Centrus Energy (LEU) 10-Q 5 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-14287
Entity Registrant Name	Centrus Energy Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2107911
Entity Address, Address Line One	6901 Rockledge Drive,
Entity Address, Address Line Two	Suite 800,
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20817
City Area Code	301
Local Phone Number	564-3200
Title of 12(b) Security	Class A Common Stock, par value $0.10 per share
Trading Symbol	LEU
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001065059
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		13,769,384
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		719,200

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 115.6	$ 193.8
Accounts receivable, net	24	29.1
Inventories	121.1	91.1
Deferred costs associated with deferred revenue	135.3	143.3
Other current assets	23.7	8.6
Total current assets	419.7	465.9
Property, Plant and Equipment, Net	5.6	5.3
Deposits for financial assurance	21.1	2.8
Intangible assets, net	49.6	54.7
Deferred Tax Assets, Net	30.9	41.4
Other long-term assets	1.8	2.3
Total Assets	528.7	572.4
Current Liabilities
Accounts payable and accrued liabilities	25.6	37.8
Accounts payable under purchase agreements	0	37.9
Inventories owed to customers and suppliers	0.3	8.4
Contract with Customer, Liability, Current	264.8	303.1
Current debt	6.1	6.1
Total current liabilities	296.8	393.3
Long-term debt	98.8	101.8
Postretirement health and life benefit obligations	112.2	114.9
Pension benefit liabilities	16	23.1
Advances from customer, noncurrent	46.2	45.1
Long-term SWU Loan	45.8	22.4
Other long-term liabilities	7.8	13.7
Liabilities	623.6	714.3
Commitments and contingencies (Note 11)
Stockholders' Deficit
Preferred stock	0	0
Excess of capital over par value	150.9	140.7
Accumulated deficit	(247.6)	(284.6)
Accumulated other comprehensive income (loss), net of tax	0.3	0.5
Stockholders' Equity	(94.9)	(141.9)
Total Liabilities and Stockholders’ Equity (Deficit)	528.7	572.4
Common Class A [Member]
Stockholders' Deficit
Common stock	1.4	1.4
Common Class B [Member]
Stockholders' Deficit
Common stock	$ 0.1	$ 0.1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Preferred Stock, Par Value Per Share	$ 1
Preferred Stock, Shares Authorized	20,000,000
Accumulated Depreciation, Property, Plant, and Equipment	$ 3.2	$ 3
Common Class A [Member]
Common Stock, Par or Stated Value Per Share	$ 0.10
Common Stock, Shares, Outstanding		13,649,933
Common Stock, Shares Authorized	70,000,000
Common Stock, Shares, Issued	13,769,384
Common Class B [Member]
Common Stock, Par or Stated Value Per Share	$ 0.10
Common Stock, Shares Authorized	30,000,000
Common Stock, Shares, Issued	719,200

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from Contract with Customer, Excluding Assessed Tax	$ 99.1	$ 62.4	$ 134.4	$ 118
Cost of sales	38.2	45.3	67.2	89.2
Gross profit (loss)	60.9	17.1	67.2	28.8
Advanced technology license and decommissioning costs	3.5	0.2	4.6	0.7
Selling, general and administrative	8.3	7.8	15.8	16
Amortization of intangible assets	4	1.6	5.1	3.7
Special charges for workforce reductions	0.5	0	0.5	0
Operating income (loss)	44.6	7.5	41.2	8.4
Nonoperating components of net periodic benefit expense (income)	(3.4)	(4.3)	(6.7)	(8.6)
Investment income	(0.2)	0	(0.2)	0
Income (loss) before income taxes	48.2	11.8	48.1	17
Provision (benefit) for income taxes	10.8	0.2	11.1	0.3
Net income (loss)	37.4	11.6	37	16.7
Preferred stock dividends, undeclared and cumulative	0	0.7	0	1.4
Distributed earnings allocable to retired preferred shares	0	0	0	6.6
Net income (loss) allocable to common stockholders	$ 37.4	$ 10.9	$ 37	$ 8.7
Net income (loss) per common share - basic	$ 2.56	$ 0.81	$ 2.54	$ 0.66
Net income (loss) per common share - diluted	$ 2.51	$ 0.79	$ 2.48	$ 0.65
Weighted-average number of shares outstanding:
Average number of shares outstanding, basic	14,587	13,443	14,567	13,132
Average number of shares outstanding, diluted	14,876	13,743	14,903	13,452
Product [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 85.5	$ 45.2	$ 103.2	$ 83.3
Cost of sales	26.1	27	40.9	52.4
Uranium [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	4.9	0
Separative Work Units [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	85.5	45.2	98.3	83.3
Service [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	13.6	17.2	31.2	34.7
Cost of sales	$ 12.1	$ 18.3	$ 26.3	$ 36.8

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities
Net income (loss)	$ 37	$ 16.7
Adjustments to reconcile net income (loss) to net cash (used in) operating activities:
Depreciation and amortization	5.4	4
Provision for Loss on Contracts Utilized	(0.5)	(4.7)
Deferred tax assets	10.6	0
Equity related compensation	1.4	0.2
Revaluation of inventory borrowing	5.5	0
Changes in operating assets and liabilities:
Accounts receivable – (increase) decrease	5.1	10.6
Inventories – (increase) decrease	(10.7)	(6.5)
Inventories owed to customers and suppliers	(8.1)	(4.6)
Increase (Decrease) in Prepaid Expenses, Other	(15.1)	0.5
Accounts payable and other liabilities – increase (decrease)	(8)	1.6
Payables under SWU purchase agreements – increase (decrease)	(37.9)	7.8
Deferred revenue, net of deferred costs – increase (decrease)	(30.6)	(7.8)
Pension and postretirement liabilities - increase (decrease)	(10)	(14.8)
Other, net	(0.3)	(0.1)
Net Cash (Used in) Operating Activities	(56.2)	2.9
Cash Flows Provided by Investing Activities
Capital expenditures	(0.5)	(0.7)
Net Cash Provided by (Used in) Investing Activities	(0.5)	(0.7)
Cash Flows Used in Financing Activities
Proceeds from the sale of common stock, net	0	27.2
Payment of interest classified as debt	(3.1)	(3.1)
Payment, Tax Withholding, Share-based Payment Arrangement	0	(2.4)
Proceeds from (Payments for) Other Financing Activities	(0.3)	(0.3)
Exercise of stock options	0.2	0.4
Net Cash (Used in) Financing Activities	(3.2)	21.8
Decrease in cash, cash equivalents and restricted cash	(59.9)	24
Cash, cash equivalents and restricted cash, start of period	196.8	157.9
Cash, cash equivalents and restricted cash, end of period	136.9	181.9
Supplemental Cash Flow Information:
Conversion of interest payable-in-kind to long-term debt	0	7.5
Disposal of right to use lease assets for early termination [Member]
Supplemental Cash Flow Information:
Other Significant Noncash Transaction, Value of Consideration Given	0	(1)
Reclassification of stock-based compensation liability to equity [Member]
Supplemental Cash Flow Information:
Other Significant Noncash Transaction, Value of Consideration Given	(10.6)	(7.5)
Property, plant and equipment included in accounts payable and accrued liabilities [Member]
Supplemental Cash Flow Information:
Other Significant Noncash Transaction, Value of Consideration Given	(0.2)	(0.1)
Shares withheld for employee taxes [Member]
Supplemental Cash Flow Information:
Other Significant Noncash Transaction, Value of Consideration Received	$ 1.9	$ 2.4

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, 2020	$ (320.6)	$ 0.1	$ 1.1	$ 0.1	$ 85	$ (407.7)	$ 0.8
Net income (loss)	5.1					5.1
Stock issued during period	23.8		0.1		23.7
Receivable from issuance of stock	(0.7)				(0.7)
Exchange of preferred stock for common stock and common stock warrant	(0.1)					(7.6)
Reclassification of stock-based compensation liability to equity	7.5				7.5
Other comprehensive income, net of tax	(0.1)						(0.1)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	0.3				0.3
Ending Balance at Mar. 31, 2021	(284.8)	0.1	1.2	0.1	123.3	(410.2)	0.7
Beginning Balance at Dec. 31, 2020	(320.6)	0.1	1.1	0.1	85	(407.7)	0.8
Net income (loss)	16.7
Ending Balance at Jun. 30, 2021	(271.4)	0.1	1.3	0.1	125.1	(398.6)	0.6
Beginning Balance at Mar. 31, 2021	(284.8)	0.1	1.2	0.1	123.3	(410.2)	0.7
Net income (loss)	11.6					11.6
Stock issued during period	3.5		0.1		3.4
Receivable from issuance of stock	0.7				0.7
Shares Granted, Value, Share-based Payment Arrangement, Forfeited	(2.4)				(2.4)
Other comprehensive income, net of tax	(0.1)						(0.1)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	0.1				0.1
Ending Balance at Jun. 30, 2021	(271.4)	0.1	1.3	0.1	125.1	(398.6)	0.6
Beginning Balance at Dec. 31, 2021	(141.9)	0	1.4	0.1	140.7	(284.6)	0.5
Net income (loss)	(0.4)					(0.4)
Stock Issued During Period, Value, Stock Options Exercised	0.2				0.2
Reclassification of stock-based compensation liability to equity	10.6				10.6
Shares withheld for employee taxes	(1.9)				(1.9)
Other comprehensive income, net of tax	(0.1)						(0.1)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	0.5				0.5
Ending Balance at Mar. 31, 2022	(133)	0	1.4	0.1	150.1	(285)	0.4
Beginning Balance at Dec. 31, 2021	(141.9)	0	1.4	0.1	140.7	(284.6)	0.5
Net income (loss)	37
Ending Balance at Jun. 30, 2022	(94.9)	0	1.4	0.1	150.9	(247.6)	0.3
Beginning Balance at Mar. 31, 2022	(133)	0	1.4	0.1	150.1	(285)	0.4
Net income (loss)	37.4					37.4	37.4
Other comprehensive income, net of tax	(0.1)						(0.1)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	0.8				0.8
Ending Balance at Jun. 30, 2022	$ (94.9)	$ 0	$ 1.4	$ 0.1	$ 150.9	$ (247.6)	$ 0.3

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION Basis of Presentation and Principles of Consolidation The unaudited Consolidated Financial Statements of Centrus Energy Corp. (“Centrus” or the “Company”), which include the accounts of the Company, its principal subsidiary, United States Enrichment Corporation, and its other subsidiaries, as of June 30, 2022, and for the three and six months ended June 30, 2022, and 2021, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited Consolidated Balance Sheet as of December 31, 2021, was derived from audited Consolidated Financial Statements, but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited Consolidated Financial Statements reflect all adjustments, including normal recurring adjustments, necessary for a fair statement of the financial results for the interim period. Certain prior year amounts have been reclassified for consistency with the current year presentation. Certain information and notes normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. All material intercompany transactions have been eliminated. The Company’s components of comprehensive income for the three and six months ended June 30, 2022 and 2021, are insignificant. Operating results for the three and six months ended June 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes and Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Annual Report on Form 10-K for the year ended December 31, 2021. Significant Accounting Policies The accounting policies of the Company are set forth in Note 1 to the Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There has not been a material change to the Company’s accounting policies since that report.

Revenue and Contracts with Cust

Revenue and Contracts with Customers	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	REVENUE AND CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following table presents revenue from separative work units (“SWU”) and uranium sales disaggregated by geographical region based on the billing addresses of customers (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 7.3 $ 45.2 $ 19.9 $ 54.8 Foreign 78.2 — 83.3 28.5 Revenue - SWU and uranium $ 85.5 $ 45.2 $ 103.2 $ 83.3 Refer to Note 12 , Segment Information, for disaggregation of revenue by segment. SWU sales are made primarily to electric utility customers and uranium sales are made primarily to other nuclear fuel related companies. Technical solutions revenue resulted primarily from services provided to the government and its contractors. SWU and uranium revenue is recognized at point of sale and technical solutions revenue is generally recognized over time. Accounts Receivable June 30, 2022 December 31, 2021 ($ millions) Accounts receivable: Billed $ 20.6 $ 23.1 Unbilled * 3.4 6.0 Accounts receivable $ 24.0 $ 29.1 * Billings under certain contracts in the technical services segment are invoiced based on approved provisional billing rates. Unbilled revenue represents the difference between actual costs incurred and invoiced amounts. The Company expects to invoice and collect the unbilled amounts after actual rates are submitted to the customer and approved. Unbilled revenue also includes unconditional rights to payment that are not yet billable under applicable contracts pending the compilation of supporting documentation. Contract Liabilities The following table presents changes in contract liability balances (in millions): June 30, 2022 December 31, 2021 Year-To-Date Change Accrued loss on HALEU Contract: Current - Accounts payable and accrued liabilities $ — $ 0.5 $ (0.5) Deferred revenue - current $ 249.5 $ 288.1 $ (38.6) Advances from customers - current $ 15.3 $ 15.0 $ 0.3 Advances from customers - noncurrent $ 46.2 $ 45.1 $ 1.1 Previously deferred sales recognized in revenue totaled $59.7 million and $28.5 million in the six months ended June 30, 2022 and 2021, respectively. LEU Segment The SWU component of low-enriched uranium (“LEU”) typically is bought and sold under contracts with deliveries over several years. The Company’s agreements for natural uranium sales generally are shorter-term, fixed-commitment contracts. The Company’s order book of sales under contract in the LEU segment (“order book”) extends to 2029. As of June 30, 2022, the order book was approximately $1.0 billion. The order book represents the estimated aggregate dollar amount of revenue for future SWU and uranium deliveries under contract and includes approximately $311.0 million of Deferred Revenue and Advances from Customers. As of December 31, 2021, the order book was also approximately $1.0 billion. Most of the Company’s customer contracts provide for fixed purchases of SWU during a given year. T he Company’s order book is partially based on customers’ estimates of the timing and size of their fuel requirements and other assumptions that are subject to change. For example, depending on the terms of specific contracts, the customer may be able to increase or decrease the quantity delivered within an agreed range. T he Company’s order book estimate also is based on the Company’s estimates of selling prices, which may be subject to change. For example, depending on the terms of specific contracts, prices may be adjusted based on escalation using a general inflation index, published SWU price indicators prevailing at the time of delivery, and other factors, all of which are variable. T he Company uses external composite forecasts of future market prices and inflation rates in its pricing estimates. Technical Solutions Segment Revenue for the technical solutions segment, representing the Company’s technical, manufacturing, engineering, procurement, construction, and operations services offered to public and private sector customers, is recognized over the contractual period as services are rendered. On October 31, 2019, the Company signed a cost-share contract with the U.S. Department of Energy (“DOE”) (the “HALEU Contract”) to deploy a cascade of centrifuges to demonstrate production of high-assay, low-enriched uranium (“HALEU”) for advanced reactors. HALEU is a component of an advanced nuclear reactor fuel that is not commercially available today and may be required for a number of advanced reactor and fuel designs currently under development in both the commercial and government sectors. The program has been under way since May 31, 2019, when the Company and DOE signed a preliminary letter agreement that allowed work to begin while the full contract was being finalized. In 2019, under the HALEU Contract, DOE agreed to reimburse the Company for 80% of its costs incurred in performing the contract. The DOE has modified the contract several times to increase the total contract funding to $147.0 million as of June 30, 2022. Subsequent to June 30, 2022, additional modifications increased the total contract funding to $154.0 million. In April 2022, the DOE modified the HALEU Contract to extend the period of performance to November 30, 2022 with authorization to work through August 31, 2022. Costs under the HALEU Contract include program costs, including direct labor and materials and associated indirect costs that are classified as Cost of Sales, and an allocation of corporate costs supporting the program that are classified as Selling, General and Administrative Expenses. The impact to Cost of Sales in the six months ended June 30, 2022 and 2021 is $0.5 million and $4.6 million, respectively, for previously accrued contract losses attributable to work performed in the periods. As of June 30, 2022, a total of $19.6 million of previously accrued contract losses have been realized and the accrued contract loss balance included in Accounts Payable and Accrued Liabilities is $0. The Company has received aggregate cash payments under the HALEU Contract of $143.9 million through June 30, 2022. As previously reported, the DOE experienced a COVID -19 related supply chain delay in obtaining the HALEU storage cylinders. As a result, the DOE elected to change the scope of the existing contract and move the operational portion of the demonstration to a new, competitively-awarded contract. The Company does not currently have a contractual obligation to perform work in excess of the funding provided by DOE. If the DOE does not commit to additional costs above the existing funding, the Company may incur material additional costs or losses in future periods that could have an adverse impact on its financial condition and liquidity. On June 28, 2022, the DOE released a request for proposals (“RFP”) for the completion and operation of the demonstration cascade. The RFP provides for a 50/50 cost share contract for the initial phase to complete the cascade and produce 20 Kg of HALEU. Once 20 Kg of HALEU has been produced, the base contract will transition to a cost-plus-incentive-fee contract for production of 900 Kg over the subsequent 1-year period.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2022
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 Sheets to amounts on the Consolidated Statement of Cash Flows (in millions): June 30, 2022 December 31, 2021 Cash and cash equivalents $ 115.6 $ 193.8 Deposits for financial assurance - current (a) 0.2 0.2 Deposits for financial assurance - noncurrent 21.1 2.8 Total cash, cash equivalents and restricted cash $ 136.9 $ 196.8 (a) Deposits for financial assurance - current is included within Other Current Assets in the Consolidated Balance Sheets. The following table provides additional detail regarding the Company’s deposits for financial assurance (in millions): June 30, 2022 December 31, 2021 Current Long-Term Current Long-Term Collateral for Inventory Loans $ — $ 18.6 $ — $ — Workers Compensation — 2.4 — 2.6 Other 0.2 0.1 0.2 0.2 Total deposits for financial assurance $ 0.2 $ 21.1 $ 0.2 $ 2.8 The Company has provided financial assurance to states in which it was previously self-insured for workers’ compensation in accordance with each state’s requirements in the form of a surety bond or deposit that is fully cash collateralized by Centrus. Each surety bond or deposit is subject to reduction and/or cancellation, as each state determines the likely reduction of workers’ compensation obligations pertaining to the period of self-insurance. In March and May 2022, the Company entered into two inventory loans which required a cash deposit into an escrow fund. See Note 4 , Inventories.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2022
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 and suppliers. Fabricators process LEU into fuel for use in nuclear reactors. Components of inventories are as follows (in millions): June 30, 2022 December 31, 2021 Current Current Inventories, Net Current Current Inventories, Net Separative work units $ 11.7 $ — $ 11.7 $ 8.8 $ — $ 8.8 Uranium 109.4 0.3 109.1 82.3 8.4 73.9 Total $ 121.1 $ 0.3 $ 120.8 $ 91.1 $ 8.4 $ 82.7 (a) Inventories owed to customers and suppliers include SWU and uranium owed to fabricators. Inventories are valued at the lower of cost or net realizable value. There were no valuation adjustments in the three and six months ended June 30, 2022 and 2021. The Company may also borrow SWU or uranium from customers or suppliers, in which case the Company will record the SWU and/or uranium and the related liability for the borrowing using a projected and forecasted purchase price over the borrowing period. In March and May 2022, the Company borrowed SWU which was recorded to inventory at a value of $9.4 million and $8.5 million, respectively. The inventory value was calculated based on the anticipated sourcing of inventory for repayment at the date of acquisition. In June 2022, the Company performed a revaluation of the Long-term Inventory Loans

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	INTANGIBLE ASSETS Intangible assets originated from the Company’s reorganization and application of fresh start accounting as of the date the Company emerged from bankruptcy, September 30, 2014, and reflect the conditions at that time. The intangible asset related to the Company’s sales order book is amortized as the order book, existing at emergence, is reduced, principally as a result of deliveries to customers. The intangible asset related to customer relationships is amortized using the straight-line method over the estimated average useful life of 15 years. Amortization expense is presented below gross profit on the Consolidated Statements of Operations and Comprehensive Income. Intangible asset balances are as follows (in millions): June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Sales order book $ 54.6 $ 38.3 $ 16.3 $ 54.6 $ 35.5 $ 19.1 Customer relationships 68.9 35.6 33.3 68.9 33.3 35.6 Total $ 123.5 $ 73.9 $ 49.6 $ 123.5 $ 68.8 $ 54.7

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	DEBT A summary of debt is as follows (in millions): June 30, 2022 December 31, 2021 Maturity Current Long-Term Current Long-Term 8.25% Notes: Feb. 2027 Principal $ — $ 74.3 $ — $ 74.3 Interest 6.1 24.5 6.1 27.5 Total $ 6.1 $ 98.8 $ 6.1 $ 101.8 Interest on the Company’s 8.25% notes (the “8.25% Notes”) maturing in February 2027 is payable semi-annually in arrears as of February 28 and August 31 based on a 360-day year consisting of twelve 30-day months. The 8.25% Notes were issued in connection with a troubled debt restructuring, therefore, all future interest payment obligations on the 8.25% Notes are included in the carrying value of the 8.25% Notes. As a result, interest payments are reported as a reduction in the carrying value of the 8.25% Notes and not as interest expense. As of June 30, 2022, and December 31, 2021, $6.1 million of interest was recorded as current and classified as Current Debt in the Consolidated Balance Sheets. Additional terms and conditions of the 8.25% Notes are described in Note 8 , Debt

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
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 i nclude investments with quoted prices in active markets that the Company has the ability to liquidate as of the reporting date. • Level 2 assets include investments in U.S. government agency securities, corporate and municipal debt whose estimates are valued based on observable inputs, other than quoted prices. • Level 3 assets include investments with unobservable inputs, such as third-party valuations, due to little or no market activity. Financial Instruments Recorded at Fair Value (in millions): June 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 115.6 $ — $ — $ 115.6 $ 193.8 $ — $ — $ 193.8 Deferred compensation asset (a) 2.4 — — 2.4 3.2 — — 3.2 Liabilities: Deferred compensation obligation (a) $ 2.4 $ — $ — $ 2.4 $ 3.2 $ — $ — $ 3.2 (a) The deferred compensation obligation represents the balance of deferred compensation plus net investment earnings. The deferred compensation plan is funded through a rabbi trust. Trust funds are invested in mutual funds for which unit prices are quoted in active markets and are classified within Level 1 of the valuation hierarchy. There were no transfers between Level 1, 2 or 3 during the periods presented. Other Financial Instruments As of June 30, 2022, and December 31, 2021, the Consolidated Balance Sheets 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 were as follows (in millions): June 30, 2022 December 31, 2021 Carrying Value Estimated Fair Value (a) Carrying Value Estimated Fair Value (a) 8.25% Notes $ 104.9 (b) $ 71.2 $ 107.9 (b) $ 74.3 (a) Based on recent trading prices and bid/ask quotes as of or near the balance sheet date, which are considered Level 2 inputs based on the frequency of trading. (b) The carrying value of the 8.25% Notes consists of the principal balance of $74.3 million and the sum of current and noncurrent interest payment obligations until maturity. Refer to Note 6 , Debt

Pension and Postretirement Heal

Pension and Postretirement Health and Life Benefits	6 Months Ended
	Jun. 30, 2022
Retirement Benefits, Description [Abstract]
Pension and Postretirement Health and Life Benefits	PENSION AND POSTRETIREMENT HEALTH AND LIFE BENEFITS The components of net periodic benefit (credits) for the defined benefit pension plans were as follows (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Service costs $ 0.6 $ 0.7 $ 1.3 $ 1.5 Interest costs 4.8 4.5 9.6 9.0 Amortization of prior service costs (credits), net (0.1) — (0.1) (0.1) Expected return on plan assets (gains) (8.9) (9.6) (17.8) (19.2) Net periodic benefit (credits) $ (3.6) $ (4.4) $ (7.0) $ (8.8) The components of net periodic benefit costs for the postretirement health and life benefit plans were as follows (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Interest costs $ 0.9 $ 0.8 $ 1.8 $ 1.7 Amortization of prior service costs (credits), net (0.1) — (0.1) — Net periodic benefit costs $ 0.8 $ 0.8 $ 1.7 $ 1.7 The Company reports service costs for its defined benefit pension plans and its postretirement health and life benefit plans in Cost of Sales and Selling, General and Administrative Expenses . The remaining components of net periodic benefit (credits) costs are reported as Nonoperating Components of Net Periodic Benefit Expense (Income).

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	NET INCOME PER SHARE Basic net income per 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 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 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. Refer to Note 10, Stockholders’ Equit y. The aggregate valuation of approximately $7.5 million, less accrued but unpaid dividends attributable to the acquired and retired shares of Preferred Stock, was considered for purposes of Net Income per Share for the six months ended June 30, 2021, to be a deemed dividend in the aggregate amount equal to the amount by which it exceeded the carrying value of the Preferred Stock on the Balance Sheet of $6.6 million. The weighted average number of common and common equivalent shares used in the calculation of basic and diluted income per share are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator (in millions): Net income $ 37.4 $ 11.6 $ 37.0 $ 16.7 Less: Preferred stock dividends - undeclared and cumulative — 0.7 — 1.4 Less: Distributed earnings allocable to retired preferred shares — — — 6.6 Net income allocable to common stockholders $ 37.4 $ 10.9 $ 37.0 $ 8.7 Denominator (in thousands): Average common shares outstanding - basic 14,587 13,443 14,567 13,132 Potentially dilutive shares related to stock options, restricted stock units, and warrant (a) 289 300 336 320 Average common shares outstanding - diluted 14,876 13,743 14,903 13,452 Net income per share (in dollars): Basic $ 2.56 $ 0.81 $ 2.54 $ 0.66 Diluted $ 2.51 $ 0.79 $ 2.48 $ 0.65 (a) Common stock equivalents excluded from the diluted calculation because they would have been antidilutive (in thousands) 4 — — —

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	STOCKHOLDERS’ EQUITY Voting and Exchange Agreement On February 2, 2021, the Company entered into an amendment (the “Voting Agreement Amendment”) to its existing Voting and Nomination Agreement with Mr. Morris Bawabeh, Kulayba LLC and M&D Bawabeh Foundation, Inc. (collectively, the “MB Group”) and an Exchange Agreement (as described below) whereby the MB Group agreed to support management’s recommendation on certain matters at the Company’s 2021 annual meeting of stockholders (the “Annual Meeting”) and Kulayba LLC agreed to exchange shares of the Company’s Preferred Stock for shares of the Company’s Class A Common Stock and a warrant to acquire additional shares of Class A Common Stock. The Company and Kulayba LLC also entered into an Exchange Agreement, dated February 2, 2021 (the “Exchange Agreement”), pursuant to which Kulayba LLC agreed to exchange (the “Exchange”) 3,873 shares of Preferred Stock, representing a $5,000,198 liquidation preference (including accrued and unpaid dividends), for (i) 231,276 shares of Class A Common Stock priced at the closing market price of $21.62 on the date of the Exchange Agreement and (ii) a Centrus Energy Corp. Warrant to Purchase Class A Common Stock (the “Warrant”), exercisable for 250,000 shares of Class A Common Stock at an exercise price of $21.62 per share, which was the closing market price on the date of the Exchange Agreement, subject to certain customary adjustments pursuant to the terms of the Warrant. The Warrant is exercisable by Kulayba LLC, unless terminated as provided in the Warrant, or the first to occur: (a) the second anniversary of the closing date of the Exchange or (b) the last business day immediately prior to the consummation of a Fundamental Transaction (as defined in the Warrant) which results in the stockholders of the Company immediately prior to such Fundamental Transaction owning less than 50% of the voting equity of the surviving entity immediately after the consummation of the Fundamental Transaction. The Company retired the 3,873 shares of Preferred Stock received by the Company under the Exchange Agreement. Awards under Executive Incentive Plan Notional stock units are a component of the 2019 Executive Incentive Plan for participating executives for the three-year period ending December 31, 2021. The plan payouts were settled in Class A Common Stock in April 2021 and March 2022. In April 2020, notional stock units and stock appreciation rights were granted to participating executives with a vesting period ending in April 2023. Prior to 2022, these awards were determined to be likely settled in cash, and thus compensation cost for the notional stock units and stock appreciation rights were re-measured each reporting period based on the trading price of the Company’s Class A Common Stock and the cumulative vested costs were accrued in Accounts Payable and Accrued Liabilities or Other Long-Term Liabilities . A portion of the April 2021 interim payment related to the 2019 grants referenced above was paid in shares of the Company’s Class A Common Stock at the discretion of the Board of Directors. The related obligation of $7.5 million was reclassified from Accounts Payable and Accrued Liabilities to Excess of Capital over Par Value in the first quarter of 2021 based on the market share price at the time of the Board’s decision. In the second quarter of 2021, the Company withheld $2.4 million of shares to fund the grantees’ tax withholding obligations relating to the April 2021 interim payment. In September 2021, notional stock units and stock appreciation rights were granted to participating executives with a vesting period ending in April 2024. The September 2021 awards are payable in shares of the Company’s Class A Common Stock and the grant-date value is included in Excess of Capital Over Par Value as amortized over the vesting period. In February 2022, the Compensation, Nominating and Governance Committee of the Board of Directors determined that remaining notional stock units granted in 2019 and 2020 would be paid in shares of the Company’s Class A Common Stock. The related obligation of $10.6 million was reclassified from Accounts Payable and Accrued Liabilities to Excess of Capital over Par Value in the first quarter of 2022 based on the market share price at the time of the Board’s decision. In the first quarter of 2022, the Company withheld $1.9 million of shares that vested during the period for the purpose of funding the grantees’ tax withholding obligations under the terms of the stock-based compensation plan. In March 2022, restricted stock was granted to participating executives with a vesting period ending in March 2025. The March 2022 awards are payable in shares of the Company’s Class A Common Stock and the grant-date value is included in Excess of Capital Over Par Value as amortized over the vesting period.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments under SWU Purchase Agreements TENEX The Russian government-owned entity TENEX, Joint-Stock Company (“TENEX”), is a major supplier of SWU to the Company. 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 is subject to quotas and other restrictions applicable to commercial Russian LEU. Further, the ability of the Company or TENEX to perform under the TENEX Supply Contract is vulnerable to (i) sanctions or restrictions that might be imposed by Russia, the United States, or other countries, as a result of the war in Ukraine, or otherwise, (ii) customers and other parties who may object to receiving or handling Russian LEU or SWU, or (iii) suppliers and service providers seeking to limit their involvement with business related to Russia. The TENEX Supply Contract originally was signed with commitments through 2022, but was modified in 2015 to give the Company the right to reschedule certain quantities of SWU of the original commitments into the period 2023 and beyond, in return for the purchase of additional SWU in those years. The Company has exercised this right to reschedule in each year through December 31, 2021, and expects to do so in 2022. If the Company exercises this right to reschedule in full during the remaining years of the contract, 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 for the long-term supply to the Company of SWU contained in LEU. The Orano Supply Agreement subsequently was assigned by Orano Cycle to its affiliate, Orano CE (“Orano”). Under the amended Orano Supply Agreement, the supply of SWU currently runs through 2029, and the Company has an option to extend through 2030. The Orano Supply Agreement provides significant flexibility to adjust purchase volumes, subject to annual minimums and maximums in fixed amounts that vary year by year. The pricing for the SWU purchased by the Company is determined by a formula that uses a combination of market-related price points and other factors and is subject to certain floors and ceilings. 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 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 Gaseous Diffusion Plant (“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 May 26, 2019, the Company, Enrichment Corp., and six other DOE contractors who have operated facilities at the Portsmouth Gaseous Diffusion Plant in Piketon, Ohio ( “Portsmouth GDP”) (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 to include Price-Anderson Nuclear Industries Indemnity Act (“Price-Anderson Act”) and eight other state law claims. On May 24, 2021, the Company, Enrichment Corp., and the other defendants filed their motion to dismiss the complaint. On March 31, 2022, the court granted our motion in part by dismissing claims brought on behalf of the minor children but allowed the other claims to proceed. As such, the discovery stage of litigation is continuing. On April 28, 2022, the Company, Enrichment Corp., and the other defendants filed their answer to the fourth amended complaint. 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 June 8, 2022, the Company, Enrichment Corp., and six other DOE contractors who operated facilities at the Portsmouth GDP were named as defendants in a complaint filed by Brad Allen Lykins, as administrator of the estate of Braden Aaron Lee Lykins in the U.S. District Court in the Southern District of Ohio, Eastern Division (“Lykins Complaint”). In March 2021, Brayden Lykins, who was thirteen years old, passed away from leukemia. The complaint alleges that the defendants released radiation into the environment in violation of the Price-Anderson Act causing Lykins’ death and seeks monetary damages. The response to the Lykins Complaint is scheduled for August 30, 2022. The Company and Enrichment Corp. 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. Centrus is subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of these claims cannot be predicted with certainty, other than the above, Centrus does not believe that the outcome of any of these legal matters, individually and in the aggregate, will have a material adverse effect on its cash flows, results of operations, or consolidated financial condition.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Segment Information	SEGMENT INFORMATION Gross profit is the Company’s measure for segment reporting. There were no intersegment sales in the periods presented. Refer to Note 2 , Revenue and Contracts with Customers, for additional details on revenue for each segment. The following table presents the Company’s segment information (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Revenue LEU segment: Separative work units $ 85.5 $ 45.2 $ 98.3 $ 83.3 Uranium — — 4.9 — Total 85.5 45.2 103.2 83.3 Technical solutions segment 13.6 17.2 31.2 34.7 Total revenue $ 99.1 $ 62.4 $ 134.4 $ 118.0 Segment Gross Profit (Loss) LEU segment $ 59.4 $ 18.2 $ 62.3 $ 30.9 Technical solutions segment 1.5 (1.1) 4.9 (2.1) Gross profit $ 60.9 $ 17.1 $ 67.2 $ 28.8 Revenue from Major Customers (10% or More of Total Revenue) In the three and six months ended June 30, 2022, three customers in the LEU segment individually represented $44.9 million, $18.9 million, and $14.5 million of revenue. One customer in the technical solutions segment individually represented $12.3 million and $24.0 million of revenue in the three and six months ended June 30, 2022, respectively. In the three months ended June 30, 2021, three customers in the LEU segment individually represented $14.5 million, $11.2 million, and $10.4 million of revenue and one customer in the technical solutions segment represented $15.2 million of revenue. In the six months ended June 30, 2021, two customers in the LEU segment individually represented $28.5 million and $14.5 million of revenue and one customer in the technical solutions segment individually represented $30.8 million of revenue.

Revenue and Contracts with Cu_2

Revenue and Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Geographic Areas	The following table presents revenue from separative work units (“SWU”) and uranium sales disaggregated by geographical region based on the billing addresses of customers (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 7.3 $ 45.2 $ 19.9 $ 54.8 Foreign 78.2 — 83.3 28.5 Revenue - SWU and uranium $ 85.5 $ 45.2 $ 103.2 $ 83.3
Contract with Customer, Asset and Liability	June 30, 2022 December 31, 2021 ($ millions) Accounts receivable: Billed $ 20.6 $ 23.1 Unbilled * 3.4 6.0 Accounts receivable $ 24.0 $ 29.1 * Billings under certain contracts in the technical services segment are invoiced based on approved provisional billing rates. Unbilled revenue represents the difference between actual costs incurred and invoiced amounts. The Company expects to invoice and collect the unbilled amounts after actual rates are submitted to the customer and approved. Unbilled revenue also includes unconditional rights to payment that are not yet billable under applicable contracts pending the compilation of supporting documentation. June 30, 2022 December 31, 2021 Year-To-Date Change Accrued loss on HALEU Contract: Current - Accounts payable and accrued liabilities $ — $ 0.5 $ (0.5) Deferred revenue - current $ 249.5 $ 288.1 $ (38.6) Advances from customers - current $ 15.3 $ 15.0 $ 0.3 Advances from customers - noncurrent $ 46.2 $ 45.1 $ 1.1

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2022
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 Sheets to amounts on the Consolidated Statement of Cash Flows (in millions): June 30, 2022 December 31, 2021 Cash and cash equivalents $ 115.6 $ 193.8 Deposits for financial assurance - current (a) 0.2 0.2 Deposits for financial assurance - noncurrent 21.1 2.8 Total cash, cash equivalents and restricted cash $ 136.9 $ 196.8
Schedule of Restricted Cash and Cash Equivalents	The following table provides additional detail regarding the Company’s deposits for financial assurance (in millions): June 30, 2022 December 31, 2021 Current Long-Term Current Long-Term Collateral for Inventory Loans $ — $ 18.6 $ — $ — Workers Compensation — 2.4 — 2.6 Other 0.2 0.1 0.2 0.2 Total deposits for financial assurance $ 0.2 $ 21.1 $ 0.2 $ 2.8

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory, Net [Abstract]
Schedule of Inventories	Components of inventories are as follows (in millions): June 30, 2022 December 31, 2021 Current Current Inventories, Net Current Current Inventories, Net Separative work units $ 11.7 $ — $ 11.7 $ 8.8 $ — $ 8.8 Uranium 109.4 0.3 109.1 82.3 8.4 73.9 Total $ 121.1 $ 0.3 $ 120.8 $ 91.1 $ 8.4 $ 82.7

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Excess Reorganization Value [Table Text Block]	Intangible asset balances are as follows (in millions): June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Sales order book $ 54.6 $ 38.3 $ 16.3 $ 54.6 $ 35.5 $ 19.1 Customer relationships 68.9 35.6 33.3 68.9 33.3 35.6 Total $ 123.5 $ 73.9 $ 49.6 $ 123.5 $ 68.8 $ 54.7

Debt Schedule of Debt (Tables)

Debt Schedule of Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	A summary of debt is as follows (in millions): June 30, 2022 December 31, 2021 Maturity Current Long-Term Current Long-Term 8.25% Notes: Feb. 2027 Principal $ — $ 74.3 $ — $ 74.3 Interest 6.1 24.5 6.1 27.5 Total $ 6.1 $ 98.8 $ 6.1 $ 101.8

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Recorded at Fair Value	Financial Instruments Recorded at Fair Value (in millions): June 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 115.6 $ — $ — $ 115.6 $ 193.8 $ — $ — $ 193.8 Deferred compensation asset (a) 2.4 — — 2.4 3.2 — — 3.2 Liabilities: Deferred compensation obligation (a) $ 2.4 $ — $ — $ 2.4 $ 3.2 $ — $ — $ 3.2
Fair Value Option, Disclosures	The carrying value and estimated fair value of long-term debt were as follows (in millions): June 30, 2022 December 31, 2021 Carrying Value Estimated Fair Value (a) Carrying Value Estimated Fair Value (a) 8.25% Notes $ 104.9 (b) $ 71.2 $ 107.9 (b) $ 74.3 (a) Based on recent trading prices and bid/ask quotes as of or near the balance sheet date, which are considered Level 2 inputs based on the frequency of trading. (b) The carrying value of the 8.25% Notes consists of the principal balance of $74.3 million and the sum of current and noncurrent interest payment obligations until maturity. Refer to Note 6 , Debt

Pension and Postretirement He_2

Pension and Postretirement Health and Life Benefits (Tables)	6 Months Ended
	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Schedule of Net Benefit Costs [Table Text Block]	The components of net periodic benefit (credits) for the defined benefit pension plans were as follows (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Service costs $ 0.6 $ 0.7 $ 1.3 $ 1.5 Interest costs 4.8 4.5 9.6 9.0 Amortization of prior service costs (credits), net (0.1) — (0.1) (0.1) Expected return on plan assets (gains) (8.9) (9.6) (17.8) (19.2) Net periodic benefit (credits) $ (3.6) $ (4.4) $ (7.0) $ (8.8) The components of net periodic benefit costs for the postretirement health and life benefit plans were as follows (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Interest costs $ 0.9 $ 0.8 $ 1.8 $ 1.7 Amortization of prior service costs (credits), net (0.1) — (0.1) — Net periodic benefit costs $ 0.8 $ 0.8 $ 1.7 $ 1.7

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Net Income Per Share	The weighted average number of common and common equivalent shares used in the calculation of basic and diluted income per share are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator (in millions): Net income $ 37.4 $ 11.6 $ 37.0 $ 16.7 Less: Preferred stock dividends - undeclared and cumulative — 0.7 — 1.4 Less: Distributed earnings allocable to retired preferred shares — — — 6.6 Net income allocable to common stockholders $ 37.4 $ 10.9 $ 37.0 $ 8.7 Denominator (in thousands): Average common shares outstanding - basic 14,587 13,443 14,567 13,132 Potentially dilutive shares related to stock options, restricted stock units, and warrant (a) 289 300 336 320 Average common shares outstanding - diluted 14,876 13,743 14,903 13,452 Net income per share (in dollars): Basic $ 2.56 $ 0.81 $ 2.54 $ 0.66 Diluted $ 2.51 $ 0.79 $ 2.48 $ 0.65 (a) Common stock equivalents excluded from the diluted calculation because they would have been antidilutive (in thousands) 4 — — —

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Segment Reporting Information	The following table presents the Company’s segment information (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Revenue LEU segment: Separative work units $ 85.5 $ 45.2 $ 98.3 $ 83.3 Uranium — — 4.9 — Total 85.5 45.2 103.2 83.3 Technical solutions segment 13.6 17.2 31.2 34.7 Total revenue $ 99.1 $ 62.4 $ 134.4 $ 118.0 Segment Gross Profit (Loss) LEU segment $ 59.4 $ 18.2 $ 62.3 $ 30.9 Technical solutions segment 1.5 (1.1) 4.9 (2.1) Gross profit $ 60.9 $ 17.1 $ 67.2 $ 28.8

Revenue and Contracts with Cu_3

Revenue and Contracts with Customers (Revenue from External Customers by Geographic Areas) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 99.1	$ 62.4	$ 134.4	$ 118
Product [Member]
Revenue	85.5	45.2	103.2	83.3
Product [Member] | United States
Revenue	7.3	45.2	19.9	54.8
Product [Member] | Other Foreign
Revenue	$ 78.2	$ 0	$ 83.3	$ 28.5

Revenue and Contracts with Cu_4

Revenue and Contracts with Customers (Contract with Customer Asset and Liability) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Provision for Loss on Contract Change	$ (0.5)
Deferred revenue	249.5	$ 288.1
Deferred revenue – change	(38.6)
Contract With Customer, Advances, Liability, Current	15.3	15
Advances from customers, current	0.3
Deferred Revenue, Noncurrent	46.2	45.1
Advances from customers, noncurrent - change	1.1
Government [Member]
Provision for Loss on Contracts	$ 0	$ 0.5

Revenue and Contracts with Cu_5

Revenue and Contracts with Customers Revenue and Contracts with Customers (Schedule of Accounts Receivable) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Billed accounts receivable	$ 20.6	$ 23.1
Unbilled contract revenue	3.4	6
Accounts receivable, net	$ 24	$ 29.1

Revenue and Contracts with Cu_6

Revenue and Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	6 Months Ended		42 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Government cost share, percentage	80%		80%
Provision for Loss on Contracts Utilized	$ (0.5)	$ (4.7)
Deferred revenue, revenue recognized	59.7	28.5
Revenue, remaining performance obligation, amount	1,000		$ 1,000
Deferred Revenue and Advances from Customers - Current and Noncurrent	311		311
Government [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for Loss on Contracts Utilized	0.5	$ 4.6	19.6
Provision for Loss on Contracts	0		0	$ 0.5
Proceeds from Customers			143.9
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Government cost share portion	$ 147		$ 147

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 115.6	$ 193.8
Restricted cash included in other current assets	0.2	0.2
Restricted cash included in other long-term assets	21.1	2.8
Total cash, cash equivalents and restricted cash	$ 136.9	$ 196.8	$ 181.9	$ 157.9

Cash, Cash Equivalents and Re_4

Cash, Cash Equivalents and Restricted Cash (Schedule of Restricted Cash) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
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	21.1	2.8
Collateral for Inventory Loan [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in other current assets	0	0
Restricted cash included in other long-term assets	18.6	0
Workers compensation financial assurance [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in other current assets	0	0
Restricted cash included in other long-term assets	2.4	2.6
Other financial assurance [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in other current assets	0.2	0.2
Restricted cash included in other long-term assets	$ 0.1	$ 0.2

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Separative work units inventory	$ 11.7	$ 8.8
Uranium inventory	109.4	82.3
Inventories	121.1	91.1
Separative work units owed to customers and suppliers	0	0
Uranium owed to customers and suppliers	0.3	8.4
Inventories owed to customers and suppliers	0.3	8.4
Separative work units net of liability	11.7	8.8
Uranium inventory net of liability	109.1	73.9
Inventories, net	$ 120.8	$ 82.7

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
	May 31, 2022	Mar. 31, 2022	Jun. 30, 2022
Inventory, Net [Abstract]
Separative work units borrowed in period, value	$ 8.5	$ 9.4	$ 5.5

Schedule of Intangible Assets (

Schedule of Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	$ 123.5	$ 123.5
Accumulated intangible asset amortization	(73.9)	(68.8)
Amortizable intangible assets, net	$ 49.6	54.7
Average useful life of finite-lived intangible assets	15 years
Contract-Based Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	$ 54.6	54.6
Accumulated intangible asset amortization	(38.3)	(35.5)
Amortizable intangible assets, net	16.3	19.1
Customer-Related Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	68.9	68.9
Accumulated intangible asset amortization	(35.6)	(33.3)
Amortizable intangible assets, net	$ 33.3	$ 35.6

Schedule of Debt (Details)

Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 98.8	$ 101.8
Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt, face amount	74.3	74.3
Long-term debt, interest	24.5	27.5
Long-term debt, current	6.1	6.1
Long-term debt	$ 98.8	$ 101.8

Debt (Narrative) (Details)

Debt (Narrative) (Details) - Senior Notes [Member] - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt instrument interest rate	8.25%
Long-term debt, current	$ 6.1	$ 6.1

Fair Value Measurements (Financ

Fair Value Measurements (Financial Instruments Recorded at Fair Value) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 115.6	$ 193.8
Deferred compensation asset	2.4	3.2
Deferred compensation obligation	2.4	3.2
Fair Value, Inputs, Level 1 [Member]
Deferred compensation asset	2.4	3.2
Deferred compensation obligation	2.4	3.2
Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents	0	0
Deferred compensation asset	0	0
Deferred compensation obligation	0	0
Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	0	0
Deferred compensation asset	0	0
Deferred compensation obligation	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - Senior Notes [Member] - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, long-term and short-term, combined carrying value	$ 104.9	$ 107.9
Long-term debt, fair value	71.2	74.3
Long-term debt, face amount	$ 74.3	$ 74.3
Debt Instrument, Interest Rate, Stated Percentage	8.25%

Pension and Postretirement He_3

Pension and Postretirement Health and Life Benefits (Schedule of Net Benefit Costs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Pension Plan, Defined Benefit [Member]
Service costs	$ 0.6	$ 0.7	$ 1.3	$ 1.5
Interest costs	4.8	4.5	9.6	9
Amortization of prior service costs (credits), net	(0.1)	0	(0.1)	(0.1)
Expected return on plan assets (gains)	(8.9)	(9.6)	(17.8)	(19.2)
Net periodic benefit cost (credit)	(3.6)	(4.4)	(7)	(8.8)
Postretirement Health and Life Benefits Plans [Member]
Interest costs	0.9	0.8	1.8	1.7
Amortization of prior service costs (credits), net	(0.1)	0	(0.1)	0
Net periodic benefit cost (credit)	$ 0.8	$ 0.8	$ 1.7	$ 1.7

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended			6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Preferred Stock, Par Value Per Share		$ 1			$ 1
Exercise price of warrant			$ 21.62			$ 21.62
Exchange of preferred stock for common stock and common stock warrant				$ (0.1)
Other Preferred Stock Dividends and Adjustments		$ 0	$ 0		$ 0	$ 6.6
Common Stock [Member]
Debt Instrument [Line Items]
Conversion of Stock, Shares Converted	231,276
Preferred Stock [Member]
Debt Instrument [Line Items]
Conversion of Stock, Shares Converted	3,873
Warrant [Member]
Debt Instrument [Line Items]
Conversion of Stock, Shares Converted	250,000
Exchange of preferred stock for common stock and common stock warrant						$ 7.5

Net Income Per Share (Schedule

Net Income Per Share (Schedule of Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 37.4	$ (0.4)	$ 11.6	$ 5.1	$ 37	$ 16.7
Preferred stock dividends, undeclared and cumulative	0		0.7		0	1.4
Distributed earnings allocable to retired preferred shares	0		0		0	6.6
Net income (loss) allocable to common stockholders	$ 37.4		$ 10.9		$ 37	$ 8.7
Average number of shares outstanding, basic	14,587		13,443		14,567	13,132
Potentially dilutive shares related to stock options	289		300		336	320
Average number of shares outstanding, diluted	14,876		13,743		14,903	13,452
Net income (loss) per common share - basic	$ 2.56		$ 0.81		$ 2.54	$ 0.66
Net income (loss) per common share - diluted	$ 2.51		$ 0.79		$ 2.48	$ 0.65
Antidilutive securities excluded from computation of earnings per share	4		0		0	0

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($)		3 Months Ended			6 Months Ended
	Feb. 02, 2021	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Preferred Stock Retired, Liquidation Preference			$ 5,000,198
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 21.62		$ 21.62
Exchange of preferred stock for common stock and common stock warrant				$ (100,000)
Shares Granted, Value, Share-based Payment Arrangement, Forfeited			$ (2,400,000)
Reclassification of stock-based compensation liability to equity		$ 10,600,000		7,500,000
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation		(1,900,000)
Awards Under Executive Incentive Plan Period						3 years
Preferred Stock [Member]
Class of Stock [Line Items]
Conversion of Stock, Shares Converted	3,873
Common Stock [Member]
Class of Stock [Line Items]
Conversion of Stock, Shares Converted	231,276
Warrant [Member]
Class of Stock [Line Items]
Conversion of Stock, Shares Converted	250,000
Exchange of preferred stock for common stock and common stock warrant					$ 7,500,000
Excess of Capital over Par Value [Member]
Class of Stock [Line Items]
Shares Granted, Value, Share-based Payment Arrangement, Forfeited			$ (2,400,000)
Reclassification of stock-based compensation liability to equity		10,600,000		$ 7,500,000
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation		$ (1,900,000)

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Possible Loss Not Accrued	$ 9.6

Segment Information (Segment Re

Segment Information (Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 99.1	$ 62.4	$ 134.4	$ 118
Gross Profit	60.9	17.1	67.2	28.8
Low Enriched Uranium Segment [Member]
Segment Reporting Information [Line Items]
Gross Profit	59.4	18.2	62.3	30.9
Technical Solutions Segment [Member]
Segment Reporting Information [Line Items]
Gross Profit	1.5	(1.1)	4.9	(2.1)
Product [Member]
Segment Reporting Information [Line Items]
Revenue	85.5	45.2	103.2	83.3
Separative Work Units [Member]
Segment Reporting Information [Line Items]
Revenue	85.5	45.2	98.3	83.3
Uranium [Member]
Segment Reporting Information [Line Items]
Revenue	0	0	4.9	0
Service [Member]
Segment Reporting Information [Line Items]
Revenue	$ 13.6	$ 17.2	$ 31.2	$ 34.7

Segment Information Schedule Of

Segment Information Schedule Of Entity Wide Revenue By Major Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Customer A [Member] | Low Enriched Uranium Segment [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 14.5	$ 10.4	$ 14.5	$ 28.5
Customer A [Member] | Technical Solutions Segment [Member]
Revenue, Major Customer [Line Items]
Revenue	12.3	15.2	24	30.8
Customer B [Member] | Low Enriched Uranium Segment [Member]
Revenue, Major Customer [Line Items]
Revenue	18.9	11.2	18.9	$ 14.5
Customer C [Member] | Low Enriched Uranium Segment [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 44.9	$ 14.5	$ 44.9