Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-12658 | |
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 | |
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 | |
Entity Shell Company | false | |
Title of 12(b) Security | COMMON STOCK, $.01 Par Value | |
Trading Symbol | ALB | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 116,976,318 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000915913 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 830,566 | $ 746,868 | $ 2,433,753 | $ 2,249,762 |
Cost of goods sold | 581,293 | 492,812 | 1,672,376 | 1,520,329 |
Gross profit | 249,273 | 254,056 | 761,377 | 729,433 |
Selling, general and administrative expenses | 103,477 | 96,092 | 318,180 | 304,918 |
Research and development expenses | 13,289 | 13,532 | 41,901 | 43,839 |
Gain (Loss) on Disposition of Business | 984 | 0 | (428,424) | 0 |
Operating profit | 131,523 | 144,432 | 829,720 | 380,676 |
Interest and financing expenses | (5,136) | (19,227) | (56,170) | (53,964) |
Other expense, net | (643,196) | (3,661) | (631,870) | (1,620) |
(Loss) income before income taxes and equity in net income of unconsolidated investments | (516,809) | 121,544 | 141,680 | 325,092 |
Income tax (benefit) expense | (114,670) | 30,653 | 14,422 | 64,526 |
(Loss) income before equity in net income of unconsolidated investments | (402,139) | 90,891 | 127,258 | 260,566 |
Equity in net income of unconsolidated investments (net of tax) | 27,706 | 26,154 | 62,215 | 83,872 |
Net (loss) income | (374,433) | 117,045 | 189,473 | 344,438 |
Net income attributable to noncontrolling interests | (18,348) | (18,744) | (61,977) | (53,309) |
Net (loss) income attributable to Albemarle Corporation | $ (392,781) | $ 98,301 | $ 127,496 | $ 291,129 |
Basic earnings per share (in dollars per share) | $ (3.36) | $ 0.92 | $ 1.10 | $ 2.74 |
Diluted earnings per share (in dollars per share) | $ (3.36) | $ 0.92 | $ 1.10 | $ 2.73 |
Weighted-average common shares outstanding - basic (in shares) | 116,965 | 106,386 | 115,455 | 106,314 |
Weighted-average common shares outstanding - diluted (in shares) | 116,965 | 106,873 | 116,140 | 106,640 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (374,433) | $ 117,045 | $ 189,473 | $ 344,438 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation and other | (39,274) | 37,499 | (46,852) | 18,377 |
Net investment hedge | 0 | (12,408) | 5,110 | (16,083) |
Cash flow hedge | 214 | 6,993 | (563) | (6,822) |
Interest rate swap | 651 | 647 | 1,951 | 1,943 |
Total other comprehensive (loss) income, net of tax | (38,409) | 32,731 | (40,354) | (2,585) |
Comprehensive (loss) income | (412,842) | 149,776 | 149,119 | 341,853 |
Comprehensive income attributable to noncontrolling interests | (18,374) | (18,811) | (61,927) | (53,456) |
Comprehensive (loss) income attributable to Albemarle Corporation | $ (431,216) | $ 130,965 | $ 87,192 | $ 288,397 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 595,049 | $ 746,724 |
Trade accounts receivable, less allowance for doubtful accounts (2021 – $2,574; 2020 – $2,083) | 520,746 | 530,838 |
Other accounts receivable | 56,298 | 61,958 |
Inventories | 745,598 | 750,237 |
Other current assets | 160,415 | 116,427 |
Total current assets | 2,078,106 | 2,206,184 |
Property, plant and equipment, at cost | 7,783,962 | 7,427,641 |
Less accumulated depreciation and amortization | 2,128,485 | 2,073,016 |
Net property, plant and equipment | 5,655,477 | 5,354,625 |
Investments | 902,504 | 656,244 |
Other assets | 251,786 | 219,268 |
Goodwill | 1,623,471 | 1,665,520 |
Other intangibles, net of amortization | 320,981 | 349,105 |
Total assets | 10,832,325 | 10,450,946 |
Current liabilities: | ||
Accounts payable | 545,922 | 483,221 |
Accrued expenses | 956,506 | 440,763 |
Current portion of long-term debt | 611 | 804,677 |
Dividends payable | 45,450 | 40,937 |
Income taxes payable | 42,553 | 32,251 |
Total current liabilities | 1,591,042 | 1,801,849 |
Long-term debt | 2,021,487 | 2,767,381 |
Postretirement benefits | 47,020 | 48,075 |
Pension benefits | 299,875 | 340,818 |
Other noncurrent liabilities | 617,488 | 629,377 |
Deferred income taxes | 360,181 | 394,852 |
Commitments and contingencies (Note 10) | ||
Albemarle Corporation shareholders’ equity: | ||
Common stock, $.01 par value, issued and outstanding – 116,976 in 2021 and 106,842 in 2020 | 1,170 | 1,069 |
Additional paid-in capital | 2,913,383 | 1,438,038 |
Accumulated other comprehensive loss | (366,436) | (326,132) |
Retained earnings | 3,145,999 | 3,155,252 |
Total Albemarle Corporation shareholders’ equity | 5,694,116 | 4,268,227 |
Noncontrolling interests | 201,116 | 200,367 |
Total equity | 5,895,232 | 4,468,594 |
Total liabilities and equity | $ 10,832,325 | $ 10,450,946 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,574 | $ 2,083 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 116,976 | 106,842 |
Common stock, outstanding (in shares) | 116,976 | 106,842 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Albemarle Shareholders' Equity | Non-controlling Interests |
Beginning Balance (in shares) at Dec. 31, 2019 | 106,040,215 | ||||||
Beginning 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] | |||||||
Net (loss) income | 344,438 | 291,129 | 291,129 | 53,309 | |||
Other comprehensive (loss) income | (2,585) | (2,732) | (2,732) | 147 | |||
Cash dividends declared | (137,144) | (122,858) | (122,858) | (14,286) | |||
Stock-based compensation | 14,970 | 14,970 | 14,970 | ||||
Exercise of stock options (in shares) | 300,833 | ||||||
Exercise of stock options | 16,925 | $ 3 | 16,922 | 16,925 | |||
Issuance of common stock, net (in shares) | 179,368 | ||||||
Issuance of common stock, net | 0 | $ 2 | (2) | 0 | |||
Shares withheld for withholding taxes associated with common stock issuances (in shares) | (63,368) | ||||||
Withholding taxes paid on stock-based compensation award distributions | (4,803) | $ (1) | (4,802) | (4,803) | |||
Ending Balance (in shares) at Sep. 30, 2020 | 106,457,048 | ||||||
Ending Balance at Sep. 30, 2020 | 4,325,381 | $ 1,065 | 1,410,534 | (398,467) | 3,111,749 | 4,124,881 | 200,500 |
Beginning Balance (in shares) at Jun. 30, 2020 | 106,336,982 | ||||||
Beginning Balance at Jun. 30, 2020 | 4,206,161 | $ 1,064 | 1,400,105 | (431,131) | 3,054,434 | 4,024,472 | 181,689 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | 117,045 | 98,301 | 98,301 | 18,744 | |||
Other comprehensive (loss) income | 32,731 | 32,664 | 32,664 | 67 | |||
Cash dividends declared | (40,986) | (40,986) | (40,986) | 0 | |||
Stock-based compensation | 5,098 | 5,098 | 5,098 | ||||
Exercise of stock options (in shares) | 96,356 | ||||||
Exercise of stock options | 6,116 | $ 1 | 6,115 | 6,116 | |||
Issuance of common stock, net (in shares) | 33,798 | ||||||
Issuance of common stock, net | 0 | $ 0 | 0 | 0 | |||
Shares withheld for withholding taxes associated with common stock issuances (in shares) | (10,088) | ||||||
Withholding taxes paid on stock-based compensation award distributions | (784) | $ 0 | (784) | (784) | |||
Ending Balance (in shares) at Sep. 30, 2020 | 106,457,048 | ||||||
Ending Balance at Sep. 30, 2020 | 4,325,381 | $ 1,065 | 1,410,534 | (398,467) | 3,111,749 | 4,124,881 | 200,500 |
Beginning Balance (in shares) at Dec. 31, 2020 | 106,842,369 | ||||||
Beginning 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] | |||||||
Net (loss) income | 189,473 | 127,496 | 127,496 | 61,977 | |||
Other comprehensive (loss) income | (40,354) | (40,304) | (40,304) | (50) | |||
Cash dividends declared | (197,927) | (136,749) | (136,749) | (61,178) | |||
Stock-based compensation | 13,981 | 13,981 | 13,981 | ||||
Fees related to public issuance of common stock | (888) | (888) | (888) | ||||
Exercise of stock options (in shares) | 263,875 | ||||||
Exercise of stock options | 16,220 | $ 3 | 16,217 | 16,220 | |||
Issuance of common stock, net (in shares) | 9,918,778 | ||||||
Issuance of common stock, net | 1,453,888 | $ 99 | 1,453,789 | 1,453,888 | |||
Shares withheld for withholding taxes associated with common stock issuances (in shares) | (48,704) | ||||||
Withholding taxes paid on stock-based compensation award distributions | (7,755) | $ (1) | (7,754) | (7,755) | |||
Ending Balance (in shares) at Sep. 30, 2021 | 116,976,318 | ||||||
Ending Balance at Sep. 30, 2021 | 5,895,232 | $ 1,170 | 2,913,383 | (366,436) | 3,145,999 | 5,694,116 | 201,116 |
Beginning Balance (in shares) at Jun. 30, 2021 | 116,944,511 | ||||||
Beginning Balance at Jun. 30, 2021 | 6,365,771 | $ 1,169 | 2,907,981 | (328,001) | 3,584,400 | 6,165,549 | 200,222 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | (374,433) | (392,781) | (392,781) | 18,348 | |||
Other comprehensive (loss) income | (38,409) | (38,435) | (38,435) | 26 | |||
Cash dividends declared | (63,100) | (45,620) | (45,620) | (17,480) | |||
Stock-based compensation | 4,203 | 4,203 | 4,203 | ||||
Fees related to public issuance of common stock | 23 | 23 | 23 | ||||
Exercise of stock options (in shares) | 22,226 | ||||||
Exercise of stock options | 1,885 | $ 1 | 1,884 | 1,885 | |||
Issuance of common stock, net (in shares) | 12,688 | ||||||
Issuance of common stock, net | 0 | $ 0 | 0 | 0 | |||
Shares withheld for withholding taxes associated with common stock issuances (in shares) | (3,107) | ||||||
Withholding taxes paid on stock-based compensation award distributions | (708) | $ 0 | (708) | (708) | |||
Ending Balance (in shares) at Sep. 30, 2021 | 116,976,318 | ||||||
Ending Balance at Sep. 30, 2021 | $ 5,895,232 | $ 1,170 | $ 2,913,383 | $ (366,436) | $ 3,145,999 | $ 5,694,116 | $ 201,116 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Financial Position [Abstract] | ||||
Cash dividends declared (in dollars per share) | $ 0.39 | $ 0.385 | $ 1.17 | $ 1.155 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents at beginning of year | $ 746,724 | $ 613,110 |
Cash flows from operating activities: | ||
Net (loss) income | 189,473 | 344,438 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation and amortization | 185,765 | 170,214 |
Gain (Loss) on Disposition of Business | (428,424) | 0 |
Stock-based compensation and other | 14,668 | 15,864 |
Equity in net income of unconsolidated investments (net of tax) | (62,215) | (83,872) |
Dividends received from unconsolidated investments and nonmarketable securities | 43,374 | 61,309 |
Pension and postretirement benefit | (12,451) | (4,975) |
Pension and postretirement contributions | (24,145) | (10,323) |
Unrealized gain on investments in marketable securities | (3,912) | (3,377) |
Loss on early extinguishment of debt | 28,955 | 0 |
Deferred income taxes | (38,924) | 7,920 |
Working capital changes | 456,405 | (167,436) |
Non-cash transfer of 40% value of construction in progress of Kemerton plant to MRL | 135,928 | 131,929 |
Other, net | 6,089 | 23 |
Net cash provided by operating activities | 490,586 | 461,714 |
Cash flows from investing activities: | ||
Acquisitions, net of cash acquired | 0 | (22,572) |
Capital expenditures | (652,739) | (621,371) |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 289,791 | 0 |
Sales of marketable securities, net | 4,407 | 1,208 |
Investments in equity and other corporate investments | (286) | (786) |
Net cash used in investing activities | (358,827) | (643,521) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 1,453,888 | 0 |
Repayments of long-term debt and credit agreements | (1,173,823) | (250,000) |
Proceeds from borrowings of credit agreements | 0 | 452,163 |
-327292000 | (327,292) | 202,786 |
Fees related to early extinguishment of debt | (24,877) | 0 |
Dividends paid to shareholders | (132,236) | (120,836) |
Dividends paid to noncontrolling interests | (61,178) | (14,286) |
Proceeds from exercise of stock options | 16,220 | 16,925 |
Withholding taxes paid on stock-based compensation award distributions | (7,755) | (4,803) |
Other | (1,384) | (2,751) |
Net cash (used in) provided by financing activities | (258,437) | 279,198 |
Net effect of foreign exchange on cash and cash equivalents | (24,997) | (8,428) |
(Decrease) increase in cash and cash equivalents | (151,675) | 88,963 |
Cash and cash equivalents at end of period | $ 595,049 | $ 702,073 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements of Albemarle Corporation and our wholly-owned, majority-owned and controlled subsidiaries (collectively, “Albemarle,” “we,” “us,” “our” or “the Company”) contain all adjustments necessary for a fair statement, in all material respects, of our consolidated balance sheets as of September 30, 2021 and December 31, 2020, our consolidated statements of income, consolidated statements of comprehensive income and consolidated statements of changes in equity for the three- and nine-month periods ended September 30, 2021 and 2020 and our condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2021 and 2020. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the U.S. Securities and Exchange Commission (“SEC”) on February 19, 2021. The December 31, 2020 consolidated balance sheet data herein was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles (“GAAP”) in the United States (“U.S.”). The results of operations for the three-month and nine-month periods ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year. Certain reclassifications have been made to the accompanying condensed consolidated financial statements and the notes thereto to conform to the current presentation. Cost of goods sold for the three-month period ended September 30, 2021 includes expense of $13.5 million for the correction of out-of-period errors regarding misstated inventory foreign exchange values relating to prior periods. These misstatements in prior periods (understated) overstated Cost of goods sold by ($18.3) million and $9.6 million for the years ended December 31, 2020 and 2019, respectively, and ($4.8) million for the six months ended June 30, 2021. In addition, Income tax expense for the nine-month period ended September 30, 2021 includes expense of $7.9 million due to the correction of an out-of-period error regarding an overstated deferred tax liability for the three-month period ended December 31, 2017. The Company does not believe these are material to the consolidated financial statements for any of the prior periods presented or to the three-month period ended September 30, 2021. The current novel coronavirus (“COVID-19”) pandemic is having an impact on overall global economic conditions. While we have not seen a material impact to our operations to date, the ultimate impact on our business will depend on the length and severity of the outbreak throughout the world. The Company has taken, and plans to continue to take, certain measures to maintain financial flexibility while still protecting our employees and customers. |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions:On September 30, 2021, the Company signed a definitive agreement to acquire all of the outstanding equity of Guangxi Tianyuan New Energy Materials Co., Ltd. (“Tianyuan”), for approximately $200 million in cash. Tianyuan's operations include a recently constructed lithium processing plant strategically positioned near the Port of Qinzhou in Guangxi. The plant has designed annual conversion capacity of up to 25,000 metric tons of LCE and is capable of producing battery-grade lithium carbonate and lithium hydroxide. The plant is currently in the commissioning stage and is expected to begin commercial production in the first half of 2022. The Company expects the transaction, which is subject to customary closing conditions, to close in early 2022. |
Divestitures
Divestitures | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | Divestitures: On June 1, 2021, the Company completed the sale of its fine chemistry services (“FCS”) business to W. R. Grace & Co. (“Grace”) for proceeds of approximately $570 million, consisting of $300 million in cash and the issuance to Albemarle of preferred equity of a Grace subsidiary having an aggregate stated value of $270 million. The preferred equity can be redeemed at Grace’s option under certain conditions and will accrue payment-in-kind (“PIK”) dividends at an annual rate of 12% beginning two years after issuance. As part of the transaction, Grace acquired our manufacturing facilities located in South Haven, Michigan and Tyrone, Pennsylvania. The sale of the FCS business reflects the Company’s commitment to investing in its core, growth-oriented business segments. During the nine-month period ended September 30, 2021 we recorded a gain of $428.4 million ($330.9 million after taxes) related to the sale of this business. We determined that this business met the assets held for sale criteria in accordance with ASC 360, Property, Plant and Equipment during the first quarter of 2021. The results of operations of the business classified as held for sale are included in the consolidated statements of income through June 1, 2021. This business did not qualify for discontinued operations treatment |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 9 Months Ended |
Sep. 30, 2021 | |
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 nine months ended September 30, 2021 (in thousands): Lithium Bromine Specialties Catalysts All Other Total Balance at December 31, 2020 $ 1,441,781 $ 20,319 $ 196,834 $ 6,586 $ 1,665,520 Divestitures (a) — — — (6,586) (6,586) Foreign currency translation adjustments (27,623) — (7,840) — (35,463) Balance at September 30, 2021 $ 1,414,158 $ 20,319 $ 188,994 $ — $ 1,623,471 (a) Represents goodwill of the FCS business. See Note 3, “Divestitures,” for additional information. The following table summarizes the changes in other intangibles and related accumulated amortization for the nine months ended September 30, 2021 (in thousands): Customer Lists and Relationships Trade Names and Trademarks (a) Patents and Technology Other Total Gross Asset Value Balance at December 31, 2020 $ 448,748 $ 18,710 $ 58,096 $ 39,864 $ 565,418 Divestitures (b) — — — (1,473) (1,473) Foreign currency translation adjustments and other (12,075) (484) (507) (1,070) (14,136) Balance at September 30, 2021 $ 436,673 $ 18,226 $ 57,589 $ 37,321 $ 549,809 Accumulated Amortization Balance at December 31, 2020 $ (147,286) $ (8,176) $ (39,500) $ (21,351) $ (216,313) Amortization (17,342) — (1,095) (674) (19,111) Divestitures (b) — — — 1,457 1,457 Foreign currency translation adjustments and other 4,023 111 685 320 5,139 Balance at September 30, 2021 $ (160,605) $ (8,065) $ (39,910) $ (20,248) $ (228,828) Net Book Value at December 31, 2020 $ 301,462 $ 10,534 $ 18,596 $ 18,513 $ 349,105 Net Book Value at September 30, 2021 $ 276,068 $ 10,161 $ 17,679 $ 17,073 $ 320,981 (a) Net Book Value includes only indefinite-lived intangible assets. (b) Represents other intangibles of the FCS business. See Note 3, “Divestitures,” for additional information. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes:The effective income tax rate for the three-month and nine-month periods ended September 30, 2021 was 22.2% and 10.2% compared to 25.2% and 19.8% for the three-month and nine-month periods ended September 30, 2020, respectively. The three- and nine-month periods ended September 30, 2021 include a tax benefit of $152.9 million related to an accrual recorded as a subsequent event for a legal arbitration ruling in October 2021. See Note 10, “Commitments and Contingencies,” for further details of this legal matter. The nine-month period ended September 30, 2021 also includes discrete tax expenses related to global intangible low-taxed income, tax expense due to an out-of-period adjustment regarding an overstated deferred tax liability recorded during the three-month period ended December 31, 2017 and foreign uncertain tax positions, partially offset by tax benefits related to the release of a foreign valuation allowance, excess tax benefits realized from stock-based compensation arrangements, and the revaluation of deferred taxes due to tax rate changes. The Company’s effective income tax rate fluctuates based on, among other factors, the amount and location of income. The difference between the U.S. federal statutory income tax rate and our effective income tax rate for the three-month and nine-month periods ended September 30, 2021 and September 30, 2020 was impacted by a variety of factors, primarily stemming from the location in which income was earned. In addition, the nine-month period ended September 30, 2021 includes $97.5 million in tax expense recorded for the gain on the sale of the FCS business, offset by the tax benefit for the legal arbitration ruling noted above and a benefit from foreign rate differences |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share: Basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2021 and 2020 are calculated as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Basic earnings per share Numerator: Net (loss) income attributable to Albemarle Corporation $ (392,781) $ 98,301 $ 127,496 $ 291,129 Denominator: Weighted-average common shares for basic earnings per share 116,965 106,386 115,455 106,314 Basic (loss) earnings per share $ (3.36) $ 0.92 $ 1.10 $ 2.74 Diluted earnings per share Numerator: Net (loss) income attributable to Albemarle Corporation $ (392,781) $ 98,301 $ 127,496 $ 291,129 Denominator: Weighted-average common shares for basic earnings per share 116,965 106,386 115,455 106,314 Incremental shares under stock compensation plans — 487 685 326 Weighted-average common shares for diluted earnings per share 116,965 106,873 116,140 106,640 Diluted (loss) earnings per share $ (3.36) $ 0.92 $ 1.10 $ 2.73 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, which was exercised. The total gross proceeds from this offering were approximately $1.5 billion, before deducting expenses, underwriting discounts and commissions. The net proceeds were used for debt repayments and general corporate purposes. See Note 9, “Long-Term Debt,” for further details. On July 20, 2021, the Company declared a cash dividend of $0.39, an increase from the prior year regular quarterly dividend. This dividend was paid on October 1, 2021 to shareholders of record at the close of business as of September 17, 2021. On October 25, 2021, the Company declared a cash dividend of $0.39 per share, which is payable on January 3, 2022 to shareholders of record at the close of business as of December 17, 2021. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories: The following table provides a breakdown of inventories at September 30, 2021 and December 31, 2020 (in thousands): September 30, December 31, 2021 2020 Finished goods $ 426,616 $ 454,162 Raw materials and work in process (a) 240,881 219,896 Stores, supplies and other 78,101 76,179 Total $ 745,598 $ 750,237 (a) Included $145.0 million and $129.6 million at September 30, 2021 and December 31, 2020, respectively, of work in process in our Lithium segment. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments: The Company holds a 49% equity interest in Windfield Holdings Pty. Ltd. (“Windfield”), where the ownership 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 this investment is not consolidated as the Company is not the primary beneficiary. The carrying amount of our 49% equity interest in Windfield, which is our most significant VIE, was $469.4 million and $479.6 million at September 30, 2021 and December 31, 2020, respectively. The Company’s aggregate net investment in all other entities which it considers to be VIEs for which the Company is not the primary beneficiary was $8.2 million and $8.0 million at September 30, 2021 and December 31, 2020, respectively. Our unconsolidated VIEs are reported in Investments on 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. As part of the proceeds from the sale of the FCS business on June 1, 2021, Grace issued Albemarle preferred equity of a Grace subsidiary having an aggregate stated value of $270 million. The preferred equity can be redeemed at Grace’s option under certain conditions and will accrue PIK dividends at an annual rate of 12% beginning two years after issuance. This preferred equity has a fair value of $248.8 million at September 30, 2021, which is reported in Investments in the consolidated balance sheets. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-Term Debt: Long-term debt at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, December 31, 2021 2020 1.125% notes due 2025 $ 441,090 $ 610,800 1.625% notes due 2028 584,800 610,800 1.875% Senior notes due 2021 — 480,007 3.45% Senior notes due 2029 171,612 300,000 4.15% Senior notes due 2024 425,000 425,000 5.45% Senior notes due 2044 350,000 350,000 Floating rate notes — 200,000 Credit facilities — 223,900 Commercial paper notes — 325,000 Variable-rate foreign bank loans 5,404 7,702 Finance lease obligations 58,579 59,181 Unamortized discount and debt issuance costs (14,387) (20,332) Total long-term debt 2,022,098 3,572,058 Less amounts due within one year 611 804,677 Long-term debt, less current portion $ 2,021,487 $ 2,767,381 In the first quarter of 2021, the Company made the following debt principal payments using proceeds from the February 2021 underwritten public offering of common stock: • €123.8 million of the 1.125% notes due in November 2025 • €393.0 million, the remaining balance, of the 1.875% Senior notes originally due in December 2021 • $128.4 million of the 3.45% Senior notes due in November 2029 • $200.0 million, the remaining balance, of the floating rate notes originally due in November 2022 • €183.3 million, the outstanding balance, of the unsecured credit facility originally entered into on August 14, 2019, as amended and restated on December 15, 2020 • $325.0 million, the outstanding balance, of the commercial paper notes |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies: Environmental We had the following activity in our recorded environmental liabilities for the nine months ended September 30, 2021 (in thousands): Beginning balance at December 31, 2020 $ 45,771 Expenditures (1,529) Accretion of discount 723 Additions and changes in estimates 1,576 Foreign currency translation adjustments and other (814) Ending balance at September 30, 2021 45,727 Less amounts reported in Accrued expenses 9,850 Amounts reported in Other noncurrent liabilities $ 35,877 Environmental remediation liabilities included discounted liabilities of $38.2 million and $39.2 million at September 30, 2021 and December 31, 2020, respectively, discounted at rates with a weighted-average of 3.5%, and with the undiscounted amount totaling $71.2 million and $73.6 million at September 30, 2021 and December 31, 2020, 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 $37 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. 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. On February 6, 2017, Huntsman International LLC (“Huntsman”), a subsidiary of Huntsman Corporation, filed a lawsuit in New York state court against Rockwood Holdings, Inc. (“Rockwood”), Rockwood Specialties, Inc., certain former executives of Rockwood and its subsidiaries—Seifollah Ghasemi, Thomas Riordan, Andrew Ross, and Michael Valente, and Albemarle. The lawsuit arises out of Huntsman’s acquisition of certain Rockwood subsidiaries in connection with a stock purchase agreement (the “SPA”), dated September 17, 2013. Before that transaction closed on October 1, 2014, Albemarle began discussions with Rockwood to purchase all outstanding equity of Rockwood and did so in a transaction that closed on January 12, 2015. Huntsman’s complaint asserted that certain technology that Rockwood had developed for a production facility in Augusta, Georgia, and which was among the assets that Huntsman acquired pursuant to the SPA, did not work, and that Rockwood and the defendant executives had intentionally misled Huntsman about that technology in connection with the Huntsman-Rockwood transaction. The complaint asserted claims for, among other things, fraud, negligent misrepresentation, and breach of the SPA, and sought certain costs for completing construction of the production facility. On March 10, 2017, Albemarle moved in New York state court to compel arbitration, which was granted on January 8, 2018 (although Huntsman unsuccessfully appealed that decision). Huntsman’s arbitration demand asserted claims substantially similar to those asserted in its state court complaint, and sought various forms of legal remedies, including cost overruns, compensatory damages, expectation damages, punitive damages, and restitution. After a trial, the arbitration panel issued an award on October 28, 2021, awarding approximately $600 million (including interest) to be paid by Albemarle to Huntsman, in addition to the possibility of attorney’s fees, costs and expenses. Albemarle continues to assess its legal rights and options. Albemarle and Huntsman have initiated discussions regarding a resolution of the matter. Based on our review of the decision by the AAA arbitration panel, Albemarle has decided to view the decision as representing the best estimate available of the outcome of this arbitration. As a result, the consolidated statements of income for the three and nine months ended September 30, 2021, includes a loss of $657.4 million ($504.5 million net of income tax), inclusive of estimated possible legal fees incurred by Huntsman and other related obligations, to reflect the increase in liabilities for this legal matter. In addition, 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, 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 SEC, and the Dutch Public Prosecutor (“DPP”), and are cooperating with the DOJ, the SEC, and the DPP in their review of these matters. In connection with our internal investigation, we have implemented, and are continuing to implement, appropriate remedial measures. We have commenced discussions with the SEC about a potential resolution. At this time, we are unable to predict the duration, scope, result, or related costs associated with the investigations. We also are unable to predict what action may be taken by the DOJ, the SEC, or the DPP, or what penalties or remedial actions they may ultimately seek. Any determination that our operations or activities are not, or were 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. However, an adverse resolution could have a material adverse effect on our results of operations in a particular period. 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 $27.9 million and $30.5 million at September 30, 2021 and December 31, 2020, 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. Other We have contracts with certain of our customers which serve as guarantees on product delivery and performance according to customer specifications that can cover both shipments on an individual basis, as well as blanket coverage of multiple shipments under certain customer supply contracts. The financial coverage provided by these guarantees is typically based on a percentage of net sales value. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
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 three-month and nine-month periods ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease cost $ 13,807 $ 8,085 $ 32,954 $ 25,298 Finance lease cost: Amortization of right of use assets 153 126 466 433 Interest on lease liabilities 722 697 2,229 1,977 Total finance lease cost 875 823 2,695 2,410 Short-term lease cost 2,949 3,427 7,729 9,824 Variable lease cost 2,441 2,312 6,619 6,344 Total lease cost $ 20,072 $ 14,647 $ 49,997 $ 43,876 Supplemental cash flow information related to our lease contracts for the nine-month periods ended September 30, 2021 and 2020 is as follows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,462 $ 28,074 Operating cash flows from finance leases 1,295 1,156 Financing cash flows from finance leases 471 513 Right-of-use assets obtained in exchange for lease obligations: Operating leases 57,136 17,197 Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at September 30, 2021 and December 31, 2020 is as follows (in thousands, except as noted): September 30, 2021 December 31, 2020 Operating leases: Other assets $ 165,970 $ 136,292 Accrued expenses 33,862 22,297 Other noncurrent liabilities 136,552 116,765 Total operating lease liabilities 170,414 139,062 Finance leases: Net property, plant and equipment 58,375 58,963 Current portion of long-term debt (a) 2,658 1,752 Long-term debt 57,968 58,543 Total finance lease liabilities 60,626 60,295 Weighted average remaining lease term (in years): Operating leases 12.6 15.3 Finance leases 27.0 27.5 Weighted average discount rate (%): Operating leases 3.46 % 3.94 % Finance leases 4.57 % 4.56 % (a) Balance includes accrued interest of finance lease recorded in Accrued liabilities. Maturities of lease liabilities at September 30, 2021 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 10,126 $ 542 2022 38,503 4,448 2023 34,453 4,448 2024 20,984 4,448 2025 14,714 4,448 Thereafter 131,456 89,916 Total lease payments 250,236 108,250 Less imputed interest 79,822 47,624 Total $ 170,414 $ 60,626 |
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 three-month and nine-month periods ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease cost $ 13,807 $ 8,085 $ 32,954 $ 25,298 Finance lease cost: Amortization of right of use assets 153 126 466 433 Interest on lease liabilities 722 697 2,229 1,977 Total finance lease cost 875 823 2,695 2,410 Short-term lease cost 2,949 3,427 7,729 9,824 Variable lease cost 2,441 2,312 6,619 6,344 Total lease cost $ 20,072 $ 14,647 $ 49,997 $ 43,876 Supplemental cash flow information related to our lease contracts for the nine-month periods ended September 30, 2021 and 2020 is as follows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,462 $ 28,074 Operating cash flows from finance leases 1,295 1,156 Financing cash flows from finance leases 471 513 Right-of-use assets obtained in exchange for lease obligations: Operating leases 57,136 17,197 Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at September 30, 2021 and December 31, 2020 is as follows (in thousands, except as noted): September 30, 2021 December 31, 2020 Operating leases: Other assets $ 165,970 $ 136,292 Accrued expenses 33,862 22,297 Other noncurrent liabilities 136,552 116,765 Total operating lease liabilities 170,414 139,062 Finance leases: Net property, plant and equipment 58,375 58,963 Current portion of long-term debt (a) 2,658 1,752 Long-term debt 57,968 58,543 Total finance lease liabilities 60,626 60,295 Weighted average remaining lease term (in years): Operating leases 12.6 15.3 Finance leases 27.0 27.5 Weighted average discount rate (%): Operating leases 3.46 % 3.94 % Finance leases 4.57 % 4.56 % (a) Balance includes accrued interest of finance lease recorded in Accrued liabilities. Maturities of lease liabilities at September 30, 2021 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 10,126 $ 542 2022 38,503 4,448 2023 34,453 4,448 2024 20,984 4,448 2025 14,714 4,448 Thereafter 131,456 89,916 Total lease payments 250,236 108,250 Less imputed interest 79,822 47,624 Total $ 170,414 $ 60,626 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment 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 FCS business that does not fit into any of our core businesses. On June 1, 2021, we completed the sale of the FCS business. See Note 3, “Divestitures,” for additional information. Amounts in the “All Other” category represent activity in this business until divested on June 1, 2021. The Corporate category is not considered to be a segment and includes corporate-related items not allocated to the operating segments. Pension and other post-employment benefit (“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 inter-segment 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 and financing expenses, income tax expenses, depreciation and amortization, as adjusted on a consistent basis for certain non-operating, non-recurring or unusual items in a balanced manner and on a segment basis. These non-operating, non-recurring or unusual items may include acquisition and integration related costs, gains or losses on sales of businesses, restructuring charges, facility divestiture charges, certain litigation and arbitration costs and charges, non-operating pension and OPEB items and other significant non-recurring items. In addition, management uses adjusted EBITDA for business and enterprise 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 (loss) 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. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In thousands) (In thousands) Net sales: Lithium $ 359,229 $ 265,646 $ 958,539 $ 786,186 Bromine Specialties 277,783 237,193 837,978 701,564 Catalysts 193,554 197,919 562,141 602,179 All Other — 46,110 75,095 159,833 Total net sales $ 830,566 $ 746,868 $ 2,433,753 $ 2,249,762 Adjusted EBITDA: Lithium $ 125,416 $ 97,789 $ 341,293 $ 270,962 Bromine Specialties 86,012 79,448 273,298 235,751 Catalysts 33,103 37,834 79,694 108,081 All Other — 24,985 29,858 66,407 Corporate (26,962) (24,001) (81,892) (83,588) Total adjusted EBITDA $ 217,569 $ 216,055 $ 642,251 $ 597,613 See below for a reconciliation of adjusted EBITDA, the non-GAAP financial measure, from Net (loss) 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 Three months ended September 30, 2021 Net income (loss) attributable to Albemarle Corporation $ 92,449 $ 73,409 $ 20,039 $ 185,897 $ — $ (578,678) $ (392,781) Depreciation and amortization 34,256 12,603 13,064 59,923 — 2,159 62,082 Restructuring and other (a) — — — — — 754 754 Gain on sale of business (b) — — — — — 984 984 Acquisition and integration related costs (c) — — — — — 1,553 1,553 Interest and financing expenses — — — — — 5,136 5,136 Income tax expense — — — — — (114,670) (114,670) Non-operating pension and OPEB items — — — — — (5,471) (5,471) Legal accrual (d) — — — — — 657,412 657,412 Other (e) (1,289) — — (1,289) — 3,859 2,570 Adjusted EBITDA $ 125,416 $ 86,012 $ 33,103 $ 244,531 $ — $ (26,962) $ 217,569 Three months ended September 30, 2020 Net income (loss) attributable to Albemarle Corporation $ 69,102 $ 66,548 $ 25,176 $ 160,826 $ 22,798 $ (85,323) $ 98,301 Depreciation and amortization 28,687 12,900 12,658 54,245 2,187 2,247 58,679 Restructuring and other (a) — — — — — 2,251 2,251 Acquisition and integration related costs (c) — — — — — 5,928 5,928 Interest and financing expenses — — — — — 19,227 19,227 Income tax expense — — — — — 30,653 30,653 Non-operating pension and OPEB items — — — — — (2,901) (2,901) Other (f) — — — — — 3,917 3,917 Adjusted EBITDA $ 97,789 $ 79,448 $ 37,834 $ 215,071 $ 24,985 $ (24,001) $ 216,055 Nine months ended September 30, 2021 Net income (loss) attributable to Albemarle Corporation $ 237,293 $ 235,670 $ 41,401 $ 514,364 $ 27,988 $ (414,856) $ 127,496 Depreciation and amortization 99,559 37,628 38,293 175,480 1,870 8,415 185,765 Restructuring and other (a) — — — — — 2,294 2,294 Gain on sale of business (b) — — — — — (428,424) (428,424) Acquisition and integration related costs (c) — — — — — 5,629 5,629 Interest and financing expenses (g) — — — — — 56,170 56,170 Income tax expense — — — — — 14,422 14,422 Non-operating pension and OPEB items — — — — — (16,407) (16,407) Legal accrual (d) — — — — — 657,412 657,412 Albemarle Foundation contribution (h) — — — — — 20,000 20,000 Other (e) 4,441 — — 4,441 — 13,453 17,894 Adjusted EBITDA $ 341,293 $ 273,298 $ 79,694 $ 694,285 $ 29,858 $ (81,892) $ 642,251 Nine months ended September 30, 2020 Net income (loss) attributable to Albemarle Corporation $ 188,380 $ 198,905 $ 70,770 $ 458,055 $ 60,069 $ (226,995) $ 291,129 Depreciation and amortization 82,582 36,846 37,311 156,739 6,338 7,137 170,214 Restructuring and other (a) — — — — — 10,831 10,831 Acquisition and integration related costs (c) — — — — — 14,349 14,349 Interest and financing expenses — — — — — 53,964 53,964 Income tax expense — — — — — 64,526 64,526 Non-operating pension and OPEB items — — — — — (8,704) (8,704) Other (f) — — — — — 1,304 1,304 Adjusted EBITDA $ 270,962 $ 235,751 $ 108,081 $ 614,794 $ 66,407 $ (83,588) $ 597,613 (a) In 2021, we recorded facility closure related to offices in Germany, and severance expenses in Germany and Belgium, in Selling, general and administrative expenses (“SG&A”). In 2020, we recorded severance expenses as part of business reorganization plans, impacting each of our businesses and Corporate, primarily in the U.S., Germany and with our Jordanian joint venture partner. During the three months ended September 30, 2020, we recorded expenses of $2.3 million in SG&A. During the nine months ended September 30, 2020, we recorded expenses of $0.7 million in Cost of goods sold, $10.4 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 expected to primarily be paid through 2021. (b) See Note 3, “Divestitures,” for additional information. (c) Costs related to the acquisition, integration and potential divestitures for various significant projects, recorded in SG&A. (d) Loss recorded in Other expense, net in the three months ended September 30, 2021 related to an arbitration ruling for the Huntsman legal matter. See Note 10, “Commitments and Contingencies,” for further details. (e) Included amounts for the three months ended September 30, 2021 recorded in: • SG&A - $2.5 million of expenses primarily related to non-routine labor and compensation related costs that are outside normal compensation arrangements. • Other expense, net - $0.1 million of a loss resulting from the adjustment of indemnifications related to previously disposed businesses. Included amounts for the nine months ended September 30, 2021 recorded in: • SG&A - $8.6 million of expenses primarily related to non-routine labor and compensation related costs that are outside normal compensation arrangements, a $4.0 million loss resulting from the sale of property, plant and equipment and $1.6 million of charges for an environmental reserve at a site not part of our operations. • Other expense, net - $3.7 million of expenses primarily related to asset retirement obligation charges to update of an estimate at a site formerly owned by Albemarle. (f) Included amounts for the three months ended September 30, 2020 recorded in: • SG&A - $3.8 million of a net expense primarily related to the increase of environmental reserves at non-operating businesses we had previously divested. • Other expense, net - $0.2 million loss resulting from the settlement of a historical legal matter of an acquired company. Included amounts for the nine months ended September 30, 2020 recorded in: ▪ SG&A - $3.8 million of a net expense primarily related to the increase of environmental reserves at non-operating businesses we had previously divested. ▪ Other expense, net - $2.5 million net gain resulting from the settlement of legal matters related to a business sold and $0.8 million net gain primarily related to the sale of idle properties in Germany, partially offset by a $0.8 million loss resulting from the adjustment of indemnifications related to previously disposed businesses. (g) Included in Interest and financing expenses is a loss on early extinguishment of debt of $29.0 million for the nine months ended September 30, 2021, respectively. See Note 9, “Long-Term Debt,” for additional information. (h) Included in SG&A is a charitable contribution, using a portion of the proceeds received from the FCS 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 the Company operates. 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 these communities. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits: The components of pension and postretirement benefits cost (credit) for the three-month and nine-month periods ended September 30, 2021 and 2020 were as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Pension Benefits Cost (Credit): Service cost $ 1,425 $ 1,202 $ 3,776 $ 3,623 Interest cost 5,113 6,696 15,352 20,049 Expected return on assets (10,893) (10,065) (32,687) (30,156) Amortization of prior service benefit 29 9 87 27 Total net pension benefits credit $ (4,326) $ (2,158) $ (13,472) $ (6,457) Postretirement Benefits Cost: Service cost $ 31 $ 27 $ 93 $ 79 Interest cost 309 468 928 1,403 Total net postretirement benefits cost $ 340 $ 495 $ 1,021 $ 1,482 Total net pension and postretirement benefits credit $ (3,986) $ (1,663) $ (12,451) $ (4,975) All components of net benefit cost (credit), other than service cost, are included in Other expense, net on the consolidated statements of income. During the three-month and nine-month periods ended September 30, 2021, we made contributions of $3.2 million and $22.1 million, respectively, to our qualified and nonqualified pension plans. During the three-month and nine-month periods ended September 30, 2020, we made contributions of $2.7 million and $7.9 million, respectively, to our qualified and nonqualified pension plans. We paid $0.7 million and $2.1 million, respectively, in premiums to the U.S. postretirement benefit plan during the three-month and nine-month periods ended September 30, 2021, respectively. During the three-month and nine-month periods ended September 30, 2020, we paid $0.9 million and $2.5 million, respectively, in premiums to the U.S. postretirement benefit plan. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
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. September 30, 2021 December 31, 2020 Recorded Fair Value Recorded Fair Value (In thousands) Long-term debt $ 2,033,469 $ 2,235,877 $ 3,588,157 $ 3,783,225 Foreign Currency Forward Contracts—During 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. 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 September 30, 2021 and December 31, 2020, we had outstanding designated foreign currency forward contracts with notional values totaling the equivalent of $127.1 million and $75.4 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 September 30, 2021 and December 31, 2020, we had outstanding non-designated foreign currency forward contracts with notional values totaling $593.1 million and $611.1 million, respectively, hedging our exposure to various currencies including the Euro, Australian Dollar, Taiwanese Dollar, Chinese Renminbi and Chilean Peso. The following table summarizes the fair value of our foreign currency forward contracts included in the consolidated balance sheets as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Designated as hedging instruments (a) $ 1,961 $ 93 $ 7,043 $ — Not Designated as hedging instruments (b) 2,675 4,101 6,563 4,803 Total $ 4,636 $ 4,194 $ 13,606 $ 4,803 (a) Included $2.0 million in Other current assets and $0.1 million in Accrued expenses at September 30, 2021, and $6.2 million in Other current assets and $0.9 million in Other assets at December 31, 2020. (b) Included $2.7 million in Other current assets and $4.1 million in Accrued expenses at September 30, 2021 and $6.6 million in Other current assets and $4.8 million in Accrued expenses at December 31, 2020. The following table summarizes the net gains (losses) recognized for our foreign currency forward contracts during the three-month and nine-month periods ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Designated as hedging instruments Income (loss) recognized in Other comprehensive (loss) income $ 214 $ 6,993 $ (563) $ (6,822) Not designated as hedging instruments (Loss) income recognized in Other expense, net (a) $ (1,199) $ 3,102 $ 658 $ (5,201) (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 expense, net. In addition, for the nine-month periods ended September 30, 2021 and 2020, we recorded net cash receipts (settlements) of $0.8 million and ($25.5) million, respectively, in Other, net, in our condensed consolidated statements of cash flows. As of September 30, 2021, there are no unrealized gains or losses related to the cash flow hedges 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 | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 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: Available for sale debt securities (a) $ 248,775 $ — $ — $ 248,775 Investments under executive deferred compensation plan (b) $ 31,952 $ 31,952 $ — $ — Private equity securities measured at net asset value (c)(d) $ 4,695 $ — $ — $ — Foreign currency forward contracts (e) $ 4,636 $ — $ 4,636 $ — Liabilities: Obligations under executive deferred compensation plan (b) $ 31,952 $ 31,952 $ — $ — Foreign currency forward contracts (e) $ 4,194 $ — $ 4,194 $ — 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 (b) $ 32,447 $ 32,447 $ — $ — Private equity securities measured at net asset value (c)(d) $ 4,661 $ — $ — $ — Foreign currency forward contracts (e) $ 13,606 $ — $ 13,606 $ — Liabilities: Obligations under executive deferred compensation plan (b) $ 32,447 $ 32,447 $ — $ — Foreign currency forward contracts (e) $ 4,803 $ — $ 4,803 $ — (a) Preferred equity of a Grace subsidiary acquired as a portion of the proceeds of the FCS sale on June 1, 2021. See Note 2, “Divestitures,” for further details on the material terms and conditions. A third-party estimate of the fair value was prepared using expected future cash flows over the period up to when the asset is likely to be redeemed, applying a discount rate that appropriately captures a market participant's view of the risk associated with the investment. These are considered to be Level 3 inputs. (b) We maintain an Executive Deferred Compensation Plan (“EDCP”) that was adopted in 2001 and subsequently amended. The purpose of the EDCP is to provide current tax planning opportunities as well as supplemental funds upon the retirement or death of certain of our employees. The EDCP is intended to aid in attracting and retaining employees of exceptional ability by providing them with these benefits. We also maintain a Benefit Protection Trust (the “Trust”) that was created to provide a source of funds to assist in meeting the obligations of the EDCP, subject to the claims of our creditors in the event of our insolvency. Assets of the Trust are consolidated in accordance with authoritative guidance. The assets of the Trust consist primarily of mutual fund investments (which are accounted for as trading securities and are marked-to-market on a monthly basis through the consolidated statements of income) and cash and cash equivalents. As such, these assets and obligations are classified within Level 1. (c) Primarily consists of private equity securities reported in Investments in the consolidated balance sheets. The changes in fair value are reported in Other expense, net, in our consolidated statements of income. (d) Holdings in certain 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. (e) 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 14, “Fair Value of Financial Instruments,” for further details about our foreign currency forward contracts. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 9 Months Ended |
Sep. 30, 2021 | |
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 periods indicated below (in thousands): Foreign Currency Translation and Other Net Investment Hedge (a) Cash Flow Hedge (b) Interest Rate Swap (c) Total Three months ended September 30, 2021 Balance at June 30, 2021 $ (324,951) $ — $ 5,672 $ (8,722) $ (328,001) Other comprehensive (loss) income before reclassifications (39,295) — 214 — (39,081) Amounts reclassified from accumulated other comprehensive loss 21 — — 651 672 Other comprehensive (loss) income, net of tax (39,274) — 214 651 (38,409) Other comprehensive income attributable to noncontrolling interests (26) — — — (26) Balance at September 30, 2021 $ (364,251) $ — $ 5,886 $ (8,071) $ (366,436) Three months ended September 30, 2020 Balance at June 30, 2020 $ (487,939) $ 77,103 $ (8,968) $ (11,327) $ (431,131) Other comprehensive income (loss) before reclassifications 37,489 (12,408) 6,993 — 32,074 Amounts reclassified from accumulated other comprehensive loss 10 — — 647 657 Other comprehensive income (loss), net of tax 37,499 (12,408) 6,993 647 32,731 Other comprehensive loss attributable to noncontrolling interests (67) — — — (67) Balance at September 30, 2020 $ (450,507) $ 64,695 $ (1,975) $ (10,680) $ (398,467) Nine months ended September 30, 2021 Balance at December 31, 2020 $ (369,152) $ 46,593 $ 6,449 $ (10,022) $ (326,132) Other comprehensive (loss) income before reclassifications (46,923) 5,110 (563) — (42,376) Amounts reclassified from accumulated other comprehensive loss 71 — — 1,951 2,022 Other comprehensive (loss) income, net of tax (46,852) 5,110 (563) 1,951 (40,354) Amounts reclassified within accumulated other comprehensive loss 51,703 (51,703) — — — Other comprehensive income attributable to noncontrolling interests 50 — — — 50 Balance at September 30, 2021 $ (364,251) $ — $ 5,886 $ (8,071) $ (366,436) Nine months ended September 30, 2020 Balance at December 31, 2019 $ (468,737) $ 80,778 $ 4,847 $ (12,623) $ (395,735) Other comprehensive loss before reclassifications 18,350 (16,083) (6,822) — (4,555) Amounts reclassified from accumulated other comprehensive loss 27 — — 1,943 1,970 Other comprehensive (loss) income, net of tax 18,377 (16,083) (6,822) 1,943 (2,585) Other comprehensive loss attributable to noncontrolling interests (147) — — — (147) Balance at September 30, 2020 $ (450,507) $ 64,695 $ (1,975) $ (10,680) $ (398,467) (a) During the first quarter of 2021 the net investment hedge was discontinued following the repayment of the 1.875% Euro-denominated senior notes. The balance of foreign exchange revaluation gains and losses associated with this discontinued net investment hedge have been reclassified to Foreign currency translation and other, and will remain within accumulated other comprehensive loss until the hedged net investment is sold or liquidated. (b) We entered into a foreign currency forward contract, which was designated and accounted for as a cash flow hedge under ASC 815, Derivatives and Hedging . See Note 14, “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. The amount of income tax (expense) benefit allocated to each component of Other comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2021 and 2020 is provided in the following tables (in thousands): Foreign Currency Translation and Other Net Investment Hedge Cash Flow Hedge Interest Rate Swap Three months ended September 30, 2021 Other comprehensive (loss) income, before tax $ (39,266) $ — $ 214 $ 834 Income tax expense (8) — — (183) Other comprehensive (loss) income, net of tax $ (39,274) $ — $ 214 $ 651 Three months ended September 30, 2020 Other comprehensive income (loss), before tax $ 37,504 $ (16,029) $ 6,993 $ 834 Income tax (expense) benefit (5) 3,621 — (187) Other comprehensive income (loss), net of tax $ 37,499 $ (12,408) $ 6,993 $ 647 Nine months ended September 30, 2021 Other comprehensive (loss) income, before tax $ (46,836) $ 6,552 $ (563) $ 2,502 Income tax expense (16) (1,442) — (551) Other comprehensive (loss) income, net of tax $ (46,852) $ 5,110 $ (563) $ 1,951 Nine months ended September 30, 2020 Other comprehensive income (loss), before tax $ 18,380 $ (20,755) $ (6,822) $ 2,502 Income tax (expense) benefit (3) 4,672 — (559) Other comprehensive income (loss), net of tax $ 18,377 $ (16,083) $ (6,822) $ 1,943 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
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): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Sales to unconsolidated affiliates $ 5,629 $ 4,863 $ 16,357 $ 17,361 Purchases from unconsolidated affiliates (a) $ 55,540 $ 10,742 $ 144,461 $ 142,366 (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): September 30, 2021 December 31, 2020 Receivables from unconsolidated affiliates $ 1,782 $ 4,098 Payables to unconsolidated affiliates $ 36,744 $ 30,123 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information: Supplemental information related to the condensed consolidated statements of cash flows is as follows (in thousands): Nine Months Ended 2021 2020 Supplemental non-cash disclosure related to investing activities: Capital expenditures included in Accounts payable $ 157,743 $ 167,393 Non-cash proceeds from divestitures (a) $ 244,530 $ — (a) Fair value of preferred equity of a Grace subsidiary received as part of proceeds for the sale of our FCS business. See Note 3, “Divestitures,” for further details. As part of the purchase price paid for the acquisition of a 60% interest in the Mineral Resources Ltd. (“MRL”) Wodgina Project, the Company transferred $135.9 million and $131.9 million of its construction in progress of the designated Kemerton assets during the nine months ended September 30, 2021 and 2020, respectively, representing MRL’s 40% interest in the assets. Since the acquisition, we have transferred the full $480.0 million of construction in progress to MRL, as defined in the purchase agreement. The cash outflow for these assets is recorded in Capital expenditures within Cash flows from investing activities on the condensed consolidated statements of cash flows. The non-cash transfer of these assets is recorded in Non-cash transfer of 40% value of construction in progress of the Kemerton plant to MRL within Cash flows from operating activities on the consolidated statements of cash flows. Other, net within Cash flows from operating activities on the condensed consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020 included $28.7 million and $30.4 million, respectively, representing the reclassification of the current portion of the one-time transition tax resulting from the enactment of the U.S. Tax Cuts and Jobs Act, from Other noncurrent liabilities to Income taxes payable within current liabilities. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements: In December 2019, the Financial Accounting Standards Board (“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 became effective on January 1, 2020 and did not have a significant impact on our consolidated financial statements. In March 2020, the FASB issued accounting guidance that provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The guidance applies only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued additional accounting guidance which clarifies that certain optional expedients and exceptions apply to derivatives that are affected by the discounting transition. The guidance under both FASB issuances is effective March 12, 2020 through December 31, 2022. We currently do not expect this guidance to have a significant impact on our consolidated financial statements. |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | In December 2019, the Financial Accounting Standards Board (“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 became effective on January 1, 2020 and did not have a significant impact on our consolidated financial statements. In March 2020, the FASB issued accounting guidance that provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The guidance applies only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued additional accounting guidance which clarifies that certain optional expedients and exceptions apply to derivatives that are affected by the discounting transition. The guidance under both FASB issuances is effective March 12, 2020 through December 31, 2022. We currently do not expect this guidance to have a significant impact on our consolidated financial statements. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table summarizes the changes in goodwill by reportable segment for the nine months ended September 30, 2021 (in thousands): Lithium Bromine Specialties Catalysts All Other Total Balance at December 31, 2020 $ 1,441,781 $ 20,319 $ 196,834 $ 6,586 $ 1,665,520 Divestitures (a) — — — (6,586) (6,586) Foreign currency translation adjustments (27,623) — (7,840) — (35,463) Balance at September 30, 2021 $ 1,414,158 $ 20,319 $ 188,994 $ — $ 1,623,471 (a) Represents goodwill of the FCS business. See Note 3, “Divestitures,” for additional information. |
Other Intangibles | The following table summarizes the changes in other intangibles and related accumulated amortization for the nine months ended September 30, 2021 (in thousands): Customer Lists and Relationships Trade Names and Trademarks (a) Patents and Technology Other Total Gross Asset Value Balance at December 31, 2020 $ 448,748 $ 18,710 $ 58,096 $ 39,864 $ 565,418 Divestitures (b) — — — (1,473) (1,473) Foreign currency translation adjustments and other (12,075) (484) (507) (1,070) (14,136) Balance at September 30, 2021 $ 436,673 $ 18,226 $ 57,589 $ 37,321 $ 549,809 Accumulated Amortization Balance at December 31, 2020 $ (147,286) $ (8,176) $ (39,500) $ (21,351) $ (216,313) Amortization (17,342) — (1,095) (674) (19,111) Divestitures (b) — — — 1,457 1,457 Foreign currency translation adjustments and other 4,023 111 685 320 5,139 Balance at September 30, 2021 $ (160,605) $ (8,065) $ (39,910) $ (20,248) $ (228,828) Net Book Value at December 31, 2020 $ 301,462 $ 10,534 $ 18,596 $ 18,513 $ 349,105 Net Book Value at September 30, 2021 $ 276,068 $ 10,161 $ 17,679 $ 17,073 $ 320,981 (a) Net Book Value includes only indefinite-lived intangible assets. (b) Represents other intangibles of the FCS business. See Note 3, “Divestitures,” for additional information. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earning Per Share | Basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2021 and 2020 are calculated as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Basic earnings per share Numerator: Net (loss) income attributable to Albemarle Corporation $ (392,781) $ 98,301 $ 127,496 $ 291,129 Denominator: Weighted-average common shares for basic earnings per share 116,965 106,386 115,455 106,314 Basic (loss) earnings per share $ (3.36) $ 0.92 $ 1.10 $ 2.74 Diluted earnings per share Numerator: Net (loss) income attributable to Albemarle Corporation $ (392,781) $ 98,301 $ 127,496 $ 291,129 Denominator: Weighted-average common shares for basic earnings per share 116,965 106,386 115,455 106,314 Incremental shares under stock compensation plans — 487 685 326 Weighted-average common shares for diluted earnings per share 116,965 106,873 116,140 106,640 Diluted (loss) earnings per share $ (3.36) $ 0.92 $ 1.10 $ 2.73 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Breakdown of Inventories | The following table provides a breakdown of inventories at September 30, 2021 and December 31, 2020 (in thousands): September 30, December 31, 2021 2020 Finished goods $ 426,616 $ 454,162 Raw materials and work in process (a) 240,881 219,896 Stores, supplies and other 78,101 76,179 Total $ 745,598 $ 750,237 (a) Included $145.0 million and $129.6 million at September 30, 2021 and December 31, 2020, respectively, of work in process in our Lithium segment. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term debt at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, December 31, 2021 2020 1.125% notes due 2025 $ 441,090 $ 610,800 1.625% notes due 2028 584,800 610,800 1.875% Senior notes due 2021 — 480,007 3.45% Senior notes due 2029 171,612 300,000 4.15% Senior notes due 2024 425,000 425,000 5.45% Senior notes due 2044 350,000 350,000 Floating rate notes — 200,000 Credit facilities — 223,900 Commercial paper notes — 325,000 Variable-rate foreign bank loans 5,404 7,702 Finance lease obligations 58,579 59,181 Unamortized discount and debt issuance costs (14,387) (20,332) Total long-term debt 2,022,098 3,572,058 Less amounts due within one year 611 804,677 Long-term debt, less current portion $ 2,021,487 $ 2,767,381 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Activity in Recorded Environmental Liabilities | We had the following activity in our recorded environmental liabilities for the nine months ended September 30, 2021 (in thousands): Beginning balance at December 31, 2020 $ 45,771 Expenditures (1,529) Accretion of discount 723 Additions and changes in estimates 1,576 Foreign currency translation adjustments and other (814) Ending balance at September 30, 2021 45,727 Less amounts reported in Accrued expenses 9,850 Amounts reported in Other noncurrent liabilities $ 35,877 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lease, Cost | The following table provides details of our lease contracts for the three-month and nine-month periods ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease cost $ 13,807 $ 8,085 $ 32,954 $ 25,298 Finance lease cost: Amortization of right of use assets 153 126 466 433 Interest on lease liabilities 722 697 2,229 1,977 Total finance lease cost 875 823 2,695 2,410 Short-term lease cost 2,949 3,427 7,729 9,824 Variable lease cost 2,441 2,312 6,619 6,344 Total lease cost $ 20,072 $ 14,647 $ 49,997 $ 43,876 Supplemental cash flow information related to our lease contracts for the nine-month periods ended September 30, 2021 and 2020 is as follows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,462 $ 28,074 Operating cash flows from finance leases 1,295 1,156 Financing cash flows from finance leases 471 513 Right-of-use assets obtained in exchange for lease obligations: Operating leases 57,136 17,197 |
Supplemental Balance Sheet Information related to Leases | Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at September 30, 2021 and December 31, 2020 is as follows (in thousands, except as noted): September 30, 2021 December 31, 2020 Operating leases: Other assets $ 165,970 $ 136,292 Accrued expenses 33,862 22,297 Other noncurrent liabilities 136,552 116,765 Total operating lease liabilities 170,414 139,062 Finance leases: Net property, plant and equipment 58,375 58,963 Current portion of long-term debt (a) 2,658 1,752 Long-term debt 57,968 58,543 Total finance lease liabilities 60,626 60,295 Weighted average remaining lease term (in years): Operating leases 12.6 15.3 Finance leases 27.0 27.5 Weighted average discount rate (%): Operating leases 3.46 % 3.94 % Finance leases 4.57 % 4.56 % |
Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities at September 30, 2021 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 10,126 $ 542 2022 38,503 4,448 2023 34,453 4,448 2024 20,984 4,448 2025 14,714 4,448 Thereafter 131,456 89,916 Total lease payments 250,236 108,250 Less imputed interest 79,822 47,624 Total $ 170,414 $ 60,626 |
Finance Lease, Liability, Maturity | Maturities of lease liabilities at September 30, 2021 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 10,126 $ 542 2022 38,503 4,448 2023 34,453 4,448 2024 20,984 4,448 2025 14,714 4,448 Thereafter 131,456 89,916 Total lease payments 250,236 108,250 Less imputed interest 79,822 47,624 Total $ 170,414 $ 60,626 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Reportable Segments Summarized Financial Information | Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In thousands) (In thousands) Net sales: Lithium $ 359,229 $ 265,646 $ 958,539 $ 786,186 Bromine Specialties 277,783 237,193 837,978 701,564 Catalysts 193,554 197,919 562,141 602,179 All Other — 46,110 75,095 159,833 Total net sales $ 830,566 $ 746,868 $ 2,433,753 $ 2,249,762 Adjusted EBITDA: Lithium $ 125,416 $ 97,789 $ 341,293 $ 270,962 Bromine Specialties 86,012 79,448 273,298 235,751 Catalysts 33,103 37,834 79,694 108,081 All Other — 24,985 29,858 66,407 Corporate (26,962) (24,001) (81,892) (83,588) Total adjusted EBITDA $ 217,569 $ 216,055 $ 642,251 $ 597,613 |
Pension Plans and Other Postr_2
Pension Plans and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Domestic and Foreign Pension and Postretirement Defined Benefit Plans | The components of pension and postretirement benefits cost (credit) for the three-month and nine-month periods ended September 30, 2021 and 2020 were as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Pension Benefits Cost (Credit): Service cost $ 1,425 $ 1,202 $ 3,776 $ 3,623 Interest cost 5,113 6,696 15,352 20,049 Expected return on assets (10,893) (10,065) (32,687) (30,156) Amortization of prior service benefit 29 9 87 27 Total net pension benefits credit $ (4,326) $ (2,158) $ (13,472) $ (6,457) Postretirement Benefits Cost: Service cost $ 31 $ 27 $ 93 $ 79 Interest cost 309 468 928 1,403 Total net postretirement benefits cost $ 340 $ 495 $ 1,021 $ 1,482 Total net pension and postretirement benefits credit $ (3,986) $ (1,663) $ (12,451) $ (4,975) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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. September 30, 2021 December 31, 2020 Recorded Fair Value Recorded Fair Value (In thousands) Long-term debt $ 2,033,469 $ 2,235,877 $ 3,588,157 $ 3,783,225 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair value of our foreign currency forward contracts included in the consolidated balance sheets as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Designated as hedging instruments (a) $ 1,961 $ 93 $ 7,043 $ — Not Designated as hedging instruments (b) 2,675 4,101 6,563 4,803 Total $ 4,636 $ 4,194 $ 13,606 $ 4,803 (a) Included $2.0 million in Other current assets and $0.1 million in Accrued expenses at September 30, 2021, and $6.2 million in Other current assets and $0.9 million in Other assets at December 31, 2020. (b) Included $2.7 million in Other current assets and $4.1 million in Accrued expenses at September 30, 2021 and $6.6 million in Other current assets and $4.8 million in Accrued expenses at December 31, 2020. |
Derivative Instruments, Losses | The following table summarizes the net gains (losses) recognized for our foreign currency forward contracts during the three-month and nine-month periods ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Designated as hedging instruments Income (loss) recognized in Other comprehensive (loss) income $ 214 $ 6,993 $ (563) $ (6,822) Not designated as hedging instruments (Loss) income recognized in Other expense, net (a) $ (1,199) $ 3,102 $ 658 $ (5,201) (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 expense, net. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 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: Available for sale debt securities (a) $ 248,775 $ — $ — $ 248,775 Investments under executive deferred compensation plan (b) $ 31,952 $ 31,952 $ — $ — Private equity securities measured at net asset value (c)(d) $ 4,695 $ — $ — $ — Foreign currency forward contracts (e) $ 4,636 $ — $ 4,636 $ — Liabilities: Obligations under executive deferred compensation plan (b) $ 31,952 $ 31,952 $ — $ — Foreign currency forward contracts (e) $ 4,194 $ — $ 4,194 $ — 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 (b) $ 32,447 $ 32,447 $ — $ — Private equity securities measured at net asset value (c)(d) $ 4,661 $ — $ — $ — Foreign currency forward contracts (e) $ 13,606 $ — $ 13,606 $ — Liabilities: Obligations under executive deferred compensation plan (b) $ 32,447 $ 32,447 $ — $ — Foreign currency forward contracts (e) $ 4,803 $ — $ 4,803 $ — (a) Preferred equity of a Grace subsidiary acquired as a portion of the proceeds of the FCS sale on June 1, 2021. See Note 2, “Divestitures,” for further details on the material terms and conditions. A third-party estimate of the fair value was prepared using expected future cash flows over the period up to when the asset is likely to be redeemed, applying a discount rate that appropriately captures a market participant's view of the risk associated with the investment. These are considered to be Level 3 inputs. (b) We maintain an Executive Deferred Compensation Plan (“EDCP”) that was adopted in 2001 and subsequently amended. The purpose of the EDCP is to provide current tax planning opportunities as well as supplemental funds upon the retirement or death of certain of our employees. The EDCP is intended to aid in attracting and retaining employees of exceptional ability by providing them with these benefits. We also maintain a Benefit Protection Trust (the “Trust”) that was created to provide a source of funds to assist in meeting the obligations of the EDCP, subject to the claims of our creditors in the event of our insolvency. Assets of the Trust are consolidated in accordance with authoritative guidance. The assets of the Trust consist primarily of mutual fund investments (which are accounted for as trading securities and are marked-to-market on a monthly basis through the consolidated statements of income) and cash and cash equivalents. As such, these assets and obligations are classified within Level 1. (c) Primarily consists of private equity securities reported in Investments in the consolidated balance sheets. The changes in fair value are reported in Other expense, net, in our consolidated statements of income. (d) Holdings in certain 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. (e) 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 14, “Fair Value of Financial Instruments,” for further details about our foreign currency forward contracts. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables set forth the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements (in thousands): Available for Sale Debt Securities Beginning balance at December 31, 2020 $ — Additions 244,530 Accretion of discount 4,245 Ending balance at September 30, 2021 $ 248,775 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 periods indicated below (in thousands): Foreign Currency Translation and Other Net Investment Hedge (a) Cash Flow Hedge (b) Interest Rate Swap (c) Total Three months ended September 30, 2021 Balance at June 30, 2021 $ (324,951) $ — $ 5,672 $ (8,722) $ (328,001) Other comprehensive (loss) income before reclassifications (39,295) — 214 — (39,081) Amounts reclassified from accumulated other comprehensive loss 21 — — 651 672 Other comprehensive (loss) income, net of tax (39,274) — 214 651 (38,409) Other comprehensive income attributable to noncontrolling interests (26) — — — (26) Balance at September 30, 2021 $ (364,251) $ — $ 5,886 $ (8,071) $ (366,436) Three months ended September 30, 2020 Balance at June 30, 2020 $ (487,939) $ 77,103 $ (8,968) $ (11,327) $ (431,131) Other comprehensive income (loss) before reclassifications 37,489 (12,408) 6,993 — 32,074 Amounts reclassified from accumulated other comprehensive loss 10 — — 647 657 Other comprehensive income (loss), net of tax 37,499 (12,408) 6,993 647 32,731 Other comprehensive loss attributable to noncontrolling interests (67) — — — (67) Balance at September 30, 2020 $ (450,507) $ 64,695 $ (1,975) $ (10,680) $ (398,467) Nine months ended September 30, 2021 Balance at December 31, 2020 $ (369,152) $ 46,593 $ 6,449 $ (10,022) $ (326,132) Other comprehensive (loss) income before reclassifications (46,923) 5,110 (563) — (42,376) Amounts reclassified from accumulated other comprehensive loss 71 — — 1,951 2,022 Other comprehensive (loss) income, net of tax (46,852) 5,110 (563) 1,951 (40,354) Amounts reclassified within accumulated other comprehensive loss 51,703 (51,703) — — — Other comprehensive income attributable to noncontrolling interests 50 — — — 50 Balance at September 30, 2021 $ (364,251) $ — $ 5,886 $ (8,071) $ (366,436) Nine months ended September 30, 2020 Balance at December 31, 2019 $ (468,737) $ 80,778 $ 4,847 $ (12,623) $ (395,735) Other comprehensive loss before reclassifications 18,350 (16,083) (6,822) — (4,555) Amounts reclassified from accumulated other comprehensive loss 27 — — 1,943 1,970 Other comprehensive (loss) income, net of tax 18,377 (16,083) (6,822) 1,943 (2,585) Other comprehensive loss attributable to noncontrolling interests (147) — — — (147) Balance at September 30, 2020 $ (450,507) $ 64,695 $ (1,975) $ (10,680) $ (398,467) (a) During the first quarter of 2021 the net investment hedge was discontinued following the repayment of the 1.875% Euro-denominated senior notes. The balance of foreign exchange revaluation gains and losses associated with this discontinued net investment hedge have been reclassified to Foreign currency translation and other, and will remain within accumulated other comprehensive loss until the hedged net investment is sold or liquidated. (b) We entered into a foreign currency forward contract, which was designated and accounted for as a cash flow hedge under ASC 815, Derivatives and Hedging . See Note 14, “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 Income (Loss) | The amount of income tax (expense) benefit allocated to each component of Other comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2021 and 2020 is provided in the following tables (in thousands): Foreign Currency Translation and Other Net Investment Hedge Cash Flow Hedge Interest Rate Swap Three months ended September 30, 2021 Other comprehensive (loss) income, before tax $ (39,266) $ — $ 214 $ 834 Income tax expense (8) — — (183) Other comprehensive (loss) income, net of tax $ (39,274) $ — $ 214 $ 651 Three months ended September 30, 2020 Other comprehensive income (loss), before tax $ 37,504 $ (16,029) $ 6,993 $ 834 Income tax (expense) benefit (5) 3,621 — (187) Other comprehensive income (loss), net of tax $ 37,499 $ (12,408) $ 6,993 $ 647 Nine months ended September 30, 2021 Other comprehensive (loss) income, before tax $ (46,836) $ 6,552 $ (563) $ 2,502 Income tax expense (16) (1,442) — (551) Other comprehensive (loss) income, net of tax $ (46,852) $ 5,110 $ (563) $ 1,951 Nine months ended September 30, 2020 Other comprehensive income (loss), before tax $ 18,380 $ (20,755) $ (6,822) $ 2,502 Income tax (expense) benefit (3) 4,672 — (559) Other comprehensive income (loss), net of tax $ 18,377 $ (16,083) $ (6,822) $ 1,943 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Sales to unconsolidated affiliates $ 5,629 $ 4,863 $ 16,357 $ 17,361 Purchases from unconsolidated affiliates (a) $ 55,540 $ 10,742 $ 144,461 $ 142,366 (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): September 30, 2021 December 31, 2020 Receivables from unconsolidated affiliates $ 1,782 $ 4,098 Payables to unconsolidated affiliates $ 36,744 $ 30,123 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental information related to the condensed consolidated statements of cash flows is as follows (in thousands): Nine Months Ended 2021 2020 Supplemental non-cash disclosure related to investing activities: Capital expenditures included in Accounts payable $ 157,743 $ 167,393 Non-cash proceeds from divestitures (a) $ 244,530 $ — (a) Fair value of preferred equity of a Grace subsidiary received as part of proceeds for the sale of our FCS business. See Note 3, “Divestitures,” for further details. |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Cost of goods sold | $ 581,293 | $ 492,812 | $ 1,672,376 | $ 1,520,329 | |||
Income before income taxes and equity in net income of unconsolidated investments | (516,809) | 121,544 | 141,680 | 325,092 | |||
Income tax (benefit) expense | (114,670) | $ 30,653 | 14,422 | $ 64,526 | |||
Out-of-period adjustment | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Cost of goods sold | $ 13,500 | $ (4,800) | $ (18,300) | $ 9,600 | |||
Income tax (benefit) expense | $ 7,900 |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Details) - Guangxi Tianyuan New Energy Materials Co Ltd | 9 Months Ended |
Sep. 30, 2021USD ($)metricTon | |
Business Acquisition [Line Items] | |
Payments to Acquire Businesses, Gross | $ | $ 200,000,000 |
Designed Annual Conversion Capacity | metricTon | 25,000 |
Assets and Liabilities Held for
Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | Feb. 25, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (Loss) on Disposition of Business | $ (984) | $ 0 | $ 428,424 | $ 0 | |
Fine Chemistry Services | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Non-cash proceeds from divestitures | $ 570,000 | ||||
Cash Proceeds from Divestiture | 300,000 | ||||
Preferred Stock, Value, Outstanding | $ 270,000 | $ 248,800 | 248,800 | ||
Preferred Stock, Dividend Rate, Percentage | 12.00% | ||||
Gain (Loss) on Disposition of Business | (428,400) | ||||
Gain (Loss) on Disposition of Business, net of tax | $ 330,900 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Changes in Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance at beginning of period | $ 1,665,520 |
Reclass to assets held for sale | (6,586) |
Foreign currency translation adjustments | (35,463) |
Balance at end of period | 1,623,471 |
Reportable Segments | Lithium | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 1,441,781 |
Reclass to assets held for sale | 0 |
Foreign currency translation adjustments | (27,623) |
Balance at end of period | 1,414,158 |
Reportable Segments | Bromine Specialties | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 20,319 |
Reclass to assets held for sale | 0 |
Foreign currency translation adjustments | 0 |
Balance at end of period | 20,319 |
Reportable Segments | Catalysts | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 196,834 |
Reclass to assets held for sale | 0 |
Foreign currency translation adjustments | (7,840) |
Balance at end of period | 188,994 |
Reportable Segments | All Other | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 6,586 |
Reclass to assets held for sale | (6,586) |
Foreign currency translation adjustments | 0 |
Balance at end of period | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Other Intangibles (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset Value, Beginning of Period | $ 565,418 | |
Reclass to Assets Held for Sale | (1,473) | |
Foreign currency translation adjustments and other | (14,136) | |
Gross Asset Value, End of Period | 549,809 | |
Accumulated Amortization, Beginning of Period | (216,313) | |
Amortization | (19,111) | |
Reclass to Assets Held for Sale | 1,457 | |
Foreign currency translation adjustments and other | 5,139 | |
Accumulated Amortization, End of Period | (228,828) | |
Net Book Value | 320,981 | $ 349,105 |
Customer lists and relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset Value, Beginning of Period | 448,748 | |
Reclass to Assets Held for Sale | 0 | |
Foreign currency translation adjustments and other | (12,075) | |
Gross Asset Value, End of Period | 436,673 | |
Accumulated Amortization, Beginning of Period | (147,286) | |
Amortization | (17,342) | |
Reclass to Assets Held for Sale | 0 | |
Foreign currency translation adjustments and other | 4,023 | |
Accumulated Amortization, End of Period | (160,605) | |
Net Book Value | 276,068 | 301,462 |
Trade names and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset Value, Beginning of Period | 18,710 | |
Reclass to Assets Held for Sale | 0 | |
Foreign currency translation adjustments and other | (484) | |
Gross Asset Value, End of Period | 18,226 | |
Accumulated Amortization, Beginning of Period | (8,176) | |
Amortization | 0 | |
Reclass to Assets Held for Sale | 0 | |
Foreign currency translation adjustments and other | 111 | |
Accumulated Amortization, End of Period | (8,065) | |
Net Book Value | 10,161 | 10,534 |
Patents and technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset Value, Beginning of Period | 58,096 | |
Reclass to Assets Held for Sale | 0 | |
Foreign currency translation adjustments and other | (507) | |
Gross Asset Value, End of Period | 57,589 | |
Accumulated Amortization, Beginning of Period | (39,500) | |
Amortization | (1,095) | |
Reclass to Assets Held for Sale | 0 | |
Foreign currency translation adjustments and other | 685 | |
Accumulated Amortization, End of Period | (39,910) | |
Net Book Value | 17,679 | 18,596 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset Value, Beginning of Period | 39,864 | |
Reclass to Assets Held for Sale | (1,473) | |
Foreign currency translation adjustments and other | (1,070) | |
Gross Asset Value, End of Period | 37,321 | |
Accumulated Amortization, Beginning of Period | (21,351) | |
Amortization | (674) | |
Reclass to Assets Held for Sale | 1,457 | |
Foreign currency translation adjustments and other | 320 | |
Accumulated Amortization, End of Period | (20,248) | |
Net Book Value | $ 17,073 | $ 18,513 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 22.20% | 25.20% | 10.20% | 19.80% |
Tax expense, gain on sale of business | $ 97.5 | |||
Income Tax Expense (Benefit), Legal Accrual | $ 152.9 | $ 152.9 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share From Continuing Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Basic earnings per share from continuing operations | ||||
Net income attributable to Albemarle Corporation | $ (392,781) | $ 98,301 | $ 127,496 | $ 291,129 |
Weighted-average common shares for basic earnings per share (in shares) | 116,965 | 106,386 | 115,455 | 106,314 |
Basic earnings per share (in dollars per share) | $ (3.36) | $ 0.92 | $ 1.10 | $ 2.74 |
Diluted earnings per share from continuing operations | ||||
Net income attributable to Albemarle Corporation | $ (392,781) | $ 98,301 | $ 127,496 | $ 291,129 |
Weighted-average common shares for basic earnings per share (in shares) | 116,965 | 106,386 | 115,455 | 106,314 |
Incremental shares under stock compensation plans (in shares) | 0 | 487 | 685 | 326 |
Weighted-average common shares outstanding - diluted (in shares) | 116,965 | 106,873 | 116,140 | 106,640 |
Diluted earnings per share (in dollars per share) | $ (3.36) | $ 0.92 | $ 1.10 | $ 2.73 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 08, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Oct. 25, 2021 | May 04, 2021 | Dec. 31, 2020 |
Earnings Per Share Disclosure [Line Items] | ||||||||
Issuance of common stock, net (in shares) | 8,496,773 | |||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Stock Issued During Period Value Per Share New Issues | $ 153 | |||||||
Stock Issued During Period Shares New Issues Underwriter Option | 1,274,509 | |||||||
Issuance of common stock, net | $ 1,500,000 | $ 0 | $ 0 | $ 1,453,888 | $ 0 | |||
Cash dividend, amount per share (in dollars per share) | $ 0.39 | |||||||
Subsequent Event | ||||||||
Earnings Per Share Disclosure [Line Items] | ||||||||
Cash dividend, amount per share (in dollars per share) | $ 0.39 |
Inventories - Breakdown of inve
Inventories - Breakdown of inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 426,616 | $ 454,162 |
Raw materials and work in process | 240,881 | 219,896 |
Stores, supplies and other | 78,101 | 76,179 |
Total inventories | $ 745,598 | $ 750,237 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Lithium | ||
Inventory [Line Items] | ||
Work in process related to Lithium | $ 145 | $ 129.6 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Feb. 25, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||||
Non-cash proceeds from divestitures | $ 244,530 | $ 0 | ||
Fine Chemistry Services | ||||
Schedule of Investments [Line Items] | ||||
Preferred Stock, Value, Outstanding | $ 270,000 | $ 248,800 | ||
Preferred Stock, Dividend Rate, Percentage | 12.00% | |||
Windfield Holdings | ||||
Schedule of Investments [Line Items] | ||||
Equity method investment, ownership percentage | 49.00% | |||
Carrying value of unconsolidated investment | $ 469,400 | $ 479,600 | ||
Other variable interest entities | ||||
Schedule of Investments [Line Items] | ||||
Carrying value of unconsolidated investment | $ 8,200 | $ 8,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total long-term Debt | $ 2,022,098 | $ 3,572,058 |
Unamortized discount and debt issuance costs | (14,387) | (20,332) |
Current portion of long-term debt | 611 | 804,677 |
Long-term debt | $ 2,021,487 | 2,767,381 |
1.875% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 1.875% | |
Unsecured debt | 1.125% Notes | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | $ 441,090 | $ 610,800 |
Debt instrument, interest rate | 1.125% | 1.125% |
Unsecured debt | 1.625% Notes | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | $ 584,800 | $ 610,800 |
Debt instrument, interest rate | 1.625% | 1.625% |
Unsecured debt | Floating Rate Notes | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | $ 0 | $ 200,000 |
Senior notes | 1.875% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | $ 0 | $ 480,007 |
Debt instrument, interest rate | 1.875% | 1.875% |
Senior notes | 3.45% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | $ 171,612 | $ 300,000 |
Debt instrument, interest rate | 3.45% | 3.45% |
Senior notes | 4.15% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | $ 425,000 | $ 425,000 |
Debt instrument, interest rate | 4.15% | 4.15% |
Senior notes | 5.45% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | $ 350,000 | $ 350,000 |
Debt instrument, interest rate | 5.45% | 5.45% |
Credit facilities | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | $ 0 | $ 223,900 |
Commercial paper notes | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | 0 | 325,000 |
Variable-rate foreign bank loans | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | 5,404 | 7,702 |
Finance lease obligations | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | $ 58,579 | $ 59,181 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) $ in Thousands, € in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021EUR (€) | Sep. 30, 2020USD ($) | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||||
Loss on early extinguishment of debt | $ (28,955) | $ 0 | ||||
Net investment hedge (losses) gains | $ 0 | $ (12,408) | 5,110 | $ (16,083) | ||
Interest Expense | ||||||
Debt Instrument [Line Items] | ||||||
Loss on early extinguishment of debt | $ 29,000 | |||||
1.875% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 1.875% | 1.875% | 1.875% | |||
Commercial paper notes | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | $ 325,000 | |||||
Unsecured debt | 1.125% Notes | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | € | € 123.8 | |||||
Debt instrument, interest rate | 1.125% | 1.125% | 1.125% | 1.125% | ||
Unsecured debt | Floating Rate Notes | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | $ 200,000 | |||||
Credit facilities | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | € | € 183.3 | |||||
Senior notes | 1.875% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | € | € 393 | |||||
Debt instrument, interest rate | 1.875% | 1.875% | 1.875% | 1.875% | ||
Senior notes | 3.45% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | $ 128,400 | |||||
Debt instrument, interest rate | 3.45% | 3.45% | 3.45% | 3.45% |
Commitments and Contingencies -
Commitments and Contingencies - Activity in Recorded Environmental Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |
Balance at beginning of period | $ 45,771 |
Expenditures | (1,529) |
Accretion of discount | 723 |
Foreign currency translation adjustments and other | (814) |
Balance at end of period | 45,727 |
Less amounts reported in Accrued expenses | 9,850 |
Amounts reported in Other noncurrent liabilities | $ 35,877 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Oct. 28, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||||
Environmental remediation liabilities - discounted | $ 38,200 | $ 38,200 | $ 39,200 | |
Accrual for environmental loss contingencies - weighted-average discount rate | 3.50% | 3.50% | ||
Environmental remediation liabilities - undiscounted | $ 71,200 | $ 71,200 | 73,600 | |
Loss Contingency, Loss in Period | 657,412 | 657,412 | ||
Loss Contingencies, Loss in Period, Net of Tax | 504,500 | 504,500 | ||
Subsequent Event | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ 600,000 | |||
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Potential revision on future environmental remediation costs before tax | 10,000 | |||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Potential revision on future environmental remediation costs before tax | 37,000 | |||
Other noncurrent liabilities | ||||
Loss Contingencies [Line Items] | ||||
Tax Indemnification Liability | $ 27,900 | $ 27,900 | $ 30,500 |
Leases - Additional Information
Leases - Additional Information (Details) | Sep. 30, 2021 |
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 |
Leases - Leases Cost (Details)
Leases - Leases Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 13,807 | $ 8,085 | $ 32,954 | $ 25,298 |
Amortization of right of use assets | 153 | 126 | 466 | 433 |
Interest on lease liabilities | 722 | 697 | 2,229 | 1,977 |
Total finance lease cost | 875 | 823 | 2,695 | 2,410 |
Short-term lease cost | 2,949 | 3,427 | 7,729 | 9,824 |
Variable lease cost | 2,441 | 2,312 | 6,619 | 6,344 |
Total lease cost | $ 20,072 | $ 14,647 | $ 49,997 | $ 43,876 |
Leases - Leases Cash Flow (Deta
Leases - Leases Cash Flow (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 24,462 | $ 28,074 |
Operating cash flows from finance leases | 1,295 | 1,156 |
Financing cash flows from finance leases | 471 | 513 |
Right-of-use asset obtained in exchange for operating leases | $ 57,136 | $ 17,197 |
Leases - Leases Balance Sheet (
Leases - Leases Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Other assets | $ 165,970 | $ 136,292 |
Accrued expenses | 33,862 | 22,297 |
Other noncurrent liabilities | 136,552 | 116,765 |
Total operating lease liabilities | 170,414 | 139,062 |
Net property, plant and equipment | 58,375 | 58,963 |
Current portion of long-term debt(a) | 2,658 | 1,752 |
Long-term debt | 57,968 | 58,543 |
Total finance lease liabilities | $ 60,626 | $ 60,295 |
Weighted average remaining lease term, operating leases | 12 years 7 months 6 days | 15 years 3 months 18 days |
Weighted average remaining lease term, finance leases | 27 years | 27 years 6 months |
Weighted average discount rate, operating leases, percent | 3.46% | 3.94% |
Weighted average discount rate, finance leases, percent | 4.57% | 4.56% |
Leases - Leases Maturity Table
Leases - Leases Maturity Table (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Remainder of 2021 | $ 10,126 | |
2021 | 38,503 | |
2022 | 34,453 | |
2023 | 20,984 | |
2024 | 14,714 | |
Thereafter | 131,456 | |
Total lease payments | 250,236 | |
Less imputed interest | 79,822 | |
Total operating lease liabilities | 170,414 | $ 139,062 |
Finance Leases | ||
Remainder of 2021 | 542 | |
2021 | 4,448 | |
2022 | 4,448 | |
2023 | 4,448 | |
2024 | 4,448 | |
Thereafter | 89,916 | |
Total lease payments | 108,250 | |
Less imputed interest | 47,624 | |
Total finance lease liabilities | $ 60,626 | $ 60,295 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - Summarize
Segment Information - Summarized Financial Information by Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 830,566 | $ 746,868 | $ 2,433,753 | $ 2,249,762 |
Adjusted EBITDA | 217,569 | 216,055 | 642,251 | 597,613 |
Net income attributable to Albemarle Corporation | (392,781) | 98,301 | 127,496 | 291,129 |
Depreciation and amortization | 62,082 | 58,679 | 185,765 | 170,214 |
Restructuring and other | 754 | 2,251 | 2,294 | 10,831 |
Gain (Loss) on Disposition of Business | 984 | 0 | (428,424) | 0 |
Acquisition and integration related costs | 1,553 | 5,928 | 5,629 | 14,349 |
Interest and financing expenses | 5,136 | 19,227 | 56,170 | 53,964 |
Income tax (benefit) expense | (114,670) | 30,653 | 14,422 | 64,526 |
Non-operating pension and OPEB items | (5,471) | (2,901) | (16,407) | (8,704) |
Loss Contingency, Loss in Period | 657,412 | 657,412 | ||
Charitable Contribution Expense | 20,000 | |||
Other | 2,570 | 3,917 | 17,894 | 1,304 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 46,110 | 75,095 | 159,833 |
Adjusted EBITDA | 0 | 24,985 | 29,858 | 66,407 |
Net income attributable to Albemarle Corporation | 0 | 22,798 | 27,988 | 60,069 |
Depreciation and amortization | 0 | 2,187 | 1,870 | 6,338 |
Restructuring and other | 0 | 0 | 0 | 0 |
Gain (Loss) on Disposition of Business | 0 | 0 | ||
Acquisition and integration related costs | 0 | 0 | 0 | 0 |
Interest and financing expenses | 0 | 0 | 0 | 0 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Non-operating pension and OPEB items | 0 | 0 | 0 | 0 |
Loss Contingency, Loss in Period | 0 | 0 | ||
Charitable Contribution Expense | 0 | |||
Other | 0 | 0 | 0 | 0 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | (81,892) | (83,588) | ||
Net income attributable to Albemarle Corporation | (414,856) | (226,995) | ||
Depreciation and amortization | 8,415 | 7,137 | ||
Restructuring and other | 10,831 | |||
Acquisition and integration related costs | 5,629 | 14,349 | ||
Interest and financing expenses | 56,170 | 53,964 | ||
Income tax (benefit) expense | 14,422 | 64,526 | ||
Non-operating pension and OPEB items | (16,407) | (8,704) | ||
Other | 13,453 | 1,304 | ||
Reportable Segments | Lithium | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 359,229 | 265,646 | 958,539 | 786,186 |
Adjusted EBITDA | 125,416 | 97,789 | 341,293 | 270,962 |
Net income attributable to Albemarle Corporation | 92,449 | 69,102 | 237,293 | 188,380 |
Depreciation and amortization | 34,256 | 28,687 | 99,559 | 82,582 |
Restructuring and other | 0 | 0 | 0 | 0 |
Gain (Loss) on Disposition of Business | 0 | 0 | ||
Acquisition and integration related costs | 0 | 0 | 0 | 0 |
Interest and financing expenses | 0 | 0 | 0 | 0 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Non-operating pension and OPEB items | 0 | 0 | 0 | 0 |
Loss Contingency, Loss in Period | 0 | 0 | ||
Charitable Contribution Expense | 0 | |||
Other | (1,289) | 0 | 4,441 | 0 |
Reportable Segments | Bromine Specialties | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 277,783 | 237,193 | 837,978 | 701,564 |
Adjusted EBITDA | 86,012 | 79,448 | 273,298 | 235,751 |
Net income attributable to Albemarle Corporation | 73,409 | 66,548 | 235,670 | 198,905 |
Depreciation and amortization | 12,603 | 12,900 | 37,628 | 36,846 |
Restructuring and other | 0 | 0 | 0 | 0 |
Gain (Loss) on Disposition of Business | 0 | 0 | ||
Acquisition and integration related costs | 0 | 0 | 0 | 0 |
Interest and financing expenses | 0 | 0 | 0 | 0 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Non-operating pension and OPEB items | 0 | 0 | 0 | 0 |
Loss Contingency, Loss in Period | 0 | 0 | ||
Charitable Contribution Expense | 0 | |||
Other | 0 | 0 | 0 | 0 |
Reportable Segments | Catalysts | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 193,554 | 197,919 | 562,141 | 602,179 |
Adjusted EBITDA | 33,103 | 37,834 | 79,694 | 108,081 |
Net income attributable to Albemarle Corporation | 20,039 | 25,176 | 41,401 | 70,770 |
Depreciation and amortization | 13,064 | 12,658 | 38,293 | 37,311 |
Restructuring and other | 0 | 0 | 0 | 0 |
Gain (Loss) on Disposition of Business | 0 | 0 | ||
Acquisition and integration related costs | 0 | 0 | 0 | 0 |
Interest and financing expenses | 0 | 0 | 0 | 0 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Non-operating pension and OPEB items | 0 | 0 | 0 | 0 |
Loss Contingency, Loss in Period | 0 | 0 | ||
Charitable Contribution Expense | 0 | |||
Other | 0 | 0 | 0 | 0 |
Reportable Segments | Reportable Segments Total | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 244,531 | 215,071 | 694,285 | 614,794 |
Net income attributable to Albemarle Corporation | 185,897 | 160,826 | 514,364 | 458,055 |
Depreciation and amortization | 59,923 | 54,245 | 175,480 | 156,739 |
Restructuring and other | 0 | 0 | 0 | 0 |
Gain (Loss) on Disposition of Business | 0 | 0 | ||
Acquisition and integration related costs | 0 | 0 | 0 | 0 |
Interest and financing expenses | 0 | 0 | 0 | 0 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Non-operating pension and OPEB items | 0 | 0 | 0 | 0 |
Loss Contingency, Loss in Period | 0 | 0 | ||
Charitable Contribution Expense | 0 | |||
Other | (1,289) | 0 | 4,441 | $ 0 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | (26,962) | (24,001) | ||
Net income attributable to Albemarle Corporation | (578,678) | (85,323) | ||
Depreciation and amortization | 2,159 | 2,247 | ||
Restructuring and other | 754 | 2,251 | 2,294 | |
Gain (Loss) on Disposition of Business | 984 | (428,424) | ||
Acquisition and integration related costs | 1,553 | 5,928 | ||
Interest and financing expenses | 5,136 | 19,227 | ||
Income tax (benefit) expense | (114,670) | 30,653 | ||
Non-operating pension and OPEB items | (5,471) | (2,901) | ||
Loss Contingency, Loss in Period | 657,412 | 657,412 | ||
Charitable Contribution Expense | $ 20,000 | |||
Other | $ 3,859 | $ 3,917 |
Segment Information - Summari_2
Segment Information - Summarized Financial Information by Reportable Segments (Footnote) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||
Loss on early extinguishment of debt | $ (28,955) | $ 0 | |||
Restructuring and other | $ 754 | $ 2,251 | 2,294 | 10,831 | |
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | 1,576 | ||||
Accrual for Environmental Loss Contingencies, Revision in Estimates | 3,800 | 3,800 | |||
Cost of goods sold | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and other | 700 | ||||
Selling, general and administrative expenses | |||||
Segment Reporting Information [Line Items] | |||||
Non-routine Chilean labor costs | 2,500 | 8,600 | |||
Restructuring and other | $ 2,300 | 10,400 | |||
Gain (Loss) on Disposition of Property Plant Equipment | 4,000 | ||||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | 1,600 | ||||
Non-controlling Interests | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and other | 300 | ||||
Other (expenses) income, net | |||||
Segment Reporting Information [Line Items] | |||||
Asset Retirement Obligation, Liabilities Incurred | 3,700 | ||||
Settlement of a legal claim | $ 200 | 2,500 | |||
Revision of tax indemnification expense | $ (100) | 800 | |||
Gain on sale of idle properties | $ 800 | ||||
Interest Expense | |||||
Segment Reporting Information [Line Items] | |||||
Loss on early extinguishment of debt | $ 29,000 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefits - Domestic and Foreign Pension and Postretirement Defined Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net pension and postretirement benefits credit | $ (3,986) | $ (1,663) | $ (12,451) | $ (4,975) |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1,425 | 1,202 | 3,776 | 3,623 |
Interest cost | 5,113 | 6,696 | 15,352 | 20,049 |
Expected return on assets | (10,893) | (10,065) | (32,687) | (30,156) |
Amortization of prior service benefit | 29 | 9 | 87 | 27 |
Total net pension and postretirement benefits credit | (4,326) | (2,158) | (13,472) | (6,457) |
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 31 | 27 | 93 | 79 |
Interest cost | 309 | 468 | 928 | 1,403 |
Total net pension and postretirement benefits credit | $ 340 | $ 495 | $ 1,021 | $ 1,482 |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Pension and Postretirement Plan Contributions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Retirement Benefits [Abstract] | ||||
Employer contributions | $ 3.2 | $ 2.7 | $ 22.1 | $ 7.9 |
Payment for other postretirement benefits | $ 0.7 | $ 0.9 | $ 2.1 | $ 2.5 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Total long-term debt, excluding debt issuance costs | $ 2,033,469 | $ 3,588,157 |
Total long-term debt, fair value, excluding debt issuance costs | $ 2,235,877 | $ 3,783,225 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Foreign currency forward contracts, assets | $ 4,636 | $ 4,636 | $ 13,606 | ||
Foreign currency forward contracts, liabilities | 4,194 | 4,194 | 4,803 | ||
Recognized gains (losses) of foreign currency forward contracts designated as hedging instruments | 214 | $ 6,993 | (563) | $ (6,822) | |
Forward contracts | Other, net | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Cash settlements | 25,500 | ||||
Derivative, Cash Received on Hedge | 800 | ||||
Designated as Hedging Instrument | Forward contracts | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Derivative, notional amount | 127,100 | 127,100 | 75,400 | ||
Fair value foreign currency forward contracts designated as hedging instruments, asset | 1,961 | 1,961 | 7,043 | ||
Fair value foreign currency forward contracts designated as hedging instruments, liabilities | 93 | 93 | 0 | ||
Recognized gains (losses) of foreign currency forward contracts designated as hedging instruments | 214 | 6,993 | (563) | (6,822) | |
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 | ||||
Fair value foreign currency forward contracts not designated as hedging instruments, asset | 2,000 | 2,000 | |||
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 | ||||
Designated as Hedging Instrument | Forward contracts | Accrued expenses | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair value foreign currency forward contracts designated as hedging instruments, liabilities | 100 | 100 | |||
Not Designated as Hedging Instrument | Forward contracts | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Derivative, notional amount | 593,100 | 593,100 | 611,100 | ||
Fair value foreign currency forward contracts not designated as hedging instruments, asset | 2,675 | 2,675 | 6,563 | ||
Fair value foreign currency forward contracts not designated as hedging instruments, liabilities | 4,101 | 4,101 | 4,803 | ||
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 | 2,700 | 2,700 | 6,600 | ||
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, liabilities | 4,100 | 4,100 | $ 4,800 | ||
Not Designated as Hedging Instrument | Forward contracts | Other (expenses) income, net | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Recognized (losses) gains of foreign currency forward contracts not designated as hedging instruments | $ (1,199) | $ 3,102 | $ 658 | $ (5,201) |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments under executive deferred compensation plan | $ 31,952 | $ 32,447 |
Private equity securities measured at net asset value | 4,695 | 4,661 |
Foreign currency forward contracts, assets | 4,636 | 13,606 |
Obligations under executive deferred compensation plan | 31,952 | 32,447 |
Foreign currency forward contracts, liabilities | 4,194 | 4,803 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 248,775 | 0 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | 244,530 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Accretion of Discount | 4,245 | |
Debt Securities, Available-for-sale | 248,775 | |
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 | 31,952 | 32,447 |
Foreign currency forward contracts, assets | 0 | 0 |
Obligations under executive deferred compensation plan | 31,952 | 32,447 |
Foreign currency forward contracts, liabilities | 0 | 0 |
Debt Securities, Available-for-sale | 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 |
Foreign currency forward contracts, assets | 4,636 | 13,606 |
Obligations under executive deferred compensation plan | 0 | 0 |
Foreign currency forward contracts, liabilities | 4,194 | 4,803 |
Debt Securities, Available-for-sale | 0 | |
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 |
Foreign currency forward contracts, assets | 0 | 0 |
Obligations under executive deferred compensation plan | 0 | 0 |
Foreign currency forward contracts, liabilities | 0 | $ 0 |
Debt Securities, Available-for-sale | $ 248,775 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ 6,365,771 | $ 4,206,161 | $ 4,468,594 | $ 4,093,580 |
Other comprehensive income (loss), before reclassifications | (39,081) | 32,074 | (42,376) | (4,555) |
Amounts reclassified within accumulated other comprehensive loss | 0 | |||
Amounts reclassified from accumulated other comprehensive loss | 672 | 657 | 2,022 | 1,970 |
Total other comprehensive (loss) income, net of tax | (38,409) | 32,731 | (40,354) | (2,585) |
Other comprehensive (income) loss attributable to noncontrolling interests | (26) | (67) | 50 | (147) |
Ending Balance | $ 5,895,232 | 4,325,381 | $ 5,895,232 | 4,325,381 |
1.875% Senior Notes | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Debt instrument, interest rate | 1.875% | 1.875% | ||
Foreign Currency Translation and Other | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ (324,951) | (487,939) | $ (369,152) | (468,737) |
Other comprehensive income (loss), before reclassifications | (39,295) | 37,489 | (46,923) | 18,350 |
Amounts reclassified within accumulated other comprehensive loss | 51,703 | |||
Amounts reclassified from accumulated other comprehensive loss | 21 | 10 | 71 | 27 |
Total other comprehensive (loss) income, net of tax | (39,274) | 37,499 | (46,852) | 18,377 |
Other comprehensive (income) loss attributable to noncontrolling interests | (26) | (67) | 50 | (147) |
Ending Balance | (364,251) | (450,507) | (364,251) | (450,507) |
Net Investment Hedge | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 0 | 77,103 | 46,593 | 80,778 |
Other comprehensive income (loss), before reclassifications | 0 | (12,408) | 5,110 | (16,083) |
Amounts reclassified within accumulated other comprehensive loss | (51,703) | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Total other comprehensive (loss) income, net of tax | 0 | (12,408) | 5,110 | (16,083) |
Other comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending Balance | 0 | 64,695 | 0 | 64,695 |
Cash Flow Hedge | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 5,672 | (8,968) | 6,449 | 4,847 |
Other comprehensive income (loss), before reclassifications | 214 | 6,993 | (563) | (6,822) |
Amounts reclassified within accumulated other comprehensive loss | 0 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Total other comprehensive (loss) income, net of tax | 214 | 6,993 | (563) | (6,822) |
Other comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending Balance | 5,886 | (1,975) | 5,886 | (1,975) |
Interest Rate Swap | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (8,722) | (11,327) | (10,022) | (12,623) |
Other comprehensive income (loss), before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified within accumulated other comprehensive loss | 0 | |||
Amounts reclassified from accumulated other comprehensive loss | 651 | 647 | 1,951 | 1,943 |
Total other comprehensive (loss) income, net of tax | 651 | 647 | 1,951 | 1,943 |
Other comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending Balance | (8,071) | (10,680) | (8,071) | (10,680) |
Accumulated Other Comprehensive (Loss) Income | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (328,001) | (431,131) | (326,132) | (395,735) |
Total other comprehensive (loss) income, net of tax | (38,435) | 32,664 | (40,304) | (2,732) |
Ending Balance | $ (366,436) | $ (398,467) | $ (366,436) | $ (398,467) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Amount of Income Tax Benefit (Expense) Allocated to Component of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Total other comprehensive (loss) income, net of tax | $ (38,409) | $ 32,731 | $ (40,354) | $ (2,585) |
Foreign Currency Translation and Other | ||||
Equity [Abstract] | ||||
Other comprehensive income (loss), before tax | (39,266) | 37,504 | (46,836) | 18,380 |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Other comprehensive income (loss), before tax | (39,266) | 37,504 | (46,836) | 18,380 |
Income tax (expense) benefit | (8) | (5) | (16) | (3) |
Total other comprehensive (loss) income, net of tax | (39,274) | 37,499 | (46,852) | 18,377 |
Net Investment Hedge | ||||
Equity [Abstract] | ||||
Other comprehensive income (loss), before tax | 0 | (16,029) | 6,552 | (20,755) |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Other comprehensive income (loss), before tax | 0 | (16,029) | 6,552 | (20,755) |
Income tax (expense) benefit | 0 | 3,621 | (1,442) | 4,672 |
Total other comprehensive (loss) income, net of tax | 0 | (12,408) | 5,110 | (16,083) |
Cash Flow Hedge | ||||
Equity [Abstract] | ||||
Other comprehensive income (loss), before tax | 214 | 6,993 | (563) | (6,822) |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Other comprehensive income (loss), before tax | 214 | 6,993 | (563) | (6,822) |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Total other comprehensive (loss) income, net of tax | 214 | 6,993 | (563) | (6,822) |
Interest Rate Swap | ||||
Equity [Abstract] | ||||
Other comprehensive income (loss), before tax | 834 | 834 | 2,502 | 2,502 |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Other comprehensive income (loss), before tax | 834 | 834 | 2,502 | 2,502 |
Income tax (expense) benefit | (183) | (187) | (551) | (559) |
Total other comprehensive (loss) income, net of tax | $ 651 | $ 647 | $ 1,951 | $ 1,943 |
Related Party Transactions (Det
Related Party Transactions (Details) - Unconsolidated Affiliates - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Sales to unconsolidated affiliates | $ 5,629 | $ 4,863 | $ 16,357 | $ 17,361 | |
Purchases from unconsolidated affiliates | 55,540 | $ 10,742 | 144,461 | $ 142,366 | |
Receivables from unconsolidated affiliates | 1,782 | 1,782 | $ 4,098 | ||
Payables to unconsolidated affiliates | $ 36,744 | $ 36,744 | $ 30,123 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of supplemental information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | ||
Capital expenditures included in Accounts payable | $ 157,743 | $ 167,393 |
Non-cash proceeds from divestitures | $ 244,530 | $ 0 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Additional Information (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 |
Cash Flow Supplemental Disclosures [Line Items] | ||||
Capital expenditures | $ 652,739 | $ 621,371 | ||
Non-cash transfer of 40% value of construction in progress of Kemerton plant to MRL | 135,928 | 131,929 | ||
Reclassification of one-time transition tax | 28,700 | 30,400 | ||
Mineral Resources Limited Wodgina Project | ||||
Cash Flow Supplemental Disclosures [Line Items] | ||||
Ownership percentage | 60.00% | |||
Lithium Hydroxide Conversion Assets | ||||
Cash Flow Supplemental Disclosures [Line Items] | ||||
Ownership percentage | 40.00% | |||
Lithium Hydroxide Conversion Assets | Mineral Resources Limited Wodgina Project | ||||
Cash Flow Supplemental Disclosures [Line Items] | ||||
Non-cash transfer of 40% value of construction in progress of Kemerton plant to MRL | $ 135,900 | $ 131,900 | $ 480,000 |