Inventories

3 Months Ended

Mar. 31, 2022

INVENTORIES

Centrus holds uranium at licensed locations in the form of natural uranium and as the uranium component of LEU. Centrus also holds SWU as the SWU component of LEU at licensed locations (e.g., fabricators) to meet book transfer requests by customers. Fabricators process LEU into fuel for use in nuclear reactors. Components of inventories are as follows (in millions):


	March 31, 2022						December 31, 2021
	Current Assets		Current Liabilities (a)		Inventories, Net		Current Assets		Current Liabilities (a)		Inventories, Net
Separative work units	$	11.3	$	—	$	11.3	$	8.8	$	—	$	8.8
Uranium	78.1		0.3		77.8		82.3		8.4		73.9
Total	$	89.4	$	0.3	$	89.1	$	91.1	$	8.4	$	82.7

(a)Inventories owed to customers and suppliers, included in current liabilities, include SWU and uranium inventories owed to fabricators.

Inventories are valued at the lower of cost or net realizable value. There were no valuation adjustments in the three months ended March 31, 2022 and 2021.

The Company may also borrow SWU from customers or suppliers, in which case the Company will record the SWU and the related liability for the borrowing using a projected and forecasted purchase price over the borrowing period. In March 2022 the Company borrowed SWU, valued at $9.4 million, and recorded the inventory and related liability based on the anticipated sourcing of inventory for repayment. At March 31, 2022 and December 31, 2021, the total liability of borrowed inventory reported in Long-Term Inventory Loan is $31.8 million and $22.4 million, respectively.