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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) From Continuing Operations Before Income Taxes | (Loss) income before income taxes is comprised of the following:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
United Kingdom | $ | (46) |  |  | $ | (35) |  |  | $ | (47) |
International | (412) |  |  | 108 |  |  | 96 |
(Loss) Income before income taxes | $ | (458) |  |  | $ | 73 |  |  | $ | 49 |
Schedule of Income Tax (Provision) Benefit | The income tax provision is summarized below:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
United Kingdom: |  |  |  |  |
Current | $ | — |  |  | $ | — |  |  | $ | 1 |
Deferred | — |  |  | — |  |  | — |
International: |  |  |  |  |
Current | (3) |  |  | (17) |  |  | (34) |
Deferred | (12) |  |  | (110) |  |  | (330) |
Income tax provision | $ | (15) |  |  | $ | (127) |  |  | $ | (363) |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the applicable statutory income tax rates to our effective income tax rates for “Income tax provision” as reflected in the Consolidated Statements of Operations.
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023 |  |
| $ |  | % |  | $ |  | % |  | $ |  | %
Statutory tax rate - United Kingdom | $ | 114 |  |  | 25 | % |  | $ | (18) |  |  | 25 | % |  | $ | (12) |  |  | 24 | %
Foreign tax effects |  |  |  |  |  |  |  |  |  |  |
Australia |  |  |  |  |  |  |  |  |  |  |
Nondeductible debt costs | (38) |  |  | (8) | % |  | (14) |  |  | 19 | % |  | (12) |  |  | 24 | %
Prior period accrual - nondeductible debt costs | (20) |  |  | (5) | % |  | — |  |  | — | % |  | (1) |  |  | 2 | %
Tax rates different than statutory | 11 |  |  | 2 | % |  | 9 |  |  | (13) | % |  | 12 |  |  | (24) | %
Other adjustments | — |  |  | — | % |  | — |  |  | — | % |  | 2 |  |  | (4) | %
Changes in valuation allowances | (5) |  |  | (1) | % |  | (38) |  |  | 52 | % |  | (341) |  |  | 697 | %
Brazil |  |  |  |  |  |  |  |  |  |  |
Other adjustments | 1 |  |  | — | % |  | 2 |  |  | (3) | % |  | — |  |  | — | %
Changes in valuation allowances | (4) |  |  | (1) | % |  | (20) |  |  | 28 | % |  | — |  |  | — | %
Canada |  |  |  |  |  |  |  |  |  |  |
Gain on sale of royalty interest | — |  |  | — | % |  | (7) |  |  | 10 | % |  | — |  |  | — | %
China |  |  |  |  |  |  |  |  |  |  |
Changes in valuation allowances | (18) |  |  | (4) | % |  | (1) |  |  | 1 | % |  | (1) |  |  | 2 | %
The Netherlands |  |  |  |  |  |  |  |  |  |  |
Other adjustments | 1 |  |  | — | % |  | — |  |  | — | % |  | 1 |  |  | (2) | %
Changes in valuation allowances | (41) |  |  | (9) | % |  | (34) |  |  | 46 | % |  | — |  |  | — | %
South Africa |  |  |  |  |  |  |  |  |  |  |
Tax rates different than statutory | — |  |  | — | % |  | (3) |  |  | 4 | % |  | (5) |  |  | 10 | %
Other adjustments | (2) |  |  | — | % |  | — |  |  | — | % |  | 1 |  |  | (2) | %
Switzerland |  |  |  |  |  |  |  |  |  |  |
Expiration of carryover losses | — |  |  | — | % |  | — |  |  | — | % |  | (6) |  |  | 12 | %
Changes in valuation allowances | — |  |  | — | % |  | — |  |  | — | % |  | 6 |  |  | (12) | %
Other adjustments | — |  |  | — | % |  | — |  |  |  |  | 1 |  |  | (2) | %
United States |  |  |  |  |  |  |  |  |  |  |
Transfer pricing adjustment | — |  |  | — | % |  | — |  |  | — | % |  | (4) |  |  | 8 | %
State and local taxes | (2) |  |  | — | % |  | (3) |  |  | 4 | % |  | (8) |  |  | 16 | %
Tax rates different than statutory | — |  |  | — | % |  | 6 |  |  | (8) | % |  | 4 |  |  | (8) | %
Other adjustments | (2) |  |  | — | % |  | — |  |  | — | % |  | 1 |  |  | (2) | %
Changes in valuation allowances | 2 |  |  | — | % |  | 2 |  |  | (3) | % |  | 9 |  |  | (18) | %
Other foreign jurisdictions | (1) |  |  | — | % |  | 1 |  |  | (1) | % |  | — |  |  | — | %
Effect of changes in tax laws or rates | — |  |  | — | % |  | — |  |  | — | % |  | 2 |  |  | (4) | %
Effect of cross-border tax laws | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | %
Tax credits | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | %
Changes in valuation allowances | (9) |  |  | (2) | % |  | (3) |  |  | 4 | % |  | (9) |  |  | 18 | %
Nontaxable or nondeductible items | — |  |  | — | % |  | (2) |  |  | 3 | % |  | — |  |  | — | %
Prior period accruals | (2) |  |  | — | % |  | (5) |  |  | 7 | % |  | (3) |  |  | 6 | %
Other adjustments | — |  |  | — | % |  | 1 |  |  | (1) | % |  | — |  |  | — | %
Effective tax rate | $ | (15) |  |  | (3) | % |  | $ | (127) |  |  | 174 | % |  | $ | (363) |  |  | 741 | %
Schedule of Net Deferred Tax Assets (Liabilities) | Net deferred tax assets (liabilities) at December 31, 2025 and 2024 were comprised of the following:
| December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Net operating loss and other carryforwards | $ | 1,940 |  |  | $ | 1,812 |
Property, plant and equipment, net | 146 |  |  | 167 |
Reserves for environmental remediation and restoration | 61 |  |  | 52 |
Obligations for pension and other employee benefits | 46 |  |  | 42 |
Investments | — |  |  | — |
Grantor trusts | 604 |  |  | 603 |
Inventories, net | 12 |  |  | 14 |
Interest | 138 |  |  | 161 |
Lease liabilities | 51 |  |  | 45 |
Other accrued liabilities | 4 |  |  | 4 |
Intangible assets | 10 |  |  | 5 |
Other | 3 |  |  | 6 |
Total deferred tax assets | 3,015 |  |  | 2,911 |
Valuation allowance associated with deferred tax assets | (2,040) |  |  | (1,951) |
Net deferred tax assets | 975 |  |  | 960 |
Deferred tax liabilities: |  |  |
Inventories, net | (7) |  |  | (7) |
Property, plant and equipment, net | (291) |  |  | (250) |
Intangible assets, net | — |  |  | — |
Lease assets | (50) |  |  | (44) |
Foreign exchange | (2) |  |  | (1) |
Interest | — |  |  | — |
Other | — |  |  | (2) |
Total deferred tax liabilities | (350) |  |  | (304) |
Net deferred tax asset | $ | 625 |  |  | $ | 656 |
Balance sheet classifications: |  |  |
Deferred tax assets — long-term | $ | 833 |  |  | $ | 830 |
Deferred tax liabilities — long-term | $ | (208) |  |  | $ | (174) |
Net deferred tax asset | $ | 625 |  |  | $ | 656 |
Schedule of Changes in Valuation Allowance by Jurisdiction | The table below sets forth the changes, by jurisdiction:
| December 31,
| 2025 |  | 2024
United Kingdom | $ | 11 |  |  | $ | 5 |
United States | 1 |  |  | (1) |
Australia | 9 |  |  | 39 |
The Netherlands | 47 |  |  | 32 |
Brazil | 3 |  |  | 15 |
China | 18 |  |  | 1 |
Total increase in valuation allowances | $ | 89 |  |  | $ | 91 |
Schedule of Expiration of Tax Loss Carryforwards | In the United States, the deferred tax assets generated by tax loss carryforwards are partially offset by a valuation allowance to the extent they are subject to expiration. The expiration of tax loss carryforwards at December 31, 2025 are shown below. The tax loss carryforwards in Australia, Brazil, France, Saudi Arabia, South Africa, the Netherlands and the United Kingdom do not expire.
| 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031 - 2045 |  | Unlimited |  | Total Tax Loss Carryforwards
United Kingdom | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (171) |  |  | $ | (171) |
Australia | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (775) |  |  | (775) |
The Netherlands | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (285) |  |  | (285) |
France | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (191) |  |  | (191) |
South Africa | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (31) |  |  | (31) |
China | — |  |  | (3) |  |  | (7) |  |  | — |  |  | (13) |  |  | — |  |  | — |  |  | (23) |
Brazil | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (39) |  |  | (39) |
Saudi Arabia | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
U.S. Federal | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,899) |  |  | (418) |  |  | (4,317) |
U.S. State | (55) |  |  | (2) |  |  | (3) |  |  | (1) |  |  | (175) |  |  | (3,958) |  |  | (55) |  |  | (4,249) |
Total tax loss carryforwards | $ | (55) |  |  | $ | (5) |  |  | $ | (10) |  |  | $ | (1) |  |  | $ | (188) |  |  | $ | (7,857) |  |  | $ | (1,966) |  |  | $ | (10,082) |
Schedule of Income Tax Jurisdiction | The net amount of taxes paid and refunded is presented in the Consolidated Statement of Cash Flows. Detail for the income taxes paid by the Company by jurisdiction are as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Canada | $ | — |  |  | $ | (7) |  |  | $ | — |
France | — |  |  | — |  |  | (3) |
The Netherlands | — |  |  | — |  |  | (4) |
Saudi Arabia | — |  |  | 2 |  |  | (12) |
South Africa | (4) |  |  | (4) |  |  | (34) |
United Kingdom | 1 |  |  | — |  |  | — |
Other jurisdictions | (1) |  |  | (1) |  |  | (1) |
Incomes taxes paid | $ | (4) |  |  | $ | (10) |  |  | $ | (54) |
Additional supplemental cash flow information for the year ended and as of December 31, 2025, 2024 and 2023 is as follows:
| Year Ended December 31,
Supplemental non cash information: | 2025 |  | 2024 |  | 2023
Operating activities - Chloride slag inventory purchases made from AMIC (including VAT) | $ | 11 |  |  | $ | 67 |  |  | $ | 51 |
Operating activities - MGT sales made to AMIC | $ | 6 |  |  | $ | 6 |  |  | $ | 6 |
Operating activities - Interest expense on MGT loan | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Operating activities - Withholding tax on sale of royalty interest 1 | $ | — |  |  | $ | 7 |  |  | $ | — |
Investing activities - In-kind receipt of AMIC loan repayment | $ | 11 |  |  | $ | 67 |  |  | $ | 51 |
Investing activities - Proceeds from sale of royalty interest 1 | $ | — |  |  | $ | 7 |  |  | $ | — |
Financing activities - Repayment of MGT loan | $ | 6 |  |  | $ | 6 |  |  | $ | 6 |
Financing activities - Initial commercial insurance premium financing agreement | $ | 21 |  |  | $ | 18 |  |  | $ | 18 |
| December 31,
| 2025 |  | 2024 |  | 2023
Capital expenditures acquired but not yet paid | $ | 44 |  |  | $ | 91 |  |  | $ | 67 |
1 - During the year ended December 31, 2024, the Company sold a royalty interest in certain Canadian mineral properties for proceeds of $28 million (net of associated transaction costs) which was recorded in "Other (expense) income, net" on the consolidated statement of operations. Of the total proceeds, $7 million were withheld for tax purposes and never collected by the Company.

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