Inventories (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Breakdown of Inventories

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

	September 30,		December 31,
	2025		2024
Finished goods	$	901,867	$	912,662
Raw materials and work in process(a)	457,684		429,080
Stores, supplies and other	173,071		160,789
Total(b)	$	1,532,622	$	1,502,531

(a)Includes $310.5 million and $290.6 million at September 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 $11.1 million and $104.0 million at September 30, 2025 and December 31, 2024, respectively. During the nine-month periods ended September 30, 2025 and 2024, the Company utilized $92.9 million and $591.1 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.