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Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consist of the following at December 31, 2020 and 2019 (in thousands):

			December 31,
			2020						2019
Employee benefits, payroll and related taxes			$	102,711					$	82,028
Wodgina Project acquisition consideration obligation(a)			137,092						260,686
Other(b)			200,960						233,583
Total			$	440,763					$	576,297

(a)Represents the 40% interest in the Kemerton assets, which are under construction, expected to be transferred to MRL in the next twelve months as part of the consideration paid for the Wodgina Project acquisition. The balance as of December 31, 2019 also included $64.8 million of estimated stamp duties levied on the assets purchased. See Note 2, “Acquisitions,” for further details.

(b)No individual component exceeds 5% of total current liabilities.

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- Definition

Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.

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