Business Segments

6 Months Ended

Jun. 30, 2025

14. Business Segments

The Company is a producer of alumina and primary aluminum. The Company has organized itself, including management personnel and systems, financial processes, operational execution, governance and risk oversight, regulatory compliance, and

every other aspect of the Company’s operations, to assess and manage the business on a holistic basis, from mine to metal, which tracks the upstream manufacturing process for aluminum. To better reflect this operational and organizational approach, and to further enhance the reporting of its financial and operating results, beginning with the quarter ended March 31, 2025, the Company’s Chief Executive Officer and Chief Operating Decision Maker ("CODM") regularly receives and reviews financial information at the consolidated level to evaluate business performance and make operating decisions. The CODM uses the U.S. GAAP measure of consolidated Net Income to evaluate the Company’s financial performance and allocate resources.

Given the change described above, the Company has determined that neither its three smelters nor Jamalco’s mining and refining operations meet the definition of operating segments. As a result, the Company has determined that the Company has only one operating and only one reportable segment, and it is managed on a consolidated basis. In accordance with ASC 280-10-50-34, the corresponding information for earlier periods is recast in the tables below to conform with the updated presentation.

The CODM uses the U.S. GAAP measurement of consolidated Net income to develop forecasting, evaluate overall profitability performance and to make key operating decisions, such as the allocation of budget between sales, cost of good sold and selling, general and administrative expenses.

Segment assets are reported on our Consolidated Balance Sheets as Total assets. Our Consolidated Statements of Cash Flows presents Depreciation, depletion and amortization expense and includes the measure of Capital expenditures as Purchase of property, plant and equipment.

The following table presents information about the Company's single segment for the three and six months ended June 30, 2025 and 2024.


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net sales	$	628.1	$	560.8	$	1,262.0	$	1,050.3
Segment Cost of goods sold(1),(2)	(593.2)		(532.0)		(1,165.6)		(1,001.5)
IRA Credit(1),(3)	21.9		10.7		41.8		22.6
Lower of cost or NRV inventory adjustment(1),(4)	1.2		1.7		1.9		7.3
Property and equipment expense(1),(5)	(21.8)		(20.8)		(43.3)		(41.8)
Selling, general and administrative expenses	(14.0)		(12.3)		(26.5)		(26.4)
Other operating expenses - net	(1.5)		(1.7)		(3.5)		(2.2)
Interest expense - nonaffiliates	(9.8)		(8.9)		(19.8)		(16.2)
Interest expense - affiliates	(1.9)		(1.4)		(3.7)		(3.3)
Interest income	1.9		0.6		3.7		1.3
Net (loss) gain on forward and derivative contracts - nonaffiliates	(15.6)		(2.1)		(21.0)		0.9
Net (loss) gain on forward and derivative contracts - affiliates	—		(1.9)		—		2.5

Bargain purchase gain	—		—		—		245.9
Other (loss) income - net	(5.7)		1.1		(9.1)		(0.4)
Income tax benefit (expense)	1.3		(0.5)		(0.3)		(1.0)
Net (loss) income	$	(9.1)	$	(6.7)	$	16.6	$	238.0

(1)Indicates a component of Cost of goods sold.

(2)Includes raw materials, labor, energy, freight costs, FIFO inventory adjustments and other direct cost of goods sold.

(3)Advanced production credit related to Section 45X of the IRA.

(4)Includes inventory revaluation to lower of cost or net realizable value and changes in inventory reserve.

(5)Represents the depreciation expenses and expenses related to leased assets that are directly related to the cost of goods sold.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

CENTURY ALUMINUM CO 10-Q