Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 01, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity File Number | 1-14287 | ||
Entity Registrant Name | Centrus Energy Corp. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 52-2107911 | ||
Entity Address, Address Line One | 6901 Rockledge Drive, Suite 800 | ||
Entity Address, City or Town | Bethesda | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 20817 | ||
City Area Code | (301) | ||
Local Phone Number | 564-3200 | ||
Title of 12(b) Security | Class A Common Stock, par value $0.10 per share | ||
Trading Symbol | LEU | ||
Security Exchange Name | NYSEAMER | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Central Index Key | 0001065059 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 13,673,933 | ||
Amendment Flag | false | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 257.9 | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
ICFR Auditor Attestation Flag | true |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Auditor Location | Baltimore, Maryland |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 193.8 | $ 152 |
Accounts receivable, net | 29.1 | 29.6 |
Inventories | 91.1 | 64.8 |
Deferred costs associated with deferred revenue | 143.3 | 151.9 |
Other current assets | 8.6 | 7.8 |
Total current assets | 465.9 | 406.1 |
Property, Plant and Equipment, Net | 5.3 | 4.9 |
Deposits for surety bonds | 2.8 | 5.7 |
Intangible assets | 54.7 | 62.8 |
Deferred tax assets, net | 41.4 | 1.9 |
Other long-term assets | 2.3 | 4.9 |
Total Assets | 572.4 | 486.3 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 37.8 | 50.6 |
Payables under SWU purchase agreements | 37.9 | 21.3 |
Inventories owed to customers and suppliers | 8.4 | 4.9 |
Deferred revenue and advances from customers | 303.1 | 283.2 |
Current debt | 6.1 | 6.1 |
Total current liabilities | 393.3 | 366.1 |
Long-term debt | 101.8 | 108 |
Postretirement health and life benefit obligations | 114.9 | 130.8 |
Pension benefit liabilities | 23.1 | 124.4 |
Advances from customers | 45.1 | 45.2 |
Other long-term liabilities | 36.1 | 32.4 |
Total liabilities | 714.3 | 806.9 |
Commitments and contingencies (Note 11) | ||
Stockholders' Deficit | ||
Excess of capital over par value | 140.7 | 85 |
Accumulated deficit | (284.6) | (407.7) |
Accumulated other comprehensive income (loss), net of tax | 0.5 | 0.8 |
Total stockholders' deficit | (141.9) | (320.6) |
Total Liabilities and Stockholders’ Equity (Deficit) | 572.4 | 486.3 |
Preferred Series A [Member] | ||
Stockholders' Deficit | ||
Preferred stock | 0 | 0 |
Preferred Series B [Member] | ||
Stockholders' Deficit | ||
Preferred stock | 0 | 0.1 |
Common Class A [Member] | ||
Stockholders' Deficit | ||
Common stock | 1.4 | 1.1 |
Common Class B [Member] | ||
Stockholders' Deficit | ||
Common stock | $ 0.1 | $ 0.1 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Preferred Stock, Par Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 104,574 | |
Common Stock, Shares, Issued | 14,369,133 | |
Series B Preferred Stock [Member] | ||
Preferred Stock, Par Value Per Share | $ 1 | |
Preferred Stock, Dividend Rate, Percentage | 7.50% | |
Preferred Stock, Liquidation Preference, Value | $ 53.9 | |
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 | 11,390,189 | 13,649,933 |
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 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total revenue | $ 298.3 | $ 247.2 |
Cost of sales | 183.8 | 149.6 |
Gross profit (loss) | 114.5 | 97.6 |
Advanced technology license and decommissioning costs | 2.1 | 2.8 |
Selling, general and administrative | 36 | 36 |
Amortization of intangible assets | 8.1 | 6.8 |
Special charges for workforce reductions and advisory costs | 0 | 0.6 |
Other (income) | 0 | 0.4 |
Operating income (loss) | 68.3 | 51 |
Nonoperating components of net periodic benefit expense (income) | (67.6) | (1.6) |
Interest expense | 0.1 | 0.1 |
Investment income | (0.1) | (0.5) |
Income (loss) before income taxes | 135.9 | 53 |
Provision (benefit) for income taxes | (39.1) | (1.4) |
Net income (loss) | 175 | 54.4 |
Preferred stock dividends, undeclared and cumulative | 2.1 | 6.7 |
Distributed earnings allocable to retired preferred shares | 37.6 | 41.9 |
Net income (loss) allocable to common stockholders | $ 135.3 | $ 5.8 |
Net income (loss) per common share - basic | $ 10.03 | $ 0.59 |
Net income (loss) per common share - diluted | $ 9.75 | $ 0.57 |
Weighted-average number of shares outstanding: | ||
Average number of shares outstanding, basic | 13,493 | 9,825 |
Average number of shares outstanding, diluted | 13,879 | 10,123 |
Product [Member] | ||
Total revenue | $ 186.1 | $ 190.5 |
Cost of sales | 113.1 | 92.7 |
Separative Work Units [Member] | ||
Total revenue | 163.3 | 151.5 |
Uranium [Member] | ||
Total revenue | 22.8 | 39 |
Service [Member] | ||
Total revenue | 112.2 | 56.7 |
Cost of sales | $ 70.7 | $ 56.9 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 175 | $ 54.4 |
Adjustments to reconcile net income (loss) to net cash (used in) operating activities: | ||
Depreciation and amortization | 8.6 | 7.3 |
Accrued loss on long-term contract | (7.2) | (10.6) |
Retirement benefit plans (gains) losses, net | (50.5) | 7.2 |
Revaluation of inventory borrowing | 4.8 | 0 |
Equity Related Compensation | 12.1 | 7.1 |
Changes in operating assets and liabilities: | ||
Accounts receivable – (increase) decrease | 0.5 | (8.6) |
Increase (Decrease) in Inventories | (10.7) | 25.8 |
Payables under SWU purchase agreements – increase (decrease) | 16.6 | 13.2 |
Deferred revenue, net of deferred costs – increase (decrease) | 13.2 | 9.7 |
Accounts payable and other liabilities – increase (decrease) | (4.6) | (5.2) |
Pension and postretirement liabilities - increase (decrease) | (67) | (32.7) |
Increase (Decrease) in Deferred Income Taxes | (39.5) | (1.9) |
Other, net | (1.3) | 1.4 |
Net cash used in operating activities | 50 | 67.1 |
Cash Flows Provided by Investing Activities | ||
Capital expenditures | (1.2) | (1.4) |
Net Cash Provided by (Used in) Investing Activities | (1.2) | (1.4) |
Cash Flows Used in Financing Activities | ||
Proceeds from the sale of common stock, net | 42.1 | 23.1 |
Redemption of preferred stock, net | (44.4) | (61.6) |
Payment of interest classified as debt | (6.1) | (6.1) |
Exercise of stock options | 0.9 | 0.3 |
Shares withheld for employee taxes | (2.4) | 0 |
Payments for deferred issuance costs | 0 | (0.1) |
Net cash used in financing activities | (9.9) | (44.4) |
Decrease in cash, cash equivalents and restricted cash | 38.9 | 21.3 |
Cash, cash equivalents and restricted cash, start of period | 157.9 | 136.6 |
Cash, cash equivalents and restricted cash, end of period | 196.8 | 157.9 |
Property, plant and equipment included in accounts payable and accrued liabilities | ||
Supplemental Cash Flow Information: | ||
Other Significant Noncash Transaction, Value of Consideration Given | 0 | (0.3) |
Equity issuance costs included in accounts payable and accrued liabilities [Member] | ||
Supplemental Cash Flow Information: | ||
Other Significant Noncash Transaction, Value of Consideration Given | (0.4) | (0.2) |
Disposal of right to use lease assets [Member] | ||
Supplemental Cash Flow Information: | ||
Other Significant Noncash Transaction, Value of Consideration Given | (1) | (0.2) |
Reclassification of equity compensation liability to equity [Member] | ||
Supplemental Cash Flow Information: | ||
Other Significant Noncash Transaction, Value of Consideration Given | (7.5) | 0 |
Common stock and warrant issued in exchange for preferred stock [Member] | ||
Supplemental Cash Flow Information: | ||
Other Significant Noncash Transaction, Value of Consideration Given | $ (7.5) | 0 |
Preferred Series B [Member] | ||
Cash Flows Used in Financing Activities | ||
Redemption of preferred stock, net | $ (60) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Excess of Capital over Par Value [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2019 | $ (336.9) | $ 4.6 | $ 0.8 | $ 0.1 | $ 61.5 | $ (405) | $ 1.1 |
Net income | 54.4 | 0 | 0 | 0 | 0 | 54.4 | 0 |
Stock issued during period | 23.1 | 0 | 0.3 | 0 | 22.8 | 0 | 0 |
Stock Repurchased and Retired During Period, Value | (61.6) | (4.5) | 0 | 0 | 0 | (57.1) | 0 |
Shares withheld for employee taxes | 0 | ||||||
Other comprehensive income, net of tax | (0.3) | 0 | 0 | 0 | 0 | 0 | (0.3) |
Restricted and other common stock issued, net of amortization | 0.7 | 0 | 0 | 0 | 0.7 | 0 | 0 |
Ending Balance at Dec. 31, 2020 | (320.6) | 0.1 | 1.1 | 0.1 | 85 | (407.7) | 0.8 |
Net income | 175 | 0 | 0 | 0 | 0 | 175 | 0 |
Stock issued during period | 42.1 | 0 | 0.2 | 0 | 41.9 | 0 | 0 |
Exchange of preferred stock for common stock and common stock warrant | 0 | 0 | 0.1 | 0 | 7.5 | (7.6) | 0 |
Stock Repurchased and Retired During Period, Value | (44.4) | (0.1) | 0 | 0 | 0 | (44.3) | 0 |
Reclassification of stock-based compensation from liability to equity | 7.5 | 0 | 0 | 0 | 7.5 | 0 | 0 |
Shares withheld for employee taxes | (2.4) | 0 | 0 | 0 | (2.4) | 0 | 0 |
Other comprehensive income, net of tax | (0.3) | 0 | 0 | 0 | 0 | 0 | (0.3) |
Restricted and other common stock issued, net of amortization | 1.2 | 0 | 0 | 0 | 1.2 | 0 | 0 |
Ending Balance at Dec. 31, 2021 | $ (141.9) | $ 0 | $ 1.4 | $ 0.1 | $ 140.7 | $ (284.6) | $ 0.5 |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 31, 2021 | |
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 consolidated balance sheet to amounts on the consolidated statement of cash flows (in millions): December 31, 2021 2020 Cash and cash equivalents $ 193.8 $ 152.0 Deposits for financial assurance - current 0.2 0.2 Deposits for financial assurance - non current 2.8 5.7 Total cash, cash equivalents and restricted cash $ 196.8 $ 157.9 The following table provides additional detail regarding the Company’s deposits for financial assurance (in millions): December 31, 2021 December 31, 2020 Current Long-Term Current Long-Term Workers compensation $ — $ 2.6 $ — $ 5.4 Other 0.2 0.2 0.2 0.3 Total deposits for financial assurance $ 0.2 $ 2.8 $ 0.2 $ 5.7 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
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): December 31, 2021 December 31, 2020 Current Current Inventories, Net Current Current Inventories, Net Separative work units $ 8.8 $ — $ 8.8 $ 17.0 $ 4.6 $ 12.4 Uranium 82.3 8.4 73.9 47.8 0.3 47.5 Total $ 91.1 $ 8.4 $ 82.7 $ 64.8 $ 4.9 $ 59.9 (a) Inventories owed to customers and suppliers, included in current liabilities, include SWU and uranium inventories owed to fabricators. Inventories are valued at the lower of cost or net realizable value. In 2021, there was a valuation adjustment to reflect an update of projected timing and sources of inventory to be used for repayment of borrowed SWU inventory. There were no valuation adjustments in 2020. For details, refer to Note 1, Summary of Significant Accounting Policies — Contract Liabilities — LEU Segment. The Company may also borrow SWU from customers, in which case the Company will record the SWU and the related liability for the borrowing using a projected average purchase price over the borrowing period. In 2018 through 2020 the Company borrowed SWU inventory valued at $20.7 million from a customer under an agreement signed in 2017 and recorded the SWU and the related liability using the Company’s average unit price of SWU purchases under contract projected to be used for repayment. The loan is repayable only with SWU. The cumulative liability to the customer for borrowed inventory was revalued to $25.5 million in the third quarter of 2021. The revaluation reflected an updated projection of the timing and sources of inventory to be used for repayment. In the fourth quarter of 2021, the Company repaid borrowed SWU inventory valued at $3.1 million to a customer and reduced the SWU and the related liability using an average purchase price over the borrowing period. The remaining liability to the customer of $22.4 million for borrowed inventory is included in Other Long-Term Liabilities . Cost of Sales for the twelve months ended December 31, 2021, includes the related expense of $4.8 million. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT A summary of changes in property, plant and equipment follows (in millions): December 31, Additions / (Depreciation) December 31, Land $ 1.2 $ — $ 1.2 Buildings and leasehold improvements 3.9 0.7 4.6 Machinery and equipment 1.4 — 1.4 Other 1.1 — 1.1 Property, plant and equipment, gross 7.6 0.7 8.3 Accumulated depreciation (2.7) (0.3) (3.0) Property, plant and equipment, net $ 4.9 $ 0.4 $ 5.3 Depreciation expense was $0.6 million in 2021 and $0.5 million in 2020. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
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 September 30, 2014, the date the Company emerged from bankruptcy, 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): December 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Sales order book $ 54.6 $ 35.5 $ 19.1 $ 54.6 $ 32.0 $ 22.6 Customer relationships 68.9 33.3 35.6 68.9 28.7 40.2 Total $ 123.5 $ 68.8 $ 54.7 $ 123.5 $ 60.7 $ 62.8 The amount of amortization expense for intangible assets in each of the succeeding years is estimated to be as follows (in millions): 2022 $ 9.5 2023 6.6 2024 8.6 2025 7.6 2026 9.9 Thereafter 12.5 Total $ 54.7 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities [Text Block] | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Components of accounts payable and accrued liabilities follow (in millions): December 31, 2021 2020 Trade payables $ 4.9 $ 4.9 Compensation and employee benefits 23.1 22.2 Postretirement health and life benefit obligations - current 7.0 11.6 Accrued HALEU Contract loss 0.5 7.0 Operating lease liability 0.9 2.4 Other accrued liabilities 1.4 2.5 Total accounts payable and accrued liabilities $ 37.8 $ 50.6 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT A summary of debt follows (in millions): December 31, 2021 December 31, 2020 Maturity Current Long-Term Current Long-Term 8.25% Notes: Feb. 2027 Principal $ — $ 74.3 $ — $ 74.3 Interest 6.1 27.5 6.1 33.7 Total $ 6.1 $ 101.8 $ 6.1 $ 108.0 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 December 31, 2021, and December 31, 2020, $6.1 million of interest is recorded as current and classified as Current Debt in the consolidated balance sheet. The 8.25% Notes rank equally in right of payment with all of the Company’s existing and future unsubordinated indebtedness other than its Issuer Senior Debt and our Limited Secured Acquisition Debt (each as defined below). The 8.25% Notes rank senior in right of payment to all of the Company’s existing and future subordinated indebtedness and to certain limited secured acquisition indebtedness of the Company (the “Limited Secured Acquisition Debt”). The Limited Secured Acquisition Debt includes (i) any indebtedness, the proceeds of which are used to finance all or a portion of an acquisition or similar transaction if any lender’s lien is solely limited to the assets acquired in such a transaction and (ii) any indebtedness, the proceeds of which are used to finance all or a portion of the American Centrifuge project or another next generation enrichment technology if any lender’s lien is solely limited to such assets, provided that a lien securing the 8.25% Notes that is junior with respect to the lien securing such indebtedness will be limited to the assets acquired with such Limited Secured Acquisition Debt. The 8.25% Notes are subordinated in right of payment to certain indebtedness and obligations of the Company, as described in the indenture governing the 8.25% Notes (the “Issuer Senior Debt”), including (i) any indebtedness of the Company (inclusive of any indebtedness of Enrichment Corp.) under a future credit facility up to $50 million with a maximum net borrowing of $40 million after taking into account any minimum cash balance (unless a higher amount is approved with the consent of the holders of a majority of the aggregate principal amount of the 8.25% Notes then outstanding), (ii) any revolving credit facility to finance inventory purchases and related working capital needs, and (iii) any indebtedness of the Company to Enrichment Corp. under the secured intercompany notes. The 8.25% Notes are guaranteed on a subordinated and limited basis by, and secured by substantially all of the assets of, Enrichment Corp. The Enrichment Corp. guarantee is a secured obligation and ranks equally in right of payment with all existing and future unsubordinated indebtedness of Enrichment Corp. (other than Designated Senior Claims (as defined below) and Limited Secured Acquisition Debt) and senior in right of payment to all existing and future subordinated indebtedness of Enrichment Corp. and Limited Secured Acquisition Debt. The Enrichment Corp. guarantee is subordinated in right of payment to certain obligations of, and claims against, Enrichment Corp. described in the indenture governing the 8.25% Notes (collectively, the “Designated Senior Claims”), including obligations and claims: • under a future credit facility up to $50 million with a maximum net borrowing of $40 million after taking into account any minimum cash balance; • under any revolving credit facility to finance inventory purchases and related working capital needs; • held by or for the benefit of the Pension Benefit Guaranty Corporation (“PBGC”) pursuant to any settlement (including any required funding of pension plans); and • under surety bonds or similar obligations held by or on behalf of the U.S. government pursuant to regulatory requirements. The lien securing the Enrichment Corp. guarantee of the 8.25% Notes is junior in priority with respect to the lien securing Limited Secured Acquisition Debt, which is limited to the assets acquired with such Limited Secured Acquisition Debt. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | LEASES Centrus leases facilities and equipment under operating leases. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has facility leases with terms greater than 12 months, and the Company records the related asset and obligation at the present value of lease payments over the term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Lease assets exclude lease incentives. Lease terms reflect options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term. The weighted-average remaining lease term was 5.3 years at December 31, 2021, with maturity dates ranging from December 31, 2025 to September 2027, and the weighted-average discount rate was 12.5%. Lease expense totaled a credit of $0.5 million in 2021 and expense of $2.6 million for 2020. Lease expense primarily related to operating leases for the years ended December 31, 2021 and 2020 includes a $2.0 million and $0.3 million credit, respectively, from DOE for true-up of prior years’ lease expense. Other amounts related to short-term lease expense were insignificant. Operating lease expense is included in Cost of Sales, Selling, General and Administrative Expenses and Advance Technology Costs on the Statement of Operations. Cash paid for amounts included in operating cash flows for operating leases was $2.4 million for the year ended December 31, 2021. The Company leases facilities and related personal property near Piketon, Ohio from DOE under a lease which is classified as operating. The lease was amended on May 6, 2021, resulting in a decrease in the monthly lease payment beginning with the June 2021 payment. The Company accounted for the amendment as a modification and remeasured the remaining future lease payments through May 31, 2022, resulting in the recording of a $1.0 million reduction in lease assets and liabilities. In September 2021, the lease was extended through December 31, 2025. The Company did not remeasure the lease as under the terms of the lease amendment it may be terminated early upon completion of the work under the HALEU Contract which is expected to occur by June 1, 2022. Any facilities, centrifuges or other equipment constructed or installed under contract with DOE will be owned by DOE and may be returned to DOE in an “as is” condition at the end of the lease term, and DOE would be responsible for its D&D. Operating Lease Assets and Liabilities The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet (in millions). December 31, 2021 Classification on the Balance Sheet Lease assets $ 2.1 Other long-term assets Lease liabilities: Current $ 0.9 Accounts payable and accrued liabilities Non-current 3.0 Other long-term liabilities Total lease liabilities $ 3.9 Maturity of Operating Lease Liabilities The table below reconciles undiscounted payments for operating leases with terms greater than 12 months to the operating lease liabilities recorded on the balance sheet (in millions). 2022 $ 1.3 2023 1.0 2024 1.0 2025 1.0 2026 1.0 Thereafter 0.8 Total lease payments 6.1 Less imputed interest 2.2 Present value of lease payments $ 3.9 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value of assets and liabilities, the following hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: • Level 1 assets include investments with quoted prices in active markets that the Company has the ability to liquidate as of the reporting date. • Level 2 assets include investments in U.S. government agency securities, corporate and municipal debt whose estimates are valued based on observable inputs, other than quoted prices. • Level 3 assets include investments with unobservable inputs, such as third party valuations, due to little or no market activity. Financial Instruments Recorded at Fair Value (in millions): December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 193.8 $ — $ — $ 193.8 $ 152.0 $ — $ — $ 152.0 Deferred compensation asset (a) 3.2 — — 3.2 2.4 — — 2.4 Liabilities: Deferred compensation obligation (a) $ 3.2 $ — $ — $ 3.2 $ 2.3 $ — $ — $ 2.3 (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 December 31, 2021, and 2020, the consolidated 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): December 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value (a) Carrying Value Estimated Fair Value (a) 8.25% Notes $ 107.9 (b) $ 74.3 $ 114.1 (b) $ 68.6 (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 $74.3 million and the sum of current and non-current interest payment obligations until maturity. Refer to Note 8, Debt |
Pension and Postretirement Heal
Pension and Postretirement Health and Life Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits, Description [Abstract] | |
Pension and Postretirement Health and Life Benefits | PENSION AND POSTRETIREMENT HEALTH AND LIFE BENEFITSThere are approximately 3,500 employees and retirees covered by qualified defined benefit pension plans providing retirement benefits based on compensation and years of service, and approximately 2,300 employees and retirees covered by postretirement health and life benefit plans. DOE retained the obligation for postretirement health and life benefits for workers who retired prior to July 28, 1998. Pursuant to non-qualified supplemental pension plans, Centrus provides certain executive officers additional retirement benefits in excess of qualified plan limits imposed by tax law based on a targeted benefit objective. Employees hired on or after September 1, 2008, who are not covered by a collective bargaining agreement that provides for participation do not participate in a qualified defined benefit pension plan or postretirement health and life benefit plans. Changes in the projected benefit obligations and plan assets and the funded status of the plans follow: Defined Benefit Pension Plans Postretirement Health ($ millions) Year Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Changes in Benefit Obligations: Obligations at beginning of period $ 757.9 $ 763.5 $ 142.4 $ 152.8 Actuarial (gains) losses, net (28.7) 56.7 (2.3) (1.6) Service costs 2.7 3.5 — — Interest costs 18.1 24.3 3.4 4.8 Benefits paid from Plan assets (51.3) (56.3) (12.4) (13.6) Benefits paid from Company assets (0.4) (0.5) — — Settlements — (30.4) — — Administrative expenses paid (2.1) (2.9) — — Obligations at end of period 696.2 757.9 131.1 142.4 Changes in Plan Assets: Fair value of plan assets at beginning of period 633.1 621.2 — — Actual return on plan assets 57.8 85.4 — — Company contributions 35.7 16.6 21.5 13.6 Benefits paid (51.7) (56.8) (12.3) (13.6) Settlements — (30.4) — — Administrative expenses paid (2.2) (2.9) — — Fair value of plan assets at end of period 672.7 633.1 9.2 — Unfunded status at end of period $ (23.5) $ (124.8) $ (121.9) $ (142.4) Amounts recognized in assets and liabilities: Current liabilities $ (0.4) $ (0.4) $ (7.0) $ (11.6) Non-current liabilities (23.1) (124.4) (114.9) (130.8) $ (23.5) $ (124.8) $ (121.9) $ (142.4) Amounts in accumulated other comprehensive income (loss), pre-tax: Prior service credit $ (0.9) $ (1.1) $ (2.0) $ (2.1) The current liabilities reflect expected contributions for benefit payments for the non-qualified plans and the postretirement health and life benefit plans in the following year. The discount rates below, rounded to the nearest 0.1%, 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. Plan assets and benefit obligations are remeasured each year as of the balance sheet date resulting in differences between actual and projected results for the year. These actuarial gains and losses are recognized in the statement of operations in the fourth quarter. In addition, an interim remeasurement and recognition of gains or losses may be required for a plan during the year when lump sum payments exceed, or are expected to exceed, the sum of the service cost and interest cost components of the annual net periodic benefit cost for that plan for the current year. There were no interim remeasurements in 2021 and 2020. The defined benefit pension plans currently allow for a lump sum payment option to (a) active employees who are terminated as a result of Company reductions in force and (b) terminated vested participants who have not yet begun receiving their benefits and have been terminated as a result of a reduction in force by the Company, or due to voluntary termination or involuntary termination, other than involuntary termination as a termination for cause. As part of the Company’s continued effort to reduce the size and volatility of its pension obligations and administrative costs, the Company transferred approximately $30.4 million of pension plan assets and approximately $30.4 million of related benefit obligations to an insurance company through the purchase of a group annuity contract in the fourth quarter of 2020. Projected benefit obligations are based on actuarial assumptions including possible future increases in compensation. Accumulated benefit obligations are based on actuarial assumptions but do not include possible future increases in compensation. Effective August 2013, accrued benefits under the defined benefit pension plans are fixed and no longer increase to reflect changes in compensation or company service. Therefore, the accumulated benefit obligation equaled the projected benefit obligation of $696.2 million and $757.9 million as of December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, none of Centrus’ plans had fair value of plan assets in excess of accumulated benefit obligations. Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income 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 Income. Defined Benefit Pension Plans Postretirement Health (in millions) Year Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Net Periodic Benefit (Credits) Costs Service costs $ 2.7 $ 3.5 $ — $ — Interest costs 18.1 24.3 3.4 4.8 Expected return on plan assets (38.3) (37.5) — — Amortization of prior service credits, net (0.2) (0.2) (0.1) (0.1) Actuarial (gains) losses, net (48.2) 8.9 (2.3) (1.7) Net periodic benefit (credits) costs $ (65.9) $ (1.0) $ 1.0 $ 3.0 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) Amortization of prior service costs, net $ — $ — $ (2.0) $ (2.1) Prior service credit (0.9) (1.1) — — Total recognized in other comprehensive loss, pre-tax $ (0.9) $ (1.1) $ (2.0) $ (2.1) Total recognized in net periodic benefit costs (income) and other comprehensive income (loss), pre-tax $ (66.8) $ (2.1) $ (1.0) $ 0.9 Net periodic benefit costs include service and interest costs of providing pension benefits that are accrued over the years employees render service. Prior service costs or credits 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 plans are generally eligible for benefits at retirement after age 50 with 10 years of continuous credited service at the time of retirement. On September 7, 2021, the Company collected $43.5 million from DOE, of which $33.8 million was contributed to the pension plan in September 2021 for its subsidiary Enrichment Corp. and $9.7 million was deposited in October 2021 in a trust for payment of postretirement health benefits payable by Enrichment Corp. Refer to Note 16, Commitments and Contingencies and Note 2, Revenue And Contracts with Customers. Effective January 1, 2014, or for certain plan participants formerly represented by a collective bargaining unit, January 1, 2015, plan participants age 65 or older (“post-65”) have access to a range of medical plan choices with varying costs and benefits through a Medicare Exchange implemented by the Company. The Company provides an annual stipend for each of the post-65 retirees and post-65 spouses who enroll in the coverage through the exchange. Depending on the level of benefits elected by the participant, the participant may be required to make contributions in excess of the stipend amount. The transition to the post-65 Medicare Exchange was reflected as a plan amendment that reduced plan obligations by $6.8 million as of December 31, 2014. This reduction in obligation was recognized in other comprehensive income in 2014 as a prior service credit. The prior service credit is being amortized into net periodic benefit cost as a credit over time. The post-65 Medicare Exchange stipend amount was increased for 2017. This increase in obligation of $3.6 million as of December 31, 2016, was recognized in other comprehensive income in 2016 as a prior service cost and is being amortized into net periodic benefit cost over time. The post-65 Medicare Exchange stipend amount was increased in 2018, as specified in a settlement agreement with the former collective bargaining unit. The settlement agreement also specifies the addition of catastrophic drug coverage effective January 1, 2019. The benefit enhancement for 2019 has been applied to all post-65 participants regardless of past representation by the collective bargaining agreement. The increase in obligation of $10.0 million as a result of the settlement agreement was recognized in net periodic benefit costs in 2017 as a plan change resulting from a legal settlement and is reported in Nonoperating Components of Net Periodic Benefit Income . The defined benefits pension plans were amended in March 2019 making permanent the option for pension-eligible employees to receive a lump sum payment upon termination, regardless of benefit size, which decreased plan obligations by $1.3 million. The effect of these plan changes has been added to accumulated other comprehensive income (loss) as an unrecognized prior service cost to be amortized over the average future service of active employees starting in 2020. Assumptions Used to Determine Net Periodic Benefit Costs Defined Benefit Pension Plans Postretirement Health Year Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Discount rate 2.8% 2.5% 2.8% 2.5% Expected return on plan assets 6.3% 6.4% — — 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. Healthcare cost trend rates used to measure postretirement health benefit obligations follow: December 31, 2021 2020 Healthcare cost trend rate for the following year 6.0% 5.5% 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 2026 2022 Benefit Plan Assets Independent advisors manage investment assets of Centrus’ defined benefit pension plans and postretirement health and life benefit plans. Centrus has the fiduciary responsibility for reviewing performance of the various investment advisors. The goal of 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 and following a strategic asset allocation approach. Additionally, as the plans are frozen and funding status has improved, the Company has shifted the investment allocations to lower risk investments in order to minimize market exposure and will continue to do so based upon approved funding milestones. Asset classes and target weights are adjusted periodically to optimize the long-term portfolio risk/return trade off, 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 for the defined benefit pension plans follows: December 31, 2021 2020 2022 Target Equity securities 45 % 52 % 40 - 45% Debt securities 51 % 42 % 50 - 55% Cash 4 % 6 % 0 - 5% 100 % 100 % Plan assets are measured at fair value. Following are the plan investments as of December 31, 2021 and 2020, categorized by the fair value hierarchy levels described in Note 10, Fair Value : Defined Benefit Pension and Postretirement Health and Life Benefit Plans (in millions) Level 1 Level 2 Level 3 Total 2021 2020 2021 2020 2021 2020 2021 2020 U.S. government securities $ — $ — $ 13.0 $ 16.4 $ — $ — 13.0 $ 16.4 Corporate debt — — 56.4 104.2 — — 56.4 104.2 Municipal bonds and non-U.S. government securities — — 1.7 2.1 — — 1.7 2.1 Mutual funds (b) 582.9 — — — — — 582.9 — Mortgage and asset backed securities — — 7.9 6.4 — — 7.9 6.4 Fair value of investments by hierarchy level $ 582.9 $ — $ 79.0 $ 129.1 $ — $ — 661.9 129.1 Investments measured at NAV (a) 20.1 504.4 Accrued interest receivable 1.2 1.3 Unsettled transactions (1.4) (1.8) Plan assets $ 681.8 $ 633.0 (a) Equity, bond and money market investments held in collective trusts are valued based on the net asset value (“NAV”) provided by the administrator of the funds. 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. While the underlying investments are traded on an exchange, the funds are not. Fair values for the collective trust investments are measured using the NAVs as a practical expedient and are not categorized in the fair value hierarchy. (b) Postretirement Health and Life Benefit Plan assets of $9.2 million are all contained within Level 1 mutual funds. Benefit Plan Cash Flows The Company expects to contribute $0 million to the qualified defined benefit pension plans, $0.4 million to the non-qualified defined benefit pension plans, and $7.0 million to the postretirement health and life benefit plans in 2022. There is no required contribution for the postretirement health and life benefit plans under Employee Retirement Income Security Act (“ERISA”). Estimated future benefit plan payments follow (in millions): Defined Benefit Pension Plans Postretirement Health and Life Benefit Plans 2022 $ 52.1 $ 11.2 2023 51.0 10.7 2024 49.1 10.1 2025 47.6 9.5 2026 47.6 9.0 2027 to 2031 214.0 36.3 Other Plans The Company 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. Matching cash contributions by the Company amounted to $2.0 million in 2021 and $1.6 million in 2020. Under the Executive Deferred Compensation Plan, qualified employees may defer compensation on a tax-deferred basis subject to plan limitations. Any matching contributions under the Company’s 401(k) plan that are foregone due to annual compensation limitations of the Internal Revenue Code of 1986, as amended (the “Code”) are eligible to be received from the Company under the Executive Deferred Compensation Plan, provided that the employee deferred the maximum allowable pre-tax contribution in the 401(k) plan . The Company matching contributions amounted to less than $0.1 million in 2021 and 2020. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION The Company’s 2014 Equity Incentive Plan (“2014 Plan”) authorizes the issuance of stock options, stock appreciation rights (“SARs”), restricted stock units, restricted stock, notional stock units, performance awards, dividend equivalent rights, and other stock-based awards, as well as cash-based awards, to employees, officers, directors, and other individuals providing services to the Company or its affiliates. As disclosed in Note 15 - Stockholder’s Equity , in February 2021, the Company increased the available shares of Class A Common Stock under the Company’s 2014 Plan by an additional 700,000 shares. The plan currently authorizes the issuance of up to 1,900,000 shares. As of December 31, 2021, there were 844,293 shares available for future awards. In January 2019, the Company adopted the 2019 Executive Incentive Plan (“2019 Plan”), which is subject to the terms of the 2014 Plan, under which participating employees are eligible to receive grants of equity awards such as notional stock units and SARs. Under this plan, the Company has granted awards that are subject to either cliff-based or performance-based vesting. The cliff-based awards vest after three years of service. The performance-based awards vest if the company reaches or exceeds a pre-defined net income target for the three-year award term. Equity awards may be payable in common stock, cash, or a combination of both, at the discretion of the Board of Directors. Compensation costs for awards that are likely to be settled with cash payments are remeasured each reporting period based on the closing price of the Company’s common stock. These cumulative vested costs are accrued in Accounts Payable and Accrued Liabilities or Other Long-Term Liabilities . Equity awards that are payable in stock are accounted for as equity and compensation costs are amortized on a straight-line basis over the vesting period. In 2019, under the 2014 Plan, the Company awarded notional stock units to participating executives for the three-year period ending December 31, 2021. As the original award, at grant date, was expected to be settled in cash, the Company had recorded cumulative compensation costs in Other Long-Term Liabilities at December 31, 2020. There were 206,183 notional stock units (two-thirds of these awards) paid in shares in April 2021, with the remainder anticipated to be paid in April 2022. As of March 31, 2021, the Company reclassified these shares to equity as the Board of Directors approved settlement in shares. In 2020, the Company awarded participating executives notional stock units and stock appreciation rights for the three-year period ending April 26, 2023. These equity awards may be payable in common stock, cash, or a combination of both at the discretion of the Board of Directors. The cumulative vested costs have been accrued in Other Long-Term Liabilities as they are likely to be settled in cash . In September 2021, the Company awarded participating executives notional stock units and SARs. The awards granted will be paid in shares on or before May 1, 2024, provided that a defined performance condition is achieved. In order to receive the award, the total cumulative net income as reported on the Company’s Form 10-Ks for the years ending December 31, 2021, 2022, and 2023 must be equal to or greater than $160 million. The grant date fair value of notional stock units is determined based on the closing price of Class A Common Stock on the grant date. The grant date fair value of the SARs were determined based on the Black-Scholes option-pricing model. The Company has concluded that it is probable that the performance condition will be achieved and therefore has recorded compensation cost. Compensation costs for these notional stock units and SARs are amortized to expense on a straight-line basis over the vesting period. Compensation cost for restricted stock units and stock options is measured at the grant date, based on the fair value of the award, and is recognized on a straight-line basis over the requisite service period. As of December 31, 2021, there was $0.4 million of unrecognized compensation cost, adjusted for actual forfeitures, related to non-vested stock-based payments granted, of which $0.3 million relates to restricted stock units and $0.1 million relates to stock options. That cost is expected to be recognized over a weighted-average period of 12 months. A summary of stock-based compensation costs is as follows (in millions): Year Ended December 31, 2021 2020 Notional stock units and stock appreciation rights $ 11.6 $ 6.6 Restricted stock units 0.5 0.4 Stock options 0.1 0.1 Total stock-based compensation costs $ 12.2 $ 7.1 Total recognized tax benefit $ (1.5) $ — The total recognized tax benefit is reported at the federal statutory rate net of the tax valuation allowance. Board Restricted Stock Units Non-employee, independent directors are granted restricted stock units as part of their compensation for serving on the Board of Directors. Settlement of these restricted stock units is made in shares of Class A Common Stock only upon the director’s retirement or other end of service. The restricted stock units generally vest over one year; 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. As of December 31, 2021, approximately 192,000 shares of restricted stock units could potentially be converted to Class A Common Stock once vested and settled. The following table summarizes Centrus’ board restricted stock units activity: Shares (in thousands) Weighted Average Grant Date Fair Value (per share) Nonvested at December 31, 2019 74 $3.09 Granted 47 $10.38 Vested (74) $3.09 Forfeited — — Nonvested at December 31, 2020 47 $10.38 Granted 20 $25.13 Vested (47) $10.38 Forfeited — — Nonvested at December 31, 2021 20 $25.13 Employee Restricted Stock Units In 2021, certain employees were granted restricted stock units as part of their compensation. Settlement of these restricted stock units is made in shares of Class A Common Stock upon vesting. The restricted stock units generally vest after three years. As of December 31, 2021, approximately 4,000 shares of restricted stock units could potentially be converted to Class A Common Stock once vested and settled. The following table summarizes Centrus’s employee restricted stock units activity: Shares Weighted Average Grant Date Fair Value (per share) Nonvested at December 31, 2020 — $— Granted 4 $24.01 Vested — — Forfeited — — Nonvested at December 31, 2021 4 $24.01 Stock Options The intrinsic value of an option, if any, represents the excess of the fair value of the common stock over the exercise price. The fair value of stock option awards is estimated using the Black-Scholes option pricing model, which includes a number of assumptions including Centrus’ estimates of stock price volatility, employee stock option exercise behaviors, future dividend payments, and risk-free interest rates. The expected term of options granted is the estimated period of time from the beginning of the vesting period to the date of expected exercise or other settlement, based on historical exercises and post-vesting terminations. Centrus has estimated the expected term using the simplified method described in SEC Staff Accounting Bulletin Topic 14, Share-Based Payment , due to the lack of historical exercise and post-vesting termination information available for the Company since its reorganization. Future stock price volatility is estimated based on the Company’s historical volatility. The risk-free interest rate for the expected option term is based on the U.S. Treasury yield curve in effect at the time of grant. No cash dividends are expected in the foreseeable future and, therefore, an expected dividend yield of zero is used in the option valuation model. There were no option grants in the years ended December 31, 2021, and 2020. Stock options vest and become exercisable in equal annual installments over a three or four year period and expire ten years from the date of grant. A summary of stock option activity follows: Stock Options (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2019 518 $4.02 6.2 $1.5 Granted — — — — Exercised (107) $3.43 — — Forfeited/Cancelled — — — — Outstanding at December 31, 2020 411 $4.18 5.3 $7.8 Granted — — — — Exercised (217) $4.17 — — Forfeited/Cancelled — — — — Outstanding at December 31, 2021 194 $4.18 4.4 $8.9 Exercisable at December 31, 2021 144 $4.37 3.2 $6.6 Stock options outstanding and options exercisable at December 31, 2021, are as follows: Stock Exercise Price Options Outstanding (thousands) Remaining Contractual Life in Years Options Exercisable (thousands) $4.37 144 3.2 144 $3.65 50 7.8 — Stock Appreciation Rights - 2020 Award The intrinsic value of a SAR, if any, represents the excess of the fair value of the common stock over the exercise price. The fair value of SAR awards is estimated using the Black-Scholes option pricing model, which includes a number of assumptions including Centrus’ estimates of stock price volatility, expected term, future dividend payments, and risk-free interest rates. These SARs generally have a defined term of three years from award and are automatically exercised at the end of its term. Future stock price volatility is estimated based on the Company’s historical volatility. The risk-free interest rate for the expected term is based on the U.S. Treasury yield curve in effect at the time of grant. No cash dividends are expected in the foreseeable future and, therefore, an expected dividend yield of zero is used in the valuation model. A summary of SARs with time-based vesting granted under the 2014 plan for the year ended December 31, 2021, are as follows: Stock Appreciation Rights (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2019 — $— — $— Granted 83.5 $5.53 — — Exercised — — — — Forfeited/Cancelled — — — — Outstanding at December 31, 2020 83.5 $5.53 2.3 $1.47 Granted — — — — Exercised — — — — Forfeited/Cancelled — — — — Outstanding at December 31, 2021 83.5 $5.53 1.3 $3.71 Exercisable at December 31, 2021 83.5 $5.53 1.3 $3.71 The weighted-average assumptions used in the valuation models to determine the fair value of SARs granted to employees under the 2014 Plan are as follows: Year Ended December 31, 2021 2020 SARs Granted (in thousands) n/a 83.5 Average Risk-Free Rate n/a 0.14% Expected Volatility n/a 94% Expected Term (Years) n/a 2.3 Dividend Yield n/a — Stock Appreciation Rights (Performance Condition) - 2021 Award The intrinsic value of a SAR, if any, represents the excess of the fair value of the common stock over the exercise price. The fair value of SAR awards is estimated using the Black-Scholes option pricing model, which includes a number of assumptions including Centrus’ estimates of stock price volatility, expected term, future dividend payments, and risk-free interest rates. These SARs generally have a defined term of three years from award and are automatically exercised at the end of its term if the performance condition has been met. Future stock price volatility is estimated based on the Company’s historical volatility. The risk-free interest rate for the expected term is based on the U.S. Treasury yield curve in effect at the time of grant. No cash dividends are expected in the foreseeable future and, therefore, an expected dividend yield of zero is used in the valuation model. A summary of SARs with performance-based vesting granted under the 2014 plan in the year ended December 31, 2021, are as follows: Stock Appreciation Rights (Performance Condition) (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2020 — $— — $— Granted 21 $19.44 — — Exercised — — — — Forfeited/Cancelled — — — — Outstanding at December 31, 2021 21 $19.44 2.3 $0.64 Exercisable at December 31, 2021 21 $19.44 2.3 $0.64 The weighted-average assumptions used in the valuation models to determine the fair value of SARs granted to employees under the 2014 Plan are as follows: Year Ended December 31, 2021 2020 Stock Appreciation Rights Granted (in thousands) 21.0 n/a Average Risk-Free Rate 0.3% n/a Expected Volatility 82.8% n/a Expected Term (Years) 2.5 n/a Dividend Yield — n/a Notional Stock Units - 2019 and 2020 Awards A summary of notional stock units with time-based vesting granted under the 2014 plan for the year ended December 31, 2021, are as follows: Shares (thousands) Weighted Average Grant Date Fair Value (per share) Nonvested at December 31, 2019 468 $3.16 Granted 125 $5.53 Vested — — Forfeited (22) $3.16 Nonvested at December 31, 2020 571 $3.68 Granted — — Vested (319) $3.16 Forfeited — — Nonvested at December 31, 2021 252 $4.33 Notional Stock Units (Performance Condition) - 2021 Award A summary of notional stock units with performance-based vesting granted under the 2014 plan for the year ended December 31, 2021, are as follows: Shares Weighted Average Grant Date Fair Value (per share) Nonvested at December 31, 2020 — $ — Granted 10 $39.55 Vested — — Forfeited — — Nonvested at December 31, 2021 10 $39.55 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income Tax Benefit The income tax benefit is as follows (in millions): Year Ended December 31, 2021 2020 Current: Federal $ — $ — State and local 0.4 0.5 Foreign — — 0.4 0.5 Deferred: Federal (a) (40.7) — State and local 1.2 (1.9) Foreign — — (39.5) (1.9) Income tax benefit $ (39.1) $ (1.4) (a) The income tax benefit for 2021 includes the reversal of a portion of the federal valuation allowance on net deferred tax assets. See further discussion below. Deferred Taxes Future tax consequences of temporary differences between the carrying amounts for financial reporting purposes and the Company’s estimate of the tax bases of its assets and liabilities result in deferred tax assets and liabilities, as follows (in millions): December 31, 2021 2020 Deferred tax assets: Employee benefits costs $ 36.2 $ 61.8 Inventory 18.6 16.2 Property, plant and equipment 191.5 193.8 Net operating loss and credit carryforwards 206.2 211.1 Accrued expenses 0.4 2.1 Long-term debt and financing costs 10.8 12.6 Lease liability 0.9 1.5 Other 0.2 0.2 Deferred tax assets 464.8 499.3 Valuation allowance (414.7) (486.0) Deferred tax assets, net of valuation allowance $ 50.1 $ 13.3 Deferred tax liabilities: Intangible assets $ 7.9 $ 9.9 Lease asset 0.4 1.1 Prepaid expenses 0.4 0.4 Deferred tax liabilities $ 8.7 $ 11.4 Deferred tax assets, net $ 41.4 $ 1.9 The valuation allowance reduces the net deferred tax assets to their net realizable value. 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. The Company has maintained a full valuation allowance against federal and state net deferred tax assets since the fourth quarter of 2011 to the second quarter of 2020. In the second quarter of 2020, the Company released the valuation allowance against the state net deferred tax assets for the LEU segment that are more likely than not to be realized. In the fourth quarter of 2021, the Company released $40.7 million of the valuation allowance against federal net deferred taxes that are more likely than not to be realized. Centrus evaluated both positive and negative evidence that was objectively verifiable to determine the amount of the federal valuation allowance that is required on Centrus’ federal deferred tax assets. Centrus has visibility on a significant portion of revenue in the LEU segment through 2026, primarily from its long-term sales contracts. Centrus considered both its achievement of sustained profitability and cumulative income in 2021, as well as, the forecasted income, to be significant forms of positive evidence. Negative evidence included uncertainty in and the lack of objectively verifiable evidence for profitability in later years when the Company’s existing sales order book and supply contracts reach expiration in its LEU segment. In the Company’s technical solutions segment, negative evidence included uncertainty in the future funding of the HALEU enrichment facility, and thus, no assumption for the future funding of the HALEU enrichment facility were included in the forecast model because it was not objectively verifiable. Centrus determined that the positive evidence outweighed the negative evidence and supported a release of the federal valuation allowance. However, due to lack of objectively verifiable information in later years, it was determined that forecasted future income was not sufficient to realize all the deferred tax assets. Therefore, the Company recorded a partial release of its federal valuation allowance. In addition to the partial release of the valuation allowance against federal net deferred taxes, the valuation allowance decreased in 2021 by $30.6 million due to changes in deferred tax assets since the beginning of the year. The Company continues to maintain a valuation allowance against its remaining federal and state net deferred tax assets due to significant federal and state net operating losses and insufficient future taxable income. Going forward, the Company will continue to evaluate both positive and negative evidence that would support any further changes to the remaining valuation allowances. Such evidence in its technical solutions segment may include signing new contracts which could have a significant impact on pre-tax income, follow on-work related to the HALEU program, or abandonment of the commercial deployment of the centrifuge technology. Such evidence in our LEU segment may include renewing SWU sales contracts with existing customers and/or signing new SWU sales or purchase contracts with significantly higher or lower margins than currently forecasted. Additional evidence in the LEU segment may include potential deferrals in the timing of deliveries requested by its customers, which would impact revenue recognition timing. The impact of these and other potential positive and negative events will be weighed and evaluated to determine if the valuation allowance should be increased or decreased in the future. The net deferred tax assets and related valuation allowance were increased as of December 31, 2020, by $39.5 million for previously unrecorded state deferred tax assets, net of federal benefit, in states where we have had historical losses and a remote likelihood of realizing a tax benefit. This increase to state deferred tax assets, net of the full valuation allowance, had no net impact on income tax expense for 2020. When a change in tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the deferred taxes are expected to reverse. The Company records the impact of the change in its consolidated financial statements in the period of enactment. The Company has federal net operating losses of $732.0 million generated through December 31, 2017, that currently expire through 2037. In addition, the Company has federal net operating losses and business interest expense carry forwards of $131.4 million and $4.1 million, respectively, generated after December 31, 2017, that do not expire. Centrus also has state net operating losses of $0.5 million, with no valuation allowance, and state net operating losses of $465.4 million, with a full valuation allowance, that currently expire through 2037. Effective Tax Rate A reconciliation of income taxes calculated based on the federal statutory income tax rate and the effective tax rate follows: Year Ended December 31, 2021 2020 Federal statutory tax rate 21 % 21 % Valuation allowance against net deferred tax assets (53) (26) State rate changes 1 (1) Executive compensation 1 2 State income tax expense, net of federal benefit 1 — Uncertain tax positions — 1 Effective tax rate (29) % (3) % The effective tax rate for the year ended December 31, 2021, includes a decrease to the valuation allowance against net deferred tax assets of $71.3 million, or a change to the effective tax rate of (53%). Included in the valuation allowance decrease is the release of the valuation allowance against federal net deferred taxes of $40.7 million, or a change to the effective tax rate of (30%). The effective tax rate for the year ended December 31 , 2020, includes a decrease to the valuation allowance against net deferred tax assets of $13.9 million, or a change to the effective tax rate of (26%). Included in the valuation allowance decrease is the release of the valuation allowance against state net deferred taxes of $2.0 million, or a change to the effective tax rate of (4%). 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 $1.0 million as of December 31, 2021, and $0.8 million as of December 31, 2020. If recognized, these tax benefits would impact the effective tax rate. As a result of changes to unrecognized tax benefits, the income tax provision (state tax, net of federal benefit) increased $0.2 million and $0.4 million during the years ended December 31, 2021 and December 31, 2020, respectively. The liability for unrecognized tax benefits in the table below relates to unrecognized state income tax benefits. Centrus believes that the liability for unrecognized tax benefits will not change significantly in the next 12 months. A reconciliation of the beginning and ending amount of unrecognized tax benefits follows (in millions): Year Ended December 31, 2021 2020 Balance at beginning of the period $ 0.8 $ 0.4 Additions to tax positions of current period 0.4 0.5 Reductions to tax positions of prior years (0.2) (0.1) Balance at end of the period $ 1.0 $ 0.8 Centrus and its subsidiaries file income tax returns with the U.S. government and various states and foreign jurisdictions. As of December 31, 2021, the federal, Maryland and Tennessee statutes of limitation are closed with respect to all tax years through 2017. Centrus recognizes accrued interest related to uncertain tax positions as a component of Interest Expense . Reversals of previously accrued interest for income taxes is typically offset against interest expense, but if the amount is significant, it is reclassified to interest income in the consolidated statement of operations. Centrus recognizes the increase or decrease of accrued penalties for income taxes as a component of S elling, General and Administrative in the consolidated statement of operations. The impact of accrued interest and penalties for income taxes in the consolidated statement of operations was an increase to expenses of less than $0.1 million for the years ended December 31, 2021 and December 31, 2020, respectively. Accrued interest and penalties for income taxes, included as a component of Other Long-Term Liabilities , totaled less than $0.1 million as of December 31, 2021 and 2020. |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | NET INCOME PER COMMON SHARE Basic net income per common share is calculated by dividing income allocable to common stockholders by the weighted average number of shares of common stock outstanding during the period. In calculating diluted net income 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. On November 17, 2020, the Company completed the purchase of 62,854 shares of its outstanding Series B Senior Preferred Stock at a price per share of $954.59, less any applicable withholding taxes. (Refer to Note 15 - Stockholders’ Equit y). The purchase price per share represented a 25% discount from the aggregate liquidation preference, including accrued but unpaid dividends, of $1,272.78 per share as of September 30, 2020. Since origination, the carrying value on the Balance Sheet was $43.80 per share based on values assigned in the originating securities exchange. The liquidation amount at origination was $1,000.00 per share. The aggregate purchase price of approximately $60 million, less accrued but unpaid dividends attributable to the purchased and retired Series B Senior Preferred Stock, is considered for purposes of Net Income per Share to be a deemed dividend to the extent it exceeds the carrying value on the consolidated Balance Sheet, or $41.9 million. On February 2, 2021, the Company completed the exchange of 3,873 shares of its outstanding Series B Senior Preferred Stock, par value $1.00 per share (“Preferred Stock”) for (i) 231,276 shares of Class A Common Stock and (ii) a warrant to purchase 250,000 shares of Class A Common Stock at an exercise price of $21.62 per share, for an aggregate valuation of approximately $7.5 million. The carrying value of the Series B Senior Preferred Stock on the Balance Sheet was $1.00 per share par value. The aggregate liquidation preference of the Series B Senior Preferred Stock, including accrued but unpaid dividends, was $1,291.04 per share as of December 31, 2020. On November 23, 2021, the Company completed the purchase of 36,867 shares of its outstanding Series B Senior Preferred Stock at a price per share of $1,145.20, less any applicable withholding taxes. The Company also completed the purchase of the remaining 980 shares of its outstanding Series B Senior Preferred Stock at a price per share of $1,149.99, less any applicable withholding taxes, on December 15, 2021 (Refer to Note 15 - Stockholders’ Equity ). The aggregate purchase price of both transactions was $43.3 million. The carrying value of the Series B Senior Preferred Stock on the consolidated Balance Sheet was $1.00 per share par value. The aggregate valuation of all 2021 preferred stock transactions of approximately $50.8 million, less accrued but unpaid dividends attributable to the acquired and retired shares of Series B Senior Preferred Stock, is considered for purposes of Net Income per Share to be a deemed dividend in the aggregate amount equal to the amount by which it exceeds the carrying value of the Preferred Stock on the consolidated Balance Sheet, or $37.6 million. The weighted average number of common and common equivalent shares and the calculation of basic and diluted income per common share are as follows: Year Ended 2021 2020 Numerator (in millions): Net income $ 175.0 $ 54.4 Preferred stock dividends - undeclared and cumulative 2.1 6.7 Distributed earnings allocable to retired preferred shares 37.6 41.9 Net income allocable to common stockholders $ 135.3 $ 5.8 Denominator (in thousands): Average common shares outstanding - basic 13,493 9,825 Potentially dilutive shares related to stock options and restricted stock units (a) 386 298 Average common shares outstanding - diluted 13,879 10,123 Net income per common share (in dollars): Basic $ 10.03 $ 0.59 Diluted $ 9.75 $ 0.57 There are no common stock equivalents excluded from the diluted calculation as a result of a net loss in the period or options outstanding and considered anti-dilutive as their exercise price exceeded the average share market price. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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-owned entity TENEX, Joint-Stock Company (“TENEX”). Under a 2011 agreement with TENEX, as amended, (the “TENEX Supply Contract”), 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. Further, the ability of the Company or TENEX to implement the TENEX Supply Contract is vulnerable to any new sanctions or restrictions that might be imposed by Russia, the United States, or other countries in the future, including as a result of the war in Ukraine. The TENEX Supply Contract originally was signed with commitments through 2022 but was modified in 2015 to give the Company the right to reschedule certain quantities of SWU of the original commitments into the period 2023 and beyond, in return for the purchase of additional SWU in those years. The Company has exercised this right to reschedule in each year through December 31, 2021. 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 that could extend through 2028. The TENEX Supply Contract provides that the Company must pay for all SWU in its minimum purchase obligation each year, even if it fails to submit orders for such SWU. In such a case, the Company would pay for the SWU but have to take the unordered SWU in the following year. Pricing terms for SWU under the TENEX Supply Contract are based on a combination of market-related price points and other factors. This formula was subject to an adjustment at the end of 2018 that reduced the unit costs of SWU under this contract in 2019 and for the duration of the contract. Orano In 2018, the Company entered into an agreement (the “Orano Supply Agreement”) with the French company Orano Cycle (“Orano”) for the long-term supply to the Company of SWU contained in LEU. Under the Orano Supply Agreement, as amended, the supply of SWU commenced in 2020 and extends to 2028. The Company has the option to extend the supply 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. Milestones Under the 2002 DOE-USEC Agreement The Company’s predecessor USEC Inc. 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. 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. In 2014, the 2002 DOE-USEC Agreement and other agreements between the Company and DOE were assumed by Centrus subject to an express reservation of all rights, remedies and defenses by DOE and the Company under those agreements. DOE and the Company have agreed that all rights, remedies and defenses of the parties with respect to any missed milestones and all other matters under the 2002 DOE-USEC Agreement continue to be preserved, and that the time limits for each party to respond to any missed milestones continue to be tolled. Legal Matters From time to time, the Company is involved in various pending legal proceedings, including the pending legal proceedings described below. In 1993, the United States Enrichment Corporation, at that time a wholly-owned government corporation (“USEC-Government”), entered into a lease for the Paducah and Portsmouth Gaseous Diffusion Plants (collectively, the “GDPs”) with the U.S. Department of Energy (“DOE”). As part of that lease, DOE and USEC-Government also entered into a memorandum of understanding (“Power MOU”) regarding power purchase agreements between DOE and the providers of power to the GDPs. Under the Power MOU, DOE and USEC-Government agreed upon the allocation of rights and liabilities under the power purchase agreements. In 1998, USEC-Government was privatized and became the United States Enrichment Corporation, now a principal subsidiary of the Company (“Enrichment Corp.”). Pursuant to legislation authorizing the privatization, the lease for the GDPs, which included the Power MOU as an Appendix, was transferred to Enrichment Corp. and Enrichment Corp. was given the right to purchase power from DOE. The Paducah GDP was shut down in 2013 and deleased by Enrichment Corp. in 2014. On August 4, 2021, DOE informally informed Enrichment Corp. that the Joppa power plant, which had supplied power to the Paducah GDP, was planned to be decontaminated and decommissioned (D&D). According to DOE, the power purchase agreement with Electric Energy Inc. (“EEI”) requires DOE to pay for a portion of the D&D costs of the Joppa power plant and DOE has asserted that a portion of the DOE liability is the responsibility of Enrichment Corp. under the Power MOU in the amount of approximately $9.6 million. The Company is assessing DOE’s assertions including whether all or a portion of any such potential liability had been previously settled. The Company has not formed an opinion on the merits nor is it able to estimate the potential liability, if any, and no expense or liability has been accrued. 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 GDP to DOE’s D&D 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. On January 13, 2021, the Company and DOE reached a tentative agreement to settle the litigation. The settlement was subject to the approval by DOE, the U.S. Department of Justice, the Company’s Board of Directors, and the Court. On September 7, 2021, after the final approvals for the settlement were received, the settlement agreement was signed by the parties. Under the terms of the settlement agreement, DOE paid the Company $43.5 million, of which $33.8 million was contributed to the pension plan in September 2021 for Enrichment Corp. and $9.7 million was deposited in October 2021 in a trust for payment of postretirement health benefits payable by Enrichment Corp. After receiving payment, at the Company’s request the case was dismissed. The payment of $43.5 million is included in revenue of the technical solutions segment for the year ended December 31, 2021. On May 26, 2019, the Company, Enrichment Corp., and six 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 complaint was amended on December 10, 2019 and on January 10, 2020 to add additional plaintiffs and new claims. On July 31, 2020, the court granted in part and denied in part the defendants’ motion to dismiss the case. The court dismissed ten of the fifteen claims and allowed the remaining claims to proceed to the next stage of the litigation process. On August 18, 2020, the McGlone Plaintiffs filed a motion for leave to file a third amended complaint and notice of dismissal of three of the individual plaintiffs. On March 18, 2021, the McGlone Plaintiffs filed a motion for leave to file a fourth amended complaint to add new plaintiffs and allegations. On March 19, 2021, the court granted the McGlone Plaintiffs’ motion for leave to amend the complaint. On May 24, 2021, the Company, Enrichment Corp. and the other defendants filed their motion to dismiss the complaint. The court has not rendered a decision at this time. Meanwhile, the parties are in the discovery stage of litigation. 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 indemnified 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 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. On January 3, 2020, the complaint was removed to the U.S. District Court in the Southern District of Ohio for adjudication. The complaint sought 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 contended that the ongoing and continuous releases that injured the Plaintiffs and class members were not “nuclear incidents” as that term is defined in the Price-Anderson Act, but rather “freestanding state law claims concerning traditional-style state regulation.” On July 27, 2020, the court granted the Company, Enrichment Corp. and the other defendants’ motion to dismiss the complaint because the Matthews Plaintiffs had opted not to proceed under the Price-Anderson Act which preempts state law. On August 18, 2020, the plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Sixth Circuit. On October 6, 2021, the U.S. Court of Appeals for the Sixth Circuit affirmed the lower court’s decision and dismissed the case. The Plaintiffs did not file a petition for certiorari with the U.S. Supreme Court; the Plaintiffs had to file such a petition by January 4, 2022 for the U.S. Supreme Court, and therefore, the lower court’s decision to dismiss the case is final. On September 3, 2020, the Company, Enrichment Corp., nine other DOE contractors who have operated facilities at the Portsmouth GDP site and eleven individuals in their personal capacity some of whom are current and former DOE employees were named as defendants (“Walburn Defendants”) in a class action complaint filed by Jeffrey Walburn, Charles O. Lawson Jr., Kimberly M. Lawson, James A. Brogdon, Stephen Patrick Spriggs, Donald Slone, Vicki P. Slone, Victoria Slone Moore, Toni West, Carl R. Hartley, Heather R. Hartley, Vina Colley, Antony Preston, David B. Rose, Michael E. Groves, George W. Clark, Estate of Kathy Sue Brogdon (deceased), Estate of Jay Paul Brogdon (deceased), and Jon Doe(s), and Jane Doe(s), on behalf of themselves and all similarly situated individuals (“Walburn Plaintiffs”) in the U.S. District Court in the Southern District of Ohio, Eastern Division. The complaint alleged that the named defendants conspired and concealed nuclear incidents in violation of the Price-Anderson Act, the Racketeer Influenced and Corrupt Organization Act and other state claims. The complainants sought damages and equitable and injunctive relief arising from economic losses, property losses, and non-economic damages resulting from toxic and radioactive releases from the Portsmouth GDP. On November 20, 2020, the Walburn Plaintiffs filed an amended complaint to add two individuals to the complaint as defendants in their individual capacity. One of those individuals was Daniel Poneman, Centrus’ Chief Executive Officer. In the 78-page complaint, Mr. Poneman was referenced only twice, without any cited allegations against him; once in the caption and once referencing his position at the Company. The Company has notified its insurance carrier regarding the claim. On February 11, 2021, the Walburn Plaintiffs amended their complaint for a second time to replace two corporate defendants with two others (one of whom was a contractor to Enrichment Corp. and also to its predecessor prior to its privatization in 1998 and the other a former DOE contractor) and removed four named individual defendants from the complaint. On March 2, 2021, Walburn Defendants filed their motion to dismiss. On July 14, 2021, the court put the case on hold until November 11, 2021, to give the Plaintiffs the opportunity to retain new counsel. The court conditionally granted the Plaintiffs’ local counsel’s request to withdraw as counsel and terminated the representation of the two other co-counsel. 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 indemnified 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 11, 2021, Plaintiffs filed a notice of voluntary dismissal without prejudice. 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
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) (“AOCI”) relates to activity in the accounting for pension and postretirement health and life benefit plans. The amortization of prior service costs (credits) is reclassified from AOCI and included in the computation of net periodic benefit cost. For further details, refer to Note 11, Pension and Postretirement Health and Life Benefits |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Information | REVENUE BY GEOGRAPHIC AREA, MAJOR CUSTOMERS AND SEGMENT INFORMATION Revenue by customer location, including customers in a foreign country representing 10% or more of total revenue, follows (in millions): Year Ended December 31, 2021 2020 United States $ 220.5 $ 171.7 Foreign: Belgium 36.6 35.8 Japan 34.6 23.4 Other 6.6 16.3 Total foreign 77.8 75.5 Total revenue $ 298.3 $ 247.2 * less than 10% The U.S. government and its contractors, in the Company’s technical solutions segment, represented approximately 38% of total revenue in 2021 and 21% in 2020. The ten largest customers in the Company’s LEU segment represented approximately 57% of total revenue in 2021. Revenue from each of Synatom and Kyushu Electric Power Company represented approximately 12% of total revenue in 2021. In 2020, the ten largest customers in the Company’s LEU segment represented approximately 71% of total revenue in 2020. Revenue from Synatom, Energy Harbor Nuclear Corp. and Dominion Energy South Carolina represented approximately 14%, 13% and 10%, respectively, of total revenue in 2020. No other customer represented more than 10% of total revenue in 2021 or 2020. Centrus has two reportable segments: the LEU segment with two components, SWU and uranium, and the technical solutions segment. The LEU segment includes sales of the SWU component of LEU, sales of both the SWU and uranium components of LEU, and sales of uranium. The technical solutions segment includes revenue and cost of sales for work that Centrus performs under the HALEU Contract. The technical solutions segment also includes limited services provided by Centrus to DOE and its contractors at the Piketon facility. Gross profit is Centrus’ measure for segment reporting. There were no intersegment sales in the periods presented. The following table presents the Company’s segment information (in millions): Year Ended 2021 2020 Revenue LEU segment: Separative work units $ 163.3 $ 151.5 Uranium 22.8 39.0 Total 186.1 190.5 Technical solutions segment 112.2 56.7 Total revenue $ 298.3 $ 247.2 Segment Gross Profit (Loss) LEU segment $ 73.0 $ 97.8 Technical solutions segment 41.5 (0.2) Gross profit $ 114.5 $ 97.6 The Company’s total assets are not presented for each reportable segment as they are not reviewed by, nor otherwise regularly provided to, the chief operating decision maker. Centrus’ long-term or long-lived assets, which include property, plant and equipment and other assets reported on the consolidated balance sheet, were located in the United States as of December 31, 2021, and December 31, 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation The 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 (“Enrichment Corp.”) and its other subsidiaries, were prepared in conformity with generally accepted accounting principles in the U.S. (“U.S. GAAP”). Certain prior year amounts have been reclassified for consistency with the current year presentation. All material intercompany transactions have been eliminated. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP 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, revenue and related costs, asset valuations, 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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include short-term or highly liquid assets with original maturities of three months or less. |
Inventory, Policy [Policy Text Block] | Inventories and Inventories Owed to Customers and Suppliers Low-enriched uranium (“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: enriched uranium having a higher percentage of U 235 and depleted uranium having a lower percentage of U 235 . 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 deemed to be used in the production of LEU under this formula is referred to as its uranium or “feed” component. SWU and uranium inventory costs are determined using the average cost method. SWU and uranium purchase costs include shipping costs when applicable. Inventories of SWU and uranium are valued at the lower of cost or net realizable value (“NRV”). NRV is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The estimated selling price for SWU and uranium is based on the pricing terms of contracts in the Company’s sales order book, and, for uranium not under contract, the estimated selling price is based primarily on published price indicators at the balance sheet date. 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 Centrus and domestic fabricators, fabricators order quantities of LEU from Centrus based on scheduled or anticipated orders from utility customers, for deliveries in future periods. As delivery obligations under actual customer orders arise, Centrus typically satisfies these obligations by arranging for the transfer to the customer of title to the specified quantity of LEU at the fabricator. Centrus’ balances of SWU and uranium vary over time based on the timing and size of the fabricator’s LEU orders from Centrus and the fabricator’s needs for working stock of LEU. Balances can be positive or negative at the discretion of the fabricator. |
Income Tax, Policy [Policy Text Block] | Deferred Taxes Centrus follows the asset and liability approach to account for deferred 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 taxes are based on income tax rates in effect for the years in which temporary differences are expected to reverse. The effect on deferred 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 all, or some portion, of the deferred tax assets may not be realized. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are recorded at acquisition cost. Leasehold improvements and machinery and equipment are depreciated on a straight-line basis over the shorter of the useful life of the assets or the lease term, if applicable. Refer also to Carrying Value of Long-Lived Assets below. |
Intangible Assets, Policy [Policy Text Block] | Intangible Assets Centrus has intangible assets resulting from fresh start accounting as a result of emergence from Chapter 11 bankruptcy on September 30, 2014. The identifiable intangible assets relate to the sales order book and customer relationships. The order book intangible asset is amortized as the order book valued at emergence is reduced, principally as a result of deliveries to customers. The customer relationships intangible asset is amortized using the straight-line method over the estimated average useful life of 15 years, with 7 Âľ years of scheduled amortization remaining. Refer also to Carrying Value of Long-Lived Assets below. Carrying Value of Long-Lived Assets The Company evaluates the carrying values of property, plant and equipment and identifiable intangible assets when events or changes in business circumstances indicate that the carrying amount of asset, or asset group, may not be fully recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset, or asset group, exceeds its fair value. |
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, Centrus’ 8.25% notes due February 2027 (the “8.25% Notes”) are recorded at face value and the fair value is disclosed. The estimated fair value of the 8.25% Notes is based on recent trading prices and bid/ask quotes as of or near the balance sheet date. Debt issuance costs are deferred and amortized over the life of the instrument. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 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. Centrus regularly monitors credit risk exposure and takes steps intended to mitigate the likelihood of such exposure resulting in a loss. |
Segment Reporting, Policy [Policy Text Block] | SegmentsCentrus operates two business segments: LEU, which supplies various components of nuclear fuel to utilities, and technical solutions, which provides advanced engineering, design, and manufacturing services to government and private sector customers. |
Revenue Recognition, Policy | Revenue The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue for product and service sales is recognized when or as the Company transfers control of the promised products or services to the customer. Revenue is measured at the transaction price, which is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer. The transaction price will include estimates of variable consideration until it is probable that a significant reversal of revenue recognized will not occur. SWU and Uranium Revenue Revenue for the Company’s LEU segment 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. Contracts with customers are primarily medium and long-term, fixed-commitment contracts under which its customers are obligated to purchase a specified quantity of the SWU component of LEU or the SWU and uranium components of LEU. The Company’s contracts for natural uranium are generally shorter-term, fixed-commitment contracts. Revenue is recognized at the time the customer obtains control of the LEU or uranium. Customers generally obtain control of LEU at nuclear fuel fabricators. Centrus ships LEU to nuclear fuel fabricators for scheduled or anticipated orders from utility customers. Based on customer orders, Centrus arranges for the transfer of title of LEU from Centrus to the customer for the specified quantity of LEU at the fuel fabricator. Each such delivery to a customer is accounted for as a distinct performance obligation under a contract, and a contract may call for multiple deliveries over a number of periods. The contract’s transaction price is allocated to each performance obligation based on the observable standalone selling price of each distinct delivery of SWU or uranium. For certain contracts the customers may elect not to take control of the LEU or uranium and Centrus may have the right to enforce payment under the terms of the contractual agreement. The revenue recognition for these contracts is assessed when it occurs. Utility customers in general have the option to defer receipt of uranium products purchased from the Company beyond the contractual sale period. In such cases, title to SWU and/or uranium components are transferred to the customer and a performance obligation for Centrus is created and a receivable is recorded. Cash is collected for the receivable under normal credit terms. The performance obligation is represented as Deferred Revenue on the consolidated balance sheet and the customer-titled product is classified as Deferred Costs Associated with Deferred Revenue on the consolidated balance sheet. Risk of loss remains with Centrus until the customer obtains control of the uranium product. The recognition of revenue and related cost of sales occurs at the point in time at which the customer obtains control of SWU or uranium and risk of loss of the product transfers to the customer, which may occur beyond one year. The timing of the transfer of control, subject to notice period requirements, is at the option of the customer. As such, deferred costs and deferred revenue are classified within current assets and current liabilities, respectively. On occasion, the Company will accept payment in the form of uranium. Revenue from the sale of SWU under such contracts is recognized at the time transfer of control of LEU occurs and is based on the fair value of the uranium at contract inception or as the quantity of uranium is finalized, if variable. Amounts billed to customers for handling costs are included in sales. Handling costs are accounted for as a fulfillment cost and are included in cost of sales. The Company does not have shipping costs associated with outbound freight after control over a product has transferred to a customer. The Company’s contracts with customers do not provide for significant payment terms or financing components. Technical Solutions Revenue Revenue for the technical solutions segment, principally representing 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. The Company recognizes revenue over time as it performs on these contracts because of the continuous transfer of control to the customer. For public sector contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit and assume control of any work in progress. The Company’s government and private sector contracts generally contain contractual termination clauses or entitle the Company to payments for work performed to date for goods and services that do not have an alternative use. With control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. A contract may contain one or more performance obligations. Two or more promises to transfer goods or services to a customer may be considered a single performance obligation if the goods or services are highly interdependent or highly interrelated such that utility of the promised goods or services to the customer includes integration services provided by the Company. The Company determines the transaction price for each contract based on the consideration it expects to receive for the products or services being provided under the contract. If transaction prices are not stated in the contract for each performance obligation, contractual prices are allocated to performance obligations based on estimated relative standalone selling prices of the promised services. The Company generally uses the cost-to-cost input method of progress for performance obligations to deliver products with continual transfer of control to the customer, because it best depicts the transfer of control to the customer that occurs as the Company incurs costs. Under the cost-to-cost method, the extent of progress towards completion is measured based on the proportion of direct costs incurred to date to the total estimated direct costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. For performance obligations to provide services to the customer, revenue is recognized over time based on direct costs incurred or the right to invoice method (in situations where the value transferred matches the Company’s billing rights) as the customer receives and consumes the benefits. Use of the cost-to-cost method requires the Company to make reasonably dependable estimates of costs at completion associated with the design, manufacture and delivery of products and services in order to calculate revenue. Significant judgment is used to estimate total revenue and costs at completion, particularly in the assumptions related to internal labor hours and third-party services for which a vendor invoice or quote is not yet available. As a significant change in one or more estimates could affect the profitability of the Company’s contracts, the Company reviews and updates its contract-related estimates regularly. Adjustments in estimated profits/losses are recognized under the cumulative catch-up method. Under this method, the impact of the adjustments is recognized in the period the adjustment is recognized. When estimates of total costs at completion for such an integrated, construction type contract exceed total estimates of revenue to be earned on a performance obligation related to complex equipment or related services, a provision for the remaining loss on the performance obligation is recognized in the period the loss is determined. The Company applied the practical expedient in paragraph ASC 606-10-50-14 and does not disclose the value of remaining performance obligations under service contracts having original expected terms of one year or less. The timing of revenue recognition may differ from the timing of invoicing to customers. Progress on satisfying performance obligations under contracts with customers and the related billings and cash collections are recorded on the consolidated balance sheet as contract assets or contract liabilities. Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period. Unbilled receivables are included in Accounts Receivable on the consolidated balance sheet and arise when the timing of cash collected from customers differs from the timing of revenue recognition. Those assets are recognized when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. To the extent billings to the customer precede the recognition of technical solutions revenue, the Company recognizes a liability included in Deferred Revenue and Advances from Customers |
Advanced Technology Costs, Policy [Policy Text Block] | Advanced Technology Costs American Centrifuge and related expenses that are outside of our customer contracts are included in Advanced Technology Costs |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Postretirement Health and Life Benefit PlansThe Company provides retirement benefits to certain employees and retirees under defined benefit pension plans and postretirement health and life benefit plans. The valuation of benefit obligations and costs is based on provisions of the plans and actuarial assumptions that involve judgments and estimates. Plan assets and benefit obligations are remeasured each year as of the balance sheet date, or when lump sum payments exceed certain levels, resulting in differences between actual and projected results. The Company has elected to recognize these actuarial gains and losses immediately in the statement of operations to provide transparency regarding the impacts of changes in plan assets and benefit obligations. |
Stock-based Compensation, Policy [Policy Text Block] | Stock-Based Compensation Centrus has a stock-based compensation plan which authorizes the issuance of common stock to the Company’s employees, officers, directors, and other individuals providing services to the Company or its affiliates pursuant to options, notional stock units, stock appreciation rights, restricted stock units, restricted stock, performance awards, dividend equivalent rights, and other stock-based awards. Stock-based compensation cost for options and stock-settled awards are measured at the grant date based on the fair value of the award. The cost is recognized over the requisite service period on a straight-line basis over the vesting period. Stock-based compensation cost for awards likely to be settled with cash payments are recognized over the requisite service period and accrued as a liability and re-measured each reporting period based on the trading price of the Company’s common stock. The Company recognizes forfeitures as they occur. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards Recently Adopted Accounting Standards 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. Adoption of this new standard did not have a significant impact to the Company’s annual disclosures. |
Revenue and Contracts with Cust
Revenue and Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Geographic Areas | The following table presents revenue from SWU and uranium sales disaggregated by geographical region, including foreign countries representing 10% or more of revenue, based on the billing addresses of customers (in millions): Year Ended December 31, 2021 2020 United States $ 108.3 $ 115.0 Foreign: Belgium 36.6 35.8 Japan 34.6 23.4 Other 6.6 16.3 Total foreign 77.8 75.5 Revenue - SWU and uranium $ 186.1 $ 190.5 Revenue by customer location, including customers in a foreign country representing 10% or more of total revenue, follows (in millions): Year Ended December 31, 2021 2020 United States $ 220.5 $ 171.7 Foreign: Belgium 36.6 35.8 Japan 34.6 23.4 Other 6.6 16.3 Total foreign 77.8 75.5 Total revenue $ 298.3 $ 247.2 * less than 10% |
Contract with Customer, Asset and Liability | The following table presents changes in contract liability balances (in millions): December 31, 2021 2020 Change Accrued loss on HALEU Contract: Current - Accounts payable and accrued liabilities $ 0.5 $ 7.0 $ (6.5) Non-current - Other long-term liabilities $ — $ 0.7 $ (0.7) Deferred revenue - current $ 288.1 $ 281.7 $ 6.4 Advances from customers - current $ 15.0 $ 1.5 $ 13.5 Advances from customers - non current $ 45.1 $ 45.2 $ (0.1) |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 consolidated balance sheet to amounts on the consolidated statement of cash flows (in millions): December 31, 2021 2020 Cash and cash equivalents $ 193.8 $ 152.0 Deposits for financial assurance - current 0.2 0.2 Deposits for financial assurance - non current 2.8 5.7 Total cash, cash equivalents and restricted cash $ 196.8 $ 157.9 |
Schedule of Restricted Cash and Cash Equivalents | The following table provides additional detail regarding the Company’s deposits for financial assurance (in millions): December 31, 2021 December 31, 2020 Current Long-Term Current Long-Term Workers compensation $ — $ 2.6 $ — $ 5.4 Other 0.2 0.2 0.2 0.3 Total deposits for financial assurance $ 0.2 $ 2.8 $ 0.2 $ 5.7 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory, Net [Abstract] | |
Schedule of Inventories | Components of inventories are as follows (in millions): December 31, 2021 December 31, 2020 Current Current Inventories, Net Current Current Inventories, Net Separative work units $ 8.8 $ — $ 8.8 $ 17.0 $ 4.6 $ 12.4 Uranium 82.3 8.4 73.9 47.8 0.3 47.5 Total $ 91.1 $ 8.4 $ 82.7 $ 64.8 $ 4.9 $ 59.9 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | A summary of changes in property, plant and equipment follows (in millions): December 31, Additions / (Depreciation) December 31, Land $ 1.2 $ — $ 1.2 Buildings and leasehold improvements 3.9 0.7 4.6 Machinery and equipment 1.4 — 1.4 Other 1.1 — 1.1 Property, plant and equipment, gross 7.6 0.7 8.3 Accumulated depreciation (2.7) (0.3) (3.0) Property, plant and equipment, net $ 4.9 $ 0.4 $ 5.3 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible asset balances are as follows (in millions): December 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Sales order book $ 54.6 $ 35.5 $ 19.1 $ 54.6 $ 32.0 $ 22.6 Customer relationships 68.9 33.3 35.6 68.9 28.7 40.2 Total $ 123.5 $ 68.8 $ 54.7 $ 123.5 $ 60.7 $ 62.8 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The amount of amortization expense for intangible assets in each of the succeeding years is estimated to be as follows (in millions): 2022 $ 9.5 2023 6.6 2024 8.6 2025 7.6 2026 9.9 Thereafter 12.5 Total $ 54.7 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Components of accounts payable and accrued liabilities follow (in millions): December 31, 2021 2020 Trade payables $ 4.9 $ 4.9 Compensation and employee benefits 23.1 22.2 Postretirement health and life benefit obligations - current 7.0 11.6 Accrued HALEU Contract loss 0.5 7.0 Operating lease liability 0.9 2.4 Other accrued liabilities 1.4 2.5 Total accounts payable and accrued liabilities $ 37.8 $ 50.6 |
Debt Schedule of Debt (Tables)
Debt Schedule of Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | A summary of debt follows (in millions): December 31, 2021 December 31, 2020 Maturity Current Long-Term Current Long-Term 8.25% Notes: Feb. 2027 Principal $ — $ 74.3 $ — $ 74.3 Interest 6.1 27.5 6.1 33.7 Total $ 6.1 $ 101.8 $ 6.1 $ 108.0 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet (in millions). December 31, 2021 Classification on the Balance Sheet Lease assets $ 2.1 Other long-term assets Lease liabilities: Current $ 0.9 Accounts payable and accrued liabilities Non-current 3.0 Other long-term liabilities Total lease liabilities $ 3.9 The table below reconciles undiscounted payments for operating leases with terms greater than 12 months to the operating lease liabilities recorded on the balance sheet (in millions). 2022 $ 1.3 2023 1.0 2024 1.0 2025 1.0 2026 1.0 Thereafter 0.8 Total lease payments 6.1 Less imputed interest 2.2 Present value of lease payments $ 3.9 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Recorded at Fair Value | Financial Instruments Recorded at Fair Value (in millions): December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 193.8 $ — $ — $ 193.8 $ 152.0 $ — $ — $ 152.0 Deferred compensation asset (a) 3.2 — — 3.2 2.4 — — 2.4 Liabilities: Deferred compensation obligation (a) $ 3.2 $ — $ — $ 3.2 $ 2.3 $ — $ — $ 2.3 |
Pension and Postretirement He_2
Pension and Postretirement Health and Life Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |
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: Defined Benefit Pension Plans Postretirement Health ($ millions) Year Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Changes in Benefit Obligations: Obligations at beginning of period $ 757.9 $ 763.5 $ 142.4 $ 152.8 Actuarial (gains) losses, net (28.7) 56.7 (2.3) (1.6) Service costs 2.7 3.5 — — Interest costs 18.1 24.3 3.4 4.8 Benefits paid from Plan assets (51.3) (56.3) (12.4) (13.6) Benefits paid from Company assets (0.4) (0.5) — — Settlements — (30.4) — — Administrative expenses paid (2.1) (2.9) — — Obligations at end of period 696.2 757.9 131.1 142.4 Changes in Plan Assets: Fair value of plan assets at beginning of period 633.1 621.2 — — Actual return on plan assets 57.8 85.4 — — Company contributions 35.7 16.6 21.5 13.6 Benefits paid (51.7) (56.8) (12.3) (13.6) Settlements — (30.4) — — Administrative expenses paid (2.2) (2.9) — — Fair value of plan assets at end of period 672.7 633.1 9.2 — Unfunded status at end of period $ (23.5) $ (124.8) $ (121.9) $ (142.4) Amounts recognized in assets and liabilities: Current liabilities $ (0.4) $ (0.4) $ (7.0) $ (11.6) Non-current liabilities (23.1) (124.4) (114.9) (130.8) $ (23.5) $ (124.8) $ (121.9) $ (142.4) Amounts in accumulated other comprehensive income (loss), pre-tax: Prior service credit $ (0.9) $ (1.1) $ (2.0) $ (2.1) |
Schedule of Net Benefit Costs [Table Text Block] | Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income 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 Income. Defined Benefit Pension Plans Postretirement Health (in millions) Year Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Net Periodic Benefit (Credits) Costs Service costs $ 2.7 $ 3.5 $ — $ — Interest costs 18.1 24.3 3.4 4.8 Expected return on plan assets (38.3) (37.5) — — Amortization of prior service credits, net (0.2) (0.2) (0.1) (0.1) Actuarial (gains) losses, net (48.2) 8.9 (2.3) (1.7) Net periodic benefit (credits) costs $ (65.9) $ (1.0) $ 1.0 $ 3.0 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) Amortization of prior service costs, net $ — $ — $ (2.0) $ (2.1) Prior service credit (0.9) (1.1) — — Total recognized in other comprehensive loss, pre-tax $ (0.9) $ (1.1) $ (2.0) $ (2.1) Total recognized in net periodic benefit costs (income) and other comprehensive income (loss), pre-tax $ (66.8) $ (2.1) $ (1.0) $ 0.9 |
Schedule of Assumptions Used [Table Text Block] | Assumptions Used to Determine Net Periodic Benefit Costs Defined Benefit Pension Plans Postretirement Health Year Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Discount rate 2.8% 2.5% 2.8% 2.5% Expected return on plan assets 6.3% 6.4% — — |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Healthcare cost trend rates used to measure postretirement health benefit obligations follow: December 31, 2021 2020 Healthcare cost trend rate for the following year 6.0% 5.5% 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 2026 2022 |
Schedule of Allocation of Plan Assets [Table Text Block] | Plan assets are measured at fair value. Following are the plan investments as of December 31, 2021 and 2020, categorized by the fair value hierarchy levels described in Note 10, Fair Value : Defined Benefit Pension and Postretirement Health and Life Benefit Plans (in millions) Level 1 Level 2 Level 3 Total 2021 2020 2021 2020 2021 2020 2021 2020 U.S. government securities $ — $ — $ 13.0 $ 16.4 $ — $ — 13.0 $ 16.4 Corporate debt — — 56.4 104.2 — — 56.4 104.2 Municipal bonds and non-U.S. government securities — — 1.7 2.1 — — 1.7 2.1 Mutual funds (b) 582.9 — — — — — 582.9 — Mortgage and asset backed securities — — 7.9 6.4 — — 7.9 6.4 Fair value of investments by hierarchy level $ 582.9 $ — $ 79.0 $ 129.1 $ — $ — 661.9 129.1 Investments measured at NAV (a) 20.1 504.4 Accrued interest receivable 1.2 1.3 Unsettled transactions (1.4) (1.8) Plan assets $ 681.8 $ 633.0 |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit plan payments follow (in millions): Defined Benefit Pension Plans Postretirement Health and Life Benefit Plans 2022 $ 52.1 $ 11.2 2023 51.0 10.7 2024 49.1 10.1 2025 47.6 9.5 2026 47.6 9.0 2027 to 2031 214.0 36.3 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | ||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | A summary of stock-based compensation costs is as follows (in millions): Year Ended December 31, 2021 2020 Notional stock units and stock appreciation rights $ 11.6 $ 6.6 Restricted stock units 0.5 0.4 Stock options 0.1 0.1 Total stock-based compensation costs $ 12.2 $ 7.1 Total recognized tax benefit $ (1.5) $ — | |
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity [Table Text Block] | The following table summarizes Centrus’ board restricted stock units activity: Shares (in thousands) Weighted Average Grant Date Fair Value (per share) Nonvested at December 31, 2019 74 $3.09 Granted 47 $10.38 Vested (74) $3.09 Forfeited — — Nonvested at December 31, 2020 47 $10.38 Granted 20 $25.13 Vested (47) $10.38 Forfeited — — Nonvested at December 31, 2021 20 $25.13 | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes Centrus’s employee restricted stock units activity: Shares Weighted Average Grant Date Fair Value (per share) Nonvested at December 31, 2020 — $— Granted 4 $24.01 Vested — — Forfeited — — Nonvested at December 31, 2021 4 $24.01 | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity follows: Stock Options (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2019 518 $4.02 6.2 $1.5 Granted — — — — Exercised (107) $3.43 — — Forfeited/Cancelled — — — — Outstanding at December 31, 2020 411 $4.18 5.3 $7.8 Granted — — — — Exercised (217) $4.17 — — Forfeited/Cancelled — — — — Outstanding at December 31, 2021 194 $4.18 4.4 $8.9 Exercisable at December 31, 2021 144 $4.37 3.2 $6.6 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Stock options outstanding and options exercisable at December 31, 2021, are as follows: Stock Exercise Price Options Outstanding (thousands) Remaining Contractual Life in Years Options Exercisable (thousands) $4.37 144 3.2 144 $3.65 50 7.8 — | |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | A summary of SARs with time-based vesting granted under the 2014 plan for the year ended December 31, 2021, are as follows: Stock Appreciation Rights (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2019 — $— — $— Granted 83.5 $5.53 — — Exercised — — — — Forfeited/Cancelled — — — — Outstanding at December 31, 2020 83.5 $5.53 2.3 $1.47 Granted — — — — Exercised — — — — Forfeited/Cancelled — — — — Outstanding at December 31, 2021 83.5 $5.53 1.3 $3.71 Exercisable at December 31, 2021 83.5 $5.53 1.3 $3.71 | |
Schedule of Share-based Payment Award, Stock Appreciation Rights, Valuation Assumptions [Table Text Block] | The weighted-average assumptions used in the valuation models to determine the fair value of SARs granted to employees under the 2014 Plan are as follows: Year Ended December 31, 2021 2020 SARs Granted (in thousands) n/a 83.5 Average Risk-Free Rate n/a 0.14% Expected Volatility n/a 94% Expected Term (Years) n/a 2.3 Dividend Yield n/a — | |
Share-based Payment Arrangement, Stock Appreciation Right, Performance Condition, Activity [Table Text Block] | A summary of SARs with performance-based vesting granted under the 2014 plan in the year ended December 31, 2021, are as follows: Stock Appreciation Rights (Performance Condition) (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2020 — $— — $— Granted 21 $19.44 — — Exercised — — — — Forfeited/Cancelled — — — — Outstanding at December 31, 2021 21 $19.44 2.3 $0.64 Exercisable at December 31, 2021 21 $19.44 2.3 $0.64 | |
Schedule of Share-based Payment Award, Stock Appreciation Rights, Performance Condition, Valuation Assumptions [Table Text Block] | The weighted-average assumptions used in the valuation models to determine the fair value of SARs granted to employees under the 2014 Plan are as follows: Year Ended December 31, 2021 2020 Stock Appreciation Rights Granted (in thousands) 21.0 n/a Average Risk-Free Rate 0.3% n/a Expected Volatility 82.8% n/a Expected Term (Years) 2.5 n/a Dividend Yield — n/a | |
Schedule of Notional Stock Units, Activity [Table Text Block] | A summary of notional stock units with time-based vesting granted under the 2014 plan for the year ended December 31, 2021, are as follows: Shares (thousands) Weighted Average Grant Date Fair Value (per share) Nonvested at December 31, 2019 468 $3.16 Granted 125 $5.53 Vested — — Forfeited (22) $3.16 Nonvested at December 31, 2020 571 $3.68 Granted — — Vested (319) $3.16 Forfeited — — Nonvested at December 31, 2021 252 $4.33 | |
Schedule of Notional Stock Units, Performance Condition, Activity [Table Text Block] | A summary of notional stock units with performance-based vesting granted under the 2014 plan for the year ended December 31, 2021, are as follows: Shares Weighted Average Grant Date Fair Value (per share) Nonvested at December 31, 2020 — $ — Granted 10 $39.55 Vested — — Forfeited — — Nonvested at December 31, 2021 10 $39.55 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The income tax benefit is as follows (in millions): Year Ended December 31, 2021 2020 Current: Federal $ — $ — State and local 0.4 0.5 Foreign — — 0.4 0.5 Deferred: Federal (a) (40.7) — State and local 1.2 (1.9) Foreign — — (39.5) (1.9) Income tax benefit $ (39.1) $ (1.4) |
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 the Company’s estimate of the tax bases of its assets and liabilities result in deferred tax assets and liabilities, as follows (in millions): December 31, 2021 2020 Deferred tax assets: Employee benefits costs $ 36.2 $ 61.8 Inventory 18.6 16.2 Property, plant and equipment 191.5 193.8 Net operating loss and credit carryforwards 206.2 211.1 Accrued expenses 0.4 2.1 Long-term debt and financing costs 10.8 12.6 Lease liability 0.9 1.5 Other 0.2 0.2 Deferred tax assets 464.8 499.3 Valuation allowance (414.7) (486.0) Deferred tax assets, net of valuation allowance $ 50.1 $ 13.3 Deferred tax liabilities: Intangible assets $ 7.9 $ 9.9 Lease asset 0.4 1.1 Prepaid expenses 0.4 0.4 Deferred tax liabilities $ 8.7 $ 11.4 Deferred tax assets, net $ 41.4 $ 1.9 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of income taxes calculated based on the federal statutory income tax rate and the effective tax rate follows: Year Ended December 31, 2021 2020 Federal statutory tax rate 21 % 21 % Valuation allowance against net deferred tax assets (53) (26) State rate changes 1 (1) Executive compensation 1 2 State income tax expense, net of federal benefit 1 — Uncertain tax positions — 1 Effective tax rate (29) % (3) % |
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits follows (in millions): Year Ended December 31, 2021 2020 Balance at beginning of the period $ 0.8 $ 0.4 Additions to tax positions of current period 0.4 0.5 Reductions to tax positions of prior years (0.2) (0.1) Balance at end of the period $ 1.0 $ 0.8 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Share | The weighted average number of common and common equivalent shares and the calculation of basic and diluted income per common share are as follows: Year Ended 2021 2020 Numerator (in millions): Net income $ 175.0 $ 54.4 Preferred stock dividends - undeclared and cumulative 2.1 6.7 Distributed earnings allocable to retired preferred shares 37.6 41.9 Net income allocable to common stockholders $ 135.3 $ 5.8 Denominator (in thousands): Average common shares outstanding - basic 13,493 9,825 Potentially dilutive shares related to stock options and restricted stock units (a) 386 298 Average common shares outstanding - diluted 13,879 10,123 Net income per common share (in dollars): Basic $ 10.03 $ 0.59 Diluted $ 9.75 $ 0.57 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Changes in the number of shares outstanding are as follows: Preferred Stock, Common Stock, Common Stock, Balance at December 31, 2019 104,574 8,347,427 1,117,462 Issuance under public offering — 2,537,500 — Common stock issued for options exercised — 107,000 — Conversion of common stock from Class B to Class A — 398,262 (398,262) Purchase under tender offer (62,854) — — Balance at December 31, 2020 41,720 11,390,189 719,200 Issuance under public offering — 1,516,467 — Common stock issued for options exercised — 216,500 — Issuance of previously vested restricted stock units — 89,318 — Notional stock units paid in shares — 206,183 — Common stock and warrant issued in exchange for preferred stock (3,873) 231,276 — Purchase under tender offer (37,847) — — Balance at December 31, 2021 — 13,649,933 719,200 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Revenue from External Customers by Geographic Areas | The following table presents revenue from SWU and uranium sales disaggregated by geographical region, including foreign countries representing 10% or more of revenue, based on the billing addresses of customers (in millions): Year Ended December 31, 2021 2020 United States $ 108.3 $ 115.0 Foreign: Belgium 36.6 35.8 Japan 34.6 23.4 Other 6.6 16.3 Total foreign 77.8 75.5 Revenue - SWU and uranium $ 186.1 $ 190.5 Revenue by customer location, including customers in a foreign country representing 10% or more of total revenue, follows (in millions): Year Ended December 31, 2021 2020 United States $ 220.5 $ 171.7 Foreign: Belgium 36.6 35.8 Japan 34.6 23.4 Other 6.6 16.3 Total foreign 77.8 75.5 Total revenue $ 298.3 $ 247.2 * less than 10% |
Segment Reporting Information | The following table presents the Company’s segment information (in millions): Year Ended 2021 2020 Revenue LEU segment: Separative work units $ 163.3 $ 151.5 Uranium 22.8 39.0 Total 186.1 190.5 Technical solutions segment 112.2 56.7 Total revenue $ 298.3 $ 247.2 Segment Gross Profit (Loss) LEU segment $ 73.0 $ 97.8 Technical solutions segment 41.5 (0.2) Gross profit $ 114.5 $ 97.6 The Company’s total assets are not presented for each reportable segment as they are not reviewed by, nor otherwise regularly provided to, the chief operating decision maker. Centrus’ long-term or long-lived assets, which include property, plant and equipment and other assets reported on the consolidated balance sheet, were located in the United States as of December 31, 2021, and December 31, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Average useful life of finite-lived intangible assets | 15 years |
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 9 months |
Concentration Risk, Supplier | Concentrations of Supply Risk and Other Considerations with the War in Ukraine The current war in Ukraine has led to the U.S., Russia and other countries imposing sanctions and other measures that restrict international trade. The situation is rapidly changing, and it is not possible to predict future actions that could be taken. The Company has multiple sources of supply; however, the supply contract with TENEX remains our largest source. At present, sanctions have not impacted the ability of the Company or TENEX to perform under the TENEX supply contract. Recently, sanctions have been imposed by the U.S. on exports of fossil fuels. Russia has imposed sanctions on the export of commodities but does not include the export of LEU. Additional sanctions or other measures by the U.S. or foreign governments (including the Russian government) could be imposed. Any sanctions or measures directed at trade in LEU from Russia or the parties involved in such trade or otherwise could interfere with, or prevent, implementation of the TENEX Supply Contract. While the initial sanctions announced do not affect the ability of the Company or TENEX to implement the TENEX Supply Contract, the situation at this time is unpredictable and therefore there is no assurance that future developments would not have a material adverse effect on the Company’s procurement, payment, delivery or sale of LEU under the TENEX Supply Contract. If measures were taken to limit the supply of Russian LEU or to prohibit or limit dealings with Russian entities, including, but not limited to, TENEX or ROSATOM, the Company would seek a license, waiver or other approval from the government imposing such measures to ensure that the Company could continue to fulfill its purchase and sales obligations. There is no assurance that such a license, waiver, or approval would be granted. If a license, waiver or approval were not granted, the Company would need to look to alternative sources of LEU to replace the LEU that it could not procure from TENEX. The Company has contracts for alternative sources that could be used to mitigate a portion of the near term impacts. However, to the extent these sources were insufficient or more expensive or additional supply cannot be obtained, it could have a material adverse impact on our business, results of operations, and competitive position. |
Related Party Transaction, Description of Transaction | Related Party As previously disclosed in our Current Report on Form 8-K filed on December 31, 2020, on that same date theCompany entered into an At Market Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. andLake Street Capital Markets, LLC (the “Agents”), relating to the at the market offering (the “ATM Offering”) ofshares of the Company’s Class A Common Stock, $0.10 par value per share. Mr. Williams, Chairman of the CentrusBoard of Directors, also serves on the board of B. Riley Financial, Inc. Mr. Williams recused himself and took nopart in the selection of B. Riley or the negotiation of the terms of the Sales Agreement. Please refer to Note 15 - Stockholders’ Equity for a description of the ATM Offering in 2021. |
Senior Notes [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% |
Revenue and Contracts with Cu_2
Revenue and Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Revenue, nonmonetary transaction | $ 23.4 | ||||
Advances from customers, noncurrent | 45.1 | $ 45.2 | $ 45.1 | $ 45.2 | |
Deferred revenue, additions in period | 47.2 | 38.7 | |||
Deferred revenue, revenue recognized | 42.6 | 0 | |||
Separative work units borrowed in period, value | 20.7 | ||||
Separative work units owed to others noncurrent | 22.4 | 22.4 | $ 25.5 | ||
Provision for Loss on Contracts | 0.5 | 7 | 0.5 | 7 | |
Provision for loss on contracts, noncurrent | 0 | 0.7 | 0 | 0.7 | |
Litigation settlement, amount awarded from other party | 43.5 | ||||
Accounts receivable, net | 29.1 | 29.6 | 29.1 | 29.6 | |
Gain (loss) related to litigation settlement | 43.5 | 32.6 | |||
Revenue, remaining performance obligation, amount | 986 | 960 | 986 | 960 | |
Deferred Revenue and Advances from Customers - Current and Noncurrent | 348.2 | 348.2 | |||
Contract with Customer, Liability, Revenue Recognized | 59.6 | 44.4 | |||
Provision for loss on contracts total | 0.5 | 0.5 | |||
Provision for loss on contracts utilized | 7.2 | 10.6 | 19.1 | ||
Maximum [Member] | |||||
Government cost share portion | 126.7 | $ 115 | 126.7 | $ 115 | |
Pension Plan, Defined Benefit [Member] | |||||
Gain (loss) related to litigation settlement | 33.8 | ||||
Other Postretirement Benefits Plan [Member] | |||||
Gain (loss) related to litigation settlement | $ 9.7 | ||||
Government [Member] | |||||
Proceeds from Customers | $ 120.3 |
Revenue and Contracts with Cu_3
Revenue and Contracts with Customers (Revenue from External Customers by Geographic Areas) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 298.3 | $ 247.2 | |
United States | |||
Revenue | 220.5 | 171.7 | |
Belgium | |||
Revenue | $ 36.6 | 35.8 | |
Japan | |||
Revenue | 34.6 | 23.4 | |
Other Foreign | |||
Revenue | 6.6 | 16.3 | |
Foreign | |||
Revenue | 77.8 | 75.5 | |
Product [Member] | |||
Revenue | 186.1 | 190.5 | |
Product [Member] | United States | |||
Revenue | 108.3 | 115 | |
Product [Member] | Belgium | |||
Revenue | 36.6 | 35.8 | |
Product [Member] | Japan | |||
Revenue | 34.6 | ||
Product [Member] | Other Foreign | |||
Revenue | 6.6 | 16.3 | |
Product [Member] | Foreign | |||
Revenue | $ 77.8 | $ 75.5 |
Revenue and Contracts with Cu_4
Revenue and Contracts with Customers (Contract with Customer Asset and Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred costs associated with deferred revenue | $ 143.3 | $ 151.9 |
Provision for Loss on Contracts | 0.5 | 7 |
Provision for loss on contract change | (6.5) | |
Provision for loss on contracts, noncurrent | 0 | 0.7 |
Provision for loss on contracts, noncurrent, change | (0.7) | |
Deferred revenue | 288.1 | 281.7 |
Deferred revenue change | 6.4 | |
Advances from customers | 15 | 1.5 |
Advances from customers change | 13.5 | |
Advances from customers, noncurrent | 45.1 | $ 45.2 |
Advances from customers, noncurrent, change | $ (0.1) |
Revenue and Contracts with Cu_5
Revenue and Contracts with Customers Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Billed Contracts Receivable | $ 23.1 | $ 23 |
Unbilled Receivables, Current | 6 | 6.6 |
Accounts receivable, net | $ 29.1 | $ 29.6 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 193.8 | $ 152 | ||
Restricted cash included in other current assets | 0.2 | 0.2 | ||
Restricted cash included in other long-term assets | 2.8 | 5.7 | ||
Total cash, cash equivalents and restricted cash | $ 196.8 | $ 157.9 | $ 157.9 | $ 136.6 |
Cash, Cash Equivalents and Re_4
Cash, Cash Equivalents and Restricted Cash (Schedule of Restricted Cash) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 2.8 | 5.7 |
Other financial assurance [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash included in other current assets | 0.2 | 0.2 |
Restricted cash included in other long-term assets | 0.2 | 0.3 |
Workers compensation financial assurance [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash included in other current assets | 0 | 0 |
Restricted cash included in other long-term assets | $ 2.6 | $ 5.4 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory, Net [Abstract] | ||
Separative work units inventory | $ 8.8 | $ 17 |
Uranium inventory | 82.3 | 47.8 |
Inventories | 91.1 | 64.8 |
Separative work units owed to customers and suppliers | 0 | 4.6 |
Uranium owed to customers and suppliers | 8.4 | 0.3 |
Inventories owed to customers and suppliers | 8.4 | 4.9 |
Separative work units net of liability | 8.8 | 12.4 |
Uranium inventory net of liability | 73.9 | 47.5 |
Inventories, net | $ 82.7 | $ 59.9 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Inventory, Net [Abstract] | |||
Separative work units borrowed in period, value | $ 20.7 | ||
Separative work units repaid in period, value | $ 3.1 | ||
Separative work units valuation change in period | 4.8 | ||
Separative work units owed to others noncurrent | $ 22.4 | $ 25.5 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Tables) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 8.3 | $ 7.6 |
Property, Plant and Equipment, Additions | 0.7 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (3) | (2.7) |
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment | (0.3) | |
Property, Plant And Equipment, Net Capital Expenditures | 0.4 | |
Property, Plant and Equipment, Net | 5.3 | 4.9 |
Depreciation | (0.6) | (0.5) |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1.2 | 1.2 |
Property, Plant and Equipment, Additions | 0 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4.6 | 3.9 |
Property, Plant and Equipment, Additions | 0.7 | |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1.4 | 1.4 |
Property, Plant and Equipment, Additions | 0 | |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1.1 | $ 1.1 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 0.6 | $ 0.5 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | $ 123.5 | $ 123.5 |
Accumulated intangible asset amortization | (68.8) | (60.7) |
Amortizable intangible assets, net | $ 54.7 | 62.8 |
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 | (35.5) | (32) |
Amortizable intangible assets, net | 19.1 | 22.6 |
Customer-Related Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 68.9 | 68.9 |
Accumulated intangible asset amortization | (33.3) | (28.7) |
Amortizable intangible assets, net | $ 35.6 | $ 40.2 |
Intangible Assets Schedule of I
Intangible Assets Schedule of Intangible Asset Amortization (Details) $ in Millions | Dec. 31, 2021USD ($) |
Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 9.5 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 6.6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 8.6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7.6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 9.9 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 12.5 |
Finite-Lived Intangible Assets, Net | $ 54.7 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Trade payables | $ 4.9 | $ 4.9 |
Postretirement health and life benefit obligations - current | 7 | 11.6 |
Compensation and benefits payable | 23.1 | 22.2 |
Provision for Loss on Contracts | 0.5 | 7 |
Operating Lease, Liability, Current | 0.9 | 2.4 |
Other accrued liabilities | 1.4 | 2.5 |
Accounts payable and accrued liabilities | $ 37.8 | $ 50.6 |
Schedule of Debt (Details)
Schedule of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 101.8 | $ 108 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, face amount | 74.3 | 74.3 |
Long-term debt, interest | 27.5 | 33.7 |
Long-term debt, current | 6.1 | 6.1 |
Long-term debt | $ 101.8 | $ 108 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, shares issued | 104,574 | |
Preferred stock, liquidation preference per share | $ 1,000 | |
Subordination to credit facility, facility total | $ 50 | |
Subordination to credit facility, facility maximum net borrowing | $ 40 | |
Senior Notes [Member] | ||
Debt instrument interest rate | 8.25% | |
Long-term debt, face amount | $ 74.3 | $ 74.3 |
Long-term debt, current | $ 6.1 | $ 6.1 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 3 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 12.50% | |
Operating Lease, Right-of-Use Asset | $ 2.1 | |
Operating Lease, Liability, Current | 0.9 | $ 2.4 |
Operating Lease, Liability, Noncurrent | 3 | |
Operating Lease, Liability | 3.9 | |
Operating Lease, Expense | 0.5 | 2.6 |
Operating Lease, Expense Adjustment | (2) | $ (0.3) |
Operating Lease, Payments | 2.4 | |
Operating Lease, Liability, Decrease | $ 1 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other long-term assets | Other long-term assets |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Maturity of Operating Lease Lia
Maturity of Operating Lease Liabilities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 1.3 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 1 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 1 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 0.8 |
Lessee, Operating Lease, Liability, Payments, Due | 6.1 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 2.2 |
Operating Lease, Liability | $ 3.9 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments Recorded at Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 193.8 | $ 152 |
Cash and cash equivalents | 193.8 | 152 |
Deferred compensation asset | 3.2 | 2.4 |
Deferred compensation obligation | 3.2 | 2.3 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 193.8 | 152 |
Deferred compensation asset | 3.2 | 2.4 |
Deferred compensation obligation | 3.2 | 2.3 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Deferred compensation asset | 0 | 0 |
Deferred compensation obligation | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Deferred compensation asset | 0 | 0 |
Deferred compensation obligation | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Senior Notes [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, long-term and short-term, combined carrying value | $ 107.9 | $ 114.1 |
Long-term debt, current | 6.1 | 6.1 |
Long-term debt, fair value | 74.3 | 68.6 |
Long-term debt, face amount | $ 74.3 | $ 74.3 |
Pension and Postretirement He_3
Pension and Postretirement Health and Life Benefits (Narrative) (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) | |
Gain (loss) related to litigation settlement | $ 43.5 | $ 32.6 | ||||
Defined Contribution Plan, Cost | 2 | 1.6 | ||||
Defined Benefit Plan, Actuarial (Gain) Loss From Remeasurement | 50.5 | (7.2) | ||||
Pension plan assets transferred for annuitization | 30.4 | |||||
Pension plan obligations transferred for annuitization | $ 30.4 | |||||
Pension Plan, Defined Benefit [Member] | ||||||
Approximate Number of Plan Participants | 3,500 | |||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 696.2 | 757.9 | ||||
Gain (loss) related to litigation settlement | 33.8 | |||||
Defined Benefit Plan, Accumulated Benefit Obligation, Increase (Decrease) for Plan Amendment | $ 1.3 | |||||
Defined Benefit Plan, Actuarial (Gain) Loss From Remeasurement | (28.7) | 56.7 | ||||
Pension Plan, Defined Benefit [Member] | Qualified Plan [Member] | ||||||
Expected defined benefit plan contributions for next fiscal year for qualified plans | 0 | |||||
Pension Plan, Defined Benefit [Member] | Nonqualified Plan [Member] | ||||||
Expected defined benefit plan contributions for next fiscal year for qualified plans | $ 0.4 | |||||
Other Postretirement Benefits Plan [Member] | ||||||
Approximate Number of Plan Participants | 2,300 | |||||
Gain (loss) related to litigation settlement | $ 9.7 | |||||
Defined Benefit Plan, Accumulated Benefit Obligation, Increase (Decrease) for Plan Amendment | $ (10) | $ (3.6) | $ (6.8) | |||
Expected defined benefit plan contributions for next fiscal year for qualified plans | 7 | |||||
Defined Benefit Plan, Actuarial (Gain) Loss From Remeasurement | $ (2.3) | $ (1.6) |
Pension and Postretirement He_4
Pension and Postretirement Health and Life Benefits (Schedule of Changes in Projected Benefit Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Actuarial (Gain) Loss From Remeasurement | $ 50.5 | $ (7.2) | |
Defined Benefit Plan, Plan Assets, Amount | 681.8 | 633 | |
Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Benefit Obligation | 696.2 | 757.9 | $ 763.5 |
Defined Benefit Plan, Actuarial (Gain) Loss From Remeasurement | (28.7) | 56.7 | |
Defined Benefit Plan, Service Cost | 2.7 | 3.5 | |
Defined Benefit Plan, Interest Cost | 18.1 | 24.3 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | (30.4) | |
Defined Benefit Plan, Benefit Obligation, Administrative Expenses Paid | (2.1) | (2.9) | |
Defined Benefit Plan, Plan Assets, Amount | 672.7 | 633.1 | 621.2 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 57.8 | 85.4 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 35.7 | 16.6 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 51.7 | 56.8 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | (30.4) | |
Defined Benefit Plan, Plan Assets, Administration Expense | (2.2) | (2.9) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (23.5) | (124.8) | |
Amounts Recognized In Current Liabilities | (0.4) | (0.4) | |
Amounts Recognized In Noncurrent Liabilities | (23.1) | (124.4) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (23.5) | (124.8) | |
Recognized In Accumulated Other Comprehensive Income Pre Tax Prior Service Cost Credit | (0.9) | (1.1) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (0.9) | (1.1) | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Benefit Obligation | 131.1 | 142.4 | 152.8 |
Defined Benefit Plan, Actuarial (Gain) Loss From Remeasurement | (2.3) | (1.6) | |
Defined Benefit Plan, Service Cost | 0 | 0 | |
Defined Benefit Plan, Interest Cost | 3.4 | 4.8 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Administrative Expenses Paid | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount | 9.2 | 0 | $ 0 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 21.5 | 13.6 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 12.3 | 13.6 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Administration Expense | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (121.9) | (142.4) | |
Amounts Recognized In Current Liabilities | (7) | (11.6) | |
Amounts Recognized In Noncurrent Liabilities | (114.9) | (130.8) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (121.9) | (142.4) | |
Recognized In Accumulated Other Comprehensive Income Pre Tax Prior Service Cost Credit | (2) | (2.1) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (2) | (2.1) | |
Plan paid [Member] | Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (51.3) | (56.3) | |
Plan paid [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (12.4) | (13.6) | |
Company paid [Member] | Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (0.4) | (0.5) | |
Company paid [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ 0 | $ 0 |
Pension and Postretirement He_5
Pension and Postretirement Health and Life Benefits (Schedule of Net Benefit Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Actuarial (Gain) Loss From Remeasurement | $ 50.5 | $ (7.2) |
Pension Plan, Defined Benefit [Member] | ||
Service costs | 2.7 | 3.5 |
Interest costs | 18.1 | 24.3 |
Expected return on plan assets (gains) | (38.3) | (37.5) |
Amortization of prior service costs (credits), net | (0.2) | (0.2) |
Actuarial (gains) losses, net | (48.2) | 8.9 |
Defined Benefit Plan, Actuarial (Gain) Loss From Remeasurement | (28.7) | 56.7 |
Net periodic benefit cost (credit) | (65.9) | (1) |
Postretirement Health and Life Benefits Plans [Member] | ||
Service costs | 0 | 0 |
Interest costs | 3.4 | 4.8 |
Expected return on plan assets (gains) | 0 | 0 |
Amortization of prior service costs (credits), net | (0.1) | (0.1) |
Actuarial (gains) losses, net | (2.3) | (1.7) |
Defined Benefit Plan, Actuarial (Gain) Loss From Remeasurement | (2.3) | (1.6) |
Net periodic benefit cost (credit) | $ 1 | $ 3 |
Pension and Postretirement He_6
Pension and Postretirement Health and Life Benefits (Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan, Defined Benefit [Member] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | $ (0.9) | $ (1.1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (0.9) | (1.1) |
Total recognized in net periodic benefit costs (income) and other comprehensive income (loss), pre-tax | (66.8) | (2.1) |
Other Postretirement Benefits Plan [Member] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (2) | (2.1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (2) | (2.1) |
Total recognized in net periodic benefit costs (income) and other comprehensive income (loss), pre-tax | $ (1) | $ 0.9 |
Pension and Postretirement He_7
Pension and Postretirement Health and Life Benefits (Schedule of Assumptions Used) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.80% | 2.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.30% | 6.40% |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.80% | 2.50% |
Pension and Postretirement He_8
Pension and Postretirement Health and Life Benefits (Schedule of Healthcare Cost Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.00% | 5.50% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2026 | 2022 |
Pension and Postretirement He_9
Pension and Postretirement Health and Life Benefits (Plan Asset Allocations) (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% | |
Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 45.00% | 52.00% | |
Equity Securities [Member] | Scenario, Forecast [Member] | Minimum [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 40.00% | ||
Equity Securities [Member] | Scenario, Forecast [Member] | Maximum [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 45.00% | ||
Debt Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 51.00% | 42.00% | |
Debt Securities [Member] | Scenario, Forecast [Member] | Minimum [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 50.00% | ||
Debt Securities [Member] | Scenario, Forecast [Member] | Maximum [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 55.00% | ||
Cash [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 4.00% | 6.00% | |
Cash [Member] | Scenario, Forecast [Member] | Minimum [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0.00% | ||
Cash [Member] | Scenario, Forecast [Member] | Maximum [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 5.00% |
Pension and Postretirement H_10
Pension and Postretirement Health and Life Benefits (Schedule of Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 681.8 | $ 633 | |
Defined Benefit Plan, Investments Measured at NAV | 20.1 | 504.4 | |
Accrued interest receivable | 1.2 | 1.3 | |
Unsettled transactions receivable | (1.4) | (1.8) | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 582.9 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 79 | 129.1 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 661.9 | 129.1 | |
US government securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
US government securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 13 | 16.4 | |
US government securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
US government securities [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 13 | 16.4 | |
Corporate debt [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Corporate debt [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 56.4 | 104.2 | |
Corporate debt [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Corporate debt [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 56.4 | 104.2 | |
Municipal bonds and non-U.S. government securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Municipal bonds and non-U.S. government securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1.7 | 2.1 | |
Municipal bonds and non-U.S. government securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Municipal bonds and non-U.S. government securities [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1.7 | 2.1 | |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 582.9 | 0 | |
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Mutual Fund [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 582.9 | 0 | |
Mortgage and asset backed securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Mortgage and asset backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 7.9 | 6.4 | |
Mortgage and asset backed securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Mortgage and asset backed securities [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 7.9 | 6.4 | |
Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 672.7 | 633.1 | $ 621.2 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 9.2 | $ 0 | $ 0 |
Pension and Postretirement H_11
Pension and Postretirement Health and Life Benefits (Schedule of Estimated Future Benefit Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 52.1 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 51 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 49.1 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 47.6 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 47.6 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 214 | |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 11.2 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 10.7 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 10.1 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 9.5 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 9 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 36.3 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended |
Dec. 31, 2021 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 700,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,900,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 844,293 | |
Weighted-average period in years of costs to be recognized | 12 months | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.4 | |
Board restricted stock units potentially converted to common stock shares | 192,000 | |
Employee restricted stock units potentially converted to common stock shares | 4,000 | |
Employee Stock Option [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.1 | |
Restricted Stock Units (RSUs) [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.3 | |
Notional Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 206,183 | |
Notional Stock Units, Performance Condition [Member] | ||
Performance Condition, Minimum Net Income | $ 160 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | ||
Restricted Stock or Unit Expense | $ 0.5 | $ 0.4 |
Stock or Unit Option Plan Expense | 0.1 | 0.1 |
Stock Appreciation Rights Expense | 11.6 | 6.6 |
Allocated Share-based Compensation Expense | 12.2 | 7.1 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ (1.5) | $ 0 |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation (Assumptions Used in the Black-Scholes Option Pricing Model) (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 83,500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 83,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term, Simplified Method | 2 years 3 months 18 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.14% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 94.00% | |
Stock Appreciation Rights (SARS), Performance Condition [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 21,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term, Simplified Method | 2 years 6 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.30% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 82.80% |
Stock-Based Compensation Costs,
Stock-Based Compensation Costs, Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 144,000 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 4.18 | $ 4.18 | $ 4.02 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 0 | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 4.17 | $ 3.43 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | 5 years 3 months 18 days | 6 years 2 months 12 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 8,900 | $ 7,800 | $ 1,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 6,600 | ||
Board Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 20,000 | 47,000 | 74,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,000 | 47,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (47,000) | (74,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 25.13 | $ 10.38 | $ 3.09 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 25.13 | 10.38 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 10.38 | 3.09 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | |
Employee Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 4 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 24.01 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 24.01 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 83,500 | 83,500 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 83,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | 0 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 83,500 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 5.53 | $ 5.53 | $ 0 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 0 | 5.53 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 5.53 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 3 months 18 days | 2 years 3 months 18 days | |
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 1 year 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 3,710 | $ 1,470 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 3,710 | ||
Stock Appreciation Rights (SARS), Performance Condition [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 21,000 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 21,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 21,000 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 19.44 | $ 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 19,440 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 19.44 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 3 months 18 days | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 2 years 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 640 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 640 | ||
Notional Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 252,000 | 571,000 | 468,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 125,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (319,000) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | (22,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4.33 | $ 3.68 | $ 3.16 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | 5.53 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 3.16 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | $ 3.16 | |
Notional Stock Units, Performance Condition [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 10 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 10 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 39.55 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 39.55 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 |
Stock-Based Compensation (Optio
Stock-Based Compensation (Options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 194 | 411 | 518 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 4.18 | $ 4.18 | $ 4.02 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | 5 years 3 months 18 days | 6 years 2 months 12 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (217) | (107) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 4.17 | $ 3.43 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 8.9 | $ 7.8 | $ 1.5 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 144 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 4.37 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 2 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 6.6 |
Schedule of Share Based Compens
Schedule of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 4.18 | $ 4.18 | $ 4.02 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | 5 years 3 months 18 days | 6 years 2 months 12 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 144 | ||
Option Group One [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 4.37 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 144 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 2 months 12 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 144 | ||
Option Group Two [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 3.65 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 50 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 years 9 months 18 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Increase (decrease) in deferred tax asset valuation allowance | $ 40.7 | $ 30.6 | $ (39.5) | ||
Valuation Allowance, Deferred Tax Asset, Explanation of Change | federal net deferred taxes that are more likely than not to be realized | changes in deferred tax assets since the beginning of the year | previously unrecorded state deferred tax assets | ||
Operating Loss Carryforwards | $ 732 | ||||
Operating Loss Carryforwards, No Expiration | $ 131.4 | $ 131.4 | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 71.3 | $ 13.9 | |||
Provision (benefit) for income taxes | 39.1 | 1.4 | |||
Liability for Uncertain Tax Positions, Noncurrent | 1 | 1 | 0.8 | $ 0.4 | |
Unrecognized Tax Benefits, Income Tax Penalties Expense Reduction | (0.2) | $ (0.4) | |||
Income Tax Examination, Penalties and Interest Accrued | 0.1 | $ 0.1 | |||
Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | |||
State and Local Jurisdiction [Member] | |||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 1.00% | (1.00%) | |||
Operating Loss Carryforwards | 0.5 | $ 0.5 | |||
Operating Loss Carryforwards, Valuation Allowance | 465.4 | 465.4 | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 2 | ||||
Tax Year 2018 [Member] | |||||
Business Interest Expense Carryforward | $ 4.1 | $ 4.1 |
Income Taxes (Taxes by Jurisdic
Income Taxes (Taxes by Jurisdiction) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current Income Tax Expense (Benefit) | $ 0.4 | $ 0.5 |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (39.5) | (1.9) |
Provision (benefit) for income taxes | (39.1) | (1.4) |
Domestic Tax Authority [Member] | ||
Current Income Tax Expense (Benefit) | 0 | 0 |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (40.7) | 0 |
State and Local Jurisdiction [Member] | ||
Current Income Tax Expense (Benefit) | 0.4 | 0.5 |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 1.2 | (1.9) |
Foreign Tax Authority [Member] | ||
Current Income Tax Expense (Benefit) | 0 | 0 |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 0 | $ 0 |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Taxes) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Deferred Tax Assets, Employee Benefits Costs | $ 36.2 | $ 61.8 |
Deferred Tax Assets, Inventory | 18.6 | 16.2 |
Deferred Tax Assets, Property, Plant and Equipment | 191.5 | 193.8 |
Deferred Tax Assets, Net Operating Loss and Credit Carryforwards | 206.2 | 211.1 |
Deferred Tax Assets, Accrued Expenses | 0.4 | 2.1 |
Deferred Tax Assets, Long-Term Debt and Financing Costs | 10.8 | 12.6 |
Deferred Tax Asset, Lease Liability | 0.9 | 1.5 |
Deferred Tax Assets, Other | 0.2 | 0.2 |
Deferred Tax Assets, Gross | 464.8 | 499.3 |
Deferred Tax Assets, Valuation Allowance | (414.7) | (486) |
Deferred Tax Assets, Net of Valuation Allowance | 50.1 | 13.3 |
Deferred Tax Liabilities, Intangible Assets | 7.9 | 9.9 |
Deferred Tax Liability, Lease Asset | 0.4 | 1.1 |
Deferred Tax Liabilities, Prepaid Expenses | 0.4 | 0.4 |
Deferred Tax Liabilities | 8.7 | 11.4 |
Deferred Tax Assets, Net, Current | $ 41.4 | $ 1.9 |
Income Taxes (Rate Reconciliati
Income Taxes (Rate Reconciliation) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (53.00%) | (26.00%) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 1.00% | 2.00% |
Effective Income Tax Rate Reconciliation, State Income Tax Expense, Net of Federal Benefit, Percent | 1.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Uncertain Tax Positions | 0.00% | 1.00% |
Effective Income Tax Rate Reconciliation, Percent | (29.00%) | (3.00%) |
State and Local Jurisdiction [Member] | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 1.00% | (1.00%) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Liability for Uncertain Tax Positions, Noncurrent | $ 1 | $ 0.8 | $ 0.4 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 0.4 | 0.5 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ (0.2) | $ (0.1) |
Net Income Per Share (Narrative
Net Income Per Share (Narrative) (Details) - USD ($) | Dec. 15, 2021 | Dec. 31, 2021 | Nov. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Stock Repurchase Price per Share | $ 1,149.99 | |||||||
Preferred Stock, Liquidation Amount per Share | 1,347.29 | $ 1,291.04 | $ 1,347.29 | $ 1,291.04 | ||||
Payments for Repurchase of Preferred Stock and Preference Stock | $ 1,100,000 | $ 43,300,000 | $ 42,200,000 | $ 60,000,000 | $ 44,400,000 | $ 61,600,000 | ||
Conversion of Stock, Shares Converted | 0 | 398,262 | ||||||
Preferred Stock, Par Value Per Share | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | |||
Exercise price of warrant | 21.62 | 21.62 | $ 21.62 | $ 21.62 | ||||
Exchange of preferred stock for common stock and common stock warrant | $ 0 | |||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 | ||||||
Preferred Stock Dividends and Other Adjustments | $ 37,600,000 | $ 41,900,000 | ||||||
Aggregate Value, Preferred Stock Transactions | $ 50,800,000 | |||||||
Common Class A [Member] | ||||||||
Conversion of Stock, Shares Converted | 231,276 | 231,276 | 398,262 | |||||
Series B Preferred Stock [Member] | ||||||||
Stock Repurchased and Retired During Period, Shares | 980 | 36,867 | 62,854 | |||||
Stock Repurchase Price per Share | $ 1,145.2 | $ 954.59 | ||||||
Preferred Stock, Liquidation Amount per Share | $ 1,272.78 | |||||||
Preferred Stock, Carrying Value per Share | $ 43.8 | |||||||
Preferred Stock, Par Value Per Share | $ 1 | $ 1 | ||||||
Exchange of preferred stock for common stock and common stock warrant | $ 7,500,000 | |||||||
Preferred Stock Dividends and Other Adjustments | $ 41,900,000 | |||||||
Warrant [Member] | ||||||||
Conversion of Stock, Shares Converted | 250,000 |
Net Income Per Share (Schedule
Net Income Per Share (Schedule of Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Per Share Calculation [Line Items] | ||
Net income | $ 175 | $ 54.4 |
Preferred stock dividends, undeclared and cumulative | 2.1 | 6.7 |
Preferred Stock Dividends and Other Adjustments | 37.6 | 41.9 |
Net income (loss) allocable to common stockholders | $ 135.3 | $ 5.8 |
Average number of shares outstanding, basic | 13,493 | 9,825 |
Potentially dilutive shares related to stock options | 386 | 298 |
Average number of shares outstanding, diluted | 13,879 | 10,123 |
Net income (loss) per common share - basic | $ 10.03 | $ 0.59 |
Net income (loss) per common share - diluted | $ 9.75 | $ 0.57 |
Exchange of preferred stock for common stock and common stock warrant | $ 0 | |
Preferred Stock Dividends and Other Adjustments | $ 37.6 | $ 41.9 |
Stockholders' Equity (Tables) (
Stockholders' Equity (Tables) (Details) - shares | Sep. 01, 2020 | Dec. 31, 2021 | Nov. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||||||
Conversion of Stock, Shares Converted | 0 | (398,262) | ||||
Stock Issued During Period, Shares, New Issues | 1,516,467 | |||||
Common Stock, Shares, Issued | 14,369,133 | 14,369,133 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 217,000 | 107,000 | ||||
Preferred Series B [Member] | ||||||
Class of Stock [Line Items] | ||||||
Conversion of Stock, Shares Converted | (3,873) | |||||
Stock Repurchased and Retired During Period, Shares | (980) | (36,867) | (37,847) | (62,854) | ||
Preferred Stock, Shares Outstanding | 0 | 0 | 41,720 | 104,574 | ||
Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares, Outstanding | 13,649,933 | 13,649,933 | 11,390,189 | 8,347,427 | ||
Conversion of Stock, Shares Converted | (231,276) | (231,276) | (398,262) | |||
Stock Issued During Period, Shares, New Issues | 2,537,500 | 1,516,467 | 2,537,500 | |||
Common Stock, Shares, Issued | 13,649,933 | 13,649,933 | 11,390,189 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 216,500 | 107,000 | ||||
Common Class B [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares, Outstanding | 719,200 | 719,200 | 719,200 | 1,117,462 | ||
Conversion of Stock, Shares Converted | 398,262 | |||||
Common Stock, Shares, Issued | 719,200 | 719,200 | ||||
Restricted Stock Units (RSUs) [Member] | Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 89,318 | |||||
Notional Stock Units [Member] | Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 206,183 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Dec. 15, 2021 | Sep. 01, 2020 | Dec. 31, 2021 | Nov. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Sep. 30, 2016 |
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||
Preferred Stock, Par Value Per Share | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | |||||||
Preferred Stock, Shares Issued | 104,574 | 104,574 | ||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 | ||||||||||
Common Stock, Shares, Issued | 14,369,133 | 14,369,133 | ||||||||||
Stock Issued During Period, Shares, New Issues | 1,516,467 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 700,000 | |||||||||||
Conversion of Stock, Shares Converted | 0 | 398,262 | ||||||||||
Preferred Stock Retired, Liquidation Preference | $ 5,000,198 | |||||||||||
Conversion of Stock, Share Price | 21.62 | 21.62 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 21.62 | $ 21.62 | $ 21.62 | $ 21.62 | ||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | $ 1,100,000 | $ 43,300,000 | $ 42,200,000 | $ 60,000,000 | $ 44,400,000 | $ 61,600,000 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 844,293 | 844,293 | 1,900,000 | |||||||||
Operating Loss Carryforwards | $ 732,000,000 | |||||||||||
Common Stock Ownership Enabling Preferred Stock Purchase Rights | 4.99% | 4.99% | ||||||||||
Common Stock Ownership Enabling Preferred Stock Purchase Rights, Incremental | 0.50% | 0.50% | ||||||||||
Stock issued during period | $ 42,100,000 | 23,100,000 | ||||||||||
Stock Repurchase Price per Share | $ 1,149.99 | |||||||||||
Preferred Stock, Liquidation Amount per Share | $ 1,347.29 | $ 1,291.04 | $ 1,347.29 | $ 1,291.04 | ||||||||
Common Class A [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common Stock, Shares Authorized | 70,000,000 | 70,000,000 | 70,000,000 | 70,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||
Common Stock, Shares, Issued | 13,649,933 | 11,390,189 | 13,649,933 | 11,390,189 | ||||||||
Stock Issued During Period, Shares, New Issues | 2,537,500 | 1,516,467 | 2,537,500 | |||||||||
Stock Issued During Period, Value, Gross | $ 44,200,000 | |||||||||||
Stock Issued During Period, Value, Net | 42,400,000 | |||||||||||
Direct Costs of Stock Issuance | $ 300,000 | |||||||||||
Conversion of Stock, Shares Converted | 231,276 | 231,276 | 398,262 | |||||||||
Sale of Stock, Price Per Share | $ 10 | $ 10 | ||||||||||
Gross Proceeds from Issuance of Common Stock | $ 25,400,000 | |||||||||||
Payments of Stock Issuance Costs | $ 2,300,000 | |||||||||||
Common Class B [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||
Common Stock, Shares, Issued | 719,200 | 719,200 | ||||||||||
Conversion of Stock, Shares Converted | (398,262) | |||||||||||
Preferred Series B [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | |||||||||||
Preferred stock | $ 0 | $ 100,000 | $ 0 | $ 100,000 | ||||||||
Direct Costs of Stock Issuance | $ 900,000 | |||||||||||
Conversion of Stock, Shares Converted | 3,873 | |||||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | $ 60,000,000 | |||||||||||
Stock Repurchased and Retired During Period, Shares | 980 | 36,867 | 37,847 | 62,854 | ||||||||
Stock Repurchase Price per Share | $ 1,145.2 | $ 954.59 | ||||||||||
Preferred Stock, Liquidation Amount per Share | $ 1,272.78 | $ 1,272.78 | ||||||||||
Preferred Stock, Shares Outstanding | 0 | 41,720 | 0 | 41,720 | 104,574 | |||||||
Warrant [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Conversion of Stock, Shares Converted | 250,000 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingency, Possible Loss Not Accrued | $ 9.6 | |
Claim filed, unrecorded gain contingency, | $ 42.8 | |
Gain (loss) related to litigation settlement | 43.5 | $ 32.6 |
Litigation settlement, amount awarded from other party | 43.5 | |
Pension Plan, Defined Benefit [Member] | ||
Gain (loss) related to litigation settlement | 33.8 | |
Other Postretirement Benefits Plan [Member] | ||
Gain (loss) related to litigation settlement | $ 9.7 |
Revenue by Geographic Area (Det
Revenue by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 298.3 | $ 247.2 | |
United States | |||
Revenue | 220.5 | 171.7 | |
Belgium | |||
Revenue | $ 36.6 | 35.8 | |
Japan | |||
Revenue | 34.6 | 23.4 | |
Other Foreign | |||
Revenue | 6.6 | 16.3 | |
Foreign [Member] | |||
Revenue | $ 77.8 | $ 75.5 |
Segment Information (Segment Re
Segment Information (Segment Reporting Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 298.3 | $ 247.2 |
Gross Profit | 114.5 | 97.6 |
Low Enriched Uranium Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross Profit | 73 | 97.8 |
Technical Solutions Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross Profit | 41.5 | (0.2) |
Product [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 186.1 | 190.5 |
Separative Work Units [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 163.3 | 151.5 |
Uranium [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 22.8 | $ 39 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Ten Largest Customers | Revenue Benchmark | Customer Concentration Risk | ||
Revenue | 57.00% | 71.00% |
Synatom | Revenue Benchmark | Customer Concentration Risk | ||
Revenue | 12.00% | 14.00% |
Kyushu Electric Power | Revenue Benchmark | Customer Concentration Risk | ||
Revenue | 12.00% | |
Energy Harbor Nuclear Corporation | Revenue Benchmark | Customer Concentration Risk | ||
Revenue | 13.00% | |
Dominion Energy South Carolina | Revenue Benchmark | Customer Concentration Risk | ||
Revenue | 10.00% | |
Technical Solutions Segment [Member] | ||
Revenue from first customer over 10 percent | 38.00% | 2100.00% |