Leases (Tables)

3 Months Ended

Mar. 31, 2019

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Prior to the adoption of Topic 842, future estimated minimum lease payments as of December 31, 2018 for leases with remaining terms in excess of one year were as follows (in millions):



2019	$	0.9
2020	0.9
2021	0.9
2022	1.0
2023	1.0
Thereafter	3.8
	$	8.5

The table below reconciles undiscounted payments for operating leases with terms greater than 12 months to the operating lease liabilities recorded on the balance sheet (in millions).



Remainder of 2019	$	1.9
2020	1.1
2021	1.2
2022	1.1
2023	1.1
Thereafter	3.8
Total lease payments	10.2
Less imputed interest	3.4
Present value of lease payments	$	6.8

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

LEASES

Centrus leases facilities and equipment under operating leases. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has facility leases with terms greater than 12 months, and the Company records the related asset and obligation at the present value of lease payments over the term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Refer to Note 1, Basis of Presentation, for information regarding the Company’s adoption of Topic 842 on January 1, 2019.

Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Lease assets exclude lease incentives. Lease terms reflect options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term. The weighted-average remaining lease term was 4.5 years at March 31, 2019, with maturity dates ranging from June 2019 to September 2027, and the weighted-average discount rate was 12.5%. Lease expense amounted to $0.8 million in the three months ended March 31, 2019 and $0.8 million in the three months ended March 31, 2018. Expense for the three months ended March 31, 2019 was primarily related to operating leases and amounts related to short-term lease expense were insignificant. Operating lease expense is included in Cost of Sales, Selling, General and Administrative Expenses and Advance Technology License and Decommissioning Costs on the Statement of Operations. Cash paid for amounts included in operating cash flows for operating leases was $0.8 million in the three months ended March 31, 2019. There were no additional lease-related assets and liabilities recorded in the three months ended March 31, 2019.

Operating Lease Assets and Liabilities

The table below presents the lease-related assets and liabilities recorded on the balance sheet (in millions).



	March 31, 2019		Classification on the Balance Sheet
Lease assets	$	4.3	Other long-term assets
Lease liabilities:
Current	1.7		Accounts payable and accrued liabilities
Noncurrent	5.1		Other long-term liabilities
Total lease liabilities	$	6.8

Maturity of Operating Lease Liabilities

The table below reconciles undiscounted payments for operating leases with terms greater than 12 months to the operating lease liabilities recorded on the balance sheet (in millions).



Remainder of 2019	$	1.9
2020	1.1
2021	1.2
2022	1.1
2023	1.1
Thereafter	3.8
Total lease payments	10.2
Less imputed interest	3.4
Present value of lease payments	$	6.8

Minimum Lease Payments

Prior to the adoption of Topic 842, future estimated minimum lease payments as of December 31, 2018 for leases with remaining terms in excess of one year were as follows (in millions):



2019	$	0.9
2020	0.9
2021	0.9
2022	1.0
2023	1.0
Thereafter	3.8
	$	8.5