Centrus Energy (LEU) 10-Q 12 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 20, 2020
Document and Entity Information
Entity Registrant Name	CENTRUS ENERGY CORP
Entity Central Index Key	0001065059
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		9,502,389
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 109.2	$ 130.7
Accounts receivable, net	17.5	21.1
Inventories	67.9	64.5
Deferred costs associated with deferred revenue	144.1	144.1
Other current assets	7.8	9.2
Total current assets	346.5	369.6
Property, Plant and Equipment, Net	3.6	3.7
Deposits for surety bonds	5.7	5.7
Intangible assets	68.1	69.5
Other long-term assets	6.9	7.4
Total Assets	430.8	455.9
Current Liabilities
Accounts payable and accrued liabilities	50.7	50.7
Payables under SWU purchase agreements	6.1	8.1
Inventories owed to customers and suppliers	7.4	5.6
Deferred revenue	243	266.3
Current debt	6.1	6.1
Total current liabilities	313.3	336.8
Long-term debt	111	114.1
Postretirement health and life benefit obligations	134.7	138.6
Pension benefit liabilities	137.2	141.8
Advances from customer, noncurrent	29.4	29.4
Other long-term liabilities	30.6	32.1
Total liabilities	756.2	792.8
Commitments and contingencies (Note 11)
Stockholders' Deficit
Excess of capital over par value	61.8	61.5
Accumulated deficit	(393.7)	(405)
Accumulated other comprehensive income (loss), net of tax	1	1.1
Total stockholders' deficit	(325.4)	(336.9)
Total Liabilities and Stockholders’ Equity (Deficit)	430.8	455.9
Preferred Series B [Member]
Stockholders' Deficit
Preferred stock	4.6	4.6
Common Class A [Member]
Stockholders' Deficit
Common stock	0.8	0.8
Common Class B [Member]
Stockholders' Deficit
Common stock	$ 0.1	$ 0.1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Preferred Stock, Par Value Per Share	$ 1	$ 1
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Accumulated Depreciation, Property, Plant, and Equipment	$ 2,300,000	$ 2,200,000
Preferred Series B [Member]
Preferred Stock, Dividend Rate, Percentage	7.50%
Preferred Stock, Shares Issued	104,574	104,574
Preferred Stock, Liquidation Preference, Value	$ 125,200,000	$ 119,300,000
Common Class A [Member]
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Common Stock, Shares Authorized	70,000,000	70,000,000
Common Stock, Shares, Issued	8,783,189	8,347,427
Common Class B [Member]
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Common Stock, Shares Authorized	30,000,000	30,000,000
Common Stock, Shares, Issued	719,200	1,117,462

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer, Excluding Assessed Tax	$ 45	$ 38.7
Revenue	45	38.7
Cost of sales	25.4	44.2
Gross profit (loss)	19.6	(5.5)
Advanced technology license and decommissioning costs	0.9	6.6
Selling, general and administrative	8.5	8.1
Amortization of intangible assets	1.4	1.1
Special charges for workforce reductions and advisory costs	(0.1)	(0.1)
Other (income)	0	(0.4)
Operating income (loss)	8.9	(20.8)
Nonoperating components of net periodic benefit expense (income)	(2.2)	(0.1)
Interest expense	0.1	1
Investment income	(0.4)	(0.7)
Income (loss) before income taxes	11.4	(21)
Provision (benefit) for income taxes	0.1	(0.1)
Net income (loss)	11.3	(20.9)
Preferred stock dividends, undeclared and cumulative	2	2
Net income (loss) allocable to common stockholders	$ 9.3	$ (22.9)
Net income (loss) per common share - basic	$ 0.97	$ (2.40)
Net income (loss) per common share - diluted	$ 0.95	$ (2.40)
Weighted-average number of shares outstanding:
Average number of shares outstanding, basic	9,619	9,532
Average number of shares outstanding, diluted	9,839	9,532
Separative Work Units [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 30.7	$ 12.4
Uranium [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0	22.7
Product [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	30.7	35.1
Cost of sales	13.3	38.3
Service [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	14.3	3.6
Cost of sales	$ 12.1	$ 5.9

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities
Net income (loss)	$ 11.3	$ (20.9)
Adjustments to reconcile net income (loss) to net cash (used in) operating activities:
Depreciation and amortization	1.5	1.3
Interest on paid-in-kind toggle notes	0	0.4
Gain on sale of assets	0	(0.4)
Changes in operating assets and liabilities:
Accounts receivable – (increase) decrease	3.6	11.2
Inventories, net – (increase) decrease	0.1	25.6
Accounts payable and other liabilities – increase (decrease)	1.3	1.2
Payables under SWU purchase agreements – increase (decrease)	(1.9)	(46)
Deferred revenue, net of deferred costs – increase (decrease)	(23.3)	0
Accrued loss on long-term contract, increase (decrease)	(3.5)
Pension and postretirement liabilities - increase (decrease)	(8.6)	(4.2)
Other, net	1	(0.1)
Net Cash (Used in) Operating Activities	(18.5)	(31.9)
Cash Flows Used in Financing Activities
Payment of interest classified as debt	(3.1)	(3.1)
Exercise of stock options	0.2
Payments for deferred financing costs	(0.1)
Net Cash (Used in) Financing Activities	(3)	(3.1)
Decrease in cash, cash equivalents and restricted cash	(21.5)	(35)
Cash, cash equivalents and restricted cash, start of period	136.6	159.7
Cash, cash equivalents and restricted cash, end of period	115.1
Supplemental Cash Flow Information:
Interest paid	0	0.4
Conversion of interest payable-in-kind to long-term debt	0	$ 0.7
Deferred financing costs included in accounts payable and accrued liabilities [Member]
Supplemental Cash Flow Information:
Other Significant Noncash Transaction, Value of Consideration Given	$ (0.5)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) $ in Millions	Total	Preferred Stock [Member]	Preferred Stock [Member]Preferred Series B [Member]	Common Stock [Member]Common Class A [Member]	Common Stock [Member]Common Class B [Member]	Excess of Capital over Par Value [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Dec. 31, 2018	$ (321.9)	$ 4.6		$ 0.8	$ 0.1	$ 61.2	$ (388.5)	$ (0.1)
Net income (loss)	(20.9)						(20.9)
Restricted and other common stock issued, net of amortization	(0.1)					(0.1)
Ending Balance at Mar. 31, 2019	(342.7)		$ 4.6	0.8	0.1	61.3	(409.4)	(0.1)
Beginning Balance at Dec. 31, 2019	(336.9)	4.6		0.8	0.1	61.5	(405)	1.1
Net income (loss)	11.3
Restricted and other common stock issued, net of amortization	(0.2)					(0.3)		(0.1)
Ending Balance at Mar. 31, 2020	$ (325.4)	$ 4.6		$ 0.8	$ 0.1	$ 61.8	$ (393.7)	$ 1

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION Basis of Presentation and Principles of Consolidation The unaudited condensed consolidated financial statements of Centrus Energy Corp. (“Centrus” or the “Company”), which include the accounts of the Company, its principal subsidiary, United States Enrichment Corporation, and its other subsidiaries, as of March 31, 2020 , and for the three months ended March 31, 2020 and 2019, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated balance sheet as of December 31, 2019, was derived from audited consolidated financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring adjustments, necessary for a fair statement of the financial results for the interim period. Certain prior year amounts have been reclassified for consistency with the current year presentation. Certain information and notes normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. All material intercompany transactions have been eliminated. The Company’s components of comprehensive income for the three months ended March 31, 2020 and 2019 are insignificant. Operating results for the three months ended March 31, 2020 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes and Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Annual Report on Form 10-K for the year ended December 31, 2019. New Accounting Standards Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments , which requires estimating all expected credit losses for certain types of financial instruments, including trade receivables, held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted this standard in the first quarter of fiscal 2020 and there was no material impact. Accounting Standards Effective in Future Periods In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), which modifies the disclosure requirements for employers that sponsor defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The standard is to be applied on a retrospective basis to all periods presented and early adoption is permitted. The Company is evaluating the effect that the provisions of ASU 2018-14 will have on its consolidated financial statements. Significant Accounting Policies The accounting policies of the Company are set forth in Note 1 to the Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Revenue and Contracts with Cust

Revenue and Contracts with Customers	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	REVENUE AND CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following table presents revenue from separative work units (“SWU”) and uranium sales disaggregated by geographical region based on the billing addresses of customers (in millions): Three Months Ended 2020 2019 United States $ 7.3 $ 35.1 Foreign 23.4 — Revenue - SWU and uranium $ 30.7 $ 35.1 Refer to Note 12, Segment Information, for disaggregation of revenue by segment. Disaggregation by end-market is provided in Note 12 and the condensed consolidated statements of operations. SWU sales are made primarily to electric utility customers and uranium sales are primarily made to other nuclear fuel related companies. Technical solutions revenue resulted primarily from services provided to the government and its contractors. SWU and uranium revenue is recognized at point of sale and technical solutions revenue is generally recognized over time. Accounts Receivable March 31, 2020 December 31, 2019 ($ millions) Accounts receivable: Billed $ 7.5 $ 13.2 Unbilled * 10.0 7.9 Accounts receivable $ 17.5 $ 21.1 * Billings under certain contracts in the technical services segment are invoiced based on approved provisional billing rates. Unbilled revenue represents the difference between actual costs incurred and invoiced amounts. The Company expects to invoice and collect the unbilled amounts after actual rates are submitted to the customer and approved. Unbilled revenue also includes unconditional rights to revenue that are not yet billable under applicable contracts pending the compilation of supporting documentation. Contract Liabilities The following table presents changes in contract liability balances (in millions): March 31, 2020 December 31, 2019 Year-To-Date Change Accrued loss on HALEU Contract: Current - Accounts payable and accrued liabilities $ 9.7 $ 10.0 $ (0.3 ) Noncurrent - Other long-term liabilities $ 5.6 $ 8.3 $ (2.7 ) Deferred revenue - current $ 243.0 $ 243.0 $ — Advances from customers - current $ — $ 23.3 $ (23.3 ) Advances from customers - noncurrent $ 29.4 $ 29.4 $ — LEU Segment The SWU component of LEU is typically bought and sold under long-term contracts with deliveries over several years. The Company’s agreements for natural uranium sales are generally shorter-term, fixed-commitment contracts. The Company’s order book of sales under contract in the low-enriched uranium (“LEU”) segment (“order book”) extends to 2030. As of March 31, 2020, and December 31, 2019, the order book was $1.0 billion. The order book represents the estimated aggregate dollar amount of revenue for future SWU and uranium deliveries under contract and includes $0.3 billion of Deferred Revenue and Advances from Customers. Refer to Contract Liabilities table above. Most of the Company’s contracts provide for fixed purchases of SWU during a given year. T he Company’s order book is partially based on customers’ estimates of the timing and size of their fuel requirements and other assumptions that are subject to change. For example, depending on the terms of specific contracts, the customer may be able to increase or decrease the quantity delivered within an agreed range. T he Company’s order book estimate is also based on the Company’s estimates of selling prices, which may be subject to change. For example, depending on the terms of specific contracts, prices may be adjusted based on escalation using a general inflation index, published SWU price indicators prevailing at the time of delivery, and other factors, all of which are variable. T he Company uses external composite forecasts of future market prices and inflation rates in its pricing estimates. Under the terms of certain contracts with customers in the LEU segment, the Company will accept payment in the form of uranium. Revenue from the sale of SWU under such contracts is recognized at the time LEU is delivered and is based on the fair value of the uranium at contract inception, or as the quantity of uranium is finalized, if variable. In the three months ended March 31, 2020, SWU revenue of $23.4 million was recognized under such contracts based on the fair market value of uranium acquired in exchange for SWU delivered. Uranium received from customers as advance payments for the future sales of SWU totaled $29.4 million as of March 31, 2020. The advance payments are included in Advances from Customers, Noncurrent, based on the anticipated SWU sales period. In the three months ended March 31, 2020, the Company borrowed SWU inventory valued at $1.7 million from a customer under terms that require repayment within 48 months. The Company recorded the SWU and the related liability for the borrowing using an average purchase price over the borrowing period. The cumulative liability to the customer of $10.8 million for borrowed inventory is included in Other Liabilities, which is included in noncurrent liabilities. Technical Solutions Segment Revenue for the technical solutions segment, representing the Company’s technical, manufacturing, engineering, procurement, construction and operations services offered to public and private sector customers, is recognized over the contractual period as services are rendered. On October 31, 2019, the Company signed a three-year cost-share contract with the U.S. Department of Energy (“DOE”) (“the HALEU Contract”) to deploy a cascade of centrifuges to demonstrate production of high-assay, low-enriched uranium (“HALEU”) for advanced reactors. HALEU is a component of an advanced nuclear reactor fuel that is not commercially available today and may be required for a number of advanced reactor and fuel designs currently under development in both the commercial and government sectors. The program has been under way since May 31, 2019, when the Company and DOE signed a preliminary letter agreement that allowed work to begin while the full contract was being finalized. Under the HALEU Contract, DOE agreed to reimburse the Company for 80% of its costs incurred in performing the contract, up to a maximum of $115 million . The Company’s cost share is the corresponding 20% and any costs incurred above these amounts. Costs under the HALEU Contract include program costs , including direct labor and materials and associated indirect costs that are classified as Cost of Sales , and an allocation of corporate costs supporting the program that are classified as Selling, General and Administrative Expenses . Services to be provided over the three-year contract include constructing and assembling centrifuge machines and related infrastructure in a cascade formation. When estimates of remaining program costs to be incurred for such an integrated, construction-type contract exceed estimates of total revenue to be earned, a provision for the remaining loss on the contract is recorded to Cost of Sales in the period the loss is determined. The Company’s corporate costs supporting the program are recognized as expense as incurred over the duration of the contract term. As of December 31, 2019, the portion of the Company’s anticipated cost share under the HALEU Contract representing the Company’s share of remaining projected program costs was recognized in Cost of Sales as an accrued loss of $18.3 million . The accrued loss on the contract is being adjusted over the remaining contract term based on actual results and remaining program cost projections. As of March 31, 2020, the accrued contract loss balance was $15.3 million , consisting of $9.7 million included in Accounts Payable and Accrued Liabilities and $5.6 million included in Other Long-Term Liabilities . Cost of sales in the three months ended March 31, 2020 was reduced by $3.0 million for previously accrued contract losses attributable to work performed in the first quarter of 2020. The HALEU Contract is incrementally funded and DOE is currently obligated for costs up to approximately $53.2 million of the $115 million. The Company has received aggregate cash payments of $19.0 million through March 31, 2020. Centrus and DOE have yet to fully settle the Company’s claims for reimbursements for certain pension and postretirement benefits costs related to past contract work performed for DOE. There is the potential for additional income to be recognized for this work pending the outcome of legal proceedings related to the Company’s claims for payment and the potential release of previously established valuation allowances on receivables. As a result of the application of fresh start accounting following the Company’s emergence from Chapter 11 bankruptcy on September 30, 2014, the receivables related to the Company’s claims for payment are carried at fair value as of September 30, 2014, which is net of the valuation allowances. Refer to Note 11, Commitments and Contingencies .

Special Charges

Special Charges	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Special Charges	SPECIAL CHARGES (CREDITS) Special charges (credits) in both the three months ended March 31, 2020 and 2019 consisted of income of $0.1 million for the reversal of accrued termination benefits related to unvested employee departures. The remaining balance of termination benefits of $0.2 million is expected to be paid within twelve months and is classified in Accounts Payable and Accrued Liabilities in the condensed consolidated balance sheet. A summary of termination benefit activity an d the accrued liability follows (in millions): Liability December 31, 2019 Three Months Ended Liability 2020 Charges (Credits) for Termination Benefits Paid/ Settled Workforce reductions: Corporate functions $ 1.2 $ (0.1 ) $ (1.1 ) $ — Piketon facility 0.2 — — 0.2 Total $ 1.4 $ (0.1 ) $ (1.1 ) $ 0.2

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2020
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and Cash Equivalents Disclosure	CASH, CASH EQUIVALENTS AND RESTRICTED CASH The following table summarizes the Company’s cash, cash equivalents and restricted cash as presented on the condensed consolidated balance sheet to amounts on the condensed consolidated statement of cash flows (in millions): March 31, 2020 December 31, 2019 Cash and cash equivalents $ 109.2 $ 130.7 Deposits for financial assurance - current 0.2 0.2 Deposits for financial assurance - noncurrent 5.7 5.7 Total cash, cash equivalents and restricted cash $ 115.1 $ 136.6 The Company has provided financial assurance to states in which it was previously self-insured for workers’ compensation in accordance with each state’s requirements in the form of a surety bond or deposit that are fully cash collateralized by Centrus. As each state determines that the likelihood of further workers’ compensation obligations related to the period of self-insurance is reduced, the surety bond or deposit are subject to reduction and/or cancellation and the Company would receive the cash collateral.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory, Net [Abstract]
Inventories	INVENTORIES Centrus holds uranium at licensed locations in the form of natural uranium and as the uranium component of LEU. Centrus also holds SWU as the SWU component of LEU at licensed locations (e.g., fabricators) to meet book transfer requests by customers. Fabricators process LEU into fuel for use in nuclear reactors. Components of inventories are as follows (in millions): March 31, 2020 December 31, 2019 Current Assets Current Liabilities (a) Inventories, Net Current Assets Current Liabilities (a) Inventories, Net Separative work units $ 9.2 $ 2.8 $ 6.4 $ 7.8 $ — $ 7.8 Uranium 58.7 4.6 54.1 56.7 5.6 51.1 Total $ 67.9 $ 7.4 $ 60.5 $ 64.5 $ 5.6 $ 58.9 (a) Inventories owed to customers and suppliers, included in current liabilities, include SWU and uranium inventories owed to fabricators.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	INTANGIBLE ASSETS Intangible assets originated from the Company’s reorganization and application of fresh start accounting as of the date the Company emerged from bankruptcy, September 30, 2014, and reflect the conditions at that time. The intangible asset related to the sales order book is amortized as the order book existing at emergence is reduced, principally as a result of deliveries to customers. The intangible asset related to customer relationships is amortized using the straight-line method over the estimated average useful life of 15 years. Amortization expense is presented below gross profit on the consolidated statements of operations. Intangible asset balances are as follows (in millions): March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Sales order book $ 54.6 $ 30.1 $ 24.5 $ 54.6 $ 29.9 $ 24.7 Customer relationships 68.9 25.3 43.6 68.9 24.1 44.8 Total $ 123.5 $ 55.4 $ 68.1 $ 123.5 $ 54.0 $ 69.5

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	DEBT A summary of debt is as follows (in millions): March 31, 2020 December 31, 2019 Maturity Current Long-Term Current Long-Term 8.25% Notes: Feb. 2027 Principal $ — $ 74.3 $ — $ 74.3 Interest 6.1 36.7 6.1 39.8 Total $ 6.1 $ 111.0 $ 6.1 $ 114.1 Interest on the 8.25% Notes is payable semi-annually in arrears as of February 28 and August 31 based on a 360-day year consisting of twelve 30-day months. The 8.25% Notes mature on February 28, 2027. As shown in the table above, all future interest payment obligations on the 8.25% Notes are included in the carrying value of the 8.25% Notes. As a result, the Company’s reported interest expense will be less than its contractual interest payments throughout the term of the 8.25% Notes. As of March 31, 2020, and December 31, 2019, $6.1 million of interest is recorded as current and classified as Current Debt in the condensed consolidated balance sheet. Additional terms and conditions of the 8.25% Notes are described in Note 9, Debt , of the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value of assets and liabilities, the following hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: • Level 1 – quoted prices for identical instruments in active markets. • Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3 – valuations derived using one or more significant inputs that are not observable. Financial Instruments Recorded at Fair Value (in millions): March 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 109.2 $ — $ — $ 109.2 $ 130.7 $ — $ — $ 130.7 Deferred compensation asset (a) 1.5 — — 1.5 1.8 — — 1.8 Liabilities: Deferred compensation obligation (a) $ 1.5 $ — $ — $ 1.5 $ 1.8 $ — $ — $ 1.8 (a) The deferred compensation obligation represents the balance of deferred compensation plus net investment earnings. The deferred compensation plan is funded through a rabbi trust. Trust funds are invested in mutual funds for which unit prices are quoted in active markets and are classified within Level 1 of the valuation hierarchy. There were no transfers between Level 1, 2 or 3 during the periods presented. Other Financial Instruments As of March 31, 2020 , and December 31, 2019 , the balance sheet carrying amounts for Accounts Receivable , Accounts Payable and Accrued Liabilities (excluding the deferred compensation obligation described above), and Payables under SWU Purchase Agreements approximate fair value because of their short-term nature. The carrying value and estimated fair value of long-term debt are as follows (in millions): March 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value (a) Carrying Value Estimated Fair Value (a) 8.25% Notes $ 117.1 (b) $ 54.7 $ 120.2 (b) $ 61.5 (a) Based on recent trading prices and bid/ask quotes as of or near the balance sheet date, which are considered Level 2 inputs based on the frequency of trading. (b) The carrying value of the 8.25% Notes consists of the principal balance of $74.3 million and the sum of current and noncurrent interest payment obligations until maturity. Refer to Note 7, Debt .

Pension and Postretirement Heal

Pension and Postretirement Health and Life Benefits	3 Months Ended
	Mar. 31, 2020
Retirement Benefits, Description [Abstract]
Pension and Postretirement Health and Life Benefits	PENSION AND POSTRETIREMENT HEALTH AND LIFE BENEFITS The components of net periodic benefit (credits) for the defined benefit pension plans were as follows (in millions): Three Months Ended 2020 2019 Service costs $ 0.9 $ 0.8 Interest costs 6.1 7.6 Amortization of prior service costs (credits), net (0.1 ) — Expected return on plan assets (gains) (9.4 ) (9.1 ) Net periodic benefit (credits) $ (2.5 ) $ (0.7 ) The components of net periodic benefit costs for the postretirement health and life benefit plans were as follows (in millions): Three Months Ended 2020 2019 Interest costs $ 1.2 $ 1.5 Net periodic benefit costs $ 1.2 $ 1.5 The Company reports service costs for its defined benefit pension plans and its postretirement health and life benefit plans in Cost of Sales and Selling, General and Administrative Expenses . The remaining components of net periodic benefit (credits) costs are reported as Nonoperating Components of Net Periodic Benefit Expense (Income).

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	NET INCOME (LOSS) PER COMMON SHARE Basic net income (loss) per common share is calculated by dividing income (loss) allocable to common stockholders by the weighted average number of shares of common stock outstanding during the period. In calculating diluted net income (loss) per common share, the number of shares is increased by the weighted average number of potential shares related to stock compensation awards. No dilutive effect is recognized in a period in which a net loss has occurred. The weighted average number of common and common equivalent shares used in the calculation of basic and diluted income (loss) per common share are as follows: Three Months Ended 2020 2019 Numerator (in millions): Net income (loss) $ 11.3 $ (20.9 ) Preferred stock dividends - undeclared and cumulative 2.0 2.0 Net income (loss) allocable to common stockholders $ 9.3 $ (22.9 ) Denominator (in thousands): Average common shares outstanding - basic 9,619 9,532 Potentially dilutive shares related to stock options and restricted stock units (a) 220 — Average common shares outstanding - diluted 9,839 9,532 Net income (loss) per common share (in dollars): Basic $ 0.97 $ (2.40 ) Diluted $ 0.95 $ (2.40 ) (a) Common stock equivalents excluded from the diluted calculation as a result of a net loss in the period (in thousands) — 41 Options outstanding and considered anti-dilutive as their exercise price exceeded the average share market price (in thousands) — 360

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments under SWU Purchase Agreements TENEX A major supplier of SWU to the Company is the Russian government entity TENEX, Joint-Stock Company (“TENEX”). Under a 2011 agreement with TENEX, as amended, (the “Russian Supply Agreement”), the Company purchases SWU contained in LEU received from TENEX, and the Company delivers natural uranium to TENEX for the LEU’s uranium component. The LEU that the Company obtains from TENEX under the agreement is subject to quotas and other restrictions applicable to commercial Russian LEU. The Russian Supply Agreement was originally signed with commitments through 2022 but was modified in 2015 to give the Company the right to reschedule certain quantities of SWU of the original commitments into the period 2023 and beyond, in return for the purchase of additional SWU in those years. The Company has exercised this right to reschedule in each year through December 31, 2019. If the Company exercises this right to reschedule in full during the remaining years of the contract’s original term, the Company will have a rescheduled post-2022 purchase commitment through 2028. The Russian Supply Agreement provides that the Company must pay for all SWU in its minimum purchase obligation each year, even if it fails to submit orders for such SWU. In such a case, the Company would pay for the SWU but have to take the unordered SWU in the following year. Pricing terms for SWU under the Russian Supply Agreement are based on a combination of market-related price points and other factors. This formula was subject to an adjustment at the end of 2018 that reduced the unit costs of SWU under this contract in 2019 and for the duration of the contract. Orano On April 27, 2018, the Company entered into an agreement (the “Orano Supply Agreement”) with Orano Cycle (“Orano”) for the long-term supply to the Company of SWU contained in LEU, nominally commencing in 2023. Under the Orano Supply Agreement, the Company purchases SWU contained in LEU received from Orano, and the Company delivers natural uranium to Orano for the natural uranium feed material component of LEU. The Company may elect to defer the commencement of purchases until 2024 and has the option to extend the six-year purchase period for an additional two years. The Orano Supply Agreement provides significant flexibility to adjust purchase volumes, subject to annual minimums and maximums in fixed amounts that vary year by year. The pricing for the SWU purchased by the Company is determined by a formula that uses a combination of market-related price points and other factors and is subject to certain floors and ceilings. Prices are payable in a combination of U.S. dollars and euros. Milestones Under the 2002 DOE-USEC Agreement The Company and DOE signed an agreement dated June 17, 2002, as amended (the “2002 DOE-USEC Agreement”), pursuant to which the parties made long-term commitments directed at resolving issues related to the stability and security of the domestic uranium enrichment industry. DOE consented to the assumption by Centrus of the 2002 DOE-USEC Agreement and other agreements between the Company and DOE subject to an express reservation of all rights, remedies and defenses by DOE and the Company under those agreements. The 2002 DOE-USEC Agreement requires Centrus to develop, demonstrate and deploy advanced enrichment technology in accordance with milestones, including the deployment of a commercial American Centrifuge Plant, and provides for remedies in the event of a failure to meet a milestone under certain circumstances, including terminating the 2002 DOE-USEC Agreement, revoking Centrus’ access to DOE’s centrifuge technology that is required for the success of the Company’s ongoing work with the American Centrifuge technology, requiring Centrus to transfer certain rights in the American Centrifuge technology and facilities to DOE, and requiring Centrus to reimburse DOE for certain costs associated with the American Centrifuge technology. The 2002 DOE-USEC Agreement provides that if a delaying event beyond the control and without the fault or negligence of Centrus occurs that could affect Centrus’ ability to meet the American Centrifuge Plant milestone under the 2002 DOE-USEC Agreement, DOE and the Company will jointly meet to discuss in good faith possible adjustments to the milestones as appropriate to accommodate the delaying event. The assumption of the 2002 DOE-USEC Agreement provided for in the plan of reorganization in the Company’s 2014 Chapter 11 bankruptcy (now completed) did not affect the ability of either party to assert all rights, remedies and defenses under the agreement and all such rights, remedies and defenses are specifically preserved and all-time limits tolled expressly including all rights, remedies and defenses and time limits relating to any missed milestones. DOE and the Company have agreed that all rights, remedies and defenses of the parties with respect to any missed milestones and all other matters under the 2002 DOE-USEC Agreement continue to be preserved, and that the time limits for each party to respond to any missed milestones continue to be tolled. Legal Matters From time to time, the Company is involved in various pending legal proceedings, including the pending legal proceedings described below. On August 30, 2013, the Company submitted a claim to DOE under the Contract Disputes Act for payment of $42.8 million , representing DOE’s share of pension and postretirement benefits costs related to the transition of employees at the former Portsmouth, Ohio, Gaseous Diffusion Plant (the “Portsmouth GDP”) to DOE’s decontamination and decommissioning contractor. On August 27, 2014, the DOE contracting officer denied the Company’s claim. As a result, the Company filed an appeal of the decision in the U.S. Court of Federal Claims in January 2015. Centrus 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. While proceeding with litigation, the Company is still pursuing settlement. On May 26, 2019, the Company, Enrichment Corp., and five other DOE contractors who have operated facilities at the Portsmouth GDP site (including, in the case of the Company, the American Centrifuge Plant site located on the premises) were named as defendants in a class action complaint filed by Ursula McGlone, Jason McGlone, Julia Dunham, and K.D. and C.D., minor children by and through their parent and natural guardian Julia Dunham (collectively, the “McGlone Plaintiffs”) in the U.S. District Court in the Southern District of Ohio, Eastern Division. The complaint seeks damages for alleged off-site contamination allegedly resulting from activities on the Portsmouth GDP site. The McGlone Plaintiffs are seeking to represent a class of (i) all current or former residents within a seven-mile radius of the Portsmouth GDP site and (ii) all students and their parents at the Zahn’s Corner Middle School from 1993-present. The Company believes that its operations at the Portsmouth GDP site were fully in compliance with the Nuclear Regulatory Commission’s regulations. Further, the Company believes that any such liability should be covered by indemnification under the Price-Anderson Nuclear Industries Indemnity Act (“Price-Anderson Act”). The Company and Enrichment Corp. have provided notifications to DOE required to invoke indemnification under the Price-Anderson Act and other contractual provisions. On June 28, 2019, the Company, Enrichment Corp. and four other DOE contractors who have operated facilities at the Portsmouth GDP site were named as defendants in a class action complaint filed by Ray Pritchard and Sharon Melick (collectively, the “Pritchard Plaintiffs”) in the U.S. District Court in the Southern District of Ohio, Eastern Division. The complaint seeks damages for alleged off-site contamination allegedly resulting from activities on the Portsmouth GDP site. The Pritchard Plaintiffs are seeking to represent a class of all current or former residents within a seven-mile radius of the Portsmouth GDP site. The Company believes that its operations at the Portsmouth GDP site were fully in compliance with the Nuclear Regulatory Commission’s regulations. Further, the Company believes that any such liability should be covered by indemnification under the Price-Anderson Act. The Company and Enrichment Corp. have provided notifications to DOE required to invoke indemnification under the Price-Anderson Act and other contractual provisions. On November 27, 2019, the Company, Enrichment Corp. and six other DOE contractors who have operated facilities at the Portsmouth GDP site were named as defendants in a class action complaint filed by James Matthews, Jennifer Brownfield Clark, Joanne Ross, the Estate of A.R., and others similarly situated (the “Matthews Plaintiffs”), in the Common Pleas Court of Pike County, Ohio. The complaint seeks injunctive relief, compensatory damages, statutory damages, and any other relief allowed by law for alleged off-site contamination allegedly resulting from activities on the Portsmouth GDP site. The Matthews Plaintiffs expressly contend that the ongoing and continuous releases that injured the Plaintiffs and Class Members are not “nuclear incidents” as that term is defined in the Price-Anderson Act, but rather “freestanding state law claims concerning traditional-style state regulation.” The Company believes that its operations at the Portsmouth GDP site were fully in compliance with the Nuclear Regulatory Commission’s regulations. Further, the Company believes that any such liability should be covered by indemnification under the Price-Anderson Act. The Company and Enrichment Corp. have provided notifications to DOE required to invoke indemnification under the Price-Anderson Act and other contractual provisions. On October 11, 2018, the Company’s subsidiaries, Enrichment Corp. and American Centrifuge Enrichment, LLC (“ACE”, together with Enrichment Corp., the “Company Subsidiaries”) filed proofs of claim in the U.S. Bankruptcy Court for the Northern District of Ohio (the “Bankruptcy Court”) against each of FirstEnergy Nuclear Operating Company (“FENOC”), FirstEnergy Nuclear Generation, LLC (“FENG,” and together with FENOC, the “FirstEnergy Contract Parties”), FirstEnergy Solutions Corp. (“FES”) and FirstEnergy Generation, LLC (“FG”). The claims relate to damages arising from the rejection and breach of a long-term contract between the Company Subsidiaries and the FirstEnergy Contract Parties that was approved by the Bankruptcy Court and made effective as of July 26, 2018. The proofs of claim filed by the Company Subsidiaries include claims against the FirstEnergy Contract Parties based on their liability as parties to the contract that was rejected and breached. The proofs of claim filed by the Company Subsidiaries also included claims against FES and FG based on their liability under guaranties they issued that may obligate FES and FG to satisfy the rejection and breach of contract damages claims. On November 15, 2019, FENOC, FENG, FES and FG filed objections to the Company Subsidiaries’ claims in the Bankruptcy Court. No decision on the claims against FENOC and FENG has yet been reached by the Bankruptcy Court. The Company Subsidiaries and FES and FG submitted cross motions for summary judgment on the issue of whether the guaranties of FES and FG apply. On March 13, 2020, the Bankruptcy Court ruled in favor of FES and FG on their motion, finding that the guaranties did not apply to the Company Subsidiaries’ claims. The Company Subsidiaries have filed a notice of appeal of this decision. The ruling does not apply to the Company Subsidiaries’ claims against the FirstEnergy Contract Parties. Centrus is subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of these claims cannot be predicted with certainty, other than the above, Centrus does not believe that the outcome of any of these legal matters, individually and in the aggregate, will have a material adverse effect on its cash flows, results of operations or consolidated financial condition.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Segment Information	SEGMENT INFORMATION Gross profit is Centrus’ measure for segment reporting. There were no intersegment sales in the periods presented. Refer to Note 2, Revenue and Contracts with Customers, for additional details on revenue for each segment. The following table presents the Company’s segment information (in millions): Three Months Ended 2020 2019 Revenue LEU segment: Separative work units $ 30.7 $ 12.4 Uranium — 22.7 Total 30.7 35.1 Technical solutions segment 14.3 3.6 Total revenue $ 45.0 $ 38.7 Segment Gross Profit (Loss) LEU segment $ 17.4 $ (3.2 ) Technical solutions segment 2.2 (2.3 ) Gross profit (loss) $ 19.6 $ (5.5 ) Revenue from Major Customers (10% or More of Total Revenue) In the three months ended March 31, 2020 , two customers in the LEU segment represented $23.4 million and $7.3 million , respectively, of revenue and one customer in the technical solutions segment represented $9.7 million of revenue. In the three months ended March 31, 2019 , one customer in the LEU segment represented $35.0 million of revenue.

Revenue and Contracts with Cu_2

Revenue and Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Geographic Areas	The following table presents revenue from separative work units (“SWU”) and uranium sales disaggregated by geographical region based on the billing addresses of customers (in millions): Three Months Ended 2020 2019 United States $ 7.3 $ 35.1 Foreign 23.4 — Revenue - SWU and uranium $ 30.7 $ 35.1
Contract with Customer, Asset and Liability	March 31, 2020 December 31, 2019 Year-To-Date Change Accrued loss on HALEU Contract: Current - Accounts payable and accrued liabilities $ 9.7 $ 10.0 $ (0.3 ) Noncurrent - Other long-term liabilities $ 5.6 $ 8.3 $ (2.7 ) Deferred revenue - current $ 243.0 $ 243.0 $ — Advances from customers - current $ — $ 23.3 $ (23.3 ) Advances from customers - noncurrent $ 29.4 $ 29.4 $ —

Special Charges (Tables)

Special Charges (Tables)	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Liability December 31, 2019 Three Months Ended Liability 2020 Charges (Credits) for Termination Benefits Paid/ Settled Workforce reductions: Corporate functions $ 1.2 $ (0.1 ) $ (1.1 ) $ — Piketon facility 0.2 — — 0.2 Total $ 1.4 $ (0.1 ) $ (1.1 ) $ 0.2

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2020
Cash, Cash Equivalents and Restricted Cash [Abstract]
Schedule of Cash and Cash Equivalents	The following table summarizes the Company’s cash, cash equivalents and restricted cash as presented on the condensed consolidated balance sheet to amounts on the condensed consolidated statement of cash flows (in millions): March 31, 2020 December 31, 2019 Cash and cash equivalents $ 109.2 $ 130.7 Deposits for financial assurance - current 0.2 0.2 Deposits for financial assurance - noncurrent 5.7 5.7 Total cash, cash equivalents and restricted cash $ 115.1 $ 136.6

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory, Net [Abstract]
Schedule of Inventories	Components of inventories are as follows (in millions): March 31, 2020 December 31, 2019 Current Assets Current Liabilities (a) Inventories, Net Current Assets Current Liabilities (a) Inventories, Net Separative work units $ 9.2 $ 2.8 $ 6.4 $ 7.8 $ — $ 7.8 Uranium 58.7 4.6 54.1 56.7 5.6 51.1 Total $ 67.9 $ 7.4 $ 60.5 $ 64.5 $ 5.6 $ 58.9 (a) Inventories owed to customers and suppliers, included in current liabilities, include SWU and uranium inventories owed to fabricators.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Excess Reorganization Value [Table Text Block]	Intangible asset balances are as follows (in millions): March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Sales order book $ 54.6 $ 30.1 $ 24.5 $ 54.6 $ 29.9 $ 24.7 Customer relationships 68.9 25.3 43.6 68.9 24.1 44.8 Total $ 123.5 $ 55.4 $ 68.1 $ 123.5 $ 54.0 $ 69.5

Debt Schedule of Debt (Tables)

Debt Schedule of Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	A summary of debt is as follows (in millions): March 31, 2020 December 31, 2019 Maturity Current Long-Term Current Long-Term 8.25% Notes: Feb. 2027 Principal $ — $ 74.3 $ — $ 74.3 Interest 6.1 36.7 6.1 39.8 Total $ 6.1 $ 111.0 $ 6.1 $ 114.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Recorded at Fair Value	Financial Instruments Recorded at Fair Value (in millions): March 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 109.2 $ — $ — $ 109.2 $ 130.7 $ — $ — $ 130.7 Deferred compensation asset (a) 1.5 — — 1.5 1.8 — — 1.8 Liabilities: Deferred compensation obligation (a) $ 1.5 $ — $ — $ 1.5 $ 1.8 $ — $ — $ 1.8 (a) The deferred compensation obligation represents the balance of deferred compensation plus net investment earnings. The deferred compensation plan is funded through a rabbi trust. Trust funds are invested in mutual funds for which unit prices are quoted in active markets and are classified within Level 1 of the valuation hierarchy.

Pension and Postretirement He_2

Pension and Postretirement Health and Life Benefits (Tables)	3 Months Ended
	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Schedule of Net Benefit Costs [Table Text Block]	The components of net periodic benefit (credits) for the defined benefit pension plans were as follows (in millions): Three Months Ended 2020 2019 Service costs $ 0.9 $ 0.8 Interest costs 6.1 7.6 Amortization of prior service costs (credits), net (0.1 ) — Expected return on plan assets (gains) (9.4 ) (9.1 ) Net periodic benefit (credits) $ (2.5 ) $ (0.7 ) The components of net periodic benefit costs for the postretirement health and life benefit plans were as follows (in millions): Three Months Ended 2020 2019 Interest costs $ 1.2 $ 1.5 Net periodic benefit costs $ 1.2 $ 1.5

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Net Income Per Share	Three Months Ended 2020 2019 Numerator (in millions): Net income (loss) $ 11.3 $ (20.9 ) Preferred stock dividends - undeclared and cumulative 2.0 2.0 Net income (loss) allocable to common stockholders $ 9.3 $ (22.9 ) Denominator (in thousands): Average common shares outstanding - basic 9,619 9,532 Potentially dilutive shares related to stock options and restricted stock units (a) 220 — Average common shares outstanding - diluted 9,839 9,532 Net income (loss) per common share (in dollars): Basic $ 0.97 $ (2.40 ) Diluted $ 0.95 $ (2.40 ) (a) Common stock equivalents excluded from the diluted calculation as a result of a net loss in the period (in thousands) — 41 Options outstanding and considered anti-dilutive as their exercise price exceeded the average share market price (in thousands) — 360

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Revenue from External Customers by Geographic Areas	The following table presents revenue from separative work units (“SWU”) and uranium sales disaggregated by geographical region based on the billing addresses of customers (in millions): Three Months Ended 2020 2019 United States $ 7.3 $ 35.1 Foreign 23.4 — Revenue - SWU and uranium $ 30.7 $ 35.1
Segment Reporting Information	The following table presents the Company’s segment information (in millions): Three Months Ended 2020 2019 Revenue LEU segment: Separative work units $ 30.7 $ 12.4 Uranium — 22.7 Total 30.7 35.1 Technical solutions segment 14.3 3.6 Total revenue $ 45.0 $ 38.7 Segment Gross Profit (Loss) LEU segment $ 17.4 $ (3.2 ) Technical solutions segment 2.2 (2.3 ) Gross profit (loss) $ 19.6 $ (5.5 )

Revenue and Contracts with Cu_3

Revenue and Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue, nonmonetary transaction	$ 23.4
Nonmonetary transaction, amount of barter transaction	29.4
Separative work units owed to others noncurrent	10.8
Government cost obligation	53.2
Loss on contracts		$ 0
Provision for Loss on Contracts	15.3
Accounts receivable, net	17.5		$ 21.1
Minimum [Member]
Company cost share portion			18.3
Maximum [Member]
Government cost share portion	115
Government [Member]
Provision for Loss on Contracts	9.7		$ 10
Proceeds from Customers	$ 19

Revenue and Contracts with Cu_4

Revenue and Contracts with Customers (Revenue from External Customers by Geographic Areas) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue	$ 45	$ 38.7
Product [Member]
Revenue	30.7	35.1
Product [Member] | United States
Revenue	7.3	35.1
Product [Member] | Other Foreign
Revenue	$ 23.4	$ 0

Revenue and Contracts with Cu_5

Revenue and Contracts with Customers (Contract with Customer Asset and Liability) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Deferred costs associated with deferred revenue		$ 144.1	$ 144.1
Provision for Loss on Contracts		15.3
Loss on contracts	$ 0
Deferred revenue		243	243
Advances from customers, current		0	23.3
Advances from customer, noncurrent		29.4	29.4
Government [Member]
Provision for Loss on Contracts		9.7	10
Provision for loss on contracts, noncurrent		$ 5.6	$ 8.3

Revenue and Contracts with Cu_6

Revenue and Contracts with Customers Revenue and Contracts with Customers (Schedule of Accounts Receivable) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Billed accounts receivable	$ 7.5	$ 13.2
Unbilled contract revenue	10	7.9
Accounts receivable, net	$ 17.5	$ 21.1

Special Charges (Table) (Detail

Special Charges (Table) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Termination benefit costs	$ (0.1)
Payments for one-time termination benefits	(1.1)
Restructuring liability	0.2	$ 1.4
Contract Termination [Member]
Termination benefit costs	0
Payments for one-time termination benefits	0
Restructuring liability	0.2	0.2
Other Restructuring [Member]
Termination benefit costs	(0.1)
Payments for one-time termination benefits	(1.1)
Restructuring liability	$ 0	$ 1.2

Special Charges (Narrative) (De

Special Charges (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Special charges for workforce reductions and advisory costs	$ (0.1)	$ (0.1)
Termination benefit costs	(0.1)
Restructuring cost, settled without cash	0.1	$ 0.1
Restructuring liability, current	0.2
Contract Termination [Member]
Termination benefit costs	$ 0

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 109.2	$ 130.7
Restricted cash included in other current assets	0.2	0.2
Restricted cash included in other long-term assets	5.7	5.7
Total cash, cash equivalents and restricted cash	$ 115.1	$ 136.6	$ 159.7	$ 124.7

Cash, Cash Equivalents and Re_4

Cash, Cash Equivalents and Restricted Cash (Schedule of Restricted Cash) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in other current assets	$ 0.2	$ 0.2
Restricted cash included in other long-term assets	$ 5.7	$ 5.7

Cash, Cash Equivalents and Re_5

Cash, Cash Equivalents and Restricted Cash (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Restricted cash included in other current assets	$ 0.2	$ 0.2
Restricted cash included in other long-term assets	$ 5.7	$ 5.7

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory, Net [Abstract]
Separative work units inventory	$ 9.2	$ 7.8
Uranium inventory	58.7	56.7
Inventories	67.9	64.5
Separative work units owed to customers and suppliers	2.8	0
Uranium owed to customers and suppliers	4.6	5.6
Inventories owed to customers and suppliers	7.4	5.6
Separative work units net of liability	6.4	7.8
Uranium inventory net of liability	54.1	51.1
Inventories, net	$ 60.5	$ 58.9

Schedule of Intangible Assets (

Schedule of Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	$ 123.5	$ 123.5
Accumulated intangible asset amortization	(55.4)	(54)
Amortizable intangible assets, net	$ 68.1	69.5
Average useful life of finite-lived intangible assets	15 years
Contract-Based Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	$ 54.6	54.6
Accumulated intangible asset amortization	(30.1)	(29.9)
Amortizable intangible assets, net	24.5	24.7
Customer-Related Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	68.9	68.9
Accumulated intangible asset amortization	(25.3)	(24.1)
Amortizable intangible assets, net	$ 43.6	$ 44.8

Schedule of Debt (Details)

Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 111	$ 114.1
Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt, face amount	74.3	74.3
Long-term debt, interest	36.7	39.8
Long-term debt, current	6.1	6.1
Long-term debt	$ 111	$ 114.1

Debt (Narrative) (Details)

Debt (Narrative) (Details) - Senior Notes [Member] - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt instrument interest rate	8.25%
Long-term debt, face amount	$ 74.3	$ 74.3
Long-term debt, current	$ 6.1	$ 6.1

Fair Value Measurements (Financ

Fair Value Measurements (Financial Instruments Recorded at Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Cash and cash equivalents	$ 109.2	$ 130.7
Cash and cash equivalents	109.2	130.7
Deferred compensation asset	1.5	1.8
Deferred compensation obligation	1.5	1.8
Level 1 [Member]
Cash and cash equivalents		130.7
Deferred compensation asset	1.5	1.8
Deferred compensation obligation	$ 1.5	$ 1.8

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - Senior Notes [Member] - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, long-term and short-term, combined carrying value	$ 117.1	$ 120.2
Long-term debt, current	6.1	6.1
Long-term debt, fair value	54.7	61.5
Long-term debt, face amount	$ 74.3	$ 74.3

Pension and Postretirement He_3

Pension and Postretirement Health and Life Benefits (Schedule of Net Benefit Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Pension Plan, Defined Benefit [Member]
Service costs	$ 0.9	$ 0.8
Interest costs	6.1	7.6
Amortization of prior service costs (credits), net	(0.1)	0
Expected return on plan assets (gains)	(9.4)	(9.1)
Net periodic benefit cost (credit)	(2.5)	(0.7)
Postretirement Health and Life Benefits Plans [Member]
Interest costs	1.2	1.5
Net periodic benefit cost (credit)	$ 1.2	$ 1.5

Net Income Per Share (Schedule

Net Income Per Share (Schedule of Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Per Share Calculation [Line Items]
Net income (loss)	$ 11.3	$ (20.9)
Preferred stock dividends, undeclared and cumulative	2	2
Net income (loss) allocable to common stockholders	$ 9.3	$ (22.9)
Average number of shares outstanding, basic	9,619	9,532
Potentially dilutive shares related to stock options	220	0
Average number of shares outstanding, diluted	9,839	9,532
Net income (loss) per common share - basic	$ 0.97	$ (2.40)
Net income (loss) per common share - diluted	$ 0.95	$ (2.40)
Antidilutive securities excluded from computation of earnings per share	0	41
Options with exercise price greater than market price	0	360

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	Mar. 31, 2020USD ($)
Claim filed, unrecorded gain contingency,	$ 42.8

Segment Information (Segment Re

Segment Information (Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenue	$ 45	$ 38.7
Gross Profit	19.6	(5.5)
Low Enriched Uranium Segment [Member]
Segment Reporting Information [Line Items]
Gross Profit	17.4	(3.2)
Contract Services Segment [Member]
Segment Reporting Information [Line Items]
Gross Profit	2.2	(2.3)
Separative Work Units [Member]
Segment Reporting Information [Line Items]
Revenue	30.7	12.4
Uranium [Member]
Segment Reporting Information [Line Items]
Revenue	0	22.7
Product [Member]
Segment Reporting Information [Line Items]
Revenue	30.7	35.1
Service [Member]
Segment Reporting Information [Line Items]
Revenue	$ 14.3	$ 3.6

Segment Information Schedule Of

Segment Information Schedule Of Entity Wide Revenue By Major Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Customer A [Member] | Low Enriched Uranium Segment [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 23.4	$ 35
Customer A [Member] | Contract Services Segment [Member]
Revenue, Major Customer [Line Items]
Revenue	9.7
Customer B [Member] | Low Enriched Uranium Segment [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 7.3