CENTURY ALUMINUM COCENX

CENTURY ALUMINUM CO Segments Disclosure

10-KFiled Mar 3, 20263 min read
19.    Business Segments
The Company is a producer of primary aluminum and alumina. 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 develop forecasting, to evaluate the Company’s overall profitability and financial performance and to make key operating decisions, such as the allocation of 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.
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.
The following table presents information about the Company's single segment for the years ended December 31, .
Year Ended December 31,
202520242023
Net sales$2,527.9 $2,220.3 $2,185.4 
Segment Cost of goods sold(1),(2)
(2,256.7)(2,042.7)(2,099.7)
IRA Credit(1),(3)
89.1 89.7 56.5 
Lower of cost or NRV inventory adjustment(1),(4)
(8.6)4.2 27.5 
Property and equipment expense(1),(5)
(95.3)(99.5)(82.1)
Selling, general and administrative expenses(79.9)(56.8)(44.3)
Other operating expenses - net(18.4)(6.8)(15.8)
Interest expense - nonaffiliates(41.9)(36.4)(33.7)
Interest expense - affiliates(5.8)(6.7)(1.8)
Interest income9.2 2.1 2.0 
Net (loss) gain on forward and derivative contracts - nonaffiliates(94.7)2.5 (62.4)
Net gain (loss) on forward and derivative contracts - affiliates— (0.5)0.6 
Loss on early extinguishment of debt(7.7)— — 
Bargain purchase gain— 245.9 — 
Other expense - net(14.5)(5.5)(3.3)
Income tax benefit (expense)13.1 (3.2)14.6 
Equity in earnings (losses) of joint ventures— 0.1 (0.1)
Net income (loss)$15.8 $306.7 $(56.6)
(1)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.
Long-lived Assets
As of December 31,
 202520242023
Long-lived assets:(1)
  
United States$232.1 $233.6 $219.1 
Iceland506.5 526.4 529.4 
Jamaica449.5 435.3 458.1 
Other48.6 50.6 55.1 
(1)Includes long-lived assets other than financial instruments and deferred taxes.
Major customer information
Revenues from Glencore in 2025, 2024 and 2023 exceeded 10% of our net sales. See Note 4. Related Party Transactions for additional information on sales to Glencore.

Historical Timeline

Fiscal YearFiled
2025Mar 3, 2026Showing above
2024Mar 3, 2025
2023Mar 15, 2024
2022Feb 27, 2023
2021Feb 25, 2022
2020Mar 4, 2021
2019Feb 27, 2020
2018Feb 28, 2019
2017Feb 28, 2018
2016Mar 14, 2017
2015Mar 7, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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