Company: CENX
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038882
Chunk: 40

Company: CENTURY ALUMINUM CO
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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.3 Our net sales are attributed to geographic area based on the location of the selling entity. Included in the consolidated financial statements are the following amounts related to geographic locations:Three months ended June 30,Six months ended June 30, 2025202420252024Net sales: (1)   United States$391.8 $375.0 805.6 $675.0 Iceland236.3 185.8 $456.4 375.3 Total Net sales$628.1 $560.8 $1,262.0 $1,050.3 (1)Includes sales of primary aluminum, scrap aluminum and alumina, and purchased aluminum and alumina.

4.    Income TaxesFor the three months ended June 30, 2025 and 2024, we recorded an income tax benefit of $1.3 million and an income tax expense of $0.5 million, respectively. For the six months ended June 30, 2025 and 2024, we recorded income tax expense of $0.3 million and $1.0 million, respectively. The change is primarily due to changes in pretax income amounts and jurisdictional mix on a year over year basis.Our income tax expense or benefit for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items. The application of the accounting requirements for income taxes in interim periods, after consideration of our valuation allowance on domestic losses, causes a significant variation in the typical relationship between income tax expense/benefit and pretax accounting income/loss as reported on the Consolidated Statements of Operations.As of June 30, 2025, all of Century's U.S. and certain foreign deferred tax assets, net of deferred tax liabilities, continue to be subject to a full valuation allowance.Section 45X of the Inflation Reduction Act of 2022 ("IRA") contains a production tax credit equal to 10% of certain eligible production costs, including, without limitation, labor, energy, depreciation and amortization and overhead expenses. On October 24, 2024, the U.S. Department of the Treasury and the Internal Revenue Service issued final regulations on the production tax credit requirements under Internal Revenue Code Section 45X (the "IRA Regulations"). The IRA Regulations provide guidance on rules that taxpayers must satisfy to qualify for the IRA Section 45X tax credit. For the three months ended June 30, 2025 and 202