Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 158

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 158
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 in the valuation allowance are as follows:Year Ended December 31,202420232022Beginning balance, valuation allowance$537.6 $487.9 $485.8 Remeasurement of deferred tax assets— — — Release of valuation allowance— — — Expiration of net operating losses(6.1)(7.2)(15.4)Other change in valuation allowance(27.1)56.9 17.5 Ending balance, valuation allowance$504.4 $537.6 $487.9 

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

The significant components of our NOLs are as follows:20242023Federal (1)$1,571.2 $1,533.5 State (2)1,163.5 1,221.0 Foreign (3)(4)342.2 344.4 (1)US federal NOLs begin to expire in 2028. (2)US state NOLs begin to expire in 2027. (3)NOLs in Iceland expire between 2025 and 2026.(4)NOLs in Jamaica do not expire.Our ability to utilize our deferred tax assets to offset future federal taxable income may be significantly limited if we experience an "ownership change" as defined in the Code. In general, an ownership change would occur if our "five-percent shareholders," as defined under the Code, collectively increase their ownership in us by more than 50 percentage points over a rolling three-year period. Future transactions in our stock that may not be in our control may cause us to experience such an ownership change and thus limit our ability to utilize net operating losses, tax credits and other tax assets to offset future taxable income.A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (excluding interest) is as follows:202420232022Balance as of January 1,  $3.0 $2.2 $4.0 Additions based on tax positions related to the current year0.6 1.3 0.3 Decreases due to lapse of applicable statute of limitations(0.1)(0.5)(2.1)Balance as of December 31,$3.5 $3.0 $2.2 As of December 31,