Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 157

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 157
---
(amounts in millions, except share and per share amounts)

gains or losses reflected in other comprehensive loss.Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.The significant components of our deferred tax assets and liabilities as of December 31 are as follows: 20242023Deferred tax assets:  Accrued postretirement benefit cost$30.1 $30.7 Net operating losses 473.3 467.6 Disallowed interest expense37.1 29.2 Derivative and hedging contracts0.1 1.2 Fixed asset tax over book basis— 9.2 Other29.4 28.3 Total deferred tax assets570.0 566.2 Valuation allowance(504.4)(537.6)Net deferred tax assets$65.6 $28.6 Deferred tax liabilities:  Fixed asset book over tax basis(115.9)(62.0)Derivatives— — Foreign basis differences0.6 (18.1)Other(21.4)(20.6)Total deferred tax liabilities(136.7)(100.7)Net deferred tax liability$(71.1)$(72.1)We regularly assess the likelihood that deferred tax assets will be recovered from future taxable income. To the extent we believe that it is more likely than not that a deferred tax asset will not be realized, a valuation allowance is established. When a valuation allowance is established or increased, an income tax charge is included in the Consolidated Statements of Operations and net deferred tax assets are adjusted accordingly. Future changes in tax laws, statutory tax rates and taxable income levels could result in actual realization of the deferred tax assets being materially different from the amounts provided for in the consolidated financial statements. If the actual recovery amount of the deferred tax asset is less than anticipated, we would be required to write-off the remaining deferred tax asset and increase the tax provision.We have a valuation allowance of $504.4 million recorded against our net U.S. and Jamaican deferred tax assets, and a portion of our Icelandic deferred tax assets as of December 31, 2024. The Company is subject to the provisions of ASC 740-10, Income Taxes, which requires that the effect on deferred tax assets and liabilities of a change in tax rates be recognized in the period the tax rate change was enacted. The changes