Company: LEU
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001065059-25-000024
Chunk: 50

Company: CENTRUS ENERGY CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 50
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 for the borrowing using projected and forecasted purchase price over the borrowing period. In the first quarter of 2025, the Company repaid two SWU inventory loans borrowed from a customer valued at $26.5 million by utilizing an advance of SWU from the fabricator under an existing optimization agreement.

The Company performs quarterly revaluations of Long-Term Inventory Loans reflecting an updated projection of the timing and sources of inventory to be used for repayment. These revaluations were recorded to Cost of Sales and resulted in an increase to the related liability of $2.1 million and $0.3 million, for the three months ended March 31, 2025 and 2024, respectively. 

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5.  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 LEU segment backlog is amortized as the backlog, existing at emergence, is reduced, 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):March 31, 2025December 31, 2024Gross Carrying AmountAccumulated AmortizationNet AmountGross Carrying AmountAccumulated AmortizationNet AmountBacklog$54.6 $46.8 $7.8 $54.6 $46.8 $7.8 Customer relationships68.9 48.2 20.7 68.9 47.1 21.8 Total$123.5 $95.0 $28.5 $123.5 $93.9 $29.6 

6.  DEBT

A summary of debt is as follows (in millions):March 31, 2025December 31, 2024MaturityCurrentLong-TermCurrentLong-Term8.25% Notes:Feb. 2027Principal$— $— $— $74.3 Interest— — 6.1 9.2 2.25% Convertible Notes:Nov. 2030Principal—