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Subsequent Events
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent events Subsequent Events
In November 2018, an alleged explosion occurred at a third-party waste disposal and treatment site in Grand View, Idaho, reportedly causing property damage, personal injury, and one fatality. The Company had contracted with a service company for removal and disposal of certain waste resulting from the magnesium powder manufacturing operations at the Reade facility in Manchester, New Jersey. The Company believes this service company, in turn, contracted with the third-party disposal company, at whose facility the explosion occurred, for treatment and disposal of the waste. In November 2020, we were named as a defendant in three lawsuits in relation to the incident – one by the third-party disposal company, one by the estate of the decedent, and one by an injured employee of the third-party disposal company. The three lawsuits were administratively consolidated and are collectively referred to as the US Ecology case.
In January 2025, a final settlement was agreed upon related to the US Ecology case and is covered in full by insurance with payment made in February 2025. As of December 31, 2024, the Company recorded a liability for the settlement in other current assets and recognized a gain contingency related to the insurance payout receivable. Based on the terms of the insurance policy and communications with the insurer, management determined that the receipt of the claim proceeds was virtually assured and therefore recorded an asset in other receivables as of December 31, 2024.
In December 2023, it was established that any potential liability arising from the lawsuits and reasonable defense costs related to the US Ecology case are covered by insurance. The Company recognized $7.7 million in 2024, in relation to these costs previously incurred by the Company, of which $5.8 million cash has been received in 2024 and a final $1.9 million has been received post year-end and included within accounts receivable and other receivables as of December 31, 2024.