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Restructuring Charges and Asset Write-Offs (Tables) | 6 Months Ended
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Jun. 30, 2025
Restructuring and Related Activities [Abstract] |
Restructuring and Related Costs | The following table provides details of our restructuring related charges for the three-month and six-month periods ended June 30, 2025 and 2024 (in thousands):
| Three Months Ended June 30, 2025
| Asset Write-offs(a) |  | Severance and Employee Benefits(b) |  | Contract Cancellation Costs(c) |  | Other(d) |  | Total
Second Half 2024 Restructuring(e) | $ | 370 |  |  | $ | 564 |  |  | $ | 2,603 |  |  | $ | 747 |  |  | $ | 4,284 |
| Three Months Ended June 30, 2024
| Asset Write-offs(a) |  | Severance and Employee Benefits(b) |  | Contract Cancellation Costs(c) |  | Other(d) |  | Total
First Half 2024 Restructuring(e) | $ | 276,034 |  |  | $ | 2,525 |  |  | $ | 16,281 |  |  | $ | 2,625 |  |  | $ | 297,465 |
| Six Months Ended June 30, 2025
| Asset Write-offs(a) |  | Severance and Employee Benefits(b) |  | Contract Cancellation Costs(c) |  | Other(d) |  | Total
Second Half 2024 Restructuring(e) | $ | (6,878) |  |  | $ | 2,184 |  |  | $ | 777 |  |  | $ | 7,368 |  |  | $ | 3,451 |
| Six Months Ended June 30, 2024
| Asset Write-offs(a) |  | Severance and Employee Benefits(b) |  | Contract Cancellation Costs(c) |  | Other(d) |  | Total
First Half 2024 Restructuring(e) | $ | 276,034 |  |  | $ | 18,861 |  |  | $ | 33,481 |  |  | $ | 5,374 |  |  | $ | 333,750 |
(a) In 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 net favorable adjustment of asset write-offs. In the first half of 2024, asset write-offs primarily related to property, plant and equipment of the in-construction Kemerton Train 4. Asset write-off charges and changes in estimates were 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. 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. A gain (loss) of $0.1 million and ($0.1) million recorded in Other (expenses) income, net for the three-month and six-month periods ended June 30, 2025, respectively, related to the Second Half 2024 Restructuring and a loss of $2.6 million and $5.4 million recorded in Other (expenses) income, net for the three-month and six-month periods ended June 30, 2024, respectively, 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 six-month period ended June 30, 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 |  |  | — |  |  | 7,368 |  |  | 14,908 |
Change in estimate(a) | (9,020) |  |  | (3,214) |  |  | 777 |  |  | — |  |  | (11,457) |
Cash payments | — |  |  | (13,390) |  |  | (5,259) |  |  | (3,540) |  |  | (22,189) |
Asset write-off/hedge dedesignation | 6,878 |  |  | — |  |  | — |  |  | (7,368) |  |  | (490) |
Foreign currency translation adjustments and other | — |  |  | 327 |  |  | (195) |  |  | — |  |  | 132 |
Ending balance at June 30, 2025(b) | $ | — |  |  | $ | 4,988 |  |  | $ | 27,802 |  |  | $ | 5,271 |  |  | $ | 38,061 |
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 | — |  |  | — |  |  | (1,742) |  |  | — |  |  | (1,742) |
Other | — |  |  | — |  |  | (1,025) |  |  | — |  |  | (1,025) |
Ending balance at June 30, 2025(b) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(a) In 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 negotiated revised contract cancellation costs with key suppliers, which resulted in adjustments of the restructuring related charges. (b) Approximately $25.6 million of the remaining balance is expected to be paid in the next twelve months and are recorded in Accrued expenses as of June 30, 2025. $12.4 million of the liability is recorded in Other noncurrent liabilities as of June 30, 2025, and relates to certain take or pay liabilities that 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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