Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 124

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 124
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ILITIES:    Derivative instruments— 7.9 — 7.9 TOTAL$— $7.9 $— $7.9 (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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CENTURY ALUMINUM COMPANYNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS(amounts in millions, except share and per share amounts)

The following section describes the valuation techniques and inputs used 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 rateFX swaps Discounted cash flowsEuro/USD forward exchange rateCasthouse currency hedgesDiscounted cash flowsEuro/USD forward exchange rate; ISK/USD forward exchange 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 inputs are ultimately based on our estimates of risks that market participants would consider when valuing our assets and liabilities.As of the years ending December 31, 2024, and December 31, 2023, there were no Level 3 assets and liabilities.The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis.  For the twelve months ended December 31, 2023 and 2024Level 3 AssetsLevel 3 LiabilitiesLME forward financial sales contractsLME forward financial sales contractsBalance as of January 1, 2023$1.8 $(4.6)Transfers out of Level 3 (1)(1.8)4.6 Balance as of December 31,  2023$— $— Transactions during