XML 54 R39.htm IDEA: XBRL DOCUMENT
v3.25.1

Restructuring Charges and Asset Write-Offs (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Restructuring and Related Activities [Abstract] |
Restructuring and Related Costs | The following table provides details of our restructuring related charges for the three-month periods ended March 31, 2025 and 2024 (in thousands):
| Three Months Ended March 31, 2025
| Asset Write-offs(a) |  | Severance and Employee Benefits(b) |  | Contract Cancellation Costs(c) |  | Other(d) |  | Total
Second Half 2024 Restructuring(e) | (7,248) |  |  | 1,620 |  |  | (1,826) |  |  | 6,621 |  |  | (833) |
| Three Months Ended March 31, 2024
| Asset Write-offs(a) |  | Severance and Employee Benefits(b) |  | Contract Cancellation Costs(c) |  | Other(d) |  | Total
First Half 2024 Restructuring(e) | $ | — |  |  | $ | 16,336 |  |  | $ | 17,200 |  |  | $ | 2,749 |  |  | $ | 36,285 |
(a) In the first quarter of 2025, the Company received proceeds for certain Kemerton equipment and updated its estimates concerning the progress of construction activities and related contractual obligations, resulting in a favorable adjustment of asset write-offs. This favorable adjustment to asset write-off charges was recorded in Restructuring charges and asset write-offs. (b) 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. In the first quarter of 2025, the Company successfully negotiated revised contract cancellation costs with key suppliers to result in a favorable adjustment. All contract cancellation costs and favorable adjustments were recorded in Restructuring charges and asset write-offs. (d) Other includes costs to put Kemerton Train 2 and the Chengdu, China conversion plant 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. $0.2 million recorded in Other income, net for the three-month period ended March 31, 2025 related to the Second Half 2024 Restructuring and $2.7 million recorded in Other income, net for the three-month period ended March 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 three-month period ended March 31, 2025 (in thousands):
Second Half 2024 Restructuring | Asset Write-offs |  | Severance and Employee Benefits |  | Contract Cancellation Costs |  | Other |  | Total
Beginning balance at December 31, 2024 | $ | — |  |  | $ | 15,867 |  |  | $ | 32,479 |  |  | $ | 8,811 |  |  | $ | 57,157 |
2025 charges | 2,142 |  |  | 5,398 |  |  | — |  |  | 6,621 |  |  | 14,161 |
Change in estimate(a) | (9,390) |  |  | (3,778) |  |  | (1,826) |  |  | — |  |  | (14,994) |
Cash payments | — |  |  | (6,758) |  |  | (5,090) |  |  | (3,520) |  |  | (15,368) |
Asset write-off/hedge dedesignation | 7,248 |  |  | — |  |  | — |  |  | (6,621) |  |  | 627 |
Foreign currency translation adjustments | — |  |  | 103 |  |  | — |  |  | — |  |  | 103 |
Ending balance at March 31, 2025(b) | $ | — |  |  | $ | 10,832 |  |  | $ | 25,563 |  |  | $ | 5,291 |  |  | $ | 41,686 |
First Half 2024 Restructuring | Asset Write-offs |  | Severance and Employee Benefits |  | Contract Cancellation Costs |  | Other |  | Total
Beginning balance at December 31, 2024 | $ | — |  |  | $ | — |  |  | $ | 2,767 |  |  | $ | — |  |  | $ | 2,767 |
Cash payments | — |  |  | — |  |  | (1,738) |  |  | — |  |  | (1,738) |
Ending balance at March 31, 2025(b) | $ | — |  |  | $ | — |  |  | $ | 1,029 |  |  | $ | — |  |  | $ | 1,029 |
(a) In the first quarter of 2025, the Company received proceeds for certain Kemerton equipment and updated its estimates concerning the progress of construction activities and related contractual obligation, as well as updated estimates of severance charges in the U.S., resulting in a favorable adjustment of asset write-offs and severance and employee benefits. 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 $30.3 million of the remaining balance is expected to be paid in the next twelve months and are recorded in Accrued expenses as of March 31, 2025. $12.4 million of the liability is recorded in Other noncurrent liabilities as of March 31, 2025, and relates to certain take or pay liabilities that will be paid in line with the terms of the original contract through 2027.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfRestructuringAndRelatedCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration