Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information [Abstract] [Abstract] | ' |
Document Type | '8-K |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Trading Symbol | 'ALB |
Entity Registrant Name | 'ALBEMARLE CORP |
Entity Central Index Key | '0000915913 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $477,239 | $477,696 |
Trade accounts receivable, less allowance for doubtful accounts (2013—$1,614; 2012—$1,641) | 446,864 | 378,973 |
Other accounts receivable | 45,094 | 43,844 |
Inventories: | ' | ' |
Finished goods | 340,863 | 325,762 |
Raw materials | 47,784 | 57,245 |
Stores, supplies and other | 47,402 | 45,138 |
Inventory, Net, Total | 436,049 | 428,145 |
Other current assets | 77,669 | 78,655 |
Total current assets | 1,482,915 | 1,407,313 |
Property, plant and equipment, at cost | 2,972,084 | 2,818,604 |
Less accumulated depreciation and amortization | 1,615,015 | 1,522,033 |
Net property, plant and equipment | 1,357,069 | 1,296,571 |
Investments | 212,178 | 207,141 |
Other assets | 160,229 | 154,836 |
Goodwill | 284,203 | 276,966 |
Other intangibles, net of amortization | 88,203 | 94,464 |
Total assets | 3,584,797 | 3,437,291 |
Current liabilities: | ' | ' |
Accounts payable | 194,064 | 172,866 |
Accrued expenses | 190,533 | 177,546 |
Current portion of long-term debt | 24,554 | 12,700 |
Dividends payable | 19,197 | 17,471 |
Income taxes payable | 8,015 | 4,426 |
Total current liabilities | 436,363 | 385,009 |
Long-term debt | 1,054,310 | 686,588 |
Postretirement benefits | 53,903 | 60,815 |
Pension benefits | 57,647 | 195,481 |
Other noncurrent liabilities | 110,610 | 114,022 |
Deferred income taxes | 129,188 | 63,368 |
Commitments and contingencies (Note 15) | ' | ' |
Albemarle Corporation shareholders’ equity: | ' | ' |
Common stock, $.01 par value (authorized 150,000 shares), issued and outstanding — 80,053 in 2013 and 88,899 in 2012 | 801 | 889 |
Additional paid-in capital | 9,957 | 2,761 |
Accumulated other comprehensive income | 116,245 | 85,264 |
Retained earnings | 1,500,358 | 1,744,684 |
Total Albemarle Corporation shareholders’ equity | 1,627,361 | 1,833,598 |
Noncontrolling interests | 115,415 | 98,410 |
Total equity | 1,742,776 | 1,932,008 |
Total liabilities and equity | $3,584,797 | $3,437,291 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Trade accounts receivables, allowance for doubtful accounts | $1,614 | $1,641 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 80,053,000 | 88,899,000 |
Common stock, shares outstanding | 80,053,000 | 88,899,000 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Net sales | $2,616,416 | [1] | $2,745,420 | [1] | $2,869,005 | [1] |
Cost of goods sold | 1,755,011 | 1,835,425 | 1,914,058 | |||
Gross profit | 861,405 | 909,995 | 954,947 | |||
Selling, general and administrative expenses | 162,889 | 313,227 | 360,070 | |||
Research and development expenses | 82,246 | 78,919 | 77,083 | |||
Restructuring and other charges, net (Note 19) | 33,361 | [2] | 111,685 | [2] | 0 | [2] |
Operating profit | 582,909 | 406,164 | 517,794 | |||
Interest and financing expenses | -31,559 | -32,800 | -37,574 | |||
Other (expenses) income, net | -6,923 | 1,229 | 357 | |||
Income before income taxes and equity in net income of unconsolidated investments | 544,427 | 374,593 | 480,577 | |||
Income tax expense | 136,322 | 82,533 | 104,134 | |||
Income before equity in net income of unconsolidated investments | 408,105 | 292,060 | 376,443 | |||
Equity in net income of unconsolidated investments (net of tax) | 31,729 | 38,067 | 43,754 | |||
Net income | 439,834 | 330,127 | 420,197 | |||
Net income attributable to noncontrolling interests | -26,663 | -18,591 | -28,083 | |||
Net income attributable to Albemarle Corporation | $413,171 | $311,536 | $392,114 | |||
Basic earnings per share (in dollars per share) | $4.93 | $3.49 | $4.33 | |||
Diluted earnings per share (in dollars per share) | $4.90 | $3.47 | $4.28 | |||
Weighted-average common shares outstanding-basic | 83,839 | 89,189 | 90,522 | |||
Weighted-average common shares outstanding-diluted | 84,322 | 89,884 | 91,522 | |||
Cash dividends declared per share of common stock (in dollars per share) | $0.96 | $0.80 | $0.67 | |||
[1] | No sales in a foreign country exceed 10% of total net sales. Also, net sales are attributed to countries based upon shipments to final destination. | |||||
[2] | See Note 19, “Special Items.†|
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $439,834 | $330,127 | $420,197 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation | 31,704 | 28,769 | -13,565 |
Pension and postretirement benefits | -502 | -4,071 | -1,362 |
Other | 135 | 134 | 162 |
Total other comprehensive income (loss), net of tax | 31,337 | 24,832 | -14,765 |
Comprehensive income | 471,171 | 354,959 | 405,432 |
Comprehensive income attributable to non-controlling interests | -27,019 | -18,488 | -27,878 |
Comprehensive income attributable to Albemarle Corporation | $444,152 | $336,471 | $377,554 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Retained Earnings | Total Albemarle Shareholders’ Equity | Non- controlling Interests |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning balance at Dec. 31, 2010 | $1,475,746 | $916 | $18,835 | $74,889 | $1,321,434 | $1,416,074 | $59,672 |
Beginning balance (in shares) at Dec. 31, 2010 | ' | 91,593,984 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 420,197 | ' | ' | ' | 392,114 | 392,114 | 28,083 |
Other comprehensive income (loss) | -14,765 | ' | ' | -14,560 | ' | -14,560 | -205 |
Cash dividends declared | -60,450 | ' | ' | ' | -60,450 | -60,450 | ' |
Stock-based compensation and other | 26,556 | ' | 26,556 | ' | ' | 26,556 | ' |
Exercise of stock options (in shares) | ' | 169,350 | ' | ' | ' | ' | ' |
Exercise of stock options | 2,230 | 2 | 2,228 | ' | ' | 2,230 | ' |
Shares repurchased (in shares) | ' | -3,000,000 | ' | ' | ' | ' | ' |
Shares repurchased | -178,132 | -30 | -39,870 | ' | -138,232 | -178,132 | ' |
Tax benefit related to stock plans | 10,574 | ' | 10,574 | ' | ' | 10,574 | ' |
Issuance of common stock, net (in shares) | ' | 131,713 | ' | ' | ' | ' | ' |
Issuance of common stock, net | ' | 1 | -1 | ' | ' | ' | ' |
Shares withheld for withholding taxes associated with common stock issuances (in shares) | ' | -53,807 | ' | ' | ' | ' | ' |
Shares withheld for withholding taxes associated with common stock issuances | -3,129 | -1 | -3,128 | ' | ' | -3,129 | ' |
Ending balance at Dec. 31, 2011 | 1,678,827 | 888 | 15,194 | 60,329 | 1,514,866 | 1,591,277 | 87,550 |
Ending balance (in shares) at Dec. 31, 2011 | ' | 88,841,240 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 330,127 | ' | ' | ' | 311,536 | 311,536 | 18,591 |
Other comprehensive income (loss) | 24,832 | ' | ' | 24,935 | ' | 24,935 | -103 |
Cash dividends declared | -78,975 | ' | ' | ' | -71,347 | -71,347 | -7,628 |
Stock-based compensation and other | 13,939 | ' | 13,939 | ' | ' | 13,939 | ' |
Exercise of stock options (in shares) | ' | 949,170 | ' | ' | ' | ' | ' |
Exercise of stock options | 21,148 | 9 | 21,139 | ' | ' | 21,148 | ' |
Shares repurchased (in shares) | ' | -1,092,767 | ' | ' | ' | ' | ' |
Shares repurchased | -63,575 | -11 | -53,193 | ' | -10,371 | -63,575 | ' |
Tax benefit related to stock plans | 14,809 | ' | 14,809 | ' | ' | 14,809 | ' |
Issuance of common stock, net (in shares) | ' | 341,620 | ' | ' | ' | ' | ' |
Issuance of common stock, net | ' | 4 | -4 | ' | ' | ' | ' |
Shares withheld for withholding taxes associated with common stock issuances (in shares) | ' | -140,054 | ' | ' | ' | ' | ' |
Shares withheld for withholding taxes associated with common stock issuances | -9,124 | -1 | -9,123 | ' | ' | -9,124 | ' |
Ending balance at Dec. 31, 2012 | 1,932,008 | 889 | 2,761 | 85,264 | 1,744,684 | 1,833,598 | 98,410 |
Ending balance (in shares) at Dec. 31, 2012 | ' | 88,899,209 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 439,834 | ' | ' | ' | 413,171 | 413,171 | 26,663 |
Other comprehensive income (loss) | 31,337 | ' | ' | 30,981 | ' | 30,981 | 356 |
Cash dividends declared | -89,847 | ' | ' | ' | -79,833 | -79,833 | -10,014 |
Stock-based compensation and other | 9,072 | ' | 9,072 | ' | ' | 9,072 | ' |
Exercise of stock options (in shares) | 191,732 | 191,732 | ' | ' | ' | ' | ' |
Exercise of stock options | 5,553 | 2 | 5,551 | ' | ' | 5,553 | ' |
Shares repurchased (in shares) | ' | -9,198,056 | ' | ' | ' | ' | ' |
Shares repurchased | -582,298 | -92 | -4,542 | ' | -577,664 | -582,298 | ' |
Tax benefit related to stock plans | 3,266 | ' | 3,266 | ' | ' | 3,266 | ' |
Issuance of common stock, net (in shares) | ' | 256,834 | ' | ' | ' | ' | ' |
Issuance of common stock, net | ' | 3 | -3 | ' | ' | ' | ' |
Shares withheld for withholding taxes associated with common stock issuances (in shares) | ' | -96,877 | ' | ' | ' | ' | ' |
Shares withheld for withholding taxes associated with common stock issuances | -6,149 | -1 | -6,148 | ' | ' | -6,149 | ' |
Ending balance at Dec. 31, 2013 | $1,742,776 | $801 | $9,957 | $116,245 | $1,500,358 | $1,627,361 | $115,415 |
Ending balance (in shares) at Dec. 31, 2013 | ' | 80,052,842 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash and cash equivalents at beginning of year | $477,696 | $469,416 | $529,650 |
Cash flows from operating activities: | ' | ' | ' |
Net income | 439,834 | 330,127 | 420,197 |
Adjustments to reconcile net income to cash flows from operating activities: | ' | ' | ' |
Depreciation and amortization | 107,370 | 99,020 | 96,753 |
Write-offs associated with restructuring and other | 0 | 61,809 | 0 |
Stock-based compensation | 10,164 | 15,211 | 27,069 |
Excess tax benefits realized from stock-based compensation arrangements | -3,266 | -14,809 | -10,574 |
Equity in net income of unconsolidated investments (net of tax) | -31,729 | -38,067 | -43,754 |
Dividends received from unconsolidated investments and nonmarketable securities | 21,632 | 26,908 | 23,685 |
Pension and postretirement (benefit) expense | -132,707 | 77,442 | 97,207 |
Pension and postretirement contributions | -13,294 | -21,610 | -59,773 |
Unrealized gain on investments in marketable securities | -3,681 | -1,872 | -688 |
Deferred income taxes | 64,865 | -14,587 | -11,198 |
Change in current assets and liabilities: | ' | ' | ' |
Increase in accounts receivable | -65,906 | -25,992 | -16,435 |
(Increase) decrease in inventories | -1,810 | 7,364 | -41,749 |
Decrease (increase) in other current assets excluding deferred income taxes | 5,261 | -19,590 | 4,499 |
Increase (decrease) in accounts payable | 21,316 | -16,798 | -11,971 |
Increase in accrued expenses and income taxes payable | 10,136 | 7,306 | 28,229 |
Other, net | 4,674 | 16,904 | -14,138 |
Net cash provided by operating activities | 432,859 | 488,766 | 487,359 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -155,346 | -280,873 | -190,574 |
Cash payments related to acquisitions and other | -2,565 | -3,360 | -13,164 |
Cash proceeds from divestitures | 0 | 9,646 | 0 |
Sales of (investments in) marketable securities, net | 169 | -1,615 | 1,670 |
Long-term advances to joint ventures | 0 | -24,959 | 0 |
Investments in equity and other corporate investments | 0 | 0 | -10,868 |
Net cash used in investing activities | -157,742 | -301,161 | -212,936 |
Cash flows from financing activities: | ' | ' | ' |
Repayments of long-term debt | -135,733 | -14,390 | -9,043 |
Proceeds from borrowings of long-term debt | 117,000 | 0 | 3,510 |
Other borrowings (repayments), net | 398,544 | -49,421 | -94,643 |
Dividends paid to shareholders | -78,107 | -69,113 | -57,759 |
Dividends paid to noncontrolling interests | -10,014 | -7,628 | 0 |
Repurchases of common stock | -582,298 | -63,575 | -178,132 |
Proceeds from exercise of stock options | 5,553 | 21,148 | 2,230 |
Excess tax benefits realized from stock-based compensation arrangements | 3,266 | 14,809 | 10,574 |
Withholding taxes paid on stock-based compensation award distributions | -6,149 | -9,124 | -3,129 |
Debt financing costs | -108 | 0 | -2,727 |
Net cash used in financing activities | -288,046 | -177,294 | -329,119 |
Net effect of foreign exchange on cash and cash equivalents | 12,472 | -2,031 | -5,538 |
(Decrease) increase in cash and cash equivalents | -457 | 8,280 | -60,234 |
Cash and cash equivalents at end of year | $477,239 | $477,696 | $469,416 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
Summary of Significant Accounting Policies: | ||
Basis of Consolidation | ||
The consolidated financial statements include the accounts and operations of Albemarle Corporation and our wholly owned, majority owned and controlled subsidiaries. Unless the context otherwise indicates, the terms “Albemarle,” “we,” “us,” “our” or “the Company” mean Albemarle Corporation and our consolidated subsidiaries. We apply the equity method of accounting for investments in which we have an ownership interest from 20% to 50% or where we exercise significant influence over the related investee’s operations. All significant intercompany accounts and transactions are eliminated in consolidation. | ||
Organizational Realignment | ||
Effective January 1, 2014, the Company’s assets and businesses were realigned under two operating segments. The Performance Chemicals segment includes Fire Safety Solutions, Specialty Chemicals and Fine Chemistry Services product categories, and the Catalyst Solutions segment includes Refinery Catalyst Solutions, Performance Catalyst Solutions and Antioxidants product categories. These consolidated financial statements and related footnotes, including prior year financial information, are presented as if there were only two reporting segments for all periods presented. | ||
Estimates, Assumptions and Reclassifications | ||
The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) in the United States (U.S.) requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. | ||
Certain amounts in the accompanying consolidated financial statements and notes thereto have been reclassified to conform to the current presentation. | ||
Revenue Recognition | ||
We recognize sales when the revenue is realized or realizable, and has been earned, in accordance with authoritative accounting guidance. We recognize net sales as risk and title to the product transfer to the customer, which usually occurs at the time shipment is made. Significant portions of our sales are sold free on board (FOB) shipping point or on an equivalent basis, and other transactions are based upon specific contractual arrangements. Our standard terms of delivery are generally included in our contracts of sale, order confirmation documents and invoices. We recognize revenue from services when performance of the services has been completed. We have a limited amount of consignment sales that are billed to the customer upon monthly notification of amounts used by the customers under these contracts. Where the Company incurs pre-production design and development costs under long-term supply contracts, these costs are expensed where they relate to the products sold unless contractual guarantees for reimbursement exist. Conversely, these costs are capitalized if they pertain to equipment that we will own and use in producing the products to be supplied and expect to utilize for future revenue generating activities. | ||
Performance and Life Cycle Guarantees | ||
We provide customers certain performance guarantees and life cycle guarantees. These guarantees entitle the customer to claim compensation if the product does not conform to performance standards originally agreed upon. Performance guarantees relate to minimum technical specifications that products produced with the delivered product must meet, such as yield and product quality. Life cycle guarantees relate to minimum periods for which performance of the delivered product is guaranteed. When either performance guarantees or life cycle guarantees are contractually agreed upon, an assessment of the appropriate revenue recognition treatment is evaluated. When testing or modeling of historical results predict that the performance or life cycle criteria will be satisfied, revenue is recognized in accordance with shipping terms at the time of delivery. When testing or modeling of historical results predict that the performance or life cycle criteria may not be satisfied, we bill the customer upon shipment and defer the related revenue and cost associated with these products. These deferrals are released to earnings when the contractual period expires. | ||
Shipping and Handling Costs | ||
Amounts billed to customers in a sales transaction related to shipping and handling have been classified as net sales and the cost incurred by us for shipping and handling has been classified as cost of goods sold in the accompanying consolidated statements of income. In addition, taxes billed to customers in a sales transaction are presented in the consolidated statements of income on a net basis. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents include cash and highly liquid investments with insignificant interest rate risks and original maturities of three months or less. | ||
Inventories | ||
Inventories are stated at lower of cost or market with cost determined primarily on the first-in, first-out basis. Cost is determined on the weighted-average basis for a small portion of our inventories at foreign plants and our stores, supplies and other inventory. A portion of our domestic produced finished goods and raw materials are determined on the last-in, first-out basis. | ||
Property, Plant and Equipment | ||
Property, plant and equipment include costs of assets constructed, purchased or leased under a capital lease, related delivery and installation costs and interest incurred on significant capital projects during their construction periods. Expenditures for renewals and betterments also are capitalized, but expenditures for normal repairs and maintenance are expensed as incurred. Costs associated with yearly planned major maintenance are deferred and amortized over 12 months or until the same major maintenance activities must be repeated, whichever is shorter. The cost and accumulated depreciation applicable to assets retired or sold are removed from the respective accounts, and gains or losses thereon are included in income. | ||
The Company records depreciation and amortization in its consolidated statements of income primarily in Cost of goods sold, with minor amounts also recorded in Selling, general and administrative expenses and Research and development expenses depending on the functional utilization of the related assets. Depreciation is computed by the straight-line method based on the estimated useful lives of the assets. We have a policy where our internal engineering group provides asset life guidelines for book purposes. These guidelines are reviewed against the economic life of the business for each project and asset life is determined as the lesser of the manufacturing life or the “business” life. The engineering guidelines are reviewed periodically. | ||
We evaluate historical and expected undiscounted operating cash flows of our business segments to determine the future recoverability of any property, plant and equipment recorded. Property, plant and equipment is re-evaluated whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. | ||
The costs of brine wells, leases and royalty interests are primarily amortized over the estimated average life of the field on a straight-line basis. On a yearly basis for all fields, this approximates a units-of-production method based upon estimated reserves and production volumes. | ||
Investments | ||
Investments are accounted for using the equity method of accounting if the investment gives us the ability to exercise significant influence, but not control, over the investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of the investee between 20% and 50%, although other factors, such as representation on the investee’s board of directors and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. Under the equity method of accounting, we record our investments in equity-method investees in the consolidated balance sheets as Investments and our share of investees’ earnings or losses together with other-than temporary impairments in value as Equity in net income of unconsolidated investments in the consolidated statements of income. | ||
Certain mutual fund investments are accounted for as trading equities and are marked-to-market on a monthly basis through the consolidated statements of income. Investments in joint ventures and nonmarketable securities of immaterial entities are estimated based upon the overall performance of the entity where financial results are not available on a timely basis. | ||
Environmental Compliance and Remediation | ||
Environmental compliance costs include the cost of purchasing and/or constructing assets to prevent, limit and/or control pollution or to monitor the environmental status at various locations. These costs are capitalized and depreciated based on estimated useful lives. Environmental compliance costs also include maintenance and operating costs with respect to pollution prevention and control facilities and other administrative costs. Such operating costs are expensed as incurred. Environmental remediation costs of facilities used in current operations are generally immaterial and are expensed as incurred. On an undiscounted basis, we accrue for environmental remediation costs and post-remediation costs that relate to existing conditions caused by past operations at facilities or off-plant disposal sites in the accounting period in which responsibility is established and when the related costs are estimable. In developing these cost estimates, we evaluate currently available facts regarding each site, with consideration given to existing technology, presently enacted laws and regulations, prior experience in remediation of contaminated sites, the financial capability of other potentially responsible parties and other factors, subject to uncertainties inherent in the estimation process. Additionally, these estimates are reviewed periodically, with adjustments to the accruals recorded as necessary. | ||
Research and Development Expenses | ||
Our research and development expenses related to present and future products are expensed as incurred. These expenses consist primarily of personnel-related costs and other overheads, as well as outside service and consulting costs incurred for specific programs. Our U.S. facilities in Michigan, Pennsylvania, South Carolina, Texas and Louisiana and our global facilities in the Netherlands, Germany, Belgium, China and Korea form the capability base for our contract research and custom manufacturing businesses. These business areas provide research and scale-up services primarily to innovative life science companies. | ||
Goodwill and Other Intangible Assets | ||
We account for goodwill and other intangibles acquired in a business combination in conformity with current accounting guidance that requires that goodwill and indefinite-lived intangible assets not be amortized. | ||
We test goodwill for impairment by comparing the estimated fair value of our reporting units to the related carrying value. We estimate the fair value based on present value techniques involving future cash flows. Future cash flows include assumptions for sales volumes, selling prices, raw material prices, labor and other employee benefit costs, capital additions and other economic or market related factors. Significant management judgment is involved in estimating these variables and they include inherent uncertainties since they are forecasting future events. We use a Weighted Average Cost of Capital (WACC) approach to determine our discount rate for goodwill recoverability testing. Our WACC calculation incorporates industry-weighted average returns on debt and equity from a market perspective. The factors in this calculation are largely external to our company, and therefore, are beyond our control. We test our recorded goodwill balances for impairment in the fourth quarter of each year or upon the occurrence of events or changes in circumstances that would more likely than not reduce the fair value of our reporting units below their carrying amounts. The Company performed its annual goodwill impairment test as of October 31, 2013 and concluded there was no impairment as of that date. | ||
Definite-lived intangible assets, such as purchased technology, patents, customer lists and trade names are amortized over their estimated useful lives, generally for periods ranging from five to forty years. We continually evaluate the reasonableness of the useful lives of these assets and test for impairment in accordance with current accounting guidance. See Note 10, “Goodwill and Other Intangibles.” | ||
Pension Plans and Other Postretirement Benefits | ||
Under authoritative accounting standards, assumptions are made regarding the valuation of benefit obligations and the performance of plan assets. As required, we recognize a balance sheet asset or liability for each of the pension and other postretirement benefit (OPEB) plans equal to the plan’s funded status as of the measurement date. The primary assumptions are as follows: | ||
• | Discount Rate—The discount rate is used in calculating the present value of benefits, which is based on projections of benefit payments to be made in the future. | |
• | Expected Return on Plan Assets—We project the future return on plan assets based on prior performance and future expectations for the types of investments held by the plans, as well as the expected long-term allocation of plan assets for these investments. These projected returns reduce the net benefit costs recorded currently. | |
• | Rate of Compensation Increase—For salary-related plans, we project employees’ annual pay increases, which are used to project employees’ pension benefits at retirement. | |
• | Rate of Increase in the Per Capita Cost of Covered Health Care Benefits—Eligible retirees receive fully insured medical benefits with the Company providing a cost sharing benefit subject to a cap. The pre-65 and post-65 caps were fully met as of January 1, 2013 and we do not anticipate increases in the cost sharing caps. | |
Actuarial gains and losses are recognized annually in our consolidated statements of income in the fourth quarter and whenever a plan is determined to qualify for a remeasurement during a fiscal year. The remaining components of pension and OPEB plan expense, primarily service cost, interest cost and expected return on assets, are recorded on a quarterly basis. The market-related value of assets equals the actual market value as of the date of measurement. | ||
During 2013, we made changes to the assumptions related to the discount rate, expected return on assets, and mortality scales. We consider available information that we deem relevant when selecting each of these assumptions. | ||
In selecting the discount rates for the U.S. plans, we consider expected benefit payments on a plan-by-plan basis. As a result, the Company uses different discount rates for each plan depending on the demographics of participants and the expected timing of benefit payments. For 2013, the discount rates were calculated using the results from a bond matching technique developed by Milliman, which matched the future estimated annual benefit payments of each respective plan against a portfolio of bonds of high quality to determine the discount rate. We believe our selected discount rates are determined using preferred methodology under authoritative accounting guidance and accurately reflect market conditions as of the December 31, 2013 measurement date. | ||
In selecting the discount rates for the foreign plans, we relied on Aon Hewitt methods, including the Aon Hewitt Top-Quartile and a yield curve derived from fixed-income security yields. The yield curve is generally based on a universe containing Aa-graded corporate bonds in the Euro zone without special features or options, which could affect the duration. In some countries, the yield curve is based on local government bond rates with a premium added to reflect corporate bond risk. Payments we expect to be made from our retirement plans are applied to the resulting yield curve. For each plan, the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments. | ||
In estimating the expected return on plan assets, we consider past performance and future expectations for the types of investments held by the plan as well as the expected long-term allocation of plan assets to these investments. In projecting the rate of compensation increase, we consider past experience in light of movements in inflation rates. | ||
Employee Savings Plans | ||
Certain of our employees participate in our defined contribution 401(k) employee savings plan, which is generally available to all U.S. full-time salaried and non-union hourly employees and to employees who are covered by a collective bargaining agreement that provides for such participation. With respect to our foreign subsidiaries, we have a plan in the Netherlands similar to a collective defined contribution plan. | ||
Deferred Compensation Plan | ||
We maintain an Executive Deferred Compensation Plan (EDCP) that was adopted in 2001 and subsequently amended. The purpose of the EDCP is to provide current tax planning opportunities as well as supplemental funds upon the retirement or death of certain of our employees. The EDCP is intended to aid in attracting and retaining employees of exceptional ability by providing them with these benefits. We also maintain a Benefit Protection Trust (the Trust) that was created to provide a source of funds to assist in meeting the obligations of the EDCP, subject to the claims of our creditors in the event of our insolvency. Assets of the Trust are consolidated in accordance with authoritative guidance. The assets of the Trust consist primarily of mutual fund investments (which are accounted for as trading securities and are marked-to-market on a monthly basis through the consolidated statement of income) and cash and cash equivalents. | ||
Stock-based Compensation Expense | ||
The fair value of restricted stock awards, restricted stock unit awards and performance unit awards is determined based on the number of shares or units granted and the quoted price of our common stock at grant date, and the fair value of stock options is determined using the Black-Scholes valuation model. The fair value of these awards is determined after giving effect to estimated forfeitures. Such value is recognized as expense over the service period, which is generally the vesting period of the equity grant. To the extent restricted stock awards, restricted stock unit awards, performance unit awards and stock options are forfeited prior to vesting in excess of the estimated forfeiture rate, the corresponding previously recognized expense is reversed as an offset to operating expenses. | ||
Income Taxes | ||
We use the liability method for determining our income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates. Under this method, the amounts of deferred tax liabilities and assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. | ||
Deferred income taxes are provided for the estimated income tax effect of temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Deferred tax assets are also provided for operating losses, capital losses and certain tax credit carryovers. A valuation allowance, reducing deferred tax assets, is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of such deferred tax assets is dependent upon the generation of sufficient future taxable income of the appropriate character. Although realization is not assured, we do not establish a valuation allowance when we believe it is more likely than not that a net deferred tax asset will be realized. | ||
We only recognize a tax benefit after concluding that it is more likely than not that the benefit will be sustained upon audit by the respective taxing authority based solely on the technical merits of the associated tax position. Once the recognition threshold is met, we recognize a tax benefit measured as the largest amount of the tax benefit that, in our judgment, is greater than 50% likely to be realized. Interest and penalties related to income tax liabilities under current accounting guidance for uncertain tax positions are included in income tax expense. | ||
We have designated the undistributed earnings of substantially all of our foreign operations as permanently reinvested and as a result we do not provide for deferred income taxes on the unremitted earnings of these subsidiaries. Our foreign earnings are computed under U.S. federal tax earnings and profits, or E&P, principles. In general, to the extent our financial reporting book basis over tax basis of a foreign subsidiary exceeds these E&P amounts, deferred taxes have not been provided as they are essentially permanent in duration. The determination of the amount of such unrecognized deferred tax liability is not practicable. We provide for deferred income taxes on our undistributed earnings of foreign operations that are not deemed to be permanently reinvested. | ||
Accumulated Other Comprehensive Income | ||
Accumulated other comprehensive income is comprised principally of foreign currency translation adjustments and net prior service benefit for our defined benefit plans and related deferred income taxes in accordance with current accounting guidance. | ||
Foreign Currency Translation | ||
The assets and liabilities of all foreign subsidiaries were prepared in their respective functional currencies and translated into U.S. Dollars based on the current exchange rate in effect at the balance sheet dates, while income and expenses were translated at average exchange rates for the periods presented. Translation adjustments are reflected as a separate component of equity. | ||
Our consolidated statements of income include foreign exchange transaction losses of $10.6 million, $4.9 million and $3.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||
Derivative Financial Instruments | ||
We manage our foreign currency exposures by balancing certain assets and liabilities denominated in foreign currencies and through the use of foreign currency forward contracts from time to time, which generally expire within one year. The principal objective of such contracts is to minimize the financial risks and costs associated with global operating activities. While these contracts are subject to fluctuations in value, such fluctuations are generally expected to be offset by fluctuations in the value of the underlying foreign currency exposures being hedged. Gains and losses on foreign currency forward contracts are recognized currently in income, but generally do not have a significant impact on results of operations. | ||
The counterparties to these contractual agreements are major financial institutions with which we generally have other financial relationships. We are exposed to credit loss in the event of nonperformance by these counterparties. However, we do not anticipate nonperformance by the counterparties. We do not utilize financial instruments for trading or other speculative purposes. At December 31, 2013 and 2012, we had outstanding foreign currency forward contracts with notional values totaling $321.4 million and $274.0 million, respectively. | ||
Recently Issued Accounting Pronouncements | ||
In December 2011, the Financial Accounting Standards Board (FASB) issued accounting guidance that requires entities to disclose information about financial instruments (including derivatives) and transactions eligible for offset in the statement of financial position or subject to an agreement similar to a master netting arrangement. In January 2013, the FASB issued additional guidance that limits the scope of these new requirements to certain derivatives, repurchase agreements and reverse repurchase agreements and securities borrowing and lending transactions. These amendments became effective on January 1, 2013 and had no impact on our consolidated financial statements. | ||
In February 2013, the FASB issued accounting guidance that requires companies to present either in a single note or on the face of the financial statements the effect of significant amounts reclassified from each component of accumulated other comprehensive income, and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, companies would instead cross reference to the related footnote for additional information. These amendments became effective for us beginning with the first quarter of 2013 and did not have a material impact on our consolidated financial statements. | ||
In February 2013, the FASB issued accounting guidance that requires entities that have obligations resulting from joint and several liability arrangements and for which the total amount is fixed at the reporting date to measure such obligations as the sum of (a) the amount the entity agreed to pay on the basis of its arrangement among its co-obligors, and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. Entities are also required to disclose the nature, amount and any other relevant information about such obligations. This accounting guidance will become effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and should be applied retrospectively to all prior periods presented for obligations that exist at the beginning of an entity’s fiscal year of adoption. We do not expect this new guidance to have a material effect on our consolidated financial statements. | ||
In March 2013, the FASB issued accounting guidance that clarifies a parent company’s accounting for the cumulative foreign currency translation adjustment when the parent sells a part or all of its investment in a foreign entity. The guidance clarifies that the sale of an investment in a foreign entity includes both (a) events that result in the loss of a controlling financial interest in a foreign entity, and (b) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date (sometimes also referred to as a step acquisition). Accordingly, the cumulative foreign currency translation adjustment should be released into net income upon the occurrence of those events. This accounting guidance will become effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and should be applied prospectively to derecognition events occurring after the effective date. The impact of these new requirements on our financial statements will depend upon the nature, terms and size of derecognition events, if any, that may occur in the future related to any of our foreign entities. | ||
In July 2013, the FASB issued accounting guidance designed to reduce diversity in practice of financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. These new requirements become effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We do not expect this new guidance to have a material effect on our consolidated financial statements. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
Supplemental Cash Flow Information: | ||||||||||||
Supplemental information related to the consolidated statements of cash flows is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash paid during the year for: | ||||||||||||
Income taxes (net of refunds of $14,296, $1,849 and $4,339 | $ | 51,772 | $ | 112,442 | $ | 123,341 | ||||||
in 2013, 2012 and 2011, respectively) | ||||||||||||
Interest (net of capitalization) | $ | 29,629 | $ | 31,144 | $ | 33,127 | ||||||
Supplemental non-cash disclosures related to exit of phosphorus | ||||||||||||
flame retardants business: | ||||||||||||
Decrease in property, plant and equipment | $ | — | $ | (41,120 | ) | $ | — | |||||
Decrease in accumulated depreciation | — | (17,870 | ) | — | ||||||||
Decrease in other intangibles, net of amortization | — | (27,384 | ) | — | ||||||||
Increase in accumulated other comprehensive income | — | 12,268 | — | |||||||||
Supplemental non-cash disclosures related to defined benefit | ||||||||||||
pension plan net curtailment gain: | ||||||||||||
Decrease in accumulated other comprehensive income | $ | — | $ | (4,507 | ) | $ | — | |||||
Supplemental non-cash disclosures related to other restructuring | ||||||||||||
charges: | ||||||||||||
Decrease in property, plant and equipment | $ | — | $ | (5,002 | ) | $ | — | |||||
Decrease in accumulated depreciation | — | (1,588 | ) | — | ||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share: | ||||||||||||
Basic and diluted earnings per share are calculated as follows (in thousands, except per share amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic earnings per share | ||||||||||||
Numerator: | ||||||||||||
Net income attributable to Albemarle Corporation | $ | 413,171 | $ | 311,536 | $ | 392,114 | ||||||
Denominator: | ||||||||||||
Weighted-average common shares for basic earnings per share | 83,839 | 89,189 | 90,522 | |||||||||
Basic earnings per share | $ | 4.93 | $ | 3.49 | $ | 4.33 | ||||||
Diluted earnings per share | ||||||||||||
Numerator: | ||||||||||||
Net income attributable to Albemarle Corporation | $ | 413,171 | $ | 311,536 | $ | 392,114 | ||||||
Denominator: | ||||||||||||
Weighted-average common shares for basic earnings per share | 83,839 | 89,189 | 90,522 | |||||||||
Incremental shares under stock compensation plans | 483 | 695 | 1,000 | |||||||||
Total shares | 84,322 | 89,884 | 91,522 | |||||||||
Diluted earnings per share | $ | 4.9 | $ | 3.47 | $ | 4.28 | ||||||
The Company’s policy on how to determine windfalls and shortfalls for purposes of calculating assumed stock award proceeds under the treasury stock method when determining the denominator for diluted earnings per share is to exclude the impact of pro forma deferred tax assets (i.e. the windfall or shortfall that would be recognized in the financial statements upon exercise of the award). At December 31, 2013, there were 468,120 common stock equivalents not included in the computation of diluted earnings per share. | ||||||||||||
Included in the calculation of basic earnings per share are unvested restricted stock awards that contain nonforfeitable rights to dividends. At December 31, 2013, there were 13,133 unvested shares of restricted stock awards outstanding. | ||||||||||||
We have the authority to issue 15 million shares of preferred stock in one or more classes or series. As of December 31, 2013, no shares of preferred stock have been issued. | ||||||||||||
On October 13, 2011, our Board of Directors authorized an increase in the number of shares the Company is permitted to repurchase under our share repurchase program up to a maximum of five million shares. On February 12, 2013, our Board of Directors authorized another increase in the number of shares the Company is permitted to repurchase under our share repurchase program, pursuant to which the Company is now permitted to repurchase up to a maximum of 15 million shares, including those shares previously authorized but not yet repurchased. | ||||||||||||
Under the existing Board authorized share repurchase program, on May 9, 2013, the Company entered into an accelerated share repurchase agreement with J.P. Morgan Securities LLC (JPMorgan) relating to a fixed-dollar, uncollared accelerated share repurchase program. Pursuant to the terms of the agreement, JPMorgan immediately borrowed shares of Albemarle common stock that were sold to the Company, thereby decreasing the Company’s issued and outstanding shares (with no change to its authorized shares). On May 10, 2013, the Company paid $450 million to JPMorgan and received an initial delivery of 5,680,921 shares with a fair market value of approximately $360 million. This purchase was funded through a combination of available cash on hand and debt. The Company determined that the accelerated share repurchase agreement met the criteria to be accounted for as a forward contract indexed to its stock and was therefore treated as an equity instrument. Under the terms of the agreement, on December 19, 2013, the transaction was completed and we received a final settlement of 1,384,011 shares, calculated based on the daily Rule 10b-18 volume-weighted average prices of the Company’s common stock over the term of the agreement, less a forward price adjustment amount of approximately $1.01. The total number of shares repurchased under this agreement (7,064,932 shares) reduced the Company’s weighted average shares outstanding for purposes of calculating basic and diluted earnings per share during the year ended December 31, 2013. | ||||||||||||
During the year ended December 31, 2013, we repurchased a total of 9,198,056 shares of our common stock pursuant to the terms of our share repurchase program and the accelerated share repurchase agreement. During the years ended December 31, 2012 and 2011, we repurchased 1,092,767 and 3,000,000 shares of our common stock, respectively, pursuant to the terms of our share repurchase program. As of December 31, 2013, there were 5,939,594 remaining shares available for repurchase under our authorized share repurchase program. | ||||||||||||
On February 3, 2014, we entered into an accelerated share repurchase agreement with Merrill Lynch International (“Merrill Lynch”), acting through its agent Merrill Lynch, Pierce, Fenner and Smith Incorporated, relating to a fixed-dollar, uncollared accelerated share repurchase program pursuant to which we will purchase $50 million of our shares from Merrill Lynch. The shares will be purchased by Merrill Lynch in two $25 million tranches that may be settled separately or simultaneously. Pursuant to the terms of this agreement, Merrill Lynch immediately borrowed shares of Albemarle common stock that were sold to the Company, thereby decreasing the Company’s issued and outstanding shares (with no change to its authorized shares). On February 3, 2014, we paid $50 million to Merrill Lynch and received an initial delivery of 623,248 shares of our common stock with a fair market value of approximately $40 million. This purchase was funded with cash on hand. Although the agreement can be settled, at the Company’s option, in cash or in shares of common stock, the Company intends to settle in shares of common stock. The total number of shares to ultimately be purchased under the agreement will be determined at the completion of the trade and will generally be based on the daily Rule 10b-18 volume-weighted average prices of the Company’s common stock over the term of the agreement, less a forward price adjustment amount of approximately $0.77. Final settlement may be accelerated, and the number of shares to be delivered upon final settlement may be adjusted upon the announcement or occurrence of certain corporate events, including without limitation, tender offers, delisting, merger events or insolvency. The agreement will be terminated at any time that our share price is at or below $30 per share. No more than 1.5 million shares can be repurchased under this program, and this program is expected to be completed by the end of April 2014. |
Other_Accounts_Receivable
Other Accounts Receivable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Other Accounts Receivable | ' | ||||||||
Other Accounts Receivable: | |||||||||
Other accounts receivable consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Value added tax/consumption tax | $ | 21,956 | $ | 22,398 | |||||
Other | 23,138 | 21,446 | |||||||
Total | $ | 45,094 | $ | 43,844 | |||||
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2013 | |
Inventory Disclosure [Abstract] | ' |
Inventories | ' |
Inventories: | |
Approximately 28% and 30% of our inventories are valued using the last-in, first-out (LIFO) method at December 31, 2013 and 2012, respectively. The portion of our domestic inventories stated on the LIFO basis amounted to $121.9 million and $126.6 million at December 31, 2013 and 2012, respectively, which are below replacement cost by approximately $41.7 million and $51.4 million, respectively. |
Other_Current_Assets
Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Assets [Abstract] | ' | ||||||||
Other Current Assets | ' | ||||||||
Other Current Assets: | |||||||||
Other current assets consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred income taxes—current(a) | $ | 3,912 | $ | 4,197 | |||||
Income tax receivables | 26,310 | 26,208 | |||||||
Prepaid expenses | 47,447 | 48,250 | |||||||
Total | $ | 77,669 | $ | 78,655 | |||||
(a) | See Note 18, “Income Taxes.” |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property, Plant and Equipment | ' | ||||||||||
Property, Plant and Equipment: | |||||||||||
Property, plant and equipment, at cost, consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||||
Useful | December 31, | ||||||||||
Lives | |||||||||||
(Years) | 2013 | 2012 | |||||||||
Land | — | $ | 63,153 | $ | 61,123 | ||||||
Land improvements | 5 – 30 | 52,452 | 51,218 | ||||||||
Buildings and improvements | 10 – 45 | 235,929 | 198,260 | ||||||||
Machinery and equipment(a) | 2 – 19 | 1,731,247 | 1,603,533 | ||||||||
Machinery and equipment (major plant components)(b) | 20 – 45 | 688,284 | 586,433 | ||||||||
Long-term mineral rights and production equipment costs | 7 – 60 | 85,514 | 83,089 | ||||||||
Construction in progress | — | 115,505 | 234,948 | ||||||||
Total | $ | 2,972,084 | $ | 2,818,604 | |||||||
(a) | Consists primarily of (1) short-lived production equipment components, office and building equipment and other equipment with estimated lives ranging 2 – 7 years, and (2) production process equipment (intermediate components) with estimated lives ranging 8 – 19 years. | ||||||||||
(b) | Consists primarily of (1) production process equipment (major unit components) with estimated lives ranging 20 – 29 years, and (2) production process equipment (infrastructure and other) with estimated lives ranging 30 – 45 years. | ||||||||||
The cost of property, plant and equipment is depreciated generally by the straight-line method. Depreciation expense amounted to $99.3 million, $88.3 million and $83.6 million during the years ended December 31, 2013, 2012 and 2011, respectively. Interest capitalized on significant capital projects in 2013, 2012 and 2011 was $6.1 million, $5.8 million and $2.4 million, respectively. | |||||||||||
In 2012 we announced our plan to exit the phosphorus flame retardants business, whose products were sourced mainly at our Avonmouth, United Kingdom and Nanjing, China manufacturing sites. In connection with our exit of this business, net property, plant and equipment was written down by $30.9 million, and in the fourth quarter of 2012 we received cash proceeds of $7.7 million from the sale of our Nanjing, China manufacturing site, which resulted in the recognition of a gain of approximately $2 million. See Note 2 “Supplemental Cash Flow Information” and Note 19 “Special Items” for additional details about our exit of the phosphorus flame retardants business. | |||||||||||
In the fourth quarter of 2012, we received proceeds of $1.9 million in connection with the sale of land adjacent to our regional offices in Belgium. | |||||||||||
In the third quarter of 2010, we purchased certain property and equipment in Yeosu, South Korea in connection with our plans for building a metallocene polyolefin catalyst and trimethyl gallium manufacturing facility. Cash payments related to this acquisition were $6.5 million in 2011. |
Investments
Investments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investments [Abstract] | ' | ||||||||||||
Investments | ' | ||||||||||||
Investments: | |||||||||||||
Investments include our share of unconsolidated joint ventures, nonmarketable securities and marketable equity securities. The following table details our investment balances at December 31, 2013 and 2012 (in thousands). | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Joint ventures | $ | 187,843 | $ | 185,928 | |||||||||
Nonmarketable securities | 534 | 923 | |||||||||||
Marketable equity securities | 23,801 | 20,290 | |||||||||||
Total | $ | 212,178 | $ | 207,141 | |||||||||
Our ownership positions in significant unconsolidated investments are shown below: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
* | Nippon Aluminum Alkyls - a joint venture with Mitsui Chemicals, Inc. that produces | 50 | % | 50 | % | 50 | % | ||||||
aluminum alkyls | |||||||||||||
* | Magnifin Magnesiaprodukte GmbH & Co. KG - a joint venture with Radex Heraklith | 50 | % | 50 | % | 50 | % | ||||||
Industriebeteiligung AG that produces specialty magnesium hydroxide products | |||||||||||||
* | Nippon Ketjen Company Limited - a joint venture with Sumitomo Metal Mining | 50 | % | 50 | % | 50 | % | ||||||
Company Limited that produces refinery catalysts | |||||||||||||
* | Eurecat S.A. - a joint venture with IFP Investissements for refinery catalysts | 50 | % | 50 | % | 50 | % | ||||||
regeneration services | |||||||||||||
* | Fábrica Carioca de Catalisadores S.A. - a joint venture with Petrobras Quimica S.A. - | 50 | % | 50 | % | 50 | % | ||||||
PETROQUISA that produces catalysts and includes catalysts research and product | |||||||||||||
development activities | |||||||||||||
* | Stannica, LLC - a joint venture with PMC Group, Inc. that produces tin stabilizers | 50 | % | 50 | % | 50 | % | ||||||
Our investment in the significant unconsolidated joint ventures above amounted to $172.9 million and $170.6 million as of December 31, 2013 and 2012, respectively, and the amount included in Equity in net income of unconsolidated investments (net of tax) in the consolidated statements of income totaled $31.5 million, $37.0 million and $43.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Undistributed earnings attributable to our significant unconsolidated investments represented approximately $117.1 million and $106.1 million of our consolidated retained earnings at December 31, 2013 and 2012, respectively. All of the unconsolidated joint ventures in which we have investments are private companies and accordingly do not have a quoted market price available. | |||||||||||||
The following summary lists our assets, liabilities and results of operations for our significant unconsolidated joint ventures presented herein (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Summary of Balance Sheet Information: | |||||||||||||
Current assets | $ | 313,446 | $ | 343,129 | |||||||||
Noncurrent assets | 198,776 | 212,587 | |||||||||||
Total assets | $ | 512,222 | $ | 555,716 | |||||||||
Current liabilities | $ | 100,469 | $ | 129,105 | |||||||||
Noncurrent liabilities | 77,734 | 76,422 | |||||||||||
Total liabilities | $ | 178,203 | $ | 205,527 | |||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Summary of Statements of Income Information: | |||||||||||||
Net sales | $ | 598,459 | $ | 601,233 | $ | 672,859 | |||||||
Gross profit | $ | 169,406 | $ | 165,650 | $ | 189,691 | |||||||
Income before income taxes | $ | 101,652 | $ | 105,329 | $ | 132,399 | |||||||
Net income | $ | 71,294 | $ | 71,561 | $ | 88,414 | |||||||
We have evaluated each of the unconsolidated investments pursuant to current accounting guidance and none qualify for consolidation. Dividends received from our significant unconsolidated investments were $20.5 million, $25.6 million and $22.8 million in 2013, 2012 and 2011, respectively. | |||||||||||||
At December 31, 2013 and 2012, the carrying amount of our investments in unconsolidated joint ventures exceeded the amount of underlying equity in net assets by approximately $8.4 million and $12.1 million, respectively. These amounts represent the differences between the value of certain assets of the joint ventures and our related valuation on a U.S. GAAP basis. As of December 31, 2013 and 2012, $1.4 million and $1.8 million, respectively, remained to be amortized over the remaining useful lives of the assets with the balance of the difference representing primarily our share of the joint ventures’ goodwill. | |||||||||||||
The carrying value of our unconsolidated investment in Stannica LLC, a variable interest entity for which we are not the primary beneficiary, was $5.5 million and $6.6 million at December 31, 2013 and 2012, respectively. Our maximum exposure to loss in connection with our continuing involvement with Stannica LLC is limited to our investment carrying value. | |||||||||||||
Assets of the Benefit Protection Trust, in conjunction with our EDCP, are accounted for as trading securities in accordance with authoritative accounting guidance. The assets of the Trust consist primarily of mutual fund investments and are marked-to-market on a monthly basis through the consolidated statements of income. As of December 31, 2013 and 2012, these marketable securities amounted to $23.0 million and $20.3 million, respectively. | |||||||||||||
During the year ended December 31, 2012, we and our joint venture partner each advanced $22.5 million to our 50%-owned joint venture, Saudi Organometallic Chemicals Company (SOCC), pursuant to a long-term loan arrangement. Our loan bears quarterly interest at the London Inter-Bank Offered Rate (LIBOR) plus 1.275% per annum (1.52% and 1.58% as of December 31, 2013 and 2012, respectively), with interest receivable on a semi-annual basis on January 1 and July 1. Principal repayments on amounts outstanding under this arrangement are required as mutually agreed upon by the joint venture partners, but with any outstanding balances receivable in full no later than December 31, 2021. This loan receivable outstanding has been recorded in Other assets in our consolidated balance sheets at December 31, 2013 and 2012. The recorded value of this receivable approximates fair value as it bears interest based on prevailing variable market rates. Also during the year ended December 31, 2012, we and our joint venture partner each advanced 1.9 million Euros (approximately $2.6 million and $2.5 million at December 31, 2013 and 2012, respectively) to our 50%-owned joint venture, Eurecat S.A., pursuant to a long-term loan arrangement. During the year ended December 31, 2011, we made a capital contribution of $10.9 million to SOCC. |
Other_Assets
Other Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Assets, Noncurrent [Abstract] | ' | ||||||||
Other Assets | ' | ||||||||
Other Assets: | |||||||||
Other assets consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred income taxes—noncurrent(a) | $ | 65,667 | $ | 64,512 | |||||
Assets related to unrecognized tax benefits(a) | 25,730 | 25,788 | |||||||
Long-term advances to joint ventures(b) | 25,124 | 25,017 | |||||||
Other | 43,708 | 39,519 | |||||||
Total | $ | 160,229 | $ | 154,836 | |||||
(a) | See Note 18, “Income Taxes.” | ||||||||
(b) | See Note 8, “Investments.” |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Goodwill and Other Intangibles | ' | |||||||||||||||||||||||||||
Goodwill and Other Intangibles: | ||||||||||||||||||||||||||||
Goodwill and other intangibles consist principally of goodwill, customer lists, trade names, patents and other intangibles. | ||||||||||||||||||||||||||||
The following table summarizes the changes in goodwill by operating segment for the years ended December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
Performance Chemicals | Catalyst Solutions | Total | ||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 46,130 | $ | 227,015 | $ | 273,145 | ||||||||||||||||||||||
Foreign currency translation adjustments | 421 | 3,400 | 3,821 | |||||||||||||||||||||||||
Balance at December 31, 2012 | 46,551 | 230,415 | 276,966 | |||||||||||||||||||||||||
Foreign currency translation adjustments | 84 | 7,153 | 7,237 | |||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 46,635 | $ | 237,568 | $ | 284,203 | ||||||||||||||||||||||
Other intangibles consist of the following at December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
Customer | Trade | Patents | Land Use | Manufacturing | Other | Total | ||||||||||||||||||||||
Lists and | Names(c) | and | Rights | Contracts and | ||||||||||||||||||||||||
Relationships | Technology | Supply/Service | ||||||||||||||||||||||||||
Agreements | ||||||||||||||||||||||||||||
Gross Asset Value | ||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 100,078 | $ | 45,399 | $ | 45,973 | $ | 8,098 | $ | 13,782 | $ | 24,161 | $ | 237,491 | ||||||||||||||
Acquisitions(a) | — | — | 1,500 | — | — | — | 1,500 | |||||||||||||||||||||
Exit of phosphorus flame retardants | (16,189 | ) | (19,441 | ) | — | (1,915 | ) | (5,470 | ) | (1,122 | ) | (44,137 | ) | |||||||||||||||
business(b) | ||||||||||||||||||||||||||||
Foreign currency translation adjustments | 1,278 | 985 | 403 | 20 | 211 | 373 | 3,270 | |||||||||||||||||||||
and other | ||||||||||||||||||||||||||||
Balance at December 31, 2012 | 85,167 | 26,943 | 47,876 | 6,203 | 8,523 | 23,412 | 198,124 | |||||||||||||||||||||
Foreign currency translation adjustments | 1,259 | (36 | ) | 867 | 173 | (185 | ) | 216 | 2,294 | |||||||||||||||||||
and other | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 86,426 | $ | 26,907 | $ | 48,743 | $ | 6,376 | $ | 8,338 | $ | 23,628 | $ | 200,418 | ||||||||||||||
Accumulated Amortization | ||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | (30,281 | ) | $ | (12,220 | ) | $ | (35,212 | ) | $ | (1,118 | ) | $ | (11,113 | ) | $ | (17,266 | ) | $ | (107,210 | ) | |||||||
Amortization | (4,499 | ) | (1,307 | ) | (3,176 | ) | (183 | ) | (658 | ) | (900 | ) | (10,723 | ) | ||||||||||||||
Exit of phosphorus flame retardants | 4,134 | 5,791 | — | 236 | 5,470 | 1,122 | 16,753 | |||||||||||||||||||||
business(b) | ||||||||||||||||||||||||||||
Foreign currency translation adjustments | (838 | ) | (750 | ) | (390 | ) | (14 | ) | (211 | ) | (277 | ) | (2,480 | ) | ||||||||||||||
and other | ||||||||||||||||||||||||||||
Balance at December 31, 2012 | (31,484 | ) | (8,486 | ) | (38,778 | ) | (1,079 | ) | (6,512 | ) | (17,321 | ) | (103,660 | ) | ||||||||||||||
Amortization | (4,332 | ) | (995 | ) | (797 | ) | (166 | ) | (647 | ) | (1,129 | ) | (8,066 | ) | ||||||||||||||
Foreign currency translation adjustments | (172 | ) | 511 | (779 | ) | (23 | ) | 185 | (211 | ) | (489 | ) | ||||||||||||||||
and other | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (35,988 | ) | $ | (8,970 | ) | $ | (40,354 | ) | $ | (1,268 | ) | $ | (6,974 | ) | $ | (18,661 | ) | $ | (112,215 | ) | |||||||
Net Book Value at December 31, 2012 | $ | 53,683 | $ | 18,457 | $ | 9,098 | $ | 5,124 | $ | 2,011 | $ | 6,091 | $ | 94,464 | ||||||||||||||
Net Book Value at December 31, 2013 | $ | 50,438 | $ | 17,937 | $ | 8,389 | $ | 5,108 | $ | 1,364 | $ | 4,967 | $ | 88,203 | ||||||||||||||
(a) | The increase of $1.5 million in Patents and Technology relates to our acquisition of certain patents in 2012 related to catalysts useful in the production of fuel products from renewable feedstocks. | |||||||||||||||||||||||||||
(b) | In 2012 we reduced intangible assets by $44.1 million and related accumulated amortization by $16.8 million in connection with our exit of the phosphorus flame retardants business. See Note 19 “Special Items.” | |||||||||||||||||||||||||||
(c) | Trade names include a gross carrying amount of $10.3 million for an indefinite-lived intangible asset. | |||||||||||||||||||||||||||
Useful lives range from 15 – 25 years for customer lists and relationships; 11 – 35 years for trade names; 17 – 20 years for patents and technology; 37 – 40 years for land use rights; 6 – 12 years for manufacturing contracts and supply/service agreements; and 5 – 35 years for other. | ||||||||||||||||||||||||||||
Amortization of other intangibles amounted to $8.1 million, $10.7 million and $13.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Total estimated amortization expense of other intangibles for the next five fiscal years is as follows (in thousands): | ||||||||||||||||||||||||||||
Estimated | ||||||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||||||
Expense | ||||||||||||||||||||||||||||
2014 | $ | 8,310 | ||||||||||||||||||||||||||
2015 | $ | 6,554 | ||||||||||||||||||||||||||
2016 | $ | 6,078 | ||||||||||||||||||||||||||
2017 | $ | 5,909 | ||||||||||||||||||||||||||
2018 | $ | 5,711 | ||||||||||||||||||||||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
Accrued Expenses: | |||||||||
Accrued expenses consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Employee benefits, payroll and related taxes | $ | 41,955 | $ | 39,442 | |||||
Taxes other than income taxes and payroll taxes | 23,864 | 25,025 | |||||||
Deferred revenue | 17,896 | 13,955 | |||||||
Accrued sales commissions | 7,241 | 7,893 | |||||||
Accrued interest payable | 7,716 | 7,816 | |||||||
Accrued utilities | 8,608 | 9,108 | |||||||
Reduction in force accruals(a) | 39,104 | 14,428 | |||||||
Other | 44,149 | 59,879 | |||||||
Total | $ | 190,533 | $ | 177,546 | |||||
(a) | See Note 19, “Special Items.” |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt: | ||||||||
Long-term debt consists of the following at December 31, 2013 and 2012 (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
5.10% Senior notes, net of unamortized discount of $36 at December 31, 2013 | $ | 324,964 | $ | 324,930 | ||||
and $70 at December 31, 2012 | ||||||||
4.50% Senior notes, net of unamortized discount of $2,186 at December 31, 2013 | 347,814 | 347,500 | ||||||
and $2,500 at December 31, 2012 | ||||||||
Commercial paper notes | 363,000 | — | ||||||
Fixed rate foreign borrowings | 7,879 | 19,458 | ||||||
Variable-rate foreign bank loans | 34,910 | 7,006 | ||||||
Miscellaneous | 297 | 394 | ||||||
Total long-term debt | 1,078,864 | 699,288 | ||||||
Less amounts due within one year | 24,554 | 12,700 | ||||||
Long-term debt, less current portion | $ | 1,054,310 | $ | 686,588 | ||||
Aggregate annual maturities of long-term debt as of December 31, 2013 are as follows (in millions): 2014—$24.6; 2015—$327.1; 2016—$379.4; 2017—$0.0; 2018—$0.0; thereafter—$350.0. | ||||||||
On February 7, 2014, we entered into a new $750.0 million credit facility. The five-year, revolving, unsecured credit agreement (hereinafter referred to as the February 2014 credit agreement) matures on February 7, 2019 and (i) replaces our previous $750.0 million amended and restated credit agreement dated as of September 22, 2011 (the September 2011 credit agreement); (ii) provides for an additional $250.0 million in credit, if needed, subject to the terms of the agreement; and (iii) provides for the ability to extend the maturity date under certain conditions. Borrowings bear interest at variable rates based on the LIBOR for deposits in the relevant currency plus an applicable margin which ranges from 0.900% to 1.500%, depending on the Company’s credit rating from Standard & Poor’s Ratings Services (S&P) and Moody’s Investors Services (Moody’s). The applicable margin on the facility was 1.000% as of February 25, 2014. As of February 25, 2014, there were no borrowings outstanding under the February 2014 credit agreement. | ||||||||
Borrowings under the February 2014 credit agreement are conditioned upon compliance with the following covenants: (i) consolidated funded debt, as defined in the agreement, must be less than or equal to 3.50 times consolidated EBITDA, as defined in the agreement, (which reflects adjustments for certain non-recurring or unusual items such as restructuring charges, facility divestiture charges and other significant non-recurring items), or herein “consolidated adjusted EBITDA,” as of the end of any fiscal quarter; (ii) with the exception of liens specified in our new credit facility, liens may not attach to assets when the aggregate amount of all indebtedness secured by such liens plus unsecured subsidiary indebtedness, other than indebtedness incurred by our subsidiaries under the February 2014 credit agreement, would exceed 20% of consolidated net worth, as defined in the agreement; and (iii) with the exception of indebtedness specified in the February 2014 credit agreement, subsidiary indebtedness may not exceed the difference between 20% of consolidated net worth, as defined in the agreement, and indebtedness secured by liens permitted under the agreement. We believe that as of December 31, 2013, we were, and currently are, in compliance with all of our debt covenants. | ||||||||
On May 29, 2013, we entered into agreements to initiate a commercial paper program on a private placement basis under which we may issue unsecured commercial paper notes (the “Notes”) from time-to-time up to a maximum aggregate principal amount outstanding at any time of $750.0 million. The proceeds from the issuance of the Notes are expected to be used for general corporate purposes, including the repayment of other debt of the Company. Our February 2014 credit agreement is available to repay the Notes, if necessary. Aggregate borrowings outstanding under the February 2014 credit agreement and the commercial paper program will not exceed the $750.0 million current maximum amount available under the February 2014 credit agreement. The Notes will be sold at a discount from par, or alternatively, will be sold at par and bear interest at rates that will vary based upon market conditions at the time of the issuance of the Notes. The maturities of the Notes will vary but may not exceed 397 days from the date of issue. The definitive documents relating to the Program contain customary representations, warranties, default and indemnification provisions. | ||||||||
At December 31, 2013, we had $363.0 million of Notes outstanding bearing a weighted-average interest rate of approximately 0.23% and a weighted-average maturity of 21 days. While the outstanding Notes generally have short-term maturities, we classify the Notes as long-term based on our ability and intent to refinance the Notes on a long-term basis through the issuance of additional Notes or borrowings under the February 2014 credit agreement. | ||||||||
In September 2011, we amended and restated our previous credit facility. Fees and expenses of $2.7 million were incurred and paid in connection with this amendment. Borrowings under the September 2011 credit agreement bore interest at variable rates based on the LIBOR for deposits in the relevant currency plus an applicable margin which ranged from 0.900% to 1.400%, depending on the Company’s credit rating applicable from time to time. The applicable margin on the September 2011 credit agreement was 0.975% as of December 31, 2013. As of December 31, 2013 and 2012, we had no borrowings outstanding under the September 2011 credit agreement. | ||||||||
Our $325.0 million aggregate principal amount of senior notes, issued on January 20, 2005, bear interest at a rate of 5.10%, payable semi-annually on February 1 and August 1 of each year. The effective interest rate on these senior notes is approximately 5.19%. These senior notes mature on February 1, 2015. | ||||||||
Our $350.0 million aggregate principal amount of senior notes, issued on December 10, 2010, bear interest at a rate of 4.50%, payable semi-annually on June 15 and December 15 of each year. The effective interest rate on these senior notes is approximately 4.70%. These senior notes mature on December 15, 2020. | ||||||||
We have additional agreements with financial institutions that provide for borrowings under uncommitted credit lines up to a maximum of $60.0 million. There were no outstanding borrowings under these agreements at either December 31, 2013 or December 31, 2012. The average interest rate on borrowings under these agreements during 2013, 2012 and 2011was 0.89%, 1.49% and 1.43%, respectively. | ||||||||
We have an agreement with a foreign bank that provides immediate U.S Dollar or Euro-denominated borrowings under uncommitted credit lines up to a maximum of $48.0 million or the Euro equivalent. At December 31, 2013 and 2012, there were no outstanding borrowings under this agreement. | ||||||||
One of our foreign subsidiaries has agreements with several foreign banks, which provide immediate borrowings under uncommitted credit lines up to a maximum of 4.5 billion Japanese Yen (approximately $42.8 million at December 31, 2013, based on applicable exchange rates). At December 31, 2013 there were outstanding borrowings of $16.4 million and at December 31, 2012 there were no outstanding borrowings under these agreements. The weighted average interest rate on borrowings under these agreements during 2013 and 2011 was 0.52% and 1.07%, respectively (there were no borrowings in 2012). | ||||||||
Certain of our remaining foreign subsidiaries have additional agreements with foreign institutions that provide immediate uncommitted credit lines, on a short term basis, up to an aggregate maximum of approximately $93.3 million, of which $80.1 million supports foreign subsidiaries based in China. We have guaranteed these agreements. At December 31, 2013 and 2012, there were no outstanding borrowings under these agreements. | ||||||||
At December 31, 2013 and 2012, we had the ability and intent to refinance our borrowings under our other existing credit lines with borrowings under the September 2011 credit agreement. Therefore, the amounts outstanding under those credit lines, if any, are classified as long-term debt at December 31, 2013 and 2012. At December 31, 2013, we had the ability to borrow $387.0 million under our commercial paper program and the September 2011 credit agreement, plus an additional $250.0 million if needed, subject to the terms of the September 2011 credit agreement. | ||||||||
Our consolidated joint venture JBC has foreign currency denominated debt, which amounted to $26.4 million at December 31, 2013 and 2012, and principally includes (i) foreign plant-related construction borrowings maturing in April 2015 amounting to $7.9 million and $13.5 million at December 31, 2013 and 2012, respectively, which bore interest at rates ranging from 2.09% to 5.3% at December 31, 2013, (ii) short-term borrowings of $18.5 million at December 31, 2013, bearing interest at 1.59% as of December 31, 2013, and (iii) a $6.0 million unsecured non-interest bearing loan from its other shareholder at December 31, 2012, which was repaid in 2013. At December 31, 2013, JBC had additional borrowing capacity of approximately $6.1 million. | ||||||||
In anticipation of refinancing our 2015 senior notes in the fourth quarter of 2014, on January 22, 2014, we entered into a pay fixed, receive variable rate forward starting interest rate swap with J.P. Morgan Chase Bank, N.A., to be effective October 15, 2014. Under this swap, we hedged the interest rate and partial credit spread on the 20 future semi-annual coupon payments that we would pay when we refinance our 2015 senior notes with another 10 year note. The notional amount of the swap is $325.0 million and the fixed rate is 3.281%. A cash settlement will occur on the termination date determined by reference to the changes in the U.S. dollar 3-month LIBOR and credit spreads from the date we entered into the swap until the date we terminate the swap. We intend to designate this derivative financial instrument as an effective hedge under Accounting Standards Codification 815, Derivatives and Hedging. |
Other_Noncurrent_Liabilities
Other Noncurrent Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure Other Noncurrent Liabilities [Abstract] | ' | |||||||
Other Noncurrent Liabilities | ' | |||||||
Other Noncurrent Liabilities: | ||||||||
Other noncurrent liabilities consist of the following at December 31, 2013 and 2012 (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Liabilities related to uncertain tax positions(a) | $ | 29,834 | $ | 29,179 | ||||
Executive deferred compensation plan obligation | 23,030 | 20,265 | ||||||
Deferred revenue—long-term | 2,444 | 3,362 | ||||||
Environmental liabilities(b) | 9,213 | 17,213 | ||||||
Asset retirement obligations(b) | 16,930 | 16,517 | ||||||
Other | 29,159 | 27,486 | ||||||
Total | $ | 110,610 | $ | 114,022 | ||||
(a) | See Note 18, “Income Taxes.” | |||||||
(b) | See Note 15, “Commitments and Contingencies.” |
Stockbased_Compensation_Expens
Stock-based Compensation Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||
Stock-based Compensation Expense | ' | ||||||||||||
Stock-based Compensation Expense: | |||||||||||||
Incentive Plans | |||||||||||||
We have various share-based compensation plans that authorize the granting of (i) stock options to purchase shares of our common stock, (ii) restricted stock and restricted stock units, (iii) performance unit awards and (iv) stock appreciation rights (SARs) to employees and non-employee directors. The plans provide for payment of incentive awards in one or more of the following at our option: cash, shares of our common stock, qualified and non-qualified stock options, SARs, restricted stock awards, restricted stock unit awards and performance unit awards. The share-based awards granted by us generally contain vesting provisions ranging from one to five years, and with respect to stock options granted by us, have a term of not more than ten years from the date of grant. Stock options granted to employees generally vest over three years and have a term of ten years. Restricted stock and restricted stock unit awards vest in periods ranging from one to five years from the date of grant. Performance unit awards are earned at a level ranging from zero to 200% contingent upon the achievement of specific performance criteria over periods ranging from one to two years. Distribution of the earned units occurs generally 50% upon completion of a two-year measurement period with the remaining 50% of the earned units distributed one year thereafter. | |||||||||||||
We granted 297,924, 263,200 and 401,500 stock options during 2013, 2012 and 2011, respectively. There were no significant modifications made to any share-based grants during these periods. | |||||||||||||
On April 20, 2010, the maximum number of shares available for issuance to participants under the Albemarle Corporation 2008 Incentive Plan (the “Incentive Plan”) increased by 4,470,000 shares to 7,470,000 shares. With respect to any awards, other than stock options or SARs, the number of shares available for awards under the Incentive Plan were reduced by 1.6 shares for each share covered by such award or to which such award related. Effective May 7, 2013, the Albemarle Corporation 2008 Stock Compensation Plan for Non-Employee Directors and the 1996 Directors’ Deferred Compensation Plan (as amended and restated in 2005) were merged into the Albemarle Corporation 2013 Stock Compensation and Deferral Election Plan for Non-Employee Directors (the “Non-Employee Directors Plan”). Under the Non-Employee Directors Plan, a maximum aggregate number of 500,000 shares of our common stock is authorized for issuance to the Company’s non-employee directors; any shares remaining available for issuance under the prior plans were canceled. The aggregate fair market value of shares that may be issued to a director during any compensation year (as defined in the agreement, generally July 1 to June 30) shall not exceed $150,000. At December 31, 2013, there were 3,587,539 shares available for grant under the Incentive Plan and 485,600 shares available for grant under the Non-Employee Directors Plan. | |||||||||||||
Total stock-based compensation expense associated with our incentive plans for the years ended December 31, 2013, 2012 and 2011 amounted to $10.2 million, $15.2 million and $27.1 million, respectively, and is included in cost of goods sold and selling, general and administrative (SG&A) expenses on the consolidated statements of income. Total related recognized tax benefits for the years ended December 31, 2013, 2012 and 2011 amounted to $3.7 million, $5.6 million and $10.0 million, respectively. | |||||||||||||
The following table summarizes information about the Company’s fixed-price stock options as of and for the year ended December 31, 2013: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic Value | |||||||||||
Exercise | Remaining | (in thousands) | |||||||||||
Price | Contractual | ||||||||||||
Term (Years) | |||||||||||||
Outstanding at December 31, 2012 | 1,343,261 | $ | 41.78 | 7.2 | $ | 28,232 | |||||||
Granted | 297,924 | 65.35 | |||||||||||
Exercised | (191,732 | ) | 28.96 | ||||||||||
Forfeited | (80,337 | ) | 61.39 | ||||||||||
Outstanding at December 31, 2013 | 1,369,116 | $ | 47.55 | 7 | $ | 22,795 | |||||||
Exercisable at December 31, 2013 | 854,031 | $ | 37.86 | 6 | $ | 21,977 | |||||||
The fair value of each option granted during the years ended December 31, 2013, 2012 and 2011 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Dividend yield | 1.58 | % | 1.59 | % | 1.53 | % | |||||||
Volatility | 33.55 | % | 34.04 | % | 33.04 | % | |||||||
Average expected life (years) | 6 | 6 | 6 | ||||||||||
Risk-free interest rate | 2.18 | % | 2.05 | % | 3.67 | % | |||||||
Fair value of options granted | $ | 19.73 | $ | 20 | $ | 18.42 | |||||||
Dividend yield is the average of historical yields and those estimated over the average expected life. The stock volatility is based on historical volatilities of our common stock. The average expected life represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and our historical exercise patterns. The risk-free interest rate is based on the U.S. Treasury strip rate with stripped coupon interest for the period equal to the contractual term of the share option grant in effect at the time of grant. | |||||||||||||
The intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $7.0 million, $37.4 million and $7.9 million, respectively. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. | |||||||||||||
Total compensation cost not yet recognized for nonvested stock options outstanding as of December 31, 2013 is approximately $6.1 million and is expected to be recognized over a remaining weighted-average period of 2.3 years. Cash proceeds from stock options exercised and tax benefits related to stock options exercised were $5.6 million and $2.5 million for the year ended December 31, 2013, respectively. The Company issues new shares of common stock upon exercise of stock options and vesting of restricted common stock awards. | |||||||||||||
The following table summarizes activity in performance unit awards as of and for the year ended December 31, 2013: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Per Share | |||||||||||||
Nonvested, beginning of period | 364,100 | $ | 55.94 | ||||||||||
Granted | 274,621 | 61.41 | |||||||||||
Vested | (228,001 | ) | 49.77 | ||||||||||
Forfeited | (39,317 | ) | 62.53 | ||||||||||
Nonvested, end of period | 371,403 | 63.08 | |||||||||||
The weighted average grant date fair value of performance unit awards granted in 2013, 2012 and 2011 was $16.9 million, $19.7 million and $10.7 million, respectively. Performance units awarded in 2013 include shares with a weighted average grant date fair value of $6.3 million related to awards granted in 2011 that earned at a rate of 200% based upon the achievement of specific performance criteria. Performance units awarded in 2012 include shares with a weighted average grant date fair value of $8.9 million related to awards granted in 2011 and 2010 that earned at a rate of 200% based upon the achievement of specific performance criteria. | |||||||||||||
The weighted average fair value of performance unit awards that vested during 2013, 2012 and 2011 was $14.5 million, $18.3 million and $0.2 million, respectively, based on the closing prices of our common stock on the dates of vesting. Total compensation cost not yet recognized for nonvested performance unit awards outstanding as of December 31, 2013 is approximately $2.4 million, calculated based on current expectation of specific performance criteria, and is expected to be recognized over a remaining weighted-average period of approximately 1.1 years. Each performance unit represents one share of common stock. | |||||||||||||
The following table summarizes activity in non-performance based restricted stock and restricted stock unit awards as of and for the year ended December 31, 2013: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Per Share | |||||||||||||
Nonvested, beginning of period | 142,805 | $ | 51.01 | ||||||||||
Granted | 53,593 | 63.17 | |||||||||||
Vested | (51,416 | ) | 41.48 | ||||||||||
Forfeited | (33,787 | ) | 57.46 | ||||||||||
Nonvested, end of period | 111,195 | 59.32 | |||||||||||
The weighted average grant date fair value of restricted stock and restricted stock unit awards granted in 2013, 2012 and 2011 was $3.4 million, $2.9 million and $3.7 million, respectively. The weighted average fair value of restricted stock and restricted stock unit awards that vested in 2013, 2012 and 2011 was $3.2 million, $7.4 million and $9.4 million, respectively, based on the closing prices of our common stock on the dates of vesting. Total compensation cost not yet recognized for nonvested, non-performance based restricted stock and restricted stock units as of December 31, 2013 is approximately $3.4 million and is expected to be recognized over a remaining weighted-average period of 1.6 years. The fair value of the non-performance based restricted stock and restricted stock units was estimated on the date of grant adjusted for a dividend factor, if necessary. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||||||||||
Commitments and Contingencies: | ||||||||||||||||||||||||
In the ordinary course of business, we have commitments in connection with various activities, the most significant of which are as follows: | ||||||||||||||||||||||||
Environmental | ||||||||||||||||||||||||
We had the following activity in our recorded environmental liabilities for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance, beginning of year | $ | 20,322 | $ | 12,359 | $ | 13,806 | ||||||||||||||||||
Expenditures | (3,013 | ) | (1,451 | ) | (1,081 | ) | ||||||||||||||||||
Changes in estimates recorded to earnings and other | (902 | ) | 227 | (270 | ) | |||||||||||||||||||
Exit of phosphorus flame retardants business | — | 8,700 | — | |||||||||||||||||||||
Foreign currency translation | 192 | 487 | (96 | ) | ||||||||||||||||||||
Balance, end of year | 16,599 | 20,322 | 12,359 | |||||||||||||||||||||
Less amounts reported in Accrued expenses | 7,386 | 3,109 | 1,433 | |||||||||||||||||||||
Amounts reported in Other noncurrent liabilities | $ | 9,213 | $ | 17,213 | $ | 10,926 | ||||||||||||||||||
The amounts recorded represent our future remediation and other anticipated environmental liabilities. These liabilities typically arise during the normal course of our operational and environmental management activities or at the time of acquisition of the site, and are based on internal analysis as well as input from outside consultants. As evaluations proceed at each relevant site, changes in risk assessment practices, remediation techniques and regulatory requirements can occur, therefore such liability estimates may be adjusted accordingly. The timing and duration of remediation activities at these sites will be determined when evaluations are completed. Although it is difficult to quantify the potential financial impact of these remediation liabilities, management estimates (based on the latest available information) that there is a reasonable possibility that future environmental remediation costs associated with our past operations, in excess of amounts already recorded, could be up to approximately $17 million before income taxes. | ||||||||||||||||||||||||
Approximately $7.3 million of our recorded liability is related to the closure and post-closure activities at a former landfill associated with our Bergheim, Germany site, which was recorded at the time of our acquisition of this site in 2001. This closure project has been approved under the authority of the governmental permit for this site and is scheduled for completion in 2017, with post-closure monitoring to occur for 30 years thereafter. The remainder of our recorded liability is associated with sites that are being evaluated under governmental authority but for which final remediation plans have not yet been approved. In connection with the remediation activities at our Bergheim, Germany site as required by the German environmental authorities, we have pledged certain of our land and housing facilities at this site which has an estimated fair value of $6.2 million. | ||||||||||||||||||||||||
During the second quarter of 2012, the Company recorded $8.7 million in estimated site remediation liabilities at our Avonmouth, United Kingdom site as part of the charges associated with our exit of the phosphorus flame retardant business. Included in these estimated charges are anticipated costs of site investigation, remediation and cleanup activities. We are in the process of reviewing our investigation and remediation plans with local government authorities. Based on current information about site conditions, we anticipate this investigation and remediation program will be substantially completed during 2014. | ||||||||||||||||||||||||
We believe that any sum we may be required to pay in connection with environmental remediation matters in excess of the amounts recorded should occur over a period of time and should not have a material adverse effect upon our results of operations, financial condition or cash flows on a consolidated annual basis although any such sum could have a material adverse impact on our results of operations, financial condition or cash flows in a particular quarterly reporting period. | ||||||||||||||||||||||||
Rental Expense | ||||||||||||||||||||||||
Our rental expenses include a number of operating lease agreements, primarily for office space, transportation equipment and storage facilities. The following schedule details the future non-cancelable minimum lease payments for the next five years and thereafter (in thousands): | ||||||||||||||||||||||||
Minimum | ||||||||||||||||||||||||
Operating Lease | ||||||||||||||||||||||||
Payments | ||||||||||||||||||||||||
2014 | $ | 7,232 | ||||||||||||||||||||||
2015 | $ | 5,556 | ||||||||||||||||||||||
2016 | $ | 4,142 | ||||||||||||||||||||||
2017 | $ | 3,351 | ||||||||||||||||||||||
2018 | $ | 2,286 | ||||||||||||||||||||||
Thereafter | $ | 6,060 | ||||||||||||||||||||||
Rental expense was approximately $30.7 million, $33.1 million, and $30.9 million for 2013, 2012 and 2011, respectively. Rental expense is shown net of rental income which was minimal during 2013, 2012 and 2011. | ||||||||||||||||||||||||
Litigation | ||||||||||||||||||||||||
On July 3, 2006, we received a Notice of Violation (the 2006 NOV) from the U.S. Environmental Protection Agency Region 4 (EPA) regarding the implementation of the Pharmaceutical Maximum Achievable Control Technology standards at our plant in Orangeburg, South Carolina. The alleged violations involve (i) the applicability of the specific regulations to certain intermediates manufactured at the plant, (ii) failure to comply with certain reporting requirements, (iii) improper evaluation and testing to properly implement the regulations and (iv) the sufficiency of the leak detection and repair program at the plant. In the second quarter of 2011, the Company was served with a complaint by the EPA in the U.S. District Court for the District of South Carolina, based on the alleged violations set out in the 2006 NOV seeking civil penalties and injunctive relief. The complaint was subsequently amended to add the State of South Carolina as a plaintiff. We intend to vigorously defend this action. Any settlement or finding adverse to us could result in the payment by us of fines, penalties, capital expenditures or some combination thereof. At this time, it is not possible to predict with any certainty the outcome of this litigation or the financial impact which may result therefrom. However, we do not expect any financial impact to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. | ||||||||||||||||||||||||
In addition, we are involved from time to time in legal proceedings of types regarded as common in our business, including administrative or judicial proceedings seeking remediation under environmental laws, such as the federal Comprehensive Environmental Response, Compensation and Liability Act, commonly known as CERCLA or Superfund, products liability, breach of contract liability and premises liability litigation. Where appropriate, we may establish financial reserves as estimated by our general counsel for such proceedings. We also maintain insurance to mitigate certain of such risks. Costs for legal services are generally expensed as incurred. | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||
The Company has standby letters of credit and guarantees with various financial institutions. The following table summarizes our letters of credit and guarantee agreements (in thousands): | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||||||
Letters of credit and other guarantees | $ | 12,618 | $ | 3,262 | $ | 328 | $ | 3,839 | $ | 232 | $ | 6,291 | ||||||||||||
The outstanding letters of credit are primarily related to insurance claim payment guarantees with expiration dates ranging from 2014 to 2022. The majority of the Company’s other guarantees have terms of one year and mainly consist of performance and environmental guarantees, as well as guarantees to customs and port authorities. The guarantees arose during the ordinary course of business. | ||||||||||||||||||||||||
We do not have recorded reserves for the letters of credit and guarantees as of December 31, 2013. We are unable to estimate the maximum amount of the potential future liability under guarantees and letters of credit. However, we accrue for any potential loss for which we believe a future payment is probable and a range of loss can be reasonably estimated. We believe our liability under such obligations is immaterial. | ||||||||||||||||||||||||
Our estimated asset retirement obligations associated with certain property and equipment were $16.9 million and $16.5 million at December 31, 2013 and 2012, respectively. We have not recognized conditional asset retirement obligations for which a fair value cannot be reasonably estimated in our consolidated financial statements. It is the opinion of our management that the possibility is remote that such conditional asset retirement obligations, when estimable, will have a material adverse impact on our consolidated financial statements based on current costs. | ||||||||||||||||||||||||
We currently, and are from time to time, subject to transactional audits in various taxing jurisdictions and to customs audits globally. We do not expect the financial impact of any of these audits to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income: | ||||||||||||||||||||
The components and activity in Accumulated other comprehensive income (net of deferred income taxes) consisted of the following during the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||
Foreign | Net | Unrealized | Other | Total | ||||||||||||||||
Currency | Prior Service | Gain (Loss) on | ||||||||||||||||||
Translation | Benefit(b) | Marketable | ||||||||||||||||||
Adjustments(a) | Securities | |||||||||||||||||||
Balance at December 31, 2010 | $ | 69,605 | $ | 6,422 | $ | (3 | ) | $ | (1,135 | ) | $ | 74,889 | ||||||||
Current period change | (17,269 | ) | (2,156 | ) | 1 | 257 | (19,167 | ) | ||||||||||||
Tax benefit (expense) | 3,909 | 794 | (1 | ) | (95 | ) | 4,607 | |||||||||||||
Balance at December 31, 2011 | 56,245 | 5,060 | (3 | ) | (973 | ) | 60,329 | |||||||||||||
Current period change | 26,846 | (6,533 | ) | (5 | ) | 217 | 20,525 | |||||||||||||
Tax benefit (expense) | 2,026 | 2,462 | 2 | (80 | ) | 4,410 | ||||||||||||||
Balance at December 31, 2012 | 85,117 | 989 | (6 | ) | (836 | ) | 85,264 | |||||||||||||
Current period change | 29,539 | (781 | ) | (3 | ) | 217 | 28,972 | |||||||||||||
Tax benefit (expense) | 1,809 | 279 | 1 | (80 | ) | 2,009 | ||||||||||||||
Balance at December 31, 2013 | $ | 116,465 | $ | 487 | $ | (8 | ) | $ | (699 | ) | $ | 116,245 | ||||||||
(a) | Current period change for the year ended December 31, 2012 includes $12.3 million related to a non-cash write-off of foreign currency translation adjustments from Accumulated other comprehensive income in connection with our exit of the phosphorus flame retardants business (see Note 19) in accordance with current accounting guidance. | |||||||||||||||||||
(b) | Current period change for the year ended December 31, 2012 includes $6.5 million related to a supplemental executive retirement plan settlement in connection with the retirement of our former CEO and executive chairman, and ($4.5) million related to various amendments to certain of our U.S. pension and defined contribution plans that were approved by our Board of Directors in the fourth quarter of 2012. | |||||||||||||||||||
In accordance with accounting guidance issued by the FASB in February 2013 which became effective for us in the first quarter of 2013 on a prospective basis, below is information about amounts reclassified from accumulated other comprehensive income for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||
Foreign | Net | Unrealized | Other | Total | ||||||||||||||||
Currency | Prior Service | Loss on | ||||||||||||||||||
Translation | Benefit | Marketable | ||||||||||||||||||
Adjustments | Securities | |||||||||||||||||||
Accumulated other comprehensive income - | $ | 85,117 | $ | 989 | $ | (6 | ) | $ | (836 | ) | $ | 85,264 | ||||||||
balance at December 31, 2012 | ||||||||||||||||||||
Other comprehensive income (loss) before | 31,704 | — | (2 | ) | — | 31,702 | ||||||||||||||
reclassifications | ||||||||||||||||||||
Amounts reclassified from accumulated | — | (502 | ) | — | 137 | (365 | ) | |||||||||||||
other comprehensive income | ||||||||||||||||||||
Other comprehensive income (loss), net of | 31,704 | (502 | ) | (2 | ) | 137 | 31,337 | |||||||||||||
tax | ||||||||||||||||||||
Other comprehensive income attributable to | (356 | ) | — | — | — | (356 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
Accumulated other comprehensive income - | $ | 116,465 | $ | 487 | $ | (8 | ) | $ | (699 | ) | $ | 116,245 | ||||||||
balance at December 31, 2013 | ||||||||||||||||||||
Pension_Plans_and_Other_Postre
Pension Plans and Other Postretirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension Plans and Other Postretirement Benefits | ' | |||||||||||||||||||||||
Pension Plans and Other Postretirement Benefits: | ||||||||||||||||||||||||
We have certain noncontributory defined benefit pension plans covering certain U.S., German, Japanese and the Netherlands employees. We also have a contributory defined benefit plan covering certain Belgian employees. The benefits for these plans are based primarily on compensation and/or years of service. The funding policy for each plan complies with the requirements of relevant governmental laws and regulations. The pension information for all periods presented includes amounts related to salaried and hourly plans. | ||||||||||||||||||||||||
During 2009, the U.S. defined benefit pension plans were amended to be in compliance with the Pension Protection Act of 2006 (PPA), which was signed into law on August 16, 2006. This law amended the Employee Retirement Income Security Act of 1974 (ERISA) and included new rules regarding methods and assumptions, including measuring the benefit obligation and plan assets, use of interest rate assumptions, mortality tables, valuation date, credit balances for carryover and pre-funded balances, etc. | ||||||||||||||||||||||||
Our U.S. defined benefit plan for non-represented employees was closed to new participants effective March 31, 2004. On October 1, 2012, our Board of Directors approved certain plan amendments, such that effective December 31, 2014, no additional benefits shall accrue under this plan and participants’ accrued benefits shall be frozen as of that date. In addition, for participants who retire on or after December 31, 2012 and before December 31, 2013, final average earnings shall be determined as of December 31, 2012. For participants who retire on or after December 31, 2013 and before December 31, 2014, final average earnings shall be determined as of December 31, 2013. And for participants who retire on or after December 31, 2014, final average earnings shall be determined as of December 31, 2014. In addition to freezing the accrued benefits as of December 31, 2014, our Board of Directors also authorized application of a higher benefit formula for calculating accrued benefits in 2013 and 2014 only, as well as including an offset factor that would be applied to accrued benefits earned in 2013 and 2014. In connection with the plan amendments approved on October 1, 2012, we recorded a net curtailment gain of $4.5 million, which is included in Restructuring and other charges, net on our consolidated statements of income for the year ended December 31, 2012. | ||||||||||||||||||||||||
On March 31, 2004, a new defined contribution pension plan benefit was adopted under the qualified defined contribution plan for U.S. non-represented employees hired after March 31, 2004. The benefit was an annual contribution to the defined contribution plan based on 5% of eligible employee compensation, which was further amended on January 1, 2007 to increase the annual contributions to 6% or 7% for eligible employees, depending on specified levels of years of service. On October 1, 2012 our Board of Directors approved additional plan amendments, such that effective January 1, 2013, the defined contribution pension plan benefit is expanded to include non-represented employees hired prior to March 31, 2004, and the annual contribution to the defined contribution plan for all participants is based on 5% of eligible employee compensation. Furthermore, our Board of Directors approved a one-time contribution to be made in December 2012 for active participants still in the U.S. defined benefit plan; the one-time contribution, in the amount of $10.1 million, was made into the defined contribution pension plan and into the EDCP for the amount of the one-time contribution that exceeded U.S. Internal Revenue Service (IRS) limits. The employer portion of contributions to our U.S. defined contribution plan amounted to $8.8 million, $14.8 million (including the one-time contribution made in the fourth quarter of 2012) and $4.5 million in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
We have a defined benefit plan covering employees in the Netherlands. This plan is a transitional arrangement in which benefits are based primarily on employee compensation and/or years of service. This plan is for certain individuals born on or before 1949 whom had a prior agreement, which we elected to honor, in connection with the refinery catalysts business acquisition in 2004. | ||||||||||||||||||||||||
Pension coverage for the employees of our other foreign subsidiaries is provided through separate plans. The plans are funded in conformity with the funding requirements of applicable governmental regulations. The pension cost, actuarial present value of benefit obligations and plan assets for all plans are combined in the other pension disclosure information presented. | ||||||||||||||||||||||||
The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans, as well as a summary of significant assumptions for our pension benefit plans (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
Total Pension | Domestic Pension | Total Pension | Domestic Pension | |||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||||
Change in benefit obligations: | ||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 762,395 | $ | 714,158 | $ | 674,665 | $ | 634,184 | ||||||||||||||||
Service cost | 13,962 | 12,177 | 12,741 | 11,274 | ||||||||||||||||||||
Interest cost | 29,883 | 28,406 | 31,636 | 29,843 | ||||||||||||||||||||
Plan amendments | — | — | 1,123 | 1,123 | ||||||||||||||||||||
Actuarial (gain) loss | (88,392 | ) | (85,774 | ) | 90,336 | 83,428 | ||||||||||||||||||
Benefits paid | (41,132 | ) | (39,630 | ) | (49,234 | ) | (45,694 | ) | ||||||||||||||||
Employee contributions | 320 | — | 294 | — | ||||||||||||||||||||
Foreign exchange loss | 1,546 | — | 834 | — | ||||||||||||||||||||
Benefit obligation at December 31 | $ | 678,582 | $ | 629,337 | $ | 762,395 | $ | 714,158 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 563,303 | $ | 554,179 | $ | 531,105 | $ | 522,408 | ||||||||||||||||
Actual return on plan assets | 83,853 | 83,499 | 62,577 | 62,167 | ||||||||||||||||||||
Employer contributions | 9,790 | 7,556 | 18,299 | 15,298 | ||||||||||||||||||||
Benefits paid | (41,132 | ) | (39,630 | ) | (49,234 | ) | (45,694 | ) | ||||||||||||||||
Employee contributions | 320 | — | 294 | — | ||||||||||||||||||||
Foreign exchange gain | 411 | — | 262 | — | ||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 616,545 | $ | 605,604 | $ | 563,303 | $ | 554,179 | ||||||||||||||||
Funded status at December 31 | $ | (62,037 | ) | $ | (23,733 | ) | $ | (199,092 | ) | $ | (159,979 | ) | ||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Total Pension | Domestic Pension | Total Pension | Domestic Pension | |||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||||
Amounts recognized in consolidated | ||||||||||||||||||||||||
balance sheets: | ||||||||||||||||||||||||
Current liabilities (accrued expenses) | $ | (4,390 | ) | $ | (2,856 | ) | $ | (3,611 | ) | $ | (2,015 | ) | ||||||||||||
Noncurrent liabilities (pension benefits) | (57,647 | ) | (20,877 | ) | (195,481 | ) | (157,964 | ) | ||||||||||||||||
Net pension liability | $ | (62,037 | ) | $ | (23,733 | ) | $ | (199,092 | ) | $ | (159,979 | ) | ||||||||||||
Amounts recognized in accumulated other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Prior service benefit | $ | (70 | ) | $ | (441 | ) | $ | (759 | ) | $ | (1,181 | ) | ||||||||||||
Net amount recognized | $ | (70 | ) | $ | (441 | ) | $ | (759 | ) | $ | (1,181 | ) | ||||||||||||
Weighted-average assumption | ||||||||||||||||||||||||
percentages: | ||||||||||||||||||||||||
Discount rate | 5 | % | 5.14 | % | 4.04 | % | 4.1 | % | ||||||||||||||||
Rate of compensation increase | 2.78 | % | 3.5 | % | 3.37 | % | 3.5 | % | ||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $669.1 million and $738.7 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Postretirement medical benefits and life insurance is provided for certain groups of U.S. retired employees. Medical and life insurance benefit costs have been funded principally on a pay-as-you-go basis. Although the availability of medical coverage after retirement varies for different groups of employees, the majority of employees who retire before becoming eligible for Medicare can continue group coverage by paying a portion of the cost of a monthly premium designed to cover the claims incurred by retired employees subject to a cap on payments allowed. The availability of group coverage for Medicare-eligible retirees also varies by employee group with coverage designed either to supplement or coordinate with Medicare. Retirees generally pay a portion of the cost of the coverage. Plan assets for retiree life insurance are held under an insurance contract and are reserved for retiree life insurance benefits. In 2005, the postretirement medical benefit available to U.S. employees was changed to provide that employees who are under age 50 as of December 31, 2005 would no longer be eligible for a company-paid retiree medical premium subsidy. Employees who are of age 50 and above as of December 31, 2005 and who retire after January 1, 2006 will have their retiree medical premium subsidy capped. Effective January 1, 2008, our medical insurance for certain groups of U.S. retired employees is now insured through a medical carrier. | ||||||||||||||||||||||||
The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans, as well as a summary of significant assumptions for our postretirement benefit plans (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Total Other | Total Other | |||||||||||||||||||||||
Postretirement | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Change in benefit obligations: | ||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 70,787 | $ | 68,935 | ||||||||||||||||||||
Service cost | 309 | 274 | ||||||||||||||||||||||
Interest cost | 2,764 | 3,172 | ||||||||||||||||||||||
Actuarial (gain) loss | (6,165 | ) | 3,032 | |||||||||||||||||||||
Benefits paid | (4,863 | ) | (4,626 | ) | ||||||||||||||||||||
Benefit obligation at December 31 | $ | 62,832 | $ | 70,787 | ||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 6,611 | $ | 7,681 | ||||||||||||||||||||
Actual return on plan assets | 368 | 358 | ||||||||||||||||||||||
Employer contributions | 3,504 | 3,198 | ||||||||||||||||||||||
Benefits paid | (4,863 | ) | (4,626 | ) | ||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 5,620 | $ | 6,611 | ||||||||||||||||||||
Funded status at December 31 | $ | (57,212 | ) | $ | (64,176 | ) | ||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Total Other | Total Other | |||||||||||||||||||||||
Postretirement | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Amounts recognized in consolidated balance sheets: | ||||||||||||||||||||||||
Current liabilities (accrued expenses) | $ | (3,309 | ) | $ | (3,361 | ) | ||||||||||||||||||
Noncurrent liabilities (postretirement benefits) | (53,903 | ) | (60,815 | ) | ||||||||||||||||||||
Net postretirement liability | $ | (57,212 | ) | $ | (64,176 | ) | ||||||||||||||||||
Amounts recognized in accumulated other comprehensive income: | ||||||||||||||||||||||||
Prior service benefit | (429 | ) | (525 | ) | ||||||||||||||||||||
Net amount recognized | $ | (429 | ) | $ | (525 | ) | ||||||||||||||||||
Weighted-average assumption percentages: | ||||||||||||||||||||||||
Discount rate | 5.03 | % | 4 | % | ||||||||||||||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | ||||||||||||||||||||
The components of pension benefits (credit) cost are as follows (in thousands): | ||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||
Total | Domestic | Total | Domestic | Total | Domestic | |||||||||||||||||||
Pension | Pension | Pension | Pension | Pension | Pension | |||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||
Service cost | $ | 13,962 | $ | 12,177 | $ | 12,741 | $ | 11,274 | $ | 12,830 | $ | 11,169 | ||||||||||||
Interest cost | 29,883 | 28,406 | 31,636 | 29,843 | 32,933 | 30,945 | ||||||||||||||||||
Expected return on assets | (39,392 | ) | (38,975 | ) | (44,752 | ) | (44,342 | ) | (42,186 | ) | (41,776 | ) | ||||||||||||
Actuarial (gain) loss(a) | (132,916 | ) | (130,297 | ) | 72,550 | 65,603 | 88,809 | 88,091 | ||||||||||||||||
Amortization of prior service | (689 | ) | (741 | ) | (757 | ) | (812 | ) | (953 | ) | (1,009 | ) | ||||||||||||
benefit | ||||||||||||||||||||||||
Total net pension benefits (credit) | $ | (129,152 | ) | $ | (129,430 | ) | $ | 71,418 | $ | 61,566 | $ | 91,433 | $ | 87,420 | ||||||||||
cost | ||||||||||||||||||||||||
Weighted-average assumption | ||||||||||||||||||||||||
percentages: | ||||||||||||||||||||||||
Discount rate | 4.04 | % | 4.1 | % | 5.04 | % | 5.07 | % | 5.4 | % | 5.45 | % | ||||||||||||
Expected return on plan assets | 7.2 | % | 7.25 | % | 8.19 | % | 8.25 | % | 8.19 | % | 8.25 | % | ||||||||||||
Rate of compensation increase | 3.37 | % | 3.5 | % | 3.96 | % | 4.11 | % | 3.93 | % | 4.11 | % | ||||||||||||
(a) | In the second quarter of 2013, we identified that our consolidated statement of income for the year ended December 31, 2012 included a correction of $5.8 million (recorded in the second quarter of 2012) for pension plan actuarial gains that related to 2011. This amount was deemed to be not material with respect to our financial statements for the year ended December 31, 2012 and any prior period financial statements. | |||||||||||||||||||||||
The estimated amounts to be amortized from accumulated other comprehensive income into net periodic pension costs during 2014 are as follows (in thousands): | ||||||||||||||||||||||||
Total | Domestic | |||||||||||||||||||||||
Pension | Pension | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Amortization of prior service benefit | $ | (689 | ) | $ | (741 | ) | ||||||||||||||||||
The components of postretirement benefits (credit) cost are as follows (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Total Other | Total Other | Total Other | ||||||||||||||||||||||
Postretirement | Postretirement | Postretirement | ||||||||||||||||||||||
Benefits | Benefits | Benefits | ||||||||||||||||||||||
Service cost | $ | 309 | $ | 274 | $ | 263 | ||||||||||||||||||
Interest cost | 2,764 | 3,172 | 3,393 | |||||||||||||||||||||
Expected return on assets | (413 | ) | (488 | ) | (509 | ) | ||||||||||||||||||
Actuarial (gain) loss(a) | (6,120 | ) | 3,161 | 3,324 | ||||||||||||||||||||
Amortization of prior service benefit | (95 | ) | (95 | ) | (697 | ) | ||||||||||||||||||
Total net postretirement benefits (credit) cost | $ | (3,555 | ) | $ | 6,024 | $ | 5,774 | |||||||||||||||||
Weighted-average assumption percentages: | ||||||||||||||||||||||||
Discount rate | 4 | % | 5.1 | % | 5.3 | % | ||||||||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | ||||||||||||||||||
Rate of compensation increase | 3.5 | % | 4 | % | 4 | % | ||||||||||||||||||
(a) | In the second quarter of 2013, we identified that our consolidated statement of income for the year ended December 31, 2012 included a correction of $4.4 million (recorded in the second quarter of 2012) for postretirement plan actuarial gains that related to 2011. This amount was deemed to be not material with respect to our financial statements for the year ended December 31, 2012 and any prior period financial statements. | |||||||||||||||||||||||
The estimated amounts to be amortized from accumulated other comprehensive income into net periodic postretirement costs during 2014 are as follows (in thousands): | ||||||||||||||||||||||||
Total Other | ||||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
Amortization of prior service benefit | $ | (95 | ) | |||||||||||||||||||||
In estimating the expected return on plan assets, consideration is given to past performance and future performance expectations for the types of investments held by the plan, as well as the expected long-term allocations of plan assets to these investments. For the years 2013 and 2012, the weighted-average expected rate of return on domestic pension plan assets was 7.25% and 8.25%, respectively. The weighted-average expected rate of return on our domestic pension plan assets is 6.91% effective January 1, 2014. The weighted-average expected rate of return on plan assets for our OPEB plans was 7.00% during 2013 and 2012. There has been no change to the assumed rate of return on OPEB plan assets effective January 1, 2014. The weighted-average expected rate of return on pension plan assets for foreign plans was 4.35% and 4.50% during 2013 and 2012, respectively. | ||||||||||||||||||||||||
In projecting the rate of compensation increase, we consider past experience in light of movements in inflation rates. At December 31, 2013, the assumed weighted-average rate of compensation increase changed to 2.78% from 3.37% for the pension plans. The assumed weighted-average rate of compensation increase was 3.50% for the OPEB plans at December 31, 2013 and 2012. | ||||||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy: | ||||||||||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities | |||||||||||||||||||||||
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or | |||||||||||||||||||||||
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or | ||||||||||||||||||||||||
Inputs other than quoted prices that are observable for the asset or liability | ||||||||||||||||||||||||
Level 3 | Unobservable inputs for the asset or liability | |||||||||||||||||||||||
We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Transfers between levels of the fair value hierarchy are deemed to have occurred on the date of the event or change in circumstance that caused the transfer. There were no transfers between Levels 1 and 2 during the year ended December 31, 2013. Investments for which market quotations are readily available are valued at the closing price on the last business day of the year. Listed securities for which no sale was reported on such date are valued at the mean between the last reported bid and asked price. Securities traded in the over-the-counter market are valued at the closing price on the last business day of the year or at bid price. The net asset value of shares or units is based on the quoted market value of the underlying assets. The market value of corporate bonds is based on institutional trading lots and is most often reflective of bid price. Government securities are valued at the mean between bid and ask prices. Holdings in private equity securities are typically valued using the net asset valuations provided by the underlying private investment companies. | ||||||||||||||||||||||||
The following table sets forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2013 (in thousands): | ||||||||||||||||||||||||
31-Dec-13 | Quoted Prices in | Quoted Prices in | Unobservable | |||||||||||||||||||||
Active Markets | Active Markets | Inputs | ||||||||||||||||||||||
for Identical | for Similar | (Level 3) | ||||||||||||||||||||||
Items | Items | |||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Pension Assets: | ||||||||||||||||||||||||
Domestic Equity(a) | $ | 167,627 | $ | 167,627 | $ | — | $ | — | ||||||||||||||||
International Equity(b) | 70,609 | 70,609 | — | — | ||||||||||||||||||||
Fixed Income(c) | 248,095 | 237,151 | 10,944 | — | ||||||||||||||||||||
Absolute Return(d) | 125,137 | 1,538 | — | 123,599 | ||||||||||||||||||||
Cash | 5,077 | 5,077 | — | — | ||||||||||||||||||||
Total Pension Assets | $ | 616,545 | $ | 482,002 | $ | 10,944 | $ | 123,599 | ||||||||||||||||
Postretirement Assets: | ||||||||||||||||||||||||
Fixed Income(c) | $ | 5,620 | $ | — | $ | 5,620 | $ | — | ||||||||||||||||
(a) | Consists primarily of U.S. stock funds that track or are actively managed and measured against the S&P 500 index. | |||||||||||||||||||||||
(b) | Consists primarily of an international equity fund which invests in common stocks and other securities whose value is based on an international equity index or an underlying equity security or basket of equity securities. | |||||||||||||||||||||||
(c) | Consists primarily of mutual funds that hold debt obligations issued by governments, corporations, municipalities and other borrowers. Also includes insurance policies. | |||||||||||||||||||||||
(d) | Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below. | |||||||||||||||||||||||
The table below sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||||||
Absolute Return: | Year Ended December 31, 2013 | |||||||||||||||||||||||
Beginning Balance | $ | 70,829 | ||||||||||||||||||||||
Total gains relating to assets sold during the period(a) | 994 | |||||||||||||||||||||||
Total unrealized losses relating to assets still held at the reporting date(a) | (4,511 | ) | ||||||||||||||||||||||
Purchases | 76,643 | |||||||||||||||||||||||
Sales | (20,356 | ) | ||||||||||||||||||||||
Ending Balance | $ | 123,599 | ||||||||||||||||||||||
(a) | These gains (losses) are recognized in the consolidated balance sheets and are included as changes in plan assets in the tables above. | |||||||||||||||||||||||
The following table sets forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2012 (in thousands): | ||||||||||||||||||||||||
31-Dec-12 | Quoted Prices in | Quoted Prices in | Unobservable | |||||||||||||||||||||
Active Markets | Active Markets | Inputs | ||||||||||||||||||||||
for Identical | for Similar | (Level 3) | ||||||||||||||||||||||
Items | Items | |||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Pension Assets: | ||||||||||||||||||||||||
Domestic Equity(a) | $ | 218,145 | $ | 153,465 | $ | 64,680 | $ | — | ||||||||||||||||
International Equity(b) | 107,647 | 18,977 | 88,670 | — | ||||||||||||||||||||
Fixed Income(c) | 142,967 | 51,306 | 91,661 | — | ||||||||||||||||||||
Absolute Return(d) | 80,714 | 9,885 | — | 70,829 | ||||||||||||||||||||
Cash | 13,830 | 13,830 | — | — | ||||||||||||||||||||
Total Pension Assets | $ | 563,303 | $ | 247,463 | $ | 245,011 | $ | 70,829 | ||||||||||||||||
Postretirement Assets: | ||||||||||||||||||||||||
Fixed Income(c) | $ | 6,611 | $ | — | $ | 6,611 | $ | — | ||||||||||||||||
(a) | Consists primarily of U.S. equity securities covering a diverse group of companies and U.S. stock funds that primarily track or are actively managed and measured against indices including the S&P 500 and the Russell 2000. | |||||||||||||||||||||||
(b) | Consists primarily of international equity funds which include stocks and debt obligations of non-U.S. entities that primarily track or are actively managed and measured against various MSCI indices. | |||||||||||||||||||||||
(c) | Consists primarily of fixed income mutual funds, corporate bonds, U.S. Treasury notes, other government securities and insurance policies. | |||||||||||||||||||||||
(d) | Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below. | |||||||||||||||||||||||
The table below sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2012 (in thousands): | ||||||||||||||||||||||||
Absolute Return: | Year Ended December 31, 2012 | |||||||||||||||||||||||
Beginning Balance | $ | 73,025 | ||||||||||||||||||||||
Total losses relating to assets sold during the period(a) | (31 | ) | ||||||||||||||||||||||
Total unrealized gains relating to assets still held at the reporting date(a) | 2,311 | |||||||||||||||||||||||
Sales | (4,476 | ) | ||||||||||||||||||||||
Ending Balance | $ | 70,829 | ||||||||||||||||||||||
(a) | These gains (losses) are recognized in the consolidated balance sheets and are included as changes in plan assets in the tables above. | |||||||||||||||||||||||
The investment objective of the U.S. pension plan assets is preservation of capital while achieving solid returns. Assets should participate in rising markets, with defensive action in declining markets expected to an even greater degree. Target asset allocations include 65% in return enhancement exposure and the remaining 35% in risk management exposure. Depending on market conditions, the broad asset class targets may range up or down by approximately 10%. These asset classes include but are not limited to hedge fund of funds, bonds and other fixed income vehicles, high yield fixed income securities, equities and distressed debt. At December 31, 2013 and 2012, equity securities held by our pension and OPEB plans did not include direct ownership of Albemarle common stock. | ||||||||||||||||||||||||
Our Absolute Return investments consist primarily of our investments in hedge fund of funds. These are holdings in private investment companies with fair values that are based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment. Investment managers or fund managers associated with these investments provide valuations of the investments on a monthly basis utilizing the net asset valuation approach for determining fair values. These valuations are reviewed by the Company for reasonableness based on applicable sector, benchmark and company performance to validate the appropriateness of the net asset values as a fair value measurement. Where available, audited financial statements are obtained and reviewed for the investments as support for the manager’s investment valuation. In general, the investment objective of these funds is high risk-adjusted returns with an emphasis on preservation of capital. The investment strategies of each of the funds vary; however, the objective of our Absolute Return investments is complementary to the overall investment objective of our U.S. pension plan assets. | ||||||||||||||||||||||||
We made contributions to our defined benefit pension and OPEB plans of $13.3 million, $21.6 million and $59.8 million during the years ended December 31, 2013, 2012 and 2011, respectively. Included in contributions for the year ended December 31, 2012 is a contribution of $14.1 million to our supplemental executive retirement plan (SERP) in connection with the retirement of our former CEO and executive chairman. We expect contributions to our domestic nonqualified and foreign qualified and nonqualified pension plans to approximate $5 million in 2014. Also, we expect to pay approximately $3 million in premiums to our U.S. postretirement benefit plan in 2014. However, we may choose to make additional voluntary pension contributions in excess of these amounts. | ||||||||||||||||||||||||
The current forecast of benefit payments, which reflect expected future service, amounts to (in millions): | ||||||||||||||||||||||||
Total | Domestic | Total | ||||||||||||||||||||||
Pension | Pension | Postretirement | ||||||||||||||||||||||
Benefits | Benefits | Benefits | ||||||||||||||||||||||
2014 | $ | 40 | $ | 37.6 | $ | 4.8 | ||||||||||||||||||
2015 | $ | 39.6 | $ | 37.8 | $ | 4.9 | ||||||||||||||||||
2016 | $ | 41.2 | $ | 39.4 | $ | 5 | ||||||||||||||||||
2017 | $ | 43.2 | $ | 40.9 | $ | 4.9 | ||||||||||||||||||
2018 | $ | 46.2 | $ | 44.5 | $ | 4.8 | ||||||||||||||||||
2019-2023 | $ | 236.3 | $ | 223 | $ | 21.4 | ||||||||||||||||||
We have a SERP, which provides unfunded supplemental retirement benefits to certain management or highly compensated employees. The SERP provides for incremental pension benefits to offset the limitations imposed on qualified plan benefits by federal income tax regulations. (Credits) costs relating to our SERP were $(1.5) million, $10.3 million and $4.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. The projected benefit obligation for the SERP recognized in the consolidated balance sheets at December 31, 2013 and 2012 was $21.8 million and $30.9 million, respectively. The benefit expenses and obligations of this SERP are included in the tables above. Benefits of $2.9 million are expected to be paid to SERP retirees in 2014. On October 1, 2012, our Board of Directors approved amendments to the SERP, such that effective December 31, 2014, no additional benefits shall accrue under this plan and participants’ accrued benefits shall be frozen as of that date to reflect the same changes as were made under the U.S. qualified defined benefit plan. For participants who retire on or after December 31, 2012, and before December 31, 2013, final average earnings shall be determined as of December 31, 2012. For participants who retire on or after December 31, 2013 and before December 31, 2014, final average earnings shall be determined as of December 31, 2013. And for participants who retire on or after December 31, 2014, final average earnings shall be determined as of December 31, 2014. In addition to freezing the accrued benefits as of December 31, 2014, our Board of Directors also authorized the application in 2013 and 2014 of the higher benefit formula approved for the U.S. qualified defined benefit plan and an offset factor that will be applied to accrued benefits earned in 2013 and 2014. | ||||||||||||||||||||||||
At December 31, 2013, the assumed rate of increase in the pre-65 and post-65 per capita cost of covered health care benefits for U.S. retirees was zero as the employer-paid premium caps (pre-65 and post-65) were met starting January 1, 2013. | ||||||||||||||||||||||||
Employee Savings Plans | ||||||||||||||||||||||||
Certain of our employees participate in our defined contribution 401(k) employee savings plan, which is generally available to all U.S. full-time salaried and non-union hourly employees and to employees who are covered by a collective bargaining agreement that provides for such participation. This U.S. defined contribution plan is funded with contributions made by the participants and us. Our contributions to the 401(k) plan amounted to $10.6 million, $9.5 million and $9.1 million in 2013, 2012 and 2011, respectively. We amended our 401(k) plan in 2004 to allow pension contributions to be made by us to participants hired or rehired on or after April 1, 2004 as these participants are not eligible to participate in the Company’s defined benefit pension plan. | ||||||||||||||||||||||||
In 2006, we formalized a new plan in the Netherlands similar to a collective defined contribution plan. The collective defined contribution plan is supported by annuity contracts through an insurance company. The insurance company unconditionally undertakes the legal obligation to provide specific benefits to specific individuals in return for a fixed amount of premiums. Our obligation under this plan is limited to a variable calculated employer match for each participant plus an additional fixed amount of contributions to assist in covering estimated cost of living and salary increases (indexing) and administrative costs for the overall plan. We paid approximately $10.3 million, $9.5 million and $9.9 million in 2013, 2012 and 2011, respectively, in annual premiums and related costs pertaining to this plan. | ||||||||||||||||||||||||
Other Postemployment Benefits | ||||||||||||||||||||||||
Certain postemployment benefits to former or inactive employees who are not retirees are funded on a pay-as-you-go basis. These benefits include salary continuance, severance and disability health care and life insurance, which are accounted for in accordance with authoritative guidance. The accrued postemployment benefit liability was $0.8 million and $0.6 million at December 31, 2013 and 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes: | ||||||||||||
Income before income taxes and equity in net income of unconsolidated investments and current and deferred income tax expense (benefit) are composed of the following (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income before income taxes and equity in net income of | ||||||||||||
unconsolidated investments: | ||||||||||||
Domestic | $ | 355,375 | $ | 316,856 | $ | 209,714 | ||||||
Foreign | 189,052 | 57,737 | 270,863 | |||||||||
Total | $ | 544,427 | $ | 374,593 | $ | 480,577 | ||||||
Current income tax expense: | ||||||||||||
Federal | $ | 52,413 | $ | 71,930 | $ | 82,379 | ||||||
State | 2,121 | 6,478 | 4,774 | |||||||||
Foreign | 16,923 | 18,712 | 28,179 | |||||||||
Total | $ | 71,457 | $ | 97,120 | $ | 115,332 | ||||||
Deferred income tax expense (benefit): | ||||||||||||
Federal | $ | 72,299 | $ | (2,632 | ) | $ | (23,060 | ) | ||||
State | 2,525 | 477 | (417 | ) | ||||||||
Foreign | (9,959 | ) | (12,432 | ) | 12,279 | |||||||
Total | $ | 64,865 | $ | (14,587 | ) | $ | (11,198 | ) | ||||
Total income tax expense | $ | 136,322 | $ | 82,533 | $ | 104,134 | ||||||
The significant differences between the U.S. federal statutory rate and the effective income tax rate are as follows: | ||||||||||||
% of Income Before Income Taxes | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State taxes, net of federal tax benefit | 0.7 | 1.4 | 0.6 | |||||||||
Change in valuation allowance(a) | (2.2 | ) | 3.4 | (0.3 | ) | |||||||
Impact of foreign earnings, net(b) | (10.3 | ) | (6.1 | ) | (10.9 | ) | ||||||
Depletion | (0.9 | ) | (1.3 | ) | (0.9 | ) | ||||||
Revaluation of unrecognized tax benefits/reserve requirements(c) | (0.1 | ) | (1.7 | ) | (0.1 | ) | ||||||
Domestic Manufacturing tax deduction(d) | (0.9 | ) | (3.8 | ) | (1.2 | ) | ||||||
Undistributed earnings of foreign subsidiaries(b) | 2.9 | (4.9 | ) | (0.4 | ) | |||||||
Other items, net | 0.8 | — | (0.1 | ) | ||||||||
Effective income tax rate | 25 | % | 22 | % | 21.7 | % | ||||||
(a) | During 2013, the Avonmouth, United Kingdom legal entity was dissolved, therefore the corresponding valuation allowance and deferred tax assets were written off. During 2012, a valuation allowance was established for $15.9 million as a result of the planned shut-down of our Avonmouth, United Kingdom legal entity in connection with our exit of the phosphorus flame retardants business. See Note 19, “Special Items.” | |||||||||||
(b) | In prior years, we designated the undistributed earnings of substantially all of our foreign subsidiaries as permanently reinvested. The benefit of the lower tax rates in the jurisdictions for which we made this designation have been reflected in our effective income tax rate. During 2013, 2012 and 2011, we received distributions of $12.3 million, $56.9 million and $33.8 million, respectively, from various foreign subsidiaries and joint ventures and realized an expense (benefit), net of foreign tax credits, of $2.4 million, $(1.8) million and $5.4 million, respectively, related to the repatriation of these high taxed earnings. We have asserted for all periods being reported, permanent reinvestment of our share of the income of JBC, a Free Zones company under the laws of the Hashemite Kingdom of Jordan. The applicable provisions of the Jordanian law, and applicable regulations thereunder, do not have a termination provision and the exemption is permanent. As a Free Zones company, JBC is not subject to income taxes on the profits of products exported from Jordan, and currently, substantially all of the profits are from exports. In 2012, undistributed foreign subsidiary earnings were primarily impacted by a $17.4 million change related to the closure of our Avonmouth, United Kingdom site in connection with our exit of the phosphorus flame retardants business. | |||||||||||
(c) | During 2012, we released various tax reserves primarily related to the expiration of the applicable U.S. federal statute of limitations for 2008 which provided a net benefit of $5.2 million. | |||||||||||
(d) | During 2012, we amended the calculation of the domestic manufacturing tax deduction for the year 2010 and filed the 2011 tax return. As a result, in 2012 we recognized tax benefits of $1.5 million and $3.0 million related to the 2010 and 2011 tax years, respectively. | |||||||||||
The deferred income tax assets and liabilities recorded on the consolidated balance sheets as of December 31, 2013 and 2012 consist of the following (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Postretirement benefits other than pensions | $ | 300 | $ | 14,900 | ||||||||
Accrued employee benefits | 31,089 | 26,603 | ||||||||||
Operating loss carryovers | 88,614 | 74,934 | ||||||||||
Pensions | 37,172 | 74,521 | ||||||||||
Tax credit carryovers | 35,170 | 37,684 | ||||||||||
Undistributed earnings of foreign subsidiaries | — | 15,583 | ||||||||||
Other | 15,447 | 23,280 | ||||||||||
Gross deferred tax assets | 207,792 | 267,505 | ||||||||||
Valuation allowance | (33,757 | ) | (49,562 | ) | ||||||||
Deferred tax assets | 174,035 | 217,943 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation | (213,575 | ) | (193,021 | ) | ||||||||
Foreign currency translation adjustments | (3,104 | ) | (4,933 | ) | ||||||||
Undistributed earnings of foreign subsidiaries | (71 | ) | — | |||||||||
Other | (19,747 | ) | (20,348 | ) | ||||||||
Deferred tax liabilities | (236,497 | ) | (218,302 | ) | ||||||||
Net deferred tax liabilities | $ | (62,462 | ) | $ | (359 | ) | ||||||
Classification in the consolidated balance sheets: | ||||||||||||
Current deferred tax assets | $ | 3,912 | $ | 4,197 | ||||||||
Current deferred tax liabilities | (2,853 | ) | (5,700 | ) | ||||||||
Noncurrent deferred tax assets | 65,667 | 64,512 | ||||||||||
Noncurrent deferred tax liabilities | (129,188 | ) | (63,368 | ) | ||||||||
Net deferred tax liabilities | $ | (62,462 | ) | $ | (359 | ) | ||||||
Changes in the balance of our deferred tax asset valuation allowance are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | (49,562 | ) | $ | (36,419 | ) | $ | (39,802 | ) | |||
Additions | (4,359 | ) | (20,182 | ) | (6,155 | ) | ||||||
Deductions | 20,164 | 7,039 | 9,538 | |||||||||
Balance at December 31 | $ | (33,757 | ) | $ | (49,562 | ) | $ | (36,419 | ) | |||
At December 31, 2013, we had approximately $36.6 million of domestic credits available to offset future payments of income taxes, expiring in varying amounts between 2016 and 2023. We have established valuation allowances for $3.2 million of those domestic credits since we believe that it is more likely than not that the related deferred tax assets will not be realized. We believe that sufficient taxable income will be generated during the carryover period in order to utilize the other remaining credit carryovers. | ||||||||||||
At December 31, 2013, we have, on a pre-tax basis, $31.6 million of domestic net operating losses and $279.8 million of foreign net operating loss carryovers. We have established pre-tax valuation allowances for $101.6 million of those foreign net operating loss carryovers since we believe that it is more likely than not that the related deferred tax assets will not be realized. For the same reason, we established pre-tax valuation allowances for $0.8 million related to foreign deferred tax assets not related to net operating losses. The realization of the deferred tax assets is dependent on the generation of sufficient taxable income in the appropriate tax jurisdictions. Although realization is not assured, we believe it is more likely than not that the remaining deferred tax assets will be realized. However, the amount considered realizable could be reduced if estimates of future taxable income change. We believe that it is more likely than not that the Company will generate sufficient taxable income in the future to fully utilize all other deferred tax assets. | ||||||||||||
As of December 31, 2013, we have not recorded U.S. income taxes on approximately $0.9 billion of cumulative undistributed earnings of our non-U.S. subsidiaries and joint ventures, as these earnings are intended to be either permanently reinvested or subject to a tax-free liquidation and do not give rise to significant incremental U.S. taxes. A determination of the amount of the unrecognized deferred tax liability related to these undistributed earnings is not practicable. | ||||||||||||
Liabilities related to uncertain tax positions were $29.8 million and $29.2 million at December 31, 2013 and 2012, respectively, inclusive of interest and penalties of $0.7 million and $0.8 million at December 31, 2013 and 2012, respectively, and are reported in Other noncurrent liabilities as provided in Note 13. These liabilities at December 31, 2013 and 2012 were reduced by $25.7 million and $25.8 million, respectively, for offsetting benefits from the corresponding effects of potential transfer pricing adjustments, state income taxes and rate arbitrage related to foreign structure. These offsetting benefits are recorded in Other assets as provided in Note 9. The resulting net liabilities of $3.4 million and $2.6 million at December 31, 2013 and 2012, respectively, if recognized and released, would favorably affect earnings. | ||||||||||||
The liabilities related to uncertain tax positions, exclusive of interest, were $29.1 million and $28.4 million at December 31, 2013 and 2012, respectively. The following is a reconciliation of our total gross liability related to uncertain tax positions for 2013, 2012 and 2011 (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 28,398 | $ | 29,789 | $ | 20,949 | ||||||
Additions for tax positions related to prior years | — | 4,242 | — | |||||||||
Reductions for tax positions related to prior years | (348 | ) | — | (1,639 | ) | |||||||
Additions for tax positions related to current year | 2,061 | 3,639 | 10,802 | |||||||||
Lapses in statutes of limitations | (473 | ) | (10,057 | ) | (323 | ) | ||||||
Foreign currency translation adjustment | (495 | ) | 785 | — | ||||||||
Balance at December 31 | $ | 29,143 | $ | 28,398 | $ | 29,789 | ||||||
We are subject to income taxes in the U.S. and numerous foreign jurisdictions. We are no longer subject to U.S. federal income tax audits by tax authorities for years prior to 2010 since the IRS has completed a review of our income tax returns through 2007 and our statute of limitations has expired for 2008 and 2009 except for the amount of any carryforward to 2010. We also are no longer subject to any U.S. state income tax audits prior to 2004. | ||||||||||||
With respect to jurisdictions outside the U.S., we are no longer subject to income tax audits for years prior to 2006. During 2013, the German tax authorities continued the audit of two of our German subsidiaries for 2006 through 2009 that began in 2011, and the Chinese tax authorities completed an audit of one of our Chinese subsidiaries for 2006 through 2010 that began in 2011. During 2011, we completed tax audits for one of our Belgian companies for 2008 and 2009, our Japanese company for 2006 through 2010, and two of our Chinese companies through 2010. No significant tax was assessed as a result of the completed audits. | ||||||||||||
While we believe we have adequately provided for all tax positions, amounts asserted by taxing authorities could be greater than our accrued position. Accordingly, additional provisions on federal and foreign tax-related matters could be recorded in the future as revised estimates are made or the underlying matters are settled or otherwise resolved. | ||||||||||||
Since the timing of resolutions and/or closure of tax audits is uncertain, it is difficult to predict with certainty the range of reasonably possible significant increases or decreases in the liability related to uncertain tax positions that may occur within the next twelve months. Our current view is that it is reasonably possible that we could record a decrease in the liability related to uncertain tax positions, relating to a number of issues, up to approximately $2.8 million as a result of closure of tax statutes. |
Special_Items
Special Items | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure Special Items Additional Information [Abstract] | ' | |||||||||||
Special Items | ' | |||||||||||
Special Items: | ||||||||||||
Restructuring and other charges, net reported in the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011 consist of the following (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Charges in connection with global business realignment(a) | $ | 33,361 | $ | — | $ | — | ||||||
Exit of phosphorus flame retardants business(b) | — | 100,777 | — | |||||||||
Defined benefit pension plan curtailment gain, net(c) | — | (4,507 | ) | — | ||||||||
Employer contribution to defined contribution plan(c) | — | 10,081 | — | |||||||||
Other(d) | — | 5,334 | — | |||||||||
Total Restructuring and other charges, net | $ | 33,361 | $ | 111,685 | $ | — | ||||||
(a) | In connection with the announced realignment of our operating segments effective January 1, 2014, in the fourth quarter of 2013 we initiated a workforce reduction plan which will result in a reduction of approximately 230 employees worldwide. In the fourth quarter of 2013 we recorded charges of $33.4 million ($21.9 million after income taxes) for termination benefits and other costs related to this workforce reduction plan. Payments under this workforce reduction plan are expected to occur through 2014. | |||||||||||
(b) | In the second quarter of 2012 we recorded net charges amounting to $94.7 million ($73.6 million after income taxes), and in the fourth quarter we recorded net charges amounting to $6.1 million ($2.5 million after income taxes), in connection with our exit of the phosphorus flame retardants business, whose products were sourced mainly at our Avonmouth, United Kingdom and Nanjing, China manufacturing sites. The charges are comprised mainly of non-cash items consisting of net asset write-offs of approximately $57 million and write-offs of foreign currency translation adjustments of approximately $12 million, as well as accruals for future cash costs associated with related severance programs of approximately $22 million, estimated site remediation costs of approximately $9 million, other estimated exit costs of approximately $3 million, partly offset by a gain of approximately $2 million related to the sale of our Nanjing, China manufacturing site. Payments under this restructuring plan are expected to occur through 2014. | |||||||||||
(c) | In the fourth quarter of 2012 we recorded a net curtailment gain of $4.5 million ($2.9 million after income taxes) and a one-time employer contribution to the Company’s defined contribution plan of $10.1 million ($6.4 million after income taxes), both in connection with various amendments to certain of our U.S. pension and defined contribution plans that were approved by our Board of Directors in the fourth quarter of 2012. See Note 17, “Pension Plans and Other Postretirement Benefits.” | |||||||||||
(d) | In the fourth quarter of 2012 we recorded charges amounting to $5.3 million ($4.3 million after income taxes) related to changes in product sourcing and other items. | |||||||||||
We had the following activity in our recorded workforce reduction liabilities for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of year | $ | 15,898 | $ | 4,780 | $ | 7,074 | ||||||
Workforce reduction charges(a) | 33,361 | 21,640 | 1,859 | |||||||||
Payments | (8,915 | ) | (10,929 | ) | (4,292 | ) | ||||||
Amount reversed to income(b) | (1,209 | ) | (45 | ) | 19 | |||||||
Foreign currency translation | (31 | ) | 452 | 120 | ||||||||
Balance, end of year | 39,104 | 15,898 | 4,780 | |||||||||
Less amounts reported in Accrued expenses | 39,104 | 14,428 | 2,843 | |||||||||
Amounts reported in Other noncurrent liabilities | $ | — | $ | 1,470 | $ | 1,937 | ||||||
(a) | The year ended December 31, 2013 includes charges amounting to $33.4 million in connection with the announced realignment of our operating segments effective January 1, 2014 as described above. | |||||||||||
The year ended December 31, 2012 includes charges amounting to $21.6 million relating to reduction in force liabilities associated with our exit of the phosphorus flame retardants business noted above. | ||||||||||||
The year ended December 31, 2011 includes charges of $1.9 million related to restructuring programs at various manufacturing locations which are reflected in Cost of goods sold. Payments under these programs have been completed. | ||||||||||||
(b) | Amounts reversed to income reflect adjustments based on actual timing and amount of final settlements. | |||||||||||
Also, the year ended December 31, 2012 includes a gain of $8.1 million ($5.1 million after income taxes) resulting from proceeds received in connection with the settlement of certain commercial litigation (net of estimated reimbursement of related legal fees of approximately $0.9 million). The litigation involved claims and cross-claims relating to alleged breaches of a purchase and sale agreement. The settlement resolves all outstanding issues and claims between the parties and they agreed to dismiss all outstanding litigation and release all existing and potential claims against each other that were or could have been asserted in the litigation. The year ended December 31, 2012 also includes an $8 million ($5.1 million after income taxes) charitable contribution to the Albemarle Foundation, a non-profit organization that sponsors grants, health and social projects, educational initiatives, disaster relief, matching gift programs, scholarships and other charitable initiatives in locations where our employees live and operate. These items are included in our consolidated Selling, general and administrative expenses for the year ended December 31, 2012. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
Fair Value of Financial Instruments: | ||||||||||||||||
In assessing the fair value of financial instruments, we use methods and assumptions that are based on market conditions and other risk factors existing at the time of assessment. Fair value information for our financial instruments is as follows: | ||||||||||||||||
Long-Term Debt—the fair values of our senior notes and other fixed rate foreign borrowings are estimated using Level 1 inputs and account for the majority of the difference between the recorded amount and fair value of our long-term debt. The carrying value of our remaining long-term debt reported in the accompanying consolidated balance sheets approximates fair value as substantially all of such debt bears interest based on prevailing variable market rates currently available in the countries in which we have borrowings. | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Recorded | Fair Value | Recorded | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
(In thousands) | ||||||||||||||||
Long-term debt | $ | 1,078,864 | $ | 1,109,878 | $ | 699,288 | $ | 764,784 | ||||||||
Foreign Currency Forward Contracts—we enter into foreign currency forward contracts in connection with our risk management strategies in an attempt to minimize the financial impact of changes in foreign currency exchange rates. These derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. The fair values of our foreign currency forward contracts are estimated based on current settlement values. At December 31, 2013 and 2012, we had outstanding foreign currency forward contracts with notional values totaling $321.4 million and $274.0 million, respectively. At December 31, 2013, $0.2 million was included in Other accounts receivable associated with the fair value of our foreign currency forward contracts. At December 31, 2012, $0.3 million was included in Other accounts receivable and $0.8 million was included in Accrued expenses associated with the fair value of our foreign currency forward contracts. | ||||||||||||||||
Gains and losses on foreign currency forward contracts are recognized currently in Other (expenses) income, net; further, fluctuations in the value of these contracts are generally expected to be offset by changes in the value of the underlying exposures being hedged. For the years ended December 31, 2013, 2012 and 2011 we recognized (losses) gains of $(1.1) million, $5.1 million and $1.0 million, respectively, in Other (expenses) income, net in our consolidated statements of income related to the change in the fair value of our foreign currency forward contracts. These amounts are generally expected to be offset by changes in the value of the underlying exposures being hedged which are also reported in Other (expenses) income, net. Also, for the years ended December 31, 2013, 2012 and 2011, we recorded $1.1 million, $(5.1) million and $(1.0) million, respectively, related to the change in the fair value of our foreign currency forward contracts, and net cash settlements of $(1.8) million, $4.8 million and $(3.0) million, respectively, in Other, net in our consolidated statements of cash flows. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurement | ' | |||||||||||||||
Fair Value Measurement: | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy: | ||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities | |||||||||||||||
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or | |||||||||||||||
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or | ||||||||||||||||
Inputs other than quoted prices that are observable for the asset or liability | ||||||||||||||||
Level 3 | Unobservable inputs for the asset or liability | |||||||||||||||
We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Transfers between levels of the fair value hierarchy are deemed to have occurred on the date of the event or change in circumstance that caused the transfer. There were no transfers between Levels 1 and 2 during the year ended December 31, 2013. The following tables set forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||
31-Dec-13 | Quoted Prices in | Quoted Prices in | Unobservable | |||||||||||||
Active Markets | Active Markets | Inputs | ||||||||||||||
for Identical | for Similar | (Level 3) | ||||||||||||||
Items | Items | |||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Investments under executive deferred compensation | $ | 23,030 | $ | 23,030 | $ | — | $ | — | ||||||||
plan (a) | ||||||||||||||||
Equity securities (b) | $ | 771 | $ | 21 | $ | — | $ | 750 | ||||||||
Foreign currency forward contracts (c) | $ | 161 | $ | — | $ | 161 | $ | — | ||||||||
Pension assets (d) | $ | 616,545 | $ | 482,002 | $ | 10,944 | $ | 123,599 | ||||||||
Postretirement assets (d) | $ | 5,620 | $ | — | $ | 5,620 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Obligations under executive deferred compensation | $ | 23,030 | $ | 23,030 | $ | — | $ | — | ||||||||
plan (a) | ||||||||||||||||
31-Dec-12 | Quoted Prices in | Quoted Prices in | Unobservable | |||||||||||||
Active Markets | Active Markets | Inputs | ||||||||||||||
for Identical | for Similar | (Level 3) | ||||||||||||||
Items | Items | |||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Investments under executive deferred compensation | $ | 20,265 | $ | 20,265 | $ | — | $ | — | ||||||||
plan (a) | ||||||||||||||||
Equity securities (b) | $ | 25 | $ | 25 | $ | — | $ | — | ||||||||
Foreign currency forward contracts (c) | $ | 262 | $ | — | $ | 262 | $ | — | ||||||||
Pension assets (d) | $ | 563,303 | $ | 247,463 | $ | 245,011 | $ | 70,829 | ||||||||
Postretirement assets (d) | $ | 6,611 | $ | — | $ | 6,611 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Obligations under executive deferred compensation | $ | 20,265 | $ | 20,265 | $ | — | $ | — | ||||||||
plan (a) | ||||||||||||||||
Foreign currency forward contracts (c) | $ | 771 | $ | — | $ | 771 | $ | — | ||||||||
(a) | We maintain an EDCP that was adopted in 2001 and subsequently amended. The purpose of the EDCP is to provide current tax planning opportunities as well as supplemental funds upon the retirement or death of certain of our employees. The EDCP is intended to aid in attracting and retaining employees of exceptional ability by providing them with these benefits. We also maintain a Benefit Protection Trust (the Trust) that was created to provide a source of funds to assist in meeting the obligations of the EDCP, subject to the claims of our creditors in the event of our insolvency. Assets of the Trust are consolidated in accordance with authoritative guidance. The assets of the Trust consist primarily of mutual fund investments (which are accounted for as trading securities and are marked-to-market on a monthly basis through the consolidated statements of income) and cash and cash equivalents. As such, these assets and obligations are classified within Level 1. | |||||||||||||||
(b) | Primarily consists of private equity securities classified as available-for-sale and are reported in Investments in the consolidated balance sheets. The changes in fair value are reported in Other in our consolidated statements of comprehensive income. Holdings in private equity securities are typically valued using the net asset valuations provided by the underlying private investment companies and as such are classified within Level 3. | |||||||||||||||
(c) | As a result of our global operating and financing activities, we are exposed to market risks from changes in foreign currency exchange rates, which may adversely affect our operating results and financial position. When deemed appropriate, we minimize our risks from foreign currency exchange rate fluctuations through the use of derivative financial instruments. The foreign currency forward contracts are valued using broker quotations or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are classified within Level 2. | |||||||||||||||
(d) | See Note 17 “Pension Plans and Other Postretirement Benefits” for further information about fair value measurements of our pension and postretirement plan assets. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions: | |
On October 1, 2013, we acquired Cambridge Chemical Company, Ltd., for consideration of approximately $3.6 million. Cash payments related to this acquisition were $2.3 million in 2013. On May 11, 2011, we announced that we had expanded our presence in the biofuels market with the acquisition of Catilin Inc. Cash payments related to this acquisition were $4.5 million in 2011. In the third quarter of 2010, we purchased certain property and equipment in Yeosu, South Korea in connection with our plans for building a metallocene polyolefin catalyst and TMG manufacturing site. Cash payments related to this acquisition were $6.5 million in 2011. |
Operating_Segments_and_Geograp
Operating Segments and Geographic Area Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Operating Segments and Geographic Area Information | ' | |||||||||||
Operating Segments and Geographic Area Information: | ||||||||||||
Effective January 1, 2014, the Company’s assets and businesses were realigned under two operating segments to better align the Company’s resources to support its ongoing business strategy. The Performance Chemicals segment includes Fire Safety Solutions, Specialty Chemicals and Fine Chemistry Services product categories, consolidating our bromine, mineral and custom manufacturing assets under one business unit. The Catalyst Solutions segment includes Refinery Catalyst Solutions, Performance Catalyst Solutions and Antioxidants product categories. Each segment has a dedicated team of sales, research and development, process engineering, manufacturing and sourcing, and business strategy personnel and has full accountability for improving execution through greater asset and market focus, agility and responsiveness. The new structure also facilitates the continued standardization of business processes across the organization as part of our ongoing One Albemarle strategy. The new segment structure is consistent with the manner in which information is presently used internally by the Company’s chief operating decision maker to evaluate performance and make resource allocation decisions, and each segment president is responsible for execution of the segment’s business strategy. | ||||||||||||
Segment income represents segment operating profit and equity in net income of unconsolidated investments and is reduced by net income attributable to noncontrolling interests. Segment data includes intersegment transfers of raw materials at cost and allocations for certain corporate costs. | ||||||||||||
Summarized financial information concerning our reportable segments is shown in the following tables. Results for all periods presented have been recast to reflect the change in operating segments noted above. The Corporate & other segment includes corporate-related items not allocated to the reportable segments. Pension and OPEB service cost (which represents the benefits earned by active employees during the period) and amortization of prior service cost or benefit are allocated to each segment whereas the remaining components of pension and OPEB benefits cost or credit are included in Corporate and other. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Net sales: | ||||||||||||
Performance Chemicals | $ | 1,430,652 | $ | 1,506,960 | $ | 1,586,246 | ||||||
Catalyst Solutions | 1,185,764 | 1,238,460 | 1,282,759 | |||||||||
Total net sales | $ | 2,616,416 | $ | 2,745,420 | $ | 2,869,005 | ||||||
Segment operating profit: | ||||||||||||
Performance Chemicals | $ | 324,602 | $ | 405,764 | $ | 435,478 | ||||||
Catalyst Solutions | 210,229 | 241,624 | 267,147 | |||||||||
Total segment operating profit | 534,831 | 647,388 | 702,625 | |||||||||
Equity in net income of unconsolidated investments: | ||||||||||||
Performance Chemicals | 8,875 | 6,416 | 7,696 | |||||||||
Catalyst Solutions | 22,854 | 31,651 | 36,259 | |||||||||
Corporate & other | — | — | (201 | ) | ||||||||
Total equity in net income of unconsolidated investments | 31,729 | 38,067 | 43,754 | |||||||||
Net (income) loss attributable to noncontrolling interests: | ||||||||||||
Performance Chemicals | (26,663 | ) | (18,571 | ) | (28,109 | ) | ||||||
Corporate & other | — | (20 | ) | 26 | ||||||||
Total net income attributable to noncontrolling interests | (26,663 | ) | (18,591 | ) | (28,083 | ) | ||||||
Segment income: | ||||||||||||
Performance Chemicals | 306,814 | 393,609 | 415,065 | |||||||||
Catalyst Solutions | 233,083 | 273,275 | 303,406 | |||||||||
Total segment income | 539,897 | 666,884 | 718,471 | |||||||||
Corporate & other(a) | 81,439 | (129,559 | ) | (185,006 | ) | |||||||
Restructuring and other charges(b) | (33,361 | ) | (111,685 | ) | — | |||||||
Interest and financing expenses | (31,559 | ) | (32,800 | ) | (37,574 | ) | ||||||
Other (expenses) income, net | (6,923 | ) | 1,229 | 357 | ||||||||
Income tax expense | (136,322 | ) | (82,533 | ) | (104,134 | ) | ||||||
Net income attributable to Albemarle Corporation | $ | 413,171 | $ | 311,536 | $ | 392,114 | ||||||
(a) | For the years ended December 31, 2013, 2012 and 2011, Corporate and other includes $143.1 million, $(68.0) million and $(89.2) million, respectively, of pension and OPEB plan credits (costs) (including mark-to-market actuarial gains and losses). | |||||||||||
(b) | See Note 19, “Special Items.” | |||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Identifiable assets: | ||||||||||||
Performance Chemicals | $ | 1,132,870 | $ | 1,113,038 | $ | 1,014,176 | ||||||
Catalyst Solutions | 1,692,088 | 1,569,851 | 1,499,952 | |||||||||
Corporate & other | 759,839 | 754,402 | 689,696 | |||||||||
Total identifiable assets | $ | 3,584,797 | $ | 3,437,291 | $ | 3,203,824 | ||||||
Goodwill: | ||||||||||||
Performance Chemicals | $ | 46,635 | $ | 46,551 | $ | 46,130 | ||||||
Catalyst Solutions | 237,568 | 230,415 | 227,015 | |||||||||
Total goodwill | $ | 284,203 | $ | 276,966 | $ | 273,145 | ||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Depreciation and amortization: | ||||||||||||
Performance Chemicals | $ | 47,572 | $ | 41,831 | $ | 42,085 | ||||||
Catalyst Solutions | 57,610 | 55,275 | 53,333 | |||||||||
Corporate & other | 2,188 | 1,914 | 1,335 | |||||||||
Total depreciation and amortization | $ | 107,370 | $ | 99,020 | $ | 96,753 | ||||||
Capital expenditures: | ||||||||||||
Performance Chemicals | $ | 94,506 | $ | 156,648 | $ | 110,035 | ||||||
Catalyst Solutions | 60,326 | 122,746 | 65,308 | |||||||||
Corporate & other | 514 | 1,479 | 15,231 | |||||||||
Total capital expenditures | $ | 155,346 | $ | 280,873 | $ | 190,574 | ||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Net Sales:(a) | ||||||||||||
United States | $ | 1,022,220 | $ | 1,053,068 | $ | 1,106,580 | ||||||
Foreign | 1,594,196 | 1,692,352 | 1,762,425 | |||||||||
Total | $ | 2,616,416 | $ | 2,745,420 | $ | 2,869,005 | ||||||
(a) | No sales in a foreign country exceed 10% of total net sales. Also, net sales are attributed to countries based upon shipments to final destination. | |||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Long-Lived Assets: | ||||||||||||
United States | $ | 748,719 | $ | 735,269 | $ | 652,022 | ||||||
Netherlands | 193,775 | 192,540 | 185,799 | |||||||||
Jordan | 227,818 | 209,133 | 141,725 | |||||||||
Brazil | 78,078 | 85,353 | 83,452 | |||||||||
Germany | 86,175 | 72,797 | 70,051 | |||||||||
China | 41,858 | 39,542 | 64,449 | |||||||||
France | 34,523 | 32,305 | 28,652 | |||||||||
Korea | 86,827 | 81,962 | 25,008 | |||||||||
United Kingdom | 3,665 | — | 12,436 | |||||||||
Other foreign countries | 47,139 | 33,598 | 46,323 | |||||||||
Total | $ | 1,548,577 | $ | 1,482,499 | $ | 1,309,917 | ||||||
Net sales to external customers by product category in each of the segments consists of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Performance Chemicals: | ||||||||||||
Fire Safety Solutions | $ | 620,972 | $ | 665,293 | $ | 780,541 | ||||||
Specialty Chemicals | 520,998 | 519,606 | 515,511 | |||||||||
Fine Chemistry Services | 288,682 | 322,061 | 290,194 | |||||||||
Total Performance Chemicals | $ | 1,430,652 | $ | 1,506,960 | $ | 1,586,246 | ||||||
Catalyst Solutions: | ||||||||||||
Refinery Catalyst Solutions | $ | 768,837 | $ | 794,933 | $ | 851,482 | ||||||
Performance Catalyst Solutions | 232,769 | 273,015 | 265,381 | |||||||||
Antioxidants | 184,158 | 170,512 | 165,896 | |||||||||
Total Catalyst Solutions | $ | 1,185,764 | $ | 1,238,460 | $ | 1,282,759 | ||||||
Quarterly_Financial_Summary_Un
Quarterly Financial Summary (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Summary (Unaudited) | ' | |||||||||||||||
Quarterly Financial Summary (Unaudited): | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
2013 | ||||||||||||||||
Net sales | $ | 641,625 | $ | 634,197 | $ | 648,638 | $ | 691,956 | ||||||||
Gross profit | $ | 199,590 | $ | 196,639 | $ | 211,649 | $ | 253,527 | ||||||||
Restructuring and other charges, net(a) | $ | — | $ | — | $ | — | $ | 33,361 | ||||||||
Net income attributable to Albemarle Corporation | $ | 83,987 | $ | 82,739 | $ | 90,512 | $ | 155,933 | ||||||||
Basic earnings per share | $ | 0.95 | $ | 0.98 | $ | 1.11 | $ | 1.92 | ||||||||
Shares used to compute basic earnings per share | 88,719 | 84,028 | 81,385 | 81,226 | ||||||||||||
Diluted earnings per share | $ | 0.94 | $ | 0.98 | $ | 1.11 | $ | 1.91 | ||||||||
Shares used to compute diluted earnings per share | 89,236 | 84,489 | 81,852 | 81,713 | ||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
2012 | ||||||||||||||||
Net sales | $ | 711,704 | $ | 684,894 | $ | 661,226 | $ | 687,596 | ||||||||
Gross profit | $ | 250,980 | $ | 249,288 | $ | 217,750 | $ | 191,977 | ||||||||
Restructuring and other charges, net(a) | $ | — | $ | 94,703 | $ | — | $ | 16,982 | ||||||||
Net income attributable to Albemarle Corporation | $ | 114,262 | $ | 50,089 | $ | 109,459 | $ | 37,726 | ||||||||
Basic earnings per share | $ | 1.28 | $ | 0.56 | $ | 1.23 | $ | 0.42 | ||||||||
Shares used to compute basic earnings per share | 88,997 | 89,414 | 89,327 | 89,018 | ||||||||||||
Diluted earnings per share | $ | 1.27 | $ | 0.56 | $ | 1.22 | $ | 0.42 | ||||||||
Shares used to compute diluted earnings per share | 89,947 | 90,051 | 89,879 | 89,660 | ||||||||||||
(a) | See Note 19, “Special Items.” | |||||||||||||||
As discussed in Note 1, “Summary of Significant Accounting Policies,” actuarial gains and losses are recognized annually in our consolidated statements of income in the fourth quarter and whenever a plan is determined to qualify for a remeasurement during a fiscal year. See Note 17, “Pension Plans and Other Postretirement Benefits” for information about actuarial gains and losses recognized in our consolidated statements of income for the years ended December 31, 2013 and 2012. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Consolidation | ' | |
Basis of Consolidation | ||
The consolidated financial statements include the accounts and operations of Albemarle Corporation and our wholly owned, majority owned and controlled subsidiaries. Unless the context otherwise indicates, the terms “Albemarle,” “we,” “us,” “our” or “the Company” mean Albemarle Corporation and our consolidated subsidiaries. We apply the equity method of accounting for investments in which we have an ownership interest from 20% to 50% or where we exercise significant influence over the related investee’s operations. All significant intercompany accounts and transactions are eliminated in consolidation. | ||
Estimates, Assumptions and Reclassifications | ' | |
Estimates, Assumptions and Reclassifications | ||
The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) in the United States (U.S.) requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. | ||
Certain amounts in the accompanying consolidated financial statements and notes thereto have been reclassified to conform to the current presentation. | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
We recognize sales when the revenue is realized or realizable, and has been earned, in accordance with authoritative accounting guidance. We recognize net sales as risk and title to the product transfer to the customer, which usually occurs at the time shipment is made. Significant portions of our sales are sold free on board (FOB) shipping point or on an equivalent basis, and other transactions are based upon specific contractual arrangements. Our standard terms of delivery are generally included in our contracts of sale, order confirmation documents and invoices. We recognize revenue from services when performance of the services has been completed. We have a limited amount of consignment sales that are billed to the customer upon monthly notification of amounts used by the customers under these contracts. Where the Company incurs pre-production design and development costs under long-term supply contracts, these costs are expensed where they relate to the products sold unless contractual guarantees for reimbursement exist. Conversely, these costs are capitalized if they pertain to equipment that we will own and use in producing the products to be supplied and expect to utilize for future revenue generating activities. | ||
Performance and Life Cycle Guarantees | ' | |
Performance and Life Cycle Guarantees | ||
We provide customers certain performance guarantees and life cycle guarantees. These guarantees entitle the customer to claim compensation if the product does not conform to performance standards originally agreed upon. Performance guarantees relate to minimum technical specifications that products produced with the delivered product must meet, such as yield and product quality. Life cycle guarantees relate to minimum periods for which performance of the delivered product is guaranteed. When either performance guarantees or life cycle guarantees are contractually agreed upon, an assessment of the appropriate revenue recognition treatment is evaluated. When testing or modeling of historical results predict that the performance or life cycle criteria will be satisfied, revenue is recognized in accordance with shipping terms at the time of delivery. When testing or modeling of historical results predict that the performance or life cycle criteria may not be satisfied, we bill the customer upon shipment and defer the related revenue and cost associated with these products. These deferrals are released to earnings when the contractual period expires. | ||
Shipping and Handling Costs | ' | |
Shipping and Handling Costs | ||
Amounts billed to customers in a sales transaction related to shipping and handling have been classified as net sales and the cost incurred by us for shipping and handling has been classified as cost of goods sold in the accompanying consolidated statements of income. In addition, taxes billed to customers in a sales transaction are presented in the consolidated statements of income on a net basis. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
Cash and cash equivalents include cash and highly liquid investments with insignificant interest rate risks and original maturities of three months or less. | ||
Inventories | ' | |
Inventories | ||
Inventories are stated at lower of cost or market with cost determined primarily on the first-in, first-out basis. Cost is determined on the weighted-average basis for a small portion of our inventories at foreign plants and our stores, supplies and other inventory. A portion of our domestic produced finished goods and raw materials are determined on the last-in, first-out basis. | ||
Property, Plant and Equipment | ' | |
Property, Plant and Equipment | ||
Property, plant and equipment include costs of assets constructed, purchased or leased under a capital lease, related delivery and installation costs and interest incurred on significant capital projects during their construction periods. Expenditures for renewals and betterments also are capitalized, but expenditures for normal repairs and maintenance are expensed as incurred. Costs associated with yearly planned major maintenance are deferred and amortized over 12 months or until the same major maintenance activities must be repeated, whichever is shorter. The cost and accumulated depreciation applicable to assets retired or sold are removed from the respective accounts, and gains or losses thereon are included in income. | ||
The Company records depreciation and amortization in its consolidated statements of income primarily in Cost of goods sold, with minor amounts also recorded in Selling, general and administrative expenses and Research and development expenses depending on the functional utilization of the related assets. Depreciation is computed by the straight-line method based on the estimated useful lives of the assets. We have a policy where our internal engineering group provides asset life guidelines for book purposes. These guidelines are reviewed against the economic life of the business for each project and asset life is determined as the lesser of the manufacturing life or the “business” life. The engineering guidelines are reviewed periodically. | ||
We evaluate historical and expected undiscounted operating cash flows of our business segments to determine the future recoverability of any property, plant and equipment recorded. Property, plant and equipment is re-evaluated whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. | ||
The costs of brine wells, leases and royalty interests are primarily amortized over the estimated average life of the field on a straight-line basis. On a yearly basis for all fields, this approximates a units-of-production method based upon estimated reserves and production volumes. | ||
Investments | ' | |
Investments | ||
Investments are accounted for using the equity method of accounting if the investment gives us the ability to exercise significant influence, but not control, over the investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of the investee between 20% and 50%, although other factors, such as representation on the investee’s board of directors and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. Under the equity method of accounting, we record our investments in equity-method investees in the consolidated balance sheets as Investments and our share of investees’ earnings or losses together with other-than temporary impairments in value as Equity in net income of unconsolidated investments in the consolidated statements of income. | ||
Certain mutual fund investments are accounted for as trading equities and are marked-to-market on a monthly basis through the consolidated statements of income. Investments in joint ventures and nonmarketable securities of immaterial entities are estimated based upon the overall performance of the entity where financial results are not available on a timely basis. | ||
Environmental Compliance and Remediation | ' | |
Environmental Compliance and Remediation | ||
Environmental compliance costs include the cost of purchasing and/or constructing assets to prevent, limit and/or control pollution or to monitor the environmental status at various locations. These costs are capitalized and depreciated based on estimated useful lives. Environmental compliance costs also include maintenance and operating costs with respect to pollution prevention and control facilities and other administrative costs. Such operating costs are expensed as incurred. Environmental remediation costs of facilities used in current operations are generally immaterial and are expensed as incurred. On an undiscounted basis, we accrue for environmental remediation costs and post-remediation costs that relate to existing conditions caused by past operations at facilities or off-plant disposal sites in the accounting period in which responsibility is established and when the related costs are estimable. In developing these cost estimates, we evaluate currently available facts regarding each site, with consideration given to existing technology, presently enacted laws and regulations, prior experience in remediation of contaminated sites, the financial capability of other potentially responsible parties and other factors, subject to uncertainties inherent in the estimation process. Additionally, these estimates are reviewed periodically, with adjustments to the accruals recorded as necessary. | ||
Research and Development Expenses | ' | |
Research and Development Expenses | ||
Our research and development expenses related to present and future products are expensed as incurred. These expenses consist primarily of personnel-related costs and other overheads, as well as outside service and consulting costs incurred for specific programs. Our U.S. facilities in Michigan, Pennsylvania, South Carolina, Texas and Louisiana and our global facilities in the Netherlands, Germany, Belgium, China and Korea form the capability base for our contract research and custom manufacturing businesses. These business areas provide research and scale-up services primarily to innovative life science companies. | ||
Goodwill and Other Intangible Assets | ' | |
Goodwill and Other Intangible Assets | ||
We account for goodwill and other intangibles acquired in a business combination in conformity with current accounting guidance that requires that goodwill and indefinite-lived intangible assets not be amortized. | ||
We test goodwill for impairment by comparing the estimated fair value of our reporting units to the related carrying value. We estimate the fair value based on present value techniques involving future cash flows. Future cash flows include assumptions for sales volumes, selling prices, raw material prices, labor and other employee benefit costs, capital additions and other economic or market related factors. Significant management judgment is involved in estimating these variables and they include inherent uncertainties since they are forecasting future events. We use a Weighted Average Cost of Capital (WACC) approach to determine our discount rate for goodwill recoverability testing. Our WACC calculation incorporates industry-weighted average returns on debt and equity from a market perspective. The factors in this calculation are largely external to our company, and therefore, are beyond our control. We test our recorded goodwill balances for impairment in the fourth quarter of each year or upon the occurrence of events or changes in circumstances that would more likely than not reduce the fair value of our reporting units below their carrying amounts. The Company performed its annual goodwill impairment test as of October 31, 2013 and concluded there was no impairment as of that date. | ||
Definite-lived intangible assets, such as purchased technology, patents, customer lists and trade names are amortized over their estimated useful lives, generally for periods ranging from five to forty years. We continually evaluate the reasonableness of the useful lives of these assets and test for impairment in accordance with current accounting guidance. See Note 10, “Goodwill and Other Intangibles.” | ||
Pension Plans and Other Postretirement Benefits | ' | |
Pension Plans and Other Postretirement Benefits | ||
Under authoritative accounting standards, assumptions are made regarding the valuation of benefit obligations and the performance of plan assets. As required, we recognize a balance sheet asset or liability for each of the pension and other postretirement benefit (OPEB) plans equal to the plan’s funded status as of the measurement date. The primary assumptions are as follows: | ||
• | Discount Rate—The discount rate is used in calculating the present value of benefits, which is based on projections of benefit payments to be made in the future. | |
• | Expected Return on Plan Assets—We project the future return on plan assets based on prior performance and future expectations for the types of investments held by the plans, as well as the expected long-term allocation of plan assets for these investments. These projected returns reduce the net benefit costs recorded currently. | |
• | Rate of Compensation Increase—For salary-related plans, we project employees’ annual pay increases, which are used to project employees’ pension benefits at retirement. | |
• | Rate of Increase in the Per Capita Cost of Covered Health Care Benefits—Eligible retirees receive fully insured medical benefits with the Company providing a cost sharing benefit subject to a cap. The pre-65 and post-65 caps were fully met as of January 1, 2013 and we do not anticipate increases in the cost sharing caps. | |
Actuarial gains and losses are recognized annually in our consolidated statements of income in the fourth quarter and whenever a plan is determined to qualify for a remeasurement during a fiscal year. The remaining components of pension and OPEB plan expense, primarily service cost, interest cost and expected return on assets, are recorded on a quarterly basis. The market-related value of assets equals the actual market value as of the date of measurement. | ||
During 2013, we made changes to the assumptions related to the discount rate, expected return on assets, and mortality scales. We consider available information that we deem relevant when selecting each of these assumptions. | ||
In selecting the discount rates for the U.S. plans, we consider expected benefit payments on a plan-by-plan basis. As a result, the Company uses different discount rates for each plan depending on the demographics of participants and the expected timing of benefit payments. For 2013, the discount rates were calculated using the results from a bond matching technique developed by Milliman, which matched the future estimated annual benefit payments of each respective plan against a portfolio of bonds of high quality to determine the discount rate. We believe our selected discount rates are determined using preferred methodology under authoritative accounting guidance and accurately reflect market conditions as of the December 31, 2013 measurement date. | ||
In selecting the discount rates for the foreign plans, we relied on Aon Hewitt methods, including the Aon Hewitt Top-Quartile and a yield curve derived from fixed-income security yields. The yield curve is generally based on a universe containing Aa-graded corporate bonds in the Euro zone without special features or options, which could affect the duration. In some countries, the yield curve is based on local government bond rates with a premium added to reflect corporate bond risk. Payments we expect to be made from our retirement plans are applied to the resulting yield curve. For each plan, the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments. | ||
In estimating the expected return on plan assets, we consider past performance and future expectations for the types of investments held by the plan as well as the expected long-term allocation of plan assets to these investments. In projecting the rate of compensation increase, we consider past experience in light of movements in inflation rates. | ||
Employee Savings Plans | ' | |
Employee Savings Plans | ||
Certain of our employees participate in our defined contribution 401(k) employee savings plan, which is generally available to all U.S. full-time salaried and non-union hourly employees and to employees who are covered by a collective bargaining agreement that provides for such participation. With respect to our foreign subsidiaries, we have a plan in the Netherlands similar to a collective defined contribution plan. | ||
Deferred Compensation Plan | ' | |
Deferred Compensation Plan | ||
We maintain an Executive Deferred Compensation Plan (EDCP) that was adopted in 2001 and subsequently amended. The purpose of the EDCP is to provide current tax planning opportunities as well as supplemental funds upon the retirement or death of certain of our employees. The EDCP is intended to aid in attracting and retaining employees of exceptional ability by providing them with these benefits. We also maintain a Benefit Protection Trust (the Trust) that was created to provide a source of funds to assist in meeting the obligations of the EDCP, subject to the claims of our creditors in the event of our insolvency. Assets of the Trust are consolidated in accordance with authoritative guidance. The assets of the Trust consist primarily of mutual fund investments (which are accounted for as trading securities and are marked-to-market on a monthly basis through the consolidated statement of income) and cash and cash equivalents. | ||
Stock-based Compensation Expense | ' | |
Stock-based Compensation Expense | ||
The fair value of restricted stock awards, restricted stock unit awards and performance unit awards is determined based on the number of shares or units granted and the quoted price of our common stock at grant date, and the fair value of stock options is determined using the Black-Scholes valuation model. The fair value of these awards is determined after giving effect to estimated forfeitures. Such value is recognized as expense over the service period, which is generally the vesting period of the equity grant. To the extent restricted stock awards, restricted stock unit awards, performance unit awards and stock options are forfeited prior to vesting in excess of the estimated forfeiture rate, the corresponding previously recognized expense is reversed as an offset to operating expenses. | ||
Income Taxes | ' | |
Income Taxes | ||
We use the liability method for determining our income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates. Under this method, the amounts of deferred tax liabilities and assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. | ||
Deferred income taxes are provided for the estimated income tax effect of temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Deferred tax assets are also provided for operating losses, capital losses and certain tax credit carryovers. A valuation allowance, reducing deferred tax assets, is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of such deferred tax assets is dependent upon the generation of sufficient future taxable income of the appropriate character. Although realization is not assured, we do not establish a valuation allowance when we believe it is more likely than not that a net deferred tax asset will be realized. | ||
We only recognize a tax benefit after concluding that it is more likely than not that the benefit will be sustained upon audit by the respective taxing authority based solely on the technical merits of the associated tax position. Once the recognition threshold is met, we recognize a tax benefit measured as the largest amount of the tax benefit that, in our judgment, is greater than 50% likely to be realized. Interest and penalties related to income tax liabilities under current accounting guidance for uncertain tax positions are included in income tax expense. | ||
We have designated the undistributed earnings of substantially all of our foreign operations as permanently reinvested and as a result we do not provide for deferred income taxes on the unremitted earnings of these subsidiaries. Our foreign earnings are computed under U.S. federal tax earnings and profits, or E&P, principles. In general, to the extent our financial reporting book basis over tax basis of a foreign subsidiary exceeds these E&P amounts, deferred taxes have not been provided as they are essentially permanent in duration. The determination of the amount of such unrecognized deferred tax liability is not practicable. We provide for deferred income taxes on our undistributed earnings of foreign operations that are not deemed to be permanently reinvested. | ||
Accumulated Other Comprehensive Income | ' | |
Accumulated Other Comprehensive Income | ||
Accumulated other comprehensive income is comprised principally of foreign currency translation adjustments and net prior service benefit for our defined benefit plans and related deferred income taxes in accordance with current accounting guidance. | ||
Foreign Currency Translation | ' | |
Foreign Currency Translation | ||
The assets and liabilities of all foreign subsidiaries were prepared in their respective functional currencies and translated into U.S. Dollars based on the current exchange rate in effect at the balance sheet dates, while income and expenses were translated at average exchange rates for the periods presented. Translation adjustments are reflected as a separate component of equity. | ||
Our consolidated statements of income include foreign exchange transaction losses of $10.6 million, $4.9 million and $3.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||
Derivative Financial Instruments | ' | |
Derivative Financial Instruments | ||
We manage our foreign currency exposures by balancing certain assets and liabilities denominated in foreign currencies and through the use of foreign currency forward contracts from time to time, which generally expire within one year. The principal objective of such contracts is to minimize the financial risks and costs associated with global operating activities. While these contracts are subject to fluctuations in value, such fluctuations are generally expected to be offset by fluctuations in the value of the underlying foreign currency exposures being hedged. Gains and losses on foreign currency forward contracts are recognized currently in income, but generally do not have a significant impact on results of operations. | ||
The counterparties to these contractual agreements are major financial institutions with which we generally have other financial relationships. We are exposed to credit loss in the event of nonperformance by these counterparties. However, we do not anticipate nonperformance by the counterparties. We do not utilize financial instruments for trading or other speculative purposes. At December 31, 2013 and 2012, we had outstanding foreign currency forward contracts with notional values totaling $321.4 million and $274.0 million, respectively. | ||
Recently Issued Accounting Pronouncements | ' | |
Recently Issued Accounting Pronouncements | ||
In December 2011, the Financial Accounting Standards Board (FASB) issued accounting guidance that requires entities to disclose information about financial instruments (including derivatives) and transactions eligible for offset in the statement of financial position or subject to an agreement similar to a master netting arrangement. In January 2013, the FASB issued additional guidance that limits the scope of these new requirements to certain derivatives, repurchase agreements and reverse repurchase agreements and securities borrowing and lending transactions. These amendments became effective on January 1, 2013 and had no impact on our consolidated financial statements. | ||
In February 2013, the FASB issued accounting guidance that requires companies to present either in a single note or on the face of the financial statements the effect of significant amounts reclassified from each component of accumulated other comprehensive income, and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, companies would instead cross reference to the related footnote for additional information. These amendments became effective for us beginning with the first quarter of 2013 and did not have a material impact on our consolidated financial statements. | ||
In February 2013, the FASB issued accounting guidance that requires entities that have obligations resulting from joint and several liability arrangements and for which the total amount is fixed at the reporting date to measure such obligations as the sum of (a) the amount the entity agreed to pay on the basis of its arrangement among its co-obligors, and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. Entities are also required to disclose the nature, amount and any other relevant information about such obligations. This accounting guidance will become effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and should be applied retrospectively to all prior periods presented for obligations that exist at the beginning of an entity’s fiscal year of adoption. We do not expect this new guidance to have a material effect on our consolidated financial statements. | ||
In March 2013, the FASB issued accounting guidance that clarifies a parent company’s accounting for the cumulative foreign currency translation adjustment when the parent sells a part or all of its investment in a foreign entity. The guidance clarifies that the sale of an investment in a foreign entity includes both (a) events that result in the loss of a controlling financial interest in a foreign entity, and (b) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date (sometimes also referred to as a step acquisition). Accordingly, the cumulative foreign currency translation adjustment should be released into net income upon the occurrence of those events. This accounting guidance will become effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and should be applied prospectively to derecognition events occurring after the effective date. The impact of these new requirements on our financial statements will depend upon the nature, terms and size of derecognition events, if any, that may occur in the future related to any of our foreign entities. | ||
In July 2013, the FASB issued accounting guidance designed to reduce diversity in practice of financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. These new requirements become effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We do not expect this new guidance to have a material effect on our consolidated financial statements. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Information Related to Consolidated Statements of Cash Flows | ' | |||||||||||
Supplemental information related to the consolidated statements of cash flows is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash paid during the year for: | ||||||||||||
Income taxes (net of refunds of $14,296, $1,849 and $4,339 | $ | 51,772 | $ | 112,442 | $ | 123,341 | ||||||
in 2013, 2012 and 2011, respectively) | ||||||||||||
Interest (net of capitalization) | $ | 29,629 | $ | 31,144 | $ | 33,127 | ||||||
Supplemental non-cash disclosures related to exit of phosphorus | ||||||||||||
flame retardants business: | ||||||||||||
Decrease in property, plant and equipment | $ | — | $ | (41,120 | ) | $ | — | |||||
Decrease in accumulated depreciation | — | (17,870 | ) | — | ||||||||
Decrease in other intangibles, net of amortization | — | (27,384 | ) | — | ||||||||
Increase in accumulated other comprehensive income | — | 12,268 | — | |||||||||
Supplemental non-cash disclosures related to defined benefit | ||||||||||||
pension plan net curtailment gain: | ||||||||||||
Decrease in accumulated other comprehensive income | $ | — | $ | (4,507 | ) | $ | — | |||||
Supplemental non-cash disclosures related to other restructuring | ||||||||||||
charges: | ||||||||||||
Decrease in property, plant and equipment | $ | — | $ | (5,002 | ) | $ | — | |||||
Decrease in accumulated depreciation | — | (1,588 | ) | — | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Calculation of Basic and Diluted Earnings Per Share | ' | |||||||||||
Basic and diluted earnings per share are calculated as follows (in thousands, except per share amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic earnings per share | ||||||||||||
Numerator: | ||||||||||||
Net income attributable to Albemarle Corporation | $ | 413,171 | $ | 311,536 | $ | 392,114 | ||||||
Denominator: | ||||||||||||
Weighted-average common shares for basic earnings per share | 83,839 | 89,189 | 90,522 | |||||||||
Basic earnings per share | $ | 4.93 | $ | 3.49 | $ | 4.33 | ||||||
Diluted earnings per share | ||||||||||||
Numerator: | ||||||||||||
Net income attributable to Albemarle Corporation | $ | 413,171 | $ | 311,536 | $ | 392,114 | ||||||
Denominator: | ||||||||||||
Weighted-average common shares for basic earnings per share | 83,839 | 89,189 | 90,522 | |||||||||
Incremental shares under stock compensation plans | 483 | 695 | 1,000 | |||||||||
Total shares | 84,322 | 89,884 | 91,522 | |||||||||
Diluted earnings per share | $ | 4.9 | $ | 3.47 | $ | 4.28 | ||||||
Other_Accounts_Receivable_Tabl
Other Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Other Accounts Receivable | ' | ||||||||
Other accounts receivable consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Value added tax/consumption tax | $ | 21,956 | $ | 22,398 | |||||
Other | 23,138 | 21,446 | |||||||
Total | $ | 45,094 | $ | 43,844 | |||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Assets [Abstract] | ' | ||||||||
Other Current Assets | ' | ||||||||
Other current assets consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred income taxes—current(a) | $ | 3,912 | $ | 4,197 | |||||
Income tax receivables | 26,310 | 26,208 | |||||||
Prepaid expenses | 47,447 | 48,250 | |||||||
Total | $ | 77,669 | $ | 78,655 | |||||
(a) | See Note 18, “Income Taxes.” |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property, Plant and Equipment, at Cost | ' | ||||||||||
Property, plant and equipment, at cost, consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||||
Useful | December 31, | ||||||||||
Lives | |||||||||||
(Years) | 2013 | 2012 | |||||||||
Land | — | $ | 63,153 | $ | 61,123 | ||||||
Land improvements | 5 – 30 | 52,452 | 51,218 | ||||||||
Buildings and improvements | 10 – 45 | 235,929 | 198,260 | ||||||||
Machinery and equipment(a) | 2 – 19 | 1,731,247 | 1,603,533 | ||||||||
Machinery and equipment (major plant components)(b) | 20 – 45 | 688,284 | 586,433 | ||||||||
Long-term mineral rights and production equipment costs | 7 – 60 | 85,514 | 83,089 | ||||||||
Construction in progress | — | 115,505 | 234,948 | ||||||||
Total | $ | 2,972,084 | $ | 2,818,604 | |||||||
(a) | Consists primarily of (1) short-lived production equipment components, office and building equipment and other equipment with estimated lives ranging 2 – 7 years, and (2) production process equipment (intermediate components) with estimated lives ranging 8 – 19 years. | ||||||||||
(b) | Consists primarily of (1) production process equipment (major unit components) with estimated lives ranging 20 – 29 years, and (2) production process equipment (infrastructure and other) with estimated lives ranging 30 – 45 years. |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investments [Abstract] | ' | ||||||||||||
Investment Balances | ' | ||||||||||||
The following table details our investment balances at December 31, 2013 and 2012 (in thousands). | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Joint ventures | $ | 187,843 | $ | 185,928 | |||||||||
Nonmarketable securities | 534 | 923 | |||||||||||
Marketable equity securities | 23,801 | 20,290 | |||||||||||
Total | $ | 212,178 | $ | 207,141 | |||||||||
Ownership Positions in Significant Unconsolidated Investments | ' | ||||||||||||
Our ownership positions in significant unconsolidated investments are shown below: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
* | Nippon Aluminum Alkyls - a joint venture with Mitsui Chemicals, Inc. that produces | 50 | % | 50 | % | 50 | % | ||||||
aluminum alkyls | |||||||||||||
* | Magnifin Magnesiaprodukte GmbH & Co. KG - a joint venture with Radex Heraklith | 50 | % | 50 | % | 50 | % | ||||||
Industriebeteiligung AG that produces specialty magnesium hydroxide products | |||||||||||||
* | Nippon Ketjen Company Limited - a joint venture with Sumitomo Metal Mining | 50 | % | 50 | % | 50 | % | ||||||
Company Limited that produces refinery catalysts | |||||||||||||
* | Eurecat S.A. - a joint venture with IFP Investissements for refinery catalysts | 50 | % | 50 | % | 50 | % | ||||||
regeneration services | |||||||||||||
* | Fábrica Carioca de Catalisadores S.A. - a joint venture with Petrobras Quimica S.A. - | 50 | % | 50 | % | 50 | % | ||||||
PETROQUISA that produces catalysts and includes catalysts research and product | |||||||||||||
development activities | |||||||||||||
* | Stannica, LLC - a joint venture with PMC Group, Inc. that produces tin stabilizers | 50 | % | 50 | % | 50 | % | ||||||
Summary of Assets, Liabilities and Results of Operations for Significant Unconsolidated Joint Ventures | ' | ||||||||||||
The following summary lists our assets, liabilities and results of operations for our significant unconsolidated joint ventures presented herein (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Summary of Balance Sheet Information: | |||||||||||||
Current assets | $ | 313,446 | $ | 343,129 | |||||||||
Noncurrent assets | 198,776 | 212,587 | |||||||||||
Total assets | $ | 512,222 | $ | 555,716 | |||||||||
Current liabilities | $ | 100,469 | $ | 129,105 | |||||||||
Noncurrent liabilities | 77,734 | 76,422 | |||||||||||
Total liabilities | $ | 178,203 | $ | 205,527 | |||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Summary of Statements of Income Information: | |||||||||||||
Net sales | $ | 598,459 | $ | 601,233 | $ | 672,859 | |||||||
Gross profit | $ | 169,406 | $ | 165,650 | $ | 189,691 | |||||||
Income before income taxes | $ | 101,652 | $ | 105,329 | $ | 132,399 | |||||||
Net income | $ | 71,294 | $ | 71,561 | $ | 88,414 | |||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Assets, Noncurrent [Abstract] | ' | ||||||||
Other Assets | ' | ||||||||
Other assets consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred income taxes—noncurrent(a) | $ | 65,667 | $ | 64,512 | |||||
Assets related to unrecognized tax benefits(a) | 25,730 | 25,788 | |||||||
Long-term advances to joint ventures(b) | 25,124 | 25,017 | |||||||
Other | 43,708 | 39,519 | |||||||
Total | $ | 160,229 | $ | 154,836 | |||||
(a) | See Note 18, “Income Taxes.” | ||||||||
(b) | See Note 8, “Investments.” |
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Changes in Goodwill by Operating Segment | ' | |||||||||||||||||||||||||||
The following table summarizes the changes in goodwill by operating segment for the years ended December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
Performance Chemicals | Catalyst Solutions | Total | ||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 46,130 | $ | 227,015 | $ | 273,145 | ||||||||||||||||||||||
Foreign currency translation adjustments | 421 | 3,400 | 3,821 | |||||||||||||||||||||||||
Balance at December 31, 2012 | 46,551 | 230,415 | 276,966 | |||||||||||||||||||||||||
Foreign currency translation adjustments | 84 | 7,153 | 7,237 | |||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 46,635 | $ | 237,568 | $ | 284,203 | ||||||||||||||||||||||
Other Intangibles | ' | |||||||||||||||||||||||||||
Other intangibles consist of the following at December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
Customer | Trade | Patents | Land Use | Manufacturing | Other | Total | ||||||||||||||||||||||
Lists and | Names(c) | and | Rights | Contracts and | ||||||||||||||||||||||||
Relationships | Technology | Supply/Service | ||||||||||||||||||||||||||
Agreements | ||||||||||||||||||||||||||||
Gross Asset Value | ||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 100,078 | $ | 45,399 | $ | 45,973 | $ | 8,098 | $ | 13,782 | $ | 24,161 | $ | 237,491 | ||||||||||||||
Acquisitions(a) | — | — | 1,500 | — | — | — | 1,500 | |||||||||||||||||||||
Exit of phosphorus flame retardants | (16,189 | ) | (19,441 | ) | — | (1,915 | ) | (5,470 | ) | (1,122 | ) | (44,137 | ) | |||||||||||||||
business(b) | ||||||||||||||||||||||||||||
Foreign currency translation adjustments | 1,278 | 985 | 403 | 20 | 211 | 373 | 3,270 | |||||||||||||||||||||
and other | ||||||||||||||||||||||||||||
Balance at December 31, 2012 | 85,167 | 26,943 | 47,876 | 6,203 | 8,523 | 23,412 | 198,124 | |||||||||||||||||||||
Foreign currency translation adjustments | 1,259 | (36 | ) | 867 | 173 | (185 | ) | 216 | 2,294 | |||||||||||||||||||
and other | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 86,426 | $ | 26,907 | $ | 48,743 | $ | 6,376 | $ | 8,338 | $ | 23,628 | $ | 200,418 | ||||||||||||||
Accumulated Amortization | ||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | (30,281 | ) | $ | (12,220 | ) | $ | (35,212 | ) | $ | (1,118 | ) | $ | (11,113 | ) | $ | (17,266 | ) | $ | (107,210 | ) | |||||||
Amortization | (4,499 | ) | (1,307 | ) | (3,176 | ) | (183 | ) | (658 | ) | (900 | ) | (10,723 | ) | ||||||||||||||
Exit of phosphorus flame retardants | 4,134 | 5,791 | — | 236 | 5,470 | 1,122 | 16,753 | |||||||||||||||||||||
business(b) | ||||||||||||||||||||||||||||
Foreign currency translation adjustments | (838 | ) | (750 | ) | (390 | ) | (14 | ) | (211 | ) | (277 | ) | (2,480 | ) | ||||||||||||||
and other | ||||||||||||||||||||||||||||
Balance at December 31, 2012 | (31,484 | ) | (8,486 | ) | (38,778 | ) | (1,079 | ) | (6,512 | ) | (17,321 | ) | (103,660 | ) | ||||||||||||||
Amortization | (4,332 | ) | (995 | ) | (797 | ) | (166 | ) | (647 | ) | (1,129 | ) | (8,066 | ) | ||||||||||||||
Foreign currency translation adjustments | (172 | ) | 511 | (779 | ) | (23 | ) | 185 | (211 | ) | (489 | ) | ||||||||||||||||
and other | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (35,988 | ) | $ | (8,970 | ) | $ | (40,354 | ) | $ | (1,268 | ) | $ | (6,974 | ) | $ | (18,661 | ) | $ | (112,215 | ) | |||||||
Net Book Value at December 31, 2012 | $ | 53,683 | $ | 18,457 | $ | 9,098 | $ | 5,124 | $ | 2,011 | $ | 6,091 | $ | 94,464 | ||||||||||||||
Net Book Value at December 31, 2013 | $ | 50,438 | $ | 17,937 | $ | 8,389 | $ | 5,108 | $ | 1,364 | $ | 4,967 | $ | 88,203 | ||||||||||||||
(a) | The increase of $1.5 million in Patents and Technology relates to our acquisition of certain patents in 2012 related to catalysts useful in the production of fuel products from renewable feedstocks. | |||||||||||||||||||||||||||
(b) | In 2012 we reduced intangible assets by $44.1 million and related accumulated amortization by $16.8 million in connection with our exit of the phosphorus flame retardants business. See Note 19 “Special Items.” | |||||||||||||||||||||||||||
(c) | Trade names include a gross carrying amount of $10.3 million for an indefinite-lived intangible asset. | |||||||||||||||||||||||||||
Total Estimated Amortization Expense of Other Intangibles for Next Five Fiscal Years | ' | |||||||||||||||||||||||||||
Total estimated amortization expense of other intangibles for the next five fiscal years is as follows (in thousands): | ||||||||||||||||||||||||||||
Estimated | ||||||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||||||
Expense | ||||||||||||||||||||||||||||
2014 | $ | 8,310 | ||||||||||||||||||||||||||
2015 | $ | 6,554 | ||||||||||||||||||||||||||
2016 | $ | 6,078 | ||||||||||||||||||||||||||
2017 | $ | 5,909 | ||||||||||||||||||||||||||
2018 | $ | 5,711 | ||||||||||||||||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
Accrued expenses consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Employee benefits, payroll and related taxes | $ | 41,955 | $ | 39,442 | |||||
Taxes other than income taxes and payroll taxes | 23,864 | 25,025 | |||||||
Deferred revenue | 17,896 | 13,955 | |||||||
Accrued sales commissions | 7,241 | 7,893 | |||||||
Accrued interest payable | 7,716 | 7,816 | |||||||
Accrued utilities | 8,608 | 9,108 | |||||||
Reduction in force accruals(a) | 39,104 | 14,428 | |||||||
Other | 44,149 | 59,879 | |||||||
Total | $ | 190,533 | $ | 177,546 | |||||
(a) | See Note 19, “Special Items.” |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-term debt consists of the following at December 31, 2013 and 2012 (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
5.10% Senior notes, net of unamortized discount of $36 at December 31, 2013 | $ | 324,964 | $ | 324,930 | ||||
and $70 at December 31, 2012 | ||||||||
4.50% Senior notes, net of unamortized discount of $2,186 at December 31, 2013 | 347,814 | 347,500 | ||||||
and $2,500 at December 31, 2012 | ||||||||
Commercial paper notes | 363,000 | — | ||||||
Fixed rate foreign borrowings | 7,879 | 19,458 | ||||||
Variable-rate foreign bank loans | 34,910 | 7,006 | ||||||
Miscellaneous | 297 | 394 | ||||||
Total long-term debt | 1,078,864 | 699,288 | ||||||
Less amounts due within one year | 24,554 | 12,700 | ||||||
Long-term debt, less current portion | $ | 1,054,310 | $ | 686,588 | ||||
Other_Noncurrent_Liabilities_T
Other Noncurrent Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure Other Noncurrent Liabilities [Abstract] | ' | |||||||
Other Noncurrent Liabilities | ' | |||||||
Other noncurrent liabilities consist of the following at December 31, 2013 and 2012 (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Liabilities related to uncertain tax positions(a) | $ | 29,834 | $ | 29,179 | ||||
Executive deferred compensation plan obligation | 23,030 | 20,265 | ||||||
Deferred revenue—long-term | 2,444 | 3,362 | ||||||
Environmental liabilities(b) | 9,213 | 17,213 | ||||||
Asset retirement obligations(b) | 16,930 | 16,517 | ||||||
Other | 29,159 | 27,486 | ||||||
Total | $ | 110,610 | $ | 114,022 | ||||
(a) | See Note 18, “Income Taxes.” | |||||||
(b) | See Note 15, “Commitments and Contingencies.” |
Stockbased_Compensation_Expens1
Stock-based Compensation Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||
Fixed-Price Stock Options | ' | ||||||||||||
The following table summarizes information about the Company’s fixed-price stock options as of and for the year ended December 31, 2013: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic Value | |||||||||||
Exercise | Remaining | (in thousands) | |||||||||||
Price | Contractual | ||||||||||||
Term (Years) | |||||||||||||
Outstanding at December 31, 2012 | 1,343,261 | $ | 41.78 | 7.2 | $ | 28,232 | |||||||
Granted | 297,924 | 65.35 | |||||||||||
Exercised | (191,732 | ) | 28.96 | ||||||||||
Forfeited | (80,337 | ) | 61.39 | ||||||||||
Outstanding at December 31, 2013 | 1,369,116 | $ | 47.55 | 7 | $ | 22,795 | |||||||
Exercisable at December 31, 2013 | 854,031 | $ | 37.86 | 6 | $ | 21,977 | |||||||
Weighted-Average Assumptions used to Estimate Fair Value of Each Option Granted | ' | ||||||||||||
The fair value of each option granted during the years ended December 31, 2013, 2012 and 2011 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Dividend yield | 1.58 | % | 1.59 | % | 1.53 | % | |||||||
Volatility | 33.55 | % | 34.04 | % | 33.04 | % | |||||||
Average expected life (years) | 6 | 6 | 6 | ||||||||||
Risk-free interest rate | 2.18 | % | 2.05 | % | 3.67 | % | |||||||
Fair value of options granted | $ | 19.73 | $ | 20 | $ | 18.42 | |||||||
Activity in Performance Unit Awards | ' | ||||||||||||
The following table summarizes activity in performance unit awards as of and for the year ended December 31, 2013: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Per Share | |||||||||||||
Nonvested, beginning of period | 364,100 | $ | 55.94 | ||||||||||
Granted | 274,621 | 61.41 | |||||||||||
Vested | (228,001 | ) | 49.77 | ||||||||||
Forfeited | (39,317 | ) | 62.53 | ||||||||||
Nonvested, end of period | 371,403 | 63.08 | |||||||||||
Activity in Non-Performance Based Restricted Stock Awards | ' | ||||||||||||
The following table summarizes activity in non-performance based restricted stock and restricted stock unit awards as of and for the year ended December 31, 2013: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Per Share | |||||||||||||
Nonvested, beginning of period | 142,805 | $ | 51.01 | ||||||||||
Granted | 53,593 | 63.17 | |||||||||||
Vested | (51,416 | ) | 41.48 | ||||||||||
Forfeited | (33,787 | ) | 57.46 | ||||||||||
Nonvested, end of period | 111,195 | 59.32 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||
Activity in Recorded Environmental Liabilities Activity | ' | |||||||||||||||||||||||
We had the following activity in our recorded environmental liabilities for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance, beginning of year | $ | 20,322 | $ | 12,359 | $ | 13,806 | ||||||||||||||||||
Expenditures | (3,013 | ) | (1,451 | ) | (1,081 | ) | ||||||||||||||||||
Changes in estimates recorded to earnings and other | (902 | ) | 227 | (270 | ) | |||||||||||||||||||
Exit of phosphorus flame retardants business | — | 8,700 | — | |||||||||||||||||||||
Foreign currency translation | 192 | 487 | (96 | ) | ||||||||||||||||||||
Balance, end of year | 16,599 | 20,322 | 12,359 | |||||||||||||||||||||
Less amounts reported in Accrued expenses | 7,386 | 3,109 | 1,433 | |||||||||||||||||||||
Amounts reported in Other noncurrent liabilities | $ | 9,213 | $ | 17,213 | $ | 10,926 | ||||||||||||||||||
Future Non-Cancelable Minimum Lease Payments for Next Five Years and Thereafter | ' | |||||||||||||||||||||||
The following schedule details the future non-cancelable minimum lease payments for the next five years and thereafter (in thousands): | ||||||||||||||||||||||||
Minimum | ||||||||||||||||||||||||
Operating Lease | ||||||||||||||||||||||||
Payments | ||||||||||||||||||||||||
2014 | $ | 7,232 | ||||||||||||||||||||||
2015 | $ | 5,556 | ||||||||||||||||||||||
2016 | $ | 4,142 | ||||||||||||||||||||||
2017 | $ | 3,351 | ||||||||||||||||||||||
2018 | $ | 2,286 | ||||||||||||||||||||||
Thereafter | $ | 6,060 | ||||||||||||||||||||||
Letters of Credit and Guarantee Agreements | ' | |||||||||||||||||||||||
The following table summarizes our letters of credit and guarantee agreements (in thousands): | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||||||
Letters of credit and other guarantees | $ | 12,618 | $ | 3,262 | $ | 328 | $ | 3,839 | $ | 232 | $ | 6,291 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Amount of Income Tax (Expense) Benefit Allocated to Component of Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
The components and activity in Accumulated other comprehensive income (net of deferred income taxes) consisted of the following during the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||
Foreign | Net | Unrealized | Other | Total | ||||||||||||||||
Currency | Prior Service | Gain (Loss) on | ||||||||||||||||||
Translation | Benefit(b) | Marketable | ||||||||||||||||||
Adjustments(a) | Securities | |||||||||||||||||||
Balance at December 31, 2010 | $ | 69,605 | $ | 6,422 | $ | (3 | ) | $ | (1,135 | ) | $ | 74,889 | ||||||||
Current period change | (17,269 | ) | (2,156 | ) | 1 | 257 | (19,167 | ) | ||||||||||||
Tax benefit (expense) | 3,909 | 794 | (1 | ) | (95 | ) | 4,607 | |||||||||||||
Balance at December 31, 2011 | 56,245 | 5,060 | (3 | ) | (973 | ) | 60,329 | |||||||||||||
Current period change | 26,846 | (6,533 | ) | (5 | ) | 217 | 20,525 | |||||||||||||
Tax benefit (expense) | 2,026 | 2,462 | 2 | (80 | ) | 4,410 | ||||||||||||||
Balance at December 31, 2012 | 85,117 | 989 | (6 | ) | (836 | ) | 85,264 | |||||||||||||
Current period change | 29,539 | (781 | ) | (3 | ) | 217 | 28,972 | |||||||||||||
Tax benefit (expense) | 1,809 | 279 | 1 | (80 | ) | 2,009 | ||||||||||||||
Balance at December 31, 2013 | $ | 116,465 | $ | 487 | $ | (8 | ) | $ | (699 | ) | $ | 116,245 | ||||||||
(a) | Current period change for the year ended December 31, 2012 includes $12.3 million related to a non-cash write-off of foreign currency translation adjustments from Accumulated other comprehensive income in connection with our exit of the phosphorus flame retardants business (see Note 19) in accordance with current accounting guidance. | |||||||||||||||||||
(b) | Current period change for the year ended December 31, 2012 includes $6.5 million related to a supplemental executive retirement plan settlement in connection with the retirement of our former CEO and executive chairman, and ($4.5) million related to various amendments to certain of our U.S. pension and defined contribution plans that were approved by our Board of Directors in the fourth quarter of 2012. | |||||||||||||||||||
Components and Activity in Accumulated Other Comprehensive Income, Net of Deferred Income Taxes | ' | |||||||||||||||||||
In accordance with accounting guidance issued by the FASB in February 2013 which became effective for us in the first quarter of 2013 on a prospective basis, below is information about amounts reclassified from accumulated other comprehensive income for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||
Foreign | Net | Unrealized | Other | Total | ||||||||||||||||
Currency | Prior Service | Loss on | ||||||||||||||||||
Translation | Benefit | Marketable | ||||||||||||||||||
Adjustments | Securities | |||||||||||||||||||
Accumulated other comprehensive income - | $ | 85,117 | $ | 989 | $ | (6 | ) | $ | (836 | ) | $ | 85,264 | ||||||||
balance at December 31, 2012 | ||||||||||||||||||||
Other comprehensive income (loss) before | 31,704 | — | (2 | ) | — | 31,702 | ||||||||||||||
reclassifications | ||||||||||||||||||||
Amounts reclassified from accumulated | — | (502 | ) | — | 137 | (365 | ) | |||||||||||||
other comprehensive income | ||||||||||||||||||||
Other comprehensive income (loss), net of | 31,704 | (502 | ) | (2 | ) | 137 | 31,337 | |||||||||||||
tax | ||||||||||||||||||||
Other comprehensive income attributable to | (356 | ) | — | — | — | (356 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
Accumulated other comprehensive income - | $ | 116,465 | $ | 487 | $ | (8 | ) | $ | (699 | ) | $ | 116,245 | ||||||||
balance at December 31, 2013 | ||||||||||||||||||||
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Financial Assets Accounted for at Fair Value on Recurring Basis | ' | |||||||||||||||||||||||
The following table sets forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2012 (in thousands): | ||||||||||||||||||||||||
31-Dec-12 | Quoted Prices in | Quoted Prices in | Unobservable | |||||||||||||||||||||
Active Markets | Active Markets | Inputs | ||||||||||||||||||||||
for Identical | for Similar | (Level 3) | ||||||||||||||||||||||
Items | Items | |||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Pension Assets: | ||||||||||||||||||||||||
Domestic Equity(a) | $ | 218,145 | $ | 153,465 | $ | 64,680 | $ | — | ||||||||||||||||
International Equity(b) | 107,647 | 18,977 | 88,670 | — | ||||||||||||||||||||
Fixed Income(c) | 142,967 | 51,306 | 91,661 | — | ||||||||||||||||||||
Absolute Return(d) | 80,714 | 9,885 | — | 70,829 | ||||||||||||||||||||
Cash | 13,830 | 13,830 | — | — | ||||||||||||||||||||
Total Pension Assets | $ | 563,303 | $ | 247,463 | $ | 245,011 | $ | 70,829 | ||||||||||||||||
Postretirement Assets: | ||||||||||||||||||||||||
Fixed Income(c) | $ | 6,611 | $ | — | $ | 6,611 | $ | — | ||||||||||||||||
(a) | Consists primarily of U.S. equity securities covering a diverse group of companies and U.S. stock funds that primarily track or are actively managed and measured against indices including the S&P 500 and the Russell 2000. | |||||||||||||||||||||||
(b) | Consists primarily of international equity funds which include stocks and debt obligations of non-U.S. entities that primarily track or are actively managed and measured against various MSCI indices. | |||||||||||||||||||||||
(c) | Consists primarily of fixed income mutual funds, corporate bonds, U.S. Treasury notes, other government securities and insurance policies. | |||||||||||||||||||||||
(d) | Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below. | |||||||||||||||||||||||
The following table sets forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2013 (in thousands): | ||||||||||||||||||||||||
31-Dec-13 | Quoted Prices in | Quoted Prices in | Unobservable | |||||||||||||||||||||
Active Markets | Active Markets | Inputs | ||||||||||||||||||||||
for Identical | for Similar | (Level 3) | ||||||||||||||||||||||
Items | Items | |||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Pension Assets: | ||||||||||||||||||||||||
Domestic Equity(a) | $ | 167,627 | $ | 167,627 | $ | — | $ | — | ||||||||||||||||
International Equity(b) | 70,609 | 70,609 | — | — | ||||||||||||||||||||
Fixed Income(c) | 248,095 | 237,151 | 10,944 | — | ||||||||||||||||||||
Absolute Return(d) | 125,137 | 1,538 | — | 123,599 | ||||||||||||||||||||
Cash | 5,077 | 5,077 | — | — | ||||||||||||||||||||
Total Pension Assets | $ | 616,545 | $ | 482,002 | $ | 10,944 | $ | 123,599 | ||||||||||||||||
Postretirement Assets: | ||||||||||||||||||||||||
Fixed Income(c) | $ | 5,620 | $ | — | $ | 5,620 | $ | — | ||||||||||||||||
(a) | Consists primarily of U.S. stock funds that track or are actively managed and measured against the S&P 500 index. | |||||||||||||||||||||||
(b) | Consists primarily of an international equity fund which invests in common stocks and other securities whose value is based on an international equity index or an underlying equity security or basket of equity securities. | |||||||||||||||||||||||
(c) | Consists primarily of mutual funds that hold debt obligations issued by governments, corporations, municipalities and other borrowers. Also includes insurance policies. | |||||||||||||||||||||||
(d) | Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below. | |||||||||||||||||||||||
Changes in Fair Value of Plans Level 3 Assets | ' | |||||||||||||||||||||||
The table below sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2012 (in thousands): | ||||||||||||||||||||||||
Absolute Return: | Year Ended December 31, 2012 | |||||||||||||||||||||||
Beginning Balance | $ | 73,025 | ||||||||||||||||||||||
Total losses relating to assets sold during the period(a) | (31 | ) | ||||||||||||||||||||||
Total unrealized gains relating to assets still held at the reporting date(a) | 2,311 | |||||||||||||||||||||||
Sales | (4,476 | ) | ||||||||||||||||||||||
Ending Balance | $ | 70,829 | ||||||||||||||||||||||
(a) | These gains (losses) are recognized in the consolidated balance sheets and are included as changes in plan assets in the tables above. | |||||||||||||||||||||||
The table below sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||||||
Absolute Return: | Year Ended December 31, 2013 | |||||||||||||||||||||||
Beginning Balance | $ | 70,829 | ||||||||||||||||||||||
Total gains relating to assets sold during the period(a) | 994 | |||||||||||||||||||||||
Total unrealized losses relating to assets still held at the reporting date(a) | (4,511 | ) | ||||||||||||||||||||||
Purchases | 76,643 | |||||||||||||||||||||||
Sales | (20,356 | ) | ||||||||||||||||||||||
Ending Balance | $ | 123,599 | ||||||||||||||||||||||
(a) | These gains (losses) are recognized in the consolidated balance sheets and are included as changes in plan assets in the tables above. | |||||||||||||||||||||||
Current Forecast of Benefit Payments, which Reflect Expected Future Service | ' | |||||||||||||||||||||||
The current forecast of benefit payments, which reflect expected future service, amounts to (in millions): | ||||||||||||||||||||||||
Total | Domestic | Total | ||||||||||||||||||||||
Pension | Pension | Postretirement | ||||||||||||||||||||||
Benefits | Benefits | Benefits | ||||||||||||||||||||||
2014 | $ | 40 | $ | 37.6 | $ | 4.8 | ||||||||||||||||||
2015 | $ | 39.6 | $ | 37.8 | $ | 4.9 | ||||||||||||||||||
2016 | $ | 41.2 | $ | 39.4 | $ | 5 | ||||||||||||||||||
2017 | $ | 43.2 | $ | 40.9 | $ | 4.9 | ||||||||||||||||||
2018 | $ | 46.2 | $ | 44.5 | $ | 4.8 | ||||||||||||||||||
2019-2023 | $ | 236.3 | $ | 223 | $ | 21.4 | ||||||||||||||||||
Total Pension Benefits | ' | |||||||||||||||||||||||
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Plans | ' | |||||||||||||||||||||||
The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans, as well as a summary of significant assumptions for our pension benefit plans (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
Total Pension | Domestic Pension | Total Pension | Domestic Pension | |||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||||
Change in benefit obligations: | ||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 762,395 | $ | 714,158 | $ | 674,665 | $ | 634,184 | ||||||||||||||||
Service cost | 13,962 | 12,177 | 12,741 | 11,274 | ||||||||||||||||||||
Interest cost | 29,883 | 28,406 | 31,636 | 29,843 | ||||||||||||||||||||
Plan amendments | — | — | 1,123 | 1,123 | ||||||||||||||||||||
Actuarial (gain) loss | (88,392 | ) | (85,774 | ) | 90,336 | 83,428 | ||||||||||||||||||
Benefits paid | (41,132 | ) | (39,630 | ) | (49,234 | ) | (45,694 | ) | ||||||||||||||||
Employee contributions | 320 | — | 294 | — | ||||||||||||||||||||
Foreign exchange loss | 1,546 | — | 834 | — | ||||||||||||||||||||
Benefit obligation at December 31 | $ | 678,582 | $ | 629,337 | $ | 762,395 | $ | 714,158 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 563,303 | $ | 554,179 | $ | 531,105 | $ | 522,408 | ||||||||||||||||
Actual return on plan assets | 83,853 | 83,499 | 62,577 | 62,167 | ||||||||||||||||||||
Employer contributions | 9,790 | 7,556 | 18,299 | 15,298 | ||||||||||||||||||||
Benefits paid | (41,132 | ) | (39,630 | ) | (49,234 | ) | (45,694 | ) | ||||||||||||||||
Employee contributions | 320 | — | 294 | — | ||||||||||||||||||||
Foreign exchange gain | 411 | — | 262 | — | ||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 616,545 | $ | 605,604 | $ | 563,303 | $ | 554,179 | ||||||||||||||||
Funded status at December 31 | $ | (62,037 | ) | $ | (23,733 | ) | $ | (199,092 | ) | $ | (159,979 | ) | ||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Total Pension | Domestic Pension | Total Pension | Domestic Pension | |||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||||
Amounts recognized in consolidated | ||||||||||||||||||||||||
balance sheets: | ||||||||||||||||||||||||
Current liabilities (accrued expenses) | $ | (4,390 | ) | $ | (2,856 | ) | $ | (3,611 | ) | $ | (2,015 | ) | ||||||||||||
Noncurrent liabilities (pension benefits) | (57,647 | ) | (20,877 | ) | (195,481 | ) | (157,964 | ) | ||||||||||||||||
Net pension liability | $ | (62,037 | ) | $ | (23,733 | ) | $ | (199,092 | ) | $ | (159,979 | ) | ||||||||||||
Amounts recognized in accumulated other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Prior service benefit | $ | (70 | ) | $ | (441 | ) | $ | (759 | ) | $ | (1,181 | ) | ||||||||||||
Net amount recognized | $ | (70 | ) | $ | (441 | ) | $ | (759 | ) | $ | (1,181 | ) | ||||||||||||
Weighted-average assumption | ||||||||||||||||||||||||
percentages: | ||||||||||||||||||||||||
Discount rate | 5 | % | 5.14 | % | 4.04 | % | 4.1 | % | ||||||||||||||||
Rate of compensation increase | 2.78 | % | 3.5 | % | 3.37 | % | 3.5 | % | ||||||||||||||||
Components of Pension Benefits Expense | ' | |||||||||||||||||||||||
The components of pension benefits (credit) cost are as follows (in thousands): | ||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||
Total | Domestic | Total | Domestic | Total | Domestic | |||||||||||||||||||
Pension | Pension | Pension | Pension | Pension | Pension | |||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||
Service cost | $ | 13,962 | $ | 12,177 | $ | 12,741 | $ | 11,274 | $ | 12,830 | $ | 11,169 | ||||||||||||
Interest cost | 29,883 | 28,406 | 31,636 | 29,843 | 32,933 | 30,945 | ||||||||||||||||||
Expected return on assets | (39,392 | ) | (38,975 | ) | (44,752 | ) | (44,342 | ) | (42,186 | ) | (41,776 | ) | ||||||||||||
Actuarial (gain) loss(a) | (132,916 | ) | (130,297 | ) | 72,550 | 65,603 | 88,809 | 88,091 | ||||||||||||||||
Amortization of prior service | (689 | ) | (741 | ) | (757 | ) | (812 | ) | (953 | ) | (1,009 | ) | ||||||||||||
benefit | ||||||||||||||||||||||||
Total net pension benefits (credit) | $ | (129,152 | ) | $ | (129,430 | ) | $ | 71,418 | $ | 61,566 | $ | 91,433 | $ | 87,420 | ||||||||||
cost | ||||||||||||||||||||||||
Weighted-average assumption | ||||||||||||||||||||||||
percentages: | ||||||||||||||||||||||||
Discount rate | 4.04 | % | 4.1 | % | 5.04 | % | 5.07 | % | 5.4 | % | 5.45 | % | ||||||||||||
Expected return on plan assets | 7.2 | % | 7.25 | % | 8.19 | % | 8.25 | % | 8.19 | % | 8.25 | % | ||||||||||||
Rate of compensation increase | 3.37 | % | 3.5 | % | 3.96 | % | 4.11 | % | 3.93 | % | 4.11 | % | ||||||||||||
Estimated Amounts to Be Amortized from Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
The estimated amounts to be amortized from accumulated other comprehensive income into net periodic pension costs during 2014 are as follows (in thousands): | ||||||||||||||||||||||||
Total | Domestic | |||||||||||||||||||||||
Pension | Pension | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Amortization of prior service benefit | $ | (689 | ) | $ | (741 | ) | ||||||||||||||||||
Total Postretirement Benefits | ' | |||||||||||||||||||||||
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Plans | ' | |||||||||||||||||||||||
The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans, as well as a summary of significant assumptions for our postretirement benefit plans (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Total Other | Total Other | |||||||||||||||||||||||
Postretirement | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Change in benefit obligations: | ||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 70,787 | $ | 68,935 | ||||||||||||||||||||
Service cost | 309 | 274 | ||||||||||||||||||||||
Interest cost | 2,764 | 3,172 | ||||||||||||||||||||||
Actuarial (gain) loss | (6,165 | ) | 3,032 | |||||||||||||||||||||
Benefits paid | (4,863 | ) | (4,626 | ) | ||||||||||||||||||||
Benefit obligation at December 31 | $ | 62,832 | $ | 70,787 | ||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 6,611 | $ | 7,681 | ||||||||||||||||||||
Actual return on plan assets | 368 | 358 | ||||||||||||||||||||||
Employer contributions | 3,504 | 3,198 | ||||||||||||||||||||||
Benefits paid | (4,863 | ) | (4,626 | ) | ||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 5,620 | $ | 6,611 | ||||||||||||||||||||
Funded status at December 31 | $ | (57,212 | ) | $ | (64,176 | ) | ||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Total Other | Total Other | |||||||||||||||||||||||
Postretirement | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Amounts recognized in consolidated balance sheets: | ||||||||||||||||||||||||
Current liabilities (accrued expenses) | $ | (3,309 | ) | $ | (3,361 | ) | ||||||||||||||||||
Noncurrent liabilities (postretirement benefits) | (53,903 | ) | (60,815 | ) | ||||||||||||||||||||
Net postretirement liability | $ | (57,212 | ) | $ | (64,176 | ) | ||||||||||||||||||
Amounts recognized in accumulated other comprehensive income: | ||||||||||||||||||||||||
Prior service benefit | (429 | ) | (525 | ) | ||||||||||||||||||||
Net amount recognized | $ | (429 | ) | $ | (525 | ) | ||||||||||||||||||
Weighted-average assumption percentages: | ||||||||||||||||||||||||
Discount rate | 5.03 | % | 4 | % | ||||||||||||||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | ||||||||||||||||||||
Components of Pension Benefits Expense | ' | |||||||||||||||||||||||
The components of postretirement benefits (credit) cost are as follows (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Total Other | Total Other | Total Other | ||||||||||||||||||||||
Postretirement | Postretirement | Postretirement | ||||||||||||||||||||||
Benefits | Benefits | Benefits | ||||||||||||||||||||||
Service cost | $ | 309 | $ | 274 | $ | 263 | ||||||||||||||||||
Interest cost | 2,764 | 3,172 | 3,393 | |||||||||||||||||||||
Expected return on assets | (413 | ) | (488 | ) | (509 | ) | ||||||||||||||||||
Actuarial (gain) loss(a) | (6,120 | ) | 3,161 | 3,324 | ||||||||||||||||||||
Amortization of prior service benefit | (95 | ) | (95 | ) | (697 | ) | ||||||||||||||||||
Total net postretirement benefits (credit) cost | $ | (3,555 | ) | $ | 6,024 | $ | 5,774 | |||||||||||||||||
Weighted-average assumption percentages: | ||||||||||||||||||||||||
Discount rate | 4 | % | 5.1 | % | 5.3 | % | ||||||||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | ||||||||||||||||||
Rate of compensation increase | 3.5 | % | 4 | % | 4 | % | ||||||||||||||||||
Estimated Amounts to Be Amortized from Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
The estimated amounts to be amortized from accumulated other comprehensive income into net periodic postretirement costs during 2014 are as follows (in thousands): | ||||||||||||||||||||||||
Total Other | ||||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
Amortization of prior service benefit | $ | (95 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components of Income Tax Expense Benefit | ' | |||||||||||
Income before income taxes and equity in net income of unconsolidated investments and current and deferred income tax expense (benefit) are composed of the following (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income before income taxes and equity in net income of | ||||||||||||
unconsolidated investments: | ||||||||||||
Domestic | $ | 355,375 | $ | 316,856 | $ | 209,714 | ||||||
Foreign | 189,052 | 57,737 | 270,863 | |||||||||
Total | $ | 544,427 | $ | 374,593 | $ | 480,577 | ||||||
Current income tax expense: | ||||||||||||
Federal | $ | 52,413 | $ | 71,930 | $ | 82,379 | ||||||
State | 2,121 | 6,478 | 4,774 | |||||||||
Foreign | 16,923 | 18,712 | 28,179 | |||||||||
Total | $ | 71,457 | $ | 97,120 | $ | 115,332 | ||||||
Deferred income tax expense (benefit): | ||||||||||||
Federal | $ | 72,299 | $ | (2,632 | ) | $ | (23,060 | ) | ||||
State | 2,525 | 477 | (417 | ) | ||||||||
Foreign | (9,959 | ) | (12,432 | ) | 12,279 | |||||||
Total | $ | 64,865 | $ | (14,587 | ) | $ | (11,198 | ) | ||||
Total income tax expense | $ | 136,322 | $ | 82,533 | $ | 104,134 | ||||||
Significant Differences Between United States Federal Statutory Rate and Effective Income Tax Rate | ' | |||||||||||
The significant differences between the U.S. federal statutory rate and the effective income tax rate are as follows: | ||||||||||||
% of Income Before Income Taxes | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State taxes, net of federal tax benefit | 0.7 | 1.4 | 0.6 | |||||||||
Change in valuation allowance(a) | (2.2 | ) | 3.4 | (0.3 | ) | |||||||
Impact of foreign earnings, net(b) | (10.3 | ) | (6.1 | ) | (10.9 | ) | ||||||
Depletion | (0.9 | ) | (1.3 | ) | (0.9 | ) | ||||||
Revaluation of unrecognized tax benefits/reserve requirements(c) | (0.1 | ) | (1.7 | ) | (0.1 | ) | ||||||
Domestic Manufacturing tax deduction(d) | (0.9 | ) | (3.8 | ) | (1.2 | ) | ||||||
Undistributed earnings of foreign subsidiaries(b) | 2.9 | (4.9 | ) | (0.4 | ) | |||||||
Other items, net | 0.8 | — | (0.1 | ) | ||||||||
Effective income tax rate | 25 | % | 22 | % | 21.7 | % | ||||||
(a) | During 2013, the Avonmouth, United Kingdom legal entity was dissolved, therefore the corresponding valuation allowance and deferred tax assets were written off. During 2012, a valuation allowance was established for $15.9 million as a result of the planned shut-down of our Avonmouth, United Kingdom legal entity in connection with our exit of the phosphorus flame retardants business. See Note 19, “Special Items.” | |||||||||||
(b) | In prior years, we designated the undistributed earnings of substantially all of our foreign subsidiaries as permanently reinvested. The benefit of the lower tax rates in the jurisdictions for which we made this designation have been reflected in our effective income tax rate. During 2013, 2012 and 2011, we received distributions of $12.3 million, $56.9 million and $33.8 million, respectively, from various foreign subsidiaries and joint ventures and realized an expense (benefit), net of foreign tax credits, of $2.4 million, $(1.8) million and $5.4 million, respectively, related to the repatriation of these high taxed earnings. We have asserted for all periods being reported, permanent reinvestment of our share of the income of JBC, a Free Zones company under the laws of the Hashemite Kingdom of Jordan. The applicable provisions of the Jordanian law, and applicable regulations thereunder, do not have a termination provision and the exemption is permanent. As a Free Zones company, JBC is not subject to income taxes on the profits of products exported from Jordan, and currently, substantially all of the profits are from exports. In 2012, undistributed foreign subsidiary earnings were primarily impacted by a $17.4 million change related to the closure of our Avonmouth, United Kingdom site in connection with our exit of the phosphorus flame retardants business. | |||||||||||
(c) | During 2012, we released various tax reserves primarily related to the expiration of the applicable U.S. federal statute of limitations for 2008 which provided a net benefit of $5.2 million. | |||||||||||
(d) | During 2012, we amended the calculation of the domestic manufacturing tax deduction for the year 2010 and filed the 2011 tax return. As a result, in 2012 we recognized tax benefits of $1.5 million and $3.0 million related to the 2010 and 2011 tax years, respectively. | |||||||||||
Deferred Income Tax Assets and Liabilities Recorded on Consolidated Balance Sheets | ' | |||||||||||
The deferred income tax assets and liabilities recorded on the consolidated balance sheets as of December 31, 2013 and 2012 consist of the following (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Postretirement benefits other than pensions | $ | 300 | $ | 14,900 | ||||||||
Accrued employee benefits | 31,089 | 26,603 | ||||||||||
Operating loss carryovers | 88,614 | 74,934 | ||||||||||
Pensions | 37,172 | 74,521 | ||||||||||
Tax credit carryovers | 35,170 | 37,684 | ||||||||||
Undistributed earnings of foreign subsidiaries | — | 15,583 | ||||||||||
Other | 15,447 | 23,280 | ||||||||||
Gross deferred tax assets | 207,792 | 267,505 | ||||||||||
Valuation allowance | (33,757 | ) | (49,562 | ) | ||||||||
Deferred tax assets | 174,035 | 217,943 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation | (213,575 | ) | (193,021 | ) | ||||||||
Foreign currency translation adjustments | (3,104 | ) | (4,933 | ) | ||||||||
Undistributed earnings of foreign subsidiaries | (71 | ) | — | |||||||||
Other | (19,747 | ) | (20,348 | ) | ||||||||
Deferred tax liabilities | (236,497 | ) | (218,302 | ) | ||||||||
Net deferred tax liabilities | $ | (62,462 | ) | $ | (359 | ) | ||||||
Classification in the consolidated balance sheets: | ||||||||||||
Current deferred tax assets | $ | 3,912 | $ | 4,197 | ||||||||
Current deferred tax liabilities | (2,853 | ) | (5,700 | ) | ||||||||
Noncurrent deferred tax assets | 65,667 | 64,512 | ||||||||||
Noncurrent deferred tax liabilities | (129,188 | ) | (63,368 | ) | ||||||||
Net deferred tax liabilities | $ | (62,462 | ) | $ | (359 | ) | ||||||
Changes in Balance of Deferred Tax Asset Valuation Allowance | ' | |||||||||||
Changes in the balance of our deferred tax asset valuation allowance are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | (49,562 | ) | $ | (36,419 | ) | $ | (39,802 | ) | |||
Additions | (4,359 | ) | (20,182 | ) | (6,155 | ) | ||||||
Deductions | 20,164 | 7,039 | 9,538 | |||||||||
Balance at December 31 | $ | (33,757 | ) | $ | (49,562 | ) | $ | (36,419 | ) | |||
Reconciliation of Total Gross Liability Related to Uncertain Tax Positions | ' | |||||||||||
The following is a reconciliation of our total gross liability related to uncertain tax positions for 2013, 2012 and 2011 (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 28,398 | $ | 29,789 | $ | 20,949 | ||||||
Additions for tax positions related to prior years | — | 4,242 | — | |||||||||
Reductions for tax positions related to prior years | (348 | ) | — | (1,639 | ) | |||||||
Additions for tax positions related to current year | 2,061 | 3,639 | 10,802 | |||||||||
Lapses in statutes of limitations | (473 | ) | (10,057 | ) | (323 | ) | ||||||
Foreign currency translation adjustment | (495 | ) | 785 | — | ||||||||
Balance at December 31 | $ | 29,143 | $ | 28,398 | $ | 29,789 | ||||||
Special_Items_Tables
Special Items (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure Special Items Additional Information [Abstract] | ' | |||||||||||
Restructuring and Other Charges Reported in Consolidated Statements of Income | ' | |||||||||||
Restructuring and other charges, net reported in the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011 consist of the following (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Charges in connection with global business realignment(a) | $ | 33,361 | $ | — | $ | — | ||||||
Exit of phosphorus flame retardants business(b) | — | 100,777 | — | |||||||||
Defined benefit pension plan curtailment gain, net(c) | — | (4,507 | ) | — | ||||||||
Employer contribution to defined contribution plan(c) | — | 10,081 | — | |||||||||
Other(d) | — | 5,334 | — | |||||||||
Total Restructuring and other charges, net | $ | 33,361 | $ | 111,685 | $ | — | ||||||
(a) | In connection with the announced realignment of our operating segments effective January 1, 2014, in the fourth quarter of 2013 we initiated a workforce reduction plan which will result in a reduction of approximately 230 employees worldwide. In the fourth quarter of 2013 we recorded charges of $33.4 million ($21.9 million after income taxes) for termination benefits and other costs related to this workforce reduction plan. Payments under this workforce reduction plan are expected to occur through 2014. | |||||||||||
(b) | In the second quarter of 2012 we recorded net charges amounting to $94.7 million ($73.6 million after income taxes), and in the fourth quarter we recorded net charges amounting to $6.1 million ($2.5 million after income taxes), in connection with our exit of the phosphorus flame retardants business, whose products were sourced mainly at our Avonmouth, United Kingdom and Nanjing, China manufacturing sites. The charges are comprised mainly of non-cash items consisting of net asset write-offs of approximately $57 million and write-offs of foreign currency translation adjustments of approximately $12 million, as well as accruals for future cash costs associated with related severance programs of approximately $22 million, estimated site remediation costs of approximately $9 million, other estimated exit costs of approximately $3 million, partly offset by a gain of approximately $2 million related to the sale of our Nanjing, China manufacturing site. Payments under this restructuring plan are expected to occur through 2014. | |||||||||||
(c) | In the fourth quarter of 2012 we recorded a net curtailment gain of $4.5 million ($2.9 million after income taxes) and a one-time employer contribution to the Company’s defined contribution plan of $10.1 million ($6.4 million after income taxes), both in connection with various amendments to certain of our U.S. pension and defined contribution plans that were approved by our Board of Directors in the fourth quarter of 2012. See Note 17, “Pension Plans and Other Postretirement Benefits.” | |||||||||||
(d) | In the fourth quarter of 2012 we recorded charges amounting to $5.3 million ($4.3 million after income taxes) related to changes in product sourcing and other items. | |||||||||||
Activity in Recorded Workforce Reduction Liabilities | ' | |||||||||||
We had the following activity in our recorded workforce reduction liabilities for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of year | $ | 15,898 | $ | 4,780 | $ | 7,074 | ||||||
Workforce reduction charges(a) | 33,361 | 21,640 | 1,859 | |||||||||
Payments | (8,915 | ) | (10,929 | ) | (4,292 | ) | ||||||
Amount reversed to income(b) | (1,209 | ) | (45 | ) | 19 | |||||||
Foreign currency translation | (31 | ) | 452 | 120 | ||||||||
Balance, end of year | 39,104 | 15,898 | 4,780 | |||||||||
Less amounts reported in Accrued expenses | 39,104 | 14,428 | 2,843 | |||||||||
Amounts reported in Other noncurrent liabilities | $ | — | $ | 1,470 | $ | 1,937 | ||||||
(a) | The year ended December 31, 2013 includes charges amounting to $33.4 million in connection with the announced realignment of our operating segments effective January 1, 2014 as described above. | |||||||||||
The year ended December 31, 2012 includes charges amounting to $21.6 million relating to reduction in force liabilities associated with our exit of the phosphorus flame retardants business noted above. | ||||||||||||
The year ended December 31, 2011 includes charges of $1.9 million related to restructuring programs at various manufacturing locations which are reflected in Cost of goods sold. Payments under these programs have been completed. | ||||||||||||
(b) | Amounts reversed to income reflect adjustments based on actual timing and amount of final settlements. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value of Long-Term Debt | ' | |||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Recorded | Fair Value | Recorded | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
(In thousands) | ||||||||||||||||
Long-term debt | $ | 1,078,864 | $ | 1,109,878 | $ | 699,288 | $ | 764,784 | ||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis | ' | |||||||||||||||
The following tables set forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||
31-Dec-13 | Quoted Prices in | Quoted Prices in | Unobservable | |||||||||||||
Active Markets | Active Markets | Inputs | ||||||||||||||
for Identical | for Similar | (Level 3) | ||||||||||||||
Items | Items | |||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Investments under executive deferred compensation | $ | 23,030 | $ | 23,030 | $ | — | $ | — | ||||||||
plan (a) | ||||||||||||||||
Equity securities (b) | $ | 771 | $ | 21 | $ | — | $ | 750 | ||||||||
Foreign currency forward contracts (c) | $ | 161 | $ | — | $ | 161 | $ | — | ||||||||
Pension assets (d) | $ | 616,545 | $ | 482,002 | $ | 10,944 | $ | 123,599 | ||||||||
Postretirement assets (d) | $ | 5,620 | $ | — | $ | 5,620 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Obligations under executive deferred compensation | $ | 23,030 | $ | 23,030 | $ | — | $ | — | ||||||||
plan (a) | ||||||||||||||||
31-Dec-12 | Quoted Prices in | Quoted Prices in | Unobservable | |||||||||||||
Active Markets | Active Markets | Inputs | ||||||||||||||
for Identical | for Similar | (Level 3) | ||||||||||||||
Items | Items | |||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Investments under executive deferred compensation | $ | 20,265 | $ | 20,265 | $ | — | $ | — | ||||||||
plan (a) | ||||||||||||||||
Equity securities (b) | $ | 25 | $ | 25 | $ | — | $ | — | ||||||||
Foreign currency forward contracts (c) | $ | 262 | $ | — | $ | 262 | $ | — | ||||||||
Pension assets (d) | $ | 563,303 | $ | 247,463 | $ | 245,011 | $ | 70,829 | ||||||||
Postretirement assets (d) | $ | 6,611 | $ | — | $ | 6,611 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Obligations under executive deferred compensation | $ | 20,265 | $ | 20,265 | $ | — | $ | — | ||||||||
plan (a) | ||||||||||||||||
Foreign currency forward contracts (c) | $ | 771 | $ | — | $ | 771 | $ | — | ||||||||
(a) | We maintain an EDCP that was adopted in 2001 and subsequently amended. The purpose of the EDCP is to provide current tax planning opportunities as well as supplemental funds upon the retirement or death of certain of our employees. The EDCP is intended to aid in attracting and retaining employees of exceptional ability by providing them with these benefits. We also maintain a Benefit Protection Trust (the Trust) that was created to provide a source of funds to assist in meeting the obligations of the EDCP, subject to the claims of our creditors in the event of our insolvency. Assets of the Trust are consolidated in accordance with authoritative guidance. The assets of the Trust consist primarily of mutual fund investments (which are accounted for as trading securities and are marked-to-market on a monthly basis through the consolidated statements of income) and cash and cash equivalents. As such, these assets and obligations are classified within Level 1. | |||||||||||||||
(b) | Primarily consists of private equity securities classified as available-for-sale and are reported in Investments in the consolidated balance sheets. The changes in fair value are reported in Other in our consolidated statements of comprehensive income. Holdings in private equity securities are typically valued using the net asset valuations provided by the underlying private investment companies and as such are classified within Level 3. | |||||||||||||||
(c) | As a result of our global operating and financing activities, we are exposed to market risks from changes in foreign currency exchange rates, which may adversely affect our operating results and financial position. When deemed appropriate, we minimize our risks from foreign currency exchange rate fluctuations through the use of derivative financial instruments. The foreign currency forward contracts are valued using broker quotations or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are classified within Level 2. | |||||||||||||||
(d) | See Note 17 “Pension Plans and Other Postretirement Benefits” for further information about fair value measurements of our pension and postretirement plan assets. |
Operating_Segments_and_Geograp1
Operating Segments and Geographic Area Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Summarized Financial Information by Reportable Segments | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Net sales: | ||||||||||||
Performance Chemicals | $ | 1,430,652 | $ | 1,506,960 | $ | 1,586,246 | ||||||
Catalyst Solutions | 1,185,764 | 1,238,460 | 1,282,759 | |||||||||
Total net sales | $ | 2,616,416 | $ | 2,745,420 | $ | 2,869,005 | ||||||
Segment operating profit: | ||||||||||||
Performance Chemicals | $ | 324,602 | $ | 405,764 | $ | 435,478 | ||||||
Catalyst Solutions | 210,229 | 241,624 | 267,147 | |||||||||
Total segment operating profit | 534,831 | 647,388 | 702,625 | |||||||||
Equity in net income of unconsolidated investments: | ||||||||||||
Performance Chemicals | 8,875 | 6,416 | 7,696 | |||||||||
Catalyst Solutions | 22,854 | 31,651 | 36,259 | |||||||||
Corporate & other | — | — | (201 | ) | ||||||||
Total equity in net income of unconsolidated investments | 31,729 | 38,067 | 43,754 | |||||||||
Net (income) loss attributable to noncontrolling interests: | ||||||||||||
Performance Chemicals | (26,663 | ) | (18,571 | ) | (28,109 | ) | ||||||
Corporate & other | — | (20 | ) | 26 | ||||||||
Total net income attributable to noncontrolling interests | (26,663 | ) | (18,591 | ) | (28,083 | ) | ||||||
Segment income: | ||||||||||||
Performance Chemicals | 306,814 | 393,609 | 415,065 | |||||||||
Catalyst Solutions | 233,083 | 273,275 | 303,406 | |||||||||
Total segment income | 539,897 | 666,884 | 718,471 | |||||||||
Corporate & other(a) | 81,439 | (129,559 | ) | (185,006 | ) | |||||||
Restructuring and other charges(b) | (33,361 | ) | (111,685 | ) | — | |||||||
Interest and financing expenses | (31,559 | ) | (32,800 | ) | (37,574 | ) | ||||||
Other (expenses) income, net | (6,923 | ) | 1,229 | 357 | ||||||||
Income tax expense | (136,322 | ) | (82,533 | ) | (104,134 | ) | ||||||
Net income attributable to Albemarle Corporation | $ | 413,171 | $ | 311,536 | $ | 392,114 | ||||||
(a) | For the years ended December 31, 2013, 2012 and 2011, Corporate and other includes $143.1 million, $(68.0) million and $(89.2) million, respectively, of pension and OPEB plan credits (costs) (including mark-to-market actuarial gains and losses). | |||||||||||
(b) | See Note 19, “Special Items.” | |||||||||||
Goodwill and Identifiable Assets by Reportable Segments | ' | |||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Identifiable assets: | ||||||||||||
Performance Chemicals | $ | 1,132,870 | $ | 1,113,038 | $ | 1,014,176 | ||||||
Catalyst Solutions | 1,692,088 | 1,569,851 | 1,499,952 | |||||||||
Corporate & other | 759,839 | 754,402 | 689,696 | |||||||||
Total identifiable assets | $ | 3,584,797 | $ | 3,437,291 | $ | 3,203,824 | ||||||
Goodwill: | ||||||||||||
Performance Chemicals | $ | 46,635 | $ | 46,551 | $ | 46,130 | ||||||
Catalyst Solutions | 237,568 | 230,415 | 227,015 | |||||||||
Total goodwill | $ | 284,203 | $ | 276,966 | $ | 273,145 | ||||||
Depreciation Amortization and Capital Expenditures by Reportable Segments | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Depreciation and amortization: | ||||||||||||
Performance Chemicals | $ | 47,572 | $ | 41,831 | $ | 42,085 | ||||||
Catalyst Solutions | 57,610 | 55,275 | 53,333 | |||||||||
Corporate & other | 2,188 | 1,914 | 1,335 | |||||||||
Total depreciation and amortization | $ | 107,370 | $ | 99,020 | $ | 96,753 | ||||||
Capital expenditures: | ||||||||||||
Performance Chemicals | $ | 94,506 | $ | 156,648 | $ | 110,035 | ||||||
Catalyst Solutions | 60,326 | 122,746 | 65,308 | |||||||||
Corporate & other | 514 | 1,479 | 15,231 | |||||||||
Total capital expenditures | $ | 155,346 | $ | 280,873 | $ | 190,574 | ||||||
Net Sales | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Net Sales:(a) | ||||||||||||
United States | $ | 1,022,220 | $ | 1,053,068 | $ | 1,106,580 | ||||||
Foreign | 1,594,196 | 1,692,352 | 1,762,425 | |||||||||
Total | $ | 2,616,416 | $ | 2,745,420 | $ | 2,869,005 | ||||||
(a) | No sales in a foreign country exceed 10% of total net sales. Also, net sales are attributed to countries based upon shipments to final destination. | |||||||||||
Long-Lived Assets | ' | |||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Long-Lived Assets: | ||||||||||||
United States | $ | 748,719 | $ | 735,269 | $ | 652,022 | ||||||
Netherlands | 193,775 | 192,540 | 185,799 | |||||||||
Jordan | 227,818 | 209,133 | 141,725 | |||||||||
Brazil | 78,078 | 85,353 | 83,452 | |||||||||
Germany | 86,175 | 72,797 | 70,051 | |||||||||
China | 41,858 | 39,542 | 64,449 | |||||||||
France | 34,523 | 32,305 | 28,652 | |||||||||
Korea | 86,827 | 81,962 | 25,008 | |||||||||
United Kingdom | 3,665 | — | 12,436 | |||||||||
Other foreign countries | 47,139 | 33,598 | 46,323 | |||||||||
Total | $ | 1,548,577 | $ | 1,482,499 | $ | 1,309,917 | ||||||
Net Sales to External Customers in Each of Segments | ' | |||||||||||
Net sales to external customers by product category in each of the segments consists of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Performance Chemicals: | ||||||||||||
Fire Safety Solutions | $ | 620,972 | $ | 665,293 | $ | 780,541 | ||||||
Specialty Chemicals | 520,998 | 519,606 | 515,511 | |||||||||
Fine Chemistry Services | 288,682 | 322,061 | 290,194 | |||||||||
Total Performance Chemicals | $ | 1,430,652 | $ | 1,506,960 | $ | 1,586,246 | ||||||
Catalyst Solutions: | ||||||||||||
Refinery Catalyst Solutions | $ | 768,837 | $ | 794,933 | $ | 851,482 | ||||||
Performance Catalyst Solutions | 232,769 | 273,015 | 265,381 | |||||||||
Antioxidants | 184,158 | 170,512 | 165,896 | |||||||||
Total Catalyst Solutions | $ | 1,185,764 | $ | 1,238,460 | $ | 1,282,759 | ||||||
Quarterly_Financial_Summary_Un1
Quarterly Financial Summary (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Summary | ' | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
2013 | ||||||||||||||||
Net sales | $ | 641,625 | $ | 634,197 | $ | 648,638 | $ | 691,956 | ||||||||
Gross profit | $ | 199,590 | $ | 196,639 | $ | 211,649 | $ | 253,527 | ||||||||
Restructuring and other charges, net(a) | $ | — | $ | — | $ | — | $ | 33,361 | ||||||||
Net income attributable to Albemarle Corporation | $ | 83,987 | $ | 82,739 | $ | 90,512 | $ | 155,933 | ||||||||
Basic earnings per share | $ | 0.95 | $ | 0.98 | $ | 1.11 | $ | 1.92 | ||||||||
Shares used to compute basic earnings per share | 88,719 | 84,028 | 81,385 | 81,226 | ||||||||||||
Diluted earnings per share | $ | 0.94 | $ | 0.98 | $ | 1.11 | $ | 1.91 | ||||||||
Shares used to compute diluted earnings per share | 89,236 | 84,489 | 81,852 | 81,713 | ||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
2012 | ||||||||||||||||
Net sales | $ | 711,704 | $ | 684,894 | $ | 661,226 | $ | 687,596 | ||||||||
Gross profit | $ | 250,980 | $ | 249,288 | $ | 217,750 | $ | 191,977 | ||||||||
Restructuring and other charges, net(a) | $ | — | $ | 94,703 | $ | — | $ | 16,982 | ||||||||
Net income attributable to Albemarle Corporation | $ | 114,262 | $ | 50,089 | $ | 109,459 | $ | 37,726 | ||||||||
Basic earnings per share | $ | 1.28 | $ | 0.56 | $ | 1.23 | $ | 0.42 | ||||||||
Shares used to compute basic earnings per share | 88,997 | 89,414 | 89,327 | 89,018 | ||||||||||||
Diluted earnings per share | $ | 1.27 | $ | 0.56 | $ | 1.22 | $ | 0.42 | ||||||||
Shares used to compute diluted earnings per share | 89,947 | 90,051 | 89,879 | 89,660 | ||||||||||||
(a) | See Note 19, “Special Items.” |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 5 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | 30-May-14 |
Minimum | Maximum | Subsequent Event | ||||
segment | ||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of interest in joint ventures | ' | ' | ' | 20.00% | 50.00% | ' |
Number of operating segments | ' | ' | ' | ' | ' | 2 |
Deferred costs associated with yearly planed major maintenance, amortization period | '12 months | ' | ' | ' | ' | ' |
Definite-lived intangible assets useful life | ' | ' | ' | '5 years | '40 years | ' |
Foreign exchange transaction gains (losses) | $10.60 | $4.90 | $3.60 | ' | ' | ' |
Maximum remaining expiration period for foreign currency forward contracts | '1 year | ' | ' | ' | ' | ' |
Notional amount | $321.40 | $274 | ' | ' | ' | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flow Supplemental Disclosures [Line Items] | ' | ' | ' |
Income taxes (net of refunds of $14,296, $1,849 and $4,339 in 2013, 2012 and 2011, respectively) | $51,772 | $112,442 | $123,341 |
Interest (net of capitalization) | 29,629 | 31,144 | 33,127 |
Phosphorous Flame Retardant Business Exit | ' | ' | ' |
Cash Flow Supplemental Disclosures [Line Items] | ' | ' | ' |
Decrease in property, plant and equipment | 0 | -41,120 | 0 |
Decrease in accumulated depreciation | 0 | -17,870 | 0 |
Decrease in other intangibles, net of amortization | 0 | -27,384 | 0 |
Increase in accumulated other comprehensive income | 0 | 12,268 | 0 |
Other Restructuring Charges | ' | ' | ' |
Cash Flow Supplemental Disclosures [Line Items] | ' | ' | ' |
Decrease in property, plant and equipment | 0 | -5,002 | 0 |
Decrease in accumulated depreciation | 0 | -1,588 | 0 |
Pension Curtailment Gains Losses | ' | ' | ' |
Cash Flow Supplemental Disclosures [Line Items] | ' | ' | ' |
Increase in accumulated other comprehensive income | $0 | ($4,507) | $0 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information - Additional Information (Parenthetical) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Income taxes, refunds | $14,296 | $1,849 | $4,339 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 12, 2013 | Oct. 13, 2011 | Dec. 31, 2013 | 10-May-13 | Dec. 31, 2013 | 10-May-13 | Dec. 19, 2013 | Feb. 03, 2014 | Feb. 03, 2014 | Feb. 03, 2014 | Dec. 31, 2013 | |
Common Stock | Common Stock | Common Stock | Maximum | Maximum | Accelerated Share Repurchase Agreement | Total | Total | Fair Value | Final | Subsequent Event | Subsequent Event | Subsequent Event | Restricted Stock | ||||||||||||
Jp Morgan | Accelerated Share Repurchase Agreement | Accelerated Share Repurchase Agreement | Accelerated Share Repurchase Agreement | Accelerated Share Repurchase Agreement | Accelerated Share Repurchase Agreement | Total | Fair Value | ||||||||||||||||||
Jp Morgan | Jp Morgan | Jp Morgan | Jp Morgan | Merrill Lynch | Accelerated Share Repurchase Agreement | Accelerated Share Repurchase Agreement | |||||||||||||||||||
tranche | Merrill Lynch | Merrill Lynch | |||||||||||||||||||||||
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Albemarle Corporation | $155,933,000 | $90,512,000 | $82,739,000 | $83,987,000 | $37,726,000 | $109,459,000 | $50,089,000 | $114,262,000 | $413,171,000 | $311,536,000 | $392,114,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average common shares outstanding-basic (in shares) | 81,226,000 | 81,385,000 | 84,028,000 | 88,719,000 | 89,018,000 | 89,327,000 | 89,414,000 | 88,997,000 | 83,839,000 | 89,189,000 | 90,522,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | $1.92 | $1.11 | $0.98 | $0.95 | $0.42 | $1.23 | $0.56 | $1.28 | $4.93 | $3.49 | $4.33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental shares under stock compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 483,000 | 695,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total shares | 81,713,000 | 81,852,000 | 84,489,000 | 89,236,000 | 89,660,000 | 89,879,000 | 90,051,000 | 89,947,000 | 84,322,000 | 89,884,000 | 91,522,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share (in dollars per share) | $1.91 | $1.11 | $0.98 | $0.94 | $0.42 | $1.22 | $0.56 | $1.27 | $4.90 | $3.47 | $4.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock equivalents not included in computation of diluted earnings per share (in dollars per shares) | ' | ' | ' | ' | ' | ' | ' | ' | 468,120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares containing nonforfeitable rights to dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,133 |
Preferred stock, shares authorized (in shares) | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, number of shares authorized to be repurchased (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | 5,000,000 | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' |
Repurchases of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 582,298,000 | 63,575,000 | 178,132,000 | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | 50,000,000 | ' | ' |
Repurchase of common stock shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,680,921 | 7,064,932 | ' | 1,384,011 | ' | 623,248 | ' | ' |
Stock repurchased during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,000,000 | ' | ' | ' | 40,000,000 | ' |
Forward purchase contract adjustment to fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.01 | ' | ' | ' | ' | $0.77 | ' | ' | ' |
Share price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30 | ' | ' | ' |
Shares repurchased (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,198,056 | 1,092,767 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for repurchase | 5,939,594 | ' | ' | ' | ' | ' | ' | ' | 5,939,594 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' |
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Share repurchase amount per tranche | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' |
Other_Accounts_Receivable_Deta
Other Accounts Receivable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Value added tax/consumption tax | $21,956 | $22,398 |
Other | 23,138 | 21,446 |
Total | $45,094 | $43,844 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Percentage of LIFO inventory | 28.00% | 30.00% |
Inventories stated on LIFO basis | $121.90 | $126.60 |
Excess of replacement costs over stated LIFO value | $41.70 | $51.40 |
Other_Current_Assets_Detail
Other Current Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Other Assets [Abstract] | ' | ' | ||
Deferred income taxes—current | $3,912 | [1] | $4,197 | [1] |
Income tax receivables | 26,310 | 26,208 | ||
Prepaid expenses | 47,447 | 48,250 | ||
Total | $77,669 | $78,655 | ||
[1] | See Note 18, “Income Taxes.†|
Property_Plant_and_Equipment_a
Property, Plant and Equipment, at Cost (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | Land improvements | Land improvements | Buildings and improvements | Buildings and improvements | Machinery and equipment | Machinery and equipment | Machinery and equipment (major plant components) | Machinery and equipment (major plant components) | Long-term mineral rights and production equipment costs | Long-term mineral rights and production equipment costs | ||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property, plant and equipment, useful life | ' | ' | '5 years | '30 years | '10 years | '45 years | '2 years | '19 years | '20 years | '45 years | '7 years | '60 years | ||
Land | $63,153 | $61,123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Land improvements | 52,452 | 51,218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Buildings and improvements | 235,929 | 198,260 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Machinery and equipment | 1,731,247 | [1] | 1,603,533 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Machinery and equipment (major plant components) | 688,284 | [2] | 586,433 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term mineral rights and production equipment costs | 85,514 | 83,089 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term mineral rights and production equipment costs | 115,505 | 234,948 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total | $2,972,084 | $2,818,604 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Consists primarily of (1) short-lived production equipment components, office and building equipment and other equipment with estimated lives ranging 2 – 7 years, and (2) production process equipment (intermediate components) with estimated lives ranging 8 – 19 years. | |||||||||||||
[2] | Consists primarily of (1) production process equipment (major unit components) with estimated lives ranging 20 – 29 years, and (2) production process equipment (infrastructure and other) with estimated lives ranging 30 – 45 years. |
Property_Plant_and_Equipment_a1
Property, Plant and Equipment, at Cost (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum | Short-lived production equipment components, office and building equipment and other equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life | '2 years |
Minimum | Production process equipment (intermediate components) | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life | '8 years |
Minimum | Production process equipment (major unit components) | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life | '20 years |
Minimum | Production process equipment (infrastructure and other) | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life | '30 years |
Maximum | Short-lived production equipment components, office and building equipment and other equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life | '7 years |
Maximum | Production process equipment (intermediate components) | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life | '19 years |
Maximum | Production process equipment (major unit components) | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life | '29 years |
Maximum | Production process equipment (infrastructure and other) | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life | '45 years |
Recovered_Sheet1
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Phosphorous Flame Retardant Business Exit | Phosphorous Flame Retardant Business Exit | Phosphorous Flame Retardant Business Exit | Phosphorous Flame Retardant Business Exit | |||||
Property Plant and Equipment | ||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | ' | $99,300,000 | $88,300,000 | $83,600,000 | ' | ' | ' | ' |
Interest capitalized on significant capital projects | ' | 6,100,000 | 5,800,000 | 2,400,000 | ' | ' | ' | ' |
Phosphorous flame retardants business, net asset write off | ' | ' | ' | ' | ' | 57,000,000 | ' | 30,900,000 |
Cash proceeds from divestitures | 7,700,000 | 0 | 9,646,000 | 0 | ' | ' | ' | ' |
Amount of gain related to the sale of Nanjing, China manufacturing site | ' | ' | ' | ' | 2,000,000 | ' | 2,000,000 | ' |
Cash proceeds from sale of land | 1,900,000 | ' | ' | ' | ' | ' | ' | ' |
Cash payments related to acquisitions | ' | ' | ' | $6,500,000 | ' | ' | ' | ' |
Investment_Balances_Detail
Investment Balances (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Joint ventures | $187,843 | $185,928 |
Nonmarketable securities | 534 | 923 |
Marketable equity securities | 23,801 | 20,290 |
Total | $212,178 | $207,141 |
Investments_Ownership_Position
Investments - Ownership Positions in Significant Unconsolidated (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Nippon Aluminum Alkyls | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Percentage of interest in joint ventures | 50.00% | 50.00% | 50.00% |
Magnifin Magnesiaprodukte GmbH & Co. KG | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Percentage of interest in joint ventures | 50.00% | 50.00% | 50.00% |
Nippon Ketjen Company Limited | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Percentage of interest in joint ventures | 50.00% | 50.00% | 50.00% |
Eurecat S.A. | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Percentage of interest in joint ventures | 50.00% | 50.00% | 50.00% |
Fabrica Carioca de Catalisadores S.A. | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Percentage of interest in joint ventures | 50.00% | 50.00% | 50.00% |
Stannica, LLC | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Percentage of interest in joint ventures | 50.00% | 50.00% | 50.00% |
Investments_Summary_of_Assets_
Investments - Summary of Assets, Liabilities and Results of Operations for Significant Unconsolidated Joint Ventures (Detail) (Significant Unconsolidated Joint Ventures, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Unconsolidated Joint Ventures | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Current assets | $313,446 | $343,129 | ' |
Noncurrent assets | 198,776 | 212,587 | ' |
Total assets | 512,222 | 555,716 | ' |
Current liabilities | 100,469 | 129,105 | ' |
Noncurrent liabilities | 77,734 | 76,422 | ' |
Total liabilities | 178,203 | 205,527 | ' |
Net sales | 598,459 | 601,233 | 672,859 |
Gross profit | 169,406 | 165,650 | 189,691 |
Income before income taxes | 101,652 | 105,329 | 132,399 |
Net income | $71,294 | $71,561 | $88,414 |
Investments_Additional_Informa
Investments - Additional Information (Detail) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Significant Unconsolidated Joint Venture | Significant Unconsolidated Joint Venture | Significant Unconsolidated Joint Venture | Joint Venture Saudi Organometallic Chemicals Company | Joint Venture Saudi Organometallic Chemicals Company | Joint Venture Saudi Organometallic Chemicals Company | Eurecat S.A. | Eurecat S.A. | Eurecat S.A. | Fabrica Carioca de Catalisadores S.A. | Fabrica Carioca de Catalisadores S.A. | Fabrica Carioca de Catalisadores S.A. | Stannica, LLC | Stannica, LLC | Stannica, LLC | Nippon Aluminum Alkyls | Nippon Aluminum Alkyls | Nippon Aluminum Alkyls | Magnifin Magnesiaprodukte GmbH & Co. KG | Magnifin Magnesiaprodukte GmbH & Co. KG | Magnifin Magnesiaprodukte GmbH & Co. KG | Nippon Ketjen Company Limited | Nippon Ketjen Company Limited | Nippon Ketjen Company Limited | Eurecat S.A. | Eurecat S.A. | Eurecat S.A. | Stannica Llc | Stannica Llc | Benefit Protection Trust | Benefit Protection Trust | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in significant unconsolidated joint ventures | ' | ' | ' | $172,900,000 | $170,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in net income of unconsolidated investments (net of tax) | 31,729,000 | 38,067,000 | 43,754,000 | 31,500,000 | 37,000,000 | 43,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undistributed earnings from equity method investees | ' | ' | ' | 117,100,000 | 106,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends received from unconsolidated investments | 21,632,000 | 26,908,000 | 23,685,000 | 20,500,000 | 25,600,000 | 22,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated joint ventures exceeded the amount of underlying equity in net assets | 8,400,000 | 12,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess amount paid for joint ventures remaining to be amortized | 1,400,000 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of unconsolidated investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | 6,600,000 | ' | ' |
Marketable equity securities | 23,801,000 | 20,290,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | 20,300,000 |
Long-term advances to joint venture | 0 | 24,959,000 | 0 | ' | ' | ' | ' | 22,500,000 | ' | 2,600,000 | 2,500,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest in joint ventures | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | 50.00% | ' | ' | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' |
Interest rate margin over LIBOR | ' | ' | ' | ' | ' | ' | 1.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate percentage | ' | ' | ' | ' | ' | ' | 1.52% | 1.58% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term advances to joint venture, maturity date | ' | ' | ' | ' | ' | ' | 31-Dec-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contributions to SOCC | ' | ' | ' | ' | ' | ' | ' | ' | $10,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Assets_Detail
Other Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Other Assets, Noncurrent [Abstract] | ' | ' | ||
Deferred income taxes-noncurrent | $65,667 | [1] | $64,512 | [1] |
Assets related to unrecognized tax benefits | 25,730 | [1] | 25,788 | [1] |
Long-term advances to joint ventures | 25,124 | [2] | 25,017 | [2] |
Other | 43,708 | 39,519 | ||
Total | $160,229 | $154,836 | ||
[1] | See Note 18, “Income Taxes.†| |||
[2] | See Note 8, “Investments.†|
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles - Changes in Goodwill by Operating Segment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | $276,966 | $273,145 |
Foreign currency translation adjustments | 7,237 | 3,821 |
Goodwill, Ending Balance | 284,203 | 276,966 |
Performance Chemicals | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 46,551 | 46,130 |
Foreign currency translation adjustments | 84 | 421 |
Goodwill, Ending Balance | 46,635 | 46,551 |
Catalyst Solutions | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 230,415 | 227,015 |
Foreign currency translation adjustments | 7,153 | 3,400 |
Goodwill, Ending Balance | $237,568 | $230,415 |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles - Other Intangibles (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ||
Gross Asset Value, Beginning Balance | $198,124 | $237,491 | ' | ||
Acquisitions | ' | 1,500 | [1] | ' | |
Exit of phosphorus flame retardants business | ' | -44,137 | [2] | ' | |
Foreign currency translation adjustments and other | 2,294 | 3,270 | ' | ||
Gross Asset Value, Ending Balance | 200,418 | 198,124 | 237,491 | ||
Accumulated Amortization, Beginning Balance | -103,660 | -107,210 | ' | ||
Amortization | -8,066 | -10,723 | -13,100 | ||
Exit of phosphorus flame retardants business | ' | 16,753 | [2] | ' | |
Foreign currency translation adjustments and other | -489 | -2,480 | ' | ||
Accumulated Amortization, Ending Balance | -112,215 | -103,660 | -107,210 | ||
Net Book Value | 88,203 | 94,464 | ' | ||
Customer Lists and Relationships | ' | ' | ' | ||
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ||
Gross Asset Value, Beginning Balance | 85,167 | 100,078 | ' | ||
Exit of phosphorus flame retardants business | ' | -16,189 | [2] | ' | |
Foreign currency translation adjustments and other | 1,259 | 1,278 | ' | ||
Gross Asset Value, Ending Balance | 86,426 | 85,167 | ' | ||
Accumulated Amortization, Beginning Balance | -31,484 | -30,281 | ' | ||
Amortization | -4,332 | -4,499 | ' | ||
Exit of phosphorus flame retardants business | ' | 4,134 | ' | ||
Foreign currency translation adjustments and other | -172 | -838 | ' | ||
Accumulated Amortization, Ending Balance | -35,988 | -31,484 | ' | ||
Net Book Value | 50,438 | 53,683 | ' | ||
Trade Names | ' | ' | ' | ||
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ||
Gross Asset Value, Beginning Balance | 26,943 | [3] | 45,399 | [3] | ' |
Exit of phosphorus flame retardants business | ' | -19,441 | [2],[3] | ' | |
Foreign currency translation adjustments and other | -36 | [3] | 985 | [3] | ' |
Gross Asset Value, Ending Balance | 26,907 | [3] | 26,943 | [3] | ' |
Accumulated Amortization, Beginning Balance | -8,486 | [3] | -12,220 | [3] | ' |
Amortization | -995 | [3] | -1,307 | [3] | ' |
Exit of phosphorus flame retardants business | ' | 5,791 | [3] | ' | |
Foreign currency translation adjustments and other | 511 | [3] | -750 | [3] | ' |
Accumulated Amortization, Ending Balance | -8,970 | [3] | -8,486 | [3] | ' |
Net Book Value | 17,937 | [3] | 18,457 | [3] | ' |
Patents and Technology | ' | ' | ' | ||
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ||
Gross Asset Value, Beginning Balance | 47,876 | 45,973 | ' | ||
Acquisitions | ' | 1,500 | [1] | ' | |
Foreign currency translation adjustments and other | 867 | 403 | ' | ||
Gross Asset Value, Ending Balance | 48,743 | 47,876 | ' | ||
Accumulated Amortization, Beginning Balance | -38,778 | -35,212 | ' | ||
Amortization | -797 | -3,176 | ' | ||
Foreign currency translation adjustments and other | -779 | -390 | ' | ||
Accumulated Amortization, Ending Balance | -40,354 | -38,778 | ' | ||
Net Book Value | 8,389 | 9,098 | ' | ||
Land Use Rights | ' | ' | ' | ||
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ||
Gross Asset Value, Beginning Balance | 6,203 | 8,098 | ' | ||
Exit of phosphorus flame retardants business | ' | -1,915 | [2] | ' | |
Foreign currency translation adjustments and other | 173 | 20 | ' | ||
Gross Asset Value, Ending Balance | 6,376 | 6,203 | ' | ||
Accumulated Amortization, Beginning Balance | -1,079 | -1,118 | ' | ||
Amortization | -166 | -183 | ' | ||
Exit of phosphorus flame retardants business | ' | 236 | ' | ||
Foreign currency translation adjustments and other | -23 | -14 | ' | ||
Accumulated Amortization, Ending Balance | -1,268 | -1,079 | ' | ||
Net Book Value | 5,108 | 5,124 | ' | ||
Manufacturing Contracts and Supply/Service Agreements | ' | ' | ' | ||
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ||
Gross Asset Value, Beginning Balance | 8,523 | 13,782 | ' | ||
Exit of phosphorus flame retardants business | ' | -5,470 | [2] | ' | |
Foreign currency translation adjustments and other | -185 | 211 | ' | ||
Gross Asset Value, Ending Balance | 8,338 | 8,523 | ' | ||
Accumulated Amortization, Beginning Balance | -6,512 | -11,113 | ' | ||
Amortization | -647 | -658 | ' | ||
Exit of phosphorus flame retardants business | ' | 5,470 | ' | ||
Foreign currency translation adjustments and other | 185 | -211 | ' | ||
Accumulated Amortization, Ending Balance | -6,974 | -6,512 | ' | ||
Net Book Value | 1,364 | 2,011 | ' | ||
Other | ' | ' | ' | ||
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ||
Gross Asset Value, Beginning Balance | 23,412 | 24,161 | ' | ||
Exit of phosphorus flame retardants business | ' | -1,122 | [2] | ' | |
Foreign currency translation adjustments and other | 216 | 373 | ' | ||
Gross Asset Value, Ending Balance | 23,628 | 23,412 | ' | ||
Accumulated Amortization, Beginning Balance | -17,321 | -17,266 | ' | ||
Amortization | -1,129 | -900 | ' | ||
Exit of phosphorus flame retardants business | ' | 1,122 | ' | ||
Foreign currency translation adjustments and other | -211 | -277 | ' | ||
Accumulated Amortization, Ending Balance | -18,661 | -17,321 | ' | ||
Net Book Value | $4,967 | $6,091 | ' | ||
[1] | The increase of $1.5 million in Patents and Technology relates to our acquisition of certain patents in 2012 related to catalysts useful in the production of fuel products from renewable feedstocks. | ||||
[2] | In 2012 we reduced intangible assets by $44.1 million and related accumulated amortization by $16.8 million in connection with our exit of the phosphorus flame retardants business. See Note 19 “Special Items.†| ||||
[3] | Trade names include a gross carrying amount of $10.3 million for an indefinite-lived intangible asset. |
Goodwill_and_Other_Intangibles4
Goodwill and Other Intangibles - Other Intangibles (Parenthetical) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Trade Names | Phosphorous Flame Retardant Business Exit | |||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Acquisitions | $1,500,000 | [1] | ' | ' |
Intangible assets, reduction | 44,137,000 | [2] | ' | 44,100,000 |
Intangible assets, accumulated amortization, reduction | 16,753,000 | [2] | ' | 16,800,000 |
Indefinite-lived intangible asset, gross carrying amount | ' | $10,300,000 | ' | |
[1] | The increase of $1.5 million in Patents and Technology relates to our acquisition of certain patents in 2012 related to catalysts useful in the production of fuel products from renewable feedstocks. | |||
[2] | In 2012 we reduced intangible assets by $44.1 million and related accumulated amortization by $16.8 million in connection with our exit of the phosphorus flame retardants business. See Note 19 “Special Items.†|
Goodwill_and_Other_Intangibles5
Goodwill and Other Intangibles - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Amortization of other intangible assets | $8,066 | $10,723 | $13,100 | ||
Minimum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '5 years | ' | ' | ||
Maximum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '40 years | ' | ' | ||
Customer Lists and Relationships | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Amortization of other intangible assets | 4,332 | 4,499 | ' | ||
Customer Lists and Relationships | Minimum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '15 years | ' | ' | ||
Customer Lists and Relationships | Maximum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '25 years | ' | ' | ||
Trade Names | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Amortization of other intangible assets | 995 | [1] | 1,307 | [1] | ' |
Trade Names | Minimum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '11 years | ' | ' | ||
Trade Names | Maximum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '35 years | ' | ' | ||
Patents and Technology | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Amortization of other intangible assets | 797 | 3,176 | ' | ||
Patents and Technology | Minimum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '17 years | ' | ' | ||
Patents and Technology | Maximum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '20 years | ' | ' | ||
Land Use Rights | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Amortization of other intangible assets | 166 | 183 | ' | ||
Land Use Rights | Minimum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '37 years | ' | ' | ||
Land Use Rights | Maximum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '40 years | ' | ' | ||
Manufacturing Contracts and Supply/Service Agreements | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Amortization of other intangible assets | 647 | 658 | ' | ||
Manufacturing Contracts and Supply/Service Agreements | Minimum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '6 years | ' | ' | ||
Manufacturing Contracts and Supply/Service Agreements | Maximum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '12 years | ' | ' | ||
Other | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Amortization of other intangible assets | $1,129 | $900 | ' | ||
Other | Minimum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '5 years | ' | ' | ||
Other | Maximum | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Finite-lived intangible assets, useful life | '35 years | ' | ' | ||
[1] | Trade names include a gross carrying amount of $10.3 million for an indefinite-lived intangible asset. |
Goodwill_and_Other_Intangibles6
Goodwill and Other Intangibles - Total Estimated Amortization Expense of Other Intangibles for Next Five Fiscal Years (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $8,310 |
2015 | 6,554 |
2016 | 6,078 |
2017 | 5,909 |
2018 | $5,711 |
Accrued_Expenses_Detail
Accrued Expenses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Payables and Accruals [Abstract] | ' | ' | ' | ||
Employee benefits, payroll and related taxes | $41,955 | $39,442 | ' | ||
Taxes other than income taxes and payroll taxes | 23,864 | 25,025 | ' | ||
Deferred revenue | 17,896 | 13,955 | ' | ||
Accrued sales commissions | 7,241 | 7,893 | ' | ||
Accrued interest payable | 7,716 | 7,816 | ' | ||
Accrued utilities | 8,608 | 9,108 | ' | ||
Reduction in force accruals | 39,104 | [1] | 14,428 | [1] | 2,843 |
Other | 44,149 | 59,879 | ' | ||
Total | $190,533 | $177,546 | ' | ||
[1] | See Note 19, “Special Items.†|
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Commercial paper notes | $363,000 | $0 |
Fixed rate foreign borrowings | 7,879 | 19,458 |
Variable-rate foreign bank loans | 34,910 | 7,006 |
Miscellaneous | 297 | 394 |
Total long-term debt | 1,078,864 | 699,288 |
Less amounts due within one year | 24,554 | 12,700 |
Long-term debt, less current portion | 1,054,310 | 686,588 |
5.10% Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | 324,964 | 324,930 |
4.50% Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | $347,814 | $347,500 |
LongTerm_Debt_Parenthetical_De
Long-Term Debt (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 20, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 10, 2010 |
In Thousands, unless otherwise specified | 5.10% Senior Notes | 5.10% Senior Notes | 5.10% Senior Notes | 4.50% Senior Notes | 4.50% Senior Notes | 4.50% Senior Notes |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Unamortized discount | $36 | $70 | ' | $2,186 | $2,500 | ' |
Debt instrument, interest rate | 5.10% | 5.10% | 5.10% | 4.50% | 4.50% | 4.50% |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 20, 2005 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 10, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 29-May-13 | Jan. 22, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | |
USD ($) | USD ($) | USD ($) | Joint Venture Jordan Bromine Company Limited | Joint Venture Jordan Bromine Company Limited | Joint Venture Jordan Bromine Company Limited | Joint Venture Jordan Bromine Company Limited | Joint Venture Jordan Bromine Company Limited | Joint Venture Jordan Bromine Company Limited | Commercial Paper | 5.10% Senior Notes | 5.10% Senior Notes | 5.10% Senior Notes | 5.10% Senior Notes | 4.50% Senior Notes | 4.50% Senior Notes | 4.50% Senior Notes | 4.50% Senior Notes | Domestic Financial Institution Agreement | Domestic Financial Institution Agreement | Domestic Financial Institution Agreement | Foreign Credit Line U.S. Dollar- Euro Denominated Borrowings | Foreign Credit Line U.S. Dollar- Euro Denominated Borrowings | Yen Denominated Credit Lines | Yen Denominated Credit Lines | Yen Denominated Credit Lines | Other Foreign Credit Lines | Other Foreign Credit Lines | Minimum | Maximum | Maximum | Subsequent Event | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | |
USD ($) | USD ($) | Unsecured non-interest bearing loan | Construction Borrowings Related To Foreign Plant | Construction Borrowings Related To Foreign Plant | Short-term Debt | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | Foreign Subsidiaries | Joint Venture Jordan Bromine Company Limited | Joint Venture Jordan Bromine Company Limited | Commercial Paper | Jp Morgan | USD ($) | Minimum | Maximum | Subsequent Event | Subsequent Event | Subsequent Event | |||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Construction Borrowings Related To Foreign Plant | Construction Borrowings Related To Foreign Plant | USD ($) | USD ($) | USD ($) | Minimum | Maximum | |||||||||||||||||||||||||||
payment | ||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long-term debt, 2014 | ' | $24,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long-term debt, 2015 | ' | 327,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long-term debt, 2016 | ' | 379,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long-term debt, 2017 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long-term debt, 2018 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long-term debt, thereafter | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '21 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | '5 years | ' | ' |
Revolving credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | 48,000,000 | 48,000,000 | 42,800,000 | 4,500,000,000 | ' | 93,300,000 | 80,100,000 | ' | ' | ' | ' | 750,000,000 | ' | ' | 750,000,000 | ' | ' |
Total spreads and fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.98% | 0.90% | 1.40% | 1.00% | 0.90% | 1.50% |
Debt covenant maximum debt to EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' |
Debt covenant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' |
Gross debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' |
Commercial paper notes | ' | 363,000,000 | 0 | ' | ' | ' | ' | ' | ' | 363,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees and expenses related to new agreement | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000,000 | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.59% | ' | ' | 5.10% | 5.10% | 5.10% | ' | 4.50% | 4.50% | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.09% | 5.30% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of debt, effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.19% | ' | ' | ' | 4.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-15 | ' | ' | ' | 15-Dec-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average interest rate on borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.89% | 1.49% | 1.43% | ' | ' | 0.52% | 0.52% | 1.07% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding under the credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving senior credit facility, remaining borrowings | ' | 387,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Additional Borrowing Capacity | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' |
Foreign currency denominated debt | ' | 1,078,864,000 | 699,288,000 | 26,400,000 | 26,400,000 | ' | 7,900,000 | 13,500,000 | 18,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-interest loan from other shareholders | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowing capacity amount | ' | ' | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Semi Annual Coupon Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' |
Notional amount | ' | $321,400,000 | $274,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $325,000,000 | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.28% | ' | ' | ' | ' | ' | ' |
Other_Noncurrent_Liabilities_D
Other Noncurrent Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Disclosure Other Noncurrent Liabilities [Abstract] | ' | ' | ' | ||
Liabilities related to uncertain tax positions | $29,834 | [1] | $29,179 | [1] | ' |
Executive deferred compensation plan obligation | 23,030 | 20,265 | ' | ||
Deferred revenue—long-term | 2,444 | 3,362 | ' | ||
Environmental liabilities | 9,213 | [2] | 17,213 | [2] | 10,926 |
Asset retirement obligations | 16,930 | [2] | 16,517 | [2] | ' |
Other | 29,159 | 27,486 | ' | ||
Total | $110,610 | $114,022 | ' | ||
[1] | See Note 18, “Income Taxes.†| ||||
[2] | See Note 15, “Commitments and Contingencies.†|
Stockbased_Compensation_Expens2
Stock-based Compensation Expense - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 20, 2010 | Dec. 31, 2013 | Apr. 20, 2010 | Dec. 31, 2013 | 7-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Minimum | Maximum | Albemarle Corporation 2008 Incentive Plan | Albemarle Corporation 2008 Incentive Plan | Albemarle Corporation 2008 Incentive Plan | Non Employee Directors, Plan | Non Employee Directors, Plan | Non Employee Directors, Plan | Stock Options | Performance Unit Awards | Performance Unit Awards | Performance Unit Awards | Performance Unit Awards | Performance Unit Awards | Stock Options | Restricted Stock And Restricted Stock Units | Restricted Stock And Restricted Stock Units | Restricted Stock And Restricted Stock Units | Restricted Stock And Restricted Stock Units | Restricted Stock And Restricted Stock Units | Two Year Measurement Period | One Year Vesting Period Thereafter | ||||
Maximum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||
Share Based Compensation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based awards vesting period | ' | ' | ' | '1 year | '5 years | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '1 year | '5 years | ' | ' |
Stock options, term | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | 0.00% | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Specific performance criteria period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '2 years | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of earning distributed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% |
Stock options granted during the period (in shares) | 297,924 | 263,200 | 401,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in number of shares available for issuance under incentive plan (in shares) | ' | ' | ' | ' | ' | 4,470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for issuance under incentive plan (in shares) | ' | ' | ' | ' | ' | ' | ' | 7,470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduced incentive plan awards number of shares for each share (in shares) | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock (in shares) | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair market value of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant (in shares) | ' | ' | ' | ' | ' | ' | 3,587,539 | ' | 485,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 10,164,000 | 15,211,000 | 27,069,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefits recognized related to stock based compensation | 3,700,000 | 5,600,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of stock options exercised | 7,000,000 | 37,400,000 | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost not yet recognized for nonvested share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | 6,100,000 | 3,400,000 | ' | ' | ' | ' | ' | ' |
Remaining weighted average period for recognition of compensation cost years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 3 months 18 days | '1 year 1 month 6 days | ' | ' | ' | ' | '2 years 3 months 18 days | '1 year 7 months 6 days | ' | ' | ' | ' | ' | ' |
Proceeds from stock option exercised | 5,553,000 | 21,148,000 | 2,230,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from stock option exercised | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value vested, total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,500,000 | 18,300,000 | 200,000 | ' | ' | ' | 3,200,000 | 7,400,000 | 9,400,000 | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,900,000 | 19,700,000 | 10,700,000 | ' | ' | ' | 3,400,000 | 2,900,000 | 3,700,000 | ' | ' | ' | ' |
Fair value of grants in period total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,900,000 | $6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock share for each performance unit (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockbased_Compensation_Expens3
Stock-based Compensation Expense - Fixed-Price Stock Options (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Shares | ' | ' |
Outstanding Shares,Beginning Balance (in shares) | 1,343,261 | ' |
Granted (in shares) | 297,924 | ' |
Exercised (in shares) | -191,732 | ' |
Forfeited (in shares) | -80,337 | ' |
Outstanding Shares, Ending Balance (in shares) | 1,369,116 | 1,343,261 |
Exercisable, Ending Balance (in shares) | 854,031 | ' |
Weighted-Average Exercise Price | ' | ' |
Outstanding Weighted-Average Exercise Price, Beginning Balance (in dollars per share) | $41.78 | ' |
Granted (in dollars per share) | $65.35 | ' |
Exercised (in dollars per share) | $28.96 | ' |
Forfeited (in dollars per share) | $61.39 | ' |
Outstanding Weighted-Average Exercise (in dollars per share)Price, Ending Balance | $47.55 | $41.78 |
Exercisable Weighted-Average Exercise Price, Ending Balance (in dollars per share) | $37.86 | ' |
Weighted-Average Remaining Contractual Term (Years) | ' | ' |
Weighted-Averaged Remaining Contractual Term, Beginning Balance | '7 years | '7 years 2 months 12 days |
Weighted-Averaged Remaining Contractual Term, Ending Balance | '7 years | '7 years 2 months 12 days |
Exercisable Weighted-Average Remaining Contractual Term, Ending Balance | '6 years | ' |
Aggregate Intrinsic Value | ' | ' |
Outstanding Aggregate Intrinsic Value, Beginning Balance | $28,232 | ' |
Outstanding Aggregate Intrinsic Value, Ending Balance | 22,795 | 28,232 |
Exercisable Aggregate Intrinsic Value, Ending Balance | $21,977 | ' |
Stockbased_Compensation_Expens4
Stock-based Compensation Expense - Weighted-Average Assumptions used to Estimate Fair Value of Each Option Granted (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation [Abstract] | ' | ' | ' |
Dividend yield | 1.58% | 1.59% | 1.53% |
Volatility | 33.55% | 34.04% | 33.04% |
Average expected life (years) | '6 years | '6 years | '6 years |
Risk-free interest rate | 2.18% | 2.05% | 3.67% |
Fair value of options granted | $19.73 | $20 | $18.42 |
Stockbased_Compensation_Expens5
Stock-based Compensation Expense - Activity in Performance Unit Awards (Detail) (Performance Unit Awards, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Performance Unit Awards | ' |
Shares | ' |
Nonvested, beginning of period (in shares) | 364,100 |
Granted (in shares) | 274,621 |
Vested (in shares) | -228,001 |
Forfeited (in shares) | -39,317 |
Nonvested, end of period (in shares) | 371,403 |
Weighted Average Grant Date Fair Value | ' |
Nonvested, beginning of period (in dollars per share) | $55.94 |
Granted (in dollars per share) | $61.41 |
Vested (in dollars per share) | $49.77 |
Forfeited (in dollars per share) | $62.53 |
Nonvested, end of period (in dollars per share) | $63.08 |
Stockbased_Compensation_Expens6
Stock-based Compensation Expense - Activity in Non-Performance Based Restricted Stock Awards (Detail) (Restricted Stock And Restricted Stock Units, USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock And Restricted Stock Units | ' | ' | ' |
Shares | ' | ' | ' |
Nonvested, beginning of period (in shares) | 142,805 | ' | ' |
Granted (in shares) | 53,593 | ' | ' |
Granted (in dollars per share) | $63.17 | ' | ' |
Vested (in shares) | -51,416 | ' | ' |
Forfeited (in shares) | -33,787 | ' | ' |
Nonvested, end of period (in shares) | 111,195 | 142,805 | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Nonvested, beginning of period (in dollars per share) | $51.01 | ' | ' |
Granted (in dollars per share) | $3.40 | $2.90 | $3.70 |
Vested (in dollars per share) | $41.48 | ' | ' |
Forfeited (in dollars per share) | $57.46 | ' | ' |
Nonvested, end of period (in dollars per share) | $59.32 | $51.01 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Potential revision on future environmental remediation costs before tax | ' | $17,000,000 | ' | ' | ' |
Estimated site remediation liabilities | ' | 16,599,000 | 20,322,000 | 12,359,000 | 13,806,000 |
Exit of phosphorous flame retardants business | 8,700,000 | 0 | 8,700,000 | 0 | ' |
Rental expenses related to capital and operating lease | ' | 30,700,000 | 33,100,000 | 30,900,000 | ' |
Asset retirement obligation relating to property plant and equipment | ' | 16,900,000 | 16,500,000 | ' | ' |
Bergheim, Germany Site | ' | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Estimated site remediation liabilities | ' | 7,300,000 | ' | ' | ' |
Pledged land and housing facilities | ' | $6,200,000 | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Activity in Recorded Environmental Liabilities (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning of year | ' | $20,322 | $12,359 | $13,806 | ||
Expenditures | ' | -3,013 | -1,451 | -1,081 | ||
Changes in estimates recorded to earnings and other | ' | -902 | 227 | -270 | ||
Exit of phosphorus flame retardants business | 8,700 | 0 | 8,700 | 0 | ||
Foreign currency translation | ' | 192 | 487 | -96 | ||
Balance, end of year | ' | 16,599 | 20,322 | 12,359 | ||
Less amounts reported in Accrued expenses | ' | 7,386 | 3,109 | 1,433 | ||
Amounts reported in Other noncurrent liabilities | ' | $9,213 | [1] | $17,213 | [1] | $10,926 |
[1] | See Note 15, “Commitments and Contingencies.†|
Commitments_and_Contingencies_3
Commitments and Contingencies - Future Non-Cancelable Minimum Lease Payments for Next Five Years and Thereafter (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Minimum Operating Lease Payments | ' |
2014 | $7,232 |
2015 | 5,556 |
2016 | 4,142 |
2017 | 3,351 |
2018 | 2,286 |
Thereafter | $6,060 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Letters of Credit and Guarantee Agreements (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $12,618 |
2015 | 3,262 |
2016 | 328 |
2017 | 3,839 |
2018 | 232 |
Thereafter | $6,291 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Components and Activity in Accumulated Other Comprehensive Loss (Net of Deferred Income Taxes) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |
Accumulated other comprehensive income - Total - Beginning Balance | $85,264 | $60,329 | $74,889 | |
Current period change | 28,972 | 20,525 | -19,167 | |
Tax benefit (expense) | 2,009 | 4,410 | 4,607 | |
Accumulated other comprehensive income - Total - Ending Balance | 116,245 | 85,264 | 60,329 | |
Foreign Currency Translation Adjustments | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |
Accumulated other comprehensive income - Total - Beginning Balance | 85,117 | 56,245 | 69,605 | |
Current period change | 29,539 | 26,846 | [1] | -17,269 |
Tax benefit (expense) | 1,809 | 2,026 | 3,909 | |
Accumulated other comprehensive income - Total - Ending Balance | 116,465 | 85,117 | 56,245 | |
Net Prior Service Benefit | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |
Accumulated other comprehensive income - Total - Beginning Balance | 989 | 5,060 | 6,422 | |
Current period change | -781 | -6,533 | [2] | -2,156 |
Tax benefit (expense) | 279 | 2,462 | 794 | |
Accumulated other comprehensive income - Total - Ending Balance | 487 | 989 | 5,060 | |
Unrealized Gain (Loss) on Marketable Securities | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |
Accumulated other comprehensive income - Total - Beginning Balance | -6 | -3 | -3 | |
Current period change | -3 | -5 | 1 | |
Tax benefit (expense) | 1 | 2 | -1 | |
Accumulated other comprehensive income - Total - Ending Balance | -8 | -6 | -3 | |
Other | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |
Accumulated other comprehensive income - Total - Beginning Balance | -836 | -973 | -1,135 | |
Current period change | 217 | 217 | 257 | |
Tax benefit (expense) | -80 | -80 | -95 | |
Accumulated other comprehensive income - Total - Ending Balance | ($699) | ($836) | ($973) | |
[1] | Current period change for the year ended December 31, 2012 includes $12.3 million related to a non-cash write-off of foreign currency translation adjustments from Accumulated other comprehensive income in connection with our exit of the phosphorus flame retardants business (see Note 19) in accordance with current accounting guidance. | |||
[2] | Current period change for the year ended December 31, 2012 includes $6.5 million related to a supplemental executive retirement plan settlement in connection with the retirement of our former CEO and executive chairman, and ($4.5) million related to various amendments to certain of our U.S. pension and defined contribution plans that were approved by our Board of Directors in the fourth quarter of 2012. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Components and Activity in Accumulated Other Comprehensive Loss (Net of Deferred Income Taxes) (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Write-offs of foreign currency translation adjustments of phosphorous flame retardants business | $12,300,000 |
Amendment amount of certain U.S. pension and defined contribution plans that were approved by Board of Directors | -4,500,000 |
Supplemental Executive Retirement Plan | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Supplemental Employee Retirement plan settlement amount in connection with former CEO and executive chairman | $6,500,000 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income - Reclassifications in Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income - Total - Beginning Balance | $85,264 | $60,329 | $74,889 |
Other comprehensive income (loss) before reclassifications | 31,702 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -365 | ' | ' |
Other comprehensive income (loss), net of tax | 31,337 | ' | ' |
Other comprehensive income attributable to noncontrolling interests | -356 | ' | ' |
Accumulated other comprehensive income - Total - Ending Balance | 116,245 | 60,329 | 74,889 |
Foreign Currency Translation Adjustments | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income - Total - Beginning Balance | 85,117 | 56,245 | 69,605 |
Other comprehensive income (loss) before reclassifications | 31,704 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | ' |
Other comprehensive income (loss), net of tax | 31,704 | ' | ' |
Other comprehensive income attributable to noncontrolling interests | -356 | ' | ' |
Accumulated other comprehensive income - Total - Ending Balance | 116,465 | 56,245 | 69,605 |
Net Prior Service Benefit | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income - Total - Beginning Balance | 989 | 5,060 | 6,422 |
Other comprehensive income (loss) before reclassifications | 0 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -502 | ' | ' |
Other comprehensive income (loss), net of tax | -502 | ' | ' |
Other comprehensive income attributable to noncontrolling interests | 0 | ' | ' |
Accumulated other comprehensive income - Total - Ending Balance | 487 | 5,060 | 6,422 |
Unrealized Loss on Marketable Securities | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income - Total - Beginning Balance | -6 | ' | ' |
Other comprehensive income (loss) before reclassifications | -2 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | ' |
Other comprehensive income (loss), net of tax | -2 | ' | ' |
Other comprehensive income attributable to noncontrolling interests | 0 | ' | ' |
Accumulated other comprehensive income - Total - Ending Balance | -8 | ' | ' |
Other | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income - Total - Beginning Balance | -836 | ' | ' |
Other comprehensive income (loss) before reclassifications | 0 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 137 | ' | ' |
Other comprehensive income (loss), net of tax | 137 | ' | ' |
Other comprehensive income attributable to noncontrolling interests | 0 | ' | ' |
Accumulated other comprehensive income - Total - Ending Balance | ($699) | ' | ' |
Pension_Plans_and_Other_Postre2
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2005 | Jan. 01, 2007 | Jan. 01, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 30-May-14 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | ||||||||||||
Minimum | Maximum | Traditional Long Equity Holdings | Diversified Asset Classes | Domestic Pension Benefits | Domestic Pension Benefits | Domestic Pension Benefits | Domestic Pension Benefits | Total Postretirement Benefits | Total Postretirement Benefits | Total Postretirement Benefits | Foreign Pension Plans, Defined Benefit | Foreign Pension Plans, Defined Benefit | Total Pension Benefits | Total Pension Benefits | Total Pension Benefits | Domestic Nonqualified and Foreign Qualified & Nonqualified | Domestic Nonqualified and Foreign Qualified & Nonqualified | Domestic Nonqualified and Foreign Qualified & Nonqualified | Supplemental Executive Retirement Plan | U.S. Postretirement Benefit Plan | Supplemental Executive Retirement Plan | Supplemental Executive Retirement Plan | Supplemental Executive Retirement Plan | U.S. Defined Contribution Plan | U.S. Defined Contribution Plan | U.S. Defined Contribution Plan | Netherlands Defined Contribution Plan | Netherlands Defined Contribution Plan | Netherlands Defined Contribution Plan | Post Sixty Five Coverage | Restatement Adjustment | Restatement Adjustment | ||||||||||||||||||
Subsequent Event | Defined contribution 401 K employee savings plan | Defined contribution 401 K employee savings plan | Defined contribution 401 K employee savings plan | Pension Plan Actuarial Gain Correction | Pension Plan Actuarial Gain Correction | |||||||||||||||||||||||||||||||||||||||||||||
Total Postretirement Benefits | Total Pension Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net curtailment gain | ' | ' | ' | $4,507,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Annual contribution percentage to defined contribution plan for eligible employees | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Increase in the percentage of pension contribution for employees | ' | ' | ' | ' | ' | ' | 6.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Pension contributions | 10,100,000 | ' | 8,800,000 | 14,800,000 | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accumulated benefit obligation for defined benefit pension plans | 738,700,000 | 738,700,000 | 669,100,000 | 738,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Post retirement medical benefit available to U.S. employees, change of age group, current range | ' | ' | ' | ' | ' | 'under age 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Age group for capping of retiree medical premium | ' | ' | ' | ' | ' | 'age 50 and above | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Actuarial (gain) loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -130,297,000 | [2] | 65,603,000 | [2] | 88,091,000 | [2] | ' | -6,120,000 | [3] | 3,161,000 | [3] | 3,324,000 | [3] | ' | ' | -132,916,000 | [2] | 72,550,000 | [2] | 88,809,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | 5,800,000 | [2] | |
Weighted-average expected rate of return on plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | 8.25% | 8.25% | 6.91% | 7.00% | 7.00% | 7.00% | 4.35% | 4.50% | 7.20% | 8.19% | 8.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Assumed weighted-average rate of compensation increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.78% | 3.37% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rate of compensation increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 4.11% | 4.11% | ' | 3.50% | 3.50% | ' | ' | ' | 3.37% | 3.96% | 3.93% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Target allocations percentage of assets | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Change in percentage of broad asset class targets | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Employer contribution | ' | 10,100,000 | ' | 10,081,000 | [1] | ' | ' | ' | ' | ' | ' | 7,556,000 | 15,298,000 | ' | ' | 3,504,000 | 3,198,000 | ' | ' | ' | 9,790,000 | 18,299,000 | ' | 13,300,000 | 21,600,000 | 59,800,000 | 14,100,000 | ' | ' | ' | ' | 10,600,000 | 9,500,000 | 9,100,000 | ' | ' | ' | ' | ' | ' | ||||||||||
Expect contributions to benefit plans in 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Expected premium contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Expenses related to benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,500,000 | 10,300,000 | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Projected benefit obligation recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 629,337,000 | 714,158,000 | 634,184,000 | ' | 62,832,000 | 70,787,000 | 68,935,000 | ' | ' | 678,582,000 | 762,395,000 | 674,665,000 | ' | ' | ' | ' | ' | 21,800,000 | 30,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Assumed rate of increase in the pre-65 and post-65 per capita cost of covered health care benefits for U.S. retirees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | |||||||||||
Annual premiums and related costs pertaining to defined contribution plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,300,000 | 9,500,000 | 9,900,000 | ' | ' | ' | |||||||||||
Accrued postemployment benefit liability | $600,000 | $600,000 | $800,000 | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
[1] | In the fourth quarter of 2012 we recorded a net curtailment gain of $4.5 million ($2.9 million after income taxes) and a one-time employer contribution to the Company’s defined contribution plan of $10.1 million ($6.4 million after income taxes), both in connection with various amendments to certain of our U.S. pension and defined contribution plans that were approved by our Board of Directors in the fourth quarter of 2012. See Note 17, “Pension Plans and Other Postretirement Benefits.†| |||||||||||||||||||||||||||||||||||||||||||||||||
[2] | In the second quarter of 2013, we identified that our consolidated statement of income for the year ended December 31, 2012 included a correction of $5.8 million (recorded in the second quarter of 2012) for pension plan actuarial gains that related to 2011. This amount was deemed to be not material with respect to our financial statements for the year ended December 31, 2012 and any prior period financial statements. | |||||||||||||||||||||||||||||||||||||||||||||||||
[3] | In the second quarter of 2013, we identified that our consolidated statement of income for the year ended December 31, 2012 included a correction of $4.4 million (recorded in the second quarter of 2012) for postretirement plan actuarial gains that related to 2011. This amount was deemed to be not material with respect to our financial statements for the year ended December 31, 2012 and any prior period financial statements. |
Pension_Plans_and_Other_Postre3
Pension Plans and Other Postretirement Benefits - Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Plans, as well as Summary of Significant Assumptions for Benefit Plans (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Total Pension Benefits | Total Pension Benefits | Total Pension Benefits | Domestic Pension Benefits | Domestic Pension Benefits | Domestic Pension Benefits | Total Postretirement Benefits | Total Postretirement Benefits | Total Postretirement Benefits | ||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Benefit obligation, beginning balance | ' | ' | $762,395 | $674,665 | ' | $714,158 | $634,184 | ' | $70,787 | $68,935 | ' | |||||
Service cost | ' | ' | 13,962 | 12,741 | 12,830 | 12,177 | 11,274 | 11,169 | 309 | 274 | 263 | |||||
Interest cost | ' | ' | 29,883 | 31,636 | 32,933 | 28,406 | 29,843 | 30,945 | 2,764 | 3,172 | 3,393 | |||||
Plan amendments | ' | -4,500 | 0 | 1,123 | ' | 0 | 1,123 | ' | ' | ' | ' | |||||
Actuarial (gain) loss | ' | ' | -88,392 | 90,336 | ' | -85,774 | 83,428 | ' | -6,165 | 3,032 | ' | |||||
Benefits paid | ' | ' | -41,132 | -49,234 | ' | -39,630 | -45,694 | ' | -4,863 | -4,626 | ' | |||||
Employee contributions | ' | ' | 320 | 294 | ' | ' | ' | ' | ' | ' | ' | |||||
Foreign exchange loss | ' | ' | 1,546 | 834 | ' | ' | ' | ' | ' | ' | ' | |||||
Benefit obligation, ending balance | ' | ' | 678,582 | 762,395 | 674,665 | 629,337 | 714,158 | 634,184 | 62,832 | 70,787 | 68,935 | |||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fair value of plan assets, beginning balance | ' | ' | 563,303 | [1] | 531,105 | ' | 554,179 | 522,408 | ' | 6,611 | [1] | 7,681 | ' | |||
Actual return on plan assets | ' | ' | 83,853 | 62,577 | ' | 83,499 | 62,167 | ' | 368 | 358 | ' | |||||
Employer contributions | 10,100 | 10,081 | [2] | 9,790 | 18,299 | ' | 7,556 | 15,298 | ' | 3,504 | 3,198 | ' | ||||
Benefits paid | ' | ' | -41,132 | -49,234 | ' | -39,630 | -45,694 | ' | -4,863 | -4,626 | ' | |||||
Employee contributions | ' | ' | 320 | 294 | ' | ' | ' | ' | ' | ' | ' | |||||
Foreign exchange gain | ' | ' | 411 | 262 | ' | ' | ' | ' | ' | ' | ' | |||||
Fair value of plan assets, Ending Balance | ' | ' | 616,545 | [1] | 563,303 | [1] | 531,105 | 605,604 | 554,179 | 522,408 | 5,620 | [1] | 6,611 | [1] | 7,681 | |
Funded status | ' | ' | -62,037 | -199,092 | ' | -23,733 | -159,979 | ' | -57,212 | -64,176 | ' | |||||
Current liabilities (accrued expenses) | ' | ' | -4,390 | -3,611 | ' | -2,856 | -2,015 | ' | -3,309 | -3,361 | ' | |||||
Noncurrent liabilities (pension benefits) | ' | ' | -57,647 | -195,481 | ' | -20,877 | -157,964 | ' | -53,903 | -60,815 | ' | |||||
Net pension liability | ' | ' | -62,037 | -199,092 | ' | -23,733 | -159,979 | ' | -57,212 | -64,176 | ' | |||||
Prior service benefit | ' | ' | -70 | -759 | ' | -441 | -1,181 | ' | -429 | -525 | ' | |||||
Net amount recognized | ' | ' | ($70) | ($759) | ' | ($441) | ($1,181) | ' | ($429) | ($525) | ' | |||||
Weighted-average assumption percentages: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Discount rate | ' | ' | 5.00% | 4.04% | ' | 5.14% | 4.10% | ' | 5.03% | 4.00% | ' | |||||
Rate of compensation increase | ' | ' | 2.78% | 3.37% | ' | 3.50% | 3.50% | ' | ' | ' | ' | |||||
[1] | See Note 17 “Pension Plans and Other Postretirement Benefits†for further information about fair value measurements of our pension and postretirement plan assets. | |||||||||||||||
[2] | In the fourth quarter of 2012 we recorded a net curtailment gain of $4.5 million ($2.9 million after income taxes) and a one-time employer contribution to the Company’s defined contribution plan of $10.1 million ($6.4 million after income taxes), both in connection with various amendments to certain of our U.S. pension and defined contribution plans that were approved by our Board of Directors in the fourth quarter of 2012. See Note 17, “Pension Plans and Other Postretirement Benefits.†|
Pension_Plans_and_Other_Postre4
Pension Plans and Other Postretirement Benefits - Components of Pension Benefits Expense (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Total Pension Benefits | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Service cost | $13,962 | $12,741 | $12,830 | |||
Interest cost | 29,883 | 31,636 | 32,933 | |||
Expected return on assets | -39,392 | -44,752 | -42,186 | |||
Actuarial (gain) loss | -132,916 | [1] | 72,550 | [1] | 88,809 | [1] |
Amortization of prior service benefit | -689 | -757 | -953 | |||
Total net pension benefits (credit) cost | -129,152 | 71,418 | 91,433 | |||
Weighted-average assumption percentages: | ' | ' | ' | |||
Discount rate | 4.04% | 5.04% | 5.40% | |||
Expected return on plan assets | 7.20% | 8.19% | 8.19% | |||
Rate of compensation increase | 3.37% | 3.96% | 3.93% | |||
Domestic Pension Benefits | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Service cost | 12,177 | 11,274 | 11,169 | |||
Interest cost | 28,406 | 29,843 | 30,945 | |||
Expected return on assets | -38,975 | -44,342 | -41,776 | |||
Actuarial (gain) loss | -130,297 | [1] | 65,603 | [1] | 88,091 | [1] |
Amortization of prior service benefit | -741 | -812 | -1,009 | |||
Total net pension benefits (credit) cost | ($129,430) | $61,566 | $87,420 | |||
Weighted-average assumption percentages: | ' | ' | ' | |||
Discount rate | 4.10% | 5.07% | 5.45% | |||
Expected return on plan assets | 7.25% | 8.25% | 8.25% | |||
Rate of compensation increase | 3.50% | 4.11% | 4.11% | |||
[1] | In the second quarter of 2013, we identified that our consolidated statement of income for the year ended December 31, 2012 included a correction of $5.8 million (recorded in the second quarter of 2012) for pension plan actuarial gains that related to 2011. This amount was deemed to be not material with respect to our financial statements for the year ended December 31, 2012 and any prior period financial statements. |
Pension_Plans_and_Other_Postre5
Pension Plans and Other Postretirement Benefits - Estimated Amounts to Be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Costs (Detail) (USD $) | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Total Postretirement Benefits | Total Postretirement Benefits | Total Postretirement Benefits | Total Pension Benefits | Total Pension Benefits | Total Pension Benefits | Domestic Pension Benefits | Domestic Pension Benefits | Domestic Pension Benefits | Forecast for 2013 | Forecast for 2013 | Forecast for 2013 | |
Total Postretirement Benefits | Total Pension Benefits | Domestic Pension Benefits | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service benefit | ($95) | ($95) | ($697) | ($689) | ($757) | ($953) | ($741) | ($812) | ($1,009) | ($95) | ($689) | ($741) |
Pension_Plans_and_Other_Postre6
Pension Plans and Other Postretirement Benefits - Components of Postretirement Benefits Expense (Income) (Detail) (Total Postretirement Benefits, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Total Postretirement Benefits | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Service cost | $309 | $274 | $263 | |||
Interest cost | 2,764 | 3,172 | 3,393 | |||
Expected return on assets | -413 | -488 | -509 | |||
Actuarial (gain) loss | -6,120 | [1] | 3,161 | [1] | 3,324 | [1] |
Amortization of prior service benefit | -95 | -95 | -697 | |||
Total net pension benefits (credit) cost | ($3,555) | $6,024 | $5,774 | |||
Weighted-average assumption percentages: | ' | ' | ' | |||
Discount rate | 4.00% | 5.10% | 5.30% | |||
Expected return on plan assets | 7.00% | 7.00% | 7.00% | |||
Rate of compensation increase | 3.50% | 4.00% | 4.00% | |||
[1] | In the second quarter of 2013, we identified that our consolidated statement of income for the year ended December 31, 2012 included a correction of $4.4 million (recorded in the second quarter of 2012) for postretirement plan actuarial gains that related to 2011. This amount was deemed to be not material with respect to our financial statements for the year ended December 31, 2012 and any prior period financial statements. |
Pension_Plans_and_Other_Postre7
Pension Plans and Other Postretirement Benefits - Financial Assets Accounted for at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Equity securities | $771 | [1] | $25 | [1] | ' |
Total Pension Benefits | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 616,545 | [2] | 563,303 | [2] | 531,105 |
Total Pension Benefits | Domestic Equity | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 167,627 | [3] | 218,145 | [4] | ' |
Total Pension Benefits | International Equity | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 70,609 | [5] | 107,647 | [6] | ' |
Total Pension Benefits | Fixed Income | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 248,095 | [7] | 142,967 | [8] | ' |
Total Pension Benefits | Absolute Return | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 125,137 | [9] | 80,714 | [9] | ' |
Total Pension Benefits | Cash | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5,077 | 13,830 | ' | ||
Total Postretirement Benefits | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5,620 | [2] | 6,611 | [2] | 7,681 |
Total Postretirement Benefits | Fixed Income | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5,620 | [7] | 6,611 | [8] | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Equity securities | 21 | [1] | 25 | [1] | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Total Pension Benefits | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 482,002 | [2] | 247,463 | [2] | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Total Pension Benefits | Domestic Equity | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 167,627 | [3] | 153,465 | [4] | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Total Pension Benefits | International Equity | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 70,609 | [5] | 18,977 | [6] | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Total Pension Benefits | Fixed Income | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 237,151 | [7] | 51,306 | [8] | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Total Pension Benefits | Absolute Return | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 1,538 | [9] | 9,885 | [9] | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Total Pension Benefits | Cash | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5,077 | 13,830 | ' | ||
Quoted Prices in Active Markets for Similar Items (Level 2) | Total Pension Benefits | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 10,944 | [2] | 245,011 | [2] | ' |
Quoted Prices in Active Markets for Similar Items (Level 2) | Total Pension Benefits | Domestic Equity | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 64,680 | [4] | ' |
Quoted Prices in Active Markets for Similar Items (Level 2) | Total Pension Benefits | International Equity | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [5] | 88,670 | [6] | ' |
Quoted Prices in Active Markets for Similar Items (Level 2) | Total Pension Benefits | Fixed Income | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 10,944 | [7] | 91,661 | [8] | ' |
Quoted Prices in Active Markets for Similar Items (Level 2) | Total Pension Benefits | Cash | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | ' | ' | ||
Quoted Prices in Active Markets for Similar Items (Level 2) | Total Postretirement Benefits | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5,620 | [2] | 6,611 | [2] | ' |
Quoted Prices in Active Markets for Similar Items (Level 2) | Total Postretirement Benefits | Fixed Income | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5,620 | [7] | 6,611 | [8] | ' |
Unobservable Inputs (Level 3) | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Equity securities | 750 | [1] | ' | ' | |
Unobservable Inputs (Level 3) | Total Pension Benefits | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 123,599 | [2] | 70,829 | [2] | 73,025 |
Unobservable Inputs (Level 3) | Total Pension Benefits | Absolute Return | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $123,599 | [9] | $70,829 | [9] | ' |
[1] | Primarily consists of private equity securities classified as available-for-sale and are reported in Investments in the consolidated balance sheets. The changes in fair value are reported in Other in our consolidated statements of comprehensive income. Holdings in private equity securities are typically valued using the net asset valuations provided by the underlying private investment companies and as such are classified within Level 3. | ||||
[2] | See Note 17 “Pension Plans and Other Postretirement Benefits†for further information about fair value measurements of our pension and postretirement plan assets. | ||||
[3] | Consists primarily of U.S. stock funds that track or are actively managed and measured against the S&P 500 index | ||||
[4] | Consists primarily of U.S. equity securities covering a diverse group of companies and U.S. stock funds that primarily track or are actively managed and measured against indices including the S&P 500 and the Russell 2000. | ||||
[5] | Consists primarily of an international equity fund which invests in common stocks and other securities whose value is based on an international equity index or an underlying equity security or basket of equity securities. | ||||
[6] | Consists primarily of international equity funds which include stocks and debt obligations of non-U.S. entities that primarily track or are actively managed and measured against various MSCI indices. | ||||
[7] | Consists primarily of mutual funds that hold debt obligations issued by governments, corporations, municipalities and other borrowers. Also includes insurance policies. | ||||
[8] | Consists primarily of fixed income mutual funds, corporate bonds, U.S. Treasury notes, other government securities and insurance policies. | ||||
[9] | Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below. |
Pension_Plans_and_Other_Postre8
Pension Plans and Other Postretirement Benefits - Changes in Fair Value of Plans Level 3 Assets (Detail) (Total Pension Benefits, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
In Thousands, unless otherwise specified | Unobservable Inputs (Level 3) | Unobservable Inputs (Level 3) | |||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' | ' | ||||
Fair value of plan assets, beginning balance | $616,545 | [1] | $563,303 | [1] | $531,105 | $70,829 | [1] | $73,025 | |
Total losses relating to assets sold during the period | ' | ' | ' | -994 | [2] | -31 | [3] | ||
Total unrealized gains relating to assets still held at the reporting date | ' | ' | ' | -4,511 | [2] | -2,311 | |||
Purchases | ' | ' | ' | 76,643 | ' | ||||
Sales | ' | ' | ' | -20,356 | -4,476 | ||||
Fair value of plan assets, Ending Balance | $616,545 | [1] | $563,303 | [1] | $531,105 | $123,599 | [1] | $70,829 | [1] |
[1] | See Note 17 “Pension Plans and Other Postretirement Benefits†for further information about fair value measurements of our pension and postretirement plan assets. | ||||||||
[2] | Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below. | ||||||||
[3] | These gains (losses) are recognized in the consolidated balance sheets and are included as changes in plan assets in the tables above. |
Pension_Plans_and_Other_Postre9
Pension Plans and Other Postretirement Benefits - Current Forecast of Benefit Payments which Reflect Expected Future Service (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Total Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $40 |
2015 | 39.6 |
2016 | 41.2 |
2017 | 43.2 |
2018 | 46.2 |
2019-2022 | 236.3 |
Domestic Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 37.6 |
2015 | 37.8 |
2016 | 39.4 |
2017 | 40.9 |
2018 | 44.5 |
2019-2022 | 223 |
Total Postretirement Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 4.8 |
2015 | 4.9 |
2016 | 5 |
2017 | 4.9 |
2018 | 4.8 |
2019-2022 | $21.40 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense Benefit (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income before income taxes and equity in net income of unconsolidated investments: | ' | ' | ' |
Domestic | $355,375 | $316,856 | $209,714 |
Foreign | 189,052 | 57,737 | 270,863 |
Income before income taxes and equity in net income of unconsolidated investments | 544,427 | 374,593 | 480,577 |
Current income tax expense: | ' | ' | ' |
Federal | 52,413 | 71,930 | 82,379 |
State | 2,121 | 6,478 | 4,774 |
Foreign | 16,923 | 18,712 | 28,179 |
Total | 71,457 | 97,120 | 115,332 |
Deferred income tax expense (benefit): | ' | ' | ' |
Federal | 72,299 | -2,632 | -23,060 |
State | 2,525 | 477 | -417 |
Foreign | -9,959 | -12,432 | 12,279 |
Total | 64,865 | -14,587 | -11,198 |
Total income tax expense | $136,322 | $82,533 | $104,134 |
Income_Taxes_Significant_Diffe
Income Taxes - Significant Differences Between U.S. Federal Statutory Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Income Tax Disclosure [Abstract] | ' | ' | ' | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% | |||
State taxes, net of federal tax benefit | 0.70% | 1.40% | 0.60% | |||
Change in valuation allowance | -2.20% | [1] | 3.40% | [1] | -0.30% | [1] |
Impact of foreign earnings, net | -10.30% | [2] | -6.10% | [2] | -10.90% | [2] |
Depletion | -0.90% | -1.30% | -0.90% | |||
Revaluation of unrecognized tax benefits/reserve requirements | -0.10% | [3] | -1.70% | [3] | -0.10% | [3] |
Domestic Manufacturing tax deduction | -0.90% | [4] | -3.80% | [4] | -1.20% | [4] |
Undistributed earnings of foreign subsidiaries | 2.90% | [2] | -4.90% | [2] | -0.40% | [2] |
Other items, net | 0.80% | 0.00% | -0.10% | |||
Effective income tax rate | 25.00% | 22.00% | 21.70% | |||
[1] | During 2013, the Avonmouth, United Kingdom legal entity was dissolved, therefore the corresponding valuation allowance and deferred tax assets were written off. During 2012, a valuation allowance was established for $15.9 million as a result of the planned shut-down of our Avonmouth, United Kingdom legal entity in connection with our exit of the phosphorus flame retardants business. See Note 19, “Special Items.†| |||||
[2] | In prior years, we designated the undistributed earnings of substantially all of our foreign subsidiaries as permanently reinvested. The benefit of the lower tax rates in the jurisdictions for which we made this designation have been reflected in our effective income tax rate. During 2013, 2012 and 2011, we received distributions of $12.3 million, $56.9 million and $33.8 million, respectively, from various foreign subsidiaries and joint ventures and realized an expense (benefit), net of foreign tax credits, of $2.4 million, $(1.8) million and $5.4 million, respectively, related to the repatriation of these high taxed earnings. We have asserted for all periods being reported, permanent reinvestment of our share of the income of JBC, a Free Zones company under the laws of the Hashemite Kingdom of Jordan. The applicable provisions of the Jordanian law, and applicable regulations thereunder, do not have a termination provision and the exemption is permanent. As a Free Zones company, JBC is not subject to income taxes on the profits of products exported from Jordan, and currently, substantially all of the profits are from exports. In 2012, undistributed foreign subsidiary earnings were primarily impacted by a $17.4 million change related to the closure of our Avonmouth, United Kingdom site in connection with our exit of the phosphorus flame retardants business. | |||||
[3] | During 2012, we released various tax reserves primarily related to the expiration of the applicable U.S. federal statute of limitations for 2008 which provided a net benefit of $5.2 million. | |||||
[4] | During 2012, we amended the calculation of the domestic manufacturing tax deduction for the year 2010 and filed the 2011 tax return. As a result, in 2012 we recognized tax benefits of $1.5 million and $3.0 million related to the 2010 and 2011 tax years, respectively. |
Income_Taxes_Significant_Diffe1
Income Taxes - Significant Differences Between U.S. Federal Statutory Rate and Effective Income Tax Rate (Parenthetical) (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Schedule Of Effective Tax Rates Line Items | ' | ' | ' | ' |
Valuation Allowance | $33,757,000 | $49,562,000 | $36,419,000 | $39,802,000 |
Proceeds from various foreign subsidiaries and joint ventures related to repatriation of high taxed earnings | 12,300,000 | 56,900,000 | 33,800,000 | ' |
Foreign tax credits | 2,400,000 | -1,800,000 | 5,400,000 | ' |
Net benefit from tax reserves | ' | 5,200,000 | ' | ' |
Recognized Tax Benefits In 2010 | ' | ' | ' | ' |
Schedule Of Effective Tax Rates Line Items | ' | ' | ' | ' |
Recognized tax benefits | ' | 1,500,000 | ' | ' |
Recognized Tax Benefits In 2011 | ' | ' | ' | ' |
Schedule Of Effective Tax Rates Line Items | ' | ' | ' | ' |
Recognized tax benefits | ' | 3,000,000 | ' | ' |
Phosphorous Flame Retardant Business Exit | ' | ' | ' | ' |
Schedule Of Effective Tax Rates Line Items | ' | ' | ' | ' |
Impact on undistributed foreign subsidiaries earnings | ' | 17,400,000 | ' | ' |
Avonmouth, United Kingdom [Member] | ' | ' | ' | ' |
Schedule Of Effective Tax Rates Line Items | ' | ' | ' | ' |
Valuation Allowance | ' | $15,900,000 | ' | ' |
Income_Taxes_Deferred_Income_T
Income Taxes - Deferred Income Tax Assets and Liabilities Recorded on Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Deferred tax assets: | ' | ' | ' | ' |
Postretirement benefits other than pensions | $300 | $14,900 | ' | ' |
Accrued employee benefits | 31,089 | 26,603 | ' | ' |
Operating loss carryovers | 88,614 | 74,934 | ' | ' |
Pensions | 37,172 | 74,521 | ' | ' |
Tax credit carryovers | 35,170 | 37,684 | ' | ' |
Undistributed earnings of foreign subsidiaries | 0 | 15,583 | ' | ' |
Other | 15,447 | 23,280 | ' | ' |
Gross deferred tax assets | 207,792 | 267,505 | ' | ' |
Valuation allowance | -33,757 | -49,562 | -36,419 | -39,802 |
Deferred tax assets | 174,035 | 217,943 | ' | ' |
Deferred tax liabilities: | ' | ' | ' | ' |
Depreciation | -213,575 | -193,021 | ' | ' |
Foreign currency translation adjustments | -3,104 | -4,933 | ' | ' |
Undistributed earnings of foreign subsidiaries | -71 | 0 | ' | ' |
Other | -19,747 | -20,348 | ' | ' |
Deferred tax liabilities | -236,497 | -218,302 | ' | ' |
Net deferred tax liabilities | -62,462 | -359 | ' | ' |
Current deferred tax assets | 3,912 | 4,197 | ' | ' |
Current deferred tax liabilities | -2,853 | -5,700 | ' | ' |
Noncurrent deferred tax assets | 65,667 | 64,512 | ' | ' |
Noncurrent deferred tax liabilities | -129,188 | -63,368 | ' | ' |
Net deferred tax liabilities | ($62,462) | ($359) | ' | ' |
Income_Taxes_Changes_in_Balanc
Income Taxes - Changes in Balance of Deferred Tax Asset Valuation Allowance (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Tax Asset Valuation Allowance [Roll Forward] | ' | ' | ' |
Beginning Balance | ($49,562) | ($36,419) | ($39,802) |
Additions | -4,359 | -20,182 | -6,155 |
Deductions | 20,164 | 7,039 | 9,538 |
Ending Balance | ($33,757) | ($49,562) | ($36,419) |
Income_Taxes_Income_Tax_Additi
Income Taxes - Income Tax - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||
Domestic Country | Foreign Country | Minimum | Maximum | |||||||
Domestic Country | Domestic Country | |||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Statutory Accounting Practices, Portion of Excess Retained Earnings Not Taxed | $900,000,000 | ' | ' | ' | ' | ' | ' | ' | ||
Domestic credit available to offset future payments of income taxes | ' | ' | ' | ' | 36,600,000 | ' | ' | ' | ||
Tax credit carryforward expiration year | ' | ' | ' | ' | ' | ' | '2016 | '2023 | ||
Valuation allowance on deferred tax asset | 33,757,000 | 49,562,000 | 36,419,000 | 39,802,000 | 3,200,000 | 800,000 | ' | ' | ||
Net operating loss carryovers | ' | ' | ' | ' | 31,600,000 | 279,800,000 | ' | ' | ||
Operating loss carryover, valuation allowance | ' | ' | ' | ' | ' | 101,600,000 | ' | ' | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 700,000 | 800,000 | ' | ' | ' | ' | ' | ' | ||
Assets offsetting unrecognized tax benefits | 25,700,000 | 25,800,000 | ' | ' | ' | ' | ' | ' | ||
Unrecognized tax benefits net of offsetting assets | 3,400,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ||
Deferred tax assets carryover, valuation allowance | 33,757,000 | 49,562,000 | 36,419,000 | 39,802,000 | 3,200,000 | 800,000 | ' | ' | ||
Liabilities related to uncertain tax position | 29,834,000 | [1] | 29,179,000 | [1] | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits | 29,143,000 | 28,398,000 | 29,789,000 | 20,949,000 | ' | ' | ' | ' | ||
Maximum decrease in the liability related to uncertain tax positions | $2,800,000 | ' | ' | ' | ' | ' | ' | ' | ||
[1] | See Note 18, “Income Taxes.†|
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Total Gross Liability Related to Uncertain Tax Positions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning Balance | $28,398 | $29,789 | $20,949 |
Additions for tax positions related to prior years | 0 | 4,242 | 0 |
Reductions for tax positions related to prior years | -348 | 0 | -1,639 |
Additions for tax positions related to current year | 2,061 | 3,639 | 10,802 |
Lapses in statutes of limitations | -473 | -10,057 | -323 |
Foreign currency translation adjustment | -495 | 785 | 0 |
Ending Balance | $29,143 | $28,398 | $29,789 |
Special_Items_Additional_Infor
Special Items - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Restructuring And Other [Line Items] | ' |
Charitable contribution | $8 |
Charitable contribution, after income taxes | 5.1 |
Settlement of Litigation | ' |
Restructuring And Other [Line Items] | ' |
Gain of settlement of litigation | 8.1 |
Gain of settlement of litigation, after income taxes | 5.1 |
Estimated reimbursement of related legal fees | $0.90 |
Special_Items_Restructuring_an
Special Items - Restructuring and Other Charges Reported in Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Severance costs | $33,400 | ' | ' | ' | ' | ' | ' | ' | $33,361 | [1],[2] | $21,640 | [1] | $1,859 | [1] | ||||||||
Defined benefit pension plan curtailment gain, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,507 | [3] | ' | ||||||||||
Employer contribution to defined contribution plan | ' | ' | ' | ' | 10,100 | ' | ' | ' | ' | 10,081 | [3] | ' | ||||||||||
Other | ' | ' | ' | ' | 5,300 | ' | ' | ' | ' | 5,334 | [4] | ' | ||||||||||
Total Restructuring and other charges, net | 33,361 | [5] | 0 | [5] | 0 | [5] | 0 | [5] | 16,982 | [5] | 0 | [5] | 94,703 | [5] | 0 | [5] | 33,361 | [5] | 111,685 | [5] | 0 | [5] |
Phosphorous Flame Retardant Business Exit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Severance costs | ' | ' | ' | ' | ' | ' | 22,000 | ' | ' | ' | ' | |||||||||||
Exit of phosphorus flame retardants business | ' | ' | ' | ' | 6,100 | ' | 94,700 | ' | ' | 100,777 | [6] | ' | ||||||||||
Other | ' | ' | ' | ' | ' | ' | $3,000 | ' | ' | ' | ' | |||||||||||
[1] | The year ended December 31, 2013 includes charges amounting to $33.4 million in connection with the announced realignment of our operating segments effective January 1, 2014 as described above.The year ended December 31, 2012 includes charges amounting to $21.6 million relating to reduction in force liabilities associated with our exit of the phosphorus flame retardants business noted above.The year ended December 31, 2011 includes charges of $1.9 million related to restructuring programs at various manufacturing locations which are reflected in Cost of goods sold. Payments under these programs have been completed. | |||||||||||||||||||||
[2] | In connection with the announced realignment of our operating segments effective January 1, 2014, in the fourth quarter of 2013 we initiated a workforce reduction plan which will result in a reduction of approximately 230 employees worldwide. In the fourth quarter of 2013 we recorded charges of $33.4 million ($21.9 million after income taxes) for termination benefits and other costs related to this workforce reduction plan. Payments under this workforce reduction plan are expected to occur through 2014. | |||||||||||||||||||||
[3] | In the fourth quarter of 2012 we recorded a net curtailment gain of $4.5 million ($2.9 million after income taxes) and a one-time employer contribution to the Company’s defined contribution plan of $10.1 million ($6.4 million after income taxes), both in connection with various amendments to certain of our U.S. pension and defined contribution plans that were approved by our Board of Directors in the fourth quarter of 2012. See Note 17, “Pension Plans and Other Postretirement Benefits.†| |||||||||||||||||||||
[4] | In the fourth quarter of 2012 we recorded charges amounting to $5.3 million ($4.3 million after income taxes) related to changes in product sourcing and other items. | |||||||||||||||||||||
[5] | See Note 19, “Special Items.†| |||||||||||||||||||||
[6] | In the second quarter of 2012 we recorded net charges amounting to $94.7 million ($73.6 million after income taxes), and in the fourth quarter we recorded net charges amounting to $6.1 million ($2.5 million after income taxes), in connection with our exit of the phosphorus flame retardants business, whose products were sourced mainly at our Avonmouth, United Kingdom and Nanjing, China manufacturing sites. The charges are comprised mainly of non-cash items consisting of net asset write-offs of approximately $57 million and write-offs of foreign currency translation adjustments of approximately $12 million, as well as accruals for future cash costs associated with related severance programs of approximately $22 million, estimated site remediation costs of approximately $9 million, other estimated exit costs of approximately $3 million, partly offset by a gain of approximately $2 million related to the sale of our Nanjing, China manufacturing site. Payments under this restructuring plan are expected to occur through 2014. |
Special_Items_Restructuring_an1
Special Items - Restructuring and Other Charges Reported in Consolidated Statements of Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
employee | |||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | |||
Number of employee reduction | 230 | ' | ' | ' | ' | ' | |||
Workforce reduction charges | $33,400,000 | ' | ' | $33,361,000 | [1],[2] | $21,640,000 | [1] | $1,859,000 | [1] |
Exit of phosphorous flame retardants business | ' | ' | 8,700,000 | 0 | 8,700,000 | 0 | |||
Severance costs net of tax | 21,900,000 | ' | ' | ' | ' | ' | |||
Write-offs of foreign currency translation adjustments of phosphorous flame retardants business | ' | ' | ' | ' | -12,300,000 | ' | |||
Other | ' | 5,300,000 | ' | ' | 5,334,000 | [3] | ' | ||
Defined benefit plan curtailment gain | ' | 4,500,000 | ' | ' | ' | ' | |||
Defined benefit plan curtailment gain, net of tax | ' | 2,900,000 | ' | ' | ' | ' | |||
One-time employer contribution amount to defined contribution plan | ' | 10,100,000 | ' | ' | 10,081,000 | [4] | ' | ||
Defined Benefit Plan, Contributions by Employer Net Of Tax | ' | 6,400,000 | ' | ' | ' | ' | |||
Other Restructuring Costs Net Of Tax | ' | 4,300,000 | ' | ' | ' | ' | |||
Phosphorous Flame Retardant Business Exit | ' | ' | ' | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | |||
Workforce reduction charges | ' | ' | 22,000,000 | ' | ' | ' | |||
Exit of phosphorous flame retardants business | ' | ' | 9,000,000 | ' | ' | ' | |||
Restructuring charges | ' | 6,100,000 | 94,700,000 | ' | 100,777,000 | [5] | ' | ||
Restructuring charges, net of tax | ' | 2,500,000 | 73,600,000 | ' | ' | ' | |||
Phosphorous flame retardants business, net asset write off | ' | ' | 57,000,000 | ' | ' | ' | |||
Write-offs of foreign currency translation adjustments of phosphorous flame retardants business | ' | ' | 12,000,000 | ' | ' | ' | |||
Other | ' | ' | 3,000,000 | ' | ' | ' | |||
Amount of gain related to the sale of Nanjing, China manufacturing site | ' | $2,000,000 | ' | ' | $2,000,000 | ' | |||
[1] | The year ended December 31, 2013 includes charges amounting to $33.4 million in connection with the announced realignment of our operating segments effective January 1, 2014 as described above.The year ended December 31, 2012 includes charges amounting to $21.6 million relating to reduction in force liabilities associated with our exit of the phosphorus flame retardants business noted above.The year ended December 31, 2011 includes charges of $1.9 million related to restructuring programs at various manufacturing locations which are reflected in Cost of goods sold. Payments under these programs have been completed. | ||||||||
[2] | In connection with the announced realignment of our operating segments effective January 1, 2014, in the fourth quarter of 2013 we initiated a workforce reduction plan which will result in a reduction of approximately 230 employees worldwide. In the fourth quarter of 2013 we recorded charges of $33.4 million ($21.9 million after income taxes) for termination benefits and other costs related to this workforce reduction plan. Payments under this workforce reduction plan are expected to occur through 2014. | ||||||||
[3] | In the fourth quarter of 2012 we recorded charges amounting to $5.3 million ($4.3 million after income taxes) related to changes in product sourcing and other items. | ||||||||
[4] | In the fourth quarter of 2012 we recorded a net curtailment gain of $4.5 million ($2.9 million after income taxes) and a one-time employer contribution to the Company’s defined contribution plan of $10.1 million ($6.4 million after income taxes), both in connection with various amendments to certain of our U.S. pension and defined contribution plans that were approved by our Board of Directors in the fourth quarter of 2012. See Note 17, “Pension Plans and Other Postretirement Benefits.†| ||||||||
[5] | In the second quarter of 2012 we recorded net charges amounting to $94.7 million ($73.6 million after income taxes), and in the fourth quarter we recorded net charges amounting to $6.1 million ($2.5 million after income taxes), in connection with our exit of the phosphorus flame retardants business, whose products were sourced mainly at our Avonmouth, United Kingdom and Nanjing, China manufacturing sites. The charges are comprised mainly of non-cash items consisting of net asset write-offs of approximately $57 million and write-offs of foreign currency translation adjustments of approximately $12 million, as well as accruals for future cash costs associated with related severance programs of approximately $22 million, estimated site remediation costs of approximately $9 million, other estimated exit costs of approximately $3 million, partly offset by a gain of approximately $2 million related to the sale of our Nanjing, China manufacturing site. Payments under this restructuring plan are expected to occur through 2014. |
Special_Items_Activity_in_Reco
Special Items - Activity in Recorded Workforce Reduction Liabilities (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | ' | $15,898 | $4,780 | $7,074 | ||||
Workforce reduction charges | 33,400 | 33,361 | [1],[2] | 21,640 | [1] | 1,859 | [1] | |
Payments | ' | -8,915 | -10,929 | -4,292 | ||||
Amount reversed to income | ' | -1,209 | [3] | -45 | [3] | 19 | [3] | |
Foreign currency translation | ' | -31 | 452 | 120 | ||||
Ending balance | 39,104 | 39,104 | 15,898 | 4,780 | ||||
Less amounts reported in Accrued expenses | 39,104 | [4] | 39,104 | [4] | 14,428 | [4] | 2,843 | |
Amounts reported in Other noncurrent liabilities | $0 | $0 | $1,470 | $1,937 | ||||
[1] | The year ended December 31, 2013 includes charges amounting to $33.4 million in connection with the announced realignment of our operating segments effective January 1, 2014 as described above.The year ended December 31, 2012 includes charges amounting to $21.6 million relating to reduction in force liabilities associated with our exit of the phosphorus flame retardants business noted above.The year ended December 31, 2011 includes charges of $1.9 million related to restructuring programs at various manufacturing locations which are reflected in Cost of goods sold. Payments under these programs have been completed. | |||||||
[2] | In connection with the announced realignment of our operating segments effective January 1, 2014, in the fourth quarter of 2013 we initiated a workforce reduction plan which will result in a reduction of approximately 230 employees worldwide. In the fourth quarter of 2013 we recorded charges of $33.4 million ($21.9 million after income taxes) for termination benefits and other costs related to this workforce reduction plan. Payments under this workforce reduction plan are expected to occur through 2014. | |||||||
[3] | Amounts reversed to income reflect adjustments based on actual timing and amount of final settlements. | |||||||
[4] | See Note 19, “Special Items.†|
Special_Items_Activity_in_Reco1
Special Items - Activity in Recorded Workforce Reduction Liabilities (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2012 | ||||
Phosphorous Flame Retardant Business Exit | Phosphorous Flame Retardant Business Exit | ||||||||
Restructuring And Other [Line Items] | ' | ' | ' | ' | ' | ' | |||
Severance costs | $33,400,000 | $33,361,000 | [1],[2] | $21,640,000 | [1] | $1,859,000 | [1] | $22,000,000 | ' |
Workforce reduction charges | ' | ' | ' | $1,900,000 | ' | $21,600,000 | |||
[1] | The year ended December 31, 2013 includes charges amounting to $33.4 million in connection with the announced realignment of our operating segments effective January 1, 2014 as described above.The year ended December 31, 2012 includes charges amounting to $21.6 million relating to reduction in force liabilities associated with our exit of the phosphorus flame retardants business noted above.The year ended December 31, 2011 includes charges of $1.9 million related to restructuring programs at various manufacturing locations which are reflected in Cost of goods sold. Payments under these programs have been completed. | ||||||||
[2] | In connection with the announced realignment of our operating segments effective January 1, 2014, in the fourth quarter of 2013 we initiated a workforce reduction plan which will result in a reduction of approximately 230 employees worldwide. In the fourth quarter of 2013 we recorded charges of $33.4 million ($21.9 million after income taxes) for termination benefits and other costs related to this workforce reduction plan. Payments under this workforce reduction plan are expected to occur through 2014. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Fair Value of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Long-term debt, Recorded Amount | $1,078,864 | $699,288 |
Long-term debt, Fair Value | $1,109,878 | $764,784 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' |
Notional amount | $321.40 | $274 | ' |
Other Accounts Receivable | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' |
Fair value of foreign currency forward contracts, assets | 0.2 | 0.3 | ' |
Accrued Expenses | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' |
Fair value of foreign currency forward contracts, liabilities | ' | 0.8 | ' |
Other income (expenses), net | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' |
Recognized gains (losses) of foreign currency forward contracts | -1.1 | 5.1 | 1 |
Other, net | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' |
Change in the fair value of foreign currency forward contracts | 1.1 | -5.1 | -1 |
Cash settlements | ($1.80) | $4.80 | ($3) |
Fair_Value_Measurement_Financi
Fair Value Measurement - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Investments under executive deferred compensation plan | $23,030 | [1] | $20,265 | [1] | ' |
Equity securities | 771 | [2] | 25 | [2] | ' |
Foreign currency forward contracts, assets | 161 | [3] | 262 | [3] | ' |
Obligations under executive deferred compensation plan | 23,030 | [1] | 20,265 | [1] | ' |
Foreign currency forward contracts, liabilities | ' | 771 | [3] | ' | |
Total Pension Benefits | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Defined benefit plan fair value of plan assets | 616,545 | [4] | 563,303 | [4] | 531,105 |
Total Postretirement Benefits | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Defined benefit plan fair value of plan assets | 5,620 | [4] | 6,611 | [4] | 7,681 |
Quoted Prices in Active Markets for Identical Items (Level 1) | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Investments under executive deferred compensation plan | 23,030 | [1] | 20,265 | [1] | ' |
Equity securities | 21 | [2] | 25 | [2] | ' |
Obligations under executive deferred compensation plan | 23,030 | [1] | 20,265 | [1] | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Total Pension Benefits | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Defined benefit plan fair value of plan assets | 482,002 | [4] | 247,463 | [4] | ' |
Quoted Prices in Active Markets for Similar Items (Level 2) | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Foreign currency forward contracts, assets | 161 | [3] | 262 | [3] | ' |
Foreign currency forward contracts, liabilities | ' | 771 | [3] | ' | |
Quoted Prices in Active Markets for Similar Items (Level 2) | Total Pension Benefits | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Defined benefit plan fair value of plan assets | 10,944 | [4] | 245,011 | [4] | ' |
Quoted Prices in Active Markets for Similar Items (Level 2) | Total Postretirement Benefits | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Defined benefit plan fair value of plan assets | 5,620 | [4] | 6,611 | [4] | ' |
Unobservable Inputs (Level 3) | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Equity securities | 750 | [2] | ' | ' | |
Unobservable Inputs (Level 3) | Total Pension Benefits | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Defined benefit plan fair value of plan assets | $123,599 | [4] | $70,829 | [4] | $73,025 |
[1] | We maintain an EDCP that was adopted in 2001 and subsequently amended. The purpose of the EDCP is to provide current tax planning opportunities as well as supplemental funds upon the retirement or death of certain of our employees. The EDCP is intended to aid in attracting and retaining employees of exceptional ability by providing them with these benefits. We also maintain a Benefit Protection Trust (the Trust) that was created to provide a source of funds to assist in meeting the obligations of the EDCP, subject to the claims of our creditors in the event of our insolvency. Assets of the Trust are consolidated in accordance with authoritative guidance. The assets of the Trust consist primarily of mutual fund investments (which are accounted for as trading securities and are marked-to-market on a monthly basis through the consolidated statements of income) and cash and cash equivalents. As such, these assets and obligations are classified within Level 1. | ||||
[2] | Primarily consists of private equity securities classified as available-for-sale and are reported in Investments in the consolidated balance sheets. The changes in fair value are reported in Other in our consolidated statements of comprehensive income. Holdings in private equity securities are typically valued using the net asset valuations provided by the underlying private investment companies and as such are classified within Level 3. | ||||
[3] | As a result of our global operating and financing activities, we are exposed to market risks from changes in foreign currency exchange rates, which may adversely affect our operating results and financial position. When deemed appropriate, we minimize our risks from foreign currency exchange rate fluctuations through the use of derivative financial instruments. The foreign currency forward contracts are valued using broker quotations or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are classified within Level 2. | ||||
[4] | See Note 17 “Pension Plans and Other Postretirement Benefits†for further information about fair value measurements of our pension and postretirement plan assets. |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Oct. 02, 2013 | |
Antioxidant, Ibuprofen and Propofol Assets | Catilin Inc. | Tmg Manufacturing Site | Cambridge Chemical Company | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Consideration transferred | ' | ' | ' | ' | ' | ' | $3,600,000 |
Cash payments related to acquisitions | $2,565,000 | $3,360,000 | $13,164,000 | $2,300,000 | $4,500,000 | $6,500,000 | ' |
Operating_Segments_and_Geograp2
Operating Segments and Geographic Area Information - Summarized Financial Information by Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | $691,956 | $648,638 | $634,197 | $641,625 | $687,596 | $661,226 | $684,894 | $711,704 | $2,616,416 | [1] | $2,745,420 | [1] | $2,869,005 | [1] | ||||||||
Total segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 582,909 | 406,164 | 517,794 | |||||||||||
Total equity in net income of unconsolidated investments | ' | ' | ' | ' | ' | ' | ' | ' | 31,729 | 38,067 | 43,754 | |||||||||||
Total net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -26,663 | -18,591 | -28,083 | |||||||||||
Segment income: | ' | ' | ' | ' | ' | ' | ' | ' | 539,897 | 666,884 | 718,471 | |||||||||||
Corporate & other | ' | ' | ' | ' | ' | ' | ' | ' | 81,439 | [2] | -129,559 | [2] | -185,006 | [2] | ||||||||
Restructuring and other charges | -33,361 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | -16,982 | [3] | 0 | [3] | -94,703 | [3] | 0 | [3] | -33,361 | [3] | -111,685 | [3] | 0 | [3] |
Interest and financing expenses | ' | ' | ' | ' | ' | ' | ' | ' | -31,559 | -32,800 | -37,574 | |||||||||||
Other (expenses) income, net | ' | ' | ' | ' | ' | ' | ' | ' | -6,923 | 1,229 | 357 | |||||||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -136,322 | -82,533 | -104,134 | |||||||||||
Net income attributable to Albemarle Corporation | 155,933 | 90,512 | 82,739 | 83,987 | 37,726 | 109,459 | 50,089 | 114,262 | 413,171 | 311,536 | 392,114 | |||||||||||
Performance Chemicals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,430,652 | 1,506,960 | 1,586,246 | |||||||||||
Total segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 324,602 | 405,764 | 435,478 | |||||||||||
Total equity in net income of unconsolidated investments | ' | ' | ' | ' | ' | ' | ' | ' | 8,875 | 6,416 | 7,696 | |||||||||||
Total net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -26,663 | -18,571 | -28,109 | |||||||||||
Segment income: | ' | ' | ' | ' | ' | ' | ' | ' | 306,814 | 393,609 | 415,065 | |||||||||||
Catalyst Solutions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,185,764 | 1,238,460 | 1,282,759 | |||||||||||
Total segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 210,229 | 241,624 | 267,147 | |||||||||||
Total equity in net income of unconsolidated investments | ' | ' | ' | ' | ' | ' | ' | ' | 22,854 | 31,651 | 36,259 | |||||||||||
Segment income: | ' | ' | ' | ' | ' | ' | ' | ' | 233,083 | 273,275 | 303,406 | |||||||||||
Total segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Total segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 534,831 | 647,388 | 702,625 | |||||||||||
Corporate & other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Total equity in net income of unconsolidated investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -201 | |||||||||||
Total net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ($20) | $26 | |||||||||||
[1] | No sales in a foreign country exceed 10% of total net sales. Also, net sales are attributed to countries based upon shipments to final destination. | |||||||||||||||||||||
[2] | For the years ended December 31, 2013, 2012 and 2011, Corporate and other includes $143.1 million, $(68.0) million and $(89.2) million, respectively, of pension and OPEB plan credits (costs) (including mark-to-market actuarial gains and losses). | |||||||||||||||||||||
[3] | See Note 19, “Special Items.†|
Operating_Segments_and_Geograp3
Operating Segments and Geographic Area Information - Summarized Financial Information by Reportable Segments (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
Pension and OPEB items | $143.10 | ($68) | ($89.20) |
Operating_Segments_and_Geograp4
Operating Segments and Geographic Area Information - Goodwill and Identifiable Assets by Reportable Segments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable assets: | $3,584,797 | $3,437,291 | $3,203,824 |
Goodwill | 284,203 | 276,966 | 273,145 |
Performance Chemicals | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable assets: | 1,132,870 | 1,113,038 | 1,014,176 |
Goodwill | 46,635 | 46,551 | 46,130 |
Catalyst Solutions | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable assets: | 1,692,088 | 1,569,851 | 1,499,952 |
Goodwill | 237,568 | 230,415 | 227,015 |
Corporate & other | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable assets: | $759,839 | $754,402 | $689,696 |
Operating_Segments_and_Geograp5
Operating Segments and Geographic Area Information - Depreciation Amortization and Capital Expenditures by Reportable Segments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization: | $107,370 | $99,020 | $96,753 |
Capital expenditures: | 155,346 | 280,873 | 190,574 |
Performance Chemicals | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization: | 47,572 | 41,831 | 42,085 |
Capital expenditures: | 94,506 | 156,648 | 110,035 |
Catalyst Solutions | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization: | 57,610 | 55,275 | 53,333 |
Capital expenditures: | 60,326 | 122,746 | 65,308 |
Corporate & other | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization: | 2,188 | 1,914 | 1,335 |
Capital expenditures: | $514 | $1,479 | $15,231 |
Operating_Segments_and_Geograp6
Operating Segments and Geographic Area Information - Net Sales (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $691,956 | $648,638 | $634,197 | $641,625 | $687,596 | $661,226 | $684,894 | $711,704 | $2,616,416 | [1] | $2,745,420 | [1] | $2,869,005 | [1] |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,022,220 | [1] | 1,053,068 | [1] | 1,106,580 | [1] |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $1,594,196 | [1] | $1,692,352 | [1] | $1,762,425 | [1] |
[1] | No sales in a foreign country exceed 10% of total net sales. Also, net sales are attributed to countries based upon shipments to final destination. |
Operating_Segments_and_Geograp7
Operating Segments and Geographic Area Information - Net Sales (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting [Abstract] | ' | ' | ' |
Foreign sales to total net sales not exceed percentage | 10.00% | 10.00% | 10.00% |
Operating_Segments_and_Geograp8
Operating Segments and Geographic Area Information - Long-Lived Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets: | $1,548,577 | $1,482,499 | $1,309,917 |
United States | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets: | 748,719 | 735,269 | 652,022 |
Netherlands | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets: | 193,775 | 192,540 | 185,799 |
Jordan | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets: | 227,818 | 209,133 | 141,725 |
Brazil | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets: | 78,078 | 85,353 | 83,452 |
Germany | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets: | 86,175 | 72,797 | 70,051 |
China | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets: | 41,858 | 39,542 | 64,449 |
France | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets: | 34,523 | 32,305 | 28,652 |
Korea | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets: | 86,827 | 81,962 | 25,008 |
United Kingdom | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets: | 3,665 | 0 | 12,436 |
Other foreign countries | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets: | $47,139 | $33,598 | $46,323 |
Operating_Segments_and_Geograp9
Operating Segments and Geographic Area Information - Net Sales to External Customers in Each of Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $691,956 | $648,638 | $634,197 | $641,625 | $687,596 | $661,226 | $684,894 | $711,704 | $2,616,416 | [1] | $2,745,420 | [1] | $2,869,005 | [1] |
Performance Chemicals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,430,652 | 1,506,960 | 1,586,246 | |||
Performance Chemicals | Fire Safety Solutions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 620,972 | 665,293 | 780,541 | |||
Performance Chemicals | Specialty Chemicals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 520,998 | 519,606 | 515,511 | |||
Performance Chemicals | Fine Chemistry Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 288,682 | 322,061 | 290,194 | |||
Catalyst Solutions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,185,764 | 1,238,460 | 1,282,759 | |||
Catalyst Solutions | Refinery Catalyst Solutions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 768,837 | 794,933 | 851,482 | |||
Catalyst Solutions | Performance Catalyst Solutions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 232,769 | 273,015 | 265,381 | |||
Catalyst Solutions | Antioxidants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $184,158 | $170,512 | $165,896 | |||
[1] | No sales in a foreign country exceed 10% of total net sales. Also, net sales are attributed to countries based upon shipments to final destination. |
Recovered_Sheet2
Operating Segments and Geographic Area Information - Additional Information (Details) (Subsequent Event) | 5 Months Ended |
30-May-14 | |
segment | |
Subsequent Event | ' |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 2 |
Quarterly_Financial_Summary_De
Quarterly Financial Summary (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | $691,956 | $648,638 | $634,197 | $641,625 | $687,596 | $661,226 | $684,894 | $711,704 | $2,616,416 | [1] | $2,745,420 | [1] | $2,869,005 | [1] | ||||||||
Gross profit | 253,527 | 211,649 | 196,639 | 199,590 | 191,977 | 217,750 | 249,288 | 250,980 | 861,405 | 909,995 | 954,947 | |||||||||||
Restructuring and other charges, net | 33,361 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 16,982 | [2] | 0 | [2] | 94,703 | [2] | 0 | [2] | 33,361 | [2] | 111,685 | [2] | 0 | [2] |
Net income attributable to Albemarle Corporation | $155,933 | $90,512 | $82,739 | $83,987 | $37,726 | $109,459 | $50,089 | $114,262 | $413,171 | $311,536 | $392,114 | |||||||||||
Basic earnings per share (in dollars per share) | $1.92 | $1.11 | $0.98 | $0.95 | $0.42 | $1.23 | $0.56 | $1.28 | $4.93 | $3.49 | $4.33 | |||||||||||
Weighted-average common shares outstanding-basic (in shares) | 81,226 | 81,385 | 84,028 | 88,719 | 89,018 | 89,327 | 89,414 | 88,997 | 83,839 | 89,189 | 90,522 | |||||||||||
Diluted earnings per share (in dollars per share) | $1.91 | $1.11 | $0.98 | $0.94 | $0.42 | $1.22 | $0.56 | $1.27 | $4.90 | $3.47 | $4.28 | |||||||||||
Shares used to compute diluted earnings per share | 81,713 | 81,852 | 84,489 | 89,236 | 89,660 | 89,879 | 90,051 | 89,947 | 84,322 | 89,884 | 91,522 | |||||||||||
[1] | No sales in a foreign country exceed 10% of total net sales. Also, net sales are attributed to countries based upon shipments to final destination. | |||||||||||||||||||||
[2] | See Note 19, “Special Items.†|