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v3.25.2

Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | SEGMENT REPORTING As described in Note 1, our operations are assessed based on two reportable segments. An analysis of our operations by reportable segment is as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In thousands)
REVENUES: |  |  |  |  |  |  |  |
Government Operations |  | $ | 588,959 |  |  | $ | 540,846 |  |  | $ | 1,144,246 |  |  | $ | 1,027,967 |
Commercial Operations |  | 176,139 |  |  | 141,491 |  |  | 304,449 |  |  | 258,529 |
Eliminations |  | (1,059) |  |  | (872) |  |  | (2,398) |  |  | (1,065) |
|  | $ | 764,039 |  |  | $ | 681,465 |  |  | $ | 1,446,297 |  |  | $ | 1,285,431 |
SEGMENT EXPENSES: |  |  |  |  |  |  |  |
Government Operations |  |  |  |  |  |  |  |
Research and Development Costs |  | $ | 1,924 |  |  | $ | 1,156 |  |  | $ | 3,375 |  |  | $ | 2,603 |
(Gains) Losses on Asset Disposals and Impairments, Net |  | — |  |  | (2) |  |  | (4,431) |  |  | $ | (2) |
Other Segment Expenses (1) |  | 495,979 |  |  | 458,756 |  |  | 973,088 |  |  | $ | 871,947 |
|  | 497,903 |  |  | 459,910 |  |  | $ | 972,032 |  |  | $ | 874,548 |
Commercial Operations |  |  |  |  |  |  |  |
Research and Development Costs |  | 2,641 |  |  | 115 |  |  | 3,203 |  |  | $ | 158 |
(Gains) Losses on Asset Disposals and Impairments, Net |  | 13 |  |  | (2) |  |  | 13 |  |  | $ | (2) |
Other Segment Expenses (1) |  | 166,792 |  |  | 124,749 |  |  | 288,074 |  |  | $ | 233,154 |
|  | 169,446 |  |  | 124,862 |  |  | 291,290 |  |  | $ | 233,310 |
Total Segment Expenses |  | $ | 667,349 |  |  | $ | 584,772 |  |  | $ | 1,263,322 |  |  | $ | 1,107,858 |
OPERATING INCOME |  |  |  |  |  |  |  |
Government Operations |  | $ | 109,417 |  |  | $ | 92,520 |  |  | $ | 207,163 |  |  | $ | 178,206 |
Commercial Operations |  | 6,877 |  |  | 16,628 |  |  | 13,342 |  |  | 25,219 |
|  | 116,294 |  |  | 109,148 |  |  | $ | 220,505 |  |  | $ | 203,425 |
Unallocated Corporate (2) |  | (13,870) |  |  | (10,342) |  |  | (21,451) |  |  | (11,658) |
Total Operating Income (3) |  | $ | 102,424 |  |  | $ | 98,806 |  |  | $ | 199,054 |  |  | $ | 191,767 |
Other Income (Expense) |  | (4,665) |  |  | (7,177) |  |  | (9,478) |  |  | (11,761) |
Income before Provision for Income Taxes |  | $ | 97,759 |  |  | $ | 91,629 |  |  | $ | 189,576 |  |  | $ | 180,006 |
(1)Other segment expenses include the total cost of operations and selling, general, and administrative expenses. (2)Unallocated Corporate includes general corporate overhead not allocated to segments in addition to losses on asset disposals and impairments, net. (3)The following amounts are included in Operating Income:
Equity in Income of Investees: |  |  |  |  |  |  |  |
Government Operations |  | $ | 18,362 |  |  | $ | 11,584 |  |  | $ | 34,950 |  |  | $ | 24,787 |
Commercial Operations |  | 183 |  |  | — |  |  | 183 |  |  | — |
|  | $ | 18,545 |  |  | $ | 11,584 |  |  | $ | 35,133 |  |  | $ | 24,787 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In thousands) |  | (In thousands)
CAPITAL EXPENDITURES: |  |  |  |  |  |  |  |
Government Operations |  | $ | 15,770 |  |  | $ | 14,378 |  |  | $ | 34,270 |  |  | $ | 30,584 |
Commercial Operations |  | 16,701 |  |  | 13,555 |  |  | $ | 29,910 |  |  | $ | 29,080 |
Segment Capital Expenditures |  | $ | 32,471 |  |  | $ | 27,933 |  |  | $ | 64,180 |  |  | $ | 59,664 |
Corporate Capital Expenditures |  | 258 |  |  | (173) |  |  | $ | 1,918 |  |  | $ | 1,162 |
Total Capital Expenditures |  | $ | 32,729 |  |  | $ | 27,760 |  |  | $ | 66,098 |  |  | $ | 60,826 |
DEPRECIATION AND AMORTIZATION: |  |  |  |  |  |  |  |
Government Operations |  | $ | 19,222 |  |  | $ | 15,430 |  |  | $ | 37,318 |  |  | $ | 29,664 |
Commercial Operations |  | 6,243 |  |  | 4,397 |  |  | $ | 10,262 |  |  | $ | 8,841 |
Segment Depreciation and Amortization |  | $ | 25,465 |  |  | $ | 19,827 |  |  | $ | 47,580 |  |  | $ | 38,505 |
Corporate Depreciation and Amortization |  | 1,794 |  |  | 1,781 |  |  | $ | 3,591 |  |  | $ | 3,655 |
Total Depreciation and Amortization |  | $ | 27,259 |  |  | $ | 21,608 |  |  | $ | 51,171 |  |  | $ | 42,160 |
Information about our Product and Service Lines:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In thousands) |  | (In thousands)
REVENUES: |  |  |  |  |  |  |  |
Government Operations: |  |  |  |  |  |  |  |
Nuclear Components and Fuel |  | $ | 428,552 |  |  | $ | 422,023 |  |  | $ | 869,631 |  |  | $ | 796,278 |
Uranium Processing and Nuclear Services |  | 121,690 |  |  | 67,215 |  |  | $ | 204,855 |  |  | $ | 133,628 |
Advanced Reactor Design and Engineering |  | 38,717 |  |  | 51,608 |  |  | $ | 69,760 |  |  | $ | 98,061 |
|  | $ | 588,959 |  |  | $ | 540,846 |  |  | $ | 1,144,246 |  |  | $ | 1,027,967 |
Commercial Operations: |  |  |  |  |  |  |  |
Nuclear Manufacturing |  | $ | 104,775 |  |  | $ | 70,591 |  |  | $ | 190,985 |  |  | $ | 131,529 |
Nuclear Services and Engineering |  | 71,364 |  |  | 70,900 |  |  | $ | 113,464 |  |  | $ | 127,000 |
|  | $ | 176,139 |  |  | $ | 141,491 |  |  | $ | 304,449 |  |  | $ | 258,529 |
Eliminations |  | (1,059) |  |  | (872) |  |  | (2,398) |  |  | (1,065) |
|  | $ | 764,039 |  |  | $ | 681,465 |  |  | $ | 1,446,297 |  |  | $ | 1,285,431 |
Information about our Consolidated Operations in Different Geographic Areas:
|  | June 30, 2025 |  | December 31, 2024
|  | (In thousands)
NET PROPERTY, PLANT AND EQUIPMENT: |  |  |  |
United States |  | $ | 835,486 |  |  | $ | 813,352 |
Canada |  | 690,443 |  |  | 462,593 |
All Other Countries |  | 11,842 |  |  | 2,216 |
|  | $ | 1,537,771 |  |  | $ | 1,278,161 |
See Note 3 for revenues by geographic area for each of our segments. Information about our Major Customers: In the three months ended June 30, 2025 and 2024, sales to the U.S. Government accounted for approximately 86% and 93% of our Government Operations segment revenues, respectively. In the six months ended June 30, 2025 and 2024, sales to the U.S. Government accounted for approximately 89% and 93% of our Government Operations segment revenues, respectively. In the three months ended June 30, 2025 and 2024, sales to large utility customers accounted for approximately 60% and 75% of our Commercial Operations segment revenues, respectively. In the six months ended June 30, 2025 and 2024, sales to large utility customers accounted for approximately 66% and 76% of our Commercial Operations segment revenues, respectively. Evaluation of segment performance: Our Chief Operating Decision Maker ("CODM") measures the performance of each segment based on several metrics, including revenue and operating income and uses these results, in part, to evaluate the performance of and to allocate resources to each segment. Our CODM does not use assets by segment to evaluate segment performance or allocate resources. Consequently, we do not disclose assets by segment.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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