Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 123

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 123
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 balance at the beginning of the year related to our operating leases for the years ended December 31, 2024 and December 31, 2023, respectively.

7.  Fair Value Measurements 

We measure certain of our assets and liabilities at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.In general, reporting entities should apply valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. Observable inputs are developed using market data and reflect assumptions that market participants would use when pricing the asset or liability. Unobservable inputs are developed using the best information available about the assumptions and estimates that market participants would use when pricing the asset or liability.The fair value hierarchy provides transparency regarding the inputs we use to measure fair value. We categorize each fair value measurement in its entirety into the following three levels, based on the lowest level input that is significant to the entire measurement:•Level 1 Inputs – quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.•Level 2 Inputs – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.•Level 3 Inputs – unobservable inputs for the asset or liability.Recurring Fair Value MeasurementsAs of December 31, 2024Level 1Level 2Level 3TotalASSETS:    Cash equivalents$7.9 $— $— $7.9 Trust assets (1)0.3— — 0.3Derivative instruments— 4.5 — 4.5 TOTAL$8.2 $4.5 $— $12.7 LIABILITIES:    Derivative instruments— 4.4 — 4.4 TOTAL$— $4.4 $— $4.4 Recurring Fair Value MeasurementsAs of December 31, 2023Level 1Level 2Level 3TotalASSETS:    Cash equivalents$16.8 $— $— $16.8 Trust assets (1)0.2— — 0.2 Derivative instruments— 2.9 — 2.9 TOTAL$17.0 $2.9 $— $19.9 LIAB