Company: CENX
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038882
Chunk: 46

Company: CENTURY ALUMINUM CO
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 46
---
 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.

18

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 or 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 inputs are ultimately based on our estimates of risks that market participants would consider when valuing our assets and liabilities.

During the three and six months ended June 30, 2025 and 2024, there were no Level 3 assets and liabilities measured at fair value on a recurring basis. 

10.    DerivativesAs of June 30, 2025, we had an open position of 37,400 tonnes related to LME forward financial sales contracts to fix the forward LME aluminum price. These contracts are expected to settle monthly through September 2026. We also had an open position of 37,400 tonnes related to MWP forward financial sales contracts to fix the forward MWP price. These contracts are expected to settle monthly through September 2026. We also enter into financial contracts with