In February 2026, in connection with the Company’s ongoing review of its cost and operating structure, the Company put the Kemerton Train 1 in Western Australia into care and maintenance. As a result, the Company recorded charges in Restructuring charges and asset write-offs for the three-month period ended March 31, 2026 of $24.7 million, consisting of decommissioning costs, asset disposal costs, contract cancellation costs, severance and other associated charges resulting from placing Kemerton Train 1 into care and maintenance (the “Kemerton Train 1 Restructuring”). All charges related to the Kemerton Train 1 Restructuring were recorded in the Energy Storage segment.

In connection with the Kemerton Train 1 Restructuring, the Company expects to record additional charges in the range of $80 million to $100 million, primarily related to decommissioning costs during the remainder of 2026 and 2027, when the actions are expected to be completed.

In July 2024, the Company announced a comprehensive review of its cost and operating structure to proactively respond to ongoing industry headwinds, particularly in the lithium value chain, and to maintain a competitive position (the “Second Half 2024 Restructuring”). As part of this review, the Company made the decision to stop construction of Kemerton Train 3 in Western Australia, and put Kemerton Train 2 into care and maintenance, as the Company determined the current lithium price environment makes it less economical to expand conversion in Australia. Additionally, as part of this restructuring plan, the Company placed the Chengdu, China conversion plant into care and maintenance during the first half of 2025. Production from the Chengdu site has been transferred to another processing facility in China.

The Company’s actions regarding Kemerton were part of a broader effort focused on preserving its world-class resource advantages, optimizing its global conversion network, improving the Company’s cost competitiveness and efficiency by lowering operating costs, reducing capital intensity and enhancing the Company’s financial flexibility. As part of this overall effort, the Company also implemented a global workforce reduction that impacted 6-7% of total headcount during the second half of 2024.

Since July 2024, the Company has recorded charges for this plan consisting of decommissioning costs of $13.0 million, asset write-offs of $726.0 million, severance and employee benefits of $53.4 million, contract cancellation costs of $38.4 million and other (primarily consisting of the reclassification of the related dedesignated cash flow hedge from Accumulated other comprehensive loss) of $29.3 million. Charges related to Second Half 2024 Restructuring were primarily recorded in the Energy Storage segment, with the exception of severance and employee benefits, which were recorded globally in Corporate and all segments. The Company expects to finalize placing Kemerton Train 2 into care and maintenance during the first half of 2026.

The following table provides details of our restructuring related charges recorded to Restructuring charges and asset write-offs on the consolidated statements of income (with the exception of dedesignated cash flow hedge charges recorded in Other income, net) for the three-month periods ended March 31, 2026 and 2025 (in thousands):














	Three Months Ended March 31, 2026
	Decommissioning Costs(a)		Asset Write-offs(b)		Severance and Employee Benefits		Contract Cancellation Costs(c)		Other(d)		Total

Kemerton Train 1 Restructuring	$	4,343	$	2,732	$	15,397	$	1,013	$	1,191	$	24,676
Second Half 2024 Restructuring(e)	1,190		—		—		—		—		1,190
	$	5,533	$	2,732	$	15,397	$	1,013	$	1,191	$	25,866

	Three Months Ended March 31, 2025
	Decommissioning Costs(a)		Asset Write-offs(b)		Severance and Employee Benefits		Contract Cancellation Costs(c)		Other(d)		Total

Second Half 2024 Restructuring(e)	$	5,755	$	(7,248)	$	1,620	$	(1,826)	$	866	$	(833)

(b) In the first quarter of 2025, the Company received proceeds for certain Kemerton equipment and updated its estimates concerning the progress of construction activities and related contractual obligations, resulting in a net favorable adjustment of asset write-offs.

(c) Includes cancellation fees for contractors and required payments under take or pay contracts. In the first quarter of 2025, the Company successfully negotiated revised contract cancellation costs with key suppliers to result in a favorable adjustment.

(d) Other costs recorded as part of the Kemerton Train 1 Restructuring plan were primarily related to the disposal of assets. Other costs recorded during the three-month period ended March 31, 2025 with respect to the Second Half 2024 Restructuring include $0.2 million recorded in Other income, net.


Kemerton Train 1 Restructuring	Decommissioning Costs		Asset Write-offs		Severance and Employee Benefits		Contract Cancellation Costs		Other		Total
Beginning balance at December 31, 2025	$	—	$	—	$	—	$	—	$	—	$	—
2026 charges	4,343		2,732		15,397		1,013		1,191		24,676

Cash payments	(4,343)		—		(6,023)		—		(152)		(10,518)
Asset write-off	—		(2,612)		—		—		—		(2,612)
Foreign currency translation adjustments	—		—		(228)		—		—		(228)
Ending balance at March 31, 2026(a)	$	—	$	120	$	9,146	$	1,013	$	1,039	$	11,318

Second Half 2024 Restructuring	Decommissioning Costs		Asset Write-offs		Severance and Employee Benefits		Contract Cancellation Costs		Other		Total
Beginning balance at December 31, 2025	$	—	$	—	$	1,115	$	16,158	$	4,843	$	22,116
2026 charges	1,190		—		—		—		—		1,190

Cash payments	(1,190)		—		(828)		—		—		(2,018)

Foreign currency translation adjustments and other	—		—		(189)		—		—		(189)
Ending balance at March 31, 2026(a)	$	—	$	—	$	98	$	16,158	$	4,843	$	21,099

(a) Approximately $22.2 million of the remaining balance is expected to be paid in the next twelve months and are recorded in Accrued expenses as of March 31, 2026. $10.2 million of the liability is recorded in Other noncurrent liabilities as of March 31, 2026, and relates to certain take or pay liabilities that will be paid in line with the terms of the original contract through 2027 and severance liabilities that are expected to be paid beyond the next twelve months.