Albemarle (ALB) 10-K 19 Feb 21 2020 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 12, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-12658
Entity Registrant Name	ALBEMARLE CORPORATION
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1692118
Entity Address, Address Line One	4250 Congress Street, Suite 900
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28209
City Area Code	980
Local Phone Number	299-5700
Title of 12(b) Security	COMMON STOCK, $.01 Par Value
Trading Symbol	ALB
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 8.2
Entity Common Stock, Shares Outstanding		116,632,439
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000915913

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net sales	$ 3,128,909	$ 3,589,427	$ 3,374,950
Cost of goods sold	2,134,056	2,331,649	2,157,694
Gross profit	994,853	1,257,778	1,217,256
Selling, general and administrative expenses	429,827	533,368	446,090
Research and development expenses	59,214	58,287	70,054
Gain on sale of business	0	0	(210,428)
Operating profit	505,812	666,123	911,540
Interest and financing expenses	(73,116)	(57,695)	(52,405)
Other expenses, net	(59,177)	(45,478)	(64,434)
Income before income taxes and equity in net income of unconsolidated investments	373,519	562,950	794,701
Income tax expense	54,425	88,161	144,826
Income before equity in net income of unconsolidated investments	319,094	474,789	649,875
Equity in net income of unconsolidated investments (net of tax)	127,521	129,568	89,264
Net income	446,615	604,357	739,139
Net income attributable to noncontrolling interests	(70,851)	(71,129)	(45,577)
Net income attributable to Albemarle Corporation	$ 375,764	$ 533,228	$ 693,562
Basic earnings per share (in dollars per share)	$ 3.53	$ 5.03	$ 6.40
Diluted earnings per share (in dollars per share)	$ 3.52	$ 5.02	$ 6.34
Weighted-average common shares outstanding—basic (in shares)	106,402	105,949	108,427
Weighted-average common shares outstanding—diluted (in shares)	106,808	106,321	109,458

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 446,615	$ 604,357	$ 739,139
Other comprehensive income (loss), net of tax:
Foreign currency translation	100,389	(62,031)	(150,258)
Pension and postretirement benefits	(557)	632	(138)
Net investment hedge	(34,185)	8,441	25,786
Cash flow hedge	1,602	4,847	0
Interest rate swap	2,601	2,591	(585)
Total other comprehensive income (loss), net of tax	69,850	(45,520)	(125,195)
Comprehensive income	516,465	558,837	613,944
Comprehensive income attributable to noncontrolling interests	(71,098)	(70,662)	(45,396)
Comprehensive income attributable to Albemarle Corporation	$ 445,367	$ 488,175	$ 568,548

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 746,724	$ 613,110
Trade accounts receivable, less allowance for doubtful accounts (2020—$2,083; 2019—$3,711)	530,838	612,651
Other accounts receivable	61,958	67,551
Inventories	750,237	768,984
Other current assets	116,427	162,813
Total current assets	2,206,184	2,225,109
Property, plant and equipment, at cost	7,427,641	6,817,843
Less accumulated depreciation and amortization	2,073,016	1,908,370
Net property, plant and equipment	5,354,625	4,909,473
Investments	656,244	579,813
Other assets	219,268	213,061
Goodwill	1,665,520	1,578,785
Other intangibles, net of amortization	349,105	354,622
Total assets	10,450,946	9,860,863
Current liabilities:
Accounts payable	483,221	574,138
Accrued expenses	440,763	576,297
Current portion of long-term debt	804,677	187,336
Dividends payable	40,937	38,764
Income taxes payable	32,251	32,461
Total current liabilities	1,801,849	1,408,996
Long-term debt	2,767,381	2,862,921
Postretirement benefits	48,075	50,899
Pension benefits	340,818	292,073
Other noncurrent liabilities	629,377	754,536
Deferred income taxes	394,852	397,858
Commitments and contingencies
Common Stock, Shares, Issued	106,842	106,040
Common Stock, Shares Authorized	150,000	150,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Albemarle Corporation shareholders’ equity:
Common stock, $.01 par value (authorized 150,000 shares), issued and outstanding — 106,842 in 2020 and 106,040 in 2019	$ 1,069	$ 1,061
Additional paid-in capital	1,438,038	1,383,446
Accumulated other comprehensive loss	(326,132)	(395,735)
Retained earnings	3,155,252	2,943,478
Total Albemarle Corporation shareholders’ equity	4,268,227	3,932,250
Noncontrolling interests	200,367	161,330
Total equity	4,468,594	4,093,580
Total liabilities and equity	$ 10,450,946	$ 9,860,863

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 2,083	$ 3,711
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	150,000	150,000
Common Stock, Shares, Issued	106,842	106,040
Common Stock, Shares, Outstanding	106,842	106,040

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Total Albemarle Shareholders’ Equity	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2017		110,546,674
Beginning balance at Dec. 31, 2017	$ 3,817,696	$ 1,105	$ 1,863,949	$ (225,668)	$ 2,035,163	$ 3,674,549	$ 143,147
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	739,139				693,562	693,562	45,577
Other comprehensive income (loss)	(125,195)			(125,014)		(125,014)	(181)
Cash dividends declared	(159,357)				(144,601)	(144,601)	(14,756)
Cumulative adjustments from adoption of income tax standard updates	(18,074)				(18,074)	(18,074)
Stock-based compensation	18,506		18,506			18,506
Exercise of stock options (in shares)		94,031
Exercise of stock options	3,633	$ 1	3,632			3,633
Shares repurchased (in shares)		(5,262,654)
Shares repurchased	(500,000)	$ (53)	(499,947)			(500,000)
Issuance of common stock, net (in shares)		383,974
Issuance of common stock, net	0	$ 4	(4)			0
Shares withheld for withholding taxes associated with common stock issuances (in shares)		(145,997)
Shares withheld for withholding taxes associated with common stock issuances	(17,240)	$ (1)	(17,239)			(17,240)
Ending balance (in shares) at Dec. 31, 2018		105,616,028
Ending balance at Dec. 31, 2018	$ 3,759,108	$ 1,056	1,368,897	(350,682)	2,566,050	3,585,321	173,787
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared (in dollars per share)	$ 1.34
Net income	$ 604,357				533,228	533,228	71,129
Other comprehensive income (loss)	(45,520)			(45,053)		(45,053)	(467)
Cash dividends declared	(238,987)				(155,800)	(155,800)	(83,187)
Cumulative adjustments from adoption of income tax standard updates	(18,100)
Stock-based compensation	21,284		21,284			21,284
Exercise of stock options (in shares)		161,909
Exercise of stock options	4,814	$ 2	4,812			4,814
Issuance of common stock, net (in shares)		396,269
Issuance of common stock, net	0	$ 4	(4)			0
Increase in ownership interest of noncontrolling interest	(445)		(513)			(513)	68
Shares withheld for withholding taxes associated with common stock issuances (in shares)		(133,991)
Shares withheld for withholding taxes associated with common stock issuances	(11,031)	$ (1)	(11,030)			(11,031)
Ending balance (in shares) at Dec. 31, 2019		106,040,215
Ending balance at Dec. 31, 2019	$ 4,093,580	$ 1,061	1,383,446	(395,735)	2,943,478	3,932,250	161,330
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared (in dollars per share)	$ 1.47
Net income	$ 446,615				375,764	375,764	70,851
Other comprehensive income (loss)	69,850			69,603		69,603	247
Cash dividends declared	(196,051)				(163,990)	(163,990)	(32,061)
Stock-based compensation	$ 19,306		19,306			19,306
Exercise of stock options (in shares)	682,068	682,068
Exercise of stock options	$ 40,437	$ 7	40,430			40,437
Issuance of common stock, net (in shares)		185,918
Issuance of common stock, net	0	$ 2	(2)			0
Shares withheld for withholding taxes associated with common stock issuances (in shares)		(65,832)
Shares withheld for withholding taxes associated with common stock issuances	(5,143)	$ (1)	(5,142)			(5,143)
Ending balance (in shares) at Dec. 31, 2020		106,842,369
Ending balance at Dec. 31, 2020	$ 4,468,594	$ 1,069	$ 1,438,038	$ (326,132)	$ 3,155,252	$ 4,268,227	$ 200,367
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared (in dollars per share)	$ 1.54

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 1.54	$ 1.47	$ 1.34

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Cash and cash equivalents at beginning of year	$ 613,110	$ 555,320	$ 1,137,303
Cash flows from operating activities:
Net income	446,615	604,357	739,139
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	231,984	213,484	200,698
Gain on sale of business or joint venture	(7,168)	0	(210,428)
Gain on sale of property	0	(14,411)	0
Stock-based compensation and other	22,837	19,680	15,228
Equity in net income of unconsolidated investments (net of tax)	(127,521)	(129,568)	(89,264)
Dividends received from unconsolidated investments and nonmarketable securities	88,161	71,746	57,415
Pension and postretirement expense	45,658	31,515	10,410
Pension and postretirement contributions	(16,434)	(16,478)	(15,236)
Unrealized gain on investments in marketable securities	(4,635)	(2,809)	(527)
Loss on early extinguishment of debt	0	4,829	0
Deferred income taxes	(1,976)	14,394	49,164
Changes in current assets and liabilities, net of effects of acquisitions and divestitures:
Decrease (increase) in accounts receivable	100,118	(18,220)	(97,448)
Decrease (increase) in inventories	51,978	(46,304)	(124,067)
Decrease (increase) in other current assets	7,902	(32,941)	(2,181)
(Decrease) increase in accounts payable	(31,519)	(12,234)	73,730
(Decrease) in accrued expenses and income taxes payable	(215,011)	(4,640)	(1,999)
Other, net	207,925	36,974	(58,469)
Net cash provided by operating activities	798,914	719,374	546,165
Cash flows from investing activities:
Acquisitions, net of cash acquired	(22,572)	(820,000)	(11,403)
Capital expenditures	(850,477)	(851,796)	(699,991)
Cash proceeds from divestitures, net	0	0	413,569
Proceeds from sale of joint venture	11,000	0	0
Proceeds from sale of property and equipment	0	10,356	0
Sales of (investments in) marketable securities, net	903	384	(270)
Investments in equity and other corporate investments	(2,427)	(2,569)	(5,600)
Net cash used in investing activities	(863,573)	(1,663,625)	(303,695)
Cash flows from financing activities:
Proceeds from borrowings of other long-term debt	452,163	1,597,807	0
Repayments of long-term debt	(250,000)	(175,215)	0
Other borrowings (repayments), net	137,635	(126,364)	(113,567)
Fees related to early extinguishment of debt	0	(4,419)	0
Dividends paid to shareholders	(161,818)	(152,204)	(144,596)
Dividends paid to noncontrolling interests	(32,061)	(83,187)	(14,756)
Repurchases of common stock	0	0	(500,000)
Proceeds from exercise of stock options	40,437	4,814	3,633
Withholding taxes paid on stock-based compensation award distributions	(5,143)	(11,031)	(17,240)
Debt financing costs	(3,952)	(7,514)	0
Net cash provided by (used in) financing activities	177,261	1,042,687	(786,526)
Net effect of foreign exchange on cash and cash equivalents	21,012	(40,646)	(37,927)
Increase (decrease) in cash and cash equivalents	133,614	57,790	(581,983)
Cash and cash equivalents at end of year	$ 746,724	$ 613,110	$ 555,320

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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 its consolidated subsidiaries. For entities that we control and are the primary beneficiary, but own less than 100%, we record the minority ownership as noncontrolling interest, except as noted below. 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. As described further in Note 2, “Acquisitions,” we completed the acquisition of a 60% ownership interest in Mineral Resources Limited’s (“MRL”) Wodgina hard rock lithium mine project (“Wodgina Project”) on October 31, 2019 creating a joint venture named MARBL Lithium Joint Venture (“MARBL”). The consolidated financial statements contained herein include our proportionate share of the results of operations of the Wodgina Project, commencing on November 1, 2019. We are entitled to a pro rata portion of 60% of all minerals (other than iron ore and tantalum) recovered from the tenements and produced by the joint venture. The joint venture is unincorporated with each investor holding an undivided interest in each asset and proportionately liable for each liability; therefore our proportionate share of assets, liabilities, revenue and expenses are included in the appropriate classifications in the consolidated financial statements. 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. Revenue Recognition Effective January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” and all related amendments using the modified retrospective method. There was no material impact to our results of operations or financial position upon adoption, and no adjustment was made to Retained earnings in our consolidated balance sheets because such adjustment was determined to be immaterial. In addition, new presentation requirements, including separate disclosure of net sales from sources other than customers on our consolidated statements of income and separate disclosures of contract assets or liabilities on our consolidated balance sheets, generally did not have a material impact. However, business circumstances, including the nature of customer contracts, can change and as such, we have expanded processes and controls to recognize such changes, and as necessary, consider whether any of these currently immaterial items might differ in the future. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services, and is recognized when performance obligations are satisfied under the terms of contracts with our customers. A performance obligation is deemed to be satisfied when control of the product or service is transferred to our customer. The transaction price of a contract, or the amount we expect to receive upon satisfaction of all performance obligations, is determined by reference to the contract’s terms and includes adjustments, if applicable, for any variable consideration, such as customer rebates, noncash consideration or consideration payable to the customer, although these adjustments are generally not material. Where a contract contains more than one distinct performance obligation, the transaction price is allocated to each performance obligation based on the standalone selling price of each performance obligation, although these situations do not occur frequently and are generally not built into our contracts. Any unsatisfied performance obligations are not material. Standalone selling prices are based on prices we charge to our customers, which in some cases is based on established market prices. Sales and other similar taxes collected from customers on behalf of third parties are excluded from revenue. Our payment terms are generally between 30 to 90 days, however, they vary by market factors, such as customer size, creditworthiness, geography and competitive environment. All of our revenue is derived from contracts with customers, and almost all of our contracts with customers contain one performance obligation for the transfer of goods where such performance obligation is satisfied at a point in time. Control of a product is deemed to be transferred to the customer upon shipment or delivery. Significant portions of our sales are sold free on board shipping point or on an equivalent basis, while delivery terms of 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, while the timing between shipment and delivery generally ranges between 1 and 45 days. Costs for shipping and handling activities, whether performed before or after the customer obtains control of the goods, are accounted for as fulfillment costs. The Company currently utilizes the following practical expedients, as permitted by Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers : • All sales and other pass-through taxes are excluded from contract value; • In utilizing the modified retrospective transition method, no adjustment was necessary for contracts that did not cross over the reporting year; • We will not consider the possibility of a contract having a significant financing component (which would effectively attribute a portion of the sales price to interest income) unless, if at contract inception, the expected payment terms (from time of delivery or other relevant criterion) are more than one year; • If our right to customer payment is directly related to the value of our completed performance, we recognize revenue consistent with the invoicing right; and • We expense as incurred all costs of obtaining a contract incremental to any costs/compensation attributable to individual product sales/shipments for contracts where the amortization period for such costs would otherwise be one year or less. Certain products we produce are made to our customer’s specifications where such products have limited alternative use or would need significant rework costs in order to be sold to another customer. In management’s judgment, control of these arrangements is transferred to the customer at a point in time (upon shipment or delivery) and not over the time they are produced. Therefore revenue is recognized upon shipment or delivery of these products. Costs incurred to obtain contracts with customers are not significant and are expensed immediately as the amortization period would be one year or less. When the Company incurs pre-production or other fulfillment costs in connection with an existing or specific anticipated contract and such costs are recoverable through margin or explicitly reimbursable, such costs are capitalized and amortized to Cost of goods sold on a systematic basis that is consistent with the pattern of transfer to the customer of the goods or services to which the asset relates, which is less than one year. We record bad debt expense in specific situations when we determine the customer is unable to meet its financial obligation. Included in Trade accounts receivable at December 31, 2020 and 2019 is approximately $522.3 million and $602.1 million, respectively, arising from contracts with customers. The remaining balance of Trade accounts receivable at December 31, 2020 and 2019 primarily includes value-added taxes collected from customers on behalf of various taxing authorities. Cash and Cash Equivalents Cash and cash equivalents include cash and money market investments with insignificant interest rate risks and no limitations on access. Inventories Inventories are stated at lower of cost and net realizable value 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 finance 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 generally 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. We assign the useful lives of our property, plant and equipment based upon our internal engineering estimates which are reviewed periodically. The estimated useful lives of our property, plant and equipment range from two depreciation is recorded on the straight-line method, with the exception of our mineral rights and reserves, which are depleted on a units-of-production method. We evaluate the recovery of our property, plant and equipment by comparing the net carrying value of the asset group to the undiscounted net cash flows expected to be generated from the use and eventual disposition of that asset group when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the carrying amount of the asset group is not recoverable, the fair value of the asset group is measured and if the carrying amount exceeds the fair value, an impairment loss is recognized. Leases Effective January 1, 2019, we adopted Accounting Standards Update (“ASU”) No. 2016-02, “Leases” and all related amendments using the modified retrospective method. Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of $139.1 million as of January 1, 2019. Comparative periods have not been restated and are reported in accordance with our historical accounting. The standard did not have an impact on our consolidated Net income or cash flows. In addition, as a result of the adoption of this new standard, we have implemented internal controls and system changes to prepare the financial information. As part of this adoption, we have elected the practical expedient relief package allowed by the new standard, which does not require the reassessment of (1) whether existing contracts contain a lease, (2) the lease classification or (3) unamortized initial direct costs for existing leases; and have elected to apply hindsight to the existing leases. Additionally, we have made accounting policy elections such as exclusion of short-term leases (leases with a term of 12 months or less and which do not include a purchase option that we are reasonably certain to exercise) from the balance sheet presentation, use of portfolio approach in determination of discount rate and accounting for non-lease components in a contract as part of a single lease component for all asset classes, except specific mining operation equipment. We determine if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As an implicit rate for most of our leases is not determinable, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The lease payments for the initial measurement of lease ROU assets and lease liabilities include fixed and variable payments based on an index or a rate. Variable lease payments that are not index or rate based are recorded as expenses when incurred. Our variable lease payments typically include real estate taxes, insurance costs and common-area maintenance. The operating lease ROU asset also includes any lease payments made, net of lease incentives. The lease term is the non-cancelable period of the lease, including any options to extend, purchase or terminate the lease when it is reasonably certain that we will exercise that option. We amortize the operating lease ROU assets on a straight-line basis over the period of the lease and the finance lease ROU assets on a straight-line basis over the shorter of their estimated useful lives or the lease terms. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. Resource Development Expenses We incur costs in resource exploration, evaluation and development during the different phases of our resource development projects. Exploration costs incurred before the declaration of proven and probable resources are generally expensed as incurred. After proven and probable resources are declared, exploration, evaluation and development costs necessary to bring the property to commercial capacity or increase the capacity or useful life are capitalized. Any costs to maintain the production capacity in a property under production are expensed as incurred. Capitalized resource costs are depleted using the units-of-production method. Our resource development assets are evaluated for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. 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. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Certain mutual fund investments are accounted for as trading equities and are marked-to-market on a periodic 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. 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. If the amount and timing of the cash payments for a site are fixed or reliably determinable, the liability is discounted, if the calculated discount is material. 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, Texas and Louisiana and our global facilities in the Netherlands, Germany, Belgium 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. Our reporting units are either our operating business segments or one level below our operating business segments for which discrete financial information is available and for which operating results are regularly reviewed by the business management. We estimate the fair value based on present value techniques involving future cash flows. Future cash flows for all reporting units include assumptions about revenue growth rates, adjusted EBITDA margins, discount rate as well as other economic or industry-related factors. For the Refining Solutions reporting unit, the revenue growth rates, adjusted EBITDA margins and the discount rate were deemed to be significant assumptions. Significant management judgment is involved in estimating these variables and they include inherent uncertainties since they are forecasting future events. We perform a sensitivity analysis by using a range of inputs to confirm the reasonableness of these estimates being used in the goodwill impairment analysis. 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 the Company and, therefore, are beyond our control. We test our recorded goodwill 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, 2020 and did not note any impairment indicators. As a result, the Company concluded there was no impairment as of that date. We assess our indefinite-lived intangible assets, which include trade names and trademarks, for impairment annually and between annual tests if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. The indefinite-lived intangible asset impairment standard allows us to first assess qualitative factors to determine if a quantitative impairment test is necessary. Further testing is only required if we determine, based on the qualitative assessment, that it is more likely than not that the indefinite-lived intangible asset’s fair value is less than its carrying amount. If we determine based on the qualitative assessment that it is more likely than not that the asset is impaired, an impairment test is performed by comparing the fair value of the indefinite-lived intangible asset to its carrying amount. Definite-lived intangible assets, such as purchased technology, patents and customer lists, are amortized over their estimated useful lives generally for periods ranging from five 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 our 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. • Mortality Assumptions—Assumptions about life expectancy of plan participants are used in the measurement of related plan obligations. 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 monthly basis. The market-related value of assets equals the actual market value as of the date of measurement. During 2020, we made changes to assumptions related to discount rates and expected rates of return on plan assets. 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 2020, 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, 2020 measurement date. In selecting the discount rates for the foreign plans, we look at long-term yields on AA-rated corporate bonds when available. Our actuaries have developed yield curves based on the yields on the constituent bonds in the various indices as well as on other market indicators such as swap rates, particularly at the longer durations. For the Eurozone, we apply the Aon Hewitt yield curve to projected cash flows from the relevant plans to derive the discount rate. For the United Kingdom (“U.K.”), the discount rate is determined by applying the Aon Hewitt yield curve for typical schemes of similar duration to projected cash flows of Albemarle’s U.K. plan. In other countries where there is not a sufficiently deep market of high-quality corporate bonds, we set the discount rate by referencing the yield on government bonds of an appropriate duration. 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. In October 2019, the SOA published the Pri-2012 Mortality Tables and an updated Improvement Scale, MP-2019. The Pri-2012 Mortality Tables are an update to the RP-2014 Adjusted to 2006 Total Dataset Mortality while the updated improvement scale incorporates an additional year of mortality data (2017). We revised both the base mortality tables and mortality improvement assumption by incorporating both the Pri-2012 Mortality Tables and MP-2019 Mortality Improvement Scale for purpose of measuring our U.S. pension and OPEB obligations at December 31, 2019. In October 2020, the SOA published an updated Improvement Scale, MP-2020, which was used for the purpose of measuring our U.S. pension and OPEB obligations at December 31, 2020. Stock-based Compensation Expense The fair value of restricted stock awards, restricted stock unit awards and performance unit awards with a service condition are determined based on the number of shares or units granted and the quoted price of our common stock on the date of grant, and the fair value of stock options is determined using the Black-Scholes valuation model. The fair value of performance unit awards with a service condition and a market condition are estimated on the date of grant using a Monte Carlo simulation 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. In order to record deferred tax assets and liabilities, we are following guidance under Financial Accounting Standards Board (“FASB”) ASU 2015-17, which requires deferred tax assets and liabilities to be classified as noncurrent on the balance sheet, along with any related valuation allowance. Tax effects are released from Accumulated Other Comprehensive Income using either the specific identification approach or the portfolio approach based on the nature of the underlying item. 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. Under current accounting guidance for uncertain tax positions, interest and penalties related to income tax liabilities are included in Income tax expense on the consolidated statements of income. We have designated the undistributed earnings of a portion of our foreign operations as indefinitely 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 indefinitely invested. We will continue to evaluate our permanent investment assertion taking into consideration all relevant and current tax laws. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss comprises principally foreign currency translation adjustments, amounts related to the revaluation of our euro-denominated senior notes which were designated as a hedge of our net investment in foreign operations in 2014, a realized loss on a forward starting interest rate swap entered into in 2014 which was designated as a cash flow hedge, gains or losses on foreign currency cash flow hedges designated as effective hedging instruments, and deferred income taxes related to the aforementioned items. 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. Foreign exchange transaction and revaluation losses were $28.8 million, $27.4 million and $10.5 million for the years ended December 31, 2020, 2019 and 2018, respectively, and are included in Other expenses, net, in our consolidated statements of income, with the unrealized portion included in Other, net, in our consolidated statements of cash flows. 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 impact of changes in foreign currency exchange rates. While these contracts are subject to fluctuations in value, such fluctuations are generally expected to be offset by changes in the value of the underlying foreign currency exposures being hedged. Gains or losses under foreign currency forward contracts that have been designated as an effective hedging instrument under ASC 815, Derivatives and Hedging will be recorded in Accumulated other comprehensive loss beginning on the date of designation. All other gains and losses on foreign currency forward contracts not designated as an effectiv

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions: On October 31, 2019 (the “Acquisition Closing Date”), we completed the previously announced acquisition of a 60% interest in MRL’s Wodgina Project for a total purchase price of approximately $1.3 billion. The purchase price is comprised of $820 million in cash and the transfer of 40% interest in certain lithium hydroxide conversion assets being built by Albemarle in Kemerton, Western Australia, valued at $480 million. The cash consideration was initially funded by the 2019 Credit Facility entered into on August 14, 2019; see Note 14, “Long-Term Debt,” for further details. In addition, during the year ended December 31, 2020, we paid $22.6 million of agreed upon purchase price adjustments. The stamp duty levied on the assets purchased of $61.5 million, originally recorded as an expense based on an estimated calculation during the year ended December 31, 2019, was paid during the year ended December 31, 2020 and is included in Change in working capital on the consolidated statement of cash flows. In addition, we have formed an unincorporated joint venture with MRL, MARBL, for the exploration, development, mining, processing and production of lithium and other minerals from the Wodgina Project and for the operation of the Kemerton assets. We are entitled to a pro rata portion of 60% of all minerals (other than iron ore and tantalum) recovered from the tenements and produced by the joint venture. The joint venture is unincorporated with each investor holding an undivided interest in each asset and proportionately liable for each liability; therefore our proportionate share of assets, liabilities, revenue and expenses are included in the appropriate classifications in the consolidated financial statements. As part of this acquisition, MARBL Lithium Operations Pty. Ltd. (the “Manager”), an incorporated joint venture, has been formed to manage the Wodgina Project. We will consolidate our 60% ownership interest in the Manager in our consolidated financial statements. This acquisition provides access to a high-quality hard rock lithium source, further diversifying our global lithium resource base, and strengthens our position by increasing capacity to support future market demand. In connection with the acquisition, we idled production of the Wodgina spodumene mine until demand supports bringing the mine back to production. The results of our 60% ownership interest in MARBL are reported within the Lithium segment. Included in Net income attributable to Albemarle Corporation for the year ended December 31, 2020 and the period November 1 through December 31, 2019 were losses of approximately $20.1 million and $73.0 million, respectively, attributable to the joint venture. Included in the loss recorded in 2019 was an estimated loss of $64.8 million related to the stamp duties levied on the assets purchased. The adjustment to the final amount of stamp duties levied was recorded, and the full amount was paid, during the year ended December 31, 2020 as noted above. There were no net sales attributable to the joint venture during these periods. Pro forma financial information of the combined entities for periods prior to the acquisition is not presented due to the immaterial impact of the Net Sales and Net Income of the Wodgina Project on our consolidated statements of income. Purchase Price Allocation The aggregate purchase price noted above was allocated to the major categories of assets and liabilities acquired based upon their estimated fair values at the Acquisition Closing Date, which were based, in part, upon third-party appraisals for certain assets. The excess of the purchase price over the preliminary estimated fair value of the net assets acquired was approximately $36.3 million and was recorded as Goodwill. The following table summarizes the consideration paid for the joint venture and the amounts of the assets acquired and liabilities assumed as of the acquisition date (in thousands): Total purchase price: Cash paid $ 820,000 Fair value of 40% interest in Kemerton assets 480,000 Purchase agreement completion adjustment and other adjustments 22,566 Total purchase price $ 1,322,566 Net assets acquired: Inventories $ 33,900 Other current assets 11,280 Property, plant and equipment: Land improvements 2,912 Buildings and improvements 19,268 Machinery and equipment 163,662 Mineral rights and reserves 1,046,390 Construction in progress 103,700 Current liabilities (10,695) Long-term debt (a) (55,806) Other noncurrent liabilities (28,392) Total identifiable net assets 1,286,219 Goodwill 36,347 Total net assets acquired $ 1,322,566 (a) Represents finance lease acquired. See Note 18, “Leases,” for further information on the Company’s leases. The allocation of the purchase price was finalized in the fourth quarter of 2020. There were no significant changes in our purchase price allocation since our initial preliminary estimates reported in the fourth quarter of 2019. The fair value of the assets acquired and liabilities assumed are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value of the mineral reserves of $1,046.4 million is determined using an excess earnings approach, which requires management to estimate future cash flows, net of capital investments in the specific operation. Management’s cash flow projections involved the use of significant estimates and assumptions with respect to the expected production of the mine over the estimated time period, sales prices, shipment volumes, and expected profit margins. The present value of the projected net cash flows represents the fair value assigned to mineral reserves. The discount rate is a significant assumption used in the valuation model. The effect of measurement-period adjustments to the estimated fair values are recognized in the reporting period in which they are determined. The impact of all changes that do not qualify as measurement-period adjustments are included in current period earnings. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to possible impairment. Goodwill arising from the acquisition consists largely of anticipated synergies and economies of scale from the combined companies and overall strategic importance of the acquired businesses to Albemarle. The goodwill attributable to the acquisition will not be amortizable. Acquisition and integration related costs

Divestitures

Divestitures	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures: Polyolefin Catalysts and Components Business On December 14, 2017, the Company signed a definitive agreement to sell the polyolefin catalysts and components portion of its Performance Catalyst Solutions (“PCS”) business (“Polyolefin Catalysts Divestiture”) to W.R. Grace & Co., with the sale closing on April 3, 2018. We received net cash proceeds of approximately $413.6 million and recorded a gain of $210.4 million before income taxes in 2018 related to the sale of this business. The transaction included Albemarle’s Product Development Center located in Baton Rouge, Louisiana, and operations at its Yeosu, South Korea site. The sale did not include the Company’s organometallics or curatives portion of its PCS business. The Polyolefin Catalysts Divestiture reflects the Company’s commitment to investing in the future growth of its high priority businesses and returning capital to shareholders.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 Cash paid during the year for: Income taxes (net of refunds of $25,991, $7,438 and $21,459 in 2020, 2019 and 2018, respectively) (a) $ 52,103 $ 170,450 $ 157,758 Interest (net of capitalization) $ 66,379 $ 45,532 $ 49,762 Supplemental non-cash disclosures related to investing activities: Capital expenditures included in Accounts payable $ 139,120 $ 199,451 $ 134,784 (a) Includes approximately $41 million of income taxes paid in 2018 from the gain on sale of the Polyolefin Catalysts Divestiture. As part of the purchase price paid for the acquisition of a 60% interest in MRL’s Wodgina Project, the Company transferred $179.4 million and $164.7 million of its construction in progress of the designated Kemerton assets during the years ended December 31, 2020 and 2019, respectively, representing MRL’s 40% interest in the assets. The cash outflow for these assets is recorded in Capital expenditures within Cash flows from investing activities on the consolidated statements of cash flows. The non-cash transfer of these assets is recorded in Other, net within Cash flows from operating activities on the consolidated statements of cash flows. The Company expects to transfer a total of approximately $480 million over the construction of these assets, as defined in the purchase agreement. See Note 2, “Acquisitions,” for further details. Other, net within Cash flows from operating activities on the consolidated statements of cash flows for the years ended December 31, 2020, 2019 and 2018 included $30.4 million, $14.3 million and $28.4 million, respectively, representing the reclassification of the current portion of the one-time transition tax resulting from the enactment of the Tax Cuts and Jobs Act (“TCJA”) in 2017, from Other noncurrent liabilities to Income taxes payable within current liabilities. For additional information, see Note 21, “Income Taxes.” In addition, included in Other, net for the years ended December 31, 2020, 2019 and 2018 is $28.8 million, $27.4 million and $10.5 million, respectively, related to losses on fluctuations in foreign currency exchange rates.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 Basic earnings per share Numerator: Net income attributable to Albemarle Corporation $ 375,764 $ 533,228 $ 693,562 Denominator: Weighted-average common shares for basic earnings per share 106,402 105,949 108,427 Basic earnings per share $ 3.53 $ 5.03 $ 6.40 Diluted earnings per share Numerator: Net income attributable to Albemarle Corporation $ 375,764 $ 533,228 $ 693,562 Denominator: Weighted-average common shares for basic earnings per share 106,402 105,949 108,427 Incremental shares under stock compensation plans 406 372 1,031 Weighted-average common shares for diluted earnings per share 106,808 106,321 109,458 Diluted earnings per share $ 3.52 $ 5.02 $ 6.34 Included in the calculation of basic earnings per share are unvested restricted stock awards that contain nonforfeitable rights to dividends. At December 31, 2020, there were 10,350 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, 2020, no shares of preferred stock have been issued. On February 8, 2021, we completed an underwritten public offering of 8,496,773 shares of our common stock, par value $0.01 per share, at a price to the public of $153.00 per share. The Company also granted to the Underwriters an option to purchase up to an additional 1,274,509 shares for a period of 30 days, which was exercised. The total gross proceeds from this offering were approximately $1.5 billion, before deducting expenses, underwriting discounts and commissions. In November 2016, our Board of Directors authorized an 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 previously authorized but not yet repurchased. Under our existing Board authorized share repurchase program, during 2018, the Company entered into two separate accelerated share repurchase (“ASR”) agreements with financial institutions. Under each ASR agreement, the Company paid $250 million from available cash on hand. Under the terms of the first ASR agreement, which was completed on September 28, 2018, the Company received and retired a total of 2,680,704 shares, calculated based on the daily Rule 10b-18 volume-weighted average prices of the Company’s common stock over the term of the ASR agreement, less an agreed discount. Under the terms of the second ASR agreement, which was completed on December 7, 2018, the company received and retired a total of 2,581,950 shares, calculated based on the daily Rule 10b-18 weighted average prices of the Company’s common stock over the terms of the ASR agreement, less an agreed discount. The Company determined that each ASR agreement met the criteria to be accounted for as a forward contract indexed to its stock and was therefore treated as an equity instrument. In total, we received and retired 5,262,654 shares under these agreements, which reduced the Company’s weighted average shares outstanding for purposes of calculating basic and diluted earnings per share for the year ended December 31, 2018. There were no shares of the Company’s common stock repurchased during the year ended December 31, 2020 or 2019. As of December 31, 2020, there were 7,396,263 remaining shares available for repurchase under the Company’s authorized share repurchase program.

Other Accounts Receivable

Other Accounts Receivable	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Other Accounts Receivable	Other Accounts Receivable: Other accounts receivable consist of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Value added tax/consumption tax $ 45,309 $ 52,059 Other 16,649 15,492 Total $ 61,958 $ 67,551

Inventories

Inventories	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories: The following table provides a breakdown of inventories at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Finished goods $ 454,162 $ 495,639 Raw materials and work in process (a) 219,896 205,781 Stores, supplies and other 76,179 67,564 Total $ 750,237 $ 768,984 (a) Included $129.6 million and $109.3 million at December 31, 2020 and 2019, respectively, of work in process in our Lithium segment. Approximately 8% and 10% of our inventories are valued using the last-in, first-out (“LIFO”) method at December 31, 2020 and 2019, respectively. The portion of our domestic inventories stated on the LIFO basis amounted to $62.2 million and $78.7 million at December 31, 2020 and 2019, respectively, which are below replacement cost by approximately $29.7 million and $30.8 million, respectively.

Other Current Assets

Other Current Assets	12 Months Ended
	Dec. 31, 2020
Other Assets [Abstract]
Other Current Assets	Other Current Assets: Other current assets consist of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Income tax receivables $ 45,031 $ 72,246 Prepaid expenses 57,531 83,637 Other 13,865 6,930 Total $ 116,427 $ 162,813

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019 (in thousands): Useful December 31, 2020 2019 Land — $ 121,330 $ 116,728 Land improvements 10 – 30 115,693 83,256 Buildings and improvements 10 – 50 354,679 337,728 Machinery and equipment (a) 2 – 45 3,564,389 3,355,519 Mineral rights and reserves 7 – 60 1,780,236 1,764,067 Construction in progress — 1,491,314 1,160,545 Total $ 7,427,641 $ 6,817,843 (a) Consists primarily of (1) short-lived production equipment components, office and building equipment and other equipment with estimated lives ranging 2 – 7 years, (2) production process equipment (intermediate components) with estimated lives ranging 8 – 19 years, (3) production process equipment (major unit components) with estimated lives ranging 20 – 29 years, and (4) 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. Depletion of mineral rights is based on the units-of-production method. Depreciation expense, including depletion, amounted to $203.6 million,

Investments

Investments	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019 (in thousands): December 31, 2020 2019 Joint ventures $ 604,964 $ 534,430 Nonmarketable securities 14,171 11,746 Marketable equity securities 37,109 33,637 Total $ 656,244 $ 579,813 Our ownership positions in significant unconsolidated investments are shown below: December 31, 2020 2019 2018 * Windfield Holdings Pty. Ltd. - a joint venture with Sichuan Tianqi Lithium Industries, Inc., that mines lithium ore and produces lithium concentrate 49 % 49 % 49 % * Nippon Aluminum Alkyls - a joint venture with Mitsui Chemicals, Inc. that produces aluminum alkyls 50 % 50 % 50 % * Nippon Ketjen Company Limited - a joint venture with Sumitomo Metal Mining Company Limited that produces refinery catalysts 50 % 50 % 50 % * Eurecat S.A. - a joint venture with Axens Group for refinery catalysts regeneration services 50 % 50 % 50 % * Fábrica Carioca de Catalisadores S.A. - a joint venture with Petrobras Quimica S.A. - PETROQUISA that produces catalysts and includes catalysts research and product development activities 50 % 50 % 50 % Our investment in the significant unconsolidated joint ventures above amounted to $587.6 million and $513.8 million as of December 31, 2020 and 2019, respectively, and the amount included in Equity in net income of unconsolidated investments (net of tax) in the consolidated statements of income totaled $126.0 million, $128.0 million and $88.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. Undistributed earnings attributable to our significant unconsolidated investments represented approximately $255.4 million and $216.9 million of our consolidated retained earnings at December 31, 2020 and 2019, 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 the assets, liabilities and results of operations for our significant unconsolidated joint ventures presented herein (in thousands): December 31, 2020 2019 Summary of Balance Sheet Information: Current assets $ 449,441 $ 473,426 Noncurrent assets 1,590,204 1,404,765 Total assets $ 2,039,645 $ 1,878,191 Current liabilities $ 116,136 $ 201,792 Noncurrent liabilities 769,114 583,839 Total liabilities $ 885,250 $ 785,631 Year Ended December 31, 2020 2019 2018 Summary of Statements of Income Information: Net sales $ 597,082 $ 910,891 $ 829,590 Gross profit $ 266,026 $ 496,150 $ 456,518 Income before income taxes $ 225,436 $ 384,690 $ 332,632 Net income $ 157,628 $ 229,733 $ 225,791 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 $87.4 million, $71.0 million and $56.4 million in 2020, 2019 and 2018, respectively. At December 31, 2020 and 2019, the carrying amount of our investments in unconsolidated joint ventures differed from the amount of underlying equity in net assets by approximately $32.1 million and $15.3 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. The Company holds a 49% equity interest in Windfield Holdings Pty. Ltd. (“Windfield”), which we acquired in the Rockwood acquisition. With regards to the Company’s ownership in Windfield, the parties share risks and benefits disproportionate to their voting interests. As a result, the Company considers Windfield to be a variable interest entity (“VIE”). However, the Company does not consolidate Windfield as it is not the primary beneficiary. The carrying amount of our 49% equity interest in Windfield, which is our most significant VIE, was $479.6 million and $397.2 million at December 31, 2020 and December 31, 2019, respectively. The Company’s aggregate net investment in all other entities which it considers to be VIE’s for which the Company is not the primary beneficiary was $8.0 million and $7.6 million at December 31, 2020 and December 31, 2019, respectively. Our unconsolidated VIEs are reported in Investments in the consolidated balance sheets. The Company does not guarantee debt for, or have other financial support obligations to, these entities, and its maximum exposure to loss in connection with its continuing involvement with these entities is limited to the carrying value of the investments. In the fourth quarter of 2020, the Company divested its ownership interest in the Saudi Organometallic Chemicals Company LLC (“SOCC”) joint venture for cash proceeds of $11.0 million. As a result of this divestiture, the Company recorded a gain of $7.2 million in Other expenses, net during the year ended December 31, 2020. The Company holds a 50% equity interest in Jordan Bromine Company Limited (“JBC”), reported in the Bromine Specialties segment. The Company consolidates this venture as it is considered the primary beneficiary due to its operational and financial control. On October 31, 2019, the Company completed the acquisition of 60% interest in MRL’s Wodgina Project and formed an unincorporated joint venture with MRL. The joint venture is unincorporated with each investor holding an undivided interest in each asset and proportionately liable for each liability; therefore our proportionate share of assets, liabilities, revenue and expenses are included in the appropriate classifications in the consolidated financial statements. See Note 2, “Acquisitions,” for additional information. We maintain a Benefit Protection Trust (the “Trust”) that was created to provide a source of funds to assist in meeting the obligations of our Executive Deferred Compensation Plan (“EDCP”), subject to the claims of our creditors in the event of our insolvency. Assets of the 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, 2020 and 2019, these marketable securities amounted to $32.4 million and $28.7 million, respectively.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2020
Other Assets, Noncurrent [Abstract]
Other Assets	Other Assets: Other assets consist of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Deferred income taxes (a) $ 20,317 $ 15,275 Assets related to unrecognized tax benefits (a) 24,112 26,127 Operating leases (b) 136,292 133,864 Other (c) 38,547 37,795 Total $ 219,268 $ 213,061 (a) See Note 1, “Summary of Significant Accounting Policies” and Note 21, “Income Taxes.” (b) See Note 18, “Leases.” (c) As of December 31, 2019, a $28.7 million reserve was recorded against a note receivable on one of our European entities no longer deemed probable of collection. This reserve and related receivable were written off as a result of the divestiture of our ownership interest in the SOCC joint venture. See Note 10, “Investments,” for additional information.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles: The following table summarizes the changes in goodwill by reportable segment for the years ended December 31, 2020 and 2019 (in thousands): Lithium Bromine Specialties Catalysts (b) All Other Total Balance at December 31, 2018 $ 1,354,779 $ 20,319 $ 185,485 $ 6,586 $ 1,567,169 Acquisitions (a) 31,762 — — — 31,762 Foreign currency translation adjustments and other (15,695) — (4,451) — (20,146) Balance at December 31, 2019 1,370,846 20,319 181,034 6,586 1,578,785 Acquisitions (a) 4,585 — — — 4,585 Foreign currency translation adjustments and other 66,350 — 15,800 — 82,150 Balance at December 31, 2020 $ 1,441,781 $ 20,319 $ 196,834 $ 6,586 $ 1,665,520 (a) Represents purchase price adjustments for the Wodgina Project acquisition. Amount recorded during the year ended December 31, 2020 represents the finalization of the purchase price during the one-year measurement period. See Note 2, “Acquisitions,” for additional information. (b) Balance at December 31, 2020 consists of goodwill related to Refining Solutions (composed of our clean fuels technologies (“CFT”) and fluidized catalytic cracking (“FCC”) catalysts and additives businesses) of $189.8 million and performance catalyst solutions (“PCS”) of $7.0 million. Other intangibles consist of the following at December 31, 2020 and 2019 (in thousands): Customer Lists and Relationships Trade Names and Trademarks (a) Patents and Technology Other Total Gross Asset Value Balance at December 31, 2018 $ 428,372 $ 18,453 $ 55,801 $ 43,708 $ 546,334 Foreign currency translation adjustments and other (5,910) (366) (781) (2,426) (9,483) Balance at December 31, 2019 422,462 18,087 55,020 41,282 536,851 Foreign currency translation adjustments and other 26,286 623 3,076 (1,418) 28,567 Balance at December 31, 2020 $ 448,748 $ 18,710 $ 58,096 $ 39,864 $ 565,418 Accumulated Amortization Balance at December 31, 2018 $ (95,797) $ (8,176) $ (35,248) $ (20,970) $ (160,191) Amortization (23,020) — (1,388) (2,714) (27,122) Foreign currency translation adjustments and other 2,068 238 439 2,339 5,084 Balance at December 31, 2019 (116,749) (7,938) (36,197) (21,345) (182,229) Amortization (22,575) — (1,377) (970) (24,922) Foreign currency translation adjustments and other (7,962) (238) (1,926) 964 (9,162) Balance at December 31, 2020 $ (147,286) $ (8,176) $ (39,500) $ (21,351) $ (216,313) Net Book Value at December 31, 2019 $ 305,713 $ 10,149 $ 18,823 $ 19,937 $ 354,622 Net Book Value at December 31, 2020 $ 301,462 $ 10,534 $ 18,596 $ 18,513 $ 349,105 (a) Net Book Value includes only indefinite-lived intangible assets. Useful lives range from 13 – 25 years for customer lists and relationships; 8 – 20 years for patents and technology; and primarily 5 – 25 years for other. Amortization of other intangibles amounted to $24.9 million, $27.1 million and $28.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. Included in amortization for the years ended December 31, 2020, 2019 and 2018 is $19.1 million, $19.5 million and $19.7 million, respectively, of amortization using the pattern of economic benefit method. Total estimated amortization expense of other intangibles for the next five fiscal years is as follows (in thousands): Estimated Amortization Expense 2021 $ 24,989 2022 $ 24,396 2023 $ 23,782 2024 $ 23,039 2025 $ 22,500

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses: Accrued expenses consist of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Employee benefits, payroll and related taxes $ 102,711 $ 82,028 Wodgina Project acquisition consideration obligation (a) 137,092 260,686 Other (b) 200,960 233,583 Total $ 440,763 $ 576,297 (a) Represents the 40% interest in the Kemerton assets, which are under construction, expected to be transferred to MRL in the next twelve months as part of the consideration paid for the Wodgina Project acquisition. The balance as of December 31, 2019 also included $64.8 million of estimated stamp duties levied on the assets purchased. See Note 2, “Acquisitions,” for further details. (b) No individual component exceeds 5% of total current liabilities.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt: Long-term debt consisted of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 1.125% Notes $ 610,800 $ 554,900 1.625% Notes 610,800 554,900 1.875% Senior notes 480,007 436,073 3.45% Senior notes 300,000 300,000 4.15% Senior notes 425,000 425,000 5.45% Senior notes 350,000 350,000 Floating rate notes 200,000 200,000 Credit facilities 223,900 — Commercial paper notes 325,000 186,700 Variable-rate foreign bank loans 7,702 7,296 Finance lease obligations 59,181 59,524 Unamortized discount and debt issuance costs (20,332) (24,136) Total long-term debt 3,572,058 3,050,257 Less amounts due within one year 804,677 187,336 Long-term debt, less current portion $ 2,767,381 $ 2,862,921 Aggregate annual maturities of long-term debt as of December 31, 2020 are as follows (in millions): 2021—$804.7; 2022—$200.0; 2023—$223.9; 2024—$425.0; 2025—$610.8; thereafter—$1,328.0. 2019 Notes On November 25, 2019, we issued a series of notes (collectively, the “2019 Notes”) as follows: • $200.0 million aggregate principal amount of notes, bearing interest at a floating rate payable quarterly on February 15, May 15, August 15 and November 15 of each year, beginning in 2020 (“Floating Rate Notes”), with the interest rate reset on each interest payment date. Borrowings under these notes bear interest at a floating rate based on the 3-month London inter-bank offered rate (“LIBOR”) plus 105 basis points. The applicable floating interest rate for the current interest period is 1.271%. These notes mature on November 15, 2022. • €500.0 million aggregate principal amount of notes, bearing interest at a rate of 1.125% payable annually on November 25 of each year, beginning in 2020. The effective interest rate on these notes is approximately 1.30%. These notes mature on November 25, 2025. • €500.0 million aggregate principal amount of notes, bearing interest at a rate of 1.625% payable annually on November 25 of each year, beginning in 2020. The effective interest rate on these notes is approximately 1.74%. These notes mature on November 25, 2028. • $300.0 million aggregate principal amount of senior notes, bearing interest at a rate of 3.45% payable semi-annually on May 15 and November 15 of each year, beginning in 2020. The effective interest rate on these senior notes is approximately 3.58%. These senior notes mature on November 15, 2029. The net proceeds from the issuance of the 2019 Notes were used to repay the $1.0 billion balance of the 2019 Credit Facility (see below for further details), a large portion of approximately $370 million of commercial paper notes, the remaining balance of $175.2 million of the senior notes issued on December 10, 2010 (“2010 Senior Notes”), and for general corporate purposes. The 2010 Senior Notes were originally due to mature on December 15, 2020 and bore interest at a rate of 4.50%. During the year ended December 31, 2019, we recorded a loss on early extinguishment of debt of $4.8 million in Interest and financing expenses, representing the tender premiums, fees, unamortized discounts and unamortized deferred financing costs from the redemption of the 2010 Senior Notes. 2014 Senior Notes We currently have the following senior notes outstanding, initially issued in the fourth quarter of 2014: • €393.0 million aggregate principal amount of senior notes, issued on December 8, 2014, bearing interest at a rate of 1.875% payable annually on December 8 of each year, beginning in 2015. The effective interest rate on these senior notes is approximately 2.10%. These senior notes mature on December 8, 2021. • $425.0 million aggregate principal amount of senior notes, issued on November 24, 2014, bearing interest at a rate of 4.15% payable semi-annually on June 1 and December 1 of each year, beginning June 1, 2015. The effective interest rate on these senior notes is approximately 5.06%. These senior notes mature on December 1, 2024. • $350.0 million aggregate principal amount of senior notes, issued on November 24, 2014, bearing interest at a rate of 5.45% payable semi-annually on June 1 and December 1 of each year, beginning June 1, 2015. The effective interest rate on these senior notes is approximately 5.50%. These senior notes mature on December 1, 2044. On January 22, 2014, we entered into a pay fixed, receive variable rate forward starting interest rate swap, with a notional amount of $325.0 million, with J.P. Morgan Chase Bank, N.A., to be effective October 15, 2014. Our risk management objective and strategy for undertaking this hedge was to eliminate the variability in the interest rate and partial credit spread on the 20 future semi-annual coupon payments that we will pay in connection with our 4.15% senior notes. On October 15, 2014, the swap was settled, resulting in a payment to the counterparty of $33.4 million. This amount was recorded in Accumulated other comprehensive loss and is being amortized to interest expense over the life of the 4.15% senior notes. The amount to be reclassified to interest expense from Accumulated other comprehensive loss during the next twelve months is approximately $3.3 million. On December 18, 2014, the carrying value of the 1.875% Euro-denominated senior notes was designated as an effective hedge of our net investment in foreign subsidiaries where the Euro serves as the functional currency, and beginning on the date of designation, gains or losses on the revaluation of these senior notes to our reporting currency have been and will be recorded in Accumulated other comprehensive loss. During the years ended December 31, 2020, 2019 and 2018, (losses) gains of ($34.2) million, $8.4 million and $25.8 million (net of income taxes), respectively, were recorded in Accumulated other comprehensive loss in connection with the revaluation of these senior notes to our reporting currency. Credit Agreements Our revolving, unsecured credit agreement dated as of June 21, 2018, as amended on August 14, 2019 (the “2018 Credit Agreement”), currently provides for borrowings of up to $1.0 billion and matures on August 9, 2024. Borrowings under the 2018 Credit Agreement bear interest at variable rates based on an average LIBOR for deposits in the relevant currency plus an applicable margin which ranges from 0.910% to 1.500%, depending on the Company’s credit rating from Standard & Poor’s Ratings Services LLC (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Inc. (“Fitch”). The applicable margin on the facility was 1.325% as of December 31, 2020. There were no borrowings outstanding under the 2018 Credit Agreement as of December 31, 2020. On August 14, 2019, the Company entered into a $1.2 billion unsecured credit facility (the “2019 Credit Facility”) with several banks and other financial institutions, which was amended and restated on December 15, 2020. The lenders’ commitment to provide loans under the 2019 Credit Facility terminates on December 10, 2021, with each such loan maturing one year after the funding of such loan. The Company can request that the maturity date of loans be extended for a period of up to four Borrowings under the 2019 Credit Facility and 2018 Credit Agreement (together “the Credit Agreements”) are conditioned upon satisfaction of certain conditions precedent, including the absence of defaults. The Company is subject to one financial covenant, as well as customary affirmative and negative covenants. The financial covenant initially required that the Company’s consolidated funded debt to consolidated EBITDA ratio (as such terms are defined in the Credit Agreements) to be less than or equal to 3.50:1, subject to adjustments in accordance with the terms of the Credit Agreements relating to a consummation of an acquisition where the consideration includes cash proceeds from issuance of funded debt in excess of $500 million. As a result of the uncertainty of the overall financial impact of the COVID-19 pandemic, the Company amended the Credit Agreements on May 11, 2020 to modify its financial covenant based on the Company’s current expectations. The amendment effects changes to certain provisions of the Credit Agreements, including: (a) conversion of the consolidated funded debt to consolidated EBITDA ratio to a consolidated net funded debt to consolidated EBITDA ratio; (b) carving-out third party sales of accounts receivables from the Securitization Transaction definition; (c) setting the consolidated net funded debt to consolidated EBITDA ratio to 4.00:1 for the fiscal quarter ending June 30, 2020, 4.50:1 for the fiscal quarters through September 30, 2021, 4.00:1 for the fiscal quarter ending December 31, 2021, and 3.50:1 for fiscal quarters thereafter; and (d) reducing the priority debt basket to 24% of Consolidated Net Tangible Assets, as defined in the Credit Agreements, through and including December 31, 2021. As part of this amendment, the Company agreed to pay a 10 basis point fee on the consenting lenders commitments under the Credit Agreements. If conditions caused by the COVID-19 pandemic worsen and the Company’s earnings and cash flow from operations do not start to recover as contemplated in the Company's current plans, the Company may not be able to maintain compliance with its amended financial covenants and it will require the Company to seek additional amendments to the Credit Agreements. If the Company is not able to obtain such necessary additional amendments, this would lead to an event of default and its lenders could require the Company to repay its outstanding debt. In that situation, the Company may not be able to raise sufficient debt or equity capital, or divest assets, to refinance or repay the lenders. The Credit Agreements also contain customary default provisions, including defaults for non-payment, breach of representations and warranties, insolvency, non-performance of covenants and cross-defaults to other material indebtedness. Commercial Paper Notes 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 “Commercial Paper 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 Commercial Paper Notes are expected to be used for general corporate purposes, including the repayment of other debt of the Company. The Credit Agreements are available to repay the Commercial Paper Notes, if necessary. Aggregate borrowings outstanding under the Credit Agreements and the Commercial Paper Notes will not exceed the $1.2 billion current maximum amount available under the Credit Agreements. The Commercial Paper 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 issuance. The maturities of the Commercial Paper Notes will vary but may not exceed 397 days from the date of issue. The definitive documents relating to the commercial paper program contain customary representations, warranties, default and indemnification provisions. At December 31, 2020, we had $325.0 million of Commercial Paper Notes outstanding bearing a weighted-average interest rate of approximately 0.51% and a weighted-average maturity of 16 days. Other We have additional uncommitted credit lines with various U.S. and foreign financial institutions that provide for borrowings of up to approximately $220 million at December 31, 2020. Outstanding borrowings under these agreements were $7.7 million and $7.3 million at December 31, 2020 and 2019, respectively. The average interest rate on borrowings under these agreements during 2020, 2019 and 2018 was approximately 0.36%, 0.36% and 0.69%, respectively. At December 31, 2020 and 2019, we had the ability and intent to refinance our borrowings under our other existing credit lines with borrowings under the Credit Agreements. Therefore, the amounts outstanding under those credit lines, if any, are classified as long-term debt at December 31, 2020 and 2019. At December 31, 2020, we had the ability to borrow $1.18 billion under our commercial paper program and the Credit Agreements. We believe that as of December 31, 2020, we were, and currently are, in compliance with all of our debt covenants.

Pension Plans and Other Postret

Pension Plans and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Pension Plans and Other Postretirement Benefits	Pension Plans and Other Postretirement Benefits:We maintain various noncontributory defined benefit pension plans covering certain employees, primarily in the U.S., the U.K., Germany and Japan. 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. Our U.S. and U.K. defined benefit plans for non-represented employees are closed to new participants, with no additional benefits accruing under these plans as participants’ accrued benefits have been frozen. 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. The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our defined benefit pension plans (in thousands): Year Ended December 31, 2020 Year Ended December 31, 2019 U.S. Pension Plans Foreign Pension Plans U.S. Pension Plans Foreign Pension Plans Change in benefit obligations: Benefit obligation at January 1 $ 678,720 $ 258,374 $ 635,866 $ 240,303 Service cost 849 4,000 730 3,680 Interest cost 23,402 3,357 28,199 4,998 Plan amendments — 593 — — Actuarial loss 79,780 19,571 56,108 21,588 Benefits paid (41,800) (9,905) (42,183) (10,088) Employee contributions — 101 — 133 Foreign exchange loss (gain) — 19,858 — (1,772) Settlements/curtailments — (5,866) — (398) Other — 302 — (70) Benefit obligation at December 31 $ 740,951 $ 290,385 $ 678,720 $ 258,374 Change in plan assets: Fair value of plan assets at January 1 $ 556,683 $ 81,466 $ 513,075 $ 70,584 Actual return on plan assets 75,715 8,173 82,926 9,417 Employer contributions 3,630 9,653 2,865 10,572 Benefits paid (41,800) (9,905) (42,183) (10,088) Employee contributions — 101 — 133 Foreign exchange gain — 4,110 — 1,316 Settlements/curtailments — (4,279) — (398) Other — (78) — (70) Fair value of plan assets at December 31 $ 594,228 $ 89,241 $ 556,683 $ 81,466 Funded status at December 31 $ (146,723) $ (201,144) $ (122,037) $ (176,908) December 31, 2020 December 31, 2019 U.S. Pension Plans Foreign Pension Plans U.S. Pension Plans Foreign Pension Plans Amounts recognized in consolidated balance sheets: Current liabilities (accrued expenses) $ (1,217) $ (5,832) $ (1,224) $ (5,648) Noncurrent liabilities (pension benefits) (145,506) (195,312) (120,813) (171,260) Net pension liability $ (146,723) $ (201,144) $ (122,037) $ (176,908) Amounts recognized in accumulated other comprehensive (loss) income: Prior service benefit $ — $ (433) $ — $ 224 Net amount recognized $ — $ (433) $ — $ 224 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 2.50 % 0.86 % 3.56 % 1.33 % Rate of compensation increase — % 3.82 % — % 3.72 % The accumulated benefit obligation for all defined benefit pension plans was $1.02 billion and $927.6 million at December 31, 2020 and 2019, 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, as well as a summary of significant assumptions, for our postretirement benefit plans (in thousands): Year Ended December 31, 2020 2019 Other Postretirement Benefits Other Postretirement Benefits Change in benefit obligations: Benefit obligation at January 1 $ 55,089 $ 50,390 Service cost 105 98 Interest cost 1,871 2,197 Actuarial (gain) loss (2,571) 5,445 Benefits paid (3,151) (3,041) Benefit obligation at December 31 $ 51,343 $ 55,089 Change in plan assets: Fair value of plan assets at January 1 $ — $ — Employer contributions 3,151 3,041 Benefits paid (3,151) (3,041) Fair value of plan assets at December 31 $ — $ — Funded status at December 31 $ (51,343) $ (55,089) December 31, 2020 2019 Other Postretirement Benefits Other Postretirement Benefits Amounts recognized in consolidated balance sheets: Current liabilities (accrued expenses) $ (3,268) $ (4,190) Noncurrent liabilities (postretirement benefits) (48,075) (50,899) Net postretirement liability $ (51,343) $ (55,089) Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 2.49 % 3.53 % Rate of compensation increase 3.50 % 3.50 % The components of pension benefits cost (credit) are as follows (in thousands): Year Ended Year Ended Year Ended December 31, 2020 December 31, 2019 December 31, 2018 U.S. Pension Plans Foreign Pension Plans U.S. Pension Plans Foreign Pension Plans U.S. Pension Plans Foreign Pension Plans Service cost $ 849 $ 4,000 $ 730 $ 3,680 $ 1,043 $ 3,919 Interest cost 23,402 3,357 28,199 4,998 26,804 5,144 Expected return on assets (36,957) (3,274) (33,926) (3,837) (38,621) (4,204) Actuarial loss (gain) 40,653 14,189 7,106 16,784 30,234 (10,833) Amortization of prior service benefit — 36 — 37 60 34 Total net pension benefits cost (credit) $ 27,947 $ 18,308 $ 2,109 $ 21,662 $ 19,520 $ (5,940) Weighted-average assumption percentages: Discount rate 3.56 % 1.33 % 4.59 % 2.15 % 4.03 % 1.94 % Expected return on plan assets 6.88 % 4.07 % 6.89 % 5.51 % 6.89 % 5.52 % Rate of compensation increase — % 3.72 % — % 3.63 % — % 3.18 % Effective January 1, 2021, the weighted-average expected rate of return on plan assets for the U.S. and foreign defined benefit pension plans is 6.88% and 4.12%, respectively. The components of postretirement benefits cost (credit) are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Other Postretirement Benefits Other Postretirement Benefits Other Postretirement Benefits Service cost $ 105 $ 98 $ 117 Interest cost 1,871 2,197 2,168 Expected return on assets — — (7) Actuarial (gain) loss (2,573) 5,449 (5,400) Amortization of prior service benefit — — (48) Total net postretirement benefits (credit) cost $ (597) $ 7,744 $ (3,170) Weighted-average assumption percentages: Discount rate 3.53 % 4.55 % 3.99 % Expected return on plan assets — % — % 7.00 % Rate of compensation increase 3.50 % 3.50 % 3.50 % All components of net benefit cost (credit), other than service cost, are included in Other expenses, net on the consolidated statements of income. The mark-to-market actuarial loss in 2020 is primarily attributable to a decrease in the weighted-average discount rate to 2.50% from 3.56% for our U.S. pension plans and to 0.86% from 1.33% for our foreign pension plans to reflect market conditions as of the December 31, 2020 measurement date. This was partially offset by a higher return on pension plan assets in 2020 than was expected, as a result of overall market and investment portfolio performance. The weighted-average actual return on our U.S. and foreign pension plan assets was 13.15% versus an expected return of 6.52%. The mark-to-market actuarial loss in 2019 is primarily attributable to a decrease in the weighted-average discount rate to 3.56% from 4.59% for our U.S. pension plans and to 1.33% from 2.15% for our foreign pension plans to reflect market conditions as of the December 31, 2019 measurement date. This was partially offset by a higher return on pension plan assets in 2019 than was expected, as a result of overall market and investment portfolio performance. The weighted-average actual return on our U.S. and foreign pension plan assets was 15.82% versus an expected return of 6.72%. The mark-to-market actuarial loss in 2018 is primarily attributable to a lower return on pension plan assets in 2018 than was expected, as a result of overall market and investment portfolio performance. The weighted-average actual return on our U.S. and foreign pension plan assets was (4.55)% versus an expected return of 6.73%. The mark-to-market actuarial loss in 2018 was partially offset by an increase in the weighted-average discount rate to 4.59% from 4.03% for our U.S. pension plans and to 2.15% from 1.94% for our foreign pension plans to reflect market conditions as of the December 31, 2018 measurement date. 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. 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 tables set forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2020 and 2019 (in thousands): December 31, 2020 Quoted Prices in Active Markets for Identical Items (Level 1) Quoted Prices in Active Markets for Similar Items (Level 2) Unobservable Inputs (Level 3) Pension Assets: Domestic Equity (a) $ 142,280 $ 140,548 $ 1,732 $ — International Equity (b) 139,611 113,174 26,437 — Fixed Income (c) 319,998 270,589 49,409 — Absolute Return Measured at Net Asset Value (d) 78,787 — — — Cash 2,793 2,793 — — Total Pension Assets $ 683,469 $ 527,104 $ 77,578 $ — December 31, 2019 Quoted Prices in Active Markets for Identical Items (Level 1) Quoted Prices in Active Markets for Similar Items (Level 2) Unobservable Inputs (Level 3) Pension Assets: Domestic Equity (a) $ 119,842 $ 118,255 $ 1,587 $ — International Equity (b) 126,828 95,246 31,582 — Fixed Income (c) 317,667 279,731 37,936 — Absolute Return Measured at Net Asset Value (d) 73,777 — — — Cash 35 35 — — Total Pension Assets $ 638,149 $ 493,267 $ 71,105 $ — (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 international equity funds which invest 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 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. Holdings in private investment companies are measured at fair value using the net asset value per share as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts of $78.8 million and $73.8 million as of December 31, 2020 and 2019, respectively, are included in this table to permit reconciliation to the reconciliation of plan assets table above. The Company’s pension plan assets in the U.S. and U.K. represent approximately 97% of the total pension plan assets. The investment objective of these pension plan assets is to achieve solid returns while preserving capital to meet current plan cash flow requirements. Assets should participate in rising markets, with defensive action in declining markets expected to an even greater degree. 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, 2020 and 2019, equity securities held by our pension and OPEB plans did not include direct ownership of Albemarle common stock. The weighted-average target allocations as of the measurement date are as follows: Target Allocation Equity securities 42 % Fixed income 49 % Absolute return 9 % 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 $16.4 million, $16.5 million and $15.2 million during the years ended December 31, 2020, 2019 and 2018, respectively. We expect contributions to our domestic nonqualified and foreign qualified and nonqualified pension plans to approximate $27.1 million in 2021. Also, we expect to pay approximately $3.3 million in premiums to our U.S. postretirement benefit plan in 2021. However, we may choose to make additional voluntary pension contributions in excess of these amounts. The current forecast of benefit payments, which reflects expected future service, amounts to (in millions): U.S. Pension Plans Foreign Pension Plans Other Postretirement Benefits 2021 $ 43.0 $ 12.2 $ 3.3 2022 $ 43.4 $ 11.5 $ 3.2 2023 $ 43.8 $ 14.2 $ 3.2 2024 $ 44.1 $ 12.5 $ 3.2 2025 $ 44.6 $ 12.2 $ 3.1 2026-2030 $ 213.2 $ 66.4 $ 14.7 We have a supplemental executive retirement plan (“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. Costs (credits) relating to our SERP were $3.8 million, $2.2 million and ($0.8) million for the years ended December 31, 2020, 2019 and 2018, respectively. The projected benefit obligation for the SERP recognized in the consolidated balance sheets at December 31, 2020 and 2019 was $23.1 million and $21.3 million, respectively. The benefit expenses and obligations of this SERP are included in the tables above. Benefits of $1.2 million are expected to be paid to SERP retirees in 2021. 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. At December 31, 2020, 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. Defined Contribution Plans 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. On October 1, 2012 our Board of Directors approved certain 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 revised the contribution for all participants to be based on 5% of eligible employee compensation. The employer portion of contributions to our U.S. defined contribution pension plan amounted to $6.9 million, $11.5 million, and $11.8 million in 2020, 2019 and 2018, respectively. In addition, as part of the Company’s plan to maintain financial flexibility during the COVID-19 pandemic, we have deferred $4.8 million of 2020 contributions for certain employees to the defined contribution plan to 2021. 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 $7.5 million, $12.6 million and $12.7 million in 2020, 2019 and 2018, respectively. In addition, as part of the Company’s plan to maintain financial flexibility during the COVID-19 pandemic, we have deferred $4.5 million of 2020 contributions for certain employees to the 401(k) plan to 2021. 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 $9.9 million, $9.7 million and $10.2 million in 2020, 2019 and 2018, respectively, in annual premiums and related costs pertaining to this plan. Multiemployer Plan Certain current and former employees participate in a multiemployer plan in Germany, the Pensionskasse Dynamit Nobel Versicherungsverein auf Gegenseitigkeit, Troisdorf (“DN Pensionskasse”) that provides monthly payments in the case of disability, death or retirement. The risks of participating in a multiemployer plan are different from single-employer plans in the following ways: (a) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, and (b) if a participating employer stops contributing to the plan due to financial inability to provide funding, the unfunded obligation of the plan may be borne by remaining participating employers. Some participants in the plan are subject to collective bargaining arrangements, which have no fixed expiration date. The contribution and benefit levels are not negotiated or significantly influenced by these collective bargaining arrangements. Also, the benefit levels generally are not subject to reduction. Under German insurance law, the DN Pensionskasse must be fully funded at all times. The DN Pensionskasse was fully funded as of December 31, 2019, the date of the most recently available information for the plan. This funding level would correspond to the highest funding zone status (at least 80% funded) under U.S. pension regulation. Since the plan liabilities need to be fully funded at all times according to local funding requirements, it is unlikely that the DN Pensionskasse plan will fail to fulfill its obligations, however, in such an event, the Company is liable for the benefits of its employees, and former employees of certain divested businesses, who participate in the plan. Additional information of the DN Pensionskasse is available in the public domain. The majority of the Company’s contributions are tied to employees’ contributions, which are generally calculated as a percentage of base compensation, up to a certain statutory ceiling. Our normal contributions to this plan were approximately $1.5 million, $1.4 million and $1.5 million in 2020, 2019 and 2018, respectively. The Company’s contributions represented more than 5% of total contributions to the DN Pensionskasse in 2020. Effective July 1, 2016, the DN Pensionskasse is subject to a financial improvement plan which expires on December 31, 2022, with the final contribution in the second quarter of 2023. This financial improvement plan calls for increased capital reserves to avoid future underfunding risk. During the years ended December 31, 2020, 2019 and 2018, we made contributions

Other Noncurrent Liabilities

Other Noncurrent Liabilities	12 Months Ended
	Dec. 31, 2020
Other Liabilities, Noncurrent [Abstract]
Other Noncurrent Liabilities	Other Noncurrent Liabilities: Other noncurrent liabilities consist of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Transition tax on foreign earnings (a) $ 273,048 $ 303,490 Wodgina Project acquisition consideration obligation (b) — 120,800 Operating leases (c) 116,765 114,686 Liabilities related to uncertain tax positions (d) 14,683 21,169 Executive deferred compensation plan obligation 32,447 28,715 Environmental liabilities (e) 36,298 33,058 Asset retirement obligations (e) 74,856 55,848 Tax indemnification liability (f) 30,488 30,993 Other (g) 50,792 45,777 Total $ 629,377 $ 754,536 (a) Noncurrent portion of one-time transition tax on foreign earnings. See Note 21, “Income Taxes,” for additional information. (b) Represents the 40% interest in the Kemerton assets, which are under construction, expected to be transferred to MRL as part of the consideration paid for the Wodgina Project acquisition. See Note 2, “Acquisitions,” for further details. (c) See Note 18, “Leases.” (d) See Note 21, “Income Taxes.” (e) See Note 17, “Commitments and Contingencies.” (f) Indemnification of certain income and non-income tax liabilities associated with the Chemetall Surface Treatment entities sold in 2017. (g) No individual component exceeds 5% of total liabilities.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
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. We believe that amounts recorded are adequate for known items which might become due in the current year. The most significant commitments are as follows: Environmental We had the following activity in our recorded environmental liabilities for the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Balance, beginning of year $ 42,592 $ 49,569 $ 39,808 Expenditures (3,290) (6,037) (6,885) Accretion of discount 925 1,030 1,283 Additions and changes in estimates (a) 3,815 1,129 17,039 Foreign currency translation adjustments and other 1,729 (3,099) (1,676) Balance, end of year 45,771 42,592 49,569 Less amounts reported in Accrued expenses 9,473 9,534 9,193 Amounts reported in Other noncurrent liabilities $ 36,298 $ 33,058 $ 40,376 (a) Additions in 2018 primarily related to the indemnification of the buyer of a formerly owned site. As defined in the agreement of sale, this indemnification has a set cutoff date in 2024, at which point we will no longer be required to provide financial coverage. Environmental remediation liabilities included discounted liabilities of $39.2 million and $35.6 million at December 31, 2020 and 2019, respectively, discounted at rates with a weighted-average of 3.5% and 3.7%, with the undiscounted amount totaling $73.6 million and $69.2 million at December 31, 2020 and 2019, respectively. For certain locations where the Company is operating groundwater monitoring and/or remediation systems, prior owners or insurers have assumed all or most of the responsibility. 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, could be an additional $10 million to $30 million before income taxes, in excess of amounts already recorded. The variability of this range is primarily driven by possible environmental remediation activity at a formerly owned site where we indemnify the buyer through a set cutoff date in 2024. We believe that any sum we may be required to pay in connection with environmental remediation matters in excess of the amounts recorded would likely occur over a period of time and would likely 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. Asset Retirement Obligations The following is a reconciliation of our beginning and ending asset retirement obligation balances for 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Balance, beginning of year $ 60,246 $ 41,489 Acquisitions (a) 1,222 4,650 Additions and changes in estimates (b) 15,750 14,734 Accretion of discount 2,531 2,035 Liabilities settled (3,980) (3,289) Foreign currency translation adjustments and other 103 627 Balance, end of year $ 75,872 $ 60,246 Less amounts reported in Accrued expenses 1,016 4,398 Amounts reported in Other noncurrent liabilities $ 74,856 $ 55,848 (a) Represents purchase price adjustments for the Wodgina Project acquisition recorded during the year ended December 31, 2020 and 2019. See Note 2, “Acquisitions,” for additional information. (b) Additions in 2020 and 2019 of $15.8 million and $11.1 million, respectively, related to new asset retirement obligations in Chile and Australia. The remaining $3.6 million of additions in 2019 related to the update of an estimate at a site formerly owned by Albemarle. Asset retirement obligations primarily relate to post-closure reclamation of brine wells and sites involved in the surface mining and manufacturing of lithium. We are not aware of any conditional asset retirement obligations that would require recognition in our consolidated financial statements. Litigation 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 for such proceedings. We also maintain insurance to mitigate certain of such risks. Costs for legal services are generally expensed as incurred. As first reported in 2018, following receipt of information regarding potential improper payments being made by third party sales representatives of our Refining Solutions business, within our Catalysts segment, we promptly retained outside counsel and forensic accountants to investigate potential violations of the Company’s Code of Conduct, the Foreign Corrupt Practices Act (“FCPA”), and other potentially applicable laws. Based on this internal investigation, we have voluntarily self-reported potential issues relating to the use of third party sales representatives in our Refining Solutions business, within our Catalysts segment, to the U.S. Department of Justice (“DOJ”), the Securities and Exchange Commission (“SEC”), and the Dutch Public Prosecutor (“DPP”), and are cooperating with the DOJ, the SEC, and DPP in their review of these matters. In connection with our internal investigation, we have implemented, and are continuing to implement, appropriate remedial measures. At this time, we are unable to predict the duration, scope, result or related costs associated with the investigations by the DOJ, the SEC, or DPP. We are unable to predict what, if any, action may be taken by the DOJ, the SEC, or DPP, or what penalties or remedial actions they may seek to impose. Any determination that our operations or activities are not in compliance with existing laws or regulations could result in the imposition of fines, penalties, disgorgement, equitable relief, or other losses. We do not believe, however, that any such fines, penalties, disgorgement, equitable relief or other losses would have a material adverse effect on our financial condition or liquidity. During the year ended December 31, 2018, we recorded a charge of $16.2 million in Other expenses, net resulting from a jury rendering a verdict against Albemarle in a legal matter related to certain business concluded under a 2014 sales agreement for products that Albemarle no longer manufactures. In addition, during the year ended December 31, 2018, we recorded a separate charge of $10.8 million in Other expenses, net due to a settlement of a legal matter related to guarantees from a previously disposed business. Both matters were resolved and paid during the year ended December 31, 2018. Indemnities We are indemnified by third parties in connection with certain matters related to acquired and divested businesses. Although we believe that the financial condition of those parties who may have indemnification obligations to the Company is generally sound, in the event the Company seeks indemnity under any of these agreements or through other means, there can be no assurance that any party who may have obligations to indemnify us will adhere to their obligations and we may have to resort to legal action to enforce our rights under the indemnities. The Company may be subject to indemnity claims relating to properties or businesses it divested, including properties or businesses of acquired businesses that were divested prior to the completion of the acquisition. In the opinion of management, and based upon information currently available, the ultimate resolution of any indemnification obligations owed to the Company or by the Company is not expected to have a material effect on the Company’s financial condition, results of operations or cash flows. The Company had approximately $30.5 million and $31.0 million at December 31, 2020 and 2019, respectively, recorded in Other noncurrent liabilities primarily related to the indemnification of certain income and non-income tax liabilities associated with the Chemetall Surface Treatment entities sold in 2017. 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): 2021 2022 2023 2024 2025 Thereafter Letters of credit and other guarantees $ 79,282 $ 4,476 $ 1,501 $ — $ — $ 7,872 The outstanding letters of credit are primarily related to insurance claim payment guarantees. 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, 2020. 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. 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.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Leases:We lease certain office space, buildings, transportation and equipment in various countries. The initial lease terms generally range from 1 to 30 years for real estate leases, and from 2 to 15 years for non-real estate leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. Many leases include options to terminate or renew, with renewal terms that can extend the lease term from 1 to 50 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table provides details of our lease contracts for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Operating lease cost $ 33,904 $ 35,335 Finance lease cost: Amortization of right of use assets 585 625 Interest on lease liabilities 2,681 117 Total finance lease cost 3,266 742 Short-term lease cost 11,663 6,655 Variable lease cost 8,691 6,198 Total lease cost $ 57,524 $ 48,930 Rental expense was approximately $37.6 million for the year ended December 31, 2018. Supplemental cash flow information related to our lease contracts for the years ended December 31, 2020 and 2019 is as follows (in thousands): Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 36,245 $ 29,946 Operating cash flows from finance leases 1,568 117 Financing cash flows from finance leases 663 678 Right-of-use assets obtained in exchange for lease obligations: Operating leases 29,581 24,687 Finance leases (a) — 55,806 (a) Represents 60% ownership interest in finance lease acquired as part of the Wodgina Project acquisition. See Note 2, “Acquisitions,” for further details. Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at December 31, 2020 and 2019 is as follows (in thousands, except as noted): December 31, 2020 2019 Operating leases: Other assets $ 136,292 $ 133,864 Accrued expenses 22,297 23,137 Other noncurrent liabilities 116,765 114,686 Total operating lease liabilities 139,062 137,823 Finance leases: Net property, plant and equipment 58,963 59,494 Current portion of long-term debt (a) 1,752 636 Long-term debt 58,543 58,888 Total finance lease liabilities 60,295 59,524 Weighted average remaining lease term (in years): Operating leases 15.3 11.4 Finance leases 27.5 28.3 Weighted average discount rate (%): Operating leases 3.94 % 3.84 % Finance leases 4.56 % 4.56 % (a) Balance includes accrued interest of finance lease. Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands): Operating Leases Finance Leases 2021 $ 25,620 $ 2,200 2022 20,428 4,479 2023 21,846 4,479 2024 10,794 4,479 2025 9,620 4,479 Thereafter 132,365 89,918 Total lease payments 220,673 110,034 Less imputed interest 81,611 49,739 Total $ 139,062 $ 60,295
Leases	Leases:We lease certain office space, buildings, transportation and equipment in various countries. The initial lease terms generally range from 1 to 30 years for real estate leases, and from 2 to 15 years for non-real estate leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. Many leases include options to terminate or renew, with renewal terms that can extend the lease term from 1 to 50 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table provides details of our lease contracts for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Operating lease cost $ 33,904 $ 35,335 Finance lease cost: Amortization of right of use assets 585 625 Interest on lease liabilities 2,681 117 Total finance lease cost 3,266 742 Short-term lease cost 11,663 6,655 Variable lease cost 8,691 6,198 Total lease cost $ 57,524 $ 48,930 Rental expense was approximately $37.6 million for the year ended December 31, 2018. Supplemental cash flow information related to our lease contracts for the years ended December 31, 2020 and 2019 is as follows (in thousands): Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 36,245 $ 29,946 Operating cash flows from finance leases 1,568 117 Financing cash flows from finance leases 663 678 Right-of-use assets obtained in exchange for lease obligations: Operating leases 29,581 24,687 Finance leases (a) — 55,806 (a) Represents 60% ownership interest in finance lease acquired as part of the Wodgina Project acquisition. See Note 2, “Acquisitions,” for further details. Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at December 31, 2020 and 2019 is as follows (in thousands, except as noted): December 31, 2020 2019 Operating leases: Other assets $ 136,292 $ 133,864 Accrued expenses 22,297 23,137 Other noncurrent liabilities 116,765 114,686 Total operating lease liabilities 139,062 137,823 Finance leases: Net property, plant and equipment 58,963 59,494 Current portion of long-term debt (a) 1,752 636 Long-term debt 58,543 58,888 Total finance lease liabilities 60,295 59,524 Weighted average remaining lease term (in years): Operating leases 15.3 11.4 Finance leases 27.5 28.3 Weighted average discount rate (%): Operating leases 3.94 % 3.84 % Finance leases 4.56 % 4.56 % (a) Balance includes accrued interest of finance lease. Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands): Operating Leases Finance Leases 2021 $ 25,620 $ 2,200 2022 20,428 4,479 2023 21,846 4,479 2024 10,794 4,479 2025 9,620 4,479 Thereafter 132,365 89,918 Total lease payments 220,673 110,034 Less imputed interest 81,611 49,739 Total $ 139,062 $ 60,295

Stock-based Compensation Expens

Stock-based Compensation Expense	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-based Compensation Expense	Stock-based Compensation Expense: Incentive Plans We have various share-based compensation plans that authorize the granting of (i) qualified and non-qualified 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, at our option. 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 one In May 2017, the Company adopted the Albemarle Corporation 2017 Incentive Plan (the “Incentive Plan”), which replaced the Albemarle Corporation 2008 Incentive Plan. The maximum number of shares available for issuance to participants under the Incentive Plan is 4,500,000 shares. The adoption of the Incentive Plan did not affect awards already granted under the Albemarle Corporation 2008 Incentive Plan. Under the Albemarle Corporation 2013 Stock Compensation and Deferral Election Plan for Non-Employee Directors (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, 2020, there were 3,754,334 shares available for grant under the Incentive Plan and 345,405 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, 2020, 2019 and 2018 amounted to $19.3 million, $21.3 million and $15.2 million, respectively, and is included in Cost of goods sold and Selling, general and administrative expenses in the consolidated statement s of income. Total related recognized tax benefits for the years ended December 31, 2020, 2019 and 2018 amounted to $2.4 million, $3.2 million and $2.6 million, respectively. The following table summarizes information about the Company’s fixed-price stock options as of and for the year ended December 31, 2020: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2019 1,244,531 $ 65.67 4.2 $ 14,593 Granted 76,221 81.85 Exercised (682,068) 59.28 Forfeited (37,843) 94.03 Expired (1,000) 41.94 Outstanding at December 31, 2020 599,841 $ 73.24 5.6 $ 44,554 Exercisable at December 31, 2020 416,289 $ 64.06 4.4 $ 34,742 We granted 76,221, 95,639 and 63,259 stock options during 2020, 2019 and 2018, respectively. There were no significant modifications made to any share-based grants during these periods. The fair value of each option granted during the years ended December 31, 2020, 2019 and 2018 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2020 2019 2018 Dividend yield 1.69 % 1.58 % 1.44 % Volatility 32.65 % 32.50 % 32.48 % Average expected life (years) 6 6 6 Risk-free interest rate 1.13 % 2.81 % 3.06 % Fair value of options granted $ 22.14 $ 27.71 $ 37.35 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, 2020, 2019 and 2018 was $31.3 million, $8.1 million and $6.2 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, 2020 is approximately $1.6 million and is expected to be recognized over a remaining weighted-average period of 1.8 years. Cash proceeds from stock options exercised and tax benefits related to stock options exercised were $40.4 million and $7.1 million for the year ended December 31, 2020, 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, 2020: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested, beginning of period 259,733 $ 115.69 Granted 87,124 99.44 Vested (41,749) 78.03 Forfeited (78,300) 115.23 Nonvested, end of period 226,808 116.54 The weighted average grant date fair value of performance unit awards granted in 2020, 2019 and 2018 was $8.7 million, $10.8 million and $10.9 million, respectively. During 2020 and 2019, half of the performance unit awards granted were based on the targeted return on invested capital (“ROIC Award”), while the other half were granted based on targeted market conditions (“TSR Award”). During 2018, all performance unit awards were TSR awards. The fair value of each TSR Award was estimated on the date of grant using the Monte Carlo simulation model as these equity awards are tied to a service and market condition. The calculation used the following weighted-average assumptions: Year Ended December 31, 2020 2019 2018 Volatility 33.66 % 30.11 % 29.92 % Risk-free interest rate 0.85 % 2.43 % 2.36 % The weighted average fair value of performance unit awards that vested during 2020, 2019 and 2018 was $3.0 million, $11.7 million and $20.0 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, 2020 is approximately $10.0 million, calculated based on current expectation of specific performance criteria, and is expected to be recognized over a remaining weighted-average period of approximately 1.5 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, 2020: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested, beginning of period 272,560 $ 85.98 Granted 185,261 71.70 Vested (107,215) 80.59 Forfeited (23,862) 89.31 Nonvested, end of period 326,744 79.48 The weighted average grant date fair value of restricted stock and restricted stock unit awards granted in 2020, 2019 and 2018 was $13.3 million, $10.4 million and $10.9 million, respectively. The weighted average fair value of restricted stock and restricted stock unit awards that vested in 2020, 2019 and 2018 was $9.0 million, $7.5 million and $4.9 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, 2020 is approximately $14.4 million and is expected to be recognized over a remaining weighted-average period of 2.0 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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income: The components and activity in Accumulated other comprehensive (loss) income (net of deferred income taxes) consisted of the following during the years ended December 31, 2020, 2019 and 2018 (in thousands): Foreign Pension and Post-Retirement Benefits (a) Net Investment Hedge Cash Flow Hedge (b) Interest Rate Swap (c) Total Balance at December 31, 2017 $ (257,569) $ (21) $ 46,551 $ — $ (14,629) $ (225,668) Other comprehensive (loss) income before reclassifications (150,258) — 15,695 — — (134,563) Amounts reclassified from accumulated other comprehensive loss (d) — (138) 10,091 — (585) 9,368 Other comprehensive income (loss), net of tax (150,258) (138) 25,786 — (585) (125,195) Other comprehensive loss attributable to noncontrolling interests 181 — — — — 181 Balance at December 31, 2018 $ (407,646) $ (159) $ 72,337 $ — $ (15,214) $ (350,682) Other comprehensive (loss) income before reclassifications (62,031) 576 8,441 4,847 — (48,167) Amounts reclassified from accumulated other comprehensive loss — 56 — — 2,591 2,647 Other comprehensive (loss) income, net of tax (62,031) 632 8,441 4,847 2,591 (45,520) Other comprehensive loss attributable to noncontrolling interests 467 — — — — 467 Balance at December 31, 2019 $ (469,210) $ 473 $ 80,778 $ 4,847 $ (12,623) $ (395,735) Other comprehensive income (loss) before reclassifications 100,389 (580) (34,185) 1,602 — 67,226 Amounts reclassified from accumulated other comprehensive loss — 23 — — 2,601 2,624 Other comprehensive income (loss), net of tax 100,389 (557) (34,185) 1,602 2,601 69,850 Other comprehensive income attributable to noncontrolling interests (247) — — — — (247) Balance at December 31, 2020 $ (369,068) $ (84) $ 46,593 $ 6,449 $ (10,022) $ (326,132) (a) The pre-tax portion of amounts reclassified from accumulated other comprehensive loss consists of amortization of prior service benefit, which is a component of pension and postretirement benefits cost (credit). See Note 15, “Pension Plans and Other Postretirement Benefits,” for additional information. (b) We entered into a foreign currency forward contract in the fourth quarter of 2019, which was designated and accounted for as a cash flow hedge under ASC 815, Derivatives and Hedging . See Note 22, “Fair Value of Financial Instruments,” for additional information. (c) The pre-tax portion of amounts reclassified from accumulated other comprehensive loss is included in interest expense. (d) Amounts reclassified from accumulated other comprehensive loss include a net benefit of $6.9 million, which was reclassified to Retained earnings for stranded tax effects caused by the TCJA. The amount of income tax benefit (expense) allocated to each component of Other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018 is provided in the following tables (in thousands): Foreign Currency Translation Pension and Postretirement Benefits Net Investment Hedge Cash Flow Hedge Interest Rate Swap 2020 Other comprehensive income (loss), before tax $ 100,389 $ (679) $ (43,826) $ 1,602 $ 3,336 Income tax benefit (expense) — 122 9,641 — (735) Other comprehensive income (loss), net of tax $ 100,389 $ (557) $ (34,185) $ 1,602 $ 2,601 2019 Other comprehensive (loss) income, before tax $ (62,030) $ 633 $ 10,867 $ 4,847 $ 3,336 Income tax expense (1) (1) (2,426) — (745) Other comprehensive (loss) income, net of tax $ (62,031) $ 632 $ 8,441 $ 4,847 $ 2,591 2018 Other comprehensive (loss) income, before tax $ (150,262) $ (128) $ 20,424 $ — $ 3,336 Income tax benefit (expense) 4 (10) 5,362 — (3,921) Other comprehensive (loss) income, net of tax $ (150,258) $ (138) $ 25,786 $ — $ (585)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 Income before income taxes and equity in net income of unconsolidated investments: Domestic $ 41,346 $ 190,195 $ 223,702 Foreign 332,173 372,755 570,999 Total $ 373,519 $ 562,950 $ 794,701 Current income tax expense (benefit): Federal $ (140) $ 21,258 $ (2,712) State (193) 5,453 6,793 Foreign 56,734 47,056 91,581 Total $ 56,401 $ 73,767 $ 95,662 Deferred income tax (benefit) expense: Federal $ 4,564 $ 13,255 $ 15,573 State (2,893) (7,369) 1,614 Foreign (3,647) 8,508 31,977 Total $ (1,976) $ 14,394 $ 49,164 Total income tax expense $ 54,425 $ 88,161 $ 144,826 As a result of the TCJA signed into law in 2017, the Company recorded net benefits of $29.3 million during the year ended December 31, 2018, including measurement period adjustments, primarily related to the one-time transition tax, the remeasurement of deferred tax assets and liabilities and other TCJA impacts. As of January 1, 2018, the Company recorded a cumulative adjustment to decrease Retained earnings by $18.1 million as a result of the adoption of income tax standard updates. The reconciliation of the U.S. federal statutory rate to the effective income tax rate is as follows: % of Income Before Income Taxes 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal tax benefit 0.3 (0.5) 0.9 Change in valuation allowance (a) 1.9 1.9 0.7 Impact of foreign earnings, net (b) (8.4) (3.7) (0.3) Global intangible low tax inclusion 1.9 1.8 0.8 Change in U.S. federal statutory rate — — 0.1 Transition tax on deferred foreign earnings (c) — — (5.3) Subpart F income 1.3 0.6 0.9 Stock-based compensation (1.0) (0.6) (0.7) Depletion (0.9) (0.7) (0.6) Revaluation of unrecognized tax benefits/reserve requirements (0.4) (2.7) — Other items, net (1.1) (1.4) 0.7 Effective income tax rate 14.6 % 15.7 % 18.2 % (a) The year ended December 31, 2019 includes a $2.1 million benefit due to the release of a foreign valuation allowance due to changes in expected profitability. 2018 includes an $8.2 million expense due to the establishment of a valuation allowance due to a foreign restructuring plan and a $1.5 million benefit due to the release of a foreign valuation allowance due to changes in expected profitability. (b) Our statutory rate is decreased by 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 indefinite. 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. This resulted in a rate benefit of 11.9%, 8.0%, and 3.3% for 2020, 2019, and 2018, respectively. (c) During the year ended December 31, 2018, we recorded an income tax benefit of $42.3 million to refine the impact of the one-time transition tax calculation resulting from the TCJA. Deferred income tax assets and liabilities recorded on the consolidated balance sheets as of December 31, 2020 and 2019 consist of the following (in thousands): December 31, 2020 2019 Deferred tax assets: Accrued employee benefits $ 21,878 $ 17,462 Operating loss carryovers (a) 1,321,942 1,134,410 Pensions 78,683 64,230 Tax credit carryovers 1,582 1,497 Other 57,370 64,955 Gross deferred tax assets 1,481,455 1,282,554 Valuation allowance (a) (1,326,204) (1,148,268) Deferred tax assets 155,251 134,286 Deferred tax liabilities: Depreciation (348,700) (349,264) Intangibles (91,645) (88,934) Hedge of net investment of foreign subsidiary (13,514) (23,498) Other (75,927) (55,173) Deferred tax liabilities (529,786) (516,869) Net deferred tax liabilities $ (374,535) $ (382,583) Classification in the consolidated balance sheets: Noncurrent deferred tax assets $ 20,317 $ 15,275 Noncurrent deferred tax liabilities (394,852) (397,858) Net deferred tax liabilities $ (374,535) $ (382,583) (a) Increase in 2020 due to an increase in foreign net operating losses and an associated and equal valuation allowance. Changes in the balance of our deferred tax asset valuation allowance are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Balance at January 1 $ (1,148,268) $ (1,213,750) $ (458,288) Additions (a) (182,325) (24,986) (766,012) Deductions 4,389 90,468 10,550 Balance at December 31 $ (1,326,204) $ (1,148,268) $ (1,213,750) (a) During 2018, the Company recognized intercompany losses at a foreign entity related to international restructuring resulting in an increase to the deferred tax asset for net operating losses and an associated and equal valuation allowance of $749.8 million. At December 31, 2020, we had approximately $1.6 million of domestic credits available to offset future payments of income taxes, expiring in varying amounts between 2021 and 2039. We have established valuation allowances for $0.3 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, 2020, we have on a pre-tax basis, domestic state net operating losses of $206.8 million, expiring between 2021 and 2040, which have pre-tax valuation allowances of $51.7 million established. In addition, we have on a pre-tax basis $5.25 billion of foreign net operating losses, which have pre-tax valuation allowances for $5.20 billion established. $3.02 billion of these foreign net operating losses expire in 2035 and $1.97 billion have an indefinite life. We have established valuation allowances for these deferred tax assets 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 of $29.4 million and $67.9 million for other state and foreign deferred tax assets, respectively, unrelated 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. As of December 31, 2020, we have not recorded taxes on approximately $4.9 billion of cumulative undistributed earnings of our non-U.S.subsidiaries and joint ventures. The TCJA imposed a mandatory transition tax on accumulated foreign earnings and generally eliminated U.S. taxes on foreign subsidiary distribution with the exception of foreign withholding taxes and other foreign local tax. We generally do not provide for taxes related to our undistributed earnings because such earnings either would not be taxable when remitted or they are considered to be indefinitely reinvested. If in the foreseeable future, we can no longer demonstrate that these earnings are indefinitely reinvested, a deferred tax liability will be recognized. A determination of the amount of the unrecognized deferred tax liability related to these undistributed earnings is not practicable due to the complexity and variety of assumptions necessary based on the manner in which the undistributed earnings would be repatriated. Liabilities related to uncertain tax positions were $14.7 million and $21.2 million at December 31, 2020 and 2019, respectively, inclusive of interest and penalties of $3.1 million and $3.7 million at December 31, 2020 and 2019, respectively, and are reported in Other noncurrent liabilities as provided in Note 16, “Other Noncurrent Liabilities.” These liabilities at December 31, 2020 and 2019 were reduced by $24.1 million and $26.1 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 11, “Other Assets.” The resulting net asset of $12.5 million as of December 31, 2020 would unfavorably affect earnings if recognized and released, while the net asset of $8.6 million at December 31, 2019 would unfavorably affect earnings if recognized and released. The liabilities related to uncertain tax positions, exclusive of interest, were $11.6 million and $17.5 million at December 31, 2020 and 2019, respectively. The following is a reconciliation of our total gross liability related to uncertain tax positions for 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Balance at January 1 $ 17,548 $ 19,742 $ 21,438 Additions for tax positions related to prior years 5,646 2,235 874 Reductions for tax positions related to prior years (174) — — Additions for tax positions related to current year 315 — 1,091 Lapses in statutes of limitations/settlements (12,128) (4,494) (3,578) Foreign currency translation adjustment 432 65 (83) Balance at December 31 $ 11,639 $ 17,548 $ 19,742 We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Due to the statute of limitations, we are no longer subject to U.S. federal income tax audits by the Internal Revenue Service (“IRS”) for years prior to 2017. Due to the statute of limitations, we also are no longer subject to U.S. state income tax audits prior to 2011. With respect to jurisdictions outside the U.S., several audits are in process. We have audits ongoing for the years 2011 through 2019 related to Germany, Italy, Belgium, and Chile, some of which are for entities that have since been divested. 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 $0.5 million as a result of closure of tax statutes.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2020
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 notes are estimated using Level 1 inputs and account for 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, 2020 2019 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt $ 3,588,157 $ 3,783,225 $ 3,069,417 $ 3,173,341 Foreign Currency Forward Contracts—In the fourth quarter of 2019, we entered into a foreign currency forward contract, with a notional value of 727.9 million Australian Dollars, to hedge the cash flow exposure of non-functional currency purchases during the construction of the Kemerton plant in Australia. This derivative financial instrument is used to manage risk and is not used for trading or other speculative purposes. This foreign currency forward contract has been designated as a hedging instrument under ASC 815, Derivatives and Hedging. At December 31, 2020 and 2019, we had outstanding designated foreign currency forward contracts with notional values totaling the equivalent of $75.4 million and $481.2 million, respectively. We also enter into foreign currency forward contracts in connection with our risk management strategies that have not been designated as hedging instruments under ASC 815, Derivatives and Hedging, 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 non-designated foreign currency forward contracts are estimated based on current settlement values. At December 31, 2020 and 2019, we had outstanding non-designated foreign currency forward contracts with notional values totaling $611.1 million and $1.15 billion, respectively, hedging our exposure to various currencies including the Euro, Chinese Renminbi, Chilean Peso and Australian Dollar. The following table summarizes the fair value of our foreign currency forward contracts included in the consolidated balance sheets as of December 31, 2020 and 2019 (in thousands): Assets Liabilities December 31, December 31, 2020 2019 2020 2019 Designated as hedging instruments (a) $ 7,043 $ 5,369 $ — $ — Not designated as hedging instruments (b) 6,563 2,032 4,803 3,613 Total $ 13,606 $ 7,401 $ 4,803 $ 3,613 (a) Included $6.2 million in Other current assets and $0.9 million in Other assets at December 31, 2020 and $3.7 million in Other current assets and $1.7 million in Other assets at December 31, 2019. (b) Included $6.6 million in Other current assets and $4.8 million in Accrued expenses at December 31, 2020 and $2.0 million in Other current assets and $3.6 million in Accrued expenses at December 31, 2019. The following table summarizes the net gains (losses) recognized for our foreign currency forward contracts during the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Designated as hedging instruments: Gain recognized in Other comprehensive income (loss) $ 1,602 $ 4,847 $ — Not designated as hedging instruments: Losses recognized in Other expenses, net (a) $ (7,665) $ (25,765) $ (19,851) (a) Fluctuations in the value of our foreign currency forward contracts not designated as hedging instruments are generally expected to be offset by changes in the value of the underlying exposures being hedged, which are also reported in Other expenses, net. In addition, for the years ended December 31, 2020, 2019 and 2018, we recorded net cash settlements of $19.4 million, $23.6 million and $25.2 million, respectively, primarily within Changes in current assets and liabilities, in our consolidated statements of cash flows. As of December 31, 2020, there are no unrealized gains or losses related to the cash flow hedge expected to be reclassified to earnings in the next twelve months. The counterparties to our foreign currency forward contracts 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.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2020
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. 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, 2020 and 2019 (in thousands): December 31, 2020 Quoted Prices in Active Markets for Identical Items (Level 1) Quoted Prices in Active Markets for Similar Items (Level 2) Unobservable Inputs (Level 3) Assets: Investments under executive deferred compensation plan (a) $ 32,447 $ 32,447 $ — $ — Private equity securities (b) $ 35 $ 35 $ — $ — Private equity securities measured at net asset value (b)(c) $ 4,626 $ — $ — $ — Foreign currency forward contracts (d) $ 13,606 $ — $ 13,606 $ — Liabilities: Obligations under executive deferred compensation plan (a) $ 32,447 $ 32,447 $ — $ — Foreign currency forward contracts (d) $ 4,803 $ — $ 4,803 $ — December 31, 2019 Quoted Prices in Active Markets for Identical Items (Level 1) Quoted Prices in Active Markets for Similar Items (Level 2) Unobservable Inputs (Level 3) Assets: Investments under executive deferred compensation plan (a) $ 28,715 $ 28,715 $ — $ — Private equity securities (b) $ 32 $ 32 $ — $ — Private equity securities measured at net asset value (b)(c) $ 4,890 $ — $ — $ — Foreign currency forward contracts (d) $ 7,401 $ — $ 7,401 $ — Liabilities: Obligations under executive deferred compensation plan (a) $ 28,715 $ 28,715 $ — $ — Foreign currency forward contracts (d) $ 3,613 $ — $ 3,613 $ — (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 expenses, net, in our consolidated statements of income. (c) Holdings in private equity securities are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts of $4.6 million and $4.9 million as of December 31, 2020 and 2019, respectively, are included in this table to permit reconciliation to the marketable equity securities presented in Note 10, “Investments.” (d) 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 foreign currency forward contracts. 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. See Note 22, “Fair Value of Financial Instruments,” for further details about our foreign currency forward contracts.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions: Our consolidated statements of income include sales to and purchases from unconsolidated affiliates in the ordinary course of business as follows (in thousands): Year Ended December 31, 2020 2019 2018 Sales to unconsolidated affiliates $ 22,589 $ 20,068 $ 35,094 Purchases from unconsolidated affiliates (a) $ 168,072 $ 210,351 $ 256,701 (a) Purchases from unconsolidated affiliates primarily relate to purchases from our Windfield joint venture. Our consolidated balance sheets include accounts receivable due from and payable to unconsolidated affiliates in the ordinary course of business as follows (in thousands): December 31, 2020 2019 Receivables from related parties $ 4,098 $ 7,163 Payables to related parties $ 30,123 $ 35,502

Segment and Geographic Area Inf

Segment and Geographic Area Information	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment and Geographic Area Information	Segment and Geographic Area Information: Our three reportable segments include: (1) Lithium; (2) Bromine Specialties; and (3) Catalysts. 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. This business structure aligns with the markets and customers we serve through each of the segments. This structure also facilitates the continued standardization of business processes across the organization, and 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. Summarized financial information concerning our reportable segments is shown in the following tables. The “All Other” category includes only the fine chemistry services business that does not fit into any of our core businesses. The Corporate category is not considered to be a segment and includes corporate-related items not allocated to the operating 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 the reportable segments, All Other, and Corporate, whereas the remaining components of pension and OPEB benefits cost or credit (“Non-operating pension and OPEB items”) are included in Corporate. Segment data includes intersegment transfers of raw materials at cost and allocations for certain corporate costs. The Company’s chief operating decision maker uses adjusted EBITDA (as defined below) to assess the ongoing performance of the Company’s business segments and to allocate resources. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, as adjusted on a consistent basis for certain non-recurring or unusual items in a balanced manner and on a segment basis. These non-recurring or unusual items may include acquisition and integration related costs, gains or losses on sales of businesses, restructuring charges, facility divestiture charges, non-operating pension and OPEB items and other significant non-recurring items. In addition, management uses adjusted EBITDA for business planning purposes and as a significant component in the calculation of performance-based compensation for management and other employees. The Company has reported adjusted EBITDA because management believes it provides transparency to investors and enables period-to-period comparability of financial performance. Adjusted EBITDA is a financial measure that is not required by, or presented in accordance with, U.S. GAAP. Adjusted EBITDA should not be considered as an alternative to Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP, or any other financial measure reported in accordance with U.S. GAAP. Year Ended December 31, 2020 2019 2018 (In thousands) Net sales: Lithium $ 1,144,778 $ 1,358,170 $ 1,228,171 Bromine Specialties 964,962 1,004,216 917,880 Catalysts 797,914 1,061,817 1,101,554 All Other 221,255 165,224 127,186 Corporate — — 159 Total net sales $ 3,128,909 $ 3,589,427 $ 3,374,950 Adjusted EBITDA: Lithium $ 393,093 $ 524,934 $ 530,773 Bromine Specialties 323,605 328,457 288,116 Catalysts 130,134 270,624 284,307 All Other 84,821 49,628 14,091 Corporate (112,915) (136,862) (110,623) Total adjusted EBITDA $ 818,738 $ 1,036,781 $ 1,006,664 See below for a reconciliation of adjusted EBITDA, the non-GAAP financial measure, from Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP (in thousands): Lithium Bromine Specialties Catalysts Reportable Segments Total All Other Corporate Consolidated Total 2020 Net income (loss) attributable to Albemarle Corporation $ 277,711 $ 274,495 $ 80,149 $ 632,355 $ 76,323 $ (332,914) $ 375,764 Depreciation and amortization 112,854 50,310 49,985 213,149 8,498 10,337 231,984 Restructuring and other (a) — — — — — 19,597 19,597 Acquisition and integration related costs (b) — — — — — 17,263 17,263 Interest and financing expenses — — — — — 73,116 73,116 Income tax expense — — — — — 54,425 54,425 Non-operating pension and OPEB items — — — — — 40,668 40,668 Other (c) 2,528 (1,200) — 1,328 — 4,593 5,921 Adjusted EBITDA $ 393,093 $ 323,605 $ 130,134 $ 846,832 $ 84,821 $ (112,915) $ 818,738 2019 Net income (loss) attributable to Albemarle Corporation $ 341,767 $ 279,945 $ 219,686 $ 841,398 $ 41,188 $ (349,358) $ 533,228 Depreciation and amortization 99,424 47,611 50,144 197,179 8,440 7,865 213,484 Restructuring and other (a) — — — — — 5,877 5,877 Gain on sale of property (d) — — — — — (14,411) (14,411) Acquisition and integration related costs (b) — — — — — 20,684 20,684 Interest and financing expenses (e) — — — — — 57,695 57,695 Income tax expense — — — — — 88,161 88,161 Non-operating pension and OPEB items — — — — — 26,970 26,970 Stamp duty (b) 64,766 — — 64,766 — — 64,766 Windfield tax settlement (f) 17,292 — — 17,292 — — 17,292 Other (g) 1,685 901 794 3,380 — 19,655 23,035 Adjusted EBITDA $ 524,934 $ 328,457 $ 270,624 $ 1,124,015 $ 49,628 $ (136,862) $ 1,036,781 2018 Net income (loss) attributable to Albemarle Corporation $ 428,212 $ 246,509 $ 445,604 $ 1,120,325 $ 6,018 $ (432,781) $ 693,562 Depreciation and amortization 95,193 41,607 49,131 185,931 8,073 6,694 200,698 Restructuring and other (a) — — — — — 3,838 3,838 Gain on sale of business (h) — — (210,428) (210,428) — — (210,428) Acquisition and integration related costs (b) — — — — — 19,377 19,377 Interest and financing expenses — — — — — 52,405 52,405 Income tax expense — — — — — 144,826 144,826 Non-operating pension and OPEB items — — — — — 5,285 5,285 Legal accrual (i) — — — — — 27,027 27,027 Environmental accrual (j) — — — — — 15,597 15,597 Albemarle Foundation contribution (k) — — — — — 15,000 15,000 Indemnification adjustments (l) — — — — — 25,240 25,240 Other (m) 7,368 — — 7,368 — 6,869 14,237 Adjusted EBITDA $ 530,773 $ 288,116 $ 284,307 $ 1,103,196 $ 14,091 $ (110,623) $ 1,006,664 (a) During the year ended December 31, 2020, we recorded severance expenses as part of business reorganization plans, impacting each of our businesses and Corporate, primarily in the U.S., Belgium, Germany and with our Jordanian joint venture partner. We recorded expenses of $0.7 million in Cost of goods sold, $19.2 million in SG&A and a $0.3 million gain in Net income attributable to noncontrolling interests for the portion of severance expense allocated to our Jordanian joint venture partner. The balance of unpaid severance is recorded in Accrued expenses and is primarily expected to be paid through 2021. In addition, we recorded severance payments as part of a business reorganization plans of $5.9 million recorded in Selling, general and administrative expenses for the year ended December 31, 2019 and $0.1 million and $3.7 million recorded in Cost of goods sold and Selling, general and administrative expenses, respectively, for the year ended December 31, 2018. (b) See Note 2, “Acquisitions,” for additional information. (c) Included amounts for the year ended December 31, 2020 recorded in: • Cost of goods sold - $1.3 million of expense related to a legal matter as part of a prior acquisition in our Lithium business. • SG&A - $3.1 million of shortfall contributions for our multiemployer plan financial improvement plan and $3.8 million of a net expense primarily relating to the increase of environmental reserves at non-operating businesses we have previously divested. • Other expenses, net - $7.2 million gain related to the sale of our ownership percentage in the SOCC joint venture, $3.6 million of a net gain primarily relating to the sale of intangible assets in our Bromine business and property in Germany not used as part of our operations and a $2.5 million net gain resulting from the settlement of legal matters related to a business sold or a site in the process of being sold, partially offset by $9.6 million of losses resulting from the adjustment of indemnifications related to previously disposed businesses and $1.2 million of expenses related to other costs outside of our regular operations. (d) Gain of $3.3 million recorded in Selling, general and administrative expenses related to the release of liabilities as part of the sale of a property and $11.1 million gain recorded in Other expenses, net related to the sale of land in Pasadena, Texas not used as part of our operations. (e) Included in Interest and financing expenses is a loss on early extinguishment of debt of $4.8 million. See Note 14, “Long-Term Debt,” for additional information. (f) Represents our 49% share of a tax settlement between our Windfield joint venture and an Australian taxing authority, recorded in Equity in net income of unconsolidated investments (net of tax). This is offset in Income tax expense by a discrete tax benefit related to seeking treaty relief from the competent authority to prevent double taxation. (g) Included amounts for the year ended December 31, 2019 recorded in: • Cost of goods sold - $0.7 million related to non-routine labor and compensation related costs in Chile that are outside normal compensation arrangements. • Selling, general and administrative expenses - $1.8 million of shortfall contributions for our multiemployer plan financial improvement plan, $0.9 million of a write-off of uncollectible accounts receivable from a terminated distributor in the Bromine Specialties segment, $1.0 million related to the settlement of terminated agreements, primarily in the Catalysts segment, and $0.8 million related to the settlement of an ongoing audit in the Lithium segment. • Other expenses, net - $3.1 million of unrecoverable vendor costs outside the operations of the business related to the construction of the future Kemerton production facility, $9.8 million of a net loss primarily resulting from the adjustment of indemnifications and other liabilities related to previously disposed businesses or purchase accounting, $3.6 million of asset retirement obligation charges related to the update of an estimate at a site formerly owned by Albemarle, and $1.2 million of non-operating pension costs from our 50% interest in JBC. (h) See Note 3, “Divestitures,” for additional information. (i) Included in Other expenses, net. See Note 17, “Commitments and Contingencies,” for additional information. (j) Increase in environmental reserve to indemnify the buyer of a formerly owned site recorded in Other expenses, net. As defined in the agreement of sale, this indemnification has a set cutoff date in 2024, at which point we will no longer be required to provide financial coverage. (k) Included in Selling, general and administrative expenses is a charitable contribution, using a portion of the proceeds received from the Polyolefin Catalysts Divestiture, 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. This contribution is in addition to the normal annual contribution made to the Albemarle Foundation by the Company, and is significant in size and nature in that it is intended to provide more long-term benefits in the communities where we live and operate. (l) Included in Other expenses, net is $19.7 million related to the proposed settlement of an ongoing audit of a previously disposed business in Germany, and $5.5 million related to the adjustment of indemnifications previously recorded from disposed businesses. (m) Included amounts for the year ended December 31, 2018 recorded in: • Cost of goods sold - $4.9 million for the write-off of fixed assets related to a major capacity expansion in our Jordanian joint venture and $8.8 million related to non-routine labor and compensation related costs in Chile that are outside normal compensation arrangements. • Selling, general and administrative expenses - $2.3 million of shortfall contributions for our multiemployer plan financial improvement plan and a $1.2 million contribution, using a portion of the proceeds received from the Polyolefin Catalysts Divestiture, to schools in the state of Louisiana for qualified tuition purposes. This contribution is significant in size and is intended to provide long-term benefits for families in the Louisiana community. This was partially offset by a $1.5 million gain related to a refund from Chilean authorities due to an overpayment made in a prior year. • Other expenses, net - $1.5 million gain related to the reversal of previously recorded liabilities of disposed businesses. December 31, 2020 2019 2018 (In thousands) Identifiable assets: Lithium (a) $ 7,134,229 $ 6,570,791 $ 4,605,070 Bromine Specialties 867,648 799,456 753,157 Catalysts 1,066,089 1,163,590 1,134,975 All Other 136,659 146,211 128,185 Corporate (b) 1,246,321 1,180,815 960,287 Total identifiable assets $ 10,450,946 $ 9,860,863 $ 7,581,674 (a) Increase in Lithium identifiable assets at December 31, 2020 and 2019 primarily due to capital expenditures for growth and capacity increases, as well as the acquisition of 60% interest in MRL’s Wodgina Project assets. Year Ended December 31, 2020 2019 2018 (In thousands) Depreciation and amortization: Lithium $ 112,854 $ 99,424 $ 95,193 Bromine Specialties 50,310 47,611 41,607 Catalysts 49,985 50,144 49,131 All Other 8,498 8,440 8,073 Corporate 10,337 7,865 6,694 Total depreciation and amortization $ 231,984 $ 213,484 $ 200,698 Capital expenditures: Lithium $ 720,563 $ 665,585 $ 500,849 Bromine Specialties 57,486 82,208 79,357 Catalysts 44,448 57,939 52,019 All Other 6,792 7,309 5,232 Corporate 21,188 38,755 62,534 Total capital expenditures $ 850,477 $ 851,796 $ 699,991 Year Ended December 31, 2020 2019 2018 (In thousands) Net Sales (a) : United States $ 743,834 $ 858,084 $ 887,416 Foreign (b) 2,385,075 2,731,343 2,487,534 Total $ 3,128,909 $ 3,589,427 $ 3,374,950 (a) Net sales are attributed to countries based upon shipments to final destination. (b) In 2020, net sales to Korea, China and Japan represented 14%, 14% and 13%, respectively, of total net sales. In 2019, net sales to Korea, China and Japan represented 17%, 13%, and 12%, respectively, of total net sales. In 2018, net sales to Korea, China and Japan represented 13%, 12%, and 10%, respectively, of total net sales. As of December 31, 2020 2019 2018 (In thousands) Long-Lived Assets (a) : United States $ 1,007,793 $ 1,003,496 $ 929,291 Australia 2,362,377 1,981,642 407,141 Chile 1,814,658 1,687,090 1,406,478 Jordan 256,640 256,363 254,800 Netherlands 181,206 165,782 166,853 China 122,749 109,235 91,160 Germany 90,174 89,568 101,168 France 45,505 44,936 43,698 Brazil 24,393 37,165 40,464 Other foreign countries 66,273 68,499 65,937 Total $ 5,971,768 $ 5,443,776 $ 3,506,990 (a) Long-lived assets are comprised of the Company’s Property, plant and equipment and joint ventures included in Investments.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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 its consolidated subsidiaries. For entities that we control and are the primary beneficiary, but own less than 100%, we record the minority ownership as noncontrolling interest, except as noted below. 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. As described further in Note 2, “Acquisitions,” we completed the acquisition of a 60% ownership interest in Mineral Resources Limited’s (“MRL”) Wodgina hard rock lithium mine project (“Wodgina Project”) on October 31, 2019 creating a joint venture named MARBL Lithium Joint Venture (“MARBL”). The consolidated financial statements contained herein include our proportionate share of the results of operations of the Wodgina Project, commencing on November 1, 2019. We are entitled to a pro rata portion of 60% of all minerals (other than iron ore and tantalum) recovered from the tenements and produced by the joint venture. The joint venture is unincorporated with each investor holding an undivided interest in each asset and proportionately liable for each liability; therefore our proportionate share of assets, liabilities, revenue and expenses are included in the appropriate classifications in the consolidated financial statements.
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.
Revenue Recognition	Revenue Recognition Effective January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” and all related amendments using the modified retrospective method. There was no material impact to our results of operations or financial position upon adoption, and no adjustment was made to Retained earnings in our consolidated balance sheets because such adjustment was determined to be immaterial. In addition, new presentation requirements, including separate disclosure of net sales from sources other than customers on our consolidated statements of income and separate disclosures of contract assets or liabilities on our consolidated balance sheets, generally did not have a material impact. However, business circumstances, including the nature of customer contracts, can change and as such, we have expanded processes and controls to recognize such changes, and as necessary, consider whether any of these currently immaterial items might differ in the future. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services, and is recognized when performance obligations are satisfied under the terms of contracts with our customers. A performance obligation is deemed to be satisfied when control of the product or service is transferred to our customer. The transaction price of a contract, or the amount we expect to receive upon satisfaction of all performance obligations, is determined by reference to the contract’s terms and includes adjustments, if applicable, for any variable consideration, such as customer rebates, noncash consideration or consideration payable to the customer, although these adjustments are generally not material. Where a contract contains more than one distinct performance obligation, the transaction price is allocated to each performance obligation based on the standalone selling price of each performance obligation, although these situations do not occur frequently and are generally not built into our contracts. Any unsatisfied performance obligations are not material. Standalone selling prices are based on prices we charge to our customers, which in some cases is based on established market prices. Sales and other similar taxes collected from customers on behalf of third parties are excluded from revenue. Our payment terms are generally between 30 to 90 days, however, they vary by market factors, such as customer size, creditworthiness, geography and competitive environment. All of our revenue is derived from contracts with customers, and almost all of our contracts with customers contain one performance obligation for the transfer of goods where such performance obligation is satisfied at a point in time. Control of a product is deemed to be transferred to the customer upon shipment or delivery. Significant portions of our sales are sold free on board shipping point or on an equivalent basis, while delivery terms of 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, while the timing between shipment and delivery generally ranges between 1 and 45 days. Costs for shipping and handling activities, whether performed before or after the customer obtains control of the goods, are accounted for as fulfillment costs. The Company currently utilizes the following practical expedients, as permitted by Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers : • All sales and other pass-through taxes are excluded from contract value; • In utilizing the modified retrospective transition method, no adjustment was necessary for contracts that did not cross over the reporting year; • We will not consider the possibility of a contract having a significant financing component (which would effectively attribute a portion of the sales price to interest income) unless, if at contract inception, the expected payment terms (from time of delivery or other relevant criterion) are more than one year; • If our right to customer payment is directly related to the value of our completed performance, we recognize revenue consistent with the invoicing right; and • We expense as incurred all costs of obtaining a contract incremental to any costs/compensation attributable to individual product sales/shipments for contracts where the amortization period for such costs would otherwise be one year or less. Certain products we produce are made to our customer’s specifications where such products have limited alternative use or would need significant rework costs in order to be sold to another customer. In management’s judgment, control of these arrangements is transferred to the customer at a point in time (upon shipment or delivery) and not over the time they are produced. Therefore revenue is recognized upon shipment or delivery of these products. Costs incurred to obtain contracts with customers are not significant and are expensed immediately as the amortization period would be one year or less. When the Company incurs pre-production or other fulfillment costs in connection with an existing or specific anticipated contract and such costs are recoverable through margin or explicitly reimbursable, such costs are capitalized and amortized to Cost of goods sold on a systematic basis that is consistent with the pattern of transfer to the customer of the goods or services to which the asset relates, which is less than one year. We record bad debt expense in specific situations when we determine the customer is unable to meet its financial obligation. Included in Trade accounts receivable at December 31, 2020 and 2019 is approximately $522.3 million and $602.1 million, respectively, arising from contracts with customers. The remaining balance of Trade accounts receivable at December 31, 2020 and 2019 primarily includes value-added taxes collected from customers on behalf of various taxing authorities.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and money market investments with insignificant interest rate risks and no limitations on access.
Inventories	Inventories Inventories are stated at lower of cost and net realizable value 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 finance 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 generally 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. We assign the useful lives of our property, plant and equipment based upon our internal engineering estimates which are reviewed periodically. The estimated useful lives of our property, plant and equipment range from two depreciation is recorded on the straight-line method, with the exception of our mineral rights and reserves, which are depleted on a units-of-production method. We evaluate the recovery of our property, plant and equipment by comparing the net carrying value of the asset group to the undiscounted net cash flows expected to be generated from the use and eventual disposition of that asset group when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the carrying amount of the asset group is not recoverable, the fair value of the asset group is measured and if the carrying amount exceeds the fair value, an impairment loss is recognized.
Leases	Leases Effective January 1, 2019, we adopted Accounting Standards Update (“ASU”) No. 2016-02, “Leases” and all related amendments using the modified retrospective method. Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of $139.1 million as of January 1, 2019. Comparative periods have not been restated and are reported in accordance with our historical accounting. The standard did not have an impact on our consolidated Net income or cash flows. In addition, as a result of the adoption of this new standard, we have implemented internal controls and system changes to prepare the financial information. As part of this adoption, we have elected the practical expedient relief package allowed by the new standard, which does not require the reassessment of (1) whether existing contracts contain a lease, (2) the lease classification or (3) unamortized initial direct costs for existing leases; and have elected to apply hindsight to the existing leases. Additionally, we have made accounting policy elections such as exclusion of short-term leases (leases with a term of 12 months or less and which do not include a purchase option that we are reasonably certain to exercise) from the balance sheet presentation, use of portfolio approach in determination of discount rate and accounting for non-lease components in a contract as part of a single lease component for all asset classes, except specific mining operation equipment. We determine if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As an implicit rate for most of our leases is not determinable, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The lease payments for the initial measurement of lease ROU assets and lease liabilities include fixed and variable payments based on an index or a rate. Variable lease payments that are not index or rate based are recorded as expenses when incurred. Our variable lease payments typically include real estate taxes, insurance costs and common-area maintenance. The operating lease ROU asset also includes any lease payments made, net of lease incentives. The lease term is the non-cancelable period of the lease, including any options to extend, purchase or terminate the lease when it is reasonably certain that we will exercise that option. We amortize the operating lease ROU assets on a straight-line basis over the period of the lease and the finance lease ROU assets on a straight-line basis over the shorter of their estimated useful lives or the lease terms. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term.
Resource Development Expenses	Resource Development Expenses We incur costs in resource exploration, evaluation and development during the different phases of our resource development projects. Exploration costs incurred before the declaration of proven and probable resources are generally expensed as incurred. After proven and probable resources are declared, exploration, evaluation and development costs necessary to bring the property to commercial capacity or increase the capacity or useful life are capitalized. Any costs to maintain the production capacity in a property under production are expensed as incurred. Capitalized resource costs are depleted using the units-of-production method. Our resource development assets are evaluated for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.
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. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Certain mutual fund investments are accounted for as trading equities and are marked-to-market on a periodic 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. 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. If the amount and timing of the cash payments for a site are fixed or reliably determinable, the liability is discounted, if the calculated discount is material. 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, Texas and Louisiana and our global facilities in the Netherlands, Germany, Belgium 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. Our reporting units are either our operating business segments or one level below our operating business segments for which discrete financial information is available and for which operating results are regularly reviewed by the business management. We estimate the fair value based on present value techniques involving future cash flows. Future cash flows for all reporting units include assumptions about revenue growth rates, adjusted EBITDA margins, discount rate as well as other economic or industry-related factors. For the Refining Solutions reporting unit, the revenue growth rates, adjusted EBITDA margins and the discount rate were deemed to be significant assumptions. Significant management judgment is involved in estimating these variables and they include inherent uncertainties since they are forecasting future events. We perform a sensitivity analysis by using a range of inputs to confirm the reasonableness of these estimates being used in the goodwill impairment analysis. 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 the Company and, therefore, are beyond our control. We test our recorded goodwill 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, 2020 and did not note any impairment indicators. As a result, the Company concluded there was no impairment as of that date. We assess our indefinite-lived intangible assets, which include trade names and trademarks, for impairment annually and between annual tests if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. The indefinite-lived intangible asset impairment standard allows us to first assess qualitative factors to determine if a quantitative impairment test is necessary. Further testing is only required if we determine, based on the qualitative assessment, that it is more likely than not that the indefinite-lived intangible asset’s fair value is less than its carrying amount. If we determine based on the qualitative assessment that it is more likely than not that the asset is impaired, an impairment test is performed by comparing the fair value of the indefinite-lived intangible asset to its carrying amount. Definite-lived intangible assets, such as purchased technology, patents and customer lists, are amortized over their estimated useful lives generally for periods ranging from five
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 our 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. • Mortality Assumptions—Assumptions about life expectancy of plan participants are used in the measurement of related plan obligations. 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 monthly basis. The market-related value of assets equals the actual market value as of the date of measurement. During 2020, we made changes to assumptions related to discount rates and expected rates of return on plan assets. 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 2020, 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, 2020 measurement date. In selecting the discount rates for the foreign plans, we look at long-term yields on AA-rated corporate bonds when available. Our actuaries have developed yield curves based on the yields on the constituent bonds in the various indices as well as on other market indicators such as swap rates, particularly at the longer durations. For the Eurozone, we apply the Aon Hewitt yield curve to projected cash flows from the relevant plans to derive the discount rate. For the United Kingdom (“U.K.”), the discount rate is determined by applying the Aon Hewitt yield curve for typical schemes of similar duration to projected cash flows of Albemarle’s U.K. plan. In other countries where there is not a sufficiently deep market of high-quality corporate bonds, we set the discount rate by referencing the yield on government bonds of an appropriate duration. 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.
Stock-based Compensation Expense	Stock-based Compensation Expense The fair value of restricted stock awards, restricted stock unit awards and performance unit awards with a service condition are determined based on the number of shares or units granted and the quoted price of our common stock on the date of grant, and the fair value of stock options is determined using the Black-Scholes valuation model. The fair value of performance unit awards with a service condition and a market condition are estimated on the date of grant using a Monte Carlo simulation 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. In order to record deferred tax assets and liabilities, we are following guidance under Financial Accounting Standards Board (“FASB”) ASU 2015-17, which requires deferred tax assets and liabilities to be classified as noncurrent on the balance sheet, along with any related valuation allowance. Tax effects are released from Accumulated Other Comprehensive Income using either the specific identification approach or the portfolio approach based on the nature of the underlying item. 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. Under current accounting guidance for uncertain tax positions, interest and penalties related to income tax liabilities are included in Income tax expense on the consolidated statements of income. We have designated the undistributed earnings of a portion of our foreign operations as indefinitely 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 indefinitely invested. We will continue to evaluate our permanent investment assertion taking into consideration all relevant and current tax laws.
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss comprises principally foreign currency translation adjustments, amounts related to the revaluation of our euro-denominated senior notes which were designated as a hedge of our net investment in foreign operations in 2014, a realized loss on a forward starting interest rate swap entered into in 2014 which was designated as a cash flow hedge, gains or losses on foreign currency cash flow hedges designated as effective hedging instruments, and deferred income taxes related to the aforementioned items.
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.
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 impact of changes in foreign currency exchange rates. While these contracts are subject to fluctuations in value, such fluctuations are generally expected to be offset by changes in the value of the underlying foreign currency exposures being hedged. Gains or losses under foreign currency forward contracts that have been designated as an effective hedging instrument under ASC 815, Derivatives and Hedging will be recorded in Accumulated other comprehensive loss beginning on the date of designation. All other gains and losses on foreign currency forward contracts not designated as an effective hedging instrument are recognized currently in Other expenses, net, and generally do not have a significant impact on results of operations. We may also enter into interest rate swaps, collars or similar instruments from time to time, with the objective of reducing interest rate volatility relating to our borrowing costs. 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. In the fourth quarter of 2019, we entered into a foreign currency forward contract to hedge the cash flow exposure of non-functional currency purchases during the construction of the Kemerton plant in Australia and designated it as an effective hedging instrument under ASC 815, Derivatives and Hedging . All other foreign currency forward contracts outstanding at December 31, 2020 and 2019 have not been designated as hedging instruments under ASC 815, Derivatives and Hedging .
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued accounting guidance that, among other things, changes the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of the financial asset. Additional disclosures are required regarding an entity’s assumptions, models and methods for estimating the expected credit loss. This guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is to be applied using a modified retrospective approach. We adopted this guidance on January 1, 2020 and it did not have a significant impact on our consolidated financial statements. In January 2017, the FASB issued accounting guidance to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a reporting unit to calculate the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit has been acquired in a business combination. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. This guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is to be applied on a prospective basis. We adopted this guidance on January 1, 2020 and it did not have a significant impact on our consolidated financial statements. In December 2019, the FASB issued accounting guidance that simplifies the accounting for income taxes by removing certain exceptions to the general principles in Accounting Standards Codification (“ASC”) Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC Topic 740 by clarifying and amending existing guidance. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We currently do not expect this guidance to have a significant impact on our consolidated financial statements.

Acquisitions Acquisitions (Tabl

Acquisitions Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the consideration paid for the joint venture and the amounts of the assets acquired and liabilities assumed as of the acquisition date (in thousands): Total purchase price: Cash paid $ 820,000 Fair value of 40% interest in Kemerton assets 480,000 Purchase agreement completion adjustment and other adjustments 22,566 Total purchase price $ 1,322,566 Net assets acquired: Inventories $ 33,900 Other current assets 11,280 Property, plant and equipment: Land improvements 2,912 Buildings and improvements 19,268 Machinery and equipment 163,662 Mineral rights and reserves 1,046,390 Construction in progress 103,700 Current liabilities (10,695) Long-term debt (a) (55,806) Other noncurrent liabilities (28,392) Total identifiable net assets 1,286,219 Goodwill 36,347 Total net assets acquired $ 1,322,566

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 Cash paid during the year for: Income taxes (net of refunds of $25,991, $7,438 and $21,459 in 2020, 2019 and 2018, respectively) (a) $ 52,103 $ 170,450 $ 157,758 Interest (net of capitalization) $ 66,379 $ 45,532 $ 49,762 Supplemental non-cash disclosures related to investing activities: Capital expenditures included in Accounts payable $ 139,120 $ 199,451 $ 134,784 (a) Includes approximately $41 million of income taxes paid in 2018 from the gain on sale of the Polyolefin Catalysts Divestiture.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 Basic earnings per share Numerator: Net income attributable to Albemarle Corporation $ 375,764 $ 533,228 $ 693,562 Denominator: Weighted-average common shares for basic earnings per share 106,402 105,949 108,427 Basic earnings per share $ 3.53 $ 5.03 $ 6.40 Diluted earnings per share Numerator: Net income attributable to Albemarle Corporation $ 375,764 $ 533,228 $ 693,562 Denominator: Weighted-average common shares for basic earnings per share 106,402 105,949 108,427 Incremental shares under stock compensation plans 406 372 1,031 Weighted-average common shares for diluted earnings per share 106,808 106,321 109,458 Diluted earnings per share $ 3.52 $ 5.02 $ 6.34

Other Accounts Receivable (Tabl

Other Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Other Accounts Receivable	Other accounts receivable consist of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Value added tax/consumption tax $ 45,309 $ 52,059 Other 16,649 15,492 Total $ 61,958 $ 67,551

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Breakdown of Inventories	The following table provides a breakdown of inventories at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Finished goods $ 454,162 $ 495,639 Raw materials and work in process (a) 219,896 205,781 Stores, supplies and other 76,179 67,564 Total $ 750,237 $ 768,984 (a) Included $129.6 million and $109.3 million at December 31, 2020 and 2019, respectively, of work in process in our Lithium segment.

Other Current Assets (Tables)

Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Other Assets [Abstract]
Other Current Assets	Other current assets consist of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Income tax receivables $ 45,031 $ 72,246 Prepaid expenses 57,531 83,637 Other 13,865 6,930 Total $ 116,427 $ 162,813

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, at Cost	Property, plant and equipment, at cost, consist of the following at December 31, 2020 and 2019 (in thousands): Useful December 31, 2020 2019 Land — $ 121,330 $ 116,728 Land improvements 10 – 30 115,693 83,256 Buildings and improvements 10 – 50 354,679 337,728 Machinery and equipment (a) 2 – 45 3,564,389 3,355,519 Mineral rights and reserves 7 – 60 1,780,236 1,764,067 Construction in progress — 1,491,314 1,160,545 Total $ 7,427,641 $ 6,817,843 (a) Consists primarily of (1) short-lived production equipment components, office and building equipment and other equipment with estimated lives ranging 2 – 7 years, (2) production process equipment (intermediate components) with estimated lives ranging 8 – 19 years, (3) production process equipment (major unit components) with estimated lives ranging 20 – 29 years, and (4) production process equipment (infrastructure and other) with estimated lives ranging 30 – 45 years.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Investments [Abstract]
Investment Balances	The following table details our investment balances at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Joint ventures $ 604,964 $ 534,430 Nonmarketable securities 14,171 11,746 Marketable equity securities 37,109 33,637 Total $ 656,244 $ 579,813
Ownership Positions in Significant Unconsolidated Investments	Our ownership positions in significant unconsolidated investments are shown below: December 31, 2020 2019 2018 * Windfield Holdings Pty. Ltd. - a joint venture with Sichuan Tianqi Lithium Industries, Inc., that mines lithium ore and produces lithium concentrate 49 % 49 % 49 % * Nippon Aluminum Alkyls - a joint venture with Mitsui Chemicals, Inc. that produces aluminum alkyls 50 % 50 % 50 % * Nippon Ketjen Company Limited - a joint venture with Sumitomo Metal Mining Company Limited that produces refinery catalysts 50 % 50 % 50 % * Eurecat S.A. - a joint venture with Axens Group for refinery catalysts regeneration services 50 % 50 % 50 % * Fábrica Carioca de Catalisadores S.A. - a joint venture with Petrobras Quimica S.A. - PETROQUISA that produces catalysts and includes catalysts research and product development activities 50 % 50 % 50 %
Summary of Assets, Liabilities and Results of Operations for Significant Unconsolidated Joint Ventures	The following summary lists the assets, liabilities and results of operations for our significant unconsolidated joint ventures presented herein (in thousands): December 31, 2020 2019 Summary of Balance Sheet Information: Current assets $ 449,441 $ 473,426 Noncurrent assets 1,590,204 1,404,765 Total assets $ 2,039,645 $ 1,878,191 Current liabilities $ 116,136 $ 201,792 Noncurrent liabilities 769,114 583,839 Total liabilities $ 885,250 $ 785,631 Year Ended December 31, 2020 2019 2018 Summary of Statements of Income Information: Net sales $ 597,082 $ 910,891 $ 829,590 Gross profit $ 266,026 $ 496,150 $ 456,518 Income before income taxes $ 225,436 $ 384,690 $ 332,632 Net income $ 157,628 $ 229,733 $ 225,791

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Other Assets, Noncurrent [Abstract]
Other Assets	Other assets consist of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Deferred income taxes (a) $ 20,317 $ 15,275 Assets related to unrecognized tax benefits (a) 24,112 26,127 Operating leases (b) 136,292 133,864 Other (c) 38,547 37,795 Total $ 219,268 $ 213,061 (a) See Note 1, “Summary of Significant Accounting Policies” and Note 21, “Income Taxes.” (b) See Note 18, “Leases.” (c) As of December 31, 2019, a $28.7 million reserve was recorded against a note receivable on one of our European entities no longer deemed probable of collection. This reserve and related receivable were written off as a result of the divestiture of our ownership interest in the SOCC joint venture. See Note 10, “Investments,” for additional information.

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Goodwill	The following table summarizes the changes in goodwill by reportable segment for the years ended December 31, 2020 and 2019 (in thousands): Lithium Bromine Specialties Catalysts (b) All Other Total Balance at December 31, 2018 $ 1,354,779 $ 20,319 $ 185,485 $ 6,586 $ 1,567,169 Acquisitions (a) 31,762 — — — 31,762 Foreign currency translation adjustments and other (15,695) — (4,451) — (20,146) Balance at December 31, 2019 1,370,846 20,319 181,034 6,586 1,578,785 Acquisitions (a) 4,585 — — — 4,585 Foreign currency translation adjustments and other 66,350 — 15,800 — 82,150 Balance at December 31, 2020 $ 1,441,781 $ 20,319 $ 196,834 $ 6,586 $ 1,665,520 (a) Represents purchase price adjustments for the Wodgina Project acquisition. Amount recorded during the year ended December 31, 2020 represents the finalization of the purchase price during the one-year measurement period. See Note 2, “Acquisitions,” for additional information. (b) Balance at December 31, 2020 consists of goodwill related to Refining Solutions (composed of our clean fuels technologies (“CFT”) and fluidized catalytic cracking (“FCC”) catalysts and additives businesses) of $189.8 million and performance catalyst solutions (“PCS”) of $7.0 million.
Other Intangibles	Other intangibles consist of the following at December 31, 2020 and 2019 (in thousands): Customer Lists and Relationships Trade Names and Trademarks (a) Patents and Technology Other Total Gross Asset Value Balance at December 31, 2018 $ 428,372 $ 18,453 $ 55,801 $ 43,708 $ 546,334 Foreign currency translation adjustments and other (5,910) (366) (781) (2,426) (9,483) Balance at December 31, 2019 422,462 18,087 55,020 41,282 536,851 Foreign currency translation adjustments and other 26,286 623 3,076 (1,418) 28,567 Balance at December 31, 2020 $ 448,748 $ 18,710 $ 58,096 $ 39,864 $ 565,418 Accumulated Amortization Balance at December 31, 2018 $ (95,797) $ (8,176) $ (35,248) $ (20,970) $ (160,191) Amortization (23,020) — (1,388) (2,714) (27,122) Foreign currency translation adjustments and other 2,068 238 439 2,339 5,084 Balance at December 31, 2019 (116,749) (7,938) (36,197) (21,345) (182,229) Amortization (22,575) — (1,377) (970) (24,922) Foreign currency translation adjustments and other (7,962) (238) (1,926) 964 (9,162) Balance at December 31, 2020 $ (147,286) $ (8,176) $ (39,500) $ (21,351) $ (216,313) Net Book Value at December 31, 2019 $ 305,713 $ 10,149 $ 18,823 $ 19,937 $ 354,622 Net Book Value at December 31, 2020 $ 301,462 $ 10,534 $ 18,596 $ 18,513 $ 349,105 (a) Net Book Value includes only indefinite-lived intangible assets.
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 2021 $ 24,989 2022 $ 24,396 2023 $ 23,782 2024 $ 23,039 2025 $ 22,500

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consist of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Employee benefits, payroll and related taxes $ 102,711 $ 82,028 Wodgina Project acquisition consideration obligation (a) 137,092 260,686 Other (b) 200,960 233,583 Total $ 440,763 $ 576,297 (a) Represents the 40% interest in the Kemerton assets, which are under construction, expected to be transferred to MRL in the next twelve months as part of the consideration paid for the Wodgina Project acquisition. The balance as of December 31, 2019 also included $64.8 million of estimated stamp duties levied on the assets purchased. See Note 2, “Acquisitions,” for further details. (b) No individual component exceeds 5% of total current liabilities.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consisted of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 1.125% Notes $ 610,800 $ 554,900 1.625% Notes 610,800 554,900 1.875% Senior notes 480,007 436,073 3.45% Senior notes 300,000 300,000 4.15% Senior notes 425,000 425,000 5.45% Senior notes 350,000 350,000 Floating rate notes 200,000 200,000 Credit facilities 223,900 — Commercial paper notes 325,000 186,700 Variable-rate foreign bank loans 7,702 7,296 Finance lease obligations 59,181 59,524 Unamortized discount and debt issuance costs (20,332) (24,136) Total long-term debt 3,572,058 3,050,257 Less amounts due within one year 804,677 187,336 Long-term debt, less current portion $ 2,767,381 $ 2,862,921

Pension Plans and Other Postr_2

Pension Plans and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan	The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our defined benefit pension plans (in thousands): Year Ended December 31, 2020 Year Ended December 31, 2019 U.S. Pension Plans Foreign Pension Plans U.S. Pension Plans Foreign Pension Plans Change in benefit obligations: Benefit obligation at January 1 $ 678,720 $ 258,374 $ 635,866 $ 240,303 Service cost 849 4,000 730 3,680 Interest cost 23,402 3,357 28,199 4,998 Plan amendments — 593 — — Actuarial loss 79,780 19,571 56,108 21,588 Benefits paid (41,800) (9,905) (42,183) (10,088) Employee contributions — 101 — 133 Foreign exchange loss (gain) — 19,858 — (1,772) Settlements/curtailments — (5,866) — (398) Other — 302 — (70) Benefit obligation at December 31 $ 740,951 $ 290,385 $ 678,720 $ 258,374 Change in plan assets: Fair value of plan assets at January 1 $ 556,683 $ 81,466 $ 513,075 $ 70,584 Actual return on plan assets 75,715 8,173 82,926 9,417 Employer contributions 3,630 9,653 2,865 10,572 Benefits paid (41,800) (9,905) (42,183) (10,088) Employee contributions — 101 — 133 Foreign exchange gain — 4,110 — 1,316 Settlements/curtailments — (4,279) — (398) Other — (78) — (70) Fair value of plan assets at December 31 $ 594,228 $ 89,241 $ 556,683 $ 81,466 Funded status at December 31 $ (146,723) $ (201,144) $ (122,037) $ (176,908) December 31, 2020 December 31, 2019 U.S. Pension Plans Foreign Pension Plans U.S. Pension Plans Foreign Pension Plans Amounts recognized in consolidated balance sheets: Current liabilities (accrued expenses) $ (1,217) $ (5,832) $ (1,224) $ (5,648) Noncurrent liabilities (pension benefits) (145,506) (195,312) (120,813) (171,260) Net pension liability $ (146,723) $ (201,144) $ (122,037) $ (176,908) Amounts recognized in accumulated other comprehensive (loss) income: Prior service benefit $ — $ (433) $ — $ 224 Net amount recognized $ — $ (433) $ — $ 224 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 2.50 % 0.86 % 3.56 % 1.33 % Rate of compensation increase — % 3.82 % — % 3.72 % The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our postretirement benefit plans (in thousands): Year Ended December 31, 2020 2019 Other Postretirement Benefits Other Postretirement Benefits Change in benefit obligations: Benefit obligation at January 1 $ 55,089 $ 50,390 Service cost 105 98 Interest cost 1,871 2,197 Actuarial (gain) loss (2,571) 5,445 Benefits paid (3,151) (3,041) Benefit obligation at December 31 $ 51,343 $ 55,089 Change in plan assets: Fair value of plan assets at January 1 $ — $ — Employer contributions 3,151 3,041 Benefits paid (3,151) (3,041) Fair value of plan assets at December 31 $ — $ — Funded status at December 31 $ (51,343) $ (55,089) December 31, 2020 2019 Other Postretirement Benefits Other Postretirement Benefits Amounts recognized in consolidated balance sheets: Current liabilities (accrued expenses) $ (3,268) $ (4,190) Noncurrent liabilities (postretirement benefits) (48,075) (50,899) Net postretirement liability $ (51,343) $ (55,089) Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 2.49 % 3.53 % Rate of compensation increase 3.50 % 3.50 %
Schedule of Net Benefit Costs	The components of pension benefits cost (credit) are as follows (in thousands): Year Ended Year Ended Year Ended December 31, 2020 December 31, 2019 December 31, 2018 U.S. Pension Plans Foreign Pension Plans U.S. Pension Plans Foreign Pension Plans U.S. Pension Plans Foreign Pension Plans Service cost $ 849 $ 4,000 $ 730 $ 3,680 $ 1,043 $ 3,919 Interest cost 23,402 3,357 28,199 4,998 26,804 5,144 Expected return on assets (36,957) (3,274) (33,926) (3,837) (38,621) (4,204) Actuarial loss (gain) 40,653 14,189 7,106 16,784 30,234 (10,833) Amortization of prior service benefit — 36 — 37 60 34 Total net pension benefits cost (credit) $ 27,947 $ 18,308 $ 2,109 $ 21,662 $ 19,520 $ (5,940) Weighted-average assumption percentages: Discount rate 3.56 % 1.33 % 4.59 % 2.15 % 4.03 % 1.94 % Expected return on plan assets 6.88 % 4.07 % 6.89 % 5.51 % 6.89 % 5.52 % Rate of compensation increase — % 3.72 % — % 3.63 % — % 3.18 % The components of postretirement benefits cost (credit) are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Other Postretirement Benefits Other Postretirement Benefits Other Postretirement Benefits Service cost $ 105 $ 98 $ 117 Interest cost 1,871 2,197 2,168 Expected return on assets — — (7) Actuarial (gain) loss (2,573) 5,449 (5,400) Amortization of prior service benefit — — (48) Total net postretirement benefits (credit) cost $ (597) $ 7,744 $ (3,170) Weighted-average assumption percentages: Discount rate 3.53 % 4.55 % 3.99 % Expected return on plan assets — % — % 7.00 % Rate of compensation increase 3.50 % 3.50 % 3.50 %
Schedule of Assumptions Used	The components of pension benefits cost (credit) are as follows (in thousands): Year Ended Year Ended Year Ended December 31, 2020 December 31, 2019 December 31, 2018 U.S. Pension Plans Foreign Pension Plans U.S. Pension Plans Foreign Pension Plans U.S. Pension Plans Foreign Pension Plans Service cost $ 849 $ 4,000 $ 730 $ 3,680 $ 1,043 $ 3,919 Interest cost 23,402 3,357 28,199 4,998 26,804 5,144 Expected return on assets (36,957) (3,274) (33,926) (3,837) (38,621) (4,204) Actuarial loss (gain) 40,653 14,189 7,106 16,784 30,234 (10,833) Amortization of prior service benefit — 36 — 37 60 34 Total net pension benefits cost (credit) $ 27,947 $ 18,308 $ 2,109 $ 21,662 $ 19,520 $ (5,940) Weighted-average assumption percentages: Discount rate 3.56 % 1.33 % 4.59 % 2.15 % 4.03 % 1.94 % Expected return on plan assets 6.88 % 4.07 % 6.89 % 5.51 % 6.89 % 5.52 % Rate of compensation increase — % 3.72 % — % 3.63 % — % 3.18 % The components of postretirement benefits cost (credit) are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Other Postretirement Benefits Other Postretirement Benefits Other Postretirement Benefits Service cost $ 105 $ 98 $ 117 Interest cost 1,871 2,197 2,168 Expected return on assets — — (7) Actuarial (gain) loss (2,573) 5,449 (5,400) Amortization of prior service benefit — — (48) Total net postretirement benefits (credit) cost $ (597) $ 7,744 $ (3,170) Weighted-average assumption percentages: Discount rate 3.53 % 4.55 % 3.99 % Expected return on plan assets — % — % 7.00 % Rate of compensation increase 3.50 % 3.50 % 3.50 %
Financial Assets Accounted for at Fair Value on Recurring Basis	The following tables set forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2020 and 2019 (in thousands): December 31, 2020 Quoted Prices in Active Markets for Identical Items (Level 1) Quoted Prices in Active Markets for Similar Items (Level 2) Unobservable Inputs (Level 3) Pension Assets: Domestic Equity (a) $ 142,280 $ 140,548 $ 1,732 $ — International Equity (b) 139,611 113,174 26,437 — Fixed Income (c) 319,998 270,589 49,409 — Absolute Return Measured at Net Asset Value (d) 78,787 — — — Cash 2,793 2,793 — — Total Pension Assets $ 683,469 $ 527,104 $ 77,578 $ — December 31, 2019 Quoted Prices in Active Markets for Identical Items (Level 1) Quoted Prices in Active Markets for Similar Items (Level 2) Unobservable Inputs (Level 3) Pension Assets: Domestic Equity (a) $ 119,842 $ 118,255 $ 1,587 $ — International Equity (b) 126,828 95,246 31,582 — Fixed Income (c) 317,667 279,731 37,936 — Absolute Return Measured at Net Asset Value (d) 73,777 — — — Cash 35 35 — — Total Pension Assets $ 638,149 $ 493,267 $ 71,105 $ — (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 international equity funds which invest 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 debt obligations issued by governments, corporations, municipalities and other borrowers. Also includes insurance policies.
Schedule of Allocation of Plan Assets	The weighted-average target allocations as of the measurement date are as follows: Target Allocation Equity securities 42 % Fixed income 49 % Absolute return 9 %
Current Forecast of Benefit Payments, which Reflect Expected Future Service	The current forecast of benefit payments, which reflects expected future service, amounts to (in millions): U.S. Pension Plans Foreign Pension Plans Other Postretirement Benefits 2021 $ 43.0 $ 12.2 $ 3.3 2022 $ 43.4 $ 11.5 $ 3.2 2023 $ 43.8 $ 14.2 $ 3.2 2024 $ 44.1 $ 12.5 $ 3.2 2025 $ 44.6 $ 12.2 $ 3.1 2026-2030 $ 213.2 $ 66.4 $ 14.7

Other Noncurrent Liabilities (T

Other Noncurrent Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Other Liabilities, Noncurrent [Abstract]
Other Noncurrent Liabilities	Other noncurrent liabilities consist of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Transition tax on foreign earnings (a) $ 273,048 $ 303,490 Wodgina Project acquisition consideration obligation (b) — 120,800 Operating leases (c) 116,765 114,686 Liabilities related to uncertain tax positions (d) 14,683 21,169 Executive deferred compensation plan obligation 32,447 28,715 Environmental liabilities (e) 36,298 33,058 Asset retirement obligations (e) 74,856 55,848 Tax indemnification liability (f) 30,488 30,993 Other (g) 50,792 45,777 Total $ 629,377 $ 754,536 (a) Noncurrent portion of one-time transition tax on foreign earnings. See Note 21, “Income Taxes,” for additional information. (b) Represents the 40% interest in the Kemerton assets, which are under construction, expected to be transferred to MRL as part of the consideration paid for the Wodgina Project acquisition. See Note 2, “Acquisitions,” for further details. (c) See Note 18, “Leases.” (d) See Note 21, “Income Taxes.” (e) See Note 17, “Commitments and Contingencies.” (f) Indemnification of certain income and non-income tax liabilities associated with the Chemetall Surface Treatment entities sold in 2017. (g) No individual component exceeds 5% of total liabilities.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Balance, beginning of year $ 42,592 $ 49,569 $ 39,808 Expenditures (3,290) (6,037) (6,885) Accretion of discount 925 1,030 1,283 Additions and changes in estimates (a) 3,815 1,129 17,039 Foreign currency translation adjustments and other 1,729 (3,099) (1,676) Balance, end of year 45,771 42,592 49,569 Less amounts reported in Accrued expenses 9,473 9,534 9,193 Amounts reported in Other noncurrent liabilities $ 36,298 $ 33,058 $ 40,376 (a) Additions in 2018 primarily related to the indemnification of the buyer of a formerly owned site. As defined in the agreement of sale, this indemnification has a set cutoff date in 2024, at which point we will no longer be required to provide financial coverage.
Schedule of Change in Asset Retirement Obligation	The following is a reconciliation of our beginning and ending asset retirement obligation balances for 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Balance, beginning of year $ 60,246 $ 41,489 Acquisitions (a) 1,222 4,650 Additions and changes in estimates (b) 15,750 14,734 Accretion of discount 2,531 2,035 Liabilities settled (3,980) (3,289) Foreign currency translation adjustments and other 103 627 Balance, end of year $ 75,872 $ 60,246 Less amounts reported in Accrued expenses 1,016 4,398 Amounts reported in Other noncurrent liabilities $ 74,856 $ 55,848 (a) Represents purchase price adjustments for the Wodgina Project acquisition recorded during the year ended December 31, 2020 and 2019. See Note 2, “Acquisitions,” for additional information. (b) Additions in 2020 and 2019 of $15.8 million and $11.1 million, respectively, related to new asset retirement obligations in Chile and Australia. The remaining $3.6 million of additions in 2019 related to the update of an estimate at a site formerly owned by Albemarle.
Letters of Credit and Guarantee Agreements	The following table summarizes our letters of credit and guarantee agreements (in thousands): 2021 2022 2023 2024 2025 Thereafter Letters of credit and other guarantees $ 79,282 $ 4,476 $ 1,501 $ — $ — $ 7,872

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease, Cost	The following table provides details of our lease contracts for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Operating lease cost $ 33,904 $ 35,335 Finance lease cost: Amortization of right of use assets 585 625 Interest on lease liabilities 2,681 117 Total finance lease cost 3,266 742 Short-term lease cost 11,663 6,655 Variable lease cost 8,691 6,198 Total lease cost $ 57,524 $ 48,930 Supplemental cash flow information related to our lease contracts for the years ended December 31, 2020 and 2019 is as follows (in thousands): Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 36,245 $ 29,946 Operating cash flows from finance leases 1,568 117 Financing cash flows from finance leases 663 678 Right-of-use assets obtained in exchange for lease obligations: Operating leases 29,581 24,687 Finance leases (a) — 55,806 (a) Represents 60% ownership interest in finance lease acquired as part of the Wodgina Project acquisition. See Note 2, “Acquisitions,” for further details.
Supplemental Balance Sheet Information related	Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at December 31, 2020 and 2019 is as follows (in thousands, except as noted): December 31, 2020 2019 Operating leases: Other assets $ 136,292 $ 133,864 Accrued expenses 22,297 23,137 Other noncurrent liabilities 116,765 114,686 Total operating lease liabilities 139,062 137,823 Finance leases: Net property, plant and equipment 58,963 59,494 Current portion of long-term debt (a) 1,752 636 Long-term debt 58,543 58,888 Total finance lease liabilities 60,295 59,524 Weighted average remaining lease term (in years): Operating leases 15.3 11.4 Finance leases 27.5 28.3 Weighted average discount rate (%): Operating leases 3.94 % 3.84 % Finance leases 4.56 % 4.56 %
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands): Operating Leases Finance Leases 2021 $ 25,620 $ 2,200 2022 20,428 4,479 2023 21,846 4,479 2024 10,794 4,479 2025 9,620 4,479 Thereafter 132,365 89,918 Total lease payments 220,673 110,034 Less imputed interest 81,611 49,739 Total $ 139,062 $ 60,295
Finance Lease, Liability, Maturity	Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands): Operating Leases Finance Leases 2021 $ 25,620 $ 2,200 2022 20,428 4,479 2023 21,846 4,479 2024 10,794 4,479 2025 9,620 4,479 Thereafter 132,365 89,918 Total lease payments 220,673 110,034 Less imputed interest 81,611 49,739 Total $ 139,062 $ 60,295

Stock-based Compensation Expe_2

Stock-based Compensation Expense (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement, Noncash Expense [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, 2020: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2019 1,244,531 $ 65.67 4.2 $ 14,593 Granted 76,221 81.85 Exercised (682,068) 59.28 Forfeited (37,843) 94.03 Expired (1,000) 41.94 Outstanding at December 31, 2020 599,841 $ 73.24 5.6 $ 44,554 Exercisable at December 31, 2020 416,289 $ 64.06 4.4 $ 34,742
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, 2020, 2019 and 2018 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2020 2019 2018 Dividend yield 1.69 % 1.58 % 1.44 % Volatility 32.65 % 32.50 % 32.48 % Average expected life (years) 6 6 6 Risk-free interest rate 1.13 % 2.81 % 3.06 % Fair value of options granted $ 22.14 $ 27.71 $ 37.35 Year Ended December 31, 2020 2019 2018 Volatility 33.66 % 30.11 % 29.92 % Risk-free interest rate 0.85 % 2.43 % 2.36 %
Activity in Performance Unit Awards	The following table summarizes activity in performance unit awards as of and for the year ended December 31, 2020: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested, beginning of period 259,733 $ 115.69 Granted 87,124 99.44 Vested (41,749) 78.03 Forfeited (78,300) 115.23 Nonvested, end of period 226,808 116.54
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, 2020: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested, beginning of period 272,560 $ 85.98 Granted 185,261 71.70 Vested (107,215) 80.59 Forfeited (23,862) 89.31 Nonvested, end of period 326,744 79.48

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Components and Activity in Accumulated Other Comprehensive (Loss) Income, Net of Deferred Income Taxes	The components and activity in Accumulated other comprehensive (loss) income (net of deferred income taxes) consisted of the following during the years ended December 31, 2020, 2019 and 2018 (in thousands): Foreign Pension and Post-Retirement Benefits (a) Net Investment Hedge Cash Flow Hedge (b) Interest Rate Swap (c) Total Balance at December 31, 2017 $ (257,569) $ (21) $ 46,551 $ — $ (14,629) $ (225,668) Other comprehensive (loss) income before reclassifications (150,258) — 15,695 — — (134,563) Amounts reclassified from accumulated other comprehensive loss (d) — (138) 10,091 — (585) 9,368 Other comprehensive income (loss), net of tax (150,258) (138) 25,786 — (585) (125,195) Other comprehensive loss attributable to noncontrolling interests 181 — — — — 181 Balance at December 31, 2018 $ (407,646) $ (159) $ 72,337 $ — $ (15,214) $ (350,682) Other comprehensive (loss) income before reclassifications (62,031) 576 8,441 4,847 — (48,167) Amounts reclassified from accumulated other comprehensive loss — 56 — — 2,591 2,647 Other comprehensive (loss) income, net of tax (62,031) 632 8,441 4,847 2,591 (45,520) Other comprehensive loss attributable to noncontrolling interests 467 — — — — 467 Balance at December 31, 2019 $ (469,210) $ 473 $ 80,778 $ 4,847 $ (12,623) $ (395,735) Other comprehensive income (loss) before reclassifications 100,389 (580) (34,185) 1,602 — 67,226 Amounts reclassified from accumulated other comprehensive loss — 23 — — 2,601 2,624 Other comprehensive income (loss), net of tax 100,389 (557) (34,185) 1,602 2,601 69,850 Other comprehensive income attributable to noncontrolling interests (247) — — — — (247) Balance at December 31, 2020 $ (369,068) $ (84) $ 46,593 $ 6,449 $ (10,022) $ (326,132) (a) The pre-tax portion of amounts reclassified from accumulated other comprehensive loss consists of amortization of prior service benefit, which is a component of pension and postretirement benefits cost (credit). See Note 15, “Pension Plans and Other Postretirement Benefits,” for additional information. (b) We entered into a foreign currency forward contract in the fourth quarter of 2019, which was designated and accounted for as a cash flow hedge under ASC 815, Derivatives and Hedging . See Note 22, “Fair Value of Financial Instruments,” for additional information. (c) The pre-tax portion of amounts reclassified from accumulated other comprehensive loss is included in interest expense.
Amount of Income Tax (Expense) Benefit Allocated to Component of Other Comprehensive (Loss) Income	The amount of income tax benefit (expense) allocated to each component of Other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018 is provided in the following tables (in thousands): Foreign Currency Translation Pension and Postretirement Benefits Net Investment Hedge Cash Flow Hedge Interest Rate Swap 2020 Other comprehensive income (loss), before tax $ 100,389 $ (679) $ (43,826) $ 1,602 $ 3,336 Income tax benefit (expense) — 122 9,641 — (735) Other comprehensive income (loss), net of tax $ 100,389 $ (557) $ (34,185) $ 1,602 $ 2,601 2019 Other comprehensive (loss) income, before tax $ (62,030) $ 633 $ 10,867 $ 4,847 $ 3,336 Income tax expense (1) (1) (2,426) — (745) Other comprehensive (loss) income, net of tax $ (62,031) $ 632 $ 8,441 $ 4,847 $ 2,591 2018 Other comprehensive (loss) income, before tax $ (150,262) $ (128) $ 20,424 $ — $ 3,336 Income tax benefit (expense) 4 (10) 5,362 — (3,921) Other comprehensive (loss) income, net of tax $ (150,258) $ (138) $ 25,786 $ — $ (585)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 Income before income taxes and equity in net income of unconsolidated investments: Domestic $ 41,346 $ 190,195 $ 223,702 Foreign 332,173 372,755 570,999 Total $ 373,519 $ 562,950 $ 794,701 Current income tax expense (benefit): Federal $ (140) $ 21,258 $ (2,712) State (193) 5,453 6,793 Foreign 56,734 47,056 91,581 Total $ 56,401 $ 73,767 $ 95,662 Deferred income tax (benefit) expense: Federal $ 4,564 $ 13,255 $ 15,573 State (2,893) (7,369) 1,614 Foreign (3,647) 8,508 31,977 Total $ (1,976) $ 14,394 $ 49,164 Total income tax expense $ 54,425 $ 88,161 $ 144,826
Significant Differences Between United States Federal Statutory Rate and Effective Income Tax Rate	The reconciliation of the U.S. federal statutory rate to the effective income tax rate is as follows: % of Income Before Income Taxes 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal tax benefit 0.3 (0.5) 0.9 Change in valuation allowance (a) 1.9 1.9 0.7 Impact of foreign earnings, net (b) (8.4) (3.7) (0.3) Global intangible low tax inclusion 1.9 1.8 0.8 Change in U.S. federal statutory rate — — 0.1 Transition tax on deferred foreign earnings (c) — — (5.3) Subpart F income 1.3 0.6 0.9 Stock-based compensation (1.0) (0.6) (0.7) Depletion (0.9) (0.7) (0.6) Revaluation of unrecognized tax benefits/reserve requirements (0.4) (2.7) — Other items, net (1.1) (1.4) 0.7 Effective income tax rate 14.6 % 15.7 % 18.2 % (a) The year ended December 31, 2019 includes a $2.1 million benefit due to the release of a foreign valuation allowance due to changes in expected profitability. 2018 includes an $8.2 million expense due to the establishment of a valuation allowance due to a foreign restructuring plan and a $1.5 million benefit due to the release of a foreign valuation allowance due to changes in expected profitability. (b) Our statutory rate is decreased by 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 indefinite. 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. This resulted in a rate benefit of 11.9%, 8.0%, and 3.3% for 2020, 2019, and 2018, respectively.
Deferred Income Tax Assets and Liabilities Recorded on Consolidated Balance Sheets	Deferred income tax assets and liabilities recorded on the consolidated balance sheets as of December 31, 2020 and 2019 consist of the following (in thousands): December 31, 2020 2019 Deferred tax assets: Accrued employee benefits $ 21,878 $ 17,462 Operating loss carryovers (a) 1,321,942 1,134,410 Pensions 78,683 64,230 Tax credit carryovers 1,582 1,497 Other 57,370 64,955 Gross deferred tax assets 1,481,455 1,282,554 Valuation allowance (a) (1,326,204) (1,148,268) Deferred tax assets 155,251 134,286 Deferred tax liabilities: Depreciation (348,700) (349,264) Intangibles (91,645) (88,934) Hedge of net investment of foreign subsidiary (13,514) (23,498) Other (75,927) (55,173) Deferred tax liabilities (529,786) (516,869) Net deferred tax liabilities $ (374,535) $ (382,583) Classification in the consolidated balance sheets: Noncurrent deferred tax assets $ 20,317 $ 15,275 Noncurrent deferred tax liabilities (394,852) (397,858) Net deferred tax liabilities $ (374,535) $ (382,583)
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, 2020 2019 2018 Balance at January 1 $ (1,148,268) $ (1,213,750) $ (458,288) Additions (a) (182,325) (24,986) (766,012) Deductions 4,389 90,468 10,550 Balance at December 31 $ (1,326,204) $ (1,148,268) $ (1,213,750)
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 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Balance at January 1 $ 17,548 $ 19,742 $ 21,438 Additions for tax positions related to prior years 5,646 2,235 874 Reductions for tax positions related to prior years (174) — — Additions for tax positions related to current year 315 — 1,091 Lapses in statutes of limitations/settlements (12,128) (4,494) (3,578) Foreign currency translation adjustment 432 65 (83) Balance at December 31 $ 11,639 $ 17,548 $ 19,742

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of 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, 2020 2019 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt $ 3,588,157 $ 3,783,225 $ 3,069,417 $ 3,173,341
Schedule of Derivative Instruments in Statement of Financial Position	The following table summarizes the fair value of our foreign currency forward contracts included in the consolidated balance sheets as of December 31, 2020 and 2019 (in thousands): Assets Liabilities December 31, December 31, 2020 2019 2020 2019 Designated as hedging instruments (a) $ 7,043 $ 5,369 $ — $ — Not designated as hedging instruments (b) 6,563 2,032 4,803 3,613 Total $ 13,606 $ 7,401 $ 4,803 $ 3,613 (a) Included $6.2 million in Other current assets and $0.9 million in Other assets at December 31, 2020 and $3.7 million in Other current assets and $1.7 million in Other assets at December 31, 2019. (b) Included $6.6 million in Other current assets and $4.8 million in Accrued expenses at December 31, 2020 and $2.0 million in Other current assets and $3.6 million in Accrued expenses at December 31, 2019.
Derivative Instruments, Gain (Loss)	The following table summarizes the net gains (losses) recognized for our foreign currency forward contracts during the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Designated as hedging instruments: Gain recognized in Other comprehensive income (loss) $ 1,602 $ 4,847 $ — Not designated as hedging instruments: Losses recognized in Other expenses, net (a) $ (7,665) $ (25,765) $ (19,851)

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019 (in thousands): December 31, 2020 Quoted Prices in Active Markets for Identical Items (Level 1) Quoted Prices in Active Markets for Similar Items (Level 2) Unobservable Inputs (Level 3) Assets: Investments under executive deferred compensation plan (a) $ 32,447 $ 32,447 $ — $ — Private equity securities (b) $ 35 $ 35 $ — $ — Private equity securities measured at net asset value (b)(c) $ 4,626 $ — $ — $ — Foreign currency forward contracts (d) $ 13,606 $ — $ 13,606 $ — Liabilities: Obligations under executive deferred compensation plan (a) $ 32,447 $ 32,447 $ — $ — Foreign currency forward contracts (d) $ 4,803 $ — $ 4,803 $ — December 31, 2019 Quoted Prices in Active Markets for Identical Items (Level 1) Quoted Prices in Active Markets for Similar Items (Level 2) Unobservable Inputs (Level 3) Assets: Investments under executive deferred compensation plan (a) $ 28,715 $ 28,715 $ — $ — Private equity securities (b) $ 32 $ 32 $ — $ — Private equity securities measured at net asset value (b)(c) $ 4,890 $ — $ — $ — Foreign currency forward contracts (d) $ 7,401 $ — $ 7,401 $ — Liabilities: Obligations under executive deferred compensation plan (a) $ 28,715 $ 28,715 $ — $ — Foreign currency forward contracts (d) $ 3,613 $ — $ 3,613 $ — (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 expenses, net, in our consolidated statements of income. (c) Holdings in private equity securities are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts of $4.6 million and $4.9 million as of December 31, 2020 and 2019, respectively, are included in this table to permit reconciliation to the marketable equity securities presented in Note 10, “Investments.” (d) 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 foreign currency forward contracts. 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. See Note 22, “Fair Value of Financial Instruments,” for further details about our foreign currency forward contracts.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Our consolidated statements of income include sales to and purchases from unconsolidated affiliates in the ordinary course of business as follows (in thousands): Year Ended December 31, 2020 2019 2018 Sales to unconsolidated affiliates $ 22,589 $ 20,068 $ 35,094 Purchases from unconsolidated affiliates (a) $ 168,072 $ 210,351 $ 256,701 (a) Purchases from unconsolidated affiliates primarily relate to purchases from our Windfield joint venture. Our consolidated balance sheets include accounts receivable due from and payable to unconsolidated affiliates in the ordinary course of business as follows (in thousands): December 31, 2020 2019 Receivables from related parties $ 4,098 $ 7,163 Payables to related parties $ 30,123 $ 35,502

Segment and Geographic Area I_2

Segment and Geographic Area Information (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Summarized Financial Information by Reportable Segments	Year Ended December 31, 2020 2019 2018 (In thousands) Net sales: Lithium $ 1,144,778 $ 1,358,170 $ 1,228,171 Bromine Specialties 964,962 1,004,216 917,880 Catalysts 797,914 1,061,817 1,101,554 All Other 221,255 165,224 127,186 Corporate — — 159 Total net sales $ 3,128,909 $ 3,589,427 $ 3,374,950 Adjusted EBITDA: Lithium $ 393,093 $ 524,934 $ 530,773 Bromine Specialties 323,605 328,457 288,116 Catalysts 130,134 270,624 284,307 All Other 84,821 49,628 14,091 Corporate (112,915) (136,862) (110,623) Total adjusted EBITDA $ 818,738 $ 1,036,781 $ 1,006,664 See below for a reconciliation of adjusted EBITDA, the non-GAAP financial measure, from Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP (in thousands): Lithium Bromine Specialties Catalysts Reportable Segments Total All Other Corporate Consolidated Total 2020 Net income (loss) attributable to Albemarle Corporation $ 277,711 $ 274,495 $ 80,149 $ 632,355 $ 76,323 $ (332,914) $ 375,764 Depreciation and amortization 112,854 50,310 49,985 213,149 8,498 10,337 231,984 Restructuring and other (a) — — — — — 19,597 19,597 Acquisition and integration related costs (b) — — — — — 17,263 17,263 Interest and financing expenses — — — — — 73,116 73,116 Income tax expense — — — — — 54,425 54,425 Non-operating pension and OPEB items — — — — — 40,668 40,668 Other (c) 2,528 (1,200) — 1,328 — 4,593 5,921 Adjusted EBITDA $ 393,093 $ 323,605 $ 130,134 $ 846,832 $ 84,821 $ (112,915) $ 818,738 2019 Net income (loss) attributable to Albemarle Corporation $ 341,767 $ 279,945 $ 219,686 $ 841,398 $ 41,188 $ (349,358) $ 533,228 Depreciation and amortization 99,424 47,611 50,144 197,179 8,440 7,865 213,484 Restructuring and other (a) — — — — — 5,877 5,877 Gain on sale of property (d) — — — — — (14,411) (14,411) Acquisition and integration related costs (b) — — — — — 20,684 20,684 Interest and financing expenses (e) — — — — — 57,695 57,695 Income tax expense — — — — — 88,161 88,161 Non-operating pension and OPEB items — — — — — 26,970 26,970 Stamp duty (b) 64,766 — — 64,766 — — 64,766 Windfield tax settlement (f) 17,292 — — 17,292 — — 17,292 Other (g) 1,685 901 794 3,380 — 19,655 23,035 Adjusted EBITDA $ 524,934 $ 328,457 $ 270,624 $ 1,124,015 $ 49,628 $ (136,862) $ 1,036,781 2018 Net income (loss) attributable to Albemarle Corporation $ 428,212 $ 246,509 $ 445,604 $ 1,120,325 $ 6,018 $ (432,781) $ 693,562 Depreciation and amortization 95,193 41,607 49,131 185,931 8,073 6,694 200,698 Restructuring and other (a) — — — — — 3,838 3,838 Gain on sale of business (h) — — (210,428) (210,428) — — (210,428) Acquisition and integration related costs (b) — — — — — 19,377 19,377 Interest and financing expenses — — — — — 52,405 52,405 Income tax expense — — — — — 144,826 144,826 Non-operating pension and OPEB items — — — — — 5,285 5,285 Legal accrual (i) — — — — — 27,027 27,027 Environmental accrual (j) — — — — — 15,597 15,597 Albemarle Foundation contribution (k) — — — — — 15,000 15,000 Indemnification adjustments (l) — — — — — 25,240 25,240 Other (m) 7,368 — — 7,368 — 6,869 14,237 Adjusted EBITDA $ 530,773 $ 288,116 $ 284,307 $ 1,103,196 $ 14,091 $ (110,623) $ 1,006,664 (a) During the year ended December 31, 2020, we recorded severance expenses as part of business reorganization plans, impacting each of our businesses and Corporate, primarily in the U.S., Belgium, Germany and with our Jordanian joint venture partner. We recorded expenses of $0.7 million in Cost of goods sold, $19.2 million in SG&A and a $0.3 million gain in Net income attributable to noncontrolling interests for the portion of severance expense allocated to our Jordanian joint venture partner. The balance of unpaid severance is recorded in Accrued expenses and is primarily expected to be paid through 2021. In addition, we recorded severance payments as part of a business reorganization plans of $5.9 million recorded in Selling, general and administrative expenses for the year ended December 31, 2019 and $0.1 million and $3.7 million recorded in Cost of goods sold and Selling, general and administrative expenses, respectively, for the year ended December 31, 2018. (b) See Note 2, “Acquisitions,” for additional information. (c) Included amounts for the year ended December 31, 2020 recorded in: • Cost of goods sold - $1.3 million of expense related to a legal matter as part of a prior acquisition in our Lithium business. • SG&A - $3.1 million of shortfall contributions for our multiemployer plan financial improvement plan and $3.8 million of a net expense primarily relating to the increase of environmental reserves at non-operating businesses we have previously divested. • Other expenses, net - $7.2 million gain related to the sale of our ownership percentage in the SOCC joint venture, $3.6 million of a net gain primarily relating to the sale of intangible assets in our Bromine business and property in Germany not used as part of our operations and a $2.5 million net gain resulting from the settlement of legal matters related to a business sold or a site in the process of being sold, partially offset by $9.6 million of losses resulting from the adjustment of indemnifications related to previously disposed businesses and $1.2 million of expenses related to other costs outside of our regular operations. (d) Gain of $3.3 million recorded in Selling, general and administrative expenses related to the release of liabilities as part of the sale of a property and $11.1 million gain recorded in Other expenses, net related to the sale of land in Pasadena, Texas not used as part of our operations. (e) Included in Interest and financing expenses is a loss on early extinguishment of debt of $4.8 million. See Note 14, “Long-Term Debt,” for additional information. (f) Represents our 49% share of a tax settlement between our Windfield joint venture and an Australian taxing authority, recorded in Equity in net income of unconsolidated investments (net of tax). This is offset in Income tax expense by a discrete tax benefit related to seeking treaty relief from the competent authority to prevent double taxation. (g) Included amounts for the year ended December 31, 2019 recorded in: • Cost of goods sold - $0.7 million related to non-routine labor and compensation related costs in Chile that are outside normal compensation arrangements. • Selling, general and administrative expenses - $1.8 million of shortfall contributions for our multiemployer plan financial improvement plan, $0.9 million of a write-off of uncollectible accounts receivable from a terminated distributor in the Bromine Specialties segment, $1.0 million related to the settlement of terminated agreements, primarily in the Catalysts segment, and $0.8 million related to the settlement of an ongoing audit in the Lithium segment. • Other expenses, net - $3.1 million of unrecoverable vendor costs outside the operations of the business related to the construction of the future Kemerton production facility, $9.8 million of a net loss primarily resulting from the adjustment of indemnifications and other liabilities related to previously disposed businesses or purchase accounting, $3.6 million of asset retirement obligation charges related to the update of an estimate at a site formerly owned by Albemarle, and $1.2 million of non-operating pension costs from our 50% interest in JBC. (h) See Note 3, “Divestitures,” for additional information. (i) Included in Other expenses, net. See Note 17, “Commitments and Contingencies,” for additional information. (j) Increase in environmental reserve to indemnify the buyer of a formerly owned site recorded in Other expenses, net. As defined in the agreement of sale, this indemnification has a set cutoff date in 2024, at which point we will no longer be required to provide financial coverage. (k) Included in Selling, general and administrative expenses is a charitable contribution, using a portion of the proceeds received from the Polyolefin Catalysts Divestiture, 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. This contribution is in addition to the normal annual contribution made to the Albemarle Foundation by the Company, and is significant in size and nature in that it is intended to provide more long-term benefits in the communities where we live and operate. (l) Included in Other expenses, net is $19.7 million related to the proposed settlement of an ongoing audit of a previously disposed business in Germany, and $5.5 million related to the adjustment of indemnifications previously recorded from disposed businesses. (m) Included amounts for the year ended December 31, 2018 recorded in: • Cost of goods sold - $4.9 million for the write-off of fixed assets related to a major capacity expansion in our Jordanian joint venture and $8.8 million related to non-routine labor and compensation related costs in Chile that are outside normal compensation arrangements. • Selling, general and administrative expenses - $2.3 million of shortfall contributions for our multiemployer plan financial improvement plan and a $1.2 million contribution, using a portion of the proceeds received from the Polyolefin Catalysts Divestiture, to schools in the state of Louisiana for qualified tuition purposes. This contribution is significant in size and is intended to provide long-term benefits for families in the Louisiana community. This was partially offset by a $1.5 million gain related to a refund from Chilean authorities due to an overpayment made in a prior year. • Other expenses, net - $1.5 million gain related to the reversal of previously recorded liabilities of disposed businesses. December 31, 2020 2019 2018 (In thousands) Identifiable assets: Lithium (a) $ 7,134,229 $ 6,570,791 $ 4,605,070 Bromine Specialties 867,648 799,456 753,157 Catalysts 1,066,089 1,163,590 1,134,975 All Other 136,659 146,211 128,185 Corporate (b) 1,246,321 1,180,815 960,287 Total identifiable assets $ 10,450,946 $ 9,860,863 $ 7,581,674 (a) Increase in Lithium identifiable assets at December 31, 2020 and 2019 primarily due to capital expenditures for growth and capacity increases, as well as the acquisition of 60% interest in MRL’s Wodgina Project assets. Year Ended December 31, 2020 2019 2018 (In thousands) Depreciation and amortization: Lithium $ 112,854 $ 99,424 $ 95,193 Bromine Specialties 50,310 47,611 41,607 Catalysts 49,985 50,144 49,131 All Other 8,498 8,440 8,073 Corporate 10,337 7,865 6,694 Total depreciation and amortization $ 231,984 $ 213,484 $ 200,698 Capital expenditures: Lithium $ 720,563 $ 665,585 $ 500,849 Bromine Specialties 57,486 82,208 79,357 Catalysts 44,448 57,939 52,019 All Other 6,792 7,309 5,232 Corporate 21,188 38,755 62,534 Total capital expenditures $ 850,477 $ 851,796 $ 699,991
Net Sales by Geographic Area	Year Ended December 31, 2020 2019 2018 (In thousands) Net Sales (a) : United States $ 743,834 $ 858,084 $ 887,416 Foreign (b) 2,385,075 2,731,343 2,487,534 Total $ 3,128,909 $ 3,589,427 $ 3,374,950 (a) Net sales are attributed to countries based upon shipments to final destination. (b) In 2020, net sales to Korea, China and Japan represented 14%, 14% and 13%, respectively, of total net sales. In 2019, net sales to Korea, China and Japan represented 17%, 13%, and 12%, respectively, of total net sales. In 2018, net sales to Korea, China and Japan represented 13%, 12%, and 10%, respectively, of total net sales.
Long-Lived Assets by Geographic Area	As of December 31, 2020 2019 2018 (In thousands) Long-Lived Assets (a) : United States $ 1,007,793 $ 1,003,496 $ 929,291 Australia 2,362,377 1,981,642 407,141 Chile 1,814,658 1,687,090 1,406,478 Jordan 256,640 256,363 254,800 Netherlands 181,206 165,782 166,853 China 122,749 109,235 91,160 Germany 90,174 89,568 101,168 France 45,505 44,936 43,698 Brazil 24,393 37,165 40,464 Other foreign countries 66,273 68,499 65,937 Total $ 5,971,768 $ 5,443,776 $ 3,506,990 (a) Long-lived assets are comprised of the Company’s Property, plant and equipment and joint ventures included in Investments.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
Summary Of Significant Accounting Policies [Line Items]
Trade accounts receivable arising from contracts with customers		$ 522,300	$ 602,100
Operating lease, right-of-use asset		136,292	133,864
Operating lease, lease liability		139,062	137,823
Foreign exchange transaction losses		$ (28,800)	$ (27,400)	$ (10,500)
Maximum remaining expiration period for foreign currency forward contracts		1 year
Minimum
Summary Of Significant Accounting Policies [Line Items]
Payment terms		30 days
Timing between shipment and delivery		1 day
Property, plant and equipment, useful life		2 years
Finite-lived intangible assets, useful life		5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Payment terms		90 days
Timing between shipment and delivery		45 days
Property, plant and equipment, useful life		60 years
Finite-lived intangible assets, useful life		25 years
Planned Major Maintenance Activities
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		12 months
Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Operating lease, right-of-use asset					$ 139,100
Operating lease, lease liability					$ 139,100
Mineral Resources Limited Wodgina Project
Summary Of Significant Accounting Policies [Line Items]
Interest percentage acquired	60.00%
Ownership percentage	60.00%	60.00%

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill		$ 1,665,520	$ 1,578,785	$ 1,567,169
Mineral Resources Limited Wodgina Project
Business Acquisition [Line Items]
Cash payments related to joint venture		820,000
Consideration transferred	$ 1,300,000	1,322,566
Cash payments related to joint venture, certain adjustments		22,566
Total purchase price	$ 1,300,000	1,322,566
Inventories		33,900
Other current assets		11,280
Current liabilities		(10,695)
Long-term debt		(55,806)
Other noncurrent liabilities		(28,392)
Total identifiable net assets		1,286,219
Goodwill		36,347
Total net assets acquired		1,322,566
Lithium Hydroxide Conversion Assets | Mineral Resources Limited Wodgina Project
Business Acquisition [Line Items]
Consideration transferred		480,000
Total purchase price		480,000
Building and improvements | Mineral Resources Limited Wodgina Project
Business Acquisition [Line Items]
Property, plant and equipment		19,268
Machinery and equipment | Mineral Resources Limited Wodgina Project
Business Acquisition [Line Items]
Property, plant and equipment		163,662
Mineral rights and reserves | Mineral Resources Limited Wodgina Project
Business Acquisition [Line Items]
Property, plant and equipment		1,046,390
Construction in progress | Mineral Resources Limited Wodgina Project
Business Acquisition [Line Items]
Property, plant and equipment		103,700
Land improvements | Mineral Resources Limited Wodgina Project
Business Acquisition [Line Items]
Property, plant and equipment		$ 2,912

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($)	Oct. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Purchase price adjustments		$ (22,572,000)	$ (820,000,000)	$ (11,403,000)
Acquisition and integration related costs		17,263,000	20,684,000	19,377,000
Net income attributable to joint venture		375,764,000	533,228,000	693,562,000
Net sales		3,128,909,000	3,589,427,000	3,374,950,000
Goodwill		1,665,520,000	1,578,785,000	1,567,169,000
Cost of goods sold
Business Acquisition [Line Items]
Acquisition and integration related costs			1,000,000	3,700,000
Selling, general and administrative expenses
Business Acquisition [Line Items]
Acquisition and integration related costs		$ 17,300,000	19,700,000	$ 15,700,000
Mineral Resources Limited Wodgina Project
Business Acquisition [Line Items]
Ownership percentage	60.00%	60.00%
Consideration transferred	$ 1,300,000,000	$ 1,322,566,000
Cash payments related to joint venture		820,000,000
Purchase price adjustments		(22,600,000)
Net income attributable to joint venture		(20,100,000)	(73,000,000)
Net sales		0	0
Goodwill		36,347,000
Mineral Resources Limited Wodgina Project | Stamp duty tax
Business Acquisition [Line Items]
Acquisition and integration related costs		$ 61,500,000	64,800,000
Mineral Resources Limited Wodgina Project | Selling, general and administrative expenses | Stamp duty tax
Business Acquisition [Line Items]
Acquisition and integration related costs			$ 64,766,000
Wodgina Lithium Operations Pty. Ltd.
Business Acquisition [Line Items]
Ownership percentage	60.00%
Lithium Hydroxide Conversion Assets
Business Acquisition [Line Items]
Ownership percentage	40.00%	40.00%
Lithium Hydroxide Conversion Assets | Mineral Resources Limited Wodgina Project
Business Acquisition [Line Items]
Consideration transferred		$ 480,000,000
Mineral Reserves | Mineral Resources Limited Wodgina Project
Business Acquisition [Line Items]
Fair value of mineral reserves		$ 1,046,400,000

Divestitures - Additional Infor

Divestitures - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from divestitures, net	$ 0	$ 0	$ 413,569
Gain on sales of businesses, net	$ 0	$ 0	210,428
Polyolefin Catalysts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from divestitures, net			413,600
Gain on sales of businesses, net			$ 210,400

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Information [Abstract]
Proceeds from Income Tax Refunds	$ 25,991	$ 7,438	$ 21,459
Income taxes (net of refunds of $25,991, $7,438 and $21,459 in 2020, 2019 and 2018, respectively)(a)	52,103	170,450	157,758
Interest (net of capitalization)	66,379	45,532	49,762
Capital expenditures included in Accounts payable	$ 139,120	$ 199,451	$ 134,784

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information Footnote (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flow Supplemental Disclosures [Line Items]
Capital expenditures		$ 850,477	$ 851,796	$ 699,991
Transition tax on foreign earnings, current		30,400	14,300	28,400
Foreign currency exchange rate losses		$ 28,800	27,400	10,500
Polyolefin Catalysts
Cash Flow Supplemental Disclosures [Line Items]
Income taxes paid from gain on sale				$ 41,000
Lithium Hydroxide Conversion Assets
Cash Flow Supplemental Disclosures [Line Items]
Ownership percentage	40.00%	40.00%
Mineral Resources Limited Wodgina Project
Cash Flow Supplemental Disclosures [Line Items]
Ownership percentage	60.00%	60.00%
Consideration transferred	$ 1,300,000	$ 1,322,566
Mineral Resources Limited Wodgina Project | Lithium Hydroxide Conversion Assets
Cash Flow Supplemental Disclosures [Line Items]
Capital expenditures		179,400	$ 164,700
Consideration transferred		$ 480,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income attributable to Albemarle Corporation	$ 375,764	$ 533,228	$ 693,562
Weighted-average common shares for basic earnings per share (in shares)	106,402	105,949	108,427
Basic earnings per share (in dollars per share)	$ 3.53	$ 5.03	$ 6.40
Incremental shares under stock compensation plans	406	372	1,031
Weighted-average common shares for diluted earnings per share (in shares)	106,808	106,321	109,458
Diluted earnings per share (in dollars per share)	$ 3.52	$ 5.02	$ 6.34

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 08, 2021	Dec. 07, 2018	Sep. 28, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 30, 2016
Earnings Per Share Disclosure [Line Items]
Preferred stock, shares authorized (in shares)				15,000,000
Payment for repurchase of common stock				$ 0	$ 0	$ 500,000
Repurchase of common stock shares (in shares)				0	0
Shares available for repurchase (in shares)				7,396,263
Preferred shares issued (in shares)				0
Issuance of common stock, net				$ 0	$ 0	$ 0
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01
Subsequent Event
Earnings Per Share Disclosure [Line Items]
Issuance of common stock, net	$ 1,500,000
Issuance of common stock, net (in shares)	8,496,773
Common stock, par value (in dollars per share)	$ 0.01
Stock Issued During Period Value Per Share New Issues	$ 153
Stock Issued During Period Shares New Issues Underwriter Option	1,274,509
Accelerated Share Repurchase Agreement
Earnings Per Share Disclosure [Line Items]
Payment for repurchase of common stock					$ 250,000
Maximum
Earnings Per Share Disclosure [Line Items]
Number of shares authorized to be repurchased (in shares)							15,000,000
Restricted Stock
Earnings Per Share Disclosure [Line Items]
Number of shares containing nonforfeitable rights to dividends (in shares)				10,350
Total Delivery | Accelerated Share Repurchase Agreement
Earnings Per Share Disclosure [Line Items]
Repurchase of common stock shares (in shares)						5,262,654
Total Delivery | May 2018 Accelerated Share Repurchase Agreement
Earnings Per Share Disclosure [Line Items]
Repurchase of common stock shares (in shares)			2,680,704
Total Delivery | August 2018 Accelerated Share Repurchase Agreement
Earnings Per Share Disclosure [Line Items]
Repurchase of common stock shares (in shares)		2,581,950
Common Stock
Earnings Per Share Disclosure [Line Items]
Issuance of common stock, net				$ 2	$ 4	$ 4
Issuance of common stock, net (in shares)				185,918	396,269	383,974

Other Accounts Receivable (Deta

Other Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Value added tax/consumption tax	$ 45,309	$ 52,059
Other	16,649	15,492
Total	$ 61,958	$ 67,551

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 454,162	$ 495,639
Raw materials and work in process	219,896	205,781
Stores, supplies and other	76,179	67,564
Total inventories	$ 750,237	$ 768,984

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Percentage of LIFO inventory	8.00%	10.00%
Inventories stated on LIFO basis	$ 62.2	$ 78.7
Excess of replacement costs over stated LIFO value	29.7	30.8
Lithium
Inventory [Line Items]
Work in process related to Lithium	$ 129.6	$ 109.3

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Assets [Abstract]
Income tax receivables	$ 45,031	$ 72,246
Prepaid expenses	57,531	83,637
Other	13,865	6,930
Total	$ 116,427	$ 162,813

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Land	$ 121,330	$ 116,728
Land improvements	115,693	83,256
Buildings and improvements	354,679	337,728
Machinery and equipment	3,564,389	3,355,519
Mineral rights and reserves	1,780,236	1,764,067
Construction in progress	1,491,314	1,160,545
Total	$ 7,427,641	$ 6,817,843

Property, Plant and Equipment_3

Property, Plant and Equipment (Footnote) (Details)	12 Months Ended
	Dec. 31, 2020
Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years
Minimum | Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Minimum | Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Minimum | Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years
Minimum | Long term mineral rights and production equipment costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
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
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	60 years
Maximum | Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Maximum | Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	50 years
Maximum | Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	45 years
Maximum | Long term mineral rights and production equipment costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	60 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

Property Plant and Equipment -

Property Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation	$ 203.6	$ 183.3	$ 170
Interest capitalized on significant capital projects	$ 30.4	$ 30.2	$ 19.3

Investments Investment Balances

Investments Investment Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments [Abstract]
Joint ventures	$ 604,964	$ 534,430
Nonmarketable securities	14,171	11,746
Marketable equity securities	37,109	33,637
Total	$ 656,244	$ 579,813

Investments Ownership Positions

Investments Ownership Positions in Significant Unconsolidated (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Windfield Holdings
Schedule of Equity Method Investments [Line Items]
Ownership percentage	49.00%	49.00%	49.00%
Nippon Aluminum Alkyls
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%	50.00%	50.00%
Nippon Ketjen Company Limited
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%	50.00%	50.00%
Eurecat S.A.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%	50.00%	50.00%
Fabrica Carioca de Catalisadores S.A.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%	50.00%	50.00%

Investments Summary of Assets,

Investments Summary of Assets, Liabilities and Results of Operations for Significant Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Current assets	$ 2,206,184	$ 2,225,109
Total assets	10,450,946	9,860,863	$ 7,581,674
Current liabilities	1,801,849	1,408,996
Net sales	3,128,909	3,589,427	3,374,950
Gross profit	994,853	1,257,778	1,217,256
Net income	446,615	604,357	739,139
Significant Unconsolidated Joint Ventures
Schedule of Investments [Line Items]
Current assets	449,441	473,426
Noncurrent assets	1,590,204	1,404,765
Total assets	2,039,645	1,878,191
Current liabilities	116,136	201,792
Noncurrent liabilities	769,114	583,839
Liabilities, Total	885,250	785,631
Net sales	597,082	910,891	829,590
Gross profit	266,026	496,150	456,518
Income before taxes	225,436	384,690	332,632
Net income	$ 157,628	$ 229,733	$ 225,791

Investments Additional Informat

Investments Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2019
Schedule of Investments [Line Items]
Equity in net income of unconsolidated investments (net of tax)		$ 127,521	$ 129,568	$ 89,264
Dividends received from unconsolidated investments		88,161	71,746	57,415
Investments in unconsolidated joint ventures exceeded the amount of underlying equity in net assets	$ 32,100	32,100	15,300
Proceeds from sale of joint venture	11,000	11,000	0	0
Marketable equity securities	$ 37,109	$ 37,109	33,637
Windfield Holdings
Schedule of Investments [Line Items]
Ownership percentage	49.00%	49.00%
Carrying value of unconsolidated investment	$ 479,600	$ 479,600	397,200
Other Variable Interest Entities Excluding Windfield Holdings
Schedule of Investments [Line Items]
Carrying value of unconsolidated investment	$ 8,000	$ 8,000	7,600
Jordan Bromine Company Limited
Schedule of Investments [Line Items]
Ownership percentage	50.00%	50.00%
Significant Unconsolidated Joint Venture
Schedule of Investments [Line Items]
Investment in significant unconsolidated joint ventures	$ 587,600	$ 587,600	513,800
Equity in net income of unconsolidated investments (net of tax)		126,000	128,000	88,800
Undistributed earnings from equity method investees	$ 255,400	255,400	216,900
Dividends received from unconsolidated investments		$ 87,400	$ 71,000	$ 56,400
Windfield Holdings
Schedule of Investments [Line Items]
Ownership percentage	49.00%	49.00%	49.00%	49.00%
Saudi Organometallic Chemicals Company LLC [Domain] | Other expenses, net
Schedule of Investments [Line Items]
Gain on Sale of Investments		$ 7,200
Benefit Protection Trust
Schedule of Investments [Line Items]
Marketable equity securities	$ 32,400	$ 32,400	$ 28,700
Mineral Resources Limited Wodgina Project
Schedule of Investments [Line Items]
Interest percentage acquired					60.00%

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Other Assets, Noncurrent [Abstract]
Deferred income taxes	$ 15,275	$ 20,317
Assets related to unrecognized tax benefits	26,127	24,112
Operating leases	133,864	136,292
Other	37,795	38,547
Total	213,061	$ 219,268
Note receivable reserve	$ 28,700

Goodwill and Other Intangible_2

Goodwill and Other Intangibles Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 1,578,785	$ 1,567,169
Foreign currency translation adjustments and other	82,150	(20,146)
Goodwill, Ending Balance	1,665,520	1,578,785
All Other
Goodwill [Roll Forward]
Goodwill, Beginning Balance	6,586	6,586
Foreign currency translation adjustments and other	0	0
Goodwill, Ending Balance	6,586	6,586
Reportable Segments | Lithium
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1,370,846	1,354,779
Foreign currency translation adjustments and other	66,350	(15,695)
Goodwill, Ending Balance	1,441,781	1,370,846
Reportable Segments | Bromine Specialties
Goodwill [Roll Forward]
Goodwill, Beginning Balance	20,319	20,319
Foreign currency translation adjustments and other	0	0
Goodwill, Ending Balance	20,319	20,319
Reportable Segments | Catalysts
Goodwill [Roll Forward]
Goodwill, Beginning Balance	181,034	185,485
Foreign currency translation adjustments and other	15,800	(4,451)
Goodwill, Ending Balance	196,834	181,034
Reportable Segments | Refining Solutions
Goodwill [Roll Forward]
Goodwill, Ending Balance	189,800
Reportable Segments | PCS
Goodwill [Roll Forward]
Goodwill, Ending Balance	7,000
Mineral Resources Limited Wodgina Project
Goodwill [Roll Forward]
Acquisitions	4,585	31,762
Goodwill, Ending Balance	36,347
Mineral Resources Limited Wodgina Project | All Other
Goodwill [Roll Forward]
Acquisitions	0	0
Mineral Resources Limited Wodgina Project | Reportable Segments | Lithium
Goodwill [Roll Forward]
Acquisitions	4,585	31,762
Mineral Resources Limited Wodgina Project | Reportable Segments | Bromine Specialties
Goodwill [Roll Forward]
Acquisitions	0	0
Mineral Resources Limited Wodgina Project | Reportable Segments | Catalysts
Goodwill [Roll Forward]
Acquisitions	$ 0	$ 0

Goodwill and Other Intangible_3

Goodwill and Other Intangibles Other Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	$ 536,851	$ 546,334
Foreign currency translation adjustments and other	28,567	(9,483)
Ending Balance	565,418	536,851	$ 546,334
Beginning Balance	(182,229)	(160,191)
Amortization	(24,922)	(27,122)	(28,000)
Foreign currency translation adjustments and other	(9,162)	5,084
Ending Balance	(216,313)	(182,229)	(160,191)
Net Book Value	349,105	354,622
Customer Lists and Relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	422,462	428,372
Foreign currency translation adjustments and other	26,286	(5,910)
Ending Balance	448,748	422,462	428,372
Beginning Balance	(116,749)	(95,797)
Amortization	(22,575)	(23,020)
Foreign currency translation adjustments and other	(7,962)	2,068
Ending Balance	(147,286)	(116,749)	(95,797)
Net Book Value	301,462	305,713
Trademarks and trade names
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	18,087	18,453
Foreign currency translation adjustments and other	623	(366)
Ending Balance	18,710	18,087	18,453
Beginning Balance	(7,938)	(8,176)
Amortization	0	0
Foreign currency translation adjustments and other	(238)	238
Ending Balance	(8,176)	(7,938)	(8,176)
Net Book Value	10,534	10,149
Patents and Technology
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	55,020	55,801
Foreign currency translation adjustments and other	3,076	(781)
Ending Balance	58,096	55,020	55,801
Beginning Balance	(36,197)	(35,248)
Amortization	(1,377)	(1,388)
Foreign currency translation adjustments and other	(1,926)	439
Ending Balance	(39,500)	(36,197)	(35,248)
Net Book Value	18,596	18,823
Other
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	41,282	43,708
Foreign currency translation adjustments and other	(1,418)	(2,426)
Ending Balance	39,864	41,282	43,708
Beginning Balance	(21,345)	(20,970)
Amortization	(970)	(2,714)
Foreign currency translation adjustments and other	964	2,339
Ending Balance	(21,351)	(21,345)	$ (20,970)
Net Book Value	$ 18,513	$ 19,937

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Intangible Assets [Line Items]
Amortization of other intangible assets	$ 24,922	$ 27,122	$ 28,000
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	25 years
Customer lists and relationships
Other Intangible Assets [Line Items]
Amortization of other intangible assets	$ 22,575	23,020
Customer lists and relationships | Minimum
Other Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	13 years
Customer lists and relationships | Maximum
Other Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	25 years
Patents and technology
Other Intangible Assets [Line Items]
Amortization of other intangible assets	$ 1,377	1,388
Patents and technology | Minimum
Other Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	8 years
Patents and technology | Maximum
Other Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	20 years
Other
Other Intangible Assets [Line Items]
Amortization of other intangible assets	$ 970	2,714
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	25 years
Amortized using the pattern of economic benefit method
Other Intangible Assets [Line Items]
Amortization of other intangible assets	$ 19,100	$ 19,500	$ 19,700

Goodwill and Other Intangible_5

Goodwill and Other Intangibles Total Estimated Amortization Expense of Other Intangibles for Next Five Fiscal Years (Details) $ in Thousands	Dec. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 24,989
2022	24,396
2023	23,782
2024	23,039
2025	$ 22,500

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Employee benefits, payroll and related taxes	$ 102,711	$ 82,028
Wodgina Project acquisition consideration obligation	137,092	260,686
Other	200,960	233,583
Total	$ 440,763	$ 576,297

Accrued Expenses Accrued Expens

Accrued Expenses Accrued Expenses Footnote (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Acquisition and integration related costs		$ 17,263	$ 20,684	$ 19,377
Total Current Liabilities
Concentration Risk [Line Items]
Benchmark for individual components of accrued expenses, percentage		5.00%
Lithium Hydroxide Conversion Assets
Concentration Risk [Line Items]
Ownership percentage	40.00%	40.00%
Mineral Resources Limited Wodgina Project
Concentration Risk [Line Items]
Ownership percentage	60.00%	60.00%
Stamp duty tax | Mineral Resources Limited Wodgina Project
Concentration Risk [Line Items]
Acquisition and integration related costs		$ 61,500	$ 64,800

Long-Term Debt Schedule of Debt

Long-Term Debt Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Nov. 25, 2019	Dec. 18, 2014	Dec. 08, 2014	Nov. 24, 2014
Debt Instrument [Line Items]
Total long-term debt	$ 3,572,058	$ 3,050,257
Unamortized discount and debt issuance costs	(20,332)	(24,136)
Current portion of long-term debt	804,677	187,336
Long-term debt	$ 2,767,381	$ 2,862,921
Credit Facilities [Member]
Debt Instrument [Line Items]
Basis Point Fee	0.0010
1.125% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.01125%	0.01125%	1.125%
1.625% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.01625%	0.01625%	1.625%
1.875% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.01875%	0.01875%		1.875%	1.875%
3.45% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.0345%	0.0345%	3.45%
4.15% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.0415%	0.0415%				4.15%
4.50% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.50%
5.45% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.0545%	0.0545%				5.45%
Unsecured Debt | 1.125% Notes
Debt Instrument [Line Items]
Total long-term debt	$ 610,800	$ 554,900
Unsecured Debt | 1.625% Notes
Debt Instrument [Line Items]
Total long-term debt	610,800	554,900
Unsecured Debt | Floating Rate Notes
Debt Instrument [Line Items]
Total long-term debt	200,000	200,000
Senior Notes | 1.875% Senior Notes
Debt Instrument [Line Items]
Total long-term debt	480,007	436,073
Senior Notes | 3.45% Senior Notes
Debt Instrument [Line Items]
Total long-term debt	300,000	300,000
Senior Notes | 4.15% Senior Notes
Debt Instrument [Line Items]
Total long-term debt	425,000	425,000
Senior Notes | 5.45% Senior Notes
Debt Instrument [Line Items]
Total long-term debt	350,000	350,000
Commercial Paper
Debt Instrument [Line Items]
Total long-term debt	325,000	186,700
Variable-rate foreign bank loans
Debt Instrument [Line Items]
Total long-term debt	7,702	7,296
Finance lease obligations
Debt Instrument [Line Items]
Total long-term debt	59,181	59,524
Credit Facilities [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 223,900	$ 0

Long-Term Debt Interest Rates (

Long-Term Debt Interest Rates (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Nov. 25, 2019	Dec. 18, 2014	Dec. 08, 2014	Nov. 24, 2014
Debt Instrument [Line Items]
Unamortized discount and debt issuance costs	$ (20,332)	$ (24,136)
1.125% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.01125%	0.01125%	1.125%
1.625% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.01625%	0.01625%	1.625%
1.875% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.01875%	0.01875%		1.875%	1.875%
3.45% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.0345%	0.0345%	3.45%
4.15% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.0415%	0.0415%				4.15%
4.50% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.50%
5.45% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	0.0545%	0.0545%				5.45%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) $ in Thousands, € in Millions

Oct. 31, 2019USD ($)

Aug. 14, 2019USD ($)

Oct. 15, 2014USD ($)

Jun. 30, 2022

Mar. 31, 2022

Sep. 30, 2020

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Sep. 30, 2021

Dec. 15, 2020USD ($)

Nov. 25, 2019USD ($)

Dec. 18, 2014

Dec. 08, 2014EUR (€)

Nov. 24, 2014USD ($)

Jan. 22, 2014USD ($)payment

May 29, 2013USD ($)

Debt Instrument [Line Items]

Aggregate annual maturities of long-term debt, 2020

$ 804,700

Aggregate annual maturities of long-term debt, 2021

200,000

Aggregate annual maturities of long-term debt, 2022

223,900

Aggregate annual maturities of long-term debt, 2023

425,000

Aggregate annual maturities of long-term debt, 2024

610,800

Aggregate annual maturities of long-term debt, thereafter

1,328,000

Loss on early extinguishment of debt

0

$ 4,829

$ 0

Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months

3,300

Revolving credit facility, remaining borrowings available

$ 1,180,000

Credit facility maturity date extension

4 years

Mineral Resources Limited Wodgina Project

Debt Instrument [Line Items]

Ownership percentage

60.00%

60.00%

1.125% Notes

Debt Instrument [Line Items]

Principal amount of debt

$ 500,000

Debt instrument, interest rate

0.01125%

0.01125%

1.125%

Interest rate of debt, effective percentage

1.30%

1.625% Notes

Debt Instrument [Line Items]

Principal amount of debt

$ 500,000

Debt instrument, interest rate

0.01625%

0.01625%

1.625%

Interest rate of debt, effective percentage

1.74%

3.45% Senior Notes

Debt Instrument [Line Items]

Principal amount of debt

$ 300,000

Debt instrument, interest rate

0.0345%

0.0345%

3.45%

Interest rate of debt, effective percentage

3.58%

Floating Rate Notes

Debt Instrument [Line Items]

Principal amount of debt

$ 200,000

Interest rate margin

1.05%

Interest rate during period

1.271%

4.50% Senior Notes

Debt Instrument [Line Items]

Debt instrument, interest rate

4.50%

1.875% Senior Notes

Debt Instrument [Line Items]

Principal amount of debt | €

€ 393

Debt instrument, interest rate

0.01875%

0.01875%

1.875%

1.875%

Interest rate of debt, effective percentage

2.10%

Other comprehensive income (loss) before reclassifications, before tax

$ (34,200)

$ 8,400

$ 25,800

4.15% Senior Notes

Debt Instrument [Line Items]

Principal amount of debt

$ 425,000

Debt instrument, interest rate

0.0415%

0.0415%

4.15%

Interest rate of debt, effective percentage

5.06%

Number of semi annual coupon payments | payment

20

5.45% Senior Notes

Debt Instrument [Line Items]

Principal amount of debt

$ 350,000

Debt instrument, interest rate

0.0545%

0.0545%

5.45%

Interest rate of debt, effective percentage

5.50%

Commercial Paper

Debt Instrument [Line Items]

Commercial paper notes

$ 325,000

Weighted-average interest rate

0.51%

Debt instrument weighted average maturity period

16 days

Line of Credit

Debt Instrument [Line Items]

Credit facility, maximum borrowing capacity

$ 220,000

Credit facility, borrowings outstanding

$ 7,700

$ 7,300

Average interest rate on borrowings

0.36%

0.36%

0.69%

Maximum | Commercial Paper

Debt Instrument [Line Items]

Commercial paper notes

$ 750,000

Debt instrument, maturity term

397 days

2019 Credit Facility

Debt Instrument [Line Items]

Interest rate margin

1.50%

Repayment of 2019 Credit Facility

$ 1,000,000

Credit facility, maximum borrowing capacity

$ 200,000

$ 1,200,000

Credit facility, borrowings outstanding

$ 1,000,000

Line of Credit Facility, Current Borrowing Capacity

$ 500,000

2019 Credit Facility | Minimum

Debt Instrument [Line Items]

Interest rate margin

1.125%

2019 Credit Facility | Maximum

Debt Instrument [Line Items]

Interest rate margin

1.75%

2018 Credit Agreement

Debt Instrument [Line Items]

Interest rate margin

1.325%

Credit facility, maximum borrowing capacity

$ 1,000,000

Credit facility, borrowings outstanding

$ 0

2018 Credit Agreement | Minimum

Debt Instrument [Line Items]

Interest rate margin

0.91%

2018 Credit Agreement | Maximum

Debt Instrument [Line Items]

Interest rate margin

1.50%

Revolving Credit Facility

Debt Instrument [Line Items]

Credit facility, maximum borrowing capacity

$ 1,200,000

Debt covenant

50000000000.00%

Debt Covenant Ratio, Maximum Debt to EBITDA

3.50

Credit Facilities [Member]

Debt Instrument [Line Items]

Debt Covenant Ratio, Maximum Debt to EBITDA

4

Priority Debt Basket

0.24

Credit Facilities [Member] | Forecast [Member]

Debt Instrument [Line Items]

Debt Covenant Ratio, Maximum Debt to EBITDA

3.50

4

4.50

Interest Rate Swap | JP Morgan

Debt Instrument [Line Items]

Derivative, notional amount

$ 325,000

Payment for settlement of interest rate swap

$ 33,400

Commercial Paper

Debt Instrument [Line Items]

Repayments of commercial paper

$ 370,000

Senior Notes | 4.50% Senior Notes

Debt Instrument [Line Items]

Repayments of debt

$ 175,200

Pension Plans and Other Postr_3

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 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension Plans
Change in plan assets:
Fair value of plan assets, beginning balance	$ 638,149
Fair value of plan assets, Ending Balance	683,469	$ 638,149
Other Postretirement Benefits
Change in benefit obligations:
Benefit obligation, beginning balance	55,089	50,390
Service cost	105	98	$ 117
Interest cost	1,871	2,197	2,168
Actuarial loss	(2,571)	5,445
Benefits paid	(3,151)	(3,041)
Benefit obligation, ending balance	51,343	55,089	50,390
Change in plan assets:
Fair value of plan assets, beginning balance	0	0
Defined Benefit Plan, Plan Assets, Contributions by Employer	3,151	3,041
Benefits paid	(3,151)	(3,041)
Fair value of plan assets, Ending Balance	0	0	0
Funded status	(51,343)	(55,089)
Current liabilities (accrued expenses)	(3,268)	(4,190)
Noncurrent liabilities (pension benefits)	(48,075)	(50,899)
Net pension liability	$ (51,343)	$ (55,089)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	2.49%	3.53%
Rate of compensation increase	3.50%	3.50%
U.S. Plans | Pension Plans
Change in benefit obligations:
Benefit obligation, beginning balance	$ 678,720	$ 635,866
Service cost	849	730	1,043
Interest cost	23,402	28,199	26,804
Plan amendments	0	0
Actuarial loss	79,780	56,108
Benefits paid	(41,800)	(42,183)
Employee contributions	0	0
Foreign exchange loss (gain)	0	0
Settlements/curtailments	0	0
Other	0	0
Benefit obligation, ending balance	740,951	678,720	635,866
Change in plan assets:
Fair value of plan assets, beginning balance	556,683	513,075
Actual return on plan assets	75,715	82,926
Defined Benefit Plan, Plan Assets, Contributions by Employer	3,630	2,865
Benefits paid	(41,800)	(42,183)
Employee contributions	0	0
Foreign exchange gain	0	0
Settlements/curtailments	0	0
Other	0	0
Fair value of plan assets, Ending Balance	594,228	556,683	$ 513,075
Funded status	(146,723)	(122,037)
Current liabilities (accrued expenses)	(1,217)	(1,224)
Noncurrent liabilities (pension benefits)	(145,506)	(120,813)
Net pension liability	(146,723)	(122,037)
Prior service benefit	0	0
Net amount recognized	$ 0	$ 0
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	2.50%	3.56%	4.59%	4.03%
Rate of compensation increase	0.00%	0.00%
Foreign Plans | Pension Plans
Change in benefit obligations:
Benefit obligation, beginning balance	$ 258,374	$ 240,303
Service cost	4,000	3,680	$ 3,919
Interest cost	3,357	4,998	5,144
Plan amendments	593	0
Actuarial loss	19,571	21,588
Benefits paid	(9,905)	(10,088)
Employee contributions	101	133
Foreign exchange loss (gain)	19,858	(1,772)
Settlements/curtailments	(5,866)	(398)
Other	302	(70)
Benefit obligation, ending balance	290,385	258,374	240,303
Change in plan assets:
Fair value of plan assets, beginning balance	81,466	70,584
Actual return on plan assets	8,173	9,417
Defined Benefit Plan, Plan Assets, Contributions by Employer	9,653	10,572
Benefits paid	(9,905)	(10,088)
Employee contributions	101	133
Foreign exchange gain	4,110	1,316
Settlements/curtailments	(4,279)	(398)
Other	(78)	(70)
Fair value of plan assets, Ending Balance	89,241	81,466	$ 70,584
Funded status	(201,144)	(176,908)
Current liabilities (accrued expenses)	(5,832)	(5,648)
Noncurrent liabilities (pension benefits)	(195,312)	(171,260)
Net pension liability	(201,144)	(176,908)
Prior service benefit	(433)	224
Net amount recognized	$ (433)	$ 224
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	0.86%	1.33%	2.15%	1.94%
Rate of compensation increase	3.82%	3.72%

Pension Plans and Other Postr_4

Pension Plans and Other Postretirement Benefits Components of Pension and Postretirement Benefits Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Weighted-average assumption percentages:
Expected return on plan assets	6.52%	6.72%	6.73%
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 105	$ 98	$ 117
Interest cost	1,871	2,197	2,168
Expected return on assets	0	0	(7)
Actuarial loss (gain)	(2,573)	5,449	(5,400)
Amortization of prior service benefit	0	0	(48)
Total net pension benefits cost (credit)	$ (597)	$ 7,744	$ (3,170)
Weighted-average assumption percentages:
Discount rate	3.53%	4.55%	3.99%
Expected return on plan assets	0.00%	0.00%	7.00%
Rate of compensation increase	3.50%	3.50%	3.50%
U.S. Plans | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 849	$ 730	$ 1,043
Interest cost	23,402	28,199	26,804
Expected return on assets	(36,957)	(33,926)	(38,621)
Actuarial loss (gain)	40,653	7,106	30,234
Amortization of prior service benefit	0	0	60
Total net pension benefits cost (credit)	$ 27,947	$ 2,109	$ 19,520
Weighted-average assumption percentages:
Expected return on plan assets	6.88%	6.89%	6.89%
Rate of compensation increase	0.00%	0.00%	0.00%
Foreign Plans | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4,000	$ 3,680	$ 3,919
Interest cost	3,357	4,998	5,144
Expected return on assets	(3,274)	(3,837)	(4,204)
Actuarial loss (gain)	14,189	16,784	(10,833)
Amortization of prior service benefit	36	37	34
Total net pension benefits cost (credit)	$ 18,308	$ 21,662	$ (5,940)
Weighted-average assumption percentages:
Expected return on plan assets	4.07%	5.51%	5.52%
Rate of compensation increase	3.72%	3.63%	3.18%

Pension Plans and Other Postr_5

Pension Plans and Other Postretirement Benefits Financial Assets Accounted for at Fair Value on Recurring Basis (Details) - Pension Plans - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 683,469	$ 638,149
Quoted Prices in Active Markets for Identical Items (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	527,104	493,267
Quoted Prices in Active Markets for Identical Items (Level 1) | Domestic Equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	140,548	118,255
Quoted Prices in Active Markets for Identical Items (Level 1) | International Equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	113,174	95,246
Quoted Prices in Active Markets for Identical Items (Level 1) | Fixed income
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	270,589	279,731
Quoted Prices in Active Markets for Identical Items (Level 1) | Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		35
Quoted Prices in Active Markets for Identical Items (Level 1) | Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,793
Quoted Prices in Active Markets for Similar Items (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	77,578	71,105
Quoted Prices in Active Markets for Similar Items (Level 2) | Domestic Equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,732	1,587
Quoted Prices in Active Markets for Similar Items (Level 2) | International Equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	26,437	31,582
Quoted Prices in Active Markets for Similar Items (Level 2) | Fixed income
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	49,409	37,936
Quoted Prices in Active Markets for Similar Items (Level 2) | Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Quoted Prices in Active Markets for Similar Items (Level 2) | Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Unobservable Inputs (Level 3) | Domestic Equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Unobservable Inputs (Level 3) | International Equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Unobservable Inputs (Level 3) | Fixed income
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Unobservable Inputs (Level 3) | Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Unobservable Inputs (Level 3) | Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Absolute Return Measured at Net Asset Value
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	78,787	73,777
Fair Value, Inputs, Level 1, 2 and 3 | Domestic Equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	142,280	119,842
Fair Value, Inputs, Level 1, 2 and 3 | International Equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	139,611	126,828
Fair Value, Inputs, Level 1, 2 and 3 | Fixed income
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	319,998	317,667
Fair Value, Inputs, Level 1, 2 and 3 | Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 35
Fair Value, Inputs, Level 1, 2 and 3 | Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,793

Pension Plans and Other Postr_6

Pension Plans and Other Postretirement Benefits Defined Benefit Plan Asset Target Allocation (Details) - Pension Plans	Dec. 31, 2020
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations percentage of assets	42.00%
Fixed income
Defined Benefit Plan Disclosure [Line Items]
Target allocations percentage of assets	49.00%
Absolute return
Defined Benefit Plan Disclosure [Line Items]
Target allocations percentage of assets	9.00%

Pension Plans and Other Postr_7

Pension Plans and Other Postretirement Benefits Current Forecast of Benefit Payments which Reflect Expected Future Service (Details) $ in Millions	Dec. 31, 2020USD ($)
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2021	$ 3.3
2022	3.2
2023	3.2
2024	3.2
2025	3.1
2026-2030	14.7
U.S. Plans | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
2021	43
2022	43.4
2023	43.8
2024	44.1
2025	44.6
2026-2030	213.2
Foreign Plans | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
2021	12.2
2022	11.5
2023	14.2
2024	12.5
2025	12.2
2026-2030	$ 66.4

Pension Plans and Other Postr_8

Pension Plans and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Thousands	Jan. 01, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation for defined benefit pension plans		$ 1,020,000	$ 927,600
Weighted-average expected rate of return on plan assets		6.52%	6.72%	6.73%
Actual rate of return		13.15%	15.82%	(4.55%)
Percentage of defined benefit plan assets in U.S. and U.K.		97.00%
Change in percentage of broad asset class targets		10.00%
Pension and postretirement contributions		$ 16,434	$ 16,478	$ 15,236
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contributions to benefit plans in 2020		$ 27,100
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Weighted-average expected rate of return on plan assets		0.00%	0.00%	7.00%
Discount rate		2.49%	3.53%
Expected premium contribution		$ 3,300
Projected benefit obligation recognized		51,343	$ 55,089	$ 50,390
Supplemental Executive Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Expected contributions to benefit plans in 2020		1,200
Costs (credits) related to supplemental executive retirement plan		3,800	2,200	$ (800)
Projected benefit obligation recognized		$ 23,100	$ 21,300
Foreign Plans | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted-average expected rate of return on plan assets		4.07%	5.51%	5.52%
Discount rate		0.86%	1.33%	2.15%	1.94%
Projected benefit obligation recognized		$ 290,385	$ 258,374	$ 240,303
Foreign Plans | Employee Savings Plan | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer contributions		$ 9,900	$ 9,700	$ 10,200
Foreign Plans | Subsequent Event | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted-average expected rate of return on plan assets	4.12%
U.S. Plans | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted-average expected rate of return on plan assets		6.88%	6.89%	6.89%
Discount rate		2.50%	3.56%	4.59%	4.03%
Projected benefit obligation recognized		$ 740,951	$ 678,720	$ 635,866
Defined contribution plan, employer matching contribution percentage		5.00%
U.S. Plans | 2004 Defined Contribution Plan | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer contributions		$ 6,900	11,500	11,800
Defined Contribution Plan, Deferred Cost		4,800
U.S. Plans | Employee Savings Plan | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer contributions		7,500	$ 12,600	$ 12,700
Defined Contribution Plan, Deferred Cost		$ 4,500
U.S. Plans | Subsequent Event | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted-average expected rate of return on plan assets	6.88%

Pension Plans and Other Postr_9

Pension Plans and Other Postretirement Benefits Multiemployer Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Multiemployer Plans [Line Items]
Multiemployer plan minimum level of funding for highest funding zone status	80.00%
Multiemployer Plan, Employer Contribution, Cost	$ 1.5	$ 1.4	$ 1.5
Minimum
Multiemployer Plans [Line Items]
Contributions to multiemployer plan, percentage of total contributions to plan	5.00%
Financial Improvement Plan | Selling, general and administrative expenses
Multiemployer Plans [Line Items]
Multiemployer Plan, Employer Contribution, Cost	$ 3.1	$ 1.8	$ 2.3

Other Noncurrent Liabilities (D

Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Liabilities, Noncurrent [Abstract]
Transition tax on foreign earnings	$ 273,048	$ 303,490
Wodgina Project acquisition consideration obligation	$ 0	$ 120,800
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Operating leases	$ 116,765	$ 114,686
Liabilities related to uncertain tax positions	14,683	21,169
Executive deferred compensation plan obligation	32,447	28,715
Environmental liabilities	36,298	33,058	$ 40,376
Asset retirement obligations	74,856	55,848
Tax indemnification liability	30,488	30,993
Other	50,792	45,777
Total	$ 629,377	$ 754,536

Other Noncurrent Liabilities Fo

Other Noncurrent Liabilities Footnote (Details)	Oct. 31, 2019	Dec. 31, 2020
Total liabilities
Concentration Risk [Line Items]
Benchmark for individual components of noncurrent liabilities, percentage		5.00%
Lithium Hydroxide Conversion Assets
Concentration Risk [Line Items]
Ownership percentage	40.00%	40.00%

Commitments and Contingencies A

Commitments and Contingencies Activity in Recorded Environmental Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance, beginning of year	$ 42,592	$ 49,569	$ 39,808
Expenditures	(3,290)	(6,037)	(6,885)
Accretion of discount	925	1,030	1,283
Additions and changes in estimates	3,815	1,129	17,039
Foreign currency translation adjustments and other	1,729	(3,099)	(1,676)
Balance, end of year	$ 42,592	$ 49,569	$ 39,808	$ 45,771	$ 42,592	$ 49,569
Less amounts recorded in Accrued expenses				9,473	9,534	9,193
Amounts reported in Other noncurrent liabilities				$ 36,298	$ 33,058	$ 40,376

Commitments and Contingencies_2

Commitments and Contingencies Activity in Recorded Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance, beginning of year	$ 60,246	$ 41,489
Acquisitions	1,222	4,650
Additions and changes in estimates	15,750	14,734
Accretion of discount	2,531	2,035
Liabilities settled	(3,980)	(3,289)
Foreign currency translation adjustments and other	103	627
Balance, end of year	$ 60,246	$ 41,489	$ 75,872	$ 60,246
Less amounts reported in Accrued expenses			1,016	4,398
Amounts reported in Other noncurrent liabilities			$ 74,856	$ 55,848

Commitments and Contingencies L

Commitments and Contingencies Letters of Credit and Guarantee Agreements (Details) $ in Thousands	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 79,282
2021	4,476
2022	1,501
2023	0
2024	0
Thereafter	$ 7,872

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments And Contingencies Disclosure [Line Items]
Environmental remediation liabilities- discounted	$ 39,200	$ 35,600
Accrual for environmental loss contingencies- weighted-average discount rate	3.50%	3.70%
Environmental remediation liabilities- undiscounted	$ 73,600	$ 69,200
Additions and changes in estimates	15,750	14,734
Asset retirement obligation charges		3,600
Legal accrual			$ 27,027
Tax indemnification liability	30,488	30,993
Minimum
Commitments And Contingencies Disclosure [Line Items]
Potential revision on future environmental remediation costs before tax	10,000
Maximum
Commitments And Contingencies Disclosure [Line Items]
Potential revision on future environmental remediation costs before tax	30,000
Other expenses, net
Commitments And Contingencies Disclosure [Line Items]
Asset retirement obligation charges		3,600
2014 Sales Contract | Other expenses, net
Commitments And Contingencies Disclosure [Line Items]
Legal accrual	16,200
Guarantee From Previously Disposed Business | Other expenses, net
Commitments And Contingencies Disclosure [Line Items]
Legal accrual	10,800
Foreign
Commitments And Contingencies Disclosure [Line Items]
Additions and changes in estimates	$ 15,800	$ 11,100

Leases Additional Information (

Leases Additional Information (Details) - USD ($) $ in Millions	Oct. 31, 2019	Dec. 31, 2020	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Rental expense			$ 37.6
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term		50 years
Real estate | Minimum
Lessee, Lease, Description [Line Items]
Lease term of contract		1 year
Real estate | Maximum
Lessee, Lease, Description [Line Items]
Lease term of contract		30 years
Non-real estate | Minimum
Lessee, Lease, Description [Line Items]
Lease term of contract		2 years
Non-real estate | Maximum
Lessee, Lease, Description [Line Items]
Lease term of contract		15 years
Mineral Resources Limited Wodgina Project
Lessee, Lease, Description [Line Items]
Ownership percentage	60.00%	60.00%

Leases Cost (Details)

Leases Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 33,904	$ 35,335
Amortization of right of use assets	585	625
Interest on lease liabilities	2,681	117
Total finance lease cost	3,266	742
Short-term lease cost	11,663	6,655
Variable lease cost	8,691	6,198
Total lease cost	$ 57,524	$ 48,930

Leases Cash Flow (Details)

Leases Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 36,245	$ 29,946
Operating cash flows from finance leases	1,568	117
Financing cash flows from finance leases	663	678
Right-of-use asset obtained in exchange for operating leases	29,581	24,687
Right-of-use asset obtained in exchange for finance leases	$ 0	$ 55,806

Leases Balance Sheet (Details)

Leases Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating leases	$ 136,292	$ 133,864
Current operating lease liability	22,297	23,137
Other noncurrent liabilities	116,765	114,686
Total operating lease liabilities	139,062	137,823
Net property, plant and equipment	58,963	59,494
Current portion of long-term debt	1,752	636
Long-term debt	58,543	58,888
Total finance lease liabilities	$ 60,295	$ 59,524
Weighted average remaining lease term, operating leases	15 years 3 months 18 days	11 years 4 months 24 days
Weighted average remaining lease term, finance leases	27 years 6 months	28 years 3 months 18 days
Weighted average discount rate, operating leases, percent	3.94%	3.84%
Weighted average discount rate, finance leases, percent	4.56%	4.56%
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use asset	$ 136,292	$ 133,864
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Current operating lease liability	$ 22,297	$ 23,137
Operating leases	116,765	114,686
Operating lease, lease liability	139,062	137,823
Net property, plant and equipment	58,963	59,494
Current portion of long-term debt	1,752	636
Long-term debt	58,543	58,888
Finance Lease, Liability	$ 60,295	$ 59,524
Weighted average remaining lease term, operating leases	15 years 3 months 18 days	11 years 4 months 24 days
Weighted average remaining lease term, finance leases	27 years 6 months	28 years 3 months 18 days
Weighted average discount rate, operating leases, percent	3.94%	3.84%
Weighted average discount rate, finance leases, percent	4.56%	4.56%
Other noncurrent liabilities
Leases [Abstract]
Other noncurrent liabilities	$ 116,765	$ 114,686
Lessee, Lease, Description [Line Items]
Operating leases	$ 116,765	$ 114,686

Leases Maturity Table (Details)

Leases Maturity Table (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
Operating lease liability payments due next twelve months	$ 25,620
Operating lease liability payments due year two	20,428
Operating lease liability payments due year three	21,846
Operating lease liability payments due year four	10,794
Operating lease liability payments due year five	9,620
Operating lease liability payments due after year five	132,365
Total operating lease liability payments	220,673
Imputed interest operating leases	81,611
Total operating lease liabilities	139,062	$ 137,823
Finance Leases
Finance lease liability payments due next twelve months	2,200
Finance lease liability payments due year two	4,479
Finance lease liability payments due year three	4,479
Finance lease liability payments due year four	4,479
Finance lease liability payments due year five	4,479
Finance lease liability payments due after year five	89,918
Total finance lease liability payments	110,034
Imputed interest finance leases	49,739
Total finance lease liabilities	$ 60,295	$ 59,524

Stock-based Compensation Expe_3

Stock-based Compensation Expense Fixed-Price Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares
Outstanding Shares,Beginning Balance (in shares)	1,244,531
Granted (in shares)	76,221	95,639	63,259
Exercised (in shares)	(682,068)
Forfeited (in shares)	(37,843)
Expired (in shares)	(1,000)
Outstanding Shares, Ending Balance (in shares)	599,841	1,244,531
Exercisable, Ending Balance (in shares)	416,289
Weighted-Average Exercise Price
Outstanding Weighted-Average Exercise Price, Beginning Balance (in dollars per share)	$ 65.67
Granted (in dollars per share)	81.85
Exercised (in dollars per share)	59.28
Forfeited (in dollars per share)	94.03
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	41.94
Outstanding Weighted-Average Exercise (in dollars per share) Price, Ending Balance	73.24	$ 65.67
Exercisable Weighted-Average Exercise Price, Ending Balance (in dollars per share)	$ 64.06
Weighted-Average Remaining Contractual Term (Years)
Weighted-Averaged Remaining Contractual Term, Beginning Balance	5 years 7 months 6 days	4 years 2 months 12 days
Weighted-Averaged Remaining Contractual Term, Ending Balance	5 years 7 months 6 days	4 years 2 months 12 days
Exercisable Weighted-Average Remaining Contractual Term, Ending Balance	4 years 4 months 24 days
Aggregate Intrinsic Value
Outstanding Aggregate Intrinsic Value, Beginning Balance	$ 14,593
Outstanding Aggregate Intrinsic Value, Ending Balance	44,554	$ 14,593
Exercisable Aggregate Intrinsic Value, Ending Balance	$ 34,742

Stock-based Compensation Expe_4

Stock-based Compensation Expense Weighted-Average Assumptions used to Estimate Fair Value of Each Option Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.69%	1.58%	1.44%
Volatility	32.65%	32.50%	32.48%
Average expected life (years)	6 years	6 years	6 years
Risk-free interest rate	1.13%	2.81%	3.06%
Fair value of options granted (in dollars per share)	$ 22.14	$ 27.71	$ 37.35
Performance Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	33.66%	30.11%	29.92%
Risk-free interest rate	0.85%	2.43%	2.36%

Stock-based Compensation Expe_5

Stock-based Compensation Expense Activity in Performance Unit Awards (Details) - Performance Unit Awards	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Shares
Nonvested, beginning of period (in shares) | shares	259,733
Granted (in shares) | shares	87,124
Vested (in shares) | shares	(41,749)
Forfeited (in shares) | shares	(78,300)
Nonvested, end of period (in shares) | shares	226,808
Weighted Average Grant Date Fair Value
Nonvested, beginning of period (in dollars per share) | $ / shares	$ 115.69
Granted (in dollars per share) | $ / shares	99.44
Vested (in dollars per share) | $ / shares	78.03
Forfeited (in dollars per share) | $ / shares	115.23
Nonvested, end of period (in dollars per share) | $ / shares	$ 116.54

Stock-based Compensation Expe_6

Stock-based Compensation Expense Activity in Non-Performance Based Restricted Stock Awards (Details) - Restricted Stock And Restricted Stock Units	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Shares
Nonvested, beginning of period (in shares) | shares	272,560
Granted (in shares) | shares	185,261
Vested (in shares) | shares	(107,215)
Forfeited (in shares) | shares	(23,862)
Nonvested, end of period (in shares) | shares	326,744
Weighted Average Grant Date Fair Value
Nonvested, beginning of period (in dollars per share) | $ / shares	$ 85.98
Granted (in dollars per share) | $ / shares	71.70
Vested (in dollars per share) | $ / shares	80.59
Forfeited (in dollars per share) | $ / shares	89.31
Nonvested, end of period (in dollars per share) | $ / shares	$ 79.48

Stock-based Compensation Expe_7

Stock-based Compensation Expense - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation [Line Items]
Common stock authorized for non-employee directors (in shares)	150,000,000	150,000,000
Stock-based compensation	$ 19,306,000	$ 21,284,000	$ 18,506,000
Stock-based compensation and other	22,837,000	19,680,000	15,228,000
Tax benefits recognized related to stock based compensation	$ 2,400,000	$ 3,200,000	$ 2,600,000
Stock options granted during the period (in shares)	76,221	95,639	63,259
Proceeds from stock option exercised	$ 40,437,000	$ 4,814,000	$ 3,633,000
Stock Incentive Plan Twenty Seventeen
Share Based Compensation [Line Items]
Shares available for grant (in shares)	3,754,334
Stock Incentive Plan Twenty Seventeen | Maximum
Share Based Compensation [Line Items]
Number of shares available for issuance under incentive plan (in shares)	4,500,000
Non Employee Directors, Plan
Share Based Compensation [Line Items]
Common stock authorized for non-employee directors (in shares)	500,000
Shares available for grant (in shares)	345,405
Non Employee Directors, Plan | Maximum
Share Based Compensation [Line Items]
Fair market value of shares issued per director per year	$ 150,000
Stock Options
Share Based Compensation [Line Items]
Share-based awards vesting period	3 years
Stock options, term	10 years
Intrinsic value of stock options exercised	$ 31,300,000	8,100,000	6,200,000
Compensation cost not yet recognized for nonvested share	$ 1,600,000
Remaining weighted average period for recognition of compensation cost years	1 year 9 months 18 days
Proceeds from stock option exercised	$ 40,400,000
Tax benefit from stock option exercised	7,100,000
Restricted Stock And Restricted Stock Units
Share Based Compensation [Line Items]
Compensation cost not yet recognized for nonvested share	$ 14,400,000
Remaining weighted average period for recognition of compensation cost years	2 years
Weighted average grant date fair value	$ 13,300,000	10,400,000	10,900,000
Weighted average fair value of awards vested in period	$ 9,000,000	7,500,000	4,900,000
Restricted Stock And Restricted Stock Units | Minimum
Share Based Compensation [Line Items]
Share-based awards vesting period	1 year
Restricted Stock And Restricted Stock Units | Maximum
Share Based Compensation [Line Items]
Share-based awards vesting period	5 years
Performance Unit Awards
Share Based Compensation [Line Items]
Compensation cost not yet recognized for nonvested share	$ 10,000,000
Remaining weighted average period for recognition of compensation cost years	1 year 6 months
Weighted average grant date fair value	$ 8,700,000	10,800,000	10,900,000
Weighted average fair value of awards vested in period	$ 3,000,000	$ 11,700,000	$ 20,000,000
Number of common stock share for each performance unit (in shares)	1
Performance Unit Awards | Minimum
Share Based Compensation [Line Items]
Performance unit award payout percentage	0.00%
Specific performance criteria period	1 year
Performance Unit Awards | Maximum
Share Based Compensation [Line Items]
Performance unit award payout percentage	200.00%
Specific performance criteria period	3 years
Two Year Measurement Period
Share Based Compensation [Line Items]
Percentage of award distributed	50.00%
One Year Vesting Period Thereafter
Share Based Compensation [Line Items]
Percentage of award distributed	50.00%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income Components and Activity in Accumulated Other Comprehensive (Loss) Income Net of Deferred Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 4,093,580	$ 3,759,108	$ 3,817,696
Other comprehensive income (loss) before reclassifications	67,226	(48,167)	(134,563)
Amounts reclassified from accumulated other comprehensive loss	2,624	2,647	9,368
Total other comprehensive income (loss), net of tax	69,850	(45,520)	(125,195)
Other comprehensive income attributable to noncontrolling interests	(247)	467	181
Ending balance	4,468,594	4,093,580	3,759,108
Foreign Currency Translation
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(469,210)	(407,646)	(257,569)
Other comprehensive income (loss) before reclassifications	100,389	(62,031)	(150,258)
Amounts reclassified from accumulated other comprehensive loss	0	0	0
Total other comprehensive income (loss), net of tax	100,389	(62,031)	(150,258)
Other comprehensive income attributable to noncontrolling interests	(247)	467	181
Ending balance	(369,068)	(469,210)	(407,646)
Pension and Post-Retirement Benefits
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	473	(159)	(21)
Other comprehensive income (loss) before reclassifications	(580)	576	0
Amounts reclassified from accumulated other comprehensive loss	23	56	(138)
Total other comprehensive income (loss), net of tax	(557)	632	(138)
Other comprehensive income attributable to noncontrolling interests	0	0	0
Ending balance	(84)	473	(159)
Net Investment Hedge
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	80,778	72,337	46,551
Other comprehensive income (loss) before reclassifications	(34,185)	8,441	15,695
Amounts reclassified from accumulated other comprehensive loss	0	0	10,091
Total other comprehensive income (loss), net of tax	(34,185)	8,441	25,786
Other comprehensive income attributable to noncontrolling interests	0	0	0
Ending balance	46,593	80,778	72,337
Cash Flow Hedge
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	4,847	0	0
Other comprehensive income (loss) before reclassifications	1,602	4,847	0
Amounts reclassified from accumulated other comprehensive loss	0	0	0
Total other comprehensive income (loss), net of tax	1,602	4,847	0
Other comprehensive income attributable to noncontrolling interests	0	0	0
Ending balance	6,449	4,847	0
Interest Rate Swap
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(12,623)	(15,214)	(14,629)
Other comprehensive income (loss) before reclassifications	0	0	0
Amounts reclassified from accumulated other comprehensive loss	2,601	2,591	(585)
Total other comprehensive income (loss), net of tax	2,601	2,591	(585)
Other comprehensive income attributable to noncontrolling interests	0	0	0
Ending balance	(10,022)	(12,623)	(15,214)
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(395,735)	(350,682)	(225,668)
Total other comprehensive income (loss), net of tax	69,603	(45,053)	(125,014)
Ending balance	(326,132)	(395,735)	(350,682)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,943,478	2,566,050	2,035,163
Ending balance	$ 3,155,252	$ 2,943,478	2,566,050
Accounting Standards Update 2018-02 | Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect of New Accounting Principle in Period of Adoption			$ 6,900

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive (Loss) Income Amount of Income Tax (Expense) Benefit Allocated to Component of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Foreign currency translation, Other comprehensive income (loss), before tax	$ 100,389	$ (62,030)	$ (150,262)
Foreign currency translation, Income tax (expense) benefit	0	(1)	4
Foreign currency translation, Other comprehensive income (loss), net of tax	100,389	(62,031)	(150,258)
Pension and other postretirement benefits, Other comprehensive (loss) income, before tax	(679)	633	(128)
Pension and other postretirement benefits, Income tax expense	122	(1)	(10)
Pension and other postretirement benefits, Other comprehensive (loss) income, net of tax	(557)	632	(138)
Net investment hedge, Other comprehensive (loss) income, before tax	(43,826)	10,867	20,424
Net investment hedge, Income tax benefit (expense)	9,641	(2,426)	5,362
Net investment hedge, Other comprehensive (loss) income, net of tax	(34,185)	8,441	25,786
Cash flow hedge, other comprehensive income (loss), before tax	1,602	4,847	0
Cash flow hedge, other comprehensive income (loss), tax	0	0	0
Cash flow hedge, other comprehensive income (loss), net of tax	1,602	4,847	0
Interest rate swap, Other comprehensive income, before tax	3,336	3,336	3,336
Interest rate swap, Income tax expense	(735)	(745)	(3,921)
Interest rate swap, Other comprehensive income, net of tax	$ 2,601	$ 2,591	$ (585)

Income Taxes Components of Inco

Income Taxes Components of Income Tax Expense Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income before income taxes and equity in net income of unconsolidated investments:
Domestic	$ 41,346	$ 190,195	$ 223,702
Foreign	332,173	372,755	570,999
Income before income taxes and equity in net income of unconsolidated investments	373,519	562,950	794,701
Current income tax expense (benefit):
Federal	(140)	21,258	(2,712)
State	(193)	5,453	6,793
Foreign	56,734	47,056	91,581
Total	56,401	73,767	95,662
Deferred income tax (benefit) expense:
Federal	4,564	13,255	15,573
State	(2,893)	(7,369)	1,614
Foreign	(3,647)	8,508	31,977
Total	(1,976)	14,394	49,164
Total income tax expense	$ 54,425	$ 88,161	$ 144,826

Income Taxes Significant Differ

Income Taxes Significant Differences Between U.S. Federal Statutory Rate and Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal tax benefit	0.30%	(0.50%)	0.90%
Change in valuation allowance	1.90%	1.90%	0.70%
Impact of foreign earnings, net	(8.40%)	(3.70%)	(0.30%)
Global intangible low tax inclusion	1.90%	1.80%	0.80%
Change in U.S. federal statutory rate	0.00%	0.00%	0.10%
Transition tax on deferred foreign earnings	0	0	(0.053)
Subpart F income	1.30%	0.60%	0.90%
Stock-based compensation	(1.00%)	(0.60%)	(0.70%)
Depletion	(0.90%)	(0.70%)	(0.60%)
Revaluation of unrecognized tax benefits/reserve requirements	(0.40%)	(2.70%)	0.00%
Other items, net	(1.10%)	(1.40%)	0.70%
Effective income tax rate	14.60%	15.70%	18.20%

Income Taxes Significant Diff_2

Income Taxes Significant Differences Between U.S. Federal Statutory Rate and Effective Income Tax Rate Footnote (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Effective Tax Rates Line Items
Foreign income tax rate differential	8.40%	3.70%	0.30%
Income tax expense related to transition tax on foreign earnings	$ 42.3
Jordan Bromine Company Limited
Schedule Of Effective Tax Rates Line Items
Foreign income tax rate differential	11.90%	8.00%	3.30%
Change in valuation allowance, change in expected profitability
Schedule Of Effective Tax Rates Line Items
Change in valuation allowance	$ 2.1	$ 1.5
Change in valuation allowance, foreign restructuring plan
Schedule Of Effective Tax Rates Line Items
Change in valuation allowance	$ 8.2

Income Taxes Deferred Income Ta

Income Taxes Deferred Income Tax Assets and Liabilities Recorded on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Accrued employee benefits	$ 21,878	$ 17,462
Operating loss carryovers(a)	1,321,942	1,134,410
Pensions	78,683	64,230
Tax credit carryovers	1,582	1,497
Other	57,370	64,955
Gross deferred tax assets	1,481,455	1,282,554
Valuation allowance(a)	(1,326,204)	(1,148,268)	$ (1,213,750)	$ (458,288)
Deferred tax assets	155,251	134,286
Deferred tax liabilities:
Depreciation	(348,700)	(349,264)
Intangibles	(91,645)	(88,934)
Hedge of net investment of foreign subsidiary	(13,514)	(23,498)
Other	(75,927)	(55,173)
Deferred tax liabilities	(529,786)	(516,869)
Deferred Tax Liabilities, Net	(374,535)	(382,583)
Noncurrent deferred tax assets	20,317	15,275
Noncurrent deferred tax liabilities	394,852	397,858
Deferred Tax Liabilities, Net	$ 374,535	$ 382,583

Income Taxes Changes in Balance

Income Taxes Changes in Balance of Deferred Tax Asset Valuation Allowance (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Asset Valuation Allowance [Roll Forward]
Beginning Balance	$ (1,148,268)	$ (1,213,750)	$ (458,288)
Additions	(182,325)	(24,986)	(766,012)
Deductions	4,389	90,468	10,550
Ending Balance	$ (1,326,204)	$ (1,148,268)	$ (1,213,750)

Income Taxes Reconciliation of

Income Taxes Reconciliation of Total Gross Liability Related to Uncertain Tax Positions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 17,548	$ 19,742	$ 21,438
Additions for tax positions related to prior years	5,646	2,235	874
Reductions for tax positions related to prior years	(174)	0	0
Additions for tax positions related to current year	315	0	1,091
Lapses in statutes of limitations/settlements	(12,128)	(4,494)	(3,578)
Foreign currency translation adjustment	432	65	(83)
Ending Balance	$ 11,639	$ 17,548	$ 19,742

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Net tax expense		$ 29,300
Cumulative adjustments from adoption of income tax standard updates		(18,100)	$ (18,074)
Increase in valuation allowance	$ 182,325	24,986	766,012
Tax credit carryovers	1,582	1,497
Valuation allowance on deferred tax asset	1,326,204	1,148,268	1,213,750	$ 458,288
Cumulative undistributed earnings of foreign subsidiaries	4,900,000
Liabilities related to uncertain tax position	14,683	21,169
Unrecognized tax benefits, income tax penalties and interest accrued	3,100	3,700
Assets offsetting unrecognized tax benefits	24,100	26,100
Unrecognized tax benefits net of offsetting assets	(12,500)	(8,600)
Unrecognized tax benefits	11,639	17,548	$ 19,742	$ 21,438
Decrease in liability related to uncertain tax positions	500
State and Local Jurisdiction
Income Taxes [Line Items]
Valuation allowance on deferred tax asset	29,400
Domestic Country
Income Taxes [Line Items]
Tax credit carryovers	1,600
Valuation allowance on deferred tax asset	300
Net operating loss carryovers	206,800
Operating loss carryover, valuation allowance	51,700
Foreign Country
Income Taxes [Line Items]
Valuation allowance on deferred tax asset	67,900
Net operating loss carryovers	5,250,000
Operating loss carryover, valuation allowance	5,200,000
Change in Estimate, Foreign Net Operating Loss
Income Taxes [Line Items]
Increase in valuation allowance		$ 749,800
2035 | Foreign Country
Income Taxes [Line Items]
Net operating loss carryovers	3,020,000
Indefinite Life | Foreign Country
Income Taxes [Line Items]
Net operating loss carryovers	$ 1,970,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Total long-term debt, excluding debt issuance costs	$ 3,588,157	$ 3,069,417
Total long-term debt, fair value, excluding debt issuance costs	$ 3,783,225	$ 3,173,341

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020AUD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Foreign currency forward contracts, assets	$ 13,606	$ 7,401
Foreign currency forward contracts, liabilities	4,803	3,613
Forward Contracts | Other, net
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash settlements	(19,400)	(23,600)
Cash receipts			$ (25,200)
Designated as Hedging Instrument | Forward Contracts
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative, notional amount	75,400	481,200		$ 727.9
Fair value foreign currency forward contracts designated as hedging instruments, asset	7,043	5,369
Fair value foreign currency forward contracts designated as hedging instruments, liabilities	0	0
Recognized gains of foreign currency forward contracts designated as hedging instruments	1,602	4,847	0
Designated as Hedging Instrument | Forward Contracts | Other current assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value foreign currency forward contracts designated as hedging instruments, asset	6,200	3,700
Designated as Hedging Instrument | Forward Contracts | Other assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value foreign currency forward contracts designated as hedging instruments, asset	900	1,700
Not Designated as Hedging Instrument | Forward Contracts
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative, notional amount	611,100	1,150,000
Fair value foreign currency forward contracts not designated as hedging instruments, asset	6,563	2,032
Fair value foreign currency forward contracts not designated as hedging instruments, liabilities	4,803	3,613
Not Designated as Hedging Instrument | Forward Contracts | Other current assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value foreign currency forward contracts not designated as hedging instruments, asset	6,600	2,000
Not Designated as Hedging Instrument | Forward Contracts | Accrued expenses
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value foreign currency forward contracts not designated as hedging instruments, asset	4,800
Fair value foreign currency forward contracts not designated as hedging instruments, liabilities		3,600
Not Designated as Hedging Instrument | Forward Contracts | Other expenses, net
Fair Value, Option, Quantitative Disclosures [Line Items]
Recognized (losses) gains of foreign currency forward contracts not designated as hedging instruments	$ (7,665)	$ (25,765)	$ (19,851)

Fair Value Measurement Financia

Fair Value Measurement Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments under executive deferred compensation plan	$ 32,447	$ 28,715
Private equity securities	35	32
Private equity securities measured at net asset value	4,626	4,890
Foreign currency forward contracts, assets	13,606	7,401
Obligations under executive deferred compensation plan	32,447	28,715
Foreign currency forward contracts, liabilities	4,803	3,613
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	32,447	28,715
Private equity securities	35	32
Private equity securities measured at net asset value	0	0
Foreign currency forward contracts, assets	0	0
Obligations under executive deferred compensation plan	32,447	28,715
Foreign currency forward contracts, liabilities	0	0
Quoted Prices in Active Markets for Similar Items (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments under executive deferred compensation plan	0	0
Private equity securities	0	0
Private equity securities measured at net asset value	0	0
Foreign currency forward contracts, assets	13,606	7,401
Obligations under executive deferred compensation plan	0	0
Foreign currency forward contracts, liabilities	4,803	3,613
Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments under executive deferred compensation plan	0	0
Private equity securities	0	0
Private equity securities measured at net asset value	0	0
Foreign currency forward contracts, assets	0	0
Obligations under executive deferred compensation plan	0	0
Foreign currency forward contracts, liabilities	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - Unconsolidated Affiliates - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Sales to unconsolidated affiliates	$ 22,589	$ 20,068	$ 35,094
Purchases from unconsolidated affiliates	168,072	210,351	$ 256,701
Receivables from related parties	4,098	7,163
Payables to related parties	$ 30,123	$ 35,502

Segment and Geographic Area I_3

Segment and Geographic Area Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment and Geographic Area I_4

Segment and Geographic Area Information Summarized Financial Information by Reportable Segments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net sales	$ 3,128,909,000	$ 3,589,427,000	$ 3,374,950,000
Adjusted EBITDA	818,738,000	1,036,781,000	1,006,664,000
Net income (loss) attributable to Albemarle Corporation	(375,764,000)	(533,228,000)	(693,562,000)
Depreciation and amortization	231,984,000	213,484,000	200,698,000
Restructuring and other	19,597,000	5,877,000	3,838,000
Gain on sale of business	0	0	(210,428,000)
Acquisition and integration related costs	17,263,000	20,684,000	19,377,000
Gain on sale of property	0	(14,411,000)	0
Interest and financing expenses	73,116,000	57,695,000	52,405,000
Income tax expense	54,425,000	88,161,000	144,826,000
Non-operating pension and OPEB items	40,668,000	26,970,000	5,285,000
Windfield tax settlement		17,292,000
Legal accrual			27,027,000
Environmental accrual			15,597,000
Albemarle Foundation contribution			15,000,000
Indemnification adjustments			25,240,000
Note receivable reserve		28,700,000
Other	5,921,000	23,035,000	14,237,000
Selling, general and administrative expenses
Segment Reporting Information [Line Items]
Restructuring and other	19,200,000	5,900,000	3,700,000
Acquisition and integration related costs	17,300,000	19,700,000	15,700,000
Gain on sale of property		(3,300,000)
Albemarle Foundation contribution			1,200,000
Reportable Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	846,832,000	1,124,015,000	1,103,196,000
Net income (loss) attributable to Albemarle Corporation	632,355,000	841,398,000	1,120,325,000
Depreciation and amortization	213,149,000	197,179,000	185,931,000
Restructuring and other	0	0	0
Gain on sale of business			210,428,000
Acquisition and integration related costs	0	0	0
Gain on sale of property		0
Interest and financing expenses	0	0	0
Income tax expense	0	0	0
Non-operating pension and OPEB items	0	0	0
Windfield tax settlement		17,292,000
Legal accrual			0
Environmental accrual			0
Albemarle Foundation contribution			0
Indemnification adjustments			0
Other	1,328,000	3,380,000	7,368,000
Reportable Segments | Lithium
Segment Reporting Information [Line Items]
Net sales	1,144,778,000	1,358,170,000	1,228,171,000
Adjusted EBITDA	393,093,000	524,934,000	530,773,000
Net income (loss) attributable to Albemarle Corporation	277,711,000	341,767,000	428,212,000
Depreciation and amortization	112,854,000	99,424,000	95,193,000
Restructuring and other	0	0	0
Gain on sale of business			0
Acquisition and integration related costs	0	0	0
Gain on sale of property		0
Interest and financing expenses	0	0	0
Income tax expense	0	0	0
Non-operating pension and OPEB items	0	0	0
Windfield tax settlement		17,292,000
Legal accrual			0
Environmental accrual			0
Albemarle Foundation contribution			0
Indemnification adjustments			0
Other	2,528,000	1,685,000	7,368,000
Reportable Segments | Bromine Specialties
Segment Reporting Information [Line Items]
Net sales	964,962,000	1,004,216,000	917,880,000
Adjusted EBITDA	323,605,000	328,457,000	288,116,000
Net income (loss) attributable to Albemarle Corporation	274,495,000	279,945,000	246,509,000
Depreciation and amortization	50,310,000	47,611,000	41,607,000
Restructuring and other	0	0	0
Gain on sale of business			0
Acquisition and integration related costs	0	0	0
Gain on sale of property		0
Interest and financing expenses	0	0	0
Income tax expense	0	0	0
Non-operating pension and OPEB items	0	0	0
Windfield tax settlement		0
Legal accrual			0
Environmental accrual			0
Albemarle Foundation contribution			0
Indemnification adjustments			0
Other	(1,200,000)	901,000	0
Reportable Segments | Catalysts
Segment Reporting Information [Line Items]
Net sales	797,914,000	1,061,817,000	1,101,554,000
Adjusted EBITDA	130,134,000	270,624,000	284,307,000
Net income (loss) attributable to Albemarle Corporation	80,149,000	219,686,000	445,604,000
Depreciation and amortization	49,985,000	50,144,000	49,131,000
Restructuring and other	0	0	0
Gain on sale of business			210,428,000
Acquisition and integration related costs	0	0	0
Gain on sale of property		0
Interest and financing expenses	0	0	0
Income tax expense	0	0	0
Non-operating pension and OPEB items	0	0	0
Windfield tax settlement		0
Legal accrual			0
Environmental accrual			0
Albemarle Foundation contribution			0
Indemnification adjustments			0
Other	0	794,000	0
All Other
Segment Reporting Information [Line Items]
Net sales	221,255,000	165,224,000	127,186,000
Adjusted EBITDA	84,821,000	49,628,000	14,091,000
Net income (loss) attributable to Albemarle Corporation	76,323,000	41,188,000	6,018,000
Depreciation and amortization	8,498,000	8,440,000	8,073,000
Restructuring and other	0	0	0
Gain on sale of business			0
Acquisition and integration related costs	0	0	0
Gain on sale of property		0
Interest and financing expenses	0	0	0
Income tax expense	0	0	0
Non-operating pension and OPEB items	0	0	0
Windfield tax settlement		0
Legal accrual			0
Environmental accrual			0
Albemarle Foundation contribution			0
Indemnification adjustments			0
Other	0	0	0
Corporate
Segment Reporting Information [Line Items]
Net sales	0	0	159,000
Adjusted EBITDA	(112,915,000)	(136,862,000)	(110,623,000)
Net income (loss) attributable to Albemarle Corporation	(332,914,000)	(349,358,000)	(432,781,000)
Depreciation and amortization	10,337,000	7,865,000	6,694,000
Restructuring and other	19,597,000	5,877,000	3,838,000
Gain on sale of business			0
Acquisition and integration related costs	17,263,000	20,684,000	19,377,000
Gain on sale of property		14,411,000
Interest and financing expenses	73,116,000	57,695,000	52,405,000
Income tax expense	54,425,000	88,161,000	144,826,000
Non-operating pension and OPEB items	40,668,000	26,970,000	5,285,000
Windfield tax settlement		0
Legal accrual			27,027,000
Environmental accrual			15,597,000
Albemarle Foundation contribution			15,000,000
Indemnification adjustments			25,240,000
Other	4,593,000	19,655,000	$ 6,869,000
Mineral Resources Limited Wodgina Project
Segment Reporting Information [Line Items]
Net sales	0	0
Net income (loss) attributable to Albemarle Corporation	20,100,000	73,000,000
Mineral Resources Limited Wodgina Project | Stamp duty tax
Segment Reporting Information [Line Items]
Acquisition and integration related costs	$ 61,500,000	64,800,000
Mineral Resources Limited Wodgina Project | Stamp duty tax | Selling, general and administrative expenses
Segment Reporting Information [Line Items]
Acquisition and integration related costs		64,766,000
Mineral Resources Limited Wodgina Project | Stamp duty tax | Reportable Segments
Segment Reporting Information [Line Items]
Acquisition and integration related costs		64,766,000
Mineral Resources Limited Wodgina Project | Stamp duty tax | Reportable Segments | Lithium
Segment Reporting Information [Line Items]
Acquisition and integration related costs		64,766,000
Mineral Resources Limited Wodgina Project | Stamp duty tax | Reportable Segments | Bromine Specialties
Segment Reporting Information [Line Items]
Acquisition and integration related costs		0
Mineral Resources Limited Wodgina Project | Stamp duty tax | Reportable Segments | Catalysts
Segment Reporting Information [Line Items]
Acquisition and integration related costs		0
Mineral Resources Limited Wodgina Project | Stamp duty tax | All Other
Segment Reporting Information [Line Items]
Acquisition and integration related costs		0
Mineral Resources Limited Wodgina Project | Stamp duty tax | Corporate
Segment Reporting Information [Line Items]
Acquisition and integration related costs		$ 0

Segment and Geographic Area I_5

Segment and Geographic Area Information Summarized Financial Information by Reportable Segments (Footnote) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Restructuring and other	$ 19,597	$ 5,877	$ 3,838
Multiemployer Plan, Employer Contribution, Cost	1,500	1,400	1,500
Gain on sale of property	0	(14,411)	0
Loss on early extinguishment of debt	0	4,829	0
Asset retirement obligation charges		3,600
Non-operating pension and OPEB items	$ 40,668	26,970	5,285
Charitable contribution			15,000
Jordan Bromine Company Limited
Segment Reporting Information [Line Items]
Ownership percentage	50.00%
Cost of goods sold
Segment Reporting Information [Line Items]
Restructuring and other	$ 700		100
Expense Relating to a Legal Matter	1,300
Non-routine Chilean labor costs		700	8,800
Write-off of fixed assets			4,900
Selling, general and administrative expenses
Segment Reporting Information [Line Items]
Restructuring and other	19,200	5,900	3,700
Accrual for Environmental Loss Contingencies, Revision in Estimates	3,800
Revision of tax indemnification expense		800
Gain on sale of property		(3,300)
Write-off of uncollectable accounts receivable		900
Settlement of terminated agreements		1,000
Charitable contribution			1,200
Gain related to a refund form Chilean authorities			1,500
Other expenses, net
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Other Assets	3,600
Settlement of a legal claim	2,500
Revision of tax indemnification expense	9,600	9,800	19,700
Non-routine Chilean labor costs		1,200
Gain on sale of property		(11,100)
Unrecoverable vendor costs		3,100
Asset retirement obligation charges		3,600
Revision of previously recorded expenses of a disposed business			5,500
Reversal of a liability from previous business			1,500
Other expenses, net | Jordan Bromine Company Limited
Segment Reporting Information [Line Items]
Non-operating pension and OPEB items		1,200
Noncontrolling Interests
Segment Reporting Information [Line Items]
Restructuring and other	300
Financial Improvement Plan | Selling, general and administrative expenses
Segment Reporting Information [Line Items]
Multiemployer Plan, Employer Contribution, Cost	$ 3,100	$ 1,800	$ 2,300
Windfield Holdings
Segment Reporting Information [Line Items]
Ownership percentage	49.00%	49.00%	49.00%
Saudi Organometallic Chemicals Company LLC [Domain] | Other expenses, net
Segment Reporting Information [Line Items]
Gain on Sale of Investments	$ 7,200

Segment and Geographic Area I_6

Segment and Geographic Area Information Identifiable Assets by Reportable Segments (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Identifiable Assets		$ 10,450,946	$ 9,860,863	$ 7,581,674
Reportable Segments | Lithium
Segment Reporting Information [Line Items]
Identifiable Assets		7,134,229	6,570,791	4,605,070
Reportable Segments | Bromine Specialties
Segment Reporting Information [Line Items]
Identifiable Assets		867,648	799,456	753,157
Reportable Segments | Catalysts
Segment Reporting Information [Line Items]
Identifiable Assets		1,066,089	1,163,590	1,134,975
All Other
Segment Reporting Information [Line Items]
Identifiable Assets		136,659	146,211	128,185
Corporate
Segment Reporting Information [Line Items]
Identifiable Assets		$ 1,246,321	$ 1,180,815	$ 960,287
Mineral Resources Limited Wodgina Project
Segment Reporting Information [Line Items]
Ownership percentage	60.00%	60.00%

Segment and Geographic Area I_7

Segment and Geographic Area Information Depreciation and Amortization and Capital Expenditures by Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 231,984	$ 213,484	$ 200,698
Capital expenditures	850,477	851,796	699,991
Reportable Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	213,149	197,179	185,931
Reportable Segments | Lithium
Segment Reporting Information [Line Items]
Depreciation and amortization	112,854	99,424	95,193
Capital expenditures	720,563	665,585	500,849
Reportable Segments | Bromine Specialties
Segment Reporting Information [Line Items]
Depreciation and amortization	50,310	47,611	41,607
Capital expenditures	57,486	82,208	79,357
Reportable Segments | Catalysts
Segment Reporting Information [Line Items]
Depreciation and amortization	49,985	50,144	49,131
Capital expenditures	44,448	57,939	52,019
All Other
Segment Reporting Information [Line Items]
Depreciation and amortization	8,498	8,440	8,073
Capital expenditures	6,792	7,309	5,232
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	10,337	7,865	6,694
Capital expenditures	$ 21,188	$ 38,755	$ 62,534

Segment and Geographic Area I_8

Segment and Geographic Area Information Net Sales by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net sales	$ 3,128,909	$ 3,589,427	$ 3,374,950
United States
Segment Reporting Information [Line Items]
Net sales	743,834	858,084	887,416
Foreign
Segment Reporting Information [Line Items]
Net sales	$ 2,385,075	$ 2,731,343	$ 2,487,534
Korea
Segment Reporting Information [Line Items]
Percent of total net sales	14.00%	17.00%	13.00%
China
Segment Reporting Information [Line Items]
Percent of total net sales	14.00%	13.00%	12.00%
Japan
Segment Reporting Information [Line Items]
Percent of total net sales	13.00%	12.00%	10.00%

Segment and Geographic Area I_9

Segment and Geographic Area Information Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Long-lived assets	$ 5,971,768	$ 5,443,776	$ 3,506,990
United States
Segment Reporting Information [Line Items]
Long-lived assets	1,007,793	1,003,496	929,291
Chile
Segment Reporting Information [Line Items]
Long-lived assets	1,814,658	1,687,090	1,406,478
Australia
Segment Reporting Information [Line Items]
Long-lived assets	2,362,377	1,981,642	407,141
Jordan
Segment Reporting Information [Line Items]
Long-lived assets	256,640	256,363	254,800
Netherlands
Segment Reporting Information [Line Items]
Long-lived assets	181,206	165,782	166,853
China
Segment Reporting Information [Line Items]
Long-lived assets	122,749	109,235	91,160
Germany
Segment Reporting Information [Line Items]
Long-lived assets	90,174	89,568	101,168
France
Segment Reporting Information [Line Items]
Long-lived assets	45,505	44,936	43,698
Brazil
Segment Reporting Information [Line Items]
Long-lived assets	24,393	37,165	40,464
Other foreign countries
Segment Reporting Information [Line Items]
Long-lived assets	$ 66,273	$ 68,499	$ 65,937