We warrant to our customers that our products conform to mutually agreed product specifications. This offering is accounted for as a right of return and the transaction price is adjusted for an estimate of expected returns.
In the fourth quarter of 2020, Livent entered into an agreement with The Pallinghurst Group relating to Québec Lithium Partners (“QLP”), a joint venture owned equally by The Pallinghurst Group and Livent, and the conduct of certain business operations and oversight, previously conducted solely by Nemaska Lithium Inc. for the development of a fully integrated lithium chemical asset located in Québec, Canada that is not yet in commercial production. QLP owns a 50% equity interest in the Nemaska Project. The Company accounts for the investment in QLP as an equity method investment on a one-quarter lag basis and is included in Investments in our condensed consolidated balance sheets. For the year ended December 31, 2021 we recorded a $5.5 million loss related to our 50% equity interest in QLP to Equity in net loss of unconsolidated affiliates in our consolidated statement of operations. The carrying amount of our 50% equity interest in QLP was $23.8 million and $21.2 million as of December 31, 2021 and December 31, 2020, respectively.
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