Principal Accounting Policies and Related Financial Information (Details)

12 Months Ended

Dec. 31, 2021

USD ($)

segment

remediationSite

shares

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Significant Accounting Policies [Line Items]

Allowance for trade receivables

$ 300,000

$ 400,000

Capitalized interest costs

15,400,000

12,000,000

$ 5,700,000

Asset retirement obligation

$ 300,000

300,000

Number of reportable segments | segment

1

Number of environmental remediation sites | remediationSite

1

Remediation charges

$ (300,000)

100,000

900,000

Environmental remediation liability

6,100,000

6,700,000

Foreign currency transaction (losses) gains

$ (10,300,000)

(14,200,000)

$ (14,800,000)

Derivatives

Use of Derivative Financial Instruments to Manage Risk

We mitigate certain financial exposures connected to currency risk through a program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange forward contracts to reduce the effects of fluctuating foreign currency exchange rates.

We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively.

Foreign Currency Exchange Risk Management

We conduct business in many foreign countries, exposing earnings, cash flows, and our financial position to foreign currency risks. The majority of these risks arise as a result of foreign currency transactions. The primary currencies for which we have exchange rate exposure are the Euro, the British pound, the Chinese yuan, the Argentine peso, and the Japanese yen. We currently do not hedge foreign currency risks associated with the Argentine peso due to the limited availability and the high cost of suitable derivative instruments. Our policy is to minimize exposure to adverse changes in currency exchange rates. This is accomplished through a controlled program of risk management that could include the use of foreign currency debt and forward foreign exchange contracts. We also use forward foreign exchange contracts to hedge firm and highly anticipated foreign currency cash flows, with an objective of balancing currency risk to provide adequate protection from significant fluctuations in the currency markets.

Concentration of Credit Risk

Our counterparties to derivative contracts are primarily major financial institutions. We limit the dollar amount of contracts entered into with any one financial institution and monitor counterparties’ credit ratings. We also enter into master netting agreements with each financial institution, where possible, which helps mitigate the credit risk associated with our financial instruments. While we may be exposed to credit losses due to the nonperformance of counterparties, we consider this risk remote.

Accounting for Derivative Instruments and Hedging Activities

Cash Flow Hedges

We recognize all derivatives on the balance sheet at fair value. On the date we enter into the derivative instrument, we designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in Accumulated Other Comprehensive Loss ("AOCL") changes in the fair value of derivatives that are designated as and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. In contrast we immediately record in earnings changes in the fair value of derivatives that are not designated as cash flow hedges.

Livent Plan

Significant Accounting Policies [Line Items]

Common stock, shares authorized (in shares) | shares

10,683,837

Patents

Significant Accounting Policies [Line Items]

Finite-lived intangible assets amortization period (in years)

15 years

Convertible Debt

Significant Accounting Policies [Line Items]

Capitalized interest costs

$ 11,400,000

5,700,000

Debt interest rate

4.125%

Convertible Senior Notes Due 2025 | Convertible Debt

Significant Accounting Policies [Line Items]

Capitalized interest costs

$ 1,200,000

$ 500,000

Debt interest rate

4.125%

Land improvements

Significant Accounting Policies [Line Items]

Useful life (in years)

20 years

Minimum

Significant Accounting Policies [Line Items]

Payment term (in days)

30 days

Minimum | Buildings

Significant Accounting Policies [Line Items]

Useful life (in years)

20 years

Minimum | Machinery and equipment

Significant Accounting Policies [Line Items]

Useful life (in years)

3 years

Minimum | Software

Significant Accounting Policies [Line Items]

Useful life (in years)

3 years

Maximum

Significant Accounting Policies [Line Items]

Payment term (in days)

180 days

Maximum | Buildings

Significant Accounting Policies [Line Items]

Useful life (in years)

40 years

Maximum | Machinery and equipment

Significant Accounting Policies [Line Items]

Useful life (in years)

18 years

Maximum | Software

Significant Accounting Policies [Line Items]

Useful life (in years)

10 years