plan). USEC's maximum matching contribution for these individuals was increased from 4% to 7% of eligible earnings in August. | ||||||||||||||||||||||||||||||||
Under the Executive Deferred Compensation Plan, qualified employees contribute and USEC matches contributions in excess of amounts eligible under the 401(k) plan. USEC’s matching contributions amounted to less than $0.1 million in 2012 and $0.1 million in 2011. The Executive Deferred Compensation Plan was suspended effective January 1, 2013. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||
Stock-Based Compensation | ' | |||||||||||
STOCK-BASED COMPENSATION | ||||||||||||
USEC historically has had stock-based compensation plans available to grant restricted stock, restricted stock units, non-qualified stock options, performance awards and other stock-based awards to key employees and non-employee directors. In January 2013, the Compensation Committee of the Board of Directors suspended the Annual Incentive Program and Long Term Incentive Program under the USEC Inc. 2009 Equity Incentive Plan. There were no stock-based compensation awards to employees in 2013. | ||||||||||||
Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized over the requisite service period, which is either immediate recognition if the employee is eligible to retire, or on a straight-line basis until the earlier of either the date of retirement eligibility or the end of the vesting period. As of December 31, 2013, there was $0.8 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested restricted shares and restricted stock units granted in prior years. That cost is expected to be recognized over a weighted-average period of one year. | ||||||||||||
Long-term restricted stock granted to key employees in prior years has a three-year vesting period. The fair value of restricted stock was determined based on the closing price of USEC’s common stock on the grant date. Sale of such shares is restricted prior to the date of vesting. A summary of restricted shares activity for the year ended December 31, 2013 follows (shares in thousands): | ||||||||||||
Shares | Weighted-Average | |||||||||||
Grant-Date | ||||||||||||
Fair Value | ||||||||||||
Restricted Shares at December 31, 2012 | 108 | $ | 41.82 | |||||||||
Granted | — | — | ||||||||||
Vested | (45 | ) | 67.57 | |||||||||
Forfeited | — | — | ||||||||||
Restricted Shares at December 31, 2013 | 63 | $ | 23.53 | |||||||||
Non-employee directors are granted restricted stock units as part of their compensation for serving on the Board of Directors which may only be settled in USEC stock. The restricted stock units vest over one or three years, however, vesting is accelerated upon (1) the director attaining eligibility for retirement, (2) termination of the director’s service by reason of death or disability, or (3) a change in control. Settlement of restricted stock units granted to non-employee directors is made in shares of USEC stock upon the director’s retirement or other end of service. | ||||||||||||
There were no stock options granted or exercised in 2013, 2012 and 2011. In January 2013, the Compensation Committee of the Board of Directors approved the surrender and cancellation of 2,462,726 unexercised stock options and suspended the Annual Incentive Program and Long Term Incentive Program for 2013 under the USEC Inc. 2009 Equity Incentive Plan. | ||||||||||||
A summary of stock-based compensation costs follows (in millions): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Total stock-based compensation costs: | ||||||||||||
Restricted stock and restricted stock units | $ | 1.9 | $ | 4.4 | $ | 7.1 | ||||||
Performance awards and other | 0.1 | 0.8 | 1.3 | |||||||||
Less: costs capitalized as part of inventory | — | (0.1 | ) | (0.4 | ) | |||||||
Expense included in selling, general and administrative and advanced technology costs | $ | 2 | $ | 5.1 | $ | 8 | ||||||
Total recognized tax benefit | $ | — | $ | — | $ | — | ||||||
The total recognized tax benefit is reported at the federal statutory rate net of the tax valuation allowance. | ||||||||||||
Of the 300,000 shares of common stock approved by stockholders for issuance under USEC’s equity incentive plan, there were approximately 246,000 shares available for future awards under the plans at December 31, 2013 (excluding outstanding awards which terminate or are cancelled without being exercised or that are settled for cash), all of which are available for grants of stock options, restricted stock or restricted stock units, performance awards and other stock-based awards if authorized by the Compensation Committee of the Board of Directors. USEC’s practice is to issue shares under stock-based compensation plans from treasury stock. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
Provision (Benefit) | ||||||||||||
The provision (benefit) for income taxes from continuing operations is as follows (in millions): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | (2.9 | ) | $ | (21.2 | ) | ||||
State and local | (1.8 | ) | 2 | 0.6 | ||||||||
Foreign | — | — | — | |||||||||
(1.8 | ) | (0.9 | ) | (20.6 | ) | |||||||
Deferred: | ||||||||||||
Federal | (83.0 | ) | (0.2 | ) | 237.2 | |||||||
State and local | (1.7 | ) | 0.1 | 15.2 | ||||||||
Foreign | — | — | — | |||||||||
(84.7 | ) | (0.1 | ) | 252.4 | ||||||||
$ | (86.5 | ) | $ | (1.0 | ) | $ | 231.8 | |||||
In 2011, there was an insignificant amount of foreign income associated with the foreign income taxes of $0.1 million. | ||||||||||||
Deferred Taxes | ||||||||||||
Future tax consequences of temporary differences between the carrying amounts for financial reporting purposes and USEC’s estimate of the tax bases of its assets and liabilities result in deferred tax assets and liabilities, as follows (in millions): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Plant lease turnover and other exit costs | $ | 17.4 | $ | 15.8 | ||||||||
Employee benefits costs | 119.7 | 215 | ||||||||||
Inventory | 10.1 | 15.9 | ||||||||||
Property, plant and equipment | 508.8 | 490.5 | ||||||||||
Tax intangibles | — | 0.3 | ||||||||||
Depleted uranium and stored wastes | 2.9 | 3.4 | ||||||||||
Net operating loss and credit carryforwards | 89.2 | 35.5 | ||||||||||
Accrued expenses | 4.7 | 7.1 | ||||||||||
Prepaid expenses | — | 2.4 | ||||||||||
Other | 12.3 | 8 | ||||||||||
765.1 | 793.9 | |||||||||||
Valuation allowance | (763.5 | ) | (793.9 | ) | ||||||||
Deferred tax assets, net of valuation allowance | 1.6 | — | ||||||||||
Deferred tax liabilities: | ||||||||||||
Prepaid expenses | 1.6 | — | ||||||||||
Deferred tax liabilities | 1.6 | — | ||||||||||
— | — | |||||||||||
The valuation allowance reduces the net deferred tax assets to their net realizable value. A full valuation allowance against net deferred taxes was first recorded in 2011 due to cumulative losses incurred in recent years and due to substantial uncertainty to generate future taxable income that would lead to realization of the net deferred tax assets. The ultimate realization of the net deferred tax assets is dependent upon generating sufficient taxable income in future years when deferred tax assets are recoverable or are expected to reverse. | ||||||||||||
USEC has federal net operating losses of $226.5 million, federal tax credit carryforwards of $6.5 million that currently expire through 2033, and a minimum tax credit carryforward of $1.4 million which does not expire. USEC has state net operating losses of $45.0 million that currently expire in 2033. If certain substantial changes in USEC's ownership occur, there would be an annual limitation on the amount of the federal and state tax carryforwards that can be utilized. | ||||||||||||
Effective Tax Rate | ||||||||||||
A reconciliation of income taxes calculated based on the federal statutory income tax rate of 35% and the effective tax rate follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal | 2 | — | — | |||||||||
Research and other tax credits | — | — | 1 | |||||||||
Other nondeductible expenses | (1 | ) | — | (1 | ) | |||||||
Preferred stock issuance costs and dividends paid-in-kind | (2 | ) | — | (1 | ) | |||||||
Valuation allowance against deferred tax assets | 3 | (35 | ) | (123 | ) | |||||||
Restructuring costs | (1 | ) | — | — | ||||||||
Impact of state rate changes on deferred taxes | (4 | ) | — | — | ||||||||
32 | % | — | % | (89 | )% | |||||||
Included in the effective tax rates is a benefit of $9.1 million in 2013 to reduce the valuation allowance against net deferred tax assets and a charge of $413.0 million in 2012 to increase the valuation allowance. The 2013 benefit of $9.1 million was recorded to continuing operations as a result of the intraperiod tax allocation rules discussed below. | ||||||||||||
Included in the effective tax rates for 2011 through 2013 are the impacts of the $75.0 million investment by Toshiba and B&W and the quarterly dividends on the preferred stock that were issued or accrued in additional shares of preferred stock (paid-in-kind). The preferred stock and warrants are considered equity instruments for income tax purposes. The paid-in-kind dividends and issuance costs are permanent differences that are not deductible for tax purposes and are included in the effective tax rate calculation. | ||||||||||||
Intraperiod Tax Allocation | ||||||||||||
Intraperiod tax allocation rules require that all items, including other comprehensive income and discontinued operations, be considered for purposes of determining the amount of tax benefit that results from a loss in continuing operations. As a result, an income tax benefit of $86.5 million was recorded in continuing operations for the year ended December 31, 2013, with offsets of income tax expense of $75.0 million recorded in other comprehensive income and $11.0 million recorded in discontinued operations. | ||||||||||||
Uncertain Tax Positions | ||||||||||||
Accounting standards require that a tax position meet a minimum recognition threshold in order for the related tax benefit to be recognized in the financial statements. The liability for unrecognized tax benefits, included in other long-term liabilities, was $2.3 million at December 31, 2013 and $3.0 million at December 31, 2012. If recognized, these tax benefits would impact the effective tax rate. As a result of changes to unrecognized tax benefits, the tax provision decreased $0.4 million during 2013, $0.4 million during 2012, and $0.3 million during 2011. USEC believes that the liability for unrecognized tax benefits will be reduced by $1.0 million in the next 12 months. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits follows (in millions): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Balance at beginning of the year | $ | 3 | $ | 3.7 | ||||||||
Reductions to tax positions of prior years | (0.7 | ) | (0.8 | ) | ||||||||
Additions for tax positions of current year | — | 0.1 | ||||||||||
Balance at end of the year | $ | 2.3 | $ | 3 | ||||||||
USEC and its subsidiaries file income tax returns with the U.S. government and various states and foreign jurisdictions. The IRS started an examination of USEC's 2008 through 2011 federal income tax returns during 2012. As of December 31, 2013, the federal statute of limitations is closed with respect to all tax years through 2007. As of December 31, 2013, the Kentucky statute of limitations for calendar tax years 2009 forward had not yet expired. | ||||||||||||
USEC recognizes accrued interest related to uncertain tax positions as a component of interest expense. Reversals of previously accrued income tax related interest is typically offset to interest expense, but if the amount is significant, it is reclassified to interest income in the consolidated statement of operations. USEC recognizes the increase or decrease of accrued penalties for income taxes as a component of selling, general and administrative expense in the consolidated statement of operations. | ||||||||||||
The impact of accrued interest and penalties was a reduction to expenses in the consolidated statement of operations of $0.2 million in 2013, $0.3 million in 2012, and less than $0.1 million in 2011. Accrued interest and penalties, included as a component of accounts payable and accrued liabilities, totaled $0.6 million as of December 31, 2013 and $0.8 million as of December 31, 2012. |
Stockholders_Equity_Deficit_No
Stockholders Equity (Deficit) (Notes) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||
STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||
Common Stock | |||||||||
Changes in the number of shares of common stock outstanding, adjusted for the reverse stock split of 1-for-25 shares effectuated on July 1, 2013, follow (in thousands): | |||||||||
Shares | Treasury | Shares | |||||||
Issued | Stock | Outstanding | |||||||
Balance at December 31, 2010 | 4,933 | (323 | ) | 4,610 | |||||
Common stock issued, net | 278 | 40 | 318 | ||||||
Balance at December 31, 2011 | 5,211 | (283 | ) | 4,928 | |||||
Common stock issued, net | — | 80 | 80 | ||||||
Balance at December 31, 2012 | 5,211 | (203 | ) | 5,008 | |||||
Common stock issued, net | — | (23 | ) | (23 | ) | ||||
Balance at December 31, 2013 | 5,211 | (226 | ) | 4,985 | |||||
Issued shares of treasury stock are net of repurchases, surrenders, and forfeitures of shares under the Equity Incentive Plan. | |||||||||
Preferred Stock Purchase Rights | |||||||||
On September 30, 2011, the Board of Directors adopted a tax benefit preservation plan including preferred stock purchase rights in order to help preserve the value of certain deferred tax benefits, including those generated by net operating losses and net unrealized built-in losses. The tax benefit preservation plan was terminated on March 4, 2014. | |||||||||
Convertible Preferred Stock and Common Stock Warrants | |||||||||
Refer to Note 12 regarding the investment in USEC by Toshiba and B&W. |
Net_Income_Per_Share
Net Income Per Share | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||||
NET INCOME (LOSS) PER SHARE | |||||||||||||||
Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, excluding any unvested restricted stock. In calculating diluted net income per share, the numerator is increased by interest expense on the convertible notes and convertible preferred stock dividends, net of amount capitalized and net of tax, and the denominator is increased by the weighted average number of shares resulting from potentially dilutive securities, assuming full conversion, consisting of stock compensation awards, convertible notes, convertible preferred stock and warrants. No dilutive effect is recognized in a period in which a net loss has occurred or in which the assumed conversion effect of convertible securities is antidilutive. | |||||||||||||||
On July 1, 2013, USEC effectuated a reverse stock split of 1-for-25 shares in order to regain compliance with the NYSE continued listing criteria related to minimum share price. Net income (loss) per share was adjusted for all periods presented to reflect the change in the number of shares. | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
(millions) | |||||||||||||||
Numerators for basic and diluted calculations (a): | |||||||||||||||
Net (loss) from continuing operations | $ | (183.6 | ) | $ | (1,201.8 | ) | $ | (491.8 | ) | ||||||
Net income from discontinued operations | 24.7 | 1.2 | 0.7 | ||||||||||||
Net (loss) | $ | (158.9 | ) | $ | (1,200.6 | ) | $ | (491.1 | ) | ||||||
Denominator: | |||||||||||||||
Weighted average common shares | 5 | 5 | 4.9 | ||||||||||||
Less: Weighted average unvested restricted stock | 0.1 | 0.1 | 0.1 | ||||||||||||
Denominator for basic calculation | 4.9 | 4.9 | 4.8 | ||||||||||||
Weighted average effect of dilutive securities: | |||||||||||||||
Convertible notes | 1.8 | 1.8 | 1.8 | ||||||||||||
Convertible preferred stock: | |||||||||||||||
Equivalent common shares (b) | 10.3 | 4.1 | 0.8 | ||||||||||||
Less: share issuance limitation (c) | 9.4 | 3.2 | — | ||||||||||||
Net allowable common shares | 0.9 | 0.9 | 0.8 | ||||||||||||
Subtotal | 2.7 | 2.7 | 2.6 | ||||||||||||
Less: shares excluded in a period of a net loss or antidilution | 2.7 | 2.7 | 2.6 | ||||||||||||
Weighted average effect of dilutive securities | — | — | — | ||||||||||||
Denominator for diluted calculation | 4.9 | 4.9 | 4.8 | ||||||||||||
Net (loss) per share from continuing operations – basic and diluted | $ | (37.47 | ) | $ | (245.26 | ) | $ | (102.46 | ) | ||||||
Net income per share from discontinued operations – basic and diluted | $ | 5.04 | $ | 0.24 | $ | 0.15 | |||||||||
Net (loss) per share – basic and diluted | $ | (32.43 | ) | $ | (245.02 | ) | $ | (102.31 | ) | ||||||
(a) | The numerators are subject to increase for interest expense on convertible notes and convertible preferred stock dividends, net of tax, of $20.3 million in 2013, $19.3 million in 2012 and $4.7 million in 2011. The tax rate is the statutory rate. However, no dilutive effect is recognized in a period in which a net loss has occurred. In addition, for purposes of calculating income from discontinued operations per share, the calculation of (loss) from continuing operations per share provides a control number in determining whether potential common shares are dilutive or antidilutive. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss (discontinued operations and net income/loss), regardless of their antidilutive effect on such categories. Therefore, no dilutive effect is recognized in the calculation of income from discontinued operations per share. | ||||||||||||||
(b) | The number of equivalent common shares for the convertible preferred stock is based on the arithmetic average of the daily volume weighted average prices per share of common stock for each of the last 20 trading days, and is determined as of the beginning of the period for purposes of calculating diluted net income per share. | ||||||||||||||
(c) | Prior to obtaining shareholder approval, the preferred stock may not be converted into an aggregate number of shares of common stock in excess of 19.99% of the shares of our common stock outstanding on May 25, 2010 (approximately 0.9 million shares adjusted to take into account the 1-for-25 reverse stock split), in compliance with the rules of the New York Stock Exchange. If a share issuance limitation were to exist at the time of share conversion or sale, any preferred stock shares subject to the share issuance limitation would be subject to optional or mandatory redemption for, at USEC's option, cash or SWU consideration. However, USEC’s ability to redeem may be limited by Delaware law. | ||||||||||||||
Options and warrants to purchase shares of common stock having an exercise price greater than the average share market price are excluded from the calculation of diluted net income per share: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Options excluded from diluted net income per share | 1,000 | 111,000 | 125,000 | ||||||||||||
Warrants excluded from diluted net income per share | 250,000 | 250,000 | 250,000 | ||||||||||||
Exercise price of excluded options | $ | 177.5 | to | $ | 93 | to | $ | 93 | to | ||||||
$ | 357 | $ | 357 | $ | 357 | ||||||||||
Exercise price of excluded warrants | $ | 187.5 | $ | 187.5 | $ | 187.5 | |||||||||
In January 2013, the Compensation Committee of the Board of Directors approved the surrender and cancellation of unexercised stock options held by employees. The remaining options are held by non-employee directors. |
Environmental_Compliance_Notes
Environmental Compliance (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Environmental Compliance [Abstract] | ' |
Environmental Compliance [Text Block] | ' |
ENVIRONMENTAL COMPLIANCE | |
Environmental compliance costs include the handling, treatment and disposal of hazardous substances and wastes. Pursuant to the USEC Privatization Act, environmental liabilities associated with the Paducah GDP prior to July 28, 1998 are the responsibility of the U.S. government. | |
Depleted Uranium | |
USEC has historically accrued estimated costs for the future disposition of depleted uranium generated from enrichment operations at the Paducah GDP. DOE provided funding for the support of the RD&D Program in 2012 by accepting title to USEC’s balance of depleted uranium. As of December 31, 2013, a small remaining quantity of depleted uranium remains to be transferred to DOE under USEC’s agreement with DOE. The transfer of depleted uranium to DOE enabled USEC to release cash deposits that had been used as collateral for future depleted uranium disposition. | |
Stored Wastes | |
USEC's prior enrichment operations generated hazardous, low-level radioactive and mixed wastes. The storage, treatment, and disposal of wastes are regulated by federal and state laws. USEC utilizes offsite treatment and disposal facilities and stores wastes at the Paducah site pursuant to permits, orders and agreements with DOE and state agencies. Liabilities accrued for the treatment and disposal of stored wastes generated by USEC's operations, included in accounts payable and accrued liabilities, amounted to $1.8 million at December 31, 2013 and $2.1 million at December 31, 2012. | |
GDP Lease Turnover | |
Under the GDP lease agreement with DOE, ownership of capital improvements that USEC leaves behind as well as responsibility for D&D transfers to DOE. The turnover requirements of the lease require USEC to remove certain uranium and USEC-generated waste and place the property in a safe shutdown condition. Accrued liabilities for lease turnover costs related to the Paducah GDP, included in accounts payable and accrued liabilities, were $30.4 million at December 31, 2013 and $32.2 million at December 31, 2012. In addition, $10.3 million of accrued liabilities for lease turnover costs were included in other long-term liabilities at December 31, 2012. | |
USEC ceased uranium enrichment at the Portsmouth GDP in 2001. During subsequent years, USEC maintained the Portsmouth site and performed services under contract with DOE. On September 30, 2011, USEC completed the transition of Portsmouth site facilities to DOE. As part of the transition, at USEC’s request, the NRC terminated USEC’s certificate of compliance for the Portsmouth site. In connection with the return of facilities, DOE agreed to accept ownership of all nuclear material at the site, some of which required processing for waste disposal. USEC agreed to pay DOE its cost of disposing of such wastes. The accrued disposal obligation, included in accounts payable and accrued liabilities, is $5.5 million at December 31, 2013 and $6.7 million at December 31, 2012. | |
American Centrifuge Decontamination and Decommissioning | |
Financial Assurance | |
USEC leases facilities in Piketon, Ohio from DOE for the American Centrifuge Plant. At the conclusion of the lease, USEC is obligated to return these leased facilities to DOE in a condition that meets NRC requirements and in the same condition as the facilities were in when they were leased to USEC (other than due to normal wear and tear). USEC owns all capital improvements at the ACP and, unless otherwise consented to by DOE, must remove them by the conclusion of the lease term. USEC is required to provide financial assurance to the NRC incrementally based on facility construction progress, centrifuge installation and decommissioning cost projections. USEC is also required to provide financial assurance to DOE in an amount equal to its current estimate of costs to comply with lease turnover requirements, less the amount of financial assurance required of USEC by the NRC for D&D. | |
As of December 31, 2013, USEC has provided financial assurance to the NRC and DOE in the form of surety bonds totaling $29.4 million, which is fully cash collateralized by USEC. Financial assurance provided for the ACP increased $6.4 million in 2013 related to construction of centrifuge machines, for which DOE takes title, as part of the RD&D Program. If construction of the ACP is resumed, the financial assurance requirements will increase each year commensurate with the status of facility construction and operations. As part of USEC’s license to operate the ACP, USEC provides the NRC with a projection of the total D&D cost. The total D&D cost related to the NRC and the incremental lease turnover cost related to DOE is uncertain at this time and is dependent on many factors including the size of the plant. Financial assurance will also be required for the disposition of depleted uranium generated from future commercial centrifuge operations. | |
Asset Retirement Obligations | |
D&D requirements for the ACP create asset retirement obligations ("ARO"). The capitalization of asset retirement obligations based on construction progress has been suspended since the third quarter of 2009, when USEC significantly reduced machine manufacturing and construction activities due to project funding uncertainty. In 2012, USEC expensed previously capitalized costs related to the American Centrifuge project, including previously capitalized asset retirement obligations of $19.3 million, and there is no ARO asset balance as of December 31, 2013. The ARO liability balance is $22.6 million as of December 31, 2013 and is unchanged since December 31, 2010. USEC has determined that the fair value of the obligation is accrued at a sufficient amount based on construction progress and no further increase would be made until additional commercial plant deployment resumes. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
COMMITMENTS AND CONTINGENCIES | ||||
Russian Supply Agreement | ||||
On March 23, 2011, USEC signed an agreement with TENEX for the 10-year supply of Russian LEU, which became effective in December 2011. Under the terms of the agreement, the supply of LEU to USEC began in 2013. Beginning in 2015, TENEX and USEC may mutually agree to increase the purchases and sales of SWU by certain optional quantities of SWU. The LEU that USEC obtains from TENEX under the agreement is subject to quotas and other restrictions applicable to commercial Russian LEU. Deliveries under the supply agreement are expected to continue through 2022. USEC purchases the SWU component of the LEU and delivers natural uranium to TENEX for the LEU’s uranium component. The pricing terms for SWU under the contract are based on a mix of market-related price points and other factors. | ||||
American Centrifuge | ||||
Project Funding | ||||
USEC is re-evaluating its plan and alternatives for proceeding with the financing and commercialization of the American Centrifuge project. Factors that can affect this plan and the economics of the project include key variables related to project cost, schedule, the status of the supply chain for centrifuge manufacturing and plant support systems, market demand and market prices for LEU, financing costs and other financing terms. The economics of the project are severely challenged by the current supply/demand imbalance in the market for LEU and related downward pressure on market prices for SWU which are now at their lowest levels in more than a decade. At current market prices, USEC does not believe that its plans for commercialization of the American Centrifuge project are economically viable without additional government support beyond the $2 billion loan guarantee funding that the Company has applied for from DOE. Although the economics of the American Centrifuge project are severely challenged under current enrichment market conditions, USEC continues to believe that the deployment of the American Centrifuge project represents its clearest path to a long-term, direct source of domestic enrichment production, and therefore the long-term viability of USEC's LEU business. | ||||
USEC has provided various options to DOE related to preserving the American Centrifuge technology for national security needs which may enable USEC to maintain the option to deploy the technology for commercial purposes at some point in the future. Over the past two years, USEC confirmed the technical readiness of the American Centrifuge technology through a cooperative cost-sharing RD&D Program with DOE. The continuation of the RD&D Program in 2014 includes work primarily related to additional cascade testing. The program continuation also supports DOE analysis of the technology while sustaining program capabilities as DOE considers its options for meeting national security needs. USEC could make a decision in the near term to reduce, demobilize or terminate the American Centrifuge project if additional DOE funding or support is not available or if USEC determines there is no longer a viable path to commercialization of the American Centrifuge project. | ||||
Under the amended cooperative agreement, the RD&D Program is extended through April 15, 2014. The latest funding was included in the omnibus appropriations bill for government fiscal year 2014 passed by Congress and signed by the President in January 2014. This appropriated $62 million for the RD&D Program, including $29.3 million that had been previously provided under the cooperative agreement pursuant to the continuing resolutions that previously funded government operations in government fiscal year 2014 and the additional $22.6 million provided under the cooperative agreement by DOE since its passage. The omnibus appropriations bill also provides DOE with authority to transfer up to an additional $56.65 million of funding within DOE’s National Nuclear Security Administration appropriations to fund the RD&D Program or a successor program. Such transfer authority is subject to further approval of the House and Senate Appropriations Committees after a minimum 30-day review period. To obtain such approvals, the Secretary of Energy must notify Congress and submit to the Appropriations Committees a cost-benefit analysis of available and prospective domestic enrichment technologies for national security needs and the scope, schedule and cost of the Secretary’s preferred option. | ||||
Funding for the RD&D Program has only been provided through April 15, 2014, and DOE has stated that it does not plan to extend the RD&D cooperative agreement beyond such date. We continue to discuss with DOE its options for maintaining a domestic enrichment capability and DOE’s plans for the American Centrifuge project post-April 15, as well as USEC’s potential role in such options and during any transition. However, the scope of and USEC's role in a program after April 15 are uncertain, and USEC has no assurance that the U.S. government will continue to support the project beyond April 15, 2014. Due to the absence of clarity regarding both DOE funding and DOE’s plans for the American Centrifuge project beyond April 15, USEC Inc. issued notices to all of its employees working on the American Centrifuge project as required by the WARN Act of the potential for layoffs. Additional details regarding the incremental funding for the RD&D Program to date are provided in Note 5, "Advanced Technology Costs and Other Income." | ||||
Milestones under the 2002 DOE-USEC Agreement | ||||
USEC and DOE are parties to an agreement dated June 17, 2002, as amended (the “2002 DOE-USEC Agreement”), pursuant to which USEC and DOE made long-term commitments directed at resolving issues related to the stability and security of the domestic uranium enrichment industry. The agreement provides that USEC will develop, demonstrate and deploy advanced enrichment technology in accordance with milestones and provides for remedies in the event of a failure to meet a milestone under certain circumstances. | ||||
The 2002 DOE-USEC Agreement provides DOE with specific remedies if USEC fails to meet a milestone that would materially impact USEC's ability to begin commercial operations of the American Centrifuge Plant on schedule and such delay was within USEC's control or was due to USEC's fault or negligence. These remedies could include terminating the 2002 DOE-USEC Agreement, revoking USEC's access to DOE's U.S. centrifuge technology that USEC requires for the success of the American Centrifuge project and requiring USEC to transfer certain of its rights in the American Centrifuge technology and facilities to DOE, and to reimburse DOE for certain costs associated with the American Centrifuge project. Any of these remedies under the 2002 DOE-USEC Agreement could have a material adverse impact on USEC's business. | ||||
The 2002 DOE-USEC Agreement provides that if a delaying event beyond the control and without the fault or negligence of USEC occurs which would affect USEC's ability to meet an ACP milestone, DOE and USEC will jointly meet to discuss in good faith possible adjustments to the milestones as appropriate to accommodate the delaying event. | ||||
2002 DOE-USEC Agreement - Domestic Enrichment Facilities | ||||
Under the 2002 DOE-USEC Agreement, USEC agreed to operate the Paducah GDP at a production rate at or above 3.5 million SWU per year and production at Paducah may not be reduced below a minimum of 3.5 million SWU per year until six months before USEC has the permanent addition of 3.5 million SWU per year of new capacity installed based on advanced enrichment technology. By letter dated May 30, 2013, USEC provided notice to DOE under the 2002 DOE-USEC Agreement that it would cease enrichment at the Paducah GDP at the conclusion of the agreements related to the one-year, multi-party depleted uranium enrichment program on May 31, 2013. Under the 2002 DOE-USEC Agreement, DOE can transition operations of Paducah from USEC operation to ensure the continuity of domestic enrichment operations and the fulfillment of supply contracts. DOE has not exercised its remedy under the 2002 DOE-USEC Agreement related to the cessation of enrichment and USEC has been in discussions with DOE to establish a mutually agreed-upon date to return the leased areas to DOE. | ||||
NYSE Listing Standards Notices | ||||
On May 8, 2012, USEC received notice from the NYSE that the average closing price of its common stock was below the NYSE's continued listing criteria relating to minimum share price. The NYSE listing requirements require that a company's common stock trade at a minimum average closing price of $1.00 over a consecutive 30 trading-day period. On July 1, 2013, USEC effectuated a reverse stock split in order to regain compliance with the NYSE continued listing criteria related to minimum share price. This action resulted in USEC's closing share price exceeding $1.00 per share and remaining above that level, and the condition has now been cured. | ||||
On April 30, 2013, USEC received notice from the NYSE that the decline in USEC's total market capitalization has caused it to be out of compliance with another of the NYSE's continued listing standards. The NYSE listing requirements require that a company maintain an average market capitalization of not less than $50 million over a consecutive 30 trading-day period where the company's total stockholders' equity is less than $50 million. In accordance with the NYSE's rules, USEC submitted a plan advising the NYSE of definitive action it has taken, or is taking, that would bring it into conformity with the market capitalization listing standards within 18 months of receipt of the letter. On August 1, 2013, the NYSE accepted USEC's plan of compliance and USEC's common stock will continue to be listed on the NYSE during the 18-month cure period, subject to the compliance with other NYSE continued listing standards and continued periodic review by the NYSE of USEC's progress with respect to its plan. USEC's plan outlines initiatives USEC must execute by quarter. These initiatives include the successful completion of ACP development milestones, commercialization activities related to the American Centrifuge project, as well as the successful execution of the Company's Russian Supply Agreement and the Company's potential balance sheet restructuring. The NYSE has notified USEC that if USEC does not achieve these financial and operational goals, the Company will be subject to NYSE trading suspension at the point the initiative or goal is not met. | ||||
In addition, the NYSE can at any time suspend trading in a security and delist the stock if it deems it necessary for the protection of investors. The NYSE can take accelerated listing action if USEC's common stock trades at levels viewed to be “abnormally low” over a sustained period of time. USEC would also be subject to immediate suspension and de-listing from the NYSE if its average market capitalization is less than $15 million over a consecutive 30 trading-day period. During July 2013, USEC's market capitalization fell below $15 million for several days. Even if USEC meets the numerical listing standards above, the NYSE reserves the right to assess the suitability of the continued listing of a company on a case-by-case basis whenever it deems it appropriate and will consider factors such as unsatisfactory financial conditions and/or operating results or inability to meet debt obligations or adequately finance operations. | ||||
Under the terms of USEC's convertible notes, a "fundamental change" is triggered if USEC's shares of common stock are not listed for trading on any of the NYSE, the American Stock Exchange (now NYSE-MKT), the NASDAQ Global Market or the NASDAQ Global Select Market, and the holders of the notes can require USEC to repurchase the notes at par for cash. However, as a result of the Chapter 11 filing, any actions to enforce such repurchase right or to otherwise exercise rights under the notes are stayed. | ||||
Potential ERISA Section 4062(e) Liability | ||||
USEC is in discussions with the Pension Benefit Guaranty Corporation (“PBGC”) regarding the impact of USEC's de-lease of the Portsmouth gaseous diffusion facilities and related transition of employees performing government services work to DOE's D&D contractor on September 30, 2011. USEC notified the PBGC of this occurrence and the PBGC has informally advised USEC of its preliminary view that the Portsmouth site transition is a cessation of operations that triggers liability under ERISA Section 4062(e) and that its preliminary estimate is that the ERISA Section 4062(e) liability (computed taking into account the plan's underfunding on a termination basis, which amount differs from that computed for GAAP purposes) for the Portsmouth site transition is approximately $130 million. USEC has informed the PBGC that it does not agree that the Portsmouth de-lease and transition of employees constituted a cessation of operations that triggered liability under ERISA Section 4062(e). USEC also disputes the amount of the PBGC's preliminary calculation of the potential ERISA Section 4062(e) liability. In addition, USEC believes that DOE is responsible for a significant portion of any pension costs associated with the transition of employees at Portsmouth. However, USEC has not reached a resolution with the PBGC and USEC has no assurance that the PBGC will agree with it or will not pursue a requirement for it to accelerate funding or take other actions to provide security. USEC is also in discussions with the PBGC regarding the cessation of enrichment at the Paducah GDP and related transition of employees including reductions in force. In addition, the PBGC could take the position that a demobilization of the American Centrifuge project, either alone or taken together with the transition of the Paducah and Portsmouth GDPs, creates potential liabilities under ERISA Section 4062(e). | ||||
Legal Matters | ||||
USEC 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, USEC does not believe that the outcome of any of these legal matters will have a material adverse effect on its results of operations, cash flows or financial condition. | ||||
On June 27, 2011, a complaint was filed in the United States District Court for the Southern District of Ohio, Eastern Division, against USEC by a former Portsmouth GDP employee claiming that USEC owes severance benefits to him and other similarly situated employees that have transitioned or will transition to the DOE D&D contractor. The plaintiff amended its complaint on August 31, 2011 and February 10, 2012, among other things, to limit the purported class of similarly situated employees to salaried employees at the Portsmouth site who transitioned to the D&D contractor and are allegedly eligible for or owed benefits. On October 11, 2012, the United States District Court granted USEC’s motion to dismiss the complaint and dismissed Plaintiffs’ motion for class certification as moot. The Plaintiffs filed an appeal on January 18, 2013. On July 19, 2013, the U.S. Court of Appeals for the Sixth Circuit upheld the District Court decision and dismissed the Plaintiffs' appeal. The Plaintiffs have no further rights to appeal. USEC had not accrued any amounts for this matter. | ||||
On March 5, 2014 (the “Petition Date”), USEC Inc. filed a voluntary petition for relief (the “Bankruptcy Filing”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) case number 14-10475. The Bankruptcy Filing was a “pre-arranged” filing which, as described in Note 1, included the filing of a proposed Plan of Reorganization (the “Plan”) which is supported by certain holders of the claims and interests impaired under the Plan. USEC Inc.’s subsidiaries (collectively, the “Non-Filing Entities”), including United States Enrichment Corporation (“Enrichment”), which is USEC Inc.'s primary operating subsidiary, were not part of the Bankruptcy Filing. USEC Inc. will continue to operate its business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. The Non-Filing Entities will continue to operate in the ordinary course of business. | ||||
Lease Commitments | ||||
Operating costs incurred under the operating leases with DOE for the Paducah, Piketon, and Oak Ridge facilities, and leases for office space and equipment amounted to $7.1 million in 2013, $7.3 million in 2012 and $8.5 million in 2011. Future estimated minimum lease payments and expected lease administration payments follow (in millions): | ||||
2014 | $ | 6.2 | ||
2015 | 4.5 | |||
2016 | 3.6 | |||
2017 | 1.9 | |||
2018 | 1.9 | |||
Thereafter | 45.8 | |||
$ | 63.9 | |||
Future payments for the GDP lease at Paducah are through August 1, 2015 based on USEC's official notice to terminate provided to DOE. USEC anticipates being ready to complete the return of leased premises and to terminate the Paducah lease as early as July 2014. However, based on USEC's current discussions with DOE, the return of the leased premises appears unlikely before October 2014 and USEC and DOE have not reached agreement on a lease termination date prior to August 1, 2015. | ||||
USEC leases facilities in Piketon for the American Centrifuge Plant from DOE. The current five-year lease term is through June 2019. USEC has the option to extend the lease term for additional five-year terms ending in 2043. Thereafter, USEC has the right to extend the American Centrifuge Plant lease for up to an additional 20 years, through 2063, if it agrees to demolish the existing buildings leased to USEC after the lease term expires and subject to certain other conditions. USEC may terminate the American Centrifuge Plant lease upon three years’ notice. DOE may terminate the lease for default, including if DOE is able to exercise its remedies with respect to the ACP under the 2002 DOE-USEC Agreement. | ||||
USEC has office space and equipment leases for its corporate headquarters in Bethesda, Maryland through November 2016, and for a Washington, D.C. office through June 2014. | ||||
DOE Technology License | ||||
USEC has a non-exclusive license in DOE inventions that pertain to enriching uranium using gas centrifuge technology. The license agreement with DOE provides for annual royalty payments based on a varying percentage (1% up to 2%) of USEC’s annual revenues from sales of the SWU component of LEU produced by USEC at the American Centrifuge Plant and any other facility using DOE centrifuge technology. There is a minimum annual royalty payment of $100,000 and the maximum cumulative royalty over the life of the license is $100 million. The license may be terminated by DOE in the event DOE is able to exercise its remedies with respect to the ACP under the 2002 DOE-USEC Agreement. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' |
Accumulated Other Comprehensive Income (Loss) | ' |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
The sole component of accumulated other comprehensive income (loss) is pension and postretirement health and life benefit plans. Amortization of actuarial (gains) losses, net and the amortization of prior service costs (credit) are items reclassified from AOCI and included in the computation of net benefit costs as detailed in Note 14. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
REVENUE BY GEOGRAPHIC AREA, MAJOR CUSTOMERS AND SEGMENT INFORMATION | ||||||||||||
Revenue attributed to domestic and foreign customers, including customers in a foreign country representing 10% or more of total revenue (Japan in 2011), follows (in millions): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 1,024.40 | $ | 1,538.00 | $ | 1,259.30 | ||||||
Foreign: | ||||||||||||
Japan | 105.6 | 182.1 | 199.7 | |||||||||
Other | 177.5 | 142 | 141.8 | |||||||||
283.1 | 324.1 | 341.5 | ||||||||||
Total revenue | $ | 1,307.50 | $ | 1,862.10 | $ | 1,600.80 | ||||||
In 2013, our 10 largest customers represented 69% of total revenue and our three largest customers represented 37% of total revenue. Revenue from Energy Northwest represented approximately 20% of total revenue in 2013 and 2012. In 2012 and 2011, revenue from Exelon Corporation represented approximately 15% of total revenue. No other customer represented more than 10% of total revenue in 2013, 2012 or 2011. | ||||||||||||
USEC has two reportable segments: the LEU segment with two components, SWU and uranium, and the contract services segment. The LEU segment is USEC’s primary business focus and includes sales of the SWU component of LEU, sales of both the SWU and uranium components of LEU, and sales of uranium. The contract services segment consists of work performed for DOE and DOE contractors at the Portsmouth site and the Paducah GDP. The contract services segment formerly included nuclear energy services and technologies provided by NAC International Inc. Refer to Note 3 regarding the sale of NAC in March 2013 and results of operations for NAC. Gross profit is USEC’s measure for segment reporting. There were no intersegment sales in the periods presented. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Revenue | ||||||||||||
LEU segment: | ||||||||||||
Separative work units | $ | 1,222.90 | $ | 1,821.80 | $ | 1,330.90 | ||||||
Uranium | 71.2 | 26 | 131.8 | |||||||||
1,294.10 | 1,847.80 | 1,462.70 | ||||||||||
Contract services segment | 13.4 | 14.3 | 138.1 | |||||||||
Revenue | $ | 1,307.50 | $ | 1,862.10 | $ | 1,600.80 | ||||||
Segment Gross Profit (Loss) | ||||||||||||
LEU segment | $ | (94.7 | ) | $ | 129.3 | $ | 71.6 | |||||
Contract services segment | (0.2 | ) | 0.1 | 3.8 | ||||||||
Gross profit (loss) | $ | (94.9 | ) | $ | 129.4 | $ | 75.4 | |||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Assets | ||||||||||||
LEU segment | $ | 1,646.00 | $ | 2,208.50 | $ | 3,491.40 | ||||||
Contract services segment: | ||||||||||||
NAC (divested March 2013) | — | 15.6 | 20.1 | |||||||||
Other | 59.5 | 42.3 | 37.8 | |||||||||
Contract services segment | 59.5 | 57.9 | 57.9 | |||||||||
$ | 1,705.50 | $ | 2,266.40 | $ | 3,549.30 | |||||||
USEC’s long-term or long-lived assets include property, plant and equipment and other assets reported on the balance sheet at December 31, 2013, all of which were located in the United States. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||
(in millions, except per share data) | Mar. 31, | June 30, | Sept. 30, | Dec. 31, | Year | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||
Revenue | $ | 320.4 | $ | 284.8 | $ | 303.8 | $ | 398.5 | $ | 1,307.50 | ||||||||||
Cost of sales | 307.1 | 331.7 | 333.8 | 429.8 | 1,402.40 | |||||||||||||||
Gross profit (loss) | 13.3 | (46.9 | ) | (30.0 | ) | (31.3 | ) | (94.9 | ) | |||||||||||
Advanced technology costs | 59.3 | 46.2 | 44.5 | 36.1 | 186.1 | |||||||||||||||
Selling, general and administrative | 12.9 | 11.9 | 11.2 | 10.8 | 46.8 | |||||||||||||||
Special charges for workforce reductions and advisory costs | 2.4 | 3.7 | 3.5 | 47.6 | 57.2 | |||||||||||||||
Other (income) (a) | (47.6 | ) | (40.7 | ) | (35.9 | ) | (30.1 | ) | (154.3 | ) | ||||||||||
Operating (loss) | (13.7 | ) | (68.0 | ) | (53.3 | ) | (95.7 | ) | (230.7 | ) | ||||||||||
Interest expense | 13.3 | 9.3 | 9.5 | 8 | 40.1 | |||||||||||||||
Interest (income) | (0.3 | ) | (0.1 | ) | — | (0.3 | ) | (0.7 | ) | |||||||||||
Provision (benefit) for income taxes | (3.0 | ) | (36.3 | ) | (18.5 | ) | (28.7 | ) | (86.5 | ) | ||||||||||
Net (loss) from continuing operations | (23.7 | ) | (40.9 | ) | (44.3 | ) | (74.7 | ) | (183.6 | ) | ||||||||||
Net income from discontinued operations | 21.7 | — | — | 3 | 24.7 | |||||||||||||||
Net (loss) | $ | (2.0 | ) | $ | (40.9 | ) | $ | (44.3 | ) | $ | (71.7 | ) | $ | (158.9 | ) | |||||
Net (loss) from continuing operations per share - basic and diluted | $ | (4.84 | ) | $ | (8.35 | ) | $ | (9.04 | ) | $ | (15.24 | ) | $ | (37.47 | ) | |||||
Net (loss) per share - basic and diluted | $ | (0.41 | ) | $ | (8.35 | ) | $ | (9.04 | ) | $ | (14.63 | ) | $ | (32.43 | ) | |||||
Weighted average number of shares outstanding - basic and diluted | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 | |||||||||||||||
Mar. 31, | June 30, | Sept. 30, | Dec. 31, | Year | ||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2012 | ||||||||||||||||
Revenue | $ | 542 | $ | 353.8 | $ | 563 | $ | 403.3 | $ | 1,862.10 | ||||||||||
Cost of sales | 505.3 | 343.6 | 526.4 | 357.4 | 1,732.70 | |||||||||||||||
Gross profit | 36.7 | 10.2 | 36.6 | 45.9 | 129.4 | |||||||||||||||
Advanced technology costs | 36.7 | 85.4 | 44.9 | 1,146.20 | (b) | 1,313.20 | ||||||||||||||
Selling, general and administrative | 13.6 | 13.2 | 11.3 | 12.2 | 50.3 | |||||||||||||||
Special charges for workforce reductions and advisory costs | 6.4 | 3.2 | 1.5 | 1.2 | 12.3 | |||||||||||||||
Other (income) (a) | — | (10.0 | ) | (34.6 | ) | (47.5 | ) | (92.1 | ) | |||||||||||
Operating income (loss) | (20.0 | ) | (81.6 | ) | 13.5 | (1,066.2 | ) | (1,154.3 | ) | |||||||||||
Interest expense | 12.7 | 12.7 | 12.3 | 12.7 | 50.4 | |||||||||||||||
Interest (income) | (0.1 | ) | (0.1 | ) | (0.2 | ) | (1.5 | ) | (1.9 | ) | ||||||||||
Provision (benefit) for income taxes | (3.3 | ) | (2.1 | ) | (3.6 | ) | 8 | (1.0 | ) | |||||||||||
Net income (loss) from continuing operations | $ | (29.3 | ) | $ | (92.1 | ) | 5 | (1,085.4 | ) | (1,201.8 | ) | |||||||||
Net income (loss) from discontinued operations | 0.5 | 0.1 | (0.5 | ) | 1.1 | 1.2 | ||||||||||||||
Net income (loss) | $ | (28.8 | ) | $ | (92.0 | ) | $ | 4.5 | $ | (1,084.3 | ) | $ | (1,200.6 | ) | ||||||
Net income (loss) from continuing operations per share - basic and diluted | $ | (5.98 | ) | $ | (18.80 | ) | $ | 1.02 | $ | (221.51 | ) | $ | (245.26 | ) | ||||||
Net income (loss) per share - basic and diluted | $ | (5.88 | ) | $ | (18.78 | ) | $ | 0.92 | $ | (221.29 | ) | $ | (245.02 | ) | ||||||
Weighted average number of shares outstanding - basic and diluted | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 | |||||||||||||||
(a) | Pro-rata cost sharing support from DOE for partial funding of American Centrifuge activities. See "American Centrifuge - Project Funding" in Note 20. | |||||||||||||||||||
(b) | Based on our internal analysis concluded as part of our annual assessment, all previously capitalized costs related to the American Centrifuge project were expensed as of December 31, 2012. Capitalization of expenditures related to the American Centrifuge project has ceased until commercial deployment resumes. See Notes 8 and 20 for further details related to the American Centrifuge project. | |||||||||||||||||||
The calculation of net income per share and average number of shares outstanding on a dilutive basis for the years ended December 31, 2013, 2012 and 2011 is provided in Note 18. No dilutive effect is recognized in periods in which a net loss has occurred or in which the assumed conversion effect of convertible securities is antidilutive. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include temporary cash investments with original maturities of three months or less. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories and Inventories Owed to Customers and Suppliers | |
USEC holds uranium in the form of natural uranium and as the uranium component of LEU. USEC holds SWU as the SWU component of LEU. USEC may also hold title to the uranium and SWU components of LEU at fabricators to meet book transfer requests by customers. Fabricators process LEU into fuel for use in nuclear reactors. Under inventory optimization arrangements between USEC and domestic fabricators, fabricators order bulk quantities of LEU from USEC based on scheduled or anticipated orders from utility customers for deliveries in future periods. As delivery obligations under actual customer orders arise, USEC satisfies these obligations by arranging for the transfer to the customer of title to the specified quantity of LEU at the fabricator. USEC’s balances of SWU and uranium vary over time based on the timing and size of the fabricator’s LEU orders from USEC. Balances can be positive or negative at the discretion of the fabricator. Fabricators have other inventory supplies and, where a fabricator has elected to order less material from USEC than USEC is required to deliver to its customers at the fabricator, the fabricator will use these other inventories to satisfy USEC’s customer order obligations on USEC’s behalf. In such cases, the transfer of title of LEU from USEC to the customer results in quantities of SWU and uranium owed by USEC to the fabricator. These obligations are presented in current liabilities, comprising most of the balance of inventories owed to customers and suppliers. The amounts of SWU and uranium owed to fabricators are satisfied as future bulk deliveries of LEU are made. | |
Inventories of SWU and uranium are valued at the lower of cost or market. Market is based on the terms of long-term contracts with customers, and, for uranium not under contract, market is based primarily on published price indicators at the balance sheet date. SWU and uranium inventory costs are determined using the monthly moving average cost method. | |
SWU costs are based on Russian SWU purchase costs and past production costs. The cost of the SWU component of LEU purchased from Russia is recorded at acquisition cost plus related shipping costs. Past production costs at the Paducah GDP consisted principally of electric power, labor and benefits, materials, depreciation and amortization and maintenance and repairs. Past production also had included a mode of operation, called underfeeding, that used or fed less uranium but required more SWU in the enrichment process requiring more electric power. The quantity of uranium that was earned or added to uranium inventory from underfeeding was accounted for as a byproduct of the enrichment process. Production costs were allocated to the uranium earned based on the net realizable value of the uranium, and the remainder of production costs were allocated to SWU inventory costs. | |
Inventories owed to customers and suppliers, included in current liabilities, consist primarily of SWU and uranium inventories owed to fabricators. Fabricators process LEU into fuel for use in nuclear reactors. Under inventory optimization arrangements between USEC and domestic fabricators, fabricators order bulk quantities of LEU from USEC based on scheduled or anticipated orders from utility customers for deliveries in future periods. As delivery obligations under actual customer orders arise, USEC satisfies these obligations by arranging for the transfer to the customer of title to the specified quantity of LEU at the fabricator. USEC’s balances of SWU and uranium vary over time based on the timing and size of the fabricator’s LEU orders from USEC and the fabricator's needs for working stock of LEU. Balances can be positive or negative at the discretion of the fabricator. Fabricators have other inventory supplies and, where a fabricator has elected to order less material from USEC than USEC is required to deliver to its customers at the fabricator, the fabricator will use these other inventories to satisfy USEC’s customer order obligations on USEC’s behalf. In such cases, the transfer of title of LEU from USEC to the customer results in quantities of SWU and uranium owed by USEC to the fabricator. The amounts of SWU and uranium owed to fabricators are satisfied as future bulk deliveries of LEU are made. | |
Income Tax, Policy [Policy Text Block] | ' |
Deferred Income Taxes | |
USEC follows the asset and liability approach to account for deferred income taxes. Deferred tax assets and liabilities are recognized for the anticipated future tax consequences of temporary differences between the balance sheet carrying amounts of assets and liabilities and their respective tax bases. Deferred income taxes are based on income tax rates in effect for the years in which temporary differences are expected to reverse. The effect on deferred income taxes of a change in income tax rates is recognized in income when the change in rates is enacted in the law. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets may not be realized. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property, Plant and Equipment | |
Historically, USEC has recoded construction work in progress at acquisition or construction cost. Upon being placed into service, costs were transferred to leasehold improvements or machinery and equipment at which time depreciation and amortization commenced. Maintenance and repair costs are charged to production costs or cost of sales as incurred. | |
USEC leases the Paducah GDP located in Paducah, Kentucky and portions of the former Portsmouth GDP located in Piketon, Ohio from DOE. Leasehold improvements and machinery and equipment are recorded at acquisition cost and depreciated on a straight line basis over the shorter of the useful life of the assets or the expected productive life of the plant. Beginning in the fourth quarter of 2012, the expected productive life of property, plant and equipment at the Paducah GDP was reduced from the lease term ending June 2016 to an accelerated basis ending December 2014. In addition, beginning in the third quarter of 2012, costs that would have been previously treated as construction work in progress are treated similar to maintenance and repair costs because of the shorter expected productive life of the Paducah GDP. The expected productive life of the Paducah GDP was further reduced following the ceasing of enrichment at the end of May 2013. In general, these assets, depending on their continuing economic life, are now expected to be useful only through the first half of 2014. | |
Beginning with the start of the fourth quarter of 2011, all American Centrifuge project costs incurred have been expensed. Based on USEC’s internal analysis concluded as part of its annual assessment, all previously capitalized costs related to the American Centrifuge project were expensed as of December 31, 2012. Capitalization of expenditures related to the American Centrifuge project has ceased until commercial deployment resumes. Additional details related are provided below in “Advanced Technology Costs.” | |
Advanced Technology Costs, Policy [Policy Text Block] | ' |
Advanced Technology Costs | |
Historically, costs relating to the American Centrifuge technology were either charged to expense or capitalized based on the nature of the activities and estimates and judgments involving the completion of project milestones. Costs relating to the demonstration of American Centrifuge technology were charged to expense as incurred and costs relating to the construction and deployment of the ACP were capitalized. | |
Instead of moving forward with a conditional commitment for a loan guarantee for the American Centrifuge project through the DOE Loan Guarantee Program, in the fall of 2011, DOE proposed a two-year cost share RD&D Program for the American Centrifuge project. As a result of the shift in focus of the American Centrifuge project, beginning in the fourth quarter of 2011, USEC began spending on the American Centrifuge technology at reduced levels with activities concentrating on development and demonstration. As a result, beginning with the fourth quarter of 2011, all project costs incurred have been expensed, including interest expense that previously would have been capitalized. Refer to Note 8, "Property, Plant and Equipment" and Note 20, "Commitments and Contingencies" for further details. | |
Long-Lived Assets, Policy [Policy Text Block] | ' |
Long-Lived Assets | |
USEC evaluates the carrying value of long-lived assets by performing impairment tests on an annual basis or whenever adverse conditions or changes in circumstances indicate a possible impairment loss. Impairment tests are based on a comparison of estimated undiscounted future cash flows to the carrying values of long-lived assets. If impairment is indicated, the asset carrying value is reduced to fair market value or, if fair market value is not readily available, the asset is reduced to a value determined by applying a discount rate to expected cash flows. | |
Based on USEC’s internal analysis concluded as part of its annual assessment, all previously capitalized costs related to the American Centrifuge project were expensed as of December 31, 2012. Although USEC continues to make progress in the deployment of the ACP, including the effective execution of the RD&D Program during 2012 and 2013, the expense of previously capitalized costs was based on USEC’s assessment of its ability to recover the full amount of this prior capital investment. In light of the significant remaining capital needed to deploy the ACP and USEC’s view of its anticipated cash flow from operations available to finance the ACP given USEC’s other anticipated cash needs during that period, USEC anticipates that its ultimate share of the ownership of the ACP will likely be reduced, which affects its likelihood of recovering this past investment. This expense of previously capitalized costs does not affect any future capital investment in the ACP. USEC would anticipate that capitalization of amounts related to the ACP would resume if and when commercial plant deployment resumes. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Financial Instruments and Fair Value Measurement | |
Accounting standards define fair value as 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 measurements for assets and liabilities required or permitted to be recorded at fair value, consideration is given to the principal or most advantageous market and assumptions that market participants would use when pricing the asset or liability. | |
Pursuant to accounting standards, USEC’s convertible debt are recorded at face value and the fair value is disclosed. The estimated fair value of the convertible notes is based on the trading price as of the balance sheet date. Financing costs are generally deferred and amortized over the life of the instrument. | |
Pursuant to accounting standards, USEC’s convertible preferred stock was initially recorded at fair value on a recurring basis. The preferred stock is classified as a liability since it is convertible for a variable number of shares of common stock based on a fixed monetary value known at the issuance date. Since the preferred stock is classified as a liability, the proceeds were first allocated to the liability instrument's full fair value, and no residual proceeds remained to be assigned to the warrants. Upfront costs and fees related to the investment were expensed in 2010 and classified as preferred stock issuance costs. The issuance costs were expensed in the period of issuance, rather than deferred and amortized, since the preferred stock is classified as a liability and was initially recorded at fair value. Dividends paid-in-kind, either issued or payable, are classified as interest. | |
As of December 31, 2013, the convertible preferred stock can be converted at the holder’s option and is classified as a current liability at the redemption value. If a share issuance limitation were to exist at the time of share conversion or sale, any preferred stock shares subject to the share issuance limitation would be subject to optional or mandatory redemption for, at USEC's option, cash or SWU consideration. However, USEC’s ability to redeem may be limited by Delaware law. | |
The balance sheet carrying amounts for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and payables under the Russian Contract approximate fair value because of the short-term nature of the instruments. | |
Asset Retirement Obligations, Policy [Policy Text Block] | ' |
Lease Turnover Costs and Asset Retirement Obligations | |
Property, plant and equipment assets related to the Paducah GDP are not subject to an asset retirement obligation. At the end of the GDP lease, ownership of plant and equipment that USEC leaves at the GDP transfers to DOE, and responsibility for decontamination and decommissioning ("D&D") of the GDP remains with DOE. USEC estimates and accrues lease turnover costs. Costs of returning the GDP to DOE in acceptable condition include removing nuclear material as required and removing USEC-generated waste. Liabilities for lease turnover costs are based on current-dollar cost estimates and are not discounted. | |
USEC also leases facilities in Piketon, Ohio from DOE for the ACP. Pursuant to contract, DOE has obtained title to certain equipment used in the RD&D Program. Other than equipment transferred to DOE (collectively “DOE Transferred Property”), USEC owns all capital improvements and, unless otherwise consented to by DOE, must remove them by the conclusion of the lease term. At the conclusion of the lease, USEC is obligated to return these leased facilities to DOE in a condition that meets U.S. Nuclear Regulatory Commission ("NRC") requirements and in the same condition as the facilities were in when they were leased to USEC (other than due to normal wear and tear). In the event USEC returns the facilities in Piketon, Ohio prior to completing installation of 1 million SWU of capacity, DOE retains title to and responsibility for disposition of the DOE Transferred Property. | |
D&D requirements for the ACP create an asset retirement obligation. As construction of the ACP takes place, the present value of the related asset retirement obligation (the initially determined fair value of the future obligation) is recognized as a long-term liability. An equivalent amount was and would be recognized as part of the capitalized asset cost during the previous construction period and when commercial plant deployment resumes. Upon commencement of commercial operations, the asset cost will be depreciated over the shorter of the asset life or the expected lease period. | |
The capitalization of asset retirement obligations based on construction progress has been suspended since the third quarter of 2009, when USEC significantly reduced machine manufacturing and construction activities due to project funding uncertainty. In 2012, USEC expensed previously capitalized costs related to the American Centrifuge project and there is no ARO asset balance as of December 31, 2013. | |
The long-term liability for the asset retirement obligation is accreted, or increased, for the passage of time and the estimate also is revised for any changes in long-term inflation rate assumptions. The accretion, based on a time value of money calculation, is charged to cost of sales in the LEU segment. At the end of 2010, USEC reassessed the long-term liability and determined that the current fair value of the obligation was accrued at a sufficient amount based on construction progress and no further increase would be made until additional commercial plant deployment resumes. | |
When ACP commercial plant deployment resumes, USEC will begin again to reassess and revise the estimate of the asset retirement obligation during each reporting period based on construction progress, cost evaluation of future decommissioning expectations, and other judgmental considerations which impact the amount recorded in both construction work in progress and other long-term liabilities. Significant increases in asset retirement obligations and related capitalized asset costs would result when ACP construction is fully underway as part of any commercial plant deployment and plant operations. | |
Environmental Costs, Policy [Policy Text Block] | ' |
Environmental Compliance Costs | |
Estimated environmental compliance costs are accrued where environmental assessments indicate that storage, treatment or disposal of wastes is probable and costs can be reasonably estimated. Liabilities for the storage, treatment or disposal of waste are based on current-dollar cost estimates and are not discounted. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
SWU and Uranium Revenue | |
Revenue is derived from sales of the SWU component of LEU, from sales of both the SWU and uranium components of LEU, and from sales of uranium. Revenue is recognized at the time LEU or uranium is delivered under the terms of contracts with domestic and international electric utility customers. Some customers take title and delivery of LEU at the Paducah GDP, and revenue is recognized when delivery of LEU to the customer is complete. Most customers take title and delivery of LEU at fuel fabricators. USEC ships LEU to nuclear fuel fabricators for scheduled or anticipated orders from utility customers. Based on customer orders, USEC arranges for the transfer of title of LEU from USEC to the customer for the specified quantity of LEU at the fuel fabricator. Revenue is recognized when delivery of LEU to the customer occurs at the fuel fabricator. | |
In a number of sales transactions, title to uranium or LEU is transferred to the customer and USEC receives payment under normal credit terms without physically delivering the uranium or LEU to the customer. This may occur because the terms of the agreement require USEC to hold the uranium to which the customer has title, or because the customer encounters brief delays in taking delivery of LEU at USEC’s facilities. In such cases, recognition of revenue does not occur at the time title to uranium or LEU transfers to the customer but instead is deferred until LEU to which the customer has title is physically delivered. Certain customers make advance payments to be applied against future orders. Advances from customers are reported as deferred revenue, and revenue is recognized as product is delivered or services are provided. | |
Contract Services Revenue | |
USEC performs services and earns revenue from contract work from limited contract work for DOE and DOE contractors at the Paducah GDP and the Portsmouth site. Contract services revenue includes billings for fees and reimbursements for allowable costs that are determined in accordance with the terms of the underlying contracts. Revenue is recognized as work is performed and as fees are earned. Allowable costs include direct costs as well as allocations of indirect plant and corporate overhead costs determined in accordance with government cost accounting standards. Amounts representing contract change orders or final billing rates based on incurred costs are accrued and included in revenue when they can be reliably estimated and realization is probable. Allowable costs are subject to audit by the Defense Contract Audit Agency ("DCAA"), or such other entity that DOE authorizes to conduct the audit. The final settlement of amounts submitted by USEC for reimbursement is subject to Federal Acquisition Regulations requiring the DOE contracting officer to conduct negotiations and prepare a written indirect cost agreement. Revenue resulting from final billing rates is recognized upon completion of the government audits and notice by DOE authorizing final billing. DOE historically has not approved USEC’s provisional billing rates and has not completed audits of USEC’s incurred cost submissions and authorized final payments in a timely manner. Additional details are provided in Note 6. There is the potential for additional revenue to be recognized, based on the outcome of DOE reviews and audits, as the result of the release of previously established receivable related reserves. However, because these periods have not been finalized with DOE, uncertainty exists and USEC has not yet recognized this additional revenue. | |
Share-based Compensation, Policy [Policy Text Block] | ' |
Stock-Based Compensation | |
USEC historically has had stock-based compensation plans available to grant restricted stock, restricted stock units, non-qualified stock options, performance awards and other stock-based awards to key employees and non-employee directors. Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized over the requisite service period, which is either immediate recognition if the employee is eligible to retire, or on a straight-line basis until the earlier of either the date of retirement eligibility or the end of the vesting period. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect reported amounts presented and disclosed in the consolidated financial statements. Significant estimates and judgments include, but are not limited to, asset valuations, asset retirement obligations and transition costs, pension and postretirement health and life benefit costs and obligations, the tax bases of assets and liabilities, the future recoverability of deferred tax assets, and determination of the valuation allowance for deferred tax assets. Actual results may differ from such estimates, and estimates may change if the underlying conditions or assumptions change. |
Sale_of_NAC_Subsidiary_Tables
Sale of NAC Subsidiary (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ' | |||||||||||
Schedule of Discontinued Operations Income Statement Disclosures [Table Text Block] | ' | |||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 13.7 | $ | 56 | $ | 71 | ||||||
Cost of sales | 11.8 | 47.4 | 62.2 | |||||||||
Gross profit | 1.9 | 8.6 | 8.8 | |||||||||
Advanced technology costs | — | 0.8 | 1.6 | |||||||||
Selling, general and administrative | 1.8 | 5.8 | 5.7 | |||||||||
Operating income | 0.1 | 2 | 1.5 | |||||||||
Gain on sale of subsidiary | 35.6 | — | — | |||||||||
Income before income taxes | 35.7 | 2 | 1.5 | |||||||||
Provision for income taxes | 11 | 0.8 | 0.8 | |||||||||
Net income from discontinued operations | $ | 24.7 | $ | 1.2 | $ | 0.7 | ||||||
Transition_Charges_Transition_
Transition Charges Transition Charges (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Special Charges Summary [Table Text Block] | ' | |||||||||||||||||||||||
Special Charges Summary | ||||||||||||||||||||||||
A summary of special charges recorded in 2013 and 2012 and changes in the related balance sheet accounts at December 31 follow (in millions): | ||||||||||||||||||||||||
2012 Special Charges | 2012 | Liability Balance to be Paid, Dec. 31, 2012 | 2013 Special Charges | 2013 | Liability Balance to Be Paid, Dec. 31, 2013 | |||||||||||||||||||
Paid | Paid | |||||||||||||||||||||||
Workforce reductions, primarily severance payments | $ | 3.4 | $ | (3.4 | ) | $ | — | $ | 25.2 | $ | (4.0 | ) | $ | 21.2 | ||||||||||
Workforce reductions, non-cash, immediate vesting of restricted stock and stock options | 0.5 | na | na | — | — | — | ||||||||||||||||||
Less: Amounts billed to DOE | — | — | — | (1.2 | ) | na | na | |||||||||||||||||
Pension and postretirement benefit charges, non-cash | — | — | — | 22.2 | na | na | ||||||||||||||||||
Advisory costs | 8.4 | (8.3 | ) | 0.1 | 11 | (9.9 | ) | 1.2 | ||||||||||||||||
$ | 12.3 | $ | (11.7 | ) | $ | 0.1 | $ | 57.2 | $ | (13.9 | ) | $ | 22.4 | |||||||||||
na - not applicable |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Receivable, Net, Current [Abstract] | ' | |||||||
Schedule of Accounts Receivable | ' | |||||||
RECEIVABLES | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(millions) | ||||||||
Accounts Receivable: | ||||||||
Utility customers | $ | 129.3 | $ | 118.3 | ||||
DOE pro-rata share of RD&D Program funding | 20.1 | 4.4 | ||||||
Contract services, primarily DOE: | ||||||||
Billed revenue | 15.7 | 12.6 | ||||||
Unbilled revenue | 1.9 | 1.6 | ||||||
Contract services, primarily DOE | 17.6 | 14.2 | ||||||
Accounts receivable, gross | 167 | 136.9 | ||||||
Less: valuation allowances and allowances for doubtful accounts | 4 | 2.1 | ||||||
Accounts receivable, net | $ | 163 | $ | 134.8 | ||||
DOE Receivables included in Other Long-Term Assets: | ||||||||
DOE long-term receivables, gross | $ | 80.8 | $ | 38 | ||||
Less: valuation allowances and allowances for doubtful accounts | $ | 55 | 12.2 | |||||
DOE long-term receivables, net | $ | 25.8 | $ | 25.8 | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||||||||||||||
Schedule of Inventories | ' | |||||||||||||||||||||||
Components of inventories follow (in millions): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Current | Current | Inventories, Net | Current | Current | Inventories, Net | |||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||
(a) | (a) | |||||||||||||||||||||||
Separative work units | $ | 628.4 | $ | 200 | $ | 428.4 | $ | 880.9 | $ | 382.7 | $ | 498.2 | ||||||||||||
Uranium | 335.4 | 299.7 | 35.7 | 703.7 | 567.3 | 136.4 | ||||||||||||||||||
Materials and supplies | 3.8 | — | 3.8 | 8.6 | — | 8.6 | ||||||||||||||||||
$ | 967.6 | $ | 499.7 | $ | 467.9 | $ | 1,593.20 | $ | 950 | $ | 643.2 | |||||||||||||
(a) | Inventories owed to customers and suppliers, included in current liabilities, consist primarily of SWU and uranium inventories owed to fabricators. |
Property_Plant_and_Equipment_P1
Property, Plant and Equipment Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||||||||||||||
A summary of changes in property, plant and equipment follows (in millions): | ||||||||||||||||||||||||||||
Dec 31, | Capital Expenditures (Depreciation) | Transfers and Retirements | Dec 31, | Capital Expenditures (Depreciation) | Transfers and Retirements | Dec 31, | ||||||||||||||||||||||
2010 | 2011 | 2012 | ||||||||||||||||||||||||||
Construction work in progress | $ | 1,126.30 | $ | 135.9 | $ | (151.0 | ) | $ | 1,111.20 | $ | 13.6 | $ | (1,122.1 | ) | $ | 2.7 | ||||||||||||
Leasehold improvements | 187.3 | — | (4.4 | ) | 182.9 | — | 0.8 | 183.7 | ||||||||||||||||||||
Machinery and equipment | 269.1 | — | (17.9 | ) | 251.2 | 0.3 | (69.8 | ) | 181.7 | |||||||||||||||||||
1,582.70 | 135.9 | (173.3 | ) | 1,545.30 | 13.9 | (1,191.1 | ) | 368.1 | ||||||||||||||||||||
Accumulated depreciation and amortization | (351.3 | ) | (42.7 | ) | 35.8 | (358.2 | ) | (27.0 | ) | 68.1 | (317.1 | ) | ||||||||||||||||
$ | 1,231.40 | $ | 93.2 | $ | (137.5 | ) | $ | 1,187.10 | $ | (13.1 | ) | $ | (1,123.0 | ) | $ | 51 | ||||||||||||
Dec 31, | Capital Expenditures (Depreciation) | Transfers and Retirements | Dec 31, | |||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||||
Construction work in progress | $ | 2.7 | $ | — | $ | (2.7 | ) | $ | — | |||||||||||||||||||
Leasehold improvements | 183.7 | — | (42.6 | ) | 141.1 | |||||||||||||||||||||||
Machinery and equipment | 181.7 | — | (17.7 | ) | 164 | |||||||||||||||||||||||
368.1 | — | (63.0 | ) | 305.1 | ||||||||||||||||||||||||
Accumulated depreciation and amortization | (317.1 | ) | (23.3 | ) | 43.2 | (297.2 | ) | |||||||||||||||||||||
$ | 51 | $ | (23.3 | ) | $ | (19.8 | ) | $ | 7.9 | |||||||||||||||||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | |||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | |||||||
ACCOUNTS PAYABLE AND ACCRUED LIABILITES | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(millions) | ||||||||
Trade payables | $ | 8.7 | $ | 21.1 | ||||
Compensation and benefits | 27.3 | 41 | ||||||
American Centrifuge accrued liabilities | 4.6 | 13.3 | ||||||
Accrued property and other taxes payable | 3.2 | 4.7 | ||||||
Accrued lease turnover - current | 30.4 | 32.2 | ||||||
Accrued interest payable on debt | 4 | 5.3 | ||||||
Accrued severance payments | 21.2 | — | ||||||
Other accrued liabilities | 15.1 | 28.2 | ||||||
$ | 114.5 | $ | 145.8 | |||||
Deferred_Revenue_and_Advances_1
Deferred Revenue and Advances From Customers (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Revenue and Credits, Current [Abstract] | ' | |||||||
Schedule of Deferred Revenue and Advances from Customers | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(millions) | ||||||||
Deferred revenue | $ | 195.9 | $ | 123.1 | ||||
Advances from customers | — | 2.4 | ||||||
$ | 195.9 | $ | 125.5 | |||||
Deferred costs associated with deferred revenue | $ | 165.5 | $ | 116.8 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Line of Credit Facility [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Credit Facility | ' | |||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||
Borrowings under the revolving credit facility | $ | — | $ | — | ||||||||||||||||||||||||
Term loan | — | 83.2 | ||||||||||||||||||||||||||
Letters of credit | 1.6 | 14.7 | ||||||||||||||||||||||||||
Available credit | — | 87.1 | ||||||||||||||||||||||||||
Summary of Deferred Financing Costs | ' | |||||||||||||||||||||||||||
Dec. 31, | Additions | Reductions | Dec. 31, | Additions/ | Reductions | Dec. 31, | ||||||||||||||||||||||
2011 | 2012 | (Reclasses) | 2013 | |||||||||||||||||||||||||
Other current assets: | ||||||||||||||||||||||||||||
Bank credit facilities | $ | 2.4 | $ | 9.2 | $ | (8.6 | ) | $ | 3 | $ | 2.2 | $ | (5.2 | ) | $ | — | ||||||||||||
Convertible notes | — | — | — | — | 1.8 | (0.2 | ) | 1.6 | ||||||||||||||||||||
Other long-term assets: | ||||||||||||||||||||||||||||
Convertible notes | 5.5 | — | (1.9 | ) | 3.6 | (1.8 | ) | (1.8 | ) | — | ||||||||||||||||||
DOE Loan Guarantee application | 6.7 | — | (6.7 | ) | — | — | — | — | ||||||||||||||||||||
Total | $ | 14.6 | $ | 9.2 | $ | (17.2 | ) | $ | 6.6 | $ | 2.2 | $ | (7.2 | ) | $ | 1.6 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule of Financial Instruments Recorded at Fair Value | ' | |||||||||||||||||||||||
Financial Instruments Recorded at Fair Value | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents (a) | — | $ | 312.7 | — | $ | 312.7 | — | $ | 292.2 | — | $ | 292.2 | ||||||||||||
Deferred compensation asset (b) | — | 3.1 | — | 3.1 | — | 2.7 | — | 2.7 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation obligation (b) | — | 3 | — | 3 | — | 2.7 | — | 2.7 | ||||||||||||||||
Schedule of Fair Value of Debt | ' | |||||||||||||||||||||||
The balance sheet carrying amounts and estimated fair values of USEC’s debt follow (in millions): | ||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||
Credit facility term loan | $ | — | $ | — | $ | 83.2 | $ | 93.5 | ||||||||||||||||
Convertible preferred stock and accrued dividends payable-in-kind | 113.9 | 113.9 | 100.5 | 100.5 | ||||||||||||||||||||
3.0% convertible senior notes, due October 1, 2014 | 530 | 184.1 | 530 | 198.2 | ||||||||||||||||||||
Pension_and_Postretirement_Hea1
Pension and Postretirement Health and Life Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Changes in the projected benefit obligations and plan assets and the funded status of the plans follow (in millions): | ||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Postretirement Health | |||||||||||||||||||||||||||||||
and Life Benefit Plans | ||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Changes in Benefit Obligations: | ||||||||||||||||||||||||||||||||
Obligations at beginning of year | $ | 1,099.00 | $ | 989.5 | $ | 248.8 | $ | 252.9 | ||||||||||||||||||||||||
Actuarial (gains) losses, net | (121.0 | ) | 104.6 | (25.2 | ) | (7.2 | ) | |||||||||||||||||||||||||
Service costs | 9.9 | 14.6 | 3.6 | 3.7 | ||||||||||||||||||||||||||||
Interest costs | 45 | 48.3 | 9 | 11.1 | ||||||||||||||||||||||||||||
Benefits paid | (58.2 | ) | (58.0 | ) | (12.2 | ) | (12.3 | ) | ||||||||||||||||||||||||
Lump sum benefits paid | (47.2 | ) | — | — | — | |||||||||||||||||||||||||||
Less federal subsidy on benefits paid | — | — | 0.5 | 0.6 | ||||||||||||||||||||||||||||
Plan amendments | — | — | (27.8 | ) | — | |||||||||||||||||||||||||||
Curtailments | (20.1 | ) | — | 24.6 | — | |||||||||||||||||||||||||||
Special termination benefits | — | — | 10.6 | — | ||||||||||||||||||||||||||||
Obligations at end of year | 907.4 | 1,099.00 | 231.9 | 248.8 | ||||||||||||||||||||||||||||
Changes in Plan Assets: | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 774.8 | 727.8 | 41.6 | 45.1 | ||||||||||||||||||||||||||||
Actual return on plan assets | 92.7 | 91.3 | 6.9 | 5.8 | ||||||||||||||||||||||||||||
USEC contributions | 21.9 | 13.7 | 0.6 | 3 | ||||||||||||||||||||||||||||
Benefits paid | (58.2 | ) | (58.0 | ) | (12.2 | ) | (12.3 | ) | ||||||||||||||||||||||||
Lump sum benefits paid | (47.2 | ) | — | — | — | |||||||||||||||||||||||||||
Fair value of plan assets at end of year | 784 | 774.8 | 36.9 | 41.6 | ||||||||||||||||||||||||||||
(Unfunded) status at end of year | (123.4 | ) | (324.2 | ) | (195.0 | ) | (207.2 | ) | ||||||||||||||||||||||||
Amounts recognized in assets and liabilities: | ||||||||||||||||||||||||||||||||
Current liabilities | $ | (2.2 | ) | $ | (2.5 | ) | — | — | ||||||||||||||||||||||||
Noncurrent liabilities | (121.2 | ) | (321.7 | ) | (195.0 | ) | (207.2 | ) | ||||||||||||||||||||||||
$ | (123.4 | ) | $ | (324.2 | ) | $ | (195.0 | ) | $ | (207.2 | ) | |||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (loss), pre-tax: | ||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 115.3 | $ | 326 | $ | 12.8 | $ | 45.3 | ||||||||||||||||||||||||
Prior service cost (credit) | 0.2 | 1.7 | (2.1 | ) | — | |||||||||||||||||||||||||||
$ | 115.5 | $ | 327.7 | $ | 10.7 | $ | 45.3 | |||||||||||||||||||||||||
Assumptions used to determine benefit | ||||||||||||||||||||||||||||||||
obligations at end of year: | ||||||||||||||||||||||||||||||||
Discount rate | 4.87 | % | 4.07 | % | 4.45 | % | 3.66 | % | ||||||||||||||||||||||||
Compensation increases | 2 | % | 4 | % | 2 | % | 4 | % | ||||||||||||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Postretirement Health | |||||||||||||||||||||||||||||||
and Life Benefit Plans | ||||||||||||||||||||||||||||||||
(in millions) | Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Net Periodic Benefit Costs | ||||||||||||||||||||||||||||||||
Service costs | $ | 9.9 | $ | 14.6 | $ | 16.2 | $ | 3.6 | $ | 3.7 | $ | 4.3 | ||||||||||||||||||||
Interest costs | 45 | 48.3 | 50.3 | 9 | 11.1 | 12.2 | ||||||||||||||||||||||||||
Expected return on plan assets (gains) | (51.1 | ) | (52.0 | ) | (54.0 | ) | (2.3 | ) | (2.9 | ) | (3.7 | ) | ||||||||||||||||||||
Amortization of prior service costs (credits), net | 0.7 | 1.5 | 1.7 | — | — | — | ||||||||||||||||||||||||||
Amortization of actuarial (gains) losses, net | 16.2 | 19.7 | 9.4 | 2.7 | 4.5 | 2.6 | ||||||||||||||||||||||||||
Curtailment loss (gain) | 12.6 | — | 3.2 | (1.0 | ) | — | 1.9 | |||||||||||||||||||||||||
Special termination loss | — | — | — | 10.6 | — | — | ||||||||||||||||||||||||||
Net periodic benefit costs | $ | 33.3 | $ | 32.1 | $ | 26.8 | $ | 22.6 | $ | 16.4 | $ | 17.3 | ||||||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
Net valuation (gain) loss | $ | (182.7 | ) | $ | 65.2 | $ | 115.4 | $ | (5.1 | ) | $ | (10.1 | ) | $ | 20.8 | |||||||||||||||||
Net prior service cost (credit) | — | — | — | (27.8 | ) | — | — | |||||||||||||||||||||||||
Amortization of actuarial gains (losses), net | (28.0 | ) | (19.7 | ) | (11.6 | ) | (27.3 | ) | (4.5 | ) | (4.6 | ) | ||||||||||||||||||||
Amortization of prior service (costs) credits | (1.5 | ) | (1.5 | ) | (1.6 | ) | 25.6 | — | — | |||||||||||||||||||||||
Total (gain) loss recognized in other comprehensive income (loss), pre-tax | $ | (212.2 | ) | $ | 44 | $ | 102.2 | $ | (34.6 | ) | $ | (14.6 | ) | $ | 16.2 | |||||||||||||||||
Total recognized in net periodic benefit costs (income) and other comprehensive income (loss), pre-tax | $ | (178.9 | ) | $ | 76.1 | $ | 129 | $ | 12 | $ | 1.8 | $ | 33.5 | |||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Postretirement Health | |||||||||||||||||||||||||||||||
and Life Benefit Plans | ||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Assumptions used to determine net periodic benefit costs: | ||||||||||||||||||||||||||||||||
Discount rates: | ||||||||||||||||||||||||||||||||
Final remeasurement/Curtailment | 4.87 | % | 4.95 | % | 5.77 | % | 4.45 | % | 4.46 | % | 5.32 | % | ||||||||||||||||||||
Initial Curtailment- Freeze | 4.92 | — | — | — | — | — | ||||||||||||||||||||||||||
Expected return on plan assets | 6.75 | 7.25 | 7.5 | 6.75 | 7.25 | 7.5 | ||||||||||||||||||||||||||
Compensation increases | 4 | 4.25 | 4.25 | 4 | 4.25 | 4.25 | ||||||||||||||||||||||||||
Schedule of Health Care Cost Trend Rates [Table Text Block] | ' | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Healthcare cost trend rate for the following year | 7.50% | 7.50% | ||||||||||||||||||||||||||||||
Long-term rate that the healthcare cost trend rate gradually declines to | 5% | 5% | ||||||||||||||||||||||||||||||
Year that the healthcare cost trend rate is expected to reach the long-term rate | 2019 | 2018 | ||||||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | ' | |||||||||||||||||||||||||||||||
One Percentage Point | ||||||||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||||||
Postretirement health benefit obligation | $ | 6.3 | $ | (5.9 | ) | |||||||||||||||||||||||||||
Net periodic benefit costs | $ | 0.7 | $ | (0.6 | ) | |||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The allocation of plan assets between equity and debt securities and the target allocation range by asset category follows: | ||||||||||||||||||||||||||||||||
Percentage of | Target Allocation | |||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||
December 31, | Range | |||||||||||||||||||||||||||||||
2013 | 2012 | 2014 | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans: | ||||||||||||||||||||||||||||||||
Equity securities | 54 | % | 52 | % | 40 | - | 60% | |||||||||||||||||||||||||
Debt securities | 46 | 48 | 40 | - | 60 | |||||||||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||||||||||
Postretirement Health and Life Benefit Plans: | ||||||||||||||||||||||||||||||||
Equity securities | 69 | % | 65 | % | 55 | - | 75% | |||||||||||||||||||||||||
Debt securities | 31 | 35 | 25 | - | 45 | |||||||||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||||||||||
Plan assets are measured at fair value. Following are the plan investments as of December 31, 2013 and December 31, 2012 categorized by the fair value hierarchy levels described in Note 13 (in millions): | ||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
U.S. government securities | $ | — | $ | — | $ | 74.2 | $ | 89.8 | $ | — | $ | — | $ | 74.2 | $ | 89.8 | ||||||||||||||||
Collective trust - money market funds | — | — | 19.4 | 16.5 | — | — | 19.4 | 16.5 | ||||||||||||||||||||||||
Collective trust - bond funds | — | — | 48.1 | 47.7 | — | — | 48.1 | 47.7 | ||||||||||||||||||||||||
Collective trust - equity funds | — | — | 423.1 | 397.4 | — | — | 423.1 | 397.4 | ||||||||||||||||||||||||
Corporate debt | — | — | 208.5 | 211.1 | — | 0.6 | 208.5 | 211.7 | ||||||||||||||||||||||||
Municipal bonds | — | — | 7 | 7.8 | — | — | 7 | 7.8 | ||||||||||||||||||||||||
Mortgage and asset backed securities | — | — | — | 0.2 | — | — | — | 0.2 | ||||||||||||||||||||||||
Fair value of investments by hierarchy level | $ | — | $ | — | $ | 780.3 | $ | 770.5 | $ | — | $ | 0.6 | $ | 780.3 | $ | 771.1 | ||||||||||||||||
Accrued interest receivable | 4 | 3.8 | ||||||||||||||||||||||||||||||
Unsettled transactions payable | (0.3 | ) | (0.1 | ) | ||||||||||||||||||||||||||||
Plan assets | $ | 784 | $ | 774.8 | ||||||||||||||||||||||||||||
Postretirement Health and Life Benefit Plans | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Money market funds | $ | — | $ | — | $ | 0.9 | $ | 0.8 | $ | — | $ | — | $ | 0.9 | $ | 0.8 | ||||||||||||||||
Bond mutual funds | 10.4 | 13.7 | — | — | — | — | 10.4 | 13.7 | ||||||||||||||||||||||||
Equity mutual funds | 25.6 | 27.1 | — | — | — | — | 25.6 | 27.1 | ||||||||||||||||||||||||
Fair value of investments by hierarchy level | $ | 36 | $ | 40.8 | $ | 0.9 | $ | 0.8 | $ | — | $ | — | $ | 36.9 | $ | 41.6 | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Beginning balance | $ | 0.6 | $ | 0.9 | ||||||||||||||||||||||||||||
Transfer out to Level 2 | (0.6 | ) | (0.9 | ) | ||||||||||||||||||||||||||||
Transfer in from Level 2 | — | 0.1 | ||||||||||||||||||||||||||||||
New purchases | — | 0.5 | ||||||||||||||||||||||||||||||
Ending balance | $ | — | $ | 0.6 | ||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Postretirement Health and Life Benefit Plans | Expected | ||||||||||||||||||||||||||||||
Subsidies | ||||||||||||||||||||||||||||||||
From Medicare | ||||||||||||||||||||||||||||||||
2014 | $ | 85.8 | $ | 16.3 | $ | 0.2 | ||||||||||||||||||||||||||
2015 | 64.1 | 20.9 | 0.2 | |||||||||||||||||||||||||||||
2016 | 73 | 24.1 | 0.2 | |||||||||||||||||||||||||||||
2017 | 62.2 | 24.6 | 0.3 | |||||||||||||||||||||||||||||
2018 | 61.4 | 23.9 | 0.3 | |||||||||||||||||||||||||||||
2019 to 2023 | 291.5 | 98.2 | 2 | |||||||||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||
A summary of restricted shares activity for the year ended December 31, 2013 follows (shares in thousands): | ||||||||||||
Shares | Weighted-Average | |||||||||||
Grant-Date | ||||||||||||
Fair Value | ||||||||||||
Restricted Shares at December 31, 2012 | 108 | $ | 41.82 | |||||||||
Granted | — | — | ||||||||||
Vested | (45 | ) | 67.57 | |||||||||
Forfeited | — | — | ||||||||||
Restricted Shares at December 31, 2013 | 63 | $ | 23.53 | |||||||||
Schedule of Stock-Based Compensation Costs | ' | |||||||||||
A summary of stock-based compensation costs follows (in millions): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Total stock-based compensation costs: | ||||||||||||
Restricted stock and restricted stock units | $ | 1.9 | $ | 4.4 | $ | 7.1 | ||||||
Performance awards and other | 0.1 | 0.8 | 1.3 | |||||||||
Less: costs capitalized as part of inventory | — | (0.1 | ) | (0.4 | ) | |||||||
Expense included in selling, general and administrative and advanced technology costs | $ | 2 | $ | 5.1 | $ | 8 | ||||||
Total recognized tax benefit | $ | — | $ | — | $ | — | ||||||
The total recognized tax benefit is reported at the federal statutory rate net of the tax valuation allowance. |
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
The provision (benefit) for income taxes from continuing operations is as follows (in millions): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | (2.9 | ) | $ | (21.2 | ) | ||||
State and local | (1.8 | ) | 2 | 0.6 | ||||||||
Foreign | — | — | — | |||||||||
(1.8 | ) | (0.9 | ) | (20.6 | ) | |||||||
Deferred: | ||||||||||||
Federal | (83.0 | ) | (0.2 | ) | 237.2 | |||||||
State and local | (1.7 | ) | 0.1 | 15.2 | ||||||||
Foreign | — | — | — | |||||||||
(84.7 | ) | (0.1 | ) | 252.4 | ||||||||
$ | (86.5 | ) | $ | (1.0 | ) | $ | 231.8 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
Future tax consequences of temporary differences between the carrying amounts for financial reporting purposes and USEC’s estimate of the tax bases of its assets and liabilities result in deferred tax assets and liabilities, as follows (in millions): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Plant lease turnover and other exit costs | $ | 17.4 | $ | 15.8 | ||||||||
Employee benefits costs | 119.7 | 215 | ||||||||||
Inventory | 10.1 | 15.9 | ||||||||||
Property, plant and equipment | 508.8 | 490.5 | ||||||||||
Tax intangibles | — | 0.3 | ||||||||||
Depleted uranium and stored wastes | 2.9 | 3.4 | ||||||||||
Net operating loss and credit carryforwards | 89.2 | 35.5 | ||||||||||
Accrued expenses | 4.7 | 7.1 | ||||||||||
Prepaid expenses | — | 2.4 | ||||||||||
Other | 12.3 | 8 | ||||||||||
765.1 | 793.9 | |||||||||||
Valuation allowance | (763.5 | ) | (793.9 | ) | ||||||||
Deferred tax assets, net of valuation allowance | 1.6 | — | ||||||||||
Deferred tax liabilities: | ||||||||||||
Prepaid expenses | 1.6 | — | ||||||||||
Deferred tax liabilities | 1.6 | — | ||||||||||
— | — | |||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||
A reconciliation of income taxes calculated based on the federal statutory income tax rate of 35% and the effective tax rate follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal | 2 | — | — | |||||||||
Research and other tax credits | — | — | 1 | |||||||||
Other nondeductible expenses | (1 | ) | — | (1 | ) | |||||||
Preferred stock issuance costs and dividends paid-in-kind | (2 | ) | — | (1 | ) | |||||||
Valuation allowance against deferred tax assets | 3 | (35 | ) | (123 | ) | |||||||
Restructuring costs | (1 | ) | — | — | ||||||||
Impact of state rate changes on deferred taxes | (4 | ) | — | — | ||||||||
32 | % | — | % | (89 | )% | |||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits follows (in millions): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Balance at beginning of the year | $ | 3 | $ | 3.7 | ||||||||
Reductions to tax positions of prior years | (0.7 | ) | (0.8 | ) | ||||||||
Additions for tax positions of current year | — | 0.1 | ||||||||||
Balance at end of the year | $ | 2.3 | $ | 3 | ||||||||
Stockholders_Equity_Deficit_Ta
Stockholders Equity (Deficit) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Schedule of Stock Issued and Outstanding [Table Text Block] | ' | ||||||||
Shares | Treasury | Shares | |||||||
Issued | Stock | Outstanding | |||||||
Balance at December 31, 2010 | 4,933 | (323 | ) | 4,610 | |||||
Common stock issued, net | 278 | 40 | 318 | ||||||
Balance at December 31, 2011 | 5,211 | (283 | ) | 4,928 | |||||
Common stock issued, net | — | 80 | 80 | ||||||
Balance at December 31, 2012 | 5,211 | (203 | ) | 5,008 | |||||
Common stock issued, net | — | (23 | ) | (23 | ) | ||||
Balance at December 31, 2013 | 5,211 | (226 | ) | 4,985 | |||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||
Schedule of Net Income Per Share | ' | ||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
(millions) | |||||||||||||||
Numerators for basic and diluted calculations (a): | |||||||||||||||
Net (loss) from continuing operations | $ | (183.6 | ) | $ | (1,201.8 | ) | $ | (491.8 | ) | ||||||
Net income from discontinued operations | 24.7 | 1.2 | 0.7 | ||||||||||||
Net (loss) | $ | (158.9 | ) | $ | (1,200.6 | ) | $ | (491.1 | ) | ||||||
Denominator: | |||||||||||||||
Weighted average common shares | 5 | 5 | 4.9 | ||||||||||||
Less: Weighted average unvested restricted stock | 0.1 | 0.1 | 0.1 | ||||||||||||
Denominator for basic calculation | 4.9 | 4.9 | 4.8 | ||||||||||||
Weighted average effect of dilutive securities: | |||||||||||||||
Convertible notes | 1.8 | 1.8 | 1.8 | ||||||||||||
Convertible preferred stock: | |||||||||||||||
Equivalent common shares (b) | 10.3 | 4.1 | 0.8 | ||||||||||||
Less: share issuance limitation (c) | 9.4 | 3.2 | — | ||||||||||||
Net allowable common shares | 0.9 | 0.9 | 0.8 | ||||||||||||
Subtotal | 2.7 | 2.7 | 2.6 | ||||||||||||
Less: shares excluded in a period of a net loss or antidilution | 2.7 | 2.7 | 2.6 | ||||||||||||
Weighted average effect of dilutive securities | — | — | — | ||||||||||||
Denominator for diluted calculation | 4.9 | 4.9 | 4.8 | ||||||||||||
Net (loss) per share from continuing operations – basic and diluted | $ | (37.47 | ) | $ | (245.26 | ) | $ | (102.46 | ) | ||||||
Net income per share from discontinued operations – basic and diluted | $ | 5.04 | $ | 0.24 | $ | 0.15 | |||||||||
Net (loss) per share – basic and diluted | $ | (32.43 | ) | $ | (245.02 | ) | $ | (102.31 | ) | ||||||
Schedule of Securities Excluded from Net Income Per Share | ' | ||||||||||||||
Options and warrants to purchase shares of common stock having an exercise price greater than the average share market price are excluded from the calculation of diluted net income per share: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Options excluded from diluted net income per share | 1,000 | 111,000 | 125,000 | ||||||||||||
Warrants excluded from diluted net income per share | 250,000 | 250,000 | 250,000 | ||||||||||||
Exercise price of excluded options | $ | 177.5 | to | $ | 93 | to | $ | 93 | to | ||||||
$ | 357 | $ | 357 | $ | 357 | ||||||||||
Exercise price of excluded warrants | $ | 187.5 | $ | 187.5 | $ | 187.5 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
Future estimated minimum lease payments and expected lease administration payments follow (in millions): | ||||
2014 | $ | 6.2 | ||
2015 | 4.5 | |||
2016 | 3.6 | |||
2017 | 1.9 | |||
2018 | 1.9 | |||
Thereafter | 45.8 | |||
$ | 63.9 | |||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | |||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | |||||||||||
Revenue attributed to domestic and foreign customers, including customers in a foreign country representing 10% or more of total revenue (Japan in 2011), follows (in millions): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 1,024.40 | $ | 1,538.00 | $ | 1,259.30 | ||||||
Foreign: | ||||||||||||
Japan | 105.6 | 182.1 | 199.7 | |||||||||
Other | 177.5 | 142 | 141.8 | |||||||||
283.1 | 324.1 | 341.5 | ||||||||||
Total revenue | $ | 1,307.50 | $ | 1,862.10 | $ | 1,600.80 | ||||||
Segment Reporting Information | ' | |||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Revenue | ||||||||||||
LEU segment: | ||||||||||||
Separative work units | $ | 1,222.90 | $ | 1,821.80 | $ | 1,330.90 | ||||||
Uranium | 71.2 | 26 | 131.8 | |||||||||
1,294.10 | 1,847.80 | 1,462.70 | ||||||||||
Contract services segment | 13.4 | 14.3 | 138.1 | |||||||||
Revenue | $ | 1,307.50 | $ | 1,862.10 | $ | 1,600.80 | ||||||
Segment Gross Profit (Loss) | ||||||||||||
LEU segment | $ | (94.7 | ) | $ | 129.3 | $ | 71.6 | |||||
Contract services segment | (0.2 | ) | 0.1 | 3.8 | ||||||||
Gross profit (loss) | $ | (94.9 | ) | $ | 129.4 | $ | 75.4 | |||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Assets | ||||||||||||
LEU segment | $ | 1,646.00 | $ | 2,208.50 | $ | 3,491.40 | ||||||
Contract services segment: | ||||||||||||
NAC (divested March 2013) | — | 15.6 | 20.1 | |||||||||
Other | 59.5 | 42.3 | 37.8 | |||||||||
Contract services segment | 59.5 | 57.9 | 57.9 | |||||||||
$ | 1,705.50 | $ | 2,266.40 | $ | 3,549.30 | |||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | ' | |||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||
(in millions, except per share data) | Mar. 31, | June 30, | Sept. 30, | Dec. 31, | Year | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||
Revenue | $ | 320.4 | $ | 284.8 | $ | 303.8 | $ | 398.5 | $ | 1,307.50 | ||||||||||
Cost of sales | 307.1 | 331.7 | 333.8 | 429.8 | 1,402.40 | |||||||||||||||
Gross profit (loss) | 13.3 | (46.9 | ) | (30.0 | ) | (31.3 | ) | (94.9 | ) | |||||||||||
Advanced technology costs | 59.3 | 46.2 | 44.5 | 36.1 | 186.1 | |||||||||||||||
Selling, general and administrative | 12.9 | 11.9 | 11.2 | 10.8 | 46.8 | |||||||||||||||
Special charges for workforce reductions and advisory costs | 2.4 | 3.7 | 3.5 | 47.6 | 57.2 | |||||||||||||||
Other (income) (a) | (47.6 | ) | (40.7 | ) | (35.9 | ) | (30.1 | ) | (154.3 | ) | ||||||||||
Operating (loss) | (13.7 | ) | (68.0 | ) | (53.3 | ) | (95.7 | ) | (230.7 | ) | ||||||||||
Interest expense | 13.3 | 9.3 | 9.5 | 8 | 40.1 | |||||||||||||||
Interest (income) | (0.3 | ) | (0.1 | ) | — | (0.3 | ) | (0.7 | ) | |||||||||||
Provision (benefit) for income taxes | (3.0 | ) | (36.3 | ) | (18.5 | ) | (28.7 | ) | (86.5 | ) | ||||||||||
Net (loss) from continuing operations | (23.7 | ) | (40.9 | ) | (44.3 | ) | (74.7 | ) | (183.6 | ) | ||||||||||
Net income from discontinued operations | 21.7 | — | — | 3 | 24.7 | |||||||||||||||
Net (loss) | $ | (2.0 | ) | $ | (40.9 | ) | $ | (44.3 | ) | $ | (71.7 | ) | $ | (158.9 | ) | |||||
Net (loss) from continuing operations per share - basic and diluted | $ | (4.84 | ) | $ | (8.35 | ) | $ | (9.04 | ) | $ | (15.24 | ) | $ | (37.47 | ) | |||||
Net (loss) per share - basic and diluted | $ | (0.41 | ) | $ | (8.35 | ) | $ | (9.04 | ) | $ | (14.63 | ) | $ | (32.43 | ) | |||||
Weighted average number of shares outstanding - basic and diluted | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 | |||||||||||||||
Mar. 31, | June 30, | Sept. 30, | Dec. 31, | Year | ||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2012 | ||||||||||||||||
Revenue | $ | 542 | $ | 353.8 | $ | 563 | $ | 403.3 | $ | 1,862.10 | ||||||||||
Cost of sales | 505.3 | 343.6 | 526.4 | 357.4 | 1,732.70 | |||||||||||||||
Gross profit | 36.7 | 10.2 | 36.6 | 45.9 | 129.4 | |||||||||||||||
Advanced technology costs | 36.7 | 85.4 | 44.9 | 1,146.20 | (b) | 1,313.20 | ||||||||||||||
Selling, general and administrative | 13.6 | 13.2 | 11.3 | 12.2 | 50.3 | |||||||||||||||
Special charges for workforce reductions and advisory costs | 6.4 | 3.2 | 1.5 | 1.2 | 12.3 | |||||||||||||||
Other (income) (a) | — | (10.0 | ) | (34.6 | ) | (47.5 | ) | (92.1 | ) | |||||||||||
Operating income (loss) | (20.0 | ) | (81.6 | ) | 13.5 | (1,066.2 | ) | (1,154.3 | ) | |||||||||||
Interest expense | 12.7 | 12.7 | 12.3 | 12.7 | 50.4 | |||||||||||||||
Interest (income) | (0.1 | ) | (0.1 | ) | (0.2 | ) | (1.5 | ) | (1.9 | ) | ||||||||||
Provision (benefit) for income taxes | (3.3 | ) | (2.1 | ) | (3.6 | ) | 8 | (1.0 | ) | |||||||||||
Net income (loss) from continuing operations | $ | (29.3 | ) | $ | (92.1 | ) | 5 | (1,085.4 | ) | (1,201.8 | ) | |||||||||
Net income (loss) from discontinued operations | 0.5 | 0.1 | (0.5 | ) | 1.1 | 1.2 | ||||||||||||||
Net income (loss) | $ | (28.8 | ) | $ | (92.0 | ) | $ | 4.5 | $ | (1,084.3 | ) | $ | (1,200.6 | ) | ||||||
Net income (loss) from continuing operations per share - basic and diluted | $ | (5.98 | ) | $ | (18.80 | ) | $ | 1.02 | $ | (221.51 | ) | $ | (245.26 | ) | ||||||
Net income (loss) per share - basic and diluted | $ | (5.88 | ) | $ | (18.78 | ) | $ | 0.92 | $ | (221.29 | ) | $ | (245.02 | ) | ||||||
Weighted average number of shares outstanding - basic and diluted | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 | |||||||||||||||
(a) | Pro-rata cost sharing support from DOE for partial funding of American Centrifuge activities. See "American Centrifuge - Project Funding" in Note 20. | |||||||||||||||||||
(b) | Based on our internal analysis concluded as part of our annual assessment, all previously capitalized costs related to the American Centrifuge project were expensed as of December 31, 2012. Capitalization of expenditures related to the American Centrifuge project has ceased until commercial deployment resumes. See Notes 8 and 20 for further details related to the American Centrifuge project. |
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |
Amount of application under DOE Loan Guarantee Program | $2,000,000,000 | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Stock Split | 12,500,000 | 0 | ' | ' | ' |
Cash and cash equivalents | 314,200,000 | 37,600,000 | ' | 292,900,000 | 151,000,000 |
Convertible senior notes | 530,000,000 | ' | ' | 0 | ' |
Convertible Noteholders, Percent of New Common Stock | 79.04% | ' | ' | ' | ' |
Convertible Noteholders, New Notes | 200,000,000 | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 110,000,000 | ' | ' |
NYSE Minimum 30 Day Average Closing Price | $1 | ' | ' | ' | ' |
NYSE 30-Day Market Capitalization Subject to Suspension | 15,000,000 | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 12.75% | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | 85,903 | ' | ' | ' | ' |
Convertible preferred stock and accrued dividends payable-in-kind | 113,900,000 | ' | ' | 100,500,000 | ' |
Warrants Outstanding | 250,000 | ' | ' | ' | ' |
Preferred Investors, Each, Percent of New Common Stock | 7.98% | ' | ' | ' | ' |
Preferred Investors, Aggregate, Percent of New Common Stock | 15.96% | ' | ' | ' | ' |
Preferred Investors, Each, New Notes | 20,190,000 | ' | ' | ' | ' |
Preferred Investors, Aggregate, New Notes | 40,380,000 | ' | ' | ' | ' |
Stockholders, Percent of New Common Stock | 5.00% | ' | ' | ' | ' |
Debtor-in-Possession Financing, Amount Arranged | 50,000,000 | ' | ' | ' | ' |
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | 10.50% | ' | ' | ' | ' |
Preconfirmation, Debtor-in-Possession Financing | $20,000,000 | ' | ' | ' | ' |
Sale_of_NAC_Subsidiary_Details
Sale of NAC Subsidiary (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Contract services | ' | ' | ' | ' | ' | ' | ' | ' | $13.40 | $14.30 | $138.10 |
Contract services costs | ' | ' | ' | ' | ' | ' | ' | ' | 13.6 | 14.2 | 134.3 |
Gross profit | -31.3 | -30 | -46.9 | 13.3 | 45.9 | 36.6 | 10.2 | 36.7 | -94.9 | 129.4 | 75.4 |
Advanced technology costs | 36.1 | 44.5 | 46.2 | 59.3 | 1,146.20 | 44.9 | 85.4 | 36.7 | 186.1 | 1,313.20 | 271.6 |
Selling, general and administrative | 10.8 | 11.2 | 11.9 | 12.9 | 12.2 | 11.3 | 13.2 | 13.6 | 46.8 | 50.3 | 56.4 |
Operating income | -95.7 | -53.3 | -68 | -13.7 | -1,066.20 | 13.5 | -81.6 | -20 | -230.7 | -1,154.30 | -248.9 |
Gain on sale of subsidiary | ' | ' | ' | 35.6 | ' | ' | ' | ' | 35.6 | 0 | 0 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' |
Segment, Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract services | ' | ' | ' | ' | ' | ' | ' | ' | 13.7 | 56 | 71 |
Contract services costs | ' | ' | ' | ' | ' | ' | ' | ' | 11.8 | 47.4 | 62.2 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | 8.6 | 8.8 |
Advanced technology costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.8 | 1.6 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 1.8 | 5.8 | 5.7 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 2 | 1.5 |
Gain on sale of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 35.6 | 0 | 0 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 35.7 | 2 | 1.5 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 0.8 | 0.8 |
Net income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $24.70 | $1.20 | $0.70 |
Sale_of_NAC_Subsidiary_Narrati
Sale of NAC Subsidiary (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 15, 2013 |
Discontinued Operation, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | $0 | $6.80 | ' | $6.80 |
Proceeds from sale of subsidiary | ' | 43.2 | 43.2 | 0 | 0 | ' |
Gain on sale of subsidiary | 35.6 | ' | 35.6 | 0 | 0 | ' |
Net assets and liabilities of subsidiary | ' | ' | ' | ' | ' | 5.5 |
Transaction costs for sale of subsidiary | ' | ' | ' | ' | ' | $2.10 |
Transition_Charges_NarrativeDe
Transition Charges (Narrative)(Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Retirement Charges | ' | ' | ' | $19.80 | ' | ' | ' | ' | ' | ' | $19.80 | ' | ' |
Inventory Valuation Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' |
Non-production expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194.2 | 18.8 | ' |
Site expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103 | ' | ' |
Power Contract Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.8 | ' | ' |
Accelerated property, plant and equipment expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.4 | 5.6 | ' |
Net defined benefit plan costs for former Portsmouth employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.9 | 13.2 | ' |
One-time termination benefit costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 | 3.9 | ' |
Payments for one-time termination benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13.9 | -11.7 | ' |
Restructuring Liability Balance | 22.4 | ' | ' | ' | 0.1 | ' | ' | ' | ' | ' | 22.4 | 0.1 | ' |
DOE Share of Paducah Termination Benefit Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.2 | ' | ' |
Structuring advisory costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 8.4 | ' |
Curtailment (gain) loss | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | 3.2 | ' | ' | ' |
Special charges for workforce reductions and advisory costs | 47.6 | 3.5 | 3.7 | 2.4 | 1.2 | 1.5 | 3.2 | 6.4 | ' | ' | 57.2 | 12.3 | 0 |
Uranium Market Conditions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory Valuation Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.2 | ' | ' |
Residual Uranium [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory Valuation Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22.7 | ' | ' |
Materials and Supplies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory Valuation Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.3 | ' | ' |
Workforce Reduction Phase One [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One-time termination benefit costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.2 | ' | ' |
DOE Share of Paducah Termination Benefit Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | ' | ' |
Workforce Reduction Phase Two [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One-time termination benefit costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.8 | ' | ' |
DOE Share of Paducah Termination Benefit Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Cash Payable [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One-time termination benefit costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.2 | 3.4 | ' |
Noncash [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One-time termination benefit costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' |
Special charges for workforce reductions and advisory costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22.2 | ' | ' |
Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for one-time termination benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -3.4 | ' |
Restructuring Liability Balance | 21.2 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 21.2 | 0 | ' |
Advisory Costs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for one-time termination benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9.9 | -8.3 | ' |
Restructuring Liability Balance | $1.20 | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | $1.20 | $0.10 | ' |
Advanced_Technology_Costs_and_1
Advanced Technology Costs and Other Income (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 22 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 14, 2014 |
RD&D Program Qualifying Expenditures - DOE Share | $30.10 | $35.90 | $40.70 | $47.60 | $47.50 | $34.60 | $10 | $0 | $154.30 | $92.10 | $3.70 | ' |
Maximum funding for RD&D Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 |
Maximum RD&D Program Funding by DOE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280 |
RD&D Program Funding by DOE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% |
RD&D Program Funding by USEC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% |
RD&D Program Funding by DOE To Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 279.6 |
RD&D Program Funding by DOE - Increment 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87.7 |
RD&D Program Funding by DOE - Increment 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.7 |
RD&D Program Funding by DOE - Increment 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.4 |
RD&D Program Funding by DOE - Increment 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.9 |
RD&D Program Funding by DOE - Increment 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.6 |
RD&D Program Funding by DOE - Increment 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.7 |
RD&D Program Funding by DOE - Increment 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22.6 |
RD&D Program Qualifying Expenditures To Date | 307.8 | ' | ' | ' | ' | ' | ' | ' | 307.8 | ' | ' | ' |
RD&D Program Qualifying Expenditures To Date - DOE Share | 246.3 | ' | ' | ' | ' | ' | ' | ' | 246.3 | ' | ' | ' |
RD&D Program Qualifying Expenditures To Date - DOE Share - Received | 226.2 | ' | ' | ' | ' | ' | ' | ' | 226.2 | ' | ' | ' |
RD&D Program Qualifying Expenditures To Date - DOE Share - Receivable | 20.1 | ' | ' | ' | 4.4 | ' | ' | ' | 20.1 | 4.4 | ' | ' |
RD&D Program Funding - DOE Advance | $0 | ' | ' | ' | $2.40 | ' | ' | ' | $0 | $2.40 | ' | ' |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Utility Customer Receivables | $129.30 | $118.30 |
DOE pro-rata share of RD&D program funding | 20.1 | 4.4 |
Contract Services Billed Revenue | 15.7 | 12.6 |
Contract Services Unbilled Revenue | 1.9 | 1.6 |
Contract Services Customer Receivables | 17.6 | 14.2 |
Accounts Receivable, Gross, Current | 167 | 136.9 |
Allowance for Doubtful Accounts Receivable | 4 | 2.1 |
Accounts Receivable, Net, Current | 163 | 134.8 |
Accounts Receivable, Gross, Noncurrent | ' | 38 |
Government [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Allowance for Doubtful Accounts Receivable | 55 | 12.2 |
Accounts Receivable, Gross, Noncurrent | 80.8 | 38 |
Accounts Receivable, Net, Noncurrent | $25.80 | $25.80 |
Accounts_Receivable_Narrative_
Accounts Receivable (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable, Gross, Noncurrent | ' | $38 |
Valuation Allowances and Allowances for Doubtful Accounts | 4 | 2.1 |
Other liabilities | 52.8 | 65.6 |
Government [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable, Gross, Noncurrent | 80.8 | 38 |
Valuation Allowances and Allowances for Doubtful Accounts | 55 | 12.2 |
Accounts Receivable, Net, Noncurrent | 25.8 | 25.8 |
Other liabilities | 19.7 | 20.5 |
Government - portion related to retiree benefits [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable, Gross, Noncurrent | $42.80 | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Separative work units inventory | $628.40 | $880.90 |
Uranium inventory | 335.4 | 703.7 |
Materials and supplies | 3.8 | 8.6 |
Inventories | 967.6 | 1,593.20 |
Separative work units owed to customers and suppliers | 200 | 382.7 |
Uranium owed to customers and suppliers | 299.7 | 567.3 |
Inventories owed to customers and suppliers | 499.7 | 950 |
Separative work units net of liability | 428.4 | 498.2 |
Uranium inventory net of liability | 35.7 | 136.4 |
Inventories, net | $467.90 | $643.20 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | 12 Months Ended | |
In Billions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory, Net [Abstract] | ' | ' |
Inventories provided by customers and suppliers | $1.30 | $1.90 |
Decline in Uranium Spot Price Indicator | 20.00% | ' |
Decline in Uranium Quantities Provided by Customers and Suppliers | 15.00% | ' |
Property_Plant_and_Equipment_P2
Property, Plant and Equipment Property, Plant and Equipment (Tables) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | $368.10 | $368.10 | $1,545.30 | $1,582.70 |
Property, Plant and Equipment, Additions | ' | 0 | 13.9 | 135.9 |
Property, Plant and Equipment, Transfers and Changes | ' | -63 | -1,191.10 | -173.3 |
Property, Plant and Equipment, Gross | ' | 305.1 | 368.1 | 1,545.30 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -317.1 | -317.1 | -358.2 | -351.3 |
Depreciation | ' | -23.3 | -27 | -42.7 |
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment | ' | 43.2 | 68.1 | 35.8 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | ' | -297.2 | -317.1 | -358.2 |
Property, Plant and Equipment, Net | 51 | 51 | 1,187.10 | 1,231.40 |
Property, Plant And Equipment, Net Capital Expenditures | ' | -23.3 | -13.1 | 93.2 |
Accumulated Depreciation, Depletion and Amortization, Write-down of Property, Plant and Equipment | ' | -19.8 | -1,123 | -137.5 |
Asset Retirement Charges | 19.8 | 19.8 | ' | ' |
Property, Plant and Equipment, Net | ' | 7.9 | 51 | 1,187.10 |
Construction in Progress [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 2.7 | 2.7 | 1,111.20 | 1,126.30 |
Property, Plant and Equipment, Additions | ' | 0 | 13.6 | 135.9 |
Property, Plant and Equipment, Transfers and Changes | ' | -2.7 | -1,122.10 | -151 |
Property, Plant and Equipment, Gross | ' | 0 | 2.7 | 1,111.20 |
Leasehold Improvements [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 183.7 | 183.7 | 182.9 | 187.3 |
Property, Plant and Equipment, Additions | ' | 0 | 0 | 0 |
Property, Plant and Equipment, Transfers and Changes | ' | -42.6 | 0.8 | -4.4 |
Property, Plant and Equipment, Gross | ' | 141.1 | 183.7 | 182.9 |
Machinery and Equipment [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 181.7 | 181.7 | 251.2 | 269.1 |
Property, Plant and Equipment, Additions | ' | 0 | 0.3 | 0 |
Property, Plant and Equipment, Transfers and Changes | ' | -17.7 | -69.8 | -17.9 |
Property, Plant and Equipment, Gross | ' | $164 | $181.70 | $251.20 |
Property_Plant_and_Equipment_P3
Property, Plant and Equipment Property, Plant and Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' | ' |
Asset Retirement Charges | $19,800,000 | ' | $19,800,000 | ' | ' |
Expense of American Centrifuge capital assets | ' | ' | ' | 1,100,000,000 | ' |
Expense of American Centrifuge property, plant and equipment | ' | ' | ' | 1,075,600,000 | ' |
Expense of prepaid assets | ' | ' | ' | 9,900,000 | ' |
Expense of deferred financing costs | ' | ' | ' | 6,700,000 | ' |
Transfers and retirements of machinery | ' | $44,600,000 | $19,800,000 | $47,400,000 | $0 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' |
Trade payables | $8.70 | $21.10 |
Compensation and benefits payable | 27.3 | 41 |
American Centrifuge accrued liabilities | 4.6 | 13.3 |
Accrued property and other taxes payable | 3.2 | 4.7 |
Accrued lease turnover - current | 30.4 | 32.2 |
Accrued interest payable on debt | 4 | 5.3 |
Accrued severance payments | 21.2 | 0 |
Other accrued liabilities | 15.1 | 28.2 |
Accounts payable and accrued liabilities | $114.50 | $145.80 |
Deferred_Revenue_and_Advances_2
Deferred Revenue and Advances from Customers (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Revenue and Credits, Current [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances from customers | $0 | ' | ' | ' | $2.40 | ' | ' | ' | $0 | $2.40 | ' |
Other (income) | $30.10 | $35.90 | $40.70 | $47.60 | $47.50 | $34.60 | $10 | $0 | $154.30 | $92.10 | $3.70 |
Deferred_Revenue_and_Advances_3
Deferred Revenue and Advances from Customers (Deferred Revenue and Advances From Customers) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Revenue and Credits, Current [Abstract] | ' | ' |
Deferred revenue | $195.90 | $123.10 |
Advances from customers | 0 | 2.4 |
Total | 195.9 | 125.5 |
Deferred costs associated with deferred revenue | $165.50 | $116.80 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Credit facility term loan | $0 | ' | $83.20 |
Convertible senior notes, current | 530 | ' | ' |
Convertible senior notes, noncurrent | 530 | ' | 530 |
Line of Credit Facility, Maximum Borrowing Capacity | ' | 110 | ' |
Deferred finance costs, gross, convertible notes | $14.30 | ' | ' |
Convertible Debt [Member] | ' | ' | ' |
Debt instrument interest rate | 3.00% | ' | ' |
Debt_Schedule_of_Revolving_Cre
Debt (Schedule of Revolving Credit Facility) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Line of Credit Facility [Abstract] | ' | ' |
Credit facility term loan | $0 | $83.20 |
Letters of credit outstanding, amount | 1.6 | 14.7 |
Available credit | $0 | $87.10 |
Debt_Schedule_of_Deferred_Fina
Debt (Schedule of Deferred Financing Costs) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Finance Costs, Beginning Balance | $6.60 | $14.60 |
Deferred financing costs, additions | 2.2 | 9.2 |
Deferred financing costs, reductions | -7.2 | -17.2 |
Deferred Finance Costs, End Balance | 1.6 | 6.6 |
Bank credit facilities [Member] | ' | ' |
Deferred Finance Costs, Beginning Balance | 3 | 2.4 |
Deferred financing costs, additions | 2.2 | 9.2 |
Deferred financing costs, reductions | -5.2 | -8.6 |
Deferred Finance Costs, End Balance | 0 | 3 |
Convertible notes [Member] | ' | ' |
Deferred Finance Costs, Beginning Balance | 3.6 | 5.5 |
Deferred financing costs, additions | 1.8 | ' |
Deferred financing costs, reductions | -0.2 | -1.9 |
Deferred Finance Costs, End Balance | 1.6 | 3.6 |
DOE Loan Guarantee application [Member] | ' | ' |
Deferred Finance Costs, Beginning Balance | ' | 6.7 |
Deferred financing costs, additions | -1.8 | ' |
Deferred financing costs, reductions | -1.8 | -6.7 |
Deferred Finance Costs, End Balance | $0 | ' |
Convertible_Preferred_Stock_an1
Convertible Preferred Stock and Common Stock Warrants (Details) (USD $) | 12 Months Ended | 40 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2010 | |
Convertible Preferred Stock and Common Stock Warrants [Abstract] | ' | ' | ' | ' |
Preferred Investors, Aggregate, Investment | $200,000,000 | $200,000,000 | ' | ' |
Preferred Investors, Each, Investment | 100,000,000 | 100,000,000 | ' | ' |
Preferred Investors, Aggregate, Investment First Phase | 75,000,000 | 75,000,000 | ' | ' |
Amount of application under DOE Loan Guarantee Program | 2,000,000,000 | 2,000,000,000 | ' | ' |
Preferred Stock, Shares Issued | 85,900 | 85,900 | 85,900 | 75,000 |
Preferred Stock, Dividend Rate, Percentage | 12.75% | ' | ' | ' |
Warrants Outstanding | 250,000 | 250,000 | ' | ' |
Preferred Stock, Exercise Price | $187.50 | $187.50 | ' | ' |
Convertible preferred stock and accrued dividends payable-in-kind | 113,900,000 | 113,900,000 | 100,500,000 | ' |
Dividends, Preferred Stock | ' | $38,900,000 | ' | ' |
Preferred Stock, Common Shares Equivalent | 17,100,000 | 17,100,000 | ' | ' |
Preferred Stock, Common Shares Equivalent Calculation Price | $6.66 | $6.66 | ' | ' |
Preferred Stock, Common Share Maximum Percentage | 19.99% | 19.99% | ' | ' |
Preferred Stock, Common Share Maximum Shares | 900,000 | 900,000 | ' | ' |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Instruments Recorded at Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Cash equivalents | $312.70 | $292.20 |
Deferred compensation asset | 3.1 | 2.7 |
Deferred compensation obligation | 3 | 2.7 |
Level 2 [Member] | ' | ' |
Cash equivalents | 312.7 | 292.2 |
Deferred compensation asset | 3.1 | 2.7 |
Deferred compensation obligation | $3 | $2.70 |
Fair_Value_Measurements_Debt_D
Fair Value Measurements (Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Credit facility term loan | $0 | $83.20 |
Credit facility term loan, fair value | ' | 93.5 |
Convertible preferred stock and accrued dividends payable-in-kind | 113.9 | 100.5 |
Convertible preferred stock, fair value | 113.9 | 100.5 |
Convertible senior notes | 530 | 530 |
Convertible senior notes, fair value | $184.10 | $198.20 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Preferred stock dividend rate | 12.75% |
Liquidation value, per share | $1,000 |
Pension_and_Postretirement_Hea2
Pension and Postretirement Health and Life Benefits (Narrative) (Details) (USD $) | 3 Months Ended | 7 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2011 | Mar. 31, 2011 | Aug. 04, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | |||||||||
Approximate Number of Plan Participants | ' | ' | ' | ' | ' | ' | ' | ' | 6,100 | ' | ' | 6,100 | ' | ' | ' | 4,000 | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | ' | ' | ' | ' | ' | ' | ' | ' | $906 | ' | ' | $906 | $1,040.40 | ' | ' | ' | ' | ' |
Curtailment (gain) loss | ' | 1.9 | 3.2 | ' | ' | ' | ' | ' | ' | 0.7 | ' | -12.6 | 0 | -3.2 | ' | 1 | 0 | -1.9 |
Decrease in pension liability, curtailments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.7 | ' | 20.1 | 0 | ' | ' | -24.6 | 0 | ' |
Additional credited service charge | ' | ' | ' | ' | ' | ' | ' | ' | 22.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in pension liability, additional credit service | ' | ' | ' | ' | ' | ' | ' | ' | 47.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net defined benefit plan costs for former Portsmouth employees | ' | ' | ' | ' | ' | 8.9 | 13.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected defined benefit plan contributions for next fiscal year | ' | ' | ' | ' | 37.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected defined benefit plan contributions for next fiscal year under ERISA | ' | ' | ' | ' | 35.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected defined benefit plan contributions for next fiscal year for non-qualified plans | ' | ' | ' | ' | 2.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | ' | ' | ' | ' | ' | 187.8 | -55.1 | -136.2 | ' | ' | 1.3 | ' | ' | ' | 0.5 | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0 | 0 | 0 | ' | -27.8 | 0 | 0 |
Defined Contribution Plan, Cost Recognized | ' | ' | ' | ' | ' | 6.3 | 6.1 | 7.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent | 7.00% | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Executive Deferred Compensation Plan, Cost Recognized | ' | ' | ' | ' | ' | ' | $0.10 | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension_and_Postretirement_Hea3
Pension and Postretirement Health and Life Benefits Pension and Postretirement Health and Life Benefits (Schedule of Changes in Projected Benefit Obligations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | ' | $907.40 | $1,099 | $989.50 |
Defined Benefit Plan, Actuarial Gain (Loss) | ' | -121 | 104.6 | ' |
Defined Benefit Plan, Service Cost | ' | 9.9 | 14.6 | 16.2 |
Defined Benefit Plan, Interest Cost | ' | 45 | 48.3 | 50.3 |
Defined Benefit Plan, Benefits Paid | ' | -58.2 | -58 | ' |
Defined Benefit Plan, Lump Sum Benefits Paid | ' | -47.2 | 0 | ' |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | ' | 0 | 0 | ' |
Defined Benefit Plan, Plan Amendments | ' | 0 | 0 | ' |
Defined Benefit Plan, Curtailments | -32.7 | -20.1 | 0 | ' |
Defined Benefit Plan, Special Termination Benefits | ' | 0 | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 784 | 774.8 | 727.8 |
Defined Benefit Plan, Actual Return on Plan Assets | ' | 92.7 | 91.3 | ' |
Defined Benefit Plan, Contributions by Employer | ' | 21.9 | 13.7 | ' |
Defined Benefit Plan, Funded Status of Plan | ' | -123.4 | -324.2 | ' |
Amounts Recognized In Current Liabilities | ' | -2.2 | -2.5 | ' |
Amounts Recognized In Noncurrent Liabilities | ' | -121.2 | -321.7 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | ' | -123.4 | -324.2 | ' |
Amounts Recognized In Accumulated Other Comprehensive Income Pre Tax Net Actuarial Loss | ' | 115.3 | 326 | ' |
Recognized In Accumulated Other Comprehensive Income Pre Tax Prior Service Cost Credit | ' | 0.2 | 1.7 | ' |
AmountsRecognizedInAccumulatedOtherComprehensiveIncomePreTax | ' | 115.5 | 327.7 | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | ' | 4.87% | 4.07% | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | ' | 2.00% | 4.00% | ' |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | ' | 231.9 | 248.8 | 252.9 |
Defined Benefit Plan, Actuarial Gain (Loss) | ' | -25.2 | -7.2 | ' |
Defined Benefit Plan, Service Cost | ' | 3.6 | 3.7 | 4.3 |
Defined Benefit Plan, Interest Cost | ' | 9 | 11.1 | 12.2 |
Defined Benefit Plan, Benefits Paid | ' | -12.2 | -12.3 | ' |
Defined Benefit Plan, Lump Sum Benefits Paid | ' | 0 | 0 | ' |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | ' | 0.5 | 0.6 | ' |
Defined Benefit Plan, Plan Amendments | ' | -27.8 | 0 | ' |
Defined Benefit Plan, Curtailments | ' | 24.6 | 0 | ' |
Defined Benefit Plan, Special Termination Benefits | ' | 10.6 | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 36.9 | 41.6 | 45.1 |
Defined Benefit Plan, Actual Return on Plan Assets | ' | 6.9 | 5.8 | ' |
Defined Benefit Plan, Contributions by Employer | ' | 0.6 | 3 | ' |
Defined Benefit Plan, Funded Status of Plan | ' | -195 | -207.2 | ' |
Amounts Recognized In Current Liabilities | ' | 0 | 0 | ' |
Amounts Recognized In Noncurrent Liabilities | ' | -195 | -207.2 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | ' | -195 | -207.2 | ' |
Amounts Recognized In Accumulated Other Comprehensive Income Pre Tax Net Actuarial Loss | ' | 12.8 | 45.3 | ' |
Recognized In Accumulated Other Comprehensive Income Pre Tax Prior Service Cost Credit | ' | -2.1 | 0 | ' |
AmountsRecognizedInAccumulatedOtherComprehensiveIncomePreTax | ' | $10.70 | $45.30 | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | ' | 4.45% | 3.66% | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | ' | 2.00% | 4.00% | ' |
Pension_and_Postretirement_Hea4
Pension and Postretirement Health and Life Benefits (Schedule of Net Benefit Costs) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Postretirement Health and Life Benefits Plans [Member] | Postretirement Health and Life Benefits Plans [Member] | Postretirement Health and Life Benefits Plans [Member] | |||
Service costs | ' | ' | ' | $9.90 | $14.60 | $16.20 | $3.60 | $3.70 | $4.30 |
Interest costs | ' | ' | ' | 45 | 48.3 | 50.3 | 9 | 11.1 | 12.2 |
Expected return on plan assets (gains) | ' | ' | ' | -51.1 | -52 | -54 | -2.3 | -2.9 | -3.7 |
Amortization of prior service costs | ' | ' | ' | 0.7 | 1.5 | 1.7 | 0 | 0 | 0 |
Amortization of actuarial (gains) losses, net | ' | ' | ' | 16.2 | 19.7 | 9.4 | 2.7 | 4.5 | 2.6 |
Curtailment (gains) | -1.9 | -3.2 | -0.7 | 12.6 | 0 | 3.2 | -1 | 0 | 1.9 |
Defined Benefit Plan, Special Termination Benefits | ' | ' | ' | 0 | 0 | 0 | 10.6 | 0 | 0 |
Net benefit costs | ' | ' | ' | $33.30 | $32.10 | $26.80 | $22.60 | $16.40 | $17.30 |
Pension_and_Postretirement_Hea5
Pension and Postretirement Health and Life Benefits Pension and Postretirement Health and Life Benefits (Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | ' | ($55.30) | ($24.20) | ($16.20) |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | ' | -24.1 | 1.5 | 1.6 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax | ' | -182.7 | 65.2 | 115.4 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0.1 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | ' | -28 | -19.7 | -11.6 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | ' | -1.5 | -1.5 | -1.6 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | ' | -212.2 | 44 | 102.2 |
Total recognized in net periodic benefit costs (income) and other comprehensive income (loss), pre-tax | ' | -178.9 | 76.1 | 129 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax | ' | -5.1 | -10.1 | 20.8 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | ' | -27.8 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | ' | -27.3 | -4.5 | -4.6 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | ' | 25.6 | 0 | 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | ' | -34.6 | -14.6 | 16.2 |
Total recognized in net periodic benefit costs (income) and other comprehensive income (loss), pre-tax | ' | $12 | $1.80 | $33.50 |
Pension_and_Postretirement_Hea6
Pension and Postretirement Health and Life Benefits Pension and Postretirement Health and Life Benefits (Schedule of Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.87% | 4.95% | 5.77% |
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate, Initial | 4.92% | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.75% | 7.25% | 7.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.00% | 4.25% | 4.25% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.45% | 4.46% | 5.32% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.75% | 7.25% | 7.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.00% | 4.25% | 4.25% |
Pension_and_Postretirement_Hea7
Pension and Postretirement Health and Life Benefits Pension and Postretirement Health and Life Benefits (Schedule of Healthcare Cost Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.50% | 7.50% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | '2019 | '2018 |
Pension_and_Postretirement_Hea8
Pension and Postretirement Health and Life Benefits Pension and Postretirement Health and Life Benefits (Schedule of Effect of One Percentage Point Change In Assumed Health Care Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | $6.30 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | -5.9 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 0.7 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | ($0.60) |
Pension_and_Postretirement_Hea9
Pension and Postretirement Health and Life Benefits Pension and Postretirement Health and Life Benefits (Plan Asset Allocations) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plan, Defined Benefit [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | ' | 54.00% | 52.00% |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 40.00% | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 60.00% | ' | ' |
Pension Plan, Defined Benefit [Member] | Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | ' | 46.00% | 48.00% |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 40.00% | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 60.00% | ' | ' |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | ' | 69.00% | 65.00% |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 55.00% | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 75.00% | ' | ' |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | ' | 31.00% | 35.00% |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 25.00% | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 45.00% | ' | ' |
Recovered_Sheet1
Pension and Postretirement Health and Life Benefits Pension and Postretirement Health and Life Benefits (Schedule of Fair Value of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
US Government Securities | $74.20 | $89.80 | ' |
Collective Trust - Money Market Funds | 19.4 | 16.5 | ' |
Collective Trust - Bond Funds | 48.1 | 47.7 | ' |
Collective Trust - Equity Funds | 423.1 | 397.4 | ' |
Corporate Debt | 208.5 | 211.7 | ' |
Municipal Bonds | 7 | 7.8 | ' |
Mortgage and Asset-Backed Securities | 0 | 0.2 | ' |
Fair Value of Investments by Hierarchy Level | 780.3 | 771.1 | ' |
Accrued Interest Receivable | 4 | 3.8 | ' |
Unsettled Transactions Receivable | -0.3 | -0.1 | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 784 | 774.8 | 727.8 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Money Market Funds | 0.9 | 0.8 | ' |
Bond Mutual Funds | 10.4 | 13.7 | ' |
Equity Mutual Funds | 25.6 | 27.1 | ' |
Fair Value of Investments by Hierarchy Level | 36.9 | 41.6 | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 36.9 | 41.6 | 45.1 |
Fair Value, Inputs, Level 1 [Member] | Pension Plan, Defined Benefit [Member] | ' | ' | ' |
US Government Securities | 0 | 0 | ' |
Collective Trust - Money Market Funds | 0 | 0 | ' |
Collective Trust - Bond Funds | 0 | 0 | ' |
Collective Trust - Equity Funds | 0 | 0 | ' |
Corporate Debt | 0 | 0 | ' |
Municipal Bonds | 0 | 0 | ' |
Mortgage and Asset-Backed Securities | 0 | 0 | ' |
Fair Value of Investments by Hierarchy Level | 0 | 0 | ' |
Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Money Market Funds | 0 | 0 | ' |
Bond Mutual Funds | 10.4 | 13.7 | ' |
Equity Mutual Funds | 25.6 | 27.1 | ' |
Fair Value of Investments by Hierarchy Level | 36 | 40.8 | ' |
Fair Value, Inputs, Level 2 [Member] | Pension Plan, Defined Benefit [Member] | ' | ' | ' |
US Government Securities | 74.2 | 89.8 | ' |
Collective Trust - Money Market Funds | 19.4 | 16.5 | ' |
Collective Trust - Bond Funds | 48.1 | 47.7 | ' |
Collective Trust - Equity Funds | 423.1 | 397.4 | ' |
Corporate Debt | 208.5 | 211.1 | ' |
Municipal Bonds | 7 | 7.8 | ' |
Mortgage and Asset-Backed Securities | 0 | 0.2 | ' |
Fair Value of Investments by Hierarchy Level | 780.3 | 770.5 | ' |
Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Money Market Funds | 0.9 | 0.8 | ' |
Bond Mutual Funds | 0 | 0 | ' |
Equity Mutual Funds | 0 | 0 | ' |
Fair Value of Investments by Hierarchy Level | 0.9 | 0.8 | ' |
Fair Value, Inputs, Level 3 [Member] | Pension Plan, Defined Benefit [Member] | ' | ' | ' |
US Government Securities | 0 | 0 | ' |
Collective Trust - Money Market Funds | 0 | 0 | ' |
Collective Trust - Bond Funds | 0 | 0 | ' |
Collective Trust - Equity Funds | 0 | 0 | ' |
Corporate Debt | ' | 0.6 | ' |
Municipal Bonds | 0 | 0 | ' |
Mortgage and Asset-Backed Securities | 0 | 0 | ' |
Fair Value of Investments by Hierarchy Level | 0 | 0.6 | ' |
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Money Market Funds | 0 | 0 | ' |
Bond Mutual Funds | 0 | 0 | ' |
Equity Mutual Funds | 0 | 0 | ' |
Fair Value of Investments by Hierarchy Level | $0 | $0 | ' |
Recovered_Sheet2
Pension and Postretirement Health and Life Benefits Pension and Postretirement Health and Life Benefits (Reconciliation of Fair Value of Assets Using Unobservable Inputs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $0 | $0.60 | $0.90 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -0.6 | -0.9 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0.1 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | $0 | $0.50 | ' |
Recovered_Sheet3
Pension and Postretirement Health and Life Benefits Pension and Postretirement Health and Life Benefits (Schedule of Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Prescription Drug Subsidy Receipts, Next Twelve Months | $0.20 |
Prescription Drug Subsidy Receipts, Year Two | 0.2 |
Prescription Drug Subsidy Receipts, Year Three | 0.2 |
Prescription Drug Subsidy Receipts, Year Four | 0.3 |
Prescription Drug Subsidy Receipts, Year Five | 0.3 |
Prescription Drug Subsidy Receipts, after Year Five | 2 |
Pension Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 85.8 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 64.1 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 73 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 62.2 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 61.4 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 291.5 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 16.3 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 20.9 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 24.1 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 24.6 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 23.9 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $98.20 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation [Abstract] | ' |
Unrecognized compensation cost | $0.80 |
Weighted-average period in years of costs to be recognized | '1 year |
Surrender and cancellation of unexercised stock options | 2,462,726 |
Stock-Based Compensation, Number of Shares Authorized | 300,000 |
Stock-Based Compensation, Number of Authorized Shares Remaining | 246,000 |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation [Abstract] | ' | ' | ' |
Restricted stock and restricted stock units | $1.90 | $4.40 | $7.10 |
Stock options, performance awards and other | 0.1 | 0.8 | 1.3 |
Less: costs capitalized as part of inventory | 0 | -0.1 | -0.4 |
Expense included in selling, general and administrative and advanced technology costs | $2 | $5.10 | $8 |
StockBased_Compensation_StockB1
Stock-Based Compensation Stock-Based Compensation (Restricted Shares Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation [Abstract] | ' | ' |
Restricted Shares, Number of Shares | 63 | 108 |
Restricted Shares, Number of Shares Vested | -45 | ' |
Restricted Shares, Unvested, Weighted-Average Grant Date Fair Value | $23.53 | $41.82 |
Restricted Shares, Vested, Weighted-Average Grant Date Fair Value | $67.57 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Tax Credit Carryforward, Amount | $6.50 | ' | ' | ' | ' | ' | ' | ' | ' | $6.50 | ' | ' |
Increase (decrease) in deferred tax asset valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9.1 | 413 | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -84.7 | -0.1 | 252.4 |
Preferred Investors, Aggregate, Investment First Phase | 75 | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | ' |
Provision (benefit) for income taxes | -28.7 | -18.5 | -36.3 | -3 | 8 | -3.6 | -2.1 | -3.3 | ' | -86.5 | -1 | 231.8 |
Other Comprehensive Income (Loss), Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | 0 | 0 |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' |
Liability for Uncertain Tax Positions, Noncurrent | 2.3 | ' | ' | ' | 3 | ' | ' | ' | ' | 2.3 | 3 | 3.7 |
Unrecognized Tax Benefits, Income Tax Penalties Expense Reduction | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0.4 | 0.4 | 0.3 |
Income Tax Examination, Penalties and Interest Expense Reduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | 0.3 | 0.1 |
Income Tax Examination, Penalties and Interest Accrued | 0.6 | ' | ' | ' | 0.8 | ' | ' | ' | ' | 0.6 | 0.8 | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax Credit Carryforward, Amount | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards | 226.5 | ' | ' | ' | ' | ' | ' | ' | ' | 226.5 | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -83 | -0.2 | 237.2 |
State and Local Jurisdiction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards | 45 | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1.70) | $0.10 | $15.20 |
Income_Taxes_Income_Taxes_Taxe
Income Taxes Income Taxes (Taxes by Jurisdiction) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ($1.80) | ($0.90) | ($20.60) |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -84.7 | -0.1 | 252.4 |
Provision (benefit) for income taxes | -28.7 | -18.5 | -36.3 | -3 | 8 | -3.6 | -2.1 | -3.3 | -86.5 | -1 | 231.8 |
Domestic Tax Authority [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2.9 | -21.2 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -83 | -0.2 | 237.2 |
State and Local Jurisdiction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -1.8 | 2 | 0.6 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1.7 | 0.1 | 15.2 |
Foreign Tax Authority [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Income_Taxes_Income_Taxes_Defe
Income Taxes Income Taxes (Deferred Income Taxes) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' |
Deferred Tax Assets, Plant Lease Turnover and Other Exit Costs | $17.40 | $15.80 |
Deferred Tax Assets, Employee Benefits Costs | 119.7 | 215 |
Deferred Tax Assets, Inventory | 10.1 | 15.9 |
Deferred Tax Assets, Property, Plant and Equipment | 508.8 | 490.5 |
Deferred Tax Assets, Tax Intangibles | 0 | 0.3 |
Deferred Tax Assets, Depleted Uranium and Stored Wastes | 2.9 | 3.4 |
Deferred Tax Assets, Net Operating Loss and Credit Carryforwards | 89.2 | 35.5 |
Deferred Tax Assets, Accrued Expenses | 4.7 | 7.1 |
Deferred Tax Assets, Prepaid Expenses | 0 | 2.4 |
Deferred Tax Assets, Other | 12.3 | 8 |
Deferred Tax Assets, Gross | 765.1 | 793.9 |
Deferred Tax Assets, Valuation Allowance | -763.5 | -793.9 |
Deferred Tax Assets, Net of Valuation Allowance | 1.6 | 0 |
Deferred Tax Liabilities, Prepaid Expenses | 1.6 | 0 |
Deferred Tax Liabilities | $1.60 | $0 |
Income_Taxes_Income_Taxes_Rate
Income Taxes Income Taxes (Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation, Deduction, Percent [Abstract] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 2.00% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | 0.00% | 0.00% | 1.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | -1.00% | 0.00% | -1.00% |
Effective Income Tax Rate Reconciliation, Deduction, Other, Percent | -2.00% | 0.00% | -1.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 3.00% | -35.00% | -123.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Percent | -1.00% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | -4.00% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Percent | 32.00% | 0.00% | -89.00% |
Income_Taxes_Income_Taxes_Unre
Income Taxes Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Liability for Uncertain Tax Positions, Noncurrent | $2.30 | $3 | $3.70 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | -0.7 | -0.8 | ' |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | $0 | $0.10 | ' |
Stockholders_Equity_Deficit_De
Stockholders Equity (Deficit) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Common Stock, Shares, Issued | 5,211 | 5,211 | 5,211 | 4,933 |
Treasury Stock, Shares | -226 | -203 | -283 | -323 |
Common Stock, Shares, Outstanding | 4,985 | 5,008 | 4,928 | 4,610 |
Stock Issued During Period, Shares | 0 | 0 | 278 | ' |
Stock Issued During Period, Shares, Treasury Stock Reissued | -23 | 80 | 40 | ' |
Stock Issued During Period, Shares, Period Increase (Decrease) | -23 | 80 | 318 | ' |
Net_Income_Per_Share_Narrative
Net Income Per Share (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | $8 | $9.50 | $9.30 | $13.30 | $12.70 | $12.30 | $12.70 | $12.70 | $40.10 | $50.40 | $11.60 |
Maximum percentage of common stock shares for preferred stock conversion | 19.99% | ' | ' | ' | ' | ' | ' | ' | 19.99% | ' | ' |
Maximum number of common stock shares for preferred stock conversion | 0.9 | ' | ' | ' | ' | ' | ' | ' | 0.9 | ' | ' |
Convertible Debt [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | $20.30 | $19.30 | $4.70 |
Net_Income_Per_Share_Schedule_
Net Income Per Share (Schedule of Income Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) from continuing operations | ($74.70) | ($44.30) | ($40.90) | ($23.70) | ($1,085.40) | $5 | ($92.10) | ($29.30) | ($183.60) | ($1,201.80) | ($491.80) |
Net income from discontinued operations | 3 | 0 | 0 | 21.7 | 1.1 | -0.5 | 0.1 | 0.5 | 24.7 | 1.2 | 0.7 |
Net (loss) | ($71.70) | ($44.30) | ($40.90) | ($2) | ($1,084.30) | $4.50 | ($92) | ($28.80) | ($158.90) | ($1,200.60) | ($491.10) |
Weighted average common shares | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 5 | 4.9 |
Less: Weighted average unvested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0.1 | 0.1 |
Denominator for basic calculation | ' | ' | ' | ' | ' | ' | ' | ' | 4.9 | 4.9 | 4.8 |
Convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | 1.8 | 1.8 | 1.8 |
Convertible preferred stock - equivalent common shares | ' | ' | ' | ' | ' | ' | ' | ' | 10.3 | 4.1 | 0.8 |
Convertible preferred stock - less: share issuance limitation | ' | ' | ' | ' | ' | ' | ' | ' | 9.4 | 3.2 | 0 |
Convertible preferred stock - net allowable shares | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 0.9 | 0.8 |
Subtotal | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 | 2.7 | 2.6 |
Less: shares excluded in a period of net loss or antidilution | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 | 2.7 | 2.6 |
Denominator for diluted calculation | ' | ' | ' | ' | ' | ' | ' | ' | 4.9 | 4.9 | 4.8 |
Net (loss) from continuing operations per share – basic and diluted | ($15.24) | ($9.04) | ($8.35) | ($4.84) | ($221.51) | $1.02 | ($18.80) | ($5.98) | ($37.47) | ($245.26) | ($102.46) |
Net income per share from discontinued operations - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | $5.04 | $0.24 | $0.15 |
Net (loss) per share – basic and diluted | ($14.63) | ($9.04) | ($8.35) | ($0.41) | ($221.29) | $0.92 | ($18.78) | ($5.88) | ($32.43) | ($245.02) | ($102.31) |
Net_Income_Per_Share_Net_Incom
Net Income Per Share Net Income Per Share (Schedule of Securities Excluded from Net Income Per Share) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Options excluded from diluted net income per share | 1,000 | 111,000 | 125,000 |
Warrants excluded from diluted net income per share | 250,000 | 250,000 | 250,000 |
Exercise price of excluded warrants | $187.50 | $187.50 | $187.50 |
Minimum [Member] | ' | ' | ' |
Exercise price of excluded options | $177.50 | $93 | $93 |
Maximum [Member] | ' | ' | ' |
Exercise price of excluded options | $357 | $357 | $357 |
Environmental_Compliance_Detai
Environmental Compliance (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Environmental Compliance [Abstract] | ' | ' |
Accrued liabilities for stored wastes | $1.80 | $2.10 |
Accrued lease turnover - Paducah, current | 30.4 | 32.2 |
Accrued lease turnover - Paducah, noncurrent | ' | 10.3 |
Accrued lease turnover - Portsmouth, current | 5.5 | 6.7 |
ARO financial assurance | 29.4 | ' |
ARO financial assurance - increase | 6.4 | ' |
Expense of American Centrifuge capital assets - ARO | ' | 19.3 |
Asset Retirement Obligation | $22.60 | ' |
Commitment_and_Contingencies_D
Commitment and Contingencies (Details) (USD $) | 12 Months Ended | 22 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 14, 2014 | |
Amount of application under DOE Loan Guarantee Program | $2,000,000,000 | ' | ' | ' |
RD&D Program Funding - Jan 2014 appropriations | ' | ' | ' | 62,000,000 |
RD&D Program Funding by DOE Increments 5-6 | ' | ' | ' | 29,300,000 |
RD&D Program Funding by DOE Increment 7 | ' | ' | ' | 22,600,000 |
RD&D Program Funding - DOE Transfer Authority | ' | ' | ' | 56,650,000 |
Minimum Paducah SWU Production Under 2002 DOE-USEC Agreement | 3,500,000 | ' | ' | ' |
NYSE Minimum 30 Day Average Closing Price | $1 | ' | ' | ' |
NYSE 30-day average minimum market capitalization | 50,000,000 | ' | ' | ' |
NYSE 30-Day Market Capitalization Subject to Suspension | 15,000,000 | ' | ' | ' |
PBGC estimate of potential Portsmouth pension liability | 130,000,000 | ' | ' | ' |
Operating Leases, Rent Expense | 7,100,000 | 7,300,000 | 8,500,000 | ' |
Minimum [Member] | ' | ' | ' | ' |
ACP Sales Royalty Rate | 1.00% | ' | ' | ' |
ACP Sales Royalty | 100,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
ACP Sales Royalty Rate | 2.00% | ' | ' | ' |
ACP Sales Royalty | $100,000,000 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies (Minimum Operating Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $6.20 |
Operating Leases, Future Minimum Payments, Due in Two Years | 4.5 |
Operating Leases, Future Minimum Payments, Due in Three Years | 3.6 |
Operating Leases, Future Minimum Payments, Due in Four Years | 1.9 |
Operating Leases, Future Minimum Payments, Due in Five Years | 1.9 |
Operating Leases, Future Minimum Payments, Due Thereafter | 45.8 |
Operating Leases, Future Minimum Payments Due | $63.90 |
Segment_Information_Segment_Re
Segment Information (Segment Reporting Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue United States | ' | ' | ' | ' | ' | ' | ' | ' | $1,024.40 | $1,538 | $1,259.30 |
Revenue Japan | ' | ' | ' | ' | ' | ' | ' | ' | 105.6 | 182.1 | 199.7 |
Revenue Other Countries | ' | ' | ' | ' | ' | ' | ' | ' | 177.5 | 142 | 141.8 |
Revenue Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 283.1 | 324.1 | 341.5 |
Total Revenue | 398.5 | 303.8 | 284.8 | 320.4 | 403.3 | 563 | 353.8 | 542 | 1,307.50 | 1,862.10 | 1,600.80 |
Revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Separative work units | ' | ' | ' | ' | ' | ' | ' | ' | 1,222.90 | 1,821.80 | 1,330.90 |
Uranium | ' | ' | ' | ' | ' | ' | ' | ' | 71.2 | 26 | 131.8 |
Revenue from low enriched uranium segment | ' | ' | ' | ' | ' | ' | ' | ' | 1,294.10 | 1,847.80 | 1,462.70 |
Contract services | ' | ' | ' | ' | ' | ' | ' | ' | 13.4 | 14.3 | 138.1 |
Total Revenue | 398.5 | 303.8 | 284.8 | 320.4 | 403.3 | 563 | 353.8 | 542 | 1,307.50 | 1,862.10 | 1,600.80 |
LEU segment gross profit | ' | ' | ' | ' | ' | ' | ' | ' | -94.7 | 129.3 | 71.6 |
Contract services segment gross profit | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | 0.1 | 3.8 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | -94.9 | 129.4 | 75.4 |
LEU Segment Assets | 1,646 | ' | ' | ' | 2,208.50 | ' | ' | ' | 1,646 | 2,208.50 | 3,491.40 |
NAC assets | 0 | ' | ' | ' | 15.6 | ' | ' | ' | 0 | 15.6 | 20.1 |
Other contract services segment assets | 59.5 | ' | ' | ' | 42.3 | ' | ' | ' | 59.5 | 42.3 | 37.8 |
Contract Services Segment Assets | 59.5 | ' | ' | ' | 57.9 | ' | ' | ' | 59.5 | 57.9 | 57.9 |
Total Assets | $1,705.50 | ' | ' | ' | $2,266.40 | ' | ' | ' | $1,705.50 | $2,266.40 | $3,549.30 |
Segment_Information_Segment_In
Segment Information Segment Information (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting [Abstract] | ' | ' | ' |
Revenue from top 10 customers | 69.00% | ' | ' |
Revenue from top 3 customers | 37.00% | ' | ' |
Revenue from first customer over 10 percent | 20.00% | 20.00% | ' |
Revenue from second customer over 10 percent | ' | 15.00% | 15.00% |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Results of Operations (Unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenue | $398.50 | $303.80 | $284.80 | $320.40 | $403.30 | $563 | $353.80 | $542 | $1,307.50 | $1,862.10 | $1,600.80 |
Cost of sales | 429.8 | 333.8 | 331.7 | 307.1 | 357.4 | 526.4 | 343.6 | 505.3 | 1,402.40 | 1,732.70 | 1,525.40 |
Gross profit (loss) | -31.3 | -30 | -46.9 | 13.3 | 45.9 | 36.6 | 10.2 | 36.7 | -94.9 | 129.4 | 75.4 |
Advanced technology costs | 36.1 | 44.5 | 46.2 | 59.3 | 1,146.20 | 44.9 | 85.4 | 36.7 | 186.1 | 1,313.20 | 271.6 |
Selling, general and administrative | 10.8 | 11.2 | 11.9 | 12.9 | 12.2 | 11.3 | 13.2 | 13.6 | 46.8 | 50.3 | 56.4 |
Special charges for workforce reductions and advisory costs | 47.6 | 3.5 | 3.7 | 2.4 | 1.2 | 1.5 | 3.2 | 6.4 | 57.2 | 12.3 | 0 |
Other (income) | -30.1 | -35.9 | -40.7 | -47.6 | -47.5 | -34.6 | -10 | 0 | -154.3 | -92.1 | -3.7 |
Operating (loss) | -95.7 | -53.3 | -68 | -13.7 | -1,066.20 | 13.5 | -81.6 | -20 | -230.7 | -1,154.30 | -248.9 |
Interest expense | 8 | 9.5 | 9.3 | 13.3 | 12.7 | 12.3 | 12.7 | 12.7 | 40.1 | 50.4 | 11.6 |
Interest (income) | -0.3 | 0 | -0.1 | -0.3 | -1.5 | -0.2 | -0.1 | -0.1 | -0.7 | -1.9 | -0.5 |
Provision (benefit) for income taxes | -28.7 | -18.5 | -36.3 | -3 | 8 | -3.6 | -2.1 | -3.3 | -86.5 | -1 | 231.8 |
Net (loss) from continuing operations | -74.7 | -44.3 | -40.9 | -23.7 | -1,085.40 | 5 | -92.1 | -29.3 | -183.6 | -1,201.80 | -491.8 |
Net income from discontinued operations | 3 | 0 | 0 | 21.7 | 1.1 | -0.5 | 0.1 | 0.5 | 24.7 | 1.2 | 0.7 |
Net (loss) | ($71.70) | ($44.30) | ($40.90) | ($2) | ($1,084.30) | $4.50 | ($92) | ($28.80) | ($158.90) | ($1,200.60) | ($491.10) |
Net (loss) from continuing operations per share – basic and diluted | ($15.24) | ($9.04) | ($8.35) | ($4.84) | ($221.51) | $1.02 | ($18.80) | ($5.98) | ($37.47) | ($245.26) | ($102.46) |
Net (loss) per share – basic and diluted | ($14.63) | ($9.04) | ($8.35) | ($0.41) | ($221.29) | $0.92 | ($18.78) | ($5.88) | ($32.43) | ($245.02) | ($102.31) |
Weighted-average number of shares outstanding - basic and diluted | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 | 4.8 |