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United States securities and exchange commission logo
December 20, 2021
Philip Strawbridge
Chief Financial Officer
Centrus Energy Corp.
6901 Rockledge Drive, Suite 800
Bethesda, MD 20817
Re: Centrus Energy
Corp.
Form 10-K for the
Fiscal Year ended December 31, 2020
Filed March 22,
2021
Form 10-Q for the
Nine Months ended September 30, 2021
Filed November 12,
2021
File No. 001-14287
Dear Mr. Strawbridge:
We have limited our review of your filings to the financial
statements and related
disclosures and have the following comments. In some of our comments, we
may ask you to
provide us with information so we may better understand your disclosure.
Please respond to these comments within ten business days by
providing the requested
information or advise us as soon as possible when you will respond. If
you do not believe our
comments apply to your facts and circumstances, please tell us why in
your response.
After reviewing your
response to these comments, we may have additional comments.
Form 10-K for the Fiscal Year ended December 31, 2020
Management's Discussion and Analysis of Financial Condition and Results
of Operations
Results of Operations, page 52
1. We note the
presentation of non-GAAP financial measures on page 56 of your filing.
Revise to disclose the
reasons why the presentation of Adjusted Net Income (Loss)
and Adjusted Net Income
(Loss) per Share provide useful information to investors. In
addition, provide a
reconciliation of Adjusted Net Income (Loss) per Share to Net Income
(Loss) per Share as the
most directly comparable measure calculated and presented in
accordance with GAAP.
Refer to Items 10(e)(1)(i)(B) and (C) of Regulation S-K.
Philip Strawbridge
Centrus Energy Corp.
December 20, 2021
Page 2
Financial Statements
Consolidated Statements of Operations and Comprehensive Income, page 76
2. We note that during the year ended December 31, 2020, you collected
certain amounts as
a recovery on claims filed in October 2018 which were recorded as
revenue. Please tell us
why the presentation of this amount in revenue is appropriate pursuant
to to Rule 5-
03(b)(1) of Regulation S-X and FASB ASC 606.
Form 10-Q for the Nine Months ended September 30, 2021
Financial Statements
Condensed Consolidated Statements of Operations and Comprehensive Income, page
5
3. Tell us why you present the settlement of $43.5 million for a claim
related to pension and
post-retirement benefits in revenue. Refer to Rule 5-03(b)(1) of
Regulation S-X and
FASB ASC 606.
In closing, we remind you that the company and its management are
responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review,
comments, action or
absence of action by the staff.
You may contact Wei Lu, Staff Accountant at (202) 551-3725 or Ethan
Horowitz,
Accounting Branch Chief at (202) 551-3311 with any questions.
FirstName LastNamePhilip Strawbridge Sincerely,
Comapany NameCentrus Energy Corp.
Division of
Corporation Finance
December 20, 2021 Page 2 Office of Energy
& Transportation
FirstName LastName