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Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments:
In assessing the fair value of financial instruments, we use methods and assumptions that are based on market conditions and other risk factors existing at the time of assessment. Fair value information for our financial instruments is as follows:
Long-Term Debt—the fair values of our notes are estimated using Level 1 inputs and account for the difference between the recorded amount and fair value of our long-term debt. The carrying value of our remaining long-term debt reported in the accompanying consolidated balance sheets approximates fair value as substantially all of such debt bears interest based on prevailing variable market rates currently available in the countries in which we have borrowings.
September 30, 2024December 31, 2023
Recorded
Amount		Fair ValueRecorded
Amount		Fair Value
(In thousands)
Long-term debt$3,586,452 $3,472,443 $4,186,532 $4,021,693 
During the fourth quarter of 2019, we entered into a foreign currency forward contract to hedge the cash flow exposure of non-functional currency purchases during the construction of the Kemerton plant in Australia. This derivative financial instrument is used to manage risk and is not used for trading or other speculative purposes. This foreign currency forward contract has been designated as a hedging instrument under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging. As a result of the actions taken at Kemerton Trains 3 and 4 during 2024, the Company dedesignated the remaining hedged foreign currency forward contracts. The Company recorded a loss in Other (expenses) income, net of $16.2 million and $21.6 million during the three- and nine-month periods ended September 30, 2024 from the reclassification of the hedged balance from Accumulated other comprehensive loss. The balance of the settled hedged foreign currency forward contracts associated with the construction of Kemerton Trains 1 and 2 assets placed into service will be reclassified to earnings over the life of the related assets. We had outstanding designated foreign currency forward contracts with notional values totaling the equivalent of $994.5 million at December 31, 2023.
In connection with our risk management strategies, we also enter into other derivative financial instruments that have not been designated as hedging instruments under ASC 815, Derivatives and Hedging. These derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. At September 30, 2024 and December 31, 2023, we had outstanding non-designated derivative financial instruments with notional values totaling $7.0 billion and $7.1 billion, respectively. The non-designated derivative financial instruments are primarily comprised of foreign currency forward contracts that attempt to minimize the financial impact of changes in foreign currency exchange rates. The fair values of our non-designated foreign currency forward contracts are estimated based on current settlement values. At September 30, 2024, these foreign currency forward contracts hedge our exposure to various currencies including the Chinese Renminbi, Euro, Australian Dollar and Chilean Peso.
The following table summarizes the fair value of our derivative financial instruments included in the consolidated balance sheets as of September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
AssetsLiabilitiesAssetsLiabilities
Designated as hedging instruments
Other current assets$— $— $3,489 $— 
Other assets— — 11,704 — 
Accrued expenses— — — 446 
Total designated as hedging instruments— — 15,193 446 
Not designated as hedging instruments
Other current assets237 — 2,636 — 
Accrued expenses— 8,892 — 5,306 
Other noncurrent liabilities— 6,535 — — 
Total not designated as hedging instruments237 15,427 2,636 5,306 
Total$237 $15,427 $17,829 $5,752 
The following table summarizes the net (losses) gains recognized for our derivative financial instruments during the three-month and nine-month periods ended September 30, 2024 and 2023 (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Designated as hedging instruments
Loss recognized in Other comprehensive (loss) income$(6,849)$(39,021)$(24,131)$(36,894)
(Loss) income recognized in Other (expenses) income, net$(16,064)$67 $(21,303)$67 
Not designated as hedging instruments
(Loss) income recognized in Other (expenses) income, net(a)
$(20,534)$(59,241)$(7,559)$184,166 
(a)    Fluctuations in the value of our foreign currency forward contracts not designated as hedging instruments are generally expected to be offset by changes in the value of the underlying exposures being hedged, which are also reported in Other (expenses) income, net.
In addition, for the nine-month periods ended September 30, 2024 and 2023, we recorded net cash receipts of $5.5 million and $192.8 million, respectively, in Other, net, in our condensed consolidated statements of cash flows.
Unrealized gains and losses related to the cash flow hedges will be reclassified to earnings over the life of the related assets when settled and the related assets are placed into service.
The counterparties to our foreign currency forward contracts are major financial institutions with which we generally have other financial relationships. We are exposed to credit loss in the event of nonperformance by these counterparties. However, we do not anticipate nonperformance by the counterparties.