Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Measurements, Recurring and Nonrecurring

Financial Instruments Recorded at Fair Value (in millions):


	September 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,236.1	$	—	$	—	$	2,236.1	$	1,957.2	$	—	$	—	$	1,957.2
Deferred compensation asset (a)	$	0.6	$	—	$	—	$	0.6	$	0.5	$	—	$	—	$	0.5

Liabilities:
Deferred compensation obligation (a)	$	0.6	$	—	$	—	$	0.6	$	0.5	$	—	$	—	$	0.5
Equity-related compensation (b)	$	15.1	$	—	$	—	$	15.1	$	—	$	—	$	—	$	—
Warrant liability (c)	$	—	$	—	$	220.4	$	220.4	$	—	$	—	$	—	$	—

(a) The deferred compensation asset and obligation represent the balance of deferred compensation plus net investment earnings. The deferred compensation plan is funded through a rabbi trust. Trust funds are invested in mutual funds for which unit prices are quoted in active markets and are classified within Level 1 of the valuation hierarchy.

(b) The equity-based compensation liability consists of the restricted stock unit (“RSU”) awards issued to members of the Company’s Board, which are classified as liability awards beginning in the three months ended June 30, 2026. Prior to June 30, 2026, these awards were classified as equity awards and measured at the grant-date fair value. Refer to Note 12, Stockholders’ Equity, for details. Fair value of these awards is based on the share price quoted in active markets, classified within Level 1 of the valuation hierarchy.

(c) The fair value of the common warrants was determined using Level 3 inputs. Centrus determined the fair value of the common warrants using unobservable inputs in the Black-Scholes option-pricing model. Inherent in the valuation were assumptions related to the expected stock-price volatility, expected term, risk-free interest rate, and dividend yield. The Company estimated the expected volatility based on the Company’s historical, implied, and guideline public company stock price volatility. The expected stock-price volatility was 55% as of September 30, 2026. The expected term was assumed to be equivalent to the warrants’ remaining contractual term. The risk-free interest rate was estimated using the yield on actively traded non-inflation-indexed U.S. treasury securities with contract maturities equal to the expected term. The dividend yield was based on the historical rate, which the Company anticipates remaining at zero. Refer to Note 11, Warrants, for details.

Fair Value Option, Disclosures

The carrying value and estimated fair value of long-term debt were as follows (in millions):


	September 30, 2026					December 31, 2025
	Carrying Value			Estimated Fair Value (a)		Carrying Value			Estimated Fair Value (a)
2.25% Convertible Notes	$	392.8	(b)	$	695.9	$	391.2	(c)	$	1080.4
0% Convertible Notes	$	786.0	(c)	$	733.4	$	783.7	(c)	$	1089.8

(a) Estimated fair value is based on bid/ask quotes as of or near the balance sheet date, which are considered Level 2 inputs.

(b)As of September 30, 2026 and December 31, 2025, the carrying value of the 2.25% Convertible Notes is net of $9.7 million and $11.3 million of unamortized debt issuance costs, respectively. Refer to Note 6, Debt.

(c)As of September 30, 2026 and December 31, 2025, the carrying value of the 0% Convertible Notes is net of $19.0 million and $21.3 million of unamortized debt issuance costs, respectively. Refer to Note 6, Debt.