Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 169

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 169
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 refinery in Jamaica, under the variable interest entity ("VIE") model. The Company's wholly-owned subsidiary, General Alumina Jamaica Limited, is the managing partner of the Jamalco joint venture. Jamalco lacks sufficient equity investment at risk in accordance with relevant guidance. Based on its purpose and design, Jamalco is expected to require additional subordinated financial support, such as those in the form of equity contributions or other forms of subordinated financing, which the Company expects would require parent guarantees. To that end, the Company made an immediate equity contribution to Jamalco upon acquisition, and has provided subsequent financing of costs for Jamalco to perform its activities in the ordinary course of business. Jamalco was designed in order to distribute operations risk related to the mining and alumina refining operations, as well as commodity price risk.

100

CENTURY ALUMINUM COMPANYNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS(amounts in millions, except share and per share amounts)

Although our partner has certain participating rights over some decisions of the entity, the Company has power over the majority of key activities at Jamalco that significantly affect its economic performance over which the counterparty does not have such participating rights; therefore, the Company is the primary beneficiary of the VIE.The table below shows the carrying amounts and classification of the consolidated VIE's assets and liabilities included in the Consolidated Balance Sheets as of December 31, 2024 and 2023.December 31,20242023ASSETSCash and cash equivalents17.4 7.4 Accounts receivable - net1.1 — Non-trade receivables13.1 38.3 Due from affiliates75.1 76.7 Inventories109.8 96.6 Prepaid and other current assets2.0 8.7 Total current assets218.5 227.7 Property, plant and equipment - net232.1 248.7 Other assets23.1 27.1 TOTAL473.7 503.5 LIABILITIESLIABILITIES:Accounts payable, trade39.1 73.1 Accrued compensation and benefits8.5 2.3 Due to affiliates49.6 55.4 Accrued and other current liabilities7.2 7.1 Total current liabilities104.4 137.9 Accrued benefits costs - less current portion17.7 0.8 Other liabilities66.7