Notes to Consolidated Financial Statements

For the years ended December 31, 2014 and 2013

  1. Cameco Corporation
  2. Significant accounting policies
  3. Accounting standards
  4. Determination of fair values
  5. Use of estimates and judgments
  6. Discontinued operation
  7. Acquisitions
  8. Accounts receivable
  9. Inventories
  10. Property, plant and equipment
  11. Goodwill and intangible assets
  12. Long-term receivables, investments and other
  13. Equity-accounted investees
  14. Accounts payable and accrued liabilities
  15. Short-term debt
  16. Long-term debt
  17. Other liabilities
  1. Provisions
  2. Share capital
  3. Employee benefit expense
  4. Finance costs
  5. Other income (expense)
  6. Income taxes
  7. Per share amounts
  8. Statements of cash flows
  9. Share-based compensation plans
  10. Pension and other post-retirement benefits
  11. Financial instruments and related risk management
  12. Capital management
  13. Segmented information
  14. Group entities
  15. Joint operations
  16. Related parties
  17. Subsequent event

9. Inventories

  2014 2013
Uranium    
Concentrate $500,342 $550,305
Broken ore 21,289 4,572
  521,631 554,877
     
NUKEM 251,942 208,217
     
Fuel services 128,705 150,221
Total $902,278 $913,315

Cameco expensed $1,698,000,000 of inventory as cost of sales during 2014 (2013 – $1,690,000,000). Included in cost of sales is a $4,300,000 net recovery, resulting from the reversal of previous NUKEM inventory write-downs to reflect net realizable value (2013 – $14,000,000 write-down).

NUKEM enters into financing arrangements where future receivables arising from certain sales contracts are sold to financial institutions in exchange for cash. These arrangements require NUKEM to satisfy its delivery obligations under the sales contracts, which are recognized as deferred sales (note 17). In some of the arrangements, NUKEM is also required to pledge the underlying inventory as security against these performance obligations. As of December 31, 2014, NUKEM had $64,687,000 (US) (2013 – $31,763,000 (US)) of inventory pledged as security under financing arrangements.