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Restructuring Charges and Asset Write-Offs (Tables) | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Related Costs | The following table provides details of our restructuring related charges for the year ended December 31, 2024, which represent the cumulative amounts incurred to date for these plans (in thousands):
| Year Ended December 31, 2024
| Asset Write-offs(a) |  | Severance and Employee Benefits(b) |  | Contract Cancellation Costs(c) |  | Other(d) |  | Total
First Half 2024 Restructuring(e) | $ | 280,596 |  |  | $ | 18,856 |  |  | $ | 24,887 |  |  | $ | 5,374 |  |  | $ | 329,713 |
Second Half 2024 Restructuring(e) | 732,907 |  |  | 51,264 |  |  | 37,370 |  |  | 29,552 |  |  | 851,093 |
| $ | 1,013,503 |  |  | $ | 70,120 |  |  | $ | 62,257 |  |  | $ | 34,926 |  |  | $ | 1,180,806 |
(a) Asset write-offs include $16.5 million recorded in Cost of goods sold, primarily related to work in process inventory with no future value as a result of the decomissioning of Kemerton Train 2 that was placed into care and maintenance. The remainder of the asset write-offs primarily relate to property, plant and equipment of the in-construction Kemerton Trains 3 and 4, and Kemerton Train 2 that was placed into care and maintenance. All asset write-off charges not related to inventories were recorded in Restructuring charges and asset write-offs. (b) Severance and employee benefit charges include $3.8 million recorded in Cost of goods sold. All other severance and employee benefit charges for global employees terminated during the various restructuring programs were recorded in Restructuring charges and asset write-offs. (c) Includes cancellation fees for contractors and required payments under take or pay contracts. All contract cancellation costs were recorded in Restructuring charges and asset write-offs. (d) Other includes costs to put Kemerton Train 2 into care and maintenance and similar restructuring costs, and are recorded in Restructuring charges and asset write-offs. In addition, Other also includes the reclassification of the related dedesignated cash flow hedge from Accumulated other comprehensive loss. $20.7 million recorded in Other income, net for the year ended December 31, 2024 related to the Second Half 2024 Restructuring and $5.4 million recorded in Other income, net for the year ended December 31, 2024 related to the First Half 2024 Restructuring. (e) Severance and employee benefits related to Corporate and all segments. All other restructuring costs were primarily recorded in the Energy Storage segment. The following tables summarize the changes in restructuring liabilities for the year ended December 31, 2024 (in thousands):
First Half 2024 Restructuring | Asset Write-offs |  | Severance and Employee Benefits |  | Contract Cancellation Costs |  | Other |  | Total
Beginning balance at December 31, 2023 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2024 charges | 280,596 |  |  | 19,365 |  |  | 34,510 |  |  | 5,374 |  |  | 339,845 |
Change in estimate(a) | — |  |  | (509) |  |  | (9,623) |  |  | — |  |  | (10,132) |
Cash payments | — |  |  | (18,883) |  |  | (22,120) |  |  | — |  |  | (41,003) |
Asset writedowns/hedge dedesignation | (280,596) |  |  | — |  |  | — |  |  | (5,374) |  |  | (285,970) |
Foreign currency translation adjustments | — |  |  | 27 |  |  | — |  |  | — |  |  | 27 |
Ending balance at December 31, 2024(b)(c) | $ | — |  |  | $ | — |  |  | $ | 2,767 |  |  | $ | — |  |  | $ | 2,767 |
Second Half 2024 Restructuring | Asset Write-offs |  | Severance and Employee Benefits |  | Contract Cancellation Costs |  | Other |  | Total
Beginning balance at December 31, 2023 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2024 charges | 785,005 |  |  | 51,264 |  |  | 46,870 |  |  | 28,883 |  |  | 912,022 |
Change in estimate(a) | (52,098) |  |  | — |  |  | (9,500) |  |  | 669 |  |  | (60,929) |
Cash payments | — |  |  | (35,010) |  |  | (4,891) |  |  | — |  |  | (39,901) |
Asset writedowns/hedge dedesignation | (732,907) |  |  | — |  |  | — |  |  | (20,741) |  |  | (753,648) |
Foreign currency translation adjustments | — |  |  | (387) |  |  | — |  |  | — |  |  | (387) |
Ending balance at December 31, 2024(b)(c) | $ | — |  |  | $ | 15,867 |  |  | $ | 32,479 |  |  | $ | 8,811 |  |  | $ | 57,157 |
(a) In the fourth quarter of 2024, the Company updated its estimates concerning the progress of construction activities, related contractual obligations and the estimated salvage value of Kemerton equipment, resulting in a favorable adjustment of asset write-offs. Additionally, the Company successfully negotiated revised contract cancellation costs with key suppliers to result in a favorable adjustment of the restructuring related charges. (b) Approximately $47.5 million recorded in Accrued expenses and $12.4 million recorded in Other noncurrent liabilities on the consolidated balance sheets as of December 31, 2024. (c) The majority of the remaining balances are expected to be paid in the next twelve months. Certain take or pay liabilities will be paid in line with the terms of the original contract through 2027.

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- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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