What changed in this filing

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Item 1. Financial Statements

2024-08-08 compared with 2024-05-01 · 265 added, 144 removed, 596 unchanged (41% of the section changed)

4 unchanged sentences

Three months ended

June 30, Six months ended

2024 2023 2024 2023

Related parties $ 324.2 $ 427.2 $ 639.2 $ 839.4

5 unchanged sentences

Other operating expense - net 1.7 4.6 2.2 11.8

Operating income 1.9 27.5

Interest expense - affiliates ( 1.8 ) —

Operating income (loss) 6.4 ( 0.7 ) 8.3 26.8

Interest expense ( 10.3 ) ( 8.7 ) ( 19.5 ) ( 17.4 )

2 unchanged sentences

Bargain purchase gain — — 245.9 —

Other loss - net ( 1.5 ) ( 0.3 )

Other income (loss) - net 1.1 ( 3.5 ) ( 0.4 ) ( 3.8 )

Income (loss) before income taxes ( 6.2 ) ( 3.4 ) 239.0 ( 42.2 )

5 unchanged sentences

Net income (loss) allocated to common stockholders $ ( 2.5 ) $ 7.1 $ 231.3 $ ( 31.1 )

INCOME (LOSS) ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON SHARE:

NET INCOME (LOSS) ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON SHARE:

Basic $ ( 0.03 ) $ 0.08 $ 2.50 $ ( 0.34 )

8 unchanged sentences

Three months ended

June 30, Six months ended

2024 2023 2024 2023

Comprehensive income (loss):

Net income (loss) $ ( 6.7 ) $ 6.6 $ 238.0 $ ( 32.0 )

Other comprehensive (loss) income before income tax effect:

Net loss on foreign currency cash flow hedges reclassified as income ( 0.1 ) ( 0.1 )

Other comprehensive income (loss) before income tax effect:

Net gain loss on foreign currency cash flow hedges reclassified as income — — ( 0.1 ) ( 0.1 )

Defined benefit plans and other postretirement benefits:

Net loss arising during the period — — ( 3.4 ) —

Amortization of prior service cost during the period 0.1 —

Amortization of prior service benefit (cost) during the period ( 0.1 ) 0.1 — 0.1

Amortization of net gain during the period 1.6 2.1 3.3 3.3

1 unchanged sentence

Income tax effect — — — —

Other comprehensive (loss) income ( 1.7 ) 1.1

Other comprehensive income (loss) 1.5 2.2 ( 0.2 ) 3.3

Comprehensive income (loss) ( 5.2 ) 8.8 237.8 ( 28.7 )

5 unchanged sentences

(in millions)

March 31, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Cash and cash equivalents $ 41.3 $ 88.8

10 unchanged sentences

Other assets 97.8 75.2

TOTAL $ 1,849.9 $ 1,846.5

TOTAL ASSETS $ 1,805.2 $ 1,846.5

LIABILITIES AND SHAREHOLDERS’ EQUITY

10 unchanged sentences

Accrued benefits costs - less current portion 120.2 120.3

Other liabilities 97.1 66.3

Deferred taxes 73.4 72.4

Asset retirement obligations - less current portion 49.9 49.5

Other liabilities 99.4 66.3

Total noncurrent liabilities 794.2 739.4

TOTAL LIABILITIES $ 1,222.3 $ 1,502.4

COMMITMENTS AND CONTINGENCIES (NOTE 12)

9 unchanged sentences

Total equity 582.9 344.1

TOTAL $ 1,849.9 $ 1,846.5

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,805.2 $ 1,846.5

See Condensed Notes to the Consolidated Financial Statements

2 unchanged sentences

(in millions)

Three months ended March 31,

Six months ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

2 unchanged sentences

Unrealized (gain) loss on derivative instruments ( 3.7 ) 66.3

Lower of cost or NRV inventory adjustment — 5.1

Depreciation, depletion and amortization 41.7 31.5

Change in deferred tax benefit (expense) 0.6 ( 12.6 )

Gain on sale of assets ( 2.3 ) —

Bargain purchase gain ( 245.9 ) —

14 unchanged sentences

Purchase of property, plant and equipment ( 46.6 ) ( 36.6 )

Proceeds from sale of assets 2.3 —

Acquisition of subsidiary, net of cash acquired — 19.4

Net cash used in investing activities ( 44.3 ) ( 17.2 )

4 unchanged sentences

Borrowings under Grundartangi casthouse debt facility 25.0 20.0

Net cash provided by (used in) financing activities 49.2 ( 9.4 )

Net cash provided by financing activities 0.1 25.1

CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH ( 47.5 ) 6.0

CENTURY ALUMINUM COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

Six months ended June 30,

Cash, cash equivalents and restricted cash, beginning of period 90.3 55.5

7 unchanged sentences

Capitalized interest 3.4 2.3

Distribution of property, plant and equipment to NCI 8.3 —

See Condensed Notes to the Consolidated Financial Statements

6 unchanged sentences

Three months ended

March 31, 2024

Balance, December 31, 2023 52,284 $ — 92,689,864 $ 1.0 $ 2,542.9 $ ( 86.3 ) $ ( 97.9 ) $ ( 2,004.1 ) $ 355.6 $ ( 11.5 ) $ 344.1

June 30, 2024

Balance, March 31, 2024 52,238 $ — 92,700,495 $ 1.0 $ 2,543.7 $ ( 86.3 ) $ ( 99.6 ) $ ( 1,757.3 ) $ 601.5 $ ( 14.4 ) $ 587.1

Net income (loss) — — — — — — — ( 2.5 ) ( 2.5 ) ( 4.2 ) ( 6.7 )

2 unchanged sentences

Conversion of preferred stock to common stock — — — — — — — — — — —

Noncontrolling interest of business acquired — — — — — — — — — ( 0.8 ) ( 0.8 )

Balance, March 31, 2024 52,238 $ — 92,700,495 $ 1.0 $ 2,543.7 $ ( 86.3 ) $ ( 99.6 ) $ ( 1,757.3 ) $ 601.5 $ ( 14.4 ) $ 587.1

Noncontrolling interest — — — — — — — — — — —

Balance, June 30, 2024 52,238 $ — 92,739,089 $ 1.0 $ 2,544.7 $ ( 86.3 ) $ ( 98.1 ) $ ( 1,759.8 ) $ 601.5 $ ( 18.6 ) $ 582.9

Three months ended

March 31, 2023

Balance, December 31, 2022 53,854 $ — 92,323,978 $ 1.0 $ 2,539.6 $ ( 86.3 ) $ ( 94.0 ) $ ( 1,961.0 ) $ 399.3 $ — $ 399.3

Net loss — — — — — — — ( 38.6 ) ( 38.6 ) — ( 38.6 )

June 30, 2023

Balance, March 31, 2023 53,854 $ — 92,323,978 $ 1.0 $ 2,540.2 $ ( 86.3 ) $ ( 92.9 ) $ ( 1,999.6 ) $ 362.4 $ — $ 362.4

Net income (loss) — — — — — — — 7.5 7.5 ( 0.9 ) $ 6.6

Other comprehensive income — — — — — — 2.2 — 2.2 — $ 2.2

Share-based compensation — — 19,735 — 0.8 — — — 0.8 — $ 0.8

Balance, March 31, 2023 53,854 $ — 92,323,978 $ 1.0 $ 2,540.2 $ ( 86.3 ) $ ( 92.9 ) $ ( 1,999.6 ) $ 362.4 $ — $ 362.4

Conversion of preferred stock to common stock ( 148 ) — 14,836 — — — — — — — —

Noncontrolling interest — $ — — — — — — — — 32.8 $ 32.8

Balance, June 30, 2023 53,706 — 92,358,549 $ 1.0 $ 2,541.0 $ ( 86.3 ) $ ( 90.7 ) $ ( 1,992.1 ) $ 372.9 $ 31.9 $ 404.8

See Condensed Notes to the Consolidated Financial Statements

CENTURY ALUMINUM COMPANY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in millions, except share data)

Preferred stock Common stock Additional paid-in capital Treasury stock, at cost Accumulated other comprehensive loss Accumulated

deficit Total Century Equity Noncontrolling Interest Total equity

Shares Amount Shares Amount

Six months ended

June 30, 2024

Balance, December 31, 2023 52,284 $ — 92,689,864 $ 1.0 $ 2,542.9 $ ( 86.3 ) $ ( 97.9 ) $ ( 2,004.1 ) $ 355.6 $ ( 11.5 ) $ 344.1

Net income (loss) — — — — — — — 244.3 244.3 ( 6.3 ) 238.0

Other comprehensive income — — — — — — ( 0.2 ) — ( 0.2 ) — ( 0.2 )

Share-based compensation — — 44,663 — 1.8 — — — 1.8 — 1.8

Conversion of preferred stock to common stock ( 46 ) — 4,562 — — — — — — — —

Noncontrolling interest — — — — — — — — — ( 0.8 ) ( 0.8 )

Balance, June 30, 2024 52,238 $ — 92,739,089 $ 1.0 $ 2,544.7 $ ( 86.3 ) $ ( 98.1 ) $ ( 1,759.8 ) $ 601.5 $ ( 18.6 ) $ 582.9

Six months ended

June 30, 2023

Balance, December 31, 2022 53,854 — 92,323,978 $ 1.0 $ 2,539.6 $ ( 86.3 ) $ ( 94.0 ) $ ( 1,961.0 ) $ 399.3 $ — $ 399.3

Net income (loss) — — — — — — — ( 31.1 ) ( 31.1 ) ( 0.9 ) $ ( 32.0 )

Other comprehensive income — — — — — — 3.3 — 3.3 — $ 3.3

Share-based compensation — — 19,735 — 1.4 — — — 1.4 — $ 1.4

Conversion of preferred stock to common stock ( 148 ) — 14,836 — — — — — — — —

Noncontrolling interest — $ — — — — — — — — 32.8 $ 32.8

Balance, June 30, 2023 53,706 — 92,358,549 $ 1.0 $ 2,541.0 $ ( 86.3 ) $ ( 90.7 ) $ ( 1,992.1 ) $ 372.9 $ 31.9 $ 404.8

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements

Three months ended March 31, 2024 and 2023

Six months ended June 30, 2024 and 2023

(amounts in millions, except share and per share amounts)

1 unchanged sentence

In management’s opinion, the unaudited interim consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented.

Operating results for the first three months of 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

Operating results for the first six months of 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

Throughout this Form 10-Q, and unless expressly stated otherwise or as the context otherwise requires, "Century Aluminum", "Century", "the Company", "we", "us", "our" and "ours" refer to Century Aluminum Company and its consolidated subsidiaries.

Our consolidated financial statements include the consolidated results of the Jamalco joint venture, an unincorporated joint venture between the Company and Clarendon Alumina Production Limited.

Clarendon Alumina Production's interest in the joint venture is reflected as noncontrolling interest on the accompanying Consolidated Balance Sheets.

Our consolidated financial statements include the consolidated results of the Jamalco joint venture ("Jamalco"), an unincorporated joint venture between General Alumina Jamaica Limited ("GAJL"), an indirect, wholly-owned subsidiary of the Company, and Clarendon Alumina Production Limited ("CAP").

CAP's interest in the joint venture is reflected as noncontrolling interest on the accompanying Consolidated Balance Sheets.

Recently Issued Accounting Standards

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2023-07, “Improvements to Reportable Segment Disclosures.” (“ASU 2023-07”).

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No.

("ASU") 2023-07, "Improvements to Reportable Segment Disclosures." ("ASU 2023-07").

Among other changes, the ASU requires disclosure of significant segment expenses and extends certain annual disclosures to interim periods.

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2024.

The amendments in this ASU are effective for the Company beginning with its annual financial statements for the year ending December 31, 2024.

Early adoption is permitted.

The Company is currently evaluating the requirements of ASU 2023-07.

In December 2023, the FASB issued ASU No.

2023-09 ("ASU 2023-09"), Improvements to Income Tax Disclosures.

The guidance is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction.

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025, with early adoption permitted, and is required to be applied prospectively with the option of retrospective application.

The Company is currently evaluating the requirements of ASU 2023-09.

Acquisition of Jamalco

On May 2, 2023, our wholly-owned subsidiary, Century Aluminum Jamaica Holdings, Inc., completed the acquisition of all the outstanding share capital of General Alumina Holdings Limited, the holder of a 55 % interest in Jamalco JV ("Jamalco"), an unincorporated joint venture engaged in bauxite mining and alumina production in Jamaica.

The remaining 45 % interest in Jamalco is owned by Clarendon Alumina Production Limited ("CAP"), which is owned by the Government of Jamaica.

On May 2, 2023, our wholly-owned subsidiary, Century Aluminum Jamaica Holdings, Inc.

("CAJH"), completed the acquisition of all the outstanding share capital of General Alumina Holdings Limited ("GAHL"), the indirect holder of a 55 % interest in Jamalco, an unincorporated joint venture engaged in bauxite mining and alumina production in Jamaica.

The remaining 45 % interest in Jamalco is owned by CAP, which is owned by the Government of Jamaica.

The results of operations have been included in the consolidated financial statements since the acquisition date.

The purchase price of the acquisition was $ 1.00 , primarily due to the seller experiencing financial distress following curtailment of Jamalco's operations in the second half of 2021 due to a facility fire, with operations restarting in the second half of 2022.

The acquisition was accounted for as a business combination under the acquisition method of accounting in accordance with ASC 805 - Business Combinations, resulting in the Company recognizing the assets and liabilities at fair value with the excess over fair value of consideration transferred to the seller presented as a bargain purchase gain of $ 245.9 million recognized within the Consolidated Statements of Operations for the three months ended March 31, 2024.

The Company finalized its purchase accounting as of March 31, 2024.

During the first quarter of 2024, the Company finalized the Jamalco purchase price allocation and recognized measurement period adjustments, which primarily resulted from third-party valuation adjustments to risk premiums, reducing the value of property, plant and equipment by $ 29.0 million.

This reduction in value of property plant and equipment resulted in a corresponding reduction to the bargain purchase gain of $ 29.0 million decreasing the value of the previously recognized bargain purchase gain of $ 273.4 million as of

CENTURY ALUMINUM COMPANY

1 unchanged sentence

(amounts in millions, except share and per share amounts)

The following table represents the allocation of the estimated fair value of identified assets acquired, liabilities assumed and noncontrolling interest as of March 31, 2024

December 31, 2023 to $ 245.9 million as of March 31, 2024.

The Company finalized its purchase accounting as of March 31, 2024.

The following table represents the allocation of the estimated fair value of identified assets acquired, liabilities assumed and noncontrolling interest at the date of acquisition:

Purchase price allocation Amount

15 unchanged sentences

Bargain purchase gain $ 245.9

The following unaudited pro forma financial information reflects the results of operations of the Company for the three months ended March 31, 2023 as if the acquisition of Jamalco had been completed on January 1, 2023.

The following unaudited pro forma financial information reflects the results of operations of the Company for the three and six months ended June 30, 2023 as if the acquisition of Jamalco had been completed on January 1, 2023.

This unaudited pro forma financial information has been prepared for informational purposes and is not necessarily indicative of the actual consolidated results of operations had the acquisition been completed on January 1, 2023, nor is the information indicative of future results of operations of the combined companies.

Three months ended March 31,

Three months ended June 30, 2023 Six months ended June 30, 2023

Revenue $ 595.3 $ 1,177.6

2 unchanged sentences

In August 2022, we fully curtailed production at the Hawesville facility and expect to continue to maintain the plant with the intention of restarting operations when market conditions permit, including energy prices returning to more normalized levels and aluminum prices maintaining levels that can support the on-going costs and capital expenditures necessary to restart and operate the plant.

For the three months ended March 31, 2024 and 2023, we incurred curtailment charges of approximately $ 0.6 million and $ 7.0 million, respectively, including $ 5.4 million related to demand capacity charges for power during three months ended March 31, 2023.

In addition, these charges were partially offset by income related to scrap and materials sales of $ 0.5 million and $ 0.7 million for the three months ended March 31, 2024 and 2023, respectively, recognized in Other operating expense - net within the Consolidated Statements of Operations.

Related Party Transactions

The significant related party transactions occurring during the three months ended March 31, 2024 and 2023 are described below.

We believe all of our transactions with related parties are at prices that approximate market.

For the three and six months ended June 30, 2024, we incurred curtailment charges of approximately $ 1.7 million and $ 2.4 million, respectively.

These charges were partially offset by income related to scrap and materials sales of $ 0.5 million for the six months ended June 30, 2024.

There were no scrap and materials sales as of the three months ended June 30, 2024.

Comparatively, for the three and six months ended June 30, 2023 we incurred curtailment charges of approximately $ 4.4 million and $ 11.4 million, including $ 3.6 million and $ 9.0 million related to demand capacity charges for power, respectively.

These charges were partially offset by income related to scrap and materials sales of $ 0.5 million and $ 1.2 million for the three and six months ended June 30, 2023.

CENTURY ALUMINUM COMPANY

1 unchanged sentence

(amounts in millions, except share and per share amounts)

Related Party Transactions

The significant related party transactions occurring during the three and six months ended June 30, 2024 and 2023 are described below.

All of our related party transactions are subject to the Company's Related Party Transaction Policy and are required to be made on an arm's length basis and on terms that are fair and reasonable to the Company and substantially the same as would apply if the other party was not a related party.

We believe all of our transactions with related parties are at prices that approximate market.

Glencore Ownership

As of March 31, 2024 , Glencore plc and its affiliates (together "Glencore") beneficially owned 42.9 % of Century’s outstanding common stock ( 46.0 % on a fully-diluted basis assuming the conversion of all of the Series A Convertible Preferred Stock) and all of our outstanding Series A Convertible Preferred Stock.

As of June 30, 2024 , Glencore plc and its affiliates (together "Glencore") beneficially owned 42.9 % of Century’s outstanding common stock ( 45.9 % on a fully-diluted basis assuming the conversion of all of the Series A Convertible Preferred Stock) and all of our outstanding Series A Convertible Preferred Stock.

Shareholders' Equity for a description of our outstanding Series A Convertible Preferred Stock.

1 unchanged sentence

Sales to Glencore

For the three months ended March 31, 2024 and 2023, we derived approximately 64.3 % and 75.0 % of our consolidated net sales from Glencore, respectively.

For the three months ended June 30, 2024 and 2023, we derived approximately 58 % and 74 % of our consolidated net sales from Glencore, respectively.

For the six months ended June 30, 2024 and 2023, we derived approximately 61 % and 74 % of our consolidated net sales from Glencore, respectively.

Glencore purchases aluminum produced at our U.S.

2 unchanged sentences

We have entered into agreements with Glencore pursuant to which we sell certain amounts of alumina at market-based prices.

For the three months ended March 31, 2024 and 2023, the Company recogniz ed $ 35.5 million and $ 21.0 million , respectively, of revenue related to alumina sales to Glencore.

For the three and six months ended June 30, 2024, the Company recogniz ed $ 50.3 million and $ 85.8 million, respectively, of revenue related to alumina sales to Glencore.

For the three and six months ended June 30, 2023, we recorded $ 65.8 million and $ 86.8 million, respectively, of revenue related to alumina sales to Glencore.

Purchases from Glencore

We purchase a portion of our alumina and certain other raw material requirements from Glencore.

Alumina purchases from Glencore during the three months ended March 31, 2024 and March 31, 2023, were priced based on published alumina and aluminum indices as well as fixed prices.

Alumina purchases from Glencore during the three and six months ended June 30, 2024 and June 30, 2023, were priced based on published alumina and aluminum indices as well as fixed prices.

Financial Contracts with Glencore

3 unchanged sentences

Three months ended

June 30, Six months ended

2024 2023 2024 2023

Net sales to Glencore $ 324.2 $ 427.2 $ 639.2 $ 839.4

Purchases from Glencore (1)

56.2 75.2 115.2 151.4

(1) Includes settlements of financial contract positions.

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

Vlissingen Facility Agreement

4 unchanged sentences

In September 2023, our wholly owned subsidiary Nordural Grundartangi ehf ("Grundartangi"), entered into a structured repurchase arrangement ("Agreement") with an affiliate of Glencore and sold 390,000 European Union Allowances ("Carbon Credits") at a price of € 82.18 per Carbon Credit, for an aggregate amount of € 32.1 million .

The terms of the transaction

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

permitted Grundartangi to repurchase the same number of Carbon Credits by December 21, 2023, at a price of € 83.72 per Carbon Credit, for an aggregate amount of € 32.7 million.

The terms of the transaction permitted Grundartangi to repurchase the same number of Carbon Credits by December 21, 2023, at a price of € 83.72 per Carbon Credit, for an aggregate amount of € 32.7 million.

In December 2023, the Agreement was amended ("Amended Agreement") to extend the repurchase window to March 25, 2024, and increased the repurchase price to € 85.13 per Carbon Credit, for an aggregate amount of € 33.2 million.

In addition, Grundartangi entered into a second repurchase agreement ("Second Agreement") with Glencore to sell 40,000 Carbon Credits at a price of € 69.30 per Carbon Credit and to repurchase the same number of Carbon Credits at a price of € 70.71 per Carbon Credit for an aggregate amount of € 2.8 million.

In March 2024, the Amended Agreement was amended to extend the repurchase window from March 25, 2024 to August 30, 2024 and the repurchase price was revised to € 87.01 per Carbon Credit, for an aggregate amount of € 33.9 million.

2 unchanged sentences

We disaggregate our revenue by geographical region as follows:

Net Sales Three months ended

Net Sales Three months ended June 30, Six months ended June 30,

2024 2023 2024 2023

United States $ 375.0 $ 363.2 $ 675.0 $ 705.5

1 unchanged sentence

Total $ 560.8 $ 575.5 $ 1,050.3 $ 1,127.9

The table below shows the amount of net sales to external customers for each of the Company's product categories which accounted for 10% or more of consolidated net sales in either period for the three and six months ended June 30, 2024 and 2023.

Net Sales Three months ended June 30, Six months ended June 30,

2024 2023 2024 2023

Aluminum $ 454.9 $ 509.7 $ 904.3 $ 1,041.1

Alumina 105.9 65.8 146.0 86.8

Total $ 560.8 $ 575.5 $ 1,050.3 $ 1,127.9

We enter into contracts to sell mainly primary aluminum to our customers.

1 unchanged sentence

Our obligations under the contracts are satisfied when we transfer control of our primary aluminum to our customers which is generally upon shipment or delivery to customer directed locations.

The amount of consideration we receive, thus the revenue we recognize, is a function of volume delivered, market price of primary aluminum, which is based on the LME, plus regional premiums and any value-added product premiums.

The amount of consideration we receive, thus the revenue we recognize, is a function of volume delivered, market price of primary

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

aluminum which is based on the LME, plus regional premiums and any value-added product premiums.

We have also entered into agreements with our customers to sell certain amounts of alumina at market-based prices.

8 unchanged sentences

Contract liabilities are recorded when cash payments are received or due in advance of performance.

Amounts recognized in Due to affiliates was $ 52.0 million and $ 30.6 million, as of March 31, 2024 and December 31, 2023, respectively.

Amounts recognized in Due to affiliates was $ 42.4 million and $ 30.6 million, as of June 30, 2024 and December 31, 2023, respectively.

Fair Value Measurements

4 unchanged sentences

Unobservable inputs are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability.

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

The fair value hierarchy provides transparency regarding the inputs we use to measure fair value.

3 unchanged sentences

• Level 3 Inputs - unobservable inputs for the asset or liability.

Recurring Fair Value Measurements As of March 31, 2024

Recurring Fair Value Measurements As of June 30, 2024

Cash equivalents $ 20.1 $ — $ — $ 20.1

4 unchanged sentences

TOTAL $ — $ 6.7 $ — $ 6.7

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

Recurring Fair Value Measurements As of December 31, 2023

7 unchanged sentences

These trust assets are held to fund the non-qualified supplemental executive pension benefit obligations for certain of our officers.

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

The following section describes the valuation techniques and inputs for fair value measurements categorized within Level 2 of the fair value hierarchy:

2 unchanged sentences

LME forward financial sales contracts Discounted cash flows Quoted LME forward market

Midwest Premium ("MWP") forward financial sales contracts Discounted cash flows Quoted MWP forward market

Fixed for floating swaps Discounted cash flows Quoted LME forward market, quoted MWP forward market

FX swaps Discounted cash flows Euro/USD forward exchange rate

Indiana Hub power price swaps Discounted cash flows Quoted Indiana Hub forward market

Casthouse currency hedges Discounted cash flows Euro/USD forward exchange rate;

4 unchanged sentences

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.

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis.

There was no activity related to Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2024.

There was no activity related to Level 3 assets and liabilities measured at fair value on a recurring basis for the three and six months ended June 30, 2024.

Level 3 Assets Level 3 Liabilities

For the three months ended March 31, 2023

For the six months ended June 30, 2023

LME Forward financial sales contracts LME forward financial sales contracts

1 unchanged sentence

Transfers out of Level 3 (1)

Balance as of March 31, 2023

Balance as of June 30, 2023

Change in unrealized gains (losses) (2)

(1) Transfer out of Level 3 due to period of time remaining in derivative contract.

(2) Gains and losses are presented in the Consolidated Statement of Operations within the line item "Net gain (loss) on forward and derivative contracts."

(2) Transfers into Level 3 due to period of time remaining in derivative contract.

Earnings Per Share

8 unchanged sentences

The following table shows the basic and diluted (loss) earnings per share:

For the three months ended March 31,

For the three months ended June 30,

Net Income (Loss) Shares

9 unchanged sentences

Net income (loss) allocated to common stockholders $ ( 2.5 ) 92.7 $ ( 0.03 ) $ 6.9 93.2 $ 0.07

For the six months ended June 30,

Net Income (Loss) Shares

(in millions)

Per Share Net Income (Loss) Shares

(in millions)

Net (loss) income attributable to Century stockholders $ 244.3 $ ( 31.1 )

net income allocated to participating securities 13.0 —

Net (loss) income allocated to common stockholders $ 231.3 92.7 $ 2.50 $ ( 31.1 ) 92.3 $ ( 0.34 )

Effect of Dilutive Securities (1) :

Share-based compensation ( 12.2 ) 1.5 — —

Convertible senior notes 2.6 4.6 — —

Net (loss) income allocated to common stockholders with assumed conversion $ 221.7 98.8 $ 2.24 $ ( 31.1 ) 92.3 $ ( 0.34 )

Three months ended

June 30, Six months ended

Securities excluded from the calculation of diluted EPS (in millions) (1) :

2024 2023 2024 2023

Share-based compensation 1.9 — — 0.9

2 unchanged sentences

(1) In periods when we report a net loss, all share-based compensation awards, convertible preferred shares and convertible senior notes are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on earnings (loss) per share.

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

Shareholders’ Equity

As of March 31, 2024 and December 31, 2023, we had 195,000,000 shares of common stock, $ 0.01 par value per share, authorized under our Restated Certificate of Incorporation, of which 99,887,016 shares were issued and 92,700,495 shares were outstanding at March 31, 2024, and 99,876,385 were issued and 92,689,864 shares were outstanding at December 31, 2023.

As of June 30, 2024 and December 31, 2023, we had 195,000,000 shares of common stock, $ 0.01 par value per share, authorized under our Restated Certificate of Incorporation, of which 99,925,610 shares were issued and 92,739,089 shares were outstanding at June 30, 2024, and 99,876,385 were issued and 92,689,864 shares were outstanding at December 31, 2023.

The rights, preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock which are currently outstanding, including our Series A Convertible Preferred Stock, or which we may designate and issue in the future.

Preferred Stock

As of March 31, 2024 and December 31, 2023, we had 5,000,000 shares of preferred stock, $ 0.01 par value per share, authorized under our Restated Certificate of Incorporation.

As of June 30, 2024 and December 31, 2023, we had 5,000,000 shares of preferred stock, $ 0.01 par value per share, authorized under our Restated Certificate of Incorporation.

Our Board of Directors may issue preferred stock in one or more series and determine for each series the dividend rights, conversion rights, voting rights, redemption rights, liquidating preferences, sinking fund terms and the number of shares constituting that series, as well as the designation thereof.

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In addition, issuance of any shares of preferred stock with voting powers may dilute the voting power of the outstanding common stock.

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

Series A Convertible Preferred Stock

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In 2008, we issued 160,000 shares of our Series A Convertible Preferred Stock.

At June 30, 2024 and December 31, 2023, 52,238 and 52,284 shares of Series A Convertible Preferred Stock were outstanding, respectively.

Glencore holds all of the issued and outstanding Series A Convertible Preferred Stock.

At March 31, 2024 and December 31, 2023, 52,238 and 52,284 shares of Series A Convertible Preferred Stock were outstanding, respectively.

The issuance of common stock under our stock incentive programs, debt exchange transactions and any stock offering that excludes Glencore participation triggers anti-dilution provisions of the preferred stock agreement and results in the automatic conversion of Series A Convertible Preferred Stock shares into shares of common stock.

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The difference between the cost of the shares and the reissuance price is added to or deducted from additional paid-in capital.

Through March 31, 2024 we repurchased 7,186,521 shares of common stock for an aggregate purchase price of $ 86.3 million.

We have made no repurchases since April 2015 and have approximately $ 43.7 million remaining under the repurchase program authorization as of March 31, 2024.

For the three months ended March 31, 2024 and 2023, we recorded an income tax expense of $ 0.5 million and a tax benefit of $ 0.2 million, respectively.

Through June 30, 2024 we repurchased 7,186,521 shares of common stock for an aggregate purchase price of $ 86.3 million.

We have made no repurchases since April 2015 and have approximately $ 43.7 million remaining under the repurchase program authorization as of June 30, 2024.

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

For the three months ended June 30, 2024 and 2023, we recorded an income tax expense of $ 0.5 million and a tax benefit of $ 10.0 million, respectively.

For the six months ended June 30, 2024 and 2023, we recorded an income tax expense of $ 1.0 million and a tax benefit of $ 10.2 million, respectively.

The change is primarily due to changes in pretax income amounts and jurisdictional mix on a year over year basis.

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The application of the accounting requirements for income taxes in interim periods, after consideration of our valuation allowance on domestic losses, causes a significant variation in the typical relationship between income tax expense/benefit and pre-tax accounting income/loss as reported on the Consolidated Statement of Operations.

As of March 31, 2024, all of Century's U.S.

As of June 30, 2024, all of Century's U.S.

and certain foreign deferred tax assets, net of deferred tax liabilities, continue to be subject to a valuation allowance.

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The Proposed Regulations provide guidance on rules that taxpayers must satisfy to qualify for the IRA Section 45X tax credit.

For the three months ended March 31, 2024 , the Company recognized a reduction of $ 11.9 million in Cost of goods sold and a reduction of $ 0.7 million in Selling, general and administrative expenses within the Consolidated Statements of Operations, resulting in an equally offsetting receivable.

As of March 31, 2024 and December 31, 2023, the Company recognized a Manufacturing credit receivable of $ 57.9 million and $ 59.3 million, respectively, and as of March 31, 2024, recognized a non-current receivable of $ 14.0 million within Other assets on the Consolidated Balance Sheets.

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

For the three and six months ended June 30, 2024, the Company recognized a reduction of $ 10.7 million and $ 22.6 million in Cost of goods sold and a reduction of $ 0.5 million and $ 1.2 million in Selling, general and administrative expenses, respectively, within the Consolidated Statements of Operations, resulting in an equally offsetting manufacturing credit receivable.

As of June 30, 2024 and December 31, 2023, the Company recognized a Manufacturing credit receivable of $ 57.1 million and $ 59.3 million, respectively, and as of June 30, 2024, recognized a Non-current Manufacturing credit receivable of $ 26.0 million within Other assets on the Consolidated Balance Sheets.

Inventories consist of the following:

March 31, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Raw materials $ 113.0 $ 162.5

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Inventories are stated at the lower of cost or Net Realizable Value ("NRV") using the first-in, first-out or the weighted average cost method.

March 31, 2024 December 31, 2023

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

June 30, 2024 December 31, 2023

Debt classified as current liabilities:

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Debt classified as non-current liabilities:

Grundartangi casthouse facility, net of financing fees of $ 1.2 million at March 31, 2024 (4)

7.5 % senior secured notes due April 1, 2028, net of financing fees of $ 2.5 million at March 31, 2024, interest payable semiannually

2.75 % convertible senior notes due May 1, 2028, net of financing fees of $ 1.4 million at March 31, 2024, interest payable semiannually

Grundartangi casthouse facility, net of financing fees of $ 0.0 million at June 30, 2024 (4)

7.5 % senior secured notes due April 1, 2028, net of financing fees of $ 2.3 million at June 30, 2024, interest payable semiannually

2.75 % convertible senior notes due May 1, 2028, net of financing fees of $ 1.3 million at June 30, 2024, interest payable semiannually

Total $ 480.4 $ 479.2

(1) The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing.

The interest rate at March 31, 2024 was 3.77 % .

The interest rate at June 30, 2024 was 4.14 % .

(2) We incur interest at a base rate plus applicable margin as defined within the agreement.

The interest rate at March 31, 2024 was 9.25 % .

The interest rate at June 30, 2024 was 9.25 % .

(3) We incur interest at base rate plus applicable margin as defined within the agreement.

The interest rate at March 31, 2024 wa s 8.83 % .

The interest rate at June 30, 2024 wa s 8.84 %.

(4) We incur interest at a base rate plus applicable margin as defined within the agreement.

The interest rate at March 31, 2024 was 8.84 %.

The interest rate at June 30, 2024 was 8.88 %.

(5) We incur interest at a fixed rate equal to 8.75 %.

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The 2028 Notes are senior secured obligations of Century, ranking equally in right of payment with all existing and future senior indebtedness of Century, but effectively senior to unsecured debt to the extent of the value of collateral.

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

As of March 31, 2024, the total estimated fair value of the 2028 Notes was $ 251.2 million .

We are in compliance with all applicable covenants under the indenture governing our Senior Notes as of June 30, 2024.

As of June 30, 2024, the total estimated fair value of the 2028 Notes was $ 252.6 million .

Although we use quoted market prices for identical debt instruments, the markets on which they trade are not considered to be active and are therefore considered Level 2 fair value measurements.

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The Convertible Notes bear interest semi-annually in arrears on May 1 and November 1 of each year, which began on November 1, 2021, at a rate of 2.75 % per annum in cash.

The initial conversion rate for the Convertible Notes is 53.3547 shares of the Company's common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $ 18.74 per share of the Company's common stock.

CENTURY ALUMINUM COMPANY

Condensed Notes to the Consolidated Financial Statements (continued)

(amounts in millions, except share and per share amounts)

the Company's common stock.

The conversion rate and conversion price are subject to customary adjustments under certain circumstances in accordance with the terms of the indenture.

As of March 31, 2024, the conversion rate remains unchanged.

As of June 30, 2024, the conversion rate remains unchanged.

The Convertible Notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Convertible Notes;

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and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries.

As of March 31, 2024, the if-converted value of the Convertible Note s does not exceed the outstanding principal amount.

As of March 31, 2024, the total estimated fair value of the Convertible Notes was $ 88.0 million .

As of June 30, 2024, the if-converted value of the Convertible Note s does not exceed the outstanding principal amount.

As of June 30, 2024, the total estimated fair value of the Convertible Notes was $ 94.7 million .

Although we use quoted market prices for identical debt instruments, the markets on which they trade are not considered to be active and are therefore considered Level 2 fair value measurements.

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revolving credit facility matures on June 14, 2027.

revolving credit facility contains customary covenants, including restrictions on mergers and acquisitions, indebtedness, affiliate transactions, liens, dividends and distributions, dispositions of collateral, investments, and prepayments of indebtedness, as well as a covenant that requires the Borrowers to maintain certain minimum liquidity or availability requirements.

We are in compliance with all applicable covenants as of June 30, 2024.

Any letters of credit issued and outstanding under the U.S.

revolving credit facility reduce our borrowing availability on a dollar-for-dollar basis.

At March 31, 2024, there were $ 17.0 million in outstanding borrowings and $ 58.0 million of outstanding letters of credit issued under our U.S.

At June 30, 2024, there were no outstanding borrowings and $ 40.8 million of outstanding letters of credit issued under our U.S.

revolving credit facility.

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revolving credit facility:

March 31, 2024

June 30, 2024

Credit facility maximum amount $ 250.0

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On September 28, 2022, we further amended the Iceland revolving credit facility and increased the facility amount to $ 100.0 million in the aggregate.

Under the terms of the Iceland revolving

Under the terms of the Iceland revolving credit facility, when Grundartangi borrows funds it will designate a repayment date, which may be any date prior to the maturity of the Iceland revolving credit facility.

At June 30, 2024, there were no outstanding borrowings under our Iceland revolving credit facility.

The Iceland revolving credit facility has a term through December 2026.

Our Iceland revolving credit facility contains a covenant that requires Grundartangi to maintain a minimum equity ratio.

As of June 30, 2024, we were in compliance with all such covenants.

CENTURY ALUMINUM COMPANY

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(amounts in millions, except share and per share amounts)

credit facility, when Grundartangi borrows funds it will designate a repayment date, which may be any date prior to the maturity of the Iceland revolving credit facility.

At March 31, 2024, there were $ 32.0 million in outstanding borrowings under our Iceland revolving credit facility.

The Iceland revolving credit facility has a term through December 2026.

Status of our Iceland revolving credit facility:

March 31, 2024

June 30, 2024

Credit facility maximum amount $ 100.0

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Under the Casthouse Facility, repayments of principal amounts will be made in equal quarterly installments equal to 1.739 % of the principal amount, the first payment occurring in July 2024, with the remaining 60 % of the principal amount to be paid no later than the termination date in December 2029.

As of March 31, 2024, there were $ 130.0 million in outstanding borrowings under the Casthouse Facility.

As of June 30, 2024, there were $ 130.0 million in outstanding borrowings under the Casthouse Facility.

The Casthouse Facility also contains customary covenants, including restrictions on mergers and acquisitions, indebtedness, preservation of assets, and dispositions of assets and contains a covenant that requires Grundartangi to maintain a minimum equity ratio.

As of June 30, 2024, we were in compliance with all such covenants.

Iceland Term Facility

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On December 9, 2022, Vlissingen entered into a Facility Agreement with Glencore International AG pursuant to which Vlissingen may borrow from time to time up to $ 90.0 million (the "Vlissingen Facility Agreement") in one or more loans at a fixed interest rate equal to 8.75 % per annum and payable on December 2, 2024, the maturity date of the Vlissingen Facility Agreement.

As of March 31, 2024, there were $ 10.0 million in outstanding borrowings under the Vlissingen Facility Agreement.

As of June 30, 2024, there were $ 10.0 million in outstanding borrowings under the Vlissingen Facility Agreement.

The Vlissingen Facility Agreement contains customary covenants, including with respect to mergers, guarantees and preservation and dispositions of assets.

As of June 30, 2024, we were in compliance with all such covenants

Hancock County Industrial Revenue Bond s

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In June 2022, we entered into a surety bond facility with an insurance company to provide such bonds when applicable.

As of March 31, 2024, we had issued surety bonds totaling $ 6.6 million.

As of June 30, 2024, we had issued surety bonds totaling $ 6.6 million.

As we had previously guaranteed our workers' compensation obligations through issuance of letters of credit against our revolving credit facility, the surety bond issuance increases credit facility availability.

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CAWV has agreed to pay the remaining amounts under the settlement agreement in annual increments of $ 2.0 million for nine years .

As of March 31, 2024, $ 2.0 million was recorded in Other current liabilities and $ 3.4 million was recorded in Other liabilities on the Consolidated Balance Sheets.

As of June 30, 2024, $ 2.0 million was recorded in Other current liabilities and $ 3.5 million was recorded in Other liabilities on the Consolidated Balance Sheets.

PBGC Settlement

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In October 2021, we amended the PBGC Settlement Agreement (the "Amended PBGC Settlement Agreement") such that we removed the deferral mechanism and agreed to contribute approximately $ 2.4 million per year to our defined benefit pension plans for a total of approximately $ 9.6 million, over the next four years beginning on November 30, 2022 and ending on November 30, 2025, subject to acceleration if certain terms and conditions are met in such amendment.

As of March 31, 2024, we made contributions of $ 6.9 million and no payments for the three months ended March 31, 2024 related to the Amended PBGC Settlement Agreement.

As of June 30, 2024, we made contributions of $ 6.9 million and no payments related to the Amended PBGC Settlement Agreement.

Comparatively, as of June 30, 2023, we made contributions of $ 2.4 million related to the Amended PBGC Settlement Agreement.

Power Commitments and Contingencies

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Under this arrangement, Hawesville gets access to power at Midcontinent Independent System Operator ("MISO") pricing plus transmission and other costs.

As the MISO Market Participant, Century Marketer purchases power from MISO for resale to Kenergy, which then resells the power to Hawesville.

As the MISO Market

CENTURY ALUMINUM COMPANY

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(amounts in millions, except share and per share amounts)

Participant, Century Marketer purchases power from MISO for resale to Kenergy, which then resells the power to Hawesville.

Century Marketer's power supply arrangement with Kenergy has an effective term through May 31, 2028, with automatic one-year extensions unless either party provides one-year notice of termination prior to the May 31 anniversary date.

Similarly, Kenergy's power supply contract with Hawesville has a term through December 31, 2025, with automatic one-year extensions unless either party provides one-year notice of termination prior to the December 31 anniversary date.

Sebree has a power supply arrangement with Kenergy and Century Marketer, LLC (“Century Marketer"), Century's wholly-owned subsidiary that acts as a MISO market participant.

Sebree has a power supply arrangement with Kenergy and Century Marketer.

Under this arrangement, Sebree gets access to power at Midcontinent Independent System Operator ("MISO") pricing plus transmission and other costs.

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Similarly, Kenergy's power supply contract with Sebree has a term through December 31, 2025, with automatic one-year extensions unless either party provides one-year notice of termination prior to the December 31 anniversary date.

CASC has a power supply agreement with Santee Cooper that has an effective term through December 2026.

Century Aluminum of South Carolina ("CASC") has a power supply agreement with Santee Cooper that has an effective term through December 2026.

Under this power supply agreement, 100 % of Mt.

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The FME negotiates working conditions with trade unions on behalf of its members, which, when agreed upon, are then applicable to all employees of Vlissingen.

The current labor agreement is effective through May 31, 2024, and Vlissingen is currently in the process of negotiating a new contract with the FME.

The current labor agreement is effective through December 31, 2025.

Approximately 38 % of our U.S.

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This contingent obligation consists of the aggregate payments made to Big Rivers by the third party on CAKY’s behalf in excess of the agreed upon base amount under the long-term cost-based power contract with Kenergy.

As of March 31, 2024, the principal and accrued interest for the contingent obligation was $ 31.2 million, which was fully offset by a derivative asset.

As of June 30, 2024, the principal and accrued interest for the contingent obligation was $ 31.6 million, which was fully offset by a derivative asset.

We may be required to make installment payments for the contingent obligation in the future.

These payments are contingent based on the LME price of primary aluminum and the level of Hawesville’s operations.

As of March 31, 2024, the LME forward market prices do not exceed the threshold for payment.

As of June 30, 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 temporary 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.

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Components of AOCL:

March 31, 2024

June 30, 2024

December 31, 2023

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(1) The allocation of the income tax effect to the components of other comprehensive loss is as follows:

March 31, 2024

June 30, 2024

December 31, 2023

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Defined benefit plan and other postretirement liabilities Unrealized gain on financial instruments Total, net of tax

Balance, March 31, 2024 $ ( 101.0 ) $ 1.4 $ ( 99.6 )

Net amount reclassified to net income (loss) 1.5 — 1.5

Balance, June 30, 2024 $ ( 99.5 ) $ 1.4 $ ( 98.1 )

Balance, March 31, 2023 $ ( 94.4 ) $ 1.5 $ ( 92.9 )

Net amount reclassified to net income (loss) 2.2 — 2.2

Balance, June 30, 2023 $ ( 92.2 ) $ 1.5 $ ( 90.7 )

Balance, December 31, 2023 $ ( 99.4 ) $ 1.5 $ ( 97.9 )

$ ( 99.4 ) $ 1.5 $ ( 97.9 )

Other comprehensive loss before reclassifications ( 3.4 ) — ( 3.4 )

Net amount reclassified to net income (loss) $ 3.3 $ ( 0.1 ) $ 3.2

Balance, March 31, 2024

$ ( 101.0 ) $ 1.4 $ ( 99.6 )

Balance, June 30, 2024 $ ( 99.5 ) $ 1.4 $ ( 98.1 )

Balance, December 31, 2022 $ ( 95.6 ) $ 1.6 $ ( 94.0 )

$ ( 95.6 ) $ 1.6 $ ( 94.0 )

Net amount reclassified to net income (loss) 3.4 ( 0.1 ) 3.3

Balance, March 31, 2023

$ ( 94.4 ) $ 1.5 $ ( 92.9 )

Balance, June 30, 2023 $ ( 92.2 ) $ 1.5 $ ( 90.7 )

CENTURY ALUMINUM COMPANY

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Three months ended

June 30, Six months ended

AOCL Components Location 2024 2023 2024 2023

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Other operating expense - net 0.7 0.7 1.4 0.9

Income tax effect — — — —

Net of tax $ 1.5 $ 2.2 $ 3.3 $ 3.4

Unrealized gain (loss) on financial instruments Cost of goods sold $ — $ — $ ( 0.1 ) $ ( 0.1 )

Income tax effect — — — —

Net of tax $ — $ — $ ( 0.1 ) $ ( 0.1 )

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Pension Benefits

Three months ended March 31,

Three months ended June 30, Six months ended June 30,

2024 2023 2024 2023

Service cost $ 0.7 $ 0.1 $ 1.3 $ 1.1

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What changed 10-Q

Item 1. Financial Statements