v3.26.1
Inventories
3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories:
The following table provides a breakdown of inventories at March 31, 2026 and December 31, 2025 (in thousands):
March 31,December 31,
20262025
Finished goods$797,639 $620,738 
Raw materials and work in process(a)
399,761 414,232 
Stores, supplies and other149,560 144,301 
Total$1,346,960 $1,179,271 

(a)Includes $312.7 million and $297.9 million at March 31, 2026 and December 31, 2025, respectively, of work in process in our Energy Storage segment.
The Company purchases certain of its inventory from its equity method investments (primarily the Windfield Holdings Pty. Ltd. (“Windfield”) joint venture) and eliminates the balance of intra-entity profits on purchases of such inventory that remains unsold at the balance sheet date in Inventories, specifically finished goods and equally reduces Equity in net income of unconsolidated investments (net of tax) on the consolidated statements of income. The balance of intra-entity profits on inventory purchased from equity method investments in Inventories totaled $83.3 million and $37.2 million at March 31, 2026 and December 31, 2025, respectively. The intra-entity profit is recognized in Equity in net income of unconsolidated investments (net of tax) in the period that converted inventory is sold to a third-party customer. In the same period, the intra-entity profit is also recognized as higher Cost of goods sold on the consolidated statements of income.