Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 156

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 156
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 without limitation, labor, energy, depreciation and amortization and overhead expenses. On December 14, 2023, the U.S. Department of the Treasury and the Internal Revenue Service released proposed rules to provide guidance on the production tax credit requirements under Internal Revenue Code Section 45X (the “Proposed Regulations”). On October 24, 2024 the U.S. Department of the Treasury and the Internal Revenue Service released final regulations regarding the advanced manufacturing production credit established by the Inflation Reduction Act of 2022 to incentivize the production of eligible components within the United States (the “Final Regulations”).The Final Regulations provide guidance on rules that taxpayers must satisfy to qualify for the Section 45X tax credit. One of the most significant changes from the Proposed Regulations is that the final regulations allow certain direct and indirect material costs to be included in the section 45X credit computation for the production of electrode active materials and critical minerals. Notably, with respect to all of the comments related to the definition of aluminum, the Treasury Department and the IRS have determined that additional consideration is necessary prior to finalizing proposed § 1.45X–4(b)(1), which the Treasury Department and the IRS intend to do at a later date. For that reason, § 1.45X–4(b)(1) is reserved in these Final Regulations. For the year ended December 31, 2024 and December 31, 2023, we recognized $89.7 million and $56.5 million as a reduction in Cost of goods sold, and $2.9 million and $2.8 million as a reduction in selling, general and administrative expenses, respectively, within the Consolidated Statements of Operations.  As of December 31, 2024 and December 31, 2023, the Company recognized a current manufacturing credit receivable of  $81.5 million and $59.3 million, respectively. As of December 31, 2024, the Company recognized a non-current manufacturing credit receivable  of  $70.4 million. There was no non-current manufacturing credit receivable recognized as of December 31, 2023 within the Consolidated Balance Sheets.The Company’s accounting policy with respect to releasing income tax effects from accumulated other comprehensive income is to apply a security by security approach whereby the tax effects are measured based on the change in the unrealized 

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CENTURY ALUMINUM COMPANYNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS