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Special Charges

9 Months Ended

Sep. 30, 2017

Restructuring and Related Activities [Abstract]

Special Charges

SPECIAL CHARGES

Evolving Business Needs

Evolving business needs have resulted in workforce reductions since 2013. In the nine months ended September 30, 2017, special charges included estimated employee termination benefits of $2.2 million, including $0.7 million in the three months ended September 30, 2017. Centrus expects to make payments primarily in the fourth quarter of 2017 related to the $1.4 million balance payable at September 30, 2017.

In the second quarter of 2016, the Company commenced a project to align its corporate structure to the scale of its ongoing business operations and to update related information technology systems. The Company incurred advisory costs of $0.3 million and $0.8 million related to the reengineering project in the three and nine months ended September 30, 2016, respectively. The Company incurred advisory costs of $1.7 million and $5.0 million in the three and nine months ended September 30, 2017, respectively.

Piketon Demonstration Facility

In September 2015, Centrus completed a successful three-year demonstration of its American Centrifuge technology at its facility in Piketon, Ohio. The demonstration effort was primarily funded by the U.S. government. As a result of reduced program funding, Centrus incurred a special charge in the third quarter of 2015 for estimated employee termination benefits. Of the remaining $4.9 million liability as of September 30, 2017, $2.8 million is classified as current and included in Accounts Payable and Accrued Liabilities in the condensed consolidated balance sheet. The remaining $2.1 million is included in Other Long-Term Liabilities and is expected to be paid through 2019.

A summary of termination benefit activity and related liabilities follows (in millions):

		Liability December 31, 2016				Nine Months Ended September 30, 2017								Liability September 30, 2017
						Charges for Termination Benefits				Paid/ Settled
Workforce reductions:
Evolving business needs		$	0.1			$	2.2			$	(0.9	)		$	1.4
Piketon demonstration facility		5.4				0.1				(0.6		)		4.9
		$	5.5			$	2.3			$	(1.5	)		$	6.3

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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