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Sale of NAC Subsidiary
12 Months Ended
Dec. 31, 2013
Discontinued Operation, Additional Disclosures [Abstract]  
Sale of NAC Subsidiary
SALE OF NAC SUBSIDIARY

On January 23, 2013, USEC entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Hitz Holdings U.S.A. Inc. (“Hitz”), a subsidiary of Hitachi Zosen Corporation. Pursuant to the Stock Purchase Agreement, on March 15, 2013, Hitz acquired all of the outstanding shares of USEC’s wholly-owned subsidiary NAC International, Inc. (“NAC”).  NAC was acquired by USEC in 2004 and provides transportation and storage systems for spent nuclear fuel and provides nuclear and energy consulting services. USEC recorded a gain on the sale of $35.6 million in the first quarter of 2013, representing the final sale proceeds of $43.2 million less the net carrying amount of NAC assets and liabilities of $5.5 million (including goodwill of $6.8 million) and transaction costs of $2.1 million.

The following financial information related to NAC is segregated from continuing operations and reported as discontinued operations (in millions). Results for 2013 reported in discontinued operations are through the date of divestiture of March 15, 2013.
 
Years Ended December 31,
 
2013
 
2012
 
2011
Revenue
$
13.7

 
$
56.0

 
$
71.0

Cost of sales
11.8

 
47.4

 
62.2

Gross profit
1.9

 
8.6

 
8.8

Advanced technology costs

 
0.8

 
1.6

Selling, general and administrative
1.8

 
5.8

 
5.7

Operating income
0.1

 
2.0

 
1.5

Gain on sale of subsidiary
35.6

 

 

Income before income taxes
35.7

 
2.0

 
1.5

Provision for income taxes
11.0

 
0.8

 
0.8

Net income from discontinued operations
$
24.7

 
$
1.2

 
$
0.7