Company: CENX
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000949157-25-000035
Chunk: 27

Company: CENTURY ALUMINUM CO
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 $— $2.8 Trust assets(1)1.5 — — 1.5 Derivative instruments— 8.1 — 8.1 TOTAL$4.3 $8.1 $— $12.4 LIABILITIES:Derivative instruments$— $11.4 $— $11.4 TOTAL$— $11.4 $— $11.4 Recurring Fair Value MeasurementsAs of December 31, 2024Level 1Level 2Level 3TotalASSETS:Cash equivalents$7.9 $— $— $7.9 Trust assets(1)0.3 — — 0.3 Derivative instruments— 4.5 — 4.5 TOTAL$8.2 $4.5 $— $12.7 LIABILITIES:Derivative instruments$— $4.4 $— $4.4 TOTAL$— $4.4 $— $4.4 (1)Trust assets are currently invested in money market funds. These trust assets are held to fund the non-qualified supplemental executive pension benefit obligations for certain of our officers.

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Table of ContentsCENTURY ALUMINUM COMPANYCondensed Notes to the Consolidated Financial Statements (continued)(amounts in millions, except share and per share amounts)(Unaudited)

The following section describes the valuation techniques and inputs for fair value measurements categorized within Level 2 of the fair value hierarchy: Level 2 Fair Value Measurements:Asset / LiabilityValuation TechniquesInputsLME forward financial sales contractsDiscounted cash flowsQuoted LME forward market, Secured Overnight Financing Rate ("SOFR") discount rateMidwest Premium ("MWP") forward financial sales contractsDiscounted cash flowsQuoted MWP forward market, SOFR discount rateFixed for floating swapsDiscounted cash flowsQuoted LME forward market, quoted MWP forward marketIndiana Hub power price swapsDiscounted cash flowsQuoted Indiana Hub forward market, SOFR discount rateHeavy Fuel Oil ("HFO") price swapsDiscounted cash flowsQuoted HFO forward marketWhen valuing Level 3 assets and liabilities, we use certain significant unobservable inputs. Management incorporates various inputs and assumptions including forward commodity prices, commodity price volatility and macroeconomic conditions, including interest rates and discount rates. Our estimates of significant unobservable