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Pension and Postretirement Health and Life Benefits | 9 Months Ended
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Sep. 30, 2015
General Discussion of Pension and Other Postretirement Benefits [Abstract] |
Pension and Postretirement Health and Life Benefits | PENSION AND POSTRETIREMENT HEALTH AND LIFE BENEFITS The components of net periodic benefit cost (credit) for the pension plans were as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| Successor |  |  | Predecessor |  | Successor |  |  | Predecessor
| 2015 |  |  | 2014 |  | 2015 |  |  | 2014
Service costs | $ | 1.1 |  |  |  | $ | 0.6 |  |  | $ | 3.1 |  |  |  | $ | 1.8 |
Interest costs | 9.2 |  |  |  | 10.6 |  |  | 27.8 |  |  |  | 31.7 |
Expected return on plan assets (gains) | (12.2 | ) |  |  | (12.9 | ) |  | (36.6 | ) |  |  | (38.5 | )
Amortization of actuarial (gains) losses, net | — |  |  |  | 0.4 |  |  | — |  |  |  | 1.0 |
Actuarial (gain) loss from remeasurements, net | 24.8 |  |  |  | — |  |  | 20.9 |  |  |  | — |
Curtailment (gain) | — |  |  |  | (2.2 | ) |  | — |  |  |  | (2.2 | )
Net periodic benefit cost (credit) | $ | 22.9 |  |  |  | $ | (3.5 | ) |  | $ | 15.2 |  |  |  | $ | (6.2 | )
The components of net periodic benefit cost for the postretirement health and life benefit plans were as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| Successor |  |  | Predecessor |  | Successor |  |  | Predecessor
| 2015 |  |  | 2014 |  | 2015 |  |  | 2014
Service costs | $ | 0.1 |  |  |  | $ | 0.4 |  |  | $ | 0.2 |  |  |  | $ | 1.3 |
Interest costs | 2.2 |  |  |  | 2.5 |  |  | 6.6 |  |  |  | 7.5 |
Expected return on plan assets (gains) | (0.2 | ) |  |  | (0.5 | ) |  | (0.7 | ) |  |  | (1.5 | )
Amortization of prior service (credits), net | (0.1 | ) |  |  | (0.1 | ) |  | (0.2 | ) |  |  | (0.3 | )
Net periodic benefit cost | $ | 2.0 |  |  |  | $ | 2.3 |  |  | $ | 5.9 |  |  |  | $ | 7.0 |
Centrus contributed $7.5 million to the non-qualified defined benefit pension plans in the nine months ended September 30, 2015, and expects to contribute less than $1.0 million in the remainder of 2015. The Company does not expect there to be a required contribution for the qualified defined benefit pension plans in 2015, and therefore, does not expect to contribute in 2015. There is no required contribution for the postretirement health and life benefit plans under Employee Retirement Income Security Act (“ERISA”), and the Company does not expect to contribute in 2015. Lump-sum pension payments of $49.1 million in the first nine months of 2015 to former employees, including those affected by workforce reductions, resulted in the remeasurement of pension obligations under settlement accounting rules. The interim remeasurements were required when the payments exceeded the sum of the service cost and interest cost components of the annual net periodic benefit cost for each plan for the current year. Effective with the adoption of fresh start accounting as of September 30, 2014, Centrus immediately recognizes actuarial gains and losses in the statement of operations in the period in which they arise. The remeasurement of pension obligations as of June 30, 2015 under the non-qualified defined benefit pension plans and the Employees’ Retirement Plan of Centrus Energy Corp. resulted in a gain of $3.9 million included in selling, general and administrative expenses in the second quarter of 2015. The gain includes the effect of an increase in the discount rate used in the measurement of pension obligations from approximately 4.1% as of December 31, 2014 to approximately 4.5% as of June 30, 2015. Pension obligations under the Retirement Program Plan for Employees of United States Enrichment Corporation and the plans mentioned above were remeasured as of September 30, 2015, resulting in a loss of $21.6 million included in cost of sales and a loss of $3.2 million included in selling, general and administrative expenses in the third quarter of 2015. The discount rate used in the measurement of pension obligations as of September 30, 2015 was approximately 4.4%. The losses also include the effect of actual investment experience for pension plan assets relative to the expected return assumption of 6.75% per year. Other Plan Update The opportunity to participate in the Executive Deferred Compensation Plan was reactivated in June 2015 allowing deferrals beginning in July 2015. Enrollment in the plan had been suspended since January 2013. Qualified employees may defer compensation on a tax-deferred basis subject to plan limitations. Any matching contributions under the Company’s 401(k) plan that are foregone due to annual compensation limitations of the Internal Revenue Code are eligible to be received from the Company under the Executive Deferred Compensation Plan, provided that the employee deferred the maximum allowable pre-tax contribution in the 401(k) plan.

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