Inventories (Tables)

6 Months Ended

Jun. 30, 2025

Inventory Disclosure [Abstract]

Breakdown of Inventories

The following table provides a breakdown of inventories at June 30, 2025 and December 31, 2024 (in thousands):

	June 30,		December 31,
	2025		2024
Finished goods	$	1,003,309	$	912,662
Raw materials and work in process(a)	468,022		429,080
Stores, supplies and other	169,594		160,789
Total(b)	$	1,640,925	$	1,502,531

(a)Includes $312.1 million and $290.6 million at June 30, 2025 and December 31, 2024, respectively, of work in process in our Energy Storage segment.

(b)As a result of the decline in lithium market pricing, the Company recorded charges in Cost of goods sold to reduce the value of certain finished goods and spodumene to their net realizable value. The balance of these inventory valuation adjustments totaled $21.1 million and $104.0 million at June 30, 2025 and December 31, 2024, respectively. During the six-month periods ended June 30, 2025 and 2024, the Company utilized $82.9 million and $438.2 million, respectively, of the inventory valuation adjustments as the inventory was sold, which are included within Working capital changes on the condensed consolidated statement of cash flows.