Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 164

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 164
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 the level of Hawesville’s operations. Interest accrues at an annual rate equal to 10.94%. As of December 31, 2024, the LME forward market prices do not exceed the threshold for payment. In addition, based on the current level of Hawesville's operations, including the curtailment, we believe that we will not be required to make payments on the contingent obligation during the term of the agreement, which expires in 2028. There can be no assurance that circumstances will not change thus accelerating the timing of such payments.

18.  Asset Retirement Obligations 

The reconciliation of the changes in our AROs is presented below:Year ended December 31,20242023Beginning balance$51.1 $21.2 Additional ARO liabilities incurred6.7 3.1 ARO liabilities settled(4.6)(1.5)Accretion expense2.1 2.0 Acquired ARO liabilities (See Note 2)— 23.9 Revisions in estimated cash flows10.8 2.4 Ending balance$66.1 $51.1 Current portion of asset retirement obligations (1)4.6 1.6 Asset retirement obligations - less current portion$61.5 $49.5 (1)      Current portion of asset retirement obligations is recorded in accrued and other current liabilities.

19.  Business Segments

Century Aluminum is a producer of primary aluminum, which trades as a global commodity, and owns a 55% interest in an alumina refinery joint venture. We are organized as a holding company with each of our operating primary aluminum smelters managed and operated as a separate facility reporting to our corporate headquarters. Our three operating primary aluminum smelters and our bauxite and alumina refinery each meet the definition of an operating segment We evaluated the similar economic and other characteristics, including similar products, production processes, customers and distribution and have aggregated our four operating segments into one reportable segment. In addition, all of our operating segments share several key economic factors inherent in their common products and production processes. For example, all of our facilities' revenue is based on market pricing. Our facilities have a similar customer base and utilize similar distribution methods to ship products. In 2024, we determined that our fully curtailed Hawesville facility no longer met the definition of an operating segment. Our chief executive officer is our chief operating decision maker (CODM) and evaluates performance