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Cash, Cash Equivalents and Restricted Cash
 3 Months Ended
Mar. 31, 2018
Cash, Cash Equivalents and Restricted Cash [Abstract]  
Cash and Cash Equivalents Disclosure
CASH, CASH EQUIVALENTS AND RESTRICTED CASH

The following table summarizes the Company’s cash, cash equivalents and restricted cash as presented on the unaudited condensed consolidated balance sheet to amounts on the condensed consolidated statement of cash flows (in millions):
 
March 31, 2018
 
December 31, 2017
 
 
 
 
Cash and cash equivalents
$
153.3

 
$
208.8

Restricted cash included in other current assets
16.4

 
16.3

Restricted cash included in other long-term assets
19.8

 
19.7

Total cash, cash equivalents and restricted cash
$
189.5

 
$
244.8




The following provides additional detail regarding the Company’s restricted cash (in millions):
 
March 31, 2018
 
December 31, 2017
Current assets
 
 
 
Deposits for surety bonds - NRC
$
16.2

 
$
16.1

Deposits for financial assurance - other
0.2

 
0.2

Included in other current assets
$
16.4

 
$
16.3

 
 
 
 
Long-term assets
 
 
 
Deposits for surety bonds - DOE
$
13.6

 
$
13.5

Deposits for financial assurance - workers compensation
5.9

 
5.9

Deposits for financial assurance - other
0.3

 
0.3

Deposits for financial assurance
$
19.8

 
$
19.7




Piketon Facility Obligations and Surety Bonds

American Centrifuge expenses that are outside of the Company’s contract with UT-Battelle are included in Advanced Technology License and Decommissioning Costs, including ongoing costs for work related to the termination of the license from the U.S. Nuclear Regulatory Commission (“NRC”) and the lease with DOE for the Piketon facility. Centrus commenced with the decontamination and decommissioning (“D&D”) of the Piketon facility in accordance with NRC requirements in 2016. Most of the D&D work has been completed as of March 31, 2018. The estimated fair value of the remaining costs to complete the D&D work, included in Accounts Payable and Accrued Liabilities on the condensed consolidated balance sheet, is $1.0 million as of March 31, 2018, and December 31, 2017.

Centrus has previously provided financial assurance to the NRC for the D&D work in the form of surety bonds that are fully cash collateralized by Centrus for $16.2 million. Centrus expects to receive cash when surety bonds are reduced and/or cancelled as the Company fulfills its D&D obligations and the NRC license for the test facility is terminated.

Centrus leases the Piketon facility from DOE. At the conclusion of the lease on June 30, 2019, without mutual agreement between Centrus and DOE regarding other possible uses for the facility, Centrus is obligated to return the facility to DOE in a condition that meets NRC requirements and in the same condition as the facility was in when it was leased to Centrus (other than due to normal wear and tear). Centrus must remove all Company-owned capital improvements at the Piketon facility, unless otherwise consented to by DOE, by the conclusion of the lease term. The estimated cost for these lease termination obligations, included in Accounts Payable and Accrued Liabilities on the condensed consolidated balance sheet, is $0.8 million as of March 31, 2018 and December 31, 2017.

Centrus has previously provided financial assurance to DOE for the lease obligations in the form of surety bonds that are fully cash collateralized by Centrus for $13.6 million. Centrus expects to receive cash when surety bonds are reduced and/or cancelled as the Company fulfills its lease termination obligations.
CASH, CASH EQUIVALENTS AND RESTRICTED CASH

The following table summarizes the Company’s cash, cash equivalents and restricted cash as presented on the unaudited condensed consolidated balance sheet to amounts on the condensed consolidated statement of cash flows (in millions):
 
March 31, 2018
 
December 31, 2017
 
 
 
 
Cash and cash equivalents
$
153.3

 
$
208.8

Restricted cash included in other current assets
16.4

 
16.3

Restricted cash included in other long-term assets
19.8

 
19.7

Total cash, cash equivalents and restricted cash
$
189.5

 
$
244.8




The following provides additional detail regarding the Company’s restricted cash (in millions):
 
March 31, 2018
 
December 31, 2017
Current assets
 
 
 
Deposits for surety bonds - NRC
$
16.2

 
$
16.1

Deposits for financial assurance - other
0.2

 
0.2

Included in other current assets
$
16.4

 
$
16.3

 
 
 
 
Long-term assets
 
 
 
Deposits for surety bonds - DOE
$
13.6

 
$
13.5

Deposits for financial assurance - workers compensation
5.9

 
5.9

Deposits for financial assurance - other
0.3

 
0.3

Deposits for financial assurance
$
19.8

 
$
19.7




Piketon Facility Obligations and Surety Bonds

American Centrifuge expenses that are outside of the Company’s contract with UT-Battelle are included in Advanced Technology License and Decommissioning Costs, including ongoing costs for work related to the termination of the license from the U.S. Nuclear Regulatory Commission (“NRC”) and the lease with DOE for the Piketon facility. Centrus commenced with the decontamination and decommissioning (“D&D”) of the Piketon facility in accordance with NRC requirements in 2016. Most of the D&D work has been completed as of March 31, 2018. The estimated fair value of the remaining costs to complete the D&D work, included in Accounts Payable and Accrued Liabilities on the condensed consolidated balance sheet, is $1.0 million as of March 31, 2018, and December 31, 2017.

Centrus has previously provided financial assurance to the NRC for the D&D work in the form of surety bonds that are fully cash collateralized by Centrus for $16.2 million. Centrus expects to receive cash when surety bonds are reduced and/or cancelled as the Company fulfills its D&D obligations and the NRC license for the test facility is terminated.

Centrus leases the Piketon facility from DOE. At the conclusion of the lease on June 30, 2019, without mutual agreement between Centrus and DOE regarding other possible uses for the facility, Centrus is obligated to return the facility to DOE in a condition that meets NRC requirements and in the same condition as the facility was in when it was leased to Centrus (other than due to normal wear and tear). Centrus must remove all Company-owned capital improvements at the Piketon facility, unless otherwise consented to by DOE, by the conclusion of the lease term. The estimated cost for these lease termination obligations, included in Accounts Payable and Accrued Liabilities on the condensed consolidated balance sheet, is $0.8 million as of March 31, 2018 and December 31, 2017.

Centrus has previously provided financial assurance to DOE for the lease obligations in the form of surety bonds that are fully cash collateralized by Centrus for $13.6 million. Centrus expects to receive cash when surety bonds are reduced and/or cancelled as the Company fulfills its lease termination obligations.

Financial Assurance for Workers’ Compensation

The Company has provided financial assurance to states in which it was previously self-insured for workers’ compensation in accordance with the state requirements in the form of a surety bond and a letter of credit that are fully cash collateralized by Centrus for $5.9 million. The surety bond and letter of credit will be cancelled and the Company expects to receive cash when each state determines the Company has no further workers’ compensation obligations.