Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 168

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 168
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 power price swaps are expected to settle monthly through September 2026.Our agreements with derivative counterparties contain certain provisions requiring collateral to be posted in the event the market value of our position exceeds the margin threshold limit of our master agreement with the counterparty. As of December 31, 2024 and December 31, 2023, the Company had not recorded restricted cash as collateral related to open derivative contracts under the master arrangements with our counterparties.The following table sets forth the Company's derivative assets and liabilities that were accounted for at fair value and not designated as cash flow hedges as of December 31, 2024 and 2023, respectively:Asset Fair Value20242023Commodity contracts (1)$4.5 $2.9 Foreign exchange contracts (2)— — Total$4.5 $2.9  Liability Fair Value20242023Commodity contracts (1)4.4 7.8 Foreign exchange contracts (2)— 0.1 Total$4.4 $7.9 (1)Commodity contracts reflect our outstanding LME and MWP forward financial sales contracts, fixed for floating swaps, HFO price swaps and Indiana Hub power price swaps. At December 31, 2024, $0.0 million of Due to affiliates was related to commodity contract liabilities with Glencore. At December 31, 2023, $6.4 million of Due to affiliates was related to commodity contract liabilities with Glencore.(2)Foreign exchange contracts reflect our outstanding FX swaps and casthouse currency hedges.The following table summarizes the net gain (loss) on forward and derivative contracts for the years ended December 31, 2024, 2023, and 2022:Year Ended December 31,202420232022Commodity contracts (1)$2.1 $63.5 $206.6 Foreign exchange contracts(0.1)(1.7)(9.4)   Total$2.0 $61.8 $197.2 

(1)For the years ended December 31, 2024, 2023, and 2022, $(0.5) million, $0.6 million, and $(13.3) million of net gain (loss), respectively, was with Glencore. 

21.  Variable Interest Entity

The Company consolidates Jamalco, a bauxite mining and alumina