v3.25.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Breakdown of Inventories
The following table provides a breakdown of inventories at March 31, 2025 and December 31, 2024 (in thousands):
March 31,December 31,
20252024
Finished goods$1,040,218 $912,662 
Raw materials and work in process(a)
451,006 429,080 
Stores, supplies and other165,141 160,789 
Total(b)
$1,656,365 $1,502,531 

(a)Includes $306.1 million and $290.6 million at March 31, 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 $6.6 million and $104.0 million at March 31, 2025 and December 31, 2024, respectively. During the three-month periods ended March 31, 2025 and 2024, the Company utilized $97.3 million and $194.2 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.