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Inventories

12 Months Ended

Dec. 31, 2011

3. INVENTORIES


	December 31,
	2011			2010
	(millions)
Current assets:
Separative work units	$	1,048.6		$	947.4
Uranium		690.0			562.5
Materials and supplies		13.4			12.6
		1,752.0			1,522.5
Current liabilities:
Inventories owed to customers and suppliers		(870.1	)		(715.8	)
Inventories, net	$	881.9		$	806.7

In addition, USEC held uranium with estimated fair values of approximately $2.9 billion at December 31, 2011 and $3.3 billion at December 31, 2010, to which title was held by customers and suppliers and for which no assets or liabilities were recorded on the balance sheet. The decrease reflects a 17% decline in the uranium spot price indicator partially offset by a 6% increase in quantities. Utility customers provide uranium to USEC as part of their enrichment contracts. Title to uranium provided by customers generally remains with the customer until delivery of LEU at which time title to LEU is transferred to the customer, and title to uranium is transferred to USEC.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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