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Income Taxes | 3 Months Ended
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Mar. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes 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. The change is primarily due to changes in pretax income amounts and jurisdictional mix on a year over year basis. Our income tax expense or benefit for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items. 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. and certain foreign deferred tax assets, net of deferred tax liabilities, continue to be subject to a valuation allowance. Section 45X of The Inflation Reduction Act of 2022 ("IRA") contains a production tax credit equal to 10% of certain eligible production costs, including, without limitation, labor, energy, depreciation and amortization and overhead expenses. On December 14, 2023, the U.S. Department of the Treasury and the Internal Revenue Service released proposed rules to provide guidance on the production tax credit requirements under Internal Revenue Code Section 45X (the “Proposed Regulations”). 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.

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