Company: CENX
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000949157-25-000035
Chunk: 42

Company: CENTURY ALUMINUM CO
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 42
---
 refinery in Jamaica, under the variable interest entity ("VIE") model. The Company's wholly-owned subsidiary, GAJL, is the managing partner of Jamalco. Jamalco lacks sufficient equity investment at risk in accordance with relevant guidance. Based on its purpose and design, Jamalco is expected to require additional subordinated financial support, such as those in the form of equity contributions or other forms of subordinated financing, which the Company expects would require parent guarantees. To that end, the Company made an immediate equity contribution to Jamalco upon acquisition and has provided subsequent financing of costs for Jamalco to perform its activities in the ordinary course of business. Jamalco was designed in order to distribute operations risk related to the mining and alumina refining operations, as well as commodity price risk.Although our partner has certain participating rights over some decisions of the entity, the Company has power over the majority of key activities at Jamalco that significantly affect its economic performance over which the counterparty does not have such participating rights; therefore, the Company is the primary beneficiary of the VIE.The table below shows the carrying amounts and classification of the consolidated VIE's assets and liabilities included in the Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024.March 31, 2025December 31, 2024ASSETSCash and cash equivalents43.3 17.4 Accounts receivable - net1.1 1.1 Non-trade receivables— 13.1 Due from affiliates— 75.1 Inventories90.6 109.8 Prepaid and other current assets1.9 2.0 Total current assets136.9 218.5 Property, plant and equipment - net40.5 232.1 Other assets10.8 23.1 TOTAL188.2 473.7 LIABILITIESLIABILITIES:Accounts payable, trade35.7 39.1 Accrued compensation and benefits5.4 8.5 Due to affiliates15.0 49.6 Accrued and other current liabilities3.2 7.2 Total current liabilities59.3 104.4 Accrued benefits costs - less current portion— 17.7 Other liabilities62.7 66.7 Asset retirement obligations - less current portion10.8 35.0 Total noncurrent liabilities73.5 119.4 TOTAL