Albemarle (ALB) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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
Title of each class	COMMON STOCK, $.01 Par Value
Trading Symbol	ALB
Security Exchange Name	NYSE
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
Entity Common Stock, Shares Outstanding		117,336,441
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 2,580,252	$ 1,127,728
Cost of goods sold	1,303,712	678,698
Gross profit	1,276,540	449,030
Selling, general and administrative expenses	154,306	112,568
Research and development expenses	20,471	16,083
(Gain) loss on sale of business/interest in properties	0	8,400
Operating profit	1,101,763	311,979
Interest and financing expenses	(26,777)	(27,834)
Other income, net	82,492	15,496
Income before income taxes and equity in net income of unconsolidated investments	1,157,478	299,641
Income tax expense	276,963	80,530
Income before equity in net income of unconsolidated investments	880,515	219,111
Equity in net income of unconsolidated investments (net of tax)	396,188	62,436
Net income	1,276,703	281,547
Net income attributable to noncontrolling interests	(38,123)	(28,164)
Net income attributable to Albemarle Corporation	$ 1,238,580	$ 253,383
Basic earnings per share (in dollars per share)	$ 10.57	$ 2.16
Diluted earnings per share (in dollars per share)	$ 10.51	$ 2.15
Weighted-average common shares outstanding - basic (in shares)	117,232	117,066
Weighted-average common shares outstanding - diluted (in shares)	117,841	117,653

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 1,276,703	$ 281,547
Other comprehensive income (loss), net of tax:
Foreign currency translation and other	46,216	(5,889)
Cash flow hedge	1,101	4,017
Interest rate swap	0	650
Total other comprehensive income (loss), net of tax	47,317	(1,222)
Comprehensive income	1,324,020	280,325
Comprehensive income attributable to noncontrolling interests	(38,115)	(28,111)
Comprehensive income attributable to Albemarle Corporation	$ 1,285,905	$ 252,214

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,586,734	$ 1,499,142
Trade accounts receivable, less allowance for doubtful accounts (2023 – $3,283; 2022 – $2,534)	1,351,915	1,190,970
Other accounts receivable	312,560	185,819
Inventories	3,180,825	2,076,031
Other current assets	225,541	234,955
Total current assets	6,657,575	5,186,917
Property, plant and equipment, at cost	9,830,257	9,354,330
Less accumulated depreciation and amortization	2,476,768	2,391,333
Net property, plant and equipment	7,353,489	6,962,997
Investments	1,391,229	1,150,553
Other assets	243,405	250,558
Goodwill	1,634,152	1,617,627
Other intangibles, net of amortization	284,508	287,870
Total assets	17,564,358	15,456,522
Current liabilities:
Accounts payable to third parties	1,758,254	1,533,624
Accrued expenses	403,336	505,894
Current portion of long-term debt	2,167	2,128
Dividends payable	46,753	46,116
Income taxes payable	282,037	134,876
Total current liabilities	3,505,369	2,741,015
Long-term debt	3,233,393	3,214,972
Postretirement benefits	33,062	32,751
Pension benefits	160,343	159,571
Other noncurrent liabilities	686,655	636,596
Deferred income taxes	486,466	480,770
Commitments and contingencies (Note 9)
Albemarle Corporation shareholders’ equity:
Common stock, $.01 par value, issued and outstanding – 117,299 in 2023 and 117,168 in 2022	1,173	1,172
Additional paid-in capital	2,931,961	2,940,840
Accumulated other comprehensive loss	(513,337)	(560,662)
Retained earnings	6,792,938	5,601,277
Total Albemarle Corporation shareholders’ equity	9,212,735	7,982,627
Noncontrolling interests	246,335	208,220
Total equity	9,459,070	8,190,847
Total liabilities and equity	17,564,358	15,456,522
Accounts Payable, Related Parties, Current	$ 1,012,822	$ 518,377

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,283	$ 2,534
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	117,299	117,168
Common stock, outstanding (in shares)	117,299	117,168

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, 2021		117,015,333
Beginning Balance at Dec. 31, 2021	$ 5,805,607	$ 1,170	$ 2,920,007	$ (392,450)	$ 3,096,539	$ 5,625,266	$ 180,341
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	281,547				253,383	253,383	28,164
Other comprehensive (loss) income	(1,222)			(1,169)		(1,169)	(53)
Cash dividends declared	(46,261)				(46,261)	(46,261)	0
Stock-based compensation	5,384		5,384			5,384
Exercise of stock options (in shares)		500
Exercise of stock options	32	$ 0	32			32
Issuance of common stock, net (in shares)		151,630
Issuance of common stock, net	387	$ 2	385			387
Shares withheld for withholding taxes associated with common stock issuances (in shares)		(55,069)
Withholding taxes paid on stock-based compensation award distributions	(10,422)	$ (1)	(10,421)			(10,422)
Ending Balance (in shares) at Mar. 31, 2022		117,112,394
Ending Balance at Mar. 31, 2022	6,035,052	$ 1,171	2,915,387	(393,619)	3,303,661	5,826,600	208,452
Beginning Balance (in shares) at Dec. 31, 2022		117,168,366
Beginning Balance at Dec. 31, 2022	8,190,847	$ 1,172	2,940,840	(560,662)	5,601,277	7,982,627	208,220
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,276,703				1,238,580	1,238,580	38,123
Other comprehensive (loss) income	47,317			47,325		47,325	(8)
Cash dividends declared	(46,919)				(46,919)	(46,919)	0
Stock-based compensation	9,658		9,658			9,658
Exercise of stock options (in shares)		1,220
Exercise of stock options	81	$ 0	81			81
Issuance of common stock, net (in shares)		205,172
Issuance of common stock, net	0	$ 2	(2)			0
Shares withheld for withholding taxes associated with common stock issuances (in shares)		(75,366)
Withholding taxes paid on stock-based compensation award distributions	(18,617)	$ (1)	(18,616)			(18,617)
Ending Balance (in shares) at Mar. 31, 2023		117,299,392
Ending Balance at Mar. 31, 2023	$ 9,459,070	$ 1,173	$ 2,931,961	$ (513,337)	$ 6,792,938	$ 9,212,735	$ 246,335

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Financial Position [Abstract]
Cash dividends declared (in dollars per share)	$ 0.40	$ 0.395

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents at beginning of year	$ 1,499,142	$ 439,272
Cash flows from operating activities:
Net income	1,276,703	281,547
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	87,271	66,574
(Gain) loss on sale of business/interest in properties	0	8,400
Stock-based compensation and other	10,540	4,245
Equity in net income of unconsolidated investments (net of tax)	(396,188)	(62,436)
Dividends received from unconsolidated investments and nonmarketable securities	547,552	39,168
Pension and postretirement benefit	1,954	(4,250)
Pension and postretirement contributions	(2,825)	(3,890)
Unrealized (gain) loss on investments in marketable securities	(45,732)	1,469
Deferred income taxes	14,098	27,747
Working capital changes	(764,071)	(219,397)
Non-cash transfer of 40% value of construction in progress of Kemerton plant to MRL	7,665	65,100
Other, net	(15,987)	1,899
Net cash provided by operating activities	720,980	206,176
Cash flows from investing activities:
Capital expenditures	(415,608)	(231,698)
(Purchases) sales of marketable securities, net	(122,267)	3,751
Investments in equity and other corporate investments	(1,133)	(146)
Net cash used in investing activities	(539,008)	(228,093)
Cash flows from financing activities:
Proceeds from borrowings of long-term debt and credit agreements	0	280,000
Other debt repayments, net	(713)	(166,615)
Dividends paid to shareholders	(46,282)	(45,637)
Dividends paid to noncontrolling interests	(53,145)	0
Proceeds from exercise of stock options	81	419
Withholding taxes paid on stock-based compensation award distributions	(18,617)	(10,422)
Other	0	(126)
Net cash (used in) provided by financing activities	(118,676)	57,619
Net effect of foreign exchange on cash and cash equivalents	24,296	(11,649)
Increase in cash and cash equivalents	87,592	24,053
Cash and cash equivalents at end of period	$ 1,586,734	$ 463,325

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, our consolidated statements of income, consolidated statements of comprehensive income and consolidated statements of changes in equity for the three-month period ended March 31, 2023 and 2022 and our condensed consolidated statements of cash flows for the three-month periods ended March 31, 2023 and 2022. 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, 2022, as filed with the U.S. Securities and Exchange Commission (“SEC”) on February 15, 2023. The December 31, 2022 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 period ended March 31, 2023 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.

Business Combinations and Asset

Business Combinations and Asset Acquisitions	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions: On October 25, 2022, the Company completed the acquisition of all of the outstanding equity of Guangxi Tianyuan New Energy Materials Co., Ltd. (“Qinzhou”), for approximately $200 million in cash, which includes a deferral of approximately $29 million to be paid in installments within a year of the acquisition closing date. Qinzhou's operations include a lithium processing plant strategically positioned near the Port of Qinzhou in Guangxi, which began commercial production in the first half of 2022. The plant has designed annual conversion capacity of up to 25,000 metric tons of lithium carbonate equivalent (“LCE”) and is capable of producing battery-grade lithium carbonate and lithium hydroxide. The aggregate purchase price noted above was allocated to the major categories of assets and liabilities acquired based upon their estimated fair values at the acquisition closing date, which were based, in part, upon third-party appraisals for certain assets. The fair value of the assets and liabilities was primarily related to Property, plant and equipment of $106.6 million, Other intangibles of $16.3 million, net current liabilities of $5.5 million, and long-term liabilities of $7.1 million. The excess of the purchase price over the preliminary estimated fair value of the net assets acquired was approximately $76.1 million and was recorded as Goodwill. The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to Goodwill, is based upon preliminary information and is subject to change within the measurement-period (up to one year from the acquisition date) as additional information concerning final asset and liability valuations is obtained. The primary area of the preliminary purchase price allocation that is not yet finalized relates to the fair value of the net working capital and Goodwill. The fair value of the assets acquired and liabilities assumed was based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The discount rate is a significant assumption used in the valuation model. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to possible impairment. Goodwill arising from the acquisition was recorded within the Energy Storage segment and consists largely of anticipated synergies and economies of scale from the combined companies and overall strategic importance of the acquired businesses to Albemarle. The goodwill attributable to the acquisition will not be amortizable or deductible for tax purposes.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes:The effective income tax rate for the three-month period ended March 31, 2023 was 23.9% compared to 26.9% for the three-month period ended March 31, 2022. The three-month period ended March 31, 2023 included tax expense related to an uncertain tax position in Chile offset by a tax benefit related to foreign derived intangible income, and net discrete tax expense related to foreign return to provisions offset by excess tax benefits realized from stock-based compensation arrangements. 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 period ended March 31, 2023 was impacted by a variety of factors, primarily the location in which income was earned, foreign-derived intangible income and an uncertain tax position recorded in Chile. The difference between the U.S. federal statutory income tax rate and our effective income tax rate for the three-month period ended March 31, 2022 was impacted by a variety of factors, primarily global intangible low-taxed income and the location in which income was earned.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share: Basic and diluted earnings per share for the three-month periods ended March 31, 2023 and 2022 are calculated as follows (in thousands, except per share amounts): Three Months Ended 2023 2022 Basic earnings per share Numerator: Net income attributable to Albemarle Corporation $ 1,238,580 $ 253,383 Denominator: Weighted-average common shares for basic earnings per share 117,232 117,066 Basic earnings per share $ 10.57 $ 2.16 Diluted earnings per share Numerator: Net income attributable to Albemarle Corporation $ 1,238,580 $ 253,383 Denominator: Weighted-average common shares for basic earnings per share 117,232 117,066 Incremental shares under stock compensation plans 609 587 Weighted-average common shares for diluted earnings per share 117,841 117,653 Diluted earnings per share $ 10.51 $ 2.15 At March 31, 2023 there were 51,316 common stock equivalents not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. On February 23, 2023, the Company declared a cash dividend of $0.40, an increase from the prior year regular quarterly dividend. This dividend was paid on April 3, 2023 to shareholders of record at the close of business as of March 17, 2023. On May 2, 2023, the Company declared a cash dividend of $0.40 per share, which is payable on July 3, 2023 to shareholders of record at the close of business as of June 16, 2023.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories: The following table provides a breakdown of inventories at March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, 2023 2022 Finished goods $ 2,706,606 $ 1,679,473 Raw materials and work in process (a) 368,669 296,998 Stores, supplies and other 105,550 99,560 Total $ 3,180,825 $ 2,076,031 (a) Includes $154.7 million and $133.2 million at March 31, 2023 and December 31, 2022, respectively, of work in process in our Energy Storage segment. The Company records the balance of deferred profits on sales from its equity method investments to the Company to Inventories, specifically finished goods. Deferred profits from equity method investments totaled $552.8 million and $332.3 million as of March 31, 2023 and December 31, 2022, respectively.

Investments

Investments	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments: MARBL Joint Venture Agreement Restructuring On February 22, 2023, the Company announced that it has signed definitive agreements with Mineral Resources Limited (“MRL”) to restructure the parties' MARBL lithium joint venture in Australia (“MARBL”) and separately for MRL to invest in Albemarle conversion assets in China. This restructured agreement is intended to provide the Company with additional funding to support the expansion of lithium conversion capacity, while securing downstream conversion capacity for MRL. In Australia, Albemarle will increase its interest in the first two conversion trains of the Kemerton processing plant from 60% to 85% by purchasing a 25% interest from MRL. Albemarle will operate Kemerton trains 1 and 2 on behalf of the joint venture. MRL will increase its interest in the Wodgina Lithium Mine Project from 40% to 50% by purchasing a 10% interest from Albemarle. MRL will operate the Wodgina mine on behalf of the joint venture. Consideration for Albemarle's increased stake in Kemerton will be offset by consideration for MRL's increased stake in Wodgina. In China, MRL will acquire a 50% interest in Albemarle's Qinzhou and Meishan plants. Qinzhou has a designed annual capacity of up to 25,000 metric tonnes of LCE. The plant will undergo modifications to be able to convert Wodgina spodumene and is expected to commence that conversion in early 2024. The Meishan plant, which is under construction with a designed annual capacity of 50,000 metric tonnes of LCE, is scheduled to be completed in 2024. Albemarle will continue to operate Meishan and Qinzhou. In addition, MRL committed to fund 50% of the capital costs for downstream conversion capacity. MRL is expected to pay approximately $350 million for its initial share of capital costs of this conversion capacity at closing. Albemarle expects to pay MRL a completion adjustment currently estimated to be between $100 million to $150 million reflecting a retroactive effective date of April 1, 2022. These transactions are expected to close in stages beginning in the second quarter of 2023 and are subject to regulatory approval and other customary closing conditions. At this time the Company expects to record a gain as a result of these transactions in the period it closes. Variable Interest Entities The Company holds a 49% equity interest in Windfield Holdings Pty. Ltd. (“Talison”), where the ownership parties share risks and benefits disproportionate to their voting interests. As a result, the Company considers Talison 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 the Company’s 49% equity interest in Windfield, which is our most significant VIE, was $746.8 million and $694.5 million at March 31, 2023 and December 31, 2022, respectively. The Company’s aggregate net investment in all other entities which it considers to be VIEs of which the Company is not the primary beneficiary was $7.7 million at March 31, 2023 and $6.7 million at December 31, 2022. The Company’s 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. The following table summarizes the unaudited results of operations for the Talison joint venture, which met the significant subsidiary test for subsidiaries not consolidated or 50% or less owned persons under Rule 10-01 of Regulation S-X, for the three-month periods ended March 31, 2023 and 2022 (in thousands): Three Months Ended 2023 2022 Net sales $ 1,959,298 $ 392,833 Gross profit 1,901,700 354,442 Income before income taxes 1,784,150 292,552 Net income 1,248,902 204,787 Other As part of the proceeds from the sale of the fine chemistry services (“FCS”) business on June 1, 2021, W.R. Grace & Co. (“Grace”) issued Albemarle preferred equity of a Grace subsidiary having an aggregate stated value of $270 million. The

Goodwill and Other Intangibles

Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 (in thousands): Energy Storage Specialties Ketjen Total Balance at December 31, 2022 $ 1,424,275 $ 20,319 $ 173,033 $ 1,617,627 Segment realignment (a) (12,316) 12,316 — — Foreign currency translation adjustments and other 13,342 — 3,183 16,525 Balance at March 31, 2023 $ 1,425,301 $ 32,635 $ 176,216 $ 1,634,152 (a) Effective January 1, 2023, the Company realigned its Lithium and Bromine reportable segments into the Energy Storage and Specialties reportable segments. See Note 11, “Segment Information,” for additional details. As a result, the Company transferred goodwill from its legacy Lithium segment to the new Specialties reportable segment during the three months ended March 31, 2023. The following table summarizes the changes in other intangibles and related accumulated amortization for the three months ended March 31, 2023 (in thousands): Customer Lists and Relationships Trade Names and Trademarks (a) Patents and Technology Other Total Gross Asset Value Balance at December 31, 2022 $ 412,670 $ 13,161 $ 46,399 $ 35,186 $ 507,416 Foreign currency translation adjustments and other 5,066 231 639 981 6,917 Balance at March 31, 2023 $ 417,736 $ 13,392 $ 47,038 $ 36,167 $ 514,333 Accumulated Amortization Balance at December 31, 2022 $ (177,627) $ (3,587) $ (23,790) $ (14,542) $ (219,546) Amortization (6,529) — (657) (248) (7,434) Foreign currency translation adjustments and other (2,136) (43) (373) (293) (2,845) Balance at March 31, 2023 $ (186,292) $ (3,630) $ (24,820) $ (15,083) $ (229,825) Net Book Value at December 31, 2022 $ 235,043 $ 9,574 $ 22,609 $ 20,644 $ 287,870 Net Book Value at March 31, 2023 $ 231,444 $ 9,762 $ 22,218 $ 21,084 $ 284,508 (a) Net Book Value includes only indefinite-lived intangible assets.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-Term Debt: Long-term debt at March 31, 2023 and December 31, 2022 consisted of the following (in thousands): March 31, December 31, 2023 2022 1.125% notes due 2025 $ 408,959 $ 401,265 1.625% notes due 2028 542,200 532,000 3.45% Senior notes due 2029 171,612 171,612 4.65% Senior notes due 2027 650,000 650,000 5.05% Senior notes due 2032 600,000 600,000 5.45% Senior notes due 2044 350,000 350,000 5.65% Senior notes due 2052 450,000 450,000 Variable-rate foreign bank loans 3,056 2,997 Finance lease obligations 76,070 76,537 Other 11,510 11,378 Unamortized discount and debt issuance costs (27,847) (28,689) Total long-term debt 3,235,560 3,217,100 Less amounts due within one year 2,167 2,128 Long-term debt, less current portion $ 3,233,393 $ 3,214,972

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: Environmental The following activity was recorded in environmental liabilities for the three months ended March 31, 2023 (in thousands): Beginning balance at December 31, 2022 $ 38,245 Expenditures (817) Accretion of discount 249 Additions and changes in estimates 1,869 Foreign currency translation adjustments and other 381 Ending balance at March 31, 2023 39,927 Less amounts reported in Accrued expenses 7,441 Amounts reported in Other noncurrent liabilities $ 32,486 Environmental remediation liabilities included discounted liabilities of $32.1 million and $30.1 million at March 31, 2023 and December 31, 2022, respectively, discounted at rates with a weighted-average of 3.6% and 3.4%, respectively, and with the undiscounted amount totaling $60.8 million and $57.5 million at March 31, 2023 and December 31, 2022, 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 represent an additional $19 million before income taxes, in excess of amounts already recorded. 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. 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 Ketjen 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 Ketjen 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, DOJ and DPP about a potential resolution of these matters. 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 $67.4 million and $66.1 million at March 31, 2023 and December 31, 2022, respectively, recorded in Other noncurrent liabilities, primarily related to the indemnification of certain income and non-income tax liabilities associated with the Chemetall Surface Treatment entities sold in 2017. Other 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	3 Months Ended
	Mar. 31, 2023
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 periods ended March 31, 2023 and 2022 (in thousands): Three Months Ended 2023 2022 Operating lease cost $ 11,751 $ 10,611 Finance lease cost: Amortization of right of use assets 845 430 Interest on lease liabilities 1,059 853 Total finance lease cost 1,904 1,283 Short-term lease cost 5,060 2,699 Variable lease cost 3,509 717 Total lease cost $ 22,224 $ 15,310 Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2023 and 2022 is as follows (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,974 $ 8,637 Operating cash flows from finance leases 1,203 599 Financing cash flows from finance leases 500 515 Right-of-use assets obtained in exchange for lease obligations: Operating leases 10,337 999 Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at March 31, 2023 and December 31, 2022 is as follows (in thousands, except as noted): March 31, 2023 December 31, 2022 Operating leases: Other assets $ 128,229 $ 128,173 Accrued expenses 35,343 35,515 Other noncurrent liabilities 102,125 99,269 Total operating lease liabilities 137,468 134,784 Finance leases: Net property, plant and equipment 80,591 81,356 Current portion of long-term debt (a) 4,872 4,995 Long-term debt 73,903 74,409 Total finance lease liabilities 78,775 79,404 Weighted average remaining lease term (in years): Operating leases 13.0 13.3 Finance leases 22.6 22.8 Weighted average discount rate (%): Operating leases 3.72 % 3.60 % Finance leases 4.41 % 4.41 % (a) Balance includes accrued interest of finance lease recorded in Accrued liabilities. Maturities of lease liabilities at March 31, 2023 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2023 $ 31,554 $ 5,437 2024 27,766 9,409 2025 15,923 6,129 2026 12,576 5,478 2027 10,717 5,478 Thereafter 113,413 91,904 Total lease payments 211,949 123,835 Less imputed interest 74,481 45,060 Total $ 137,468 $ 78,775
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 periods ended March 31, 2023 and 2022 (in thousands): Three Months Ended 2023 2022 Operating lease cost $ 11,751 $ 10,611 Finance lease cost: Amortization of right of use assets 845 430 Interest on lease liabilities 1,059 853 Total finance lease cost 1,904 1,283 Short-term lease cost 5,060 2,699 Variable lease cost 3,509 717 Total lease cost $ 22,224 $ 15,310 Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2023 and 2022 is as follows (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,974 $ 8,637 Operating cash flows from finance leases 1,203 599 Financing cash flows from finance leases 500 515 Right-of-use assets obtained in exchange for lease obligations: Operating leases 10,337 999 Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at March 31, 2023 and December 31, 2022 is as follows (in thousands, except as noted): March 31, 2023 December 31, 2022 Operating leases: Other assets $ 128,229 $ 128,173 Accrued expenses 35,343 35,515 Other noncurrent liabilities 102,125 99,269 Total operating lease liabilities 137,468 134,784 Finance leases: Net property, plant and equipment 80,591 81,356 Current portion of long-term debt (a) 4,872 4,995 Long-term debt 73,903 74,409 Total finance lease liabilities 78,775 79,404 Weighted average remaining lease term (in years): Operating leases 13.0 13.3 Finance leases 22.6 22.8 Weighted average discount rate (%): Operating leases 3.72 % 3.60 % Finance leases 4.41 % 4.41 % (a) Balance includes accrued interest of finance lease recorded in Accrued liabilities. Maturities of lease liabilities at March 31, 2023 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2023 $ 31,554 $ 5,437 2024 27,766 9,409 2025 15,923 6,129 2026 12,576 5,478 2027 10,717 5,478 Thereafter 113,413 91,904 Total lease payments 211,949 123,835 Less imputed interest 74,481 45,060 Total $ 137,468 $ 78,775

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information:Effective January 1, 2023, the Company realigned its Lithium and Bromine global business units into a new corporate structure designed to better meet customer needs and foster talent required to deliver in a competitive global environment. In addition, the Company announced its decision to retain its Catalysts business under a separate, wholly-owned subsidiary renamed Ketjen. As a result, the Company’s three reportable segments include: (1) Energy Storage; (2) Specialties; and (3) Ketjen. 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. The segment information for the prior year period been recast to conform to the current year presentation. 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 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. Segment information for the three-month periods ended March 31, 2023 and 2022 were as follows (in thousands). Prior period amounts have been recast to reflect the current segment structure. Three Months Ended 2023 2022 Net sales: Energy Storage $ 1,943,682 $ 463,704 Specialties 418,778 446,147 Ketjen 217,792 217,877 Total net sales $ 2,580,252 $ 1,127,728 Adjusted EBITDA: Energy Storage $ 1,406,181 $ 285,247 Specialties 162,158 152,602 Ketjen 14,543 16,910 Total segment adjusted EBITDA 1,582,882 454,759 Corporate 12,837 (22,829) Total adjusted EBITDA $ 1,595,719 $ 431,930 Depreciation and amortization: Energy Storage $ 52,162 $ 35,046 Specialties 19,892 16,153 Ketjen 13,143 12,921 Corporate 2,074 2,454 Total depreciation and amortization $ 87,271 $ 66,574 See below for a reconciliation of total segment adjusted EBITDA to the companies consolidated Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP (in thousands): Three Months Ended 2023 2022 Total segment adjusted EBITDA $ 1,582,882 $ 454,759 Corporate expenses, net 12,837 (22,829) Depreciation and amortization (87,271) (66,574) Interest and financing expenses (a) (26,777) (27,834) Income tax expense (276,963) (80,530) Loss on sale of interest in properties, net (b) — (8,400) Acquisition and integration related costs (c) (5,108) (1,724) Non-operating pension and OPEB items (601) 5,280 Mark-to-market gain on public equity securities (d) 45,826 — Other (e) (6,245) 1,235 Net income attributable to Albemarle Corporation $ 1,238,580 $ 253,383 (a) Included in Interest and financing expenses for the three months ended March 31, 2022 is the correction of an out of period error of $17.5 million related to the overstatement of capitalized interest in prior periods. (b) Expense recorded as a result of revised estimates of the obligation to construct certain lithium hydroxide conversion assets in Kemerton, Western Australia, due to cost overruns from supply chain, labor and COVID-19 pandemic related issues. The corresponding obligation was recorded in Accrued liabilities to be transferred to MRL, which maintains a 40% ownership interest in these Kemerton assets. (c) Costs related to the acquisition, integration and potential divestitures for various significant projects, recorded in Selling, general and administrative expenses (“SG&A”). (d) Gain recorded in Other income, net for the three months ended March 31, 2023, resulting from the increase in fair value of investments in public equity securities. (e) Included amounts for the three months ended March 31, 2023 recorded in: • SG&A - $1.9 million of charges primarily for environmental reserves at sites not part of our operations and $0.7 million of facility closure expenses related to offices in Germany. • Other income, net - $3.6 million of charges for asset retirement obligations at a site not part of our operations. Included amounts for the three months ended March 31, 2022 recorded in: • SG&A - $4.3 million of gains from the sale of legacy properties not part of our operations, partially offset by $2.8 million of charges for environmental reserves at sites not part of our operations and $0.7 million of facility closure expenses related to offices in Germany. • Other income, net - $0.6 million gain related to a settlement received from a legal matter in a prior period.

Pension Plans and Other Postret

Pension Plans and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2023
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 periods ended March 31, 2023 and 2022 were as follows (in thousands): Three Months Ended 2023 2022 Pension Benefits Cost (Credit): Service cost $ 1,321 $ 985 Interest cost 8,542 5,605 Expected return on assets (8,409) (11,212) Amortization of prior service benefit 20 24 Total net pension benefits cost (credit) $ 1,474 $ (4,598) Postretirement Benefits Cost: Service cost $ 12 $ 21 Interest cost 468 327 Total net postretirement benefits cost $ 480 $ 348 Total net pension and postretirement benefits cost (credit) $ 1,954 $ (4,250) All components of net benefit cost (credit), other than service cost, are included in Other income, net on the consolidated statements of income. During the three-month periods ended March 31, 2023 and 2022, the Company made contributions of $2.7 million and $3.2 million, respectively, to its qualified and nonqualified pension plans. The Company paid $0.2 million and $0.6 million in premiums to the U.S. postretirement benefit plan during the three-month periods ended March 31, 2023 and 2022, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
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. March 31, 2023 December 31, 2022 Recorded Fair Value Recorded Fair Value (In thousands) Long-term debt $ 3,257,604 $ 3,073,954 $ 3,239,853 $ 2,993,027 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 . We had outstanding designated foreign currency forward contracts with notional values totaling the equivalent of $17.6 million and $64.5 million at March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, we had outstanding non-designated foreign currency forward contracts with notional values totaling $5.2 billion and $2.8 billion, respectively, hedging our exposure to various currencies including the Chinese Renminbi, Euro, Australian Dollar, Chilean Peso and Japanese Yen. The following table summarizes the fair value of our foreign currency forward contracts included in the consolidated balance sheets as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Designated as hedging instruments Accrued expenses $ — $ 921 $ — $ 3,159 Total designated as hedging instruments — 921 — 3,159 Not designated as hedging instruments Other current assets — — 6,016 — Accrued expenses — 306 — 85 Total not designated as hedging instruments — 306 6,016 85 Total $ — $ 1,227 $ 6,016 $ 3,244 The following table summarizes the net gains (losses) recognized for our foreign currency forward contracts during the three-month periods ended March 31, 2023 and 2022 (in thousands): Three Months Ended 2023 2022 Designated as hedging instruments Income recognized in Other comprehensive income (loss) $ 1,101 $ 4,017 Not designated as hedging instruments Income (loss) recognized in Other income, net (a) $ 35,233 $ (3,972) (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 income, net. In addition, for the three-month periods ended March 31, 2023 and 2022, we recorded net cash receipts (settlements) of $41.5 million and ($3.3) million, respectively, in Other, net, in our condensed consolidated statements of cash flows. Unrealized gains and losses related to the cash flow hedges will be reclassified to earnings over the life of the related assets when settled and the related assets are placed into service. 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	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 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) $ 266,276 $ — $ — $ 266,276 Investments under executive deferred compensation plan (b) $ 27,539 $ 27,539 $ — $ — Public equity securities (c) $ 177,503 $ 177,503 $ — $ — Private equity securities measured at net asset value (d)(e) $ 6,388 $ — $ — $ — Liabilities: Obligations under executive deferred compensation plan (b) $ 27,539 $ 27,539 $ — $ — Foreign currency forward contracts (f) $ 1,227 $ — $ 1,227 $ — December 31, 2022 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) $ 260,139 $ — $ — $ 260,139 Investments under executive deferred compensation plan (b) $ 27,270 $ 27,270 $ — $ — Public equity securities (c) $ 5,890 $ 5,890 $ — $ — Private equity securities measured at net asset value (d)(e) $ 6,375 $ — $ — $ — Foreign currency forward contracts (f) $ 6,016 $ — $ 6,016 $ — Liabilities: Obligations under executive deferred compensation plan (b) $ 27,270 $ 27,270 $ — $ — Foreign currency forward contracts (f) $ 3,244 $ — $ 3,244 $ — (a) Preferred equity of a Grace subsidiary acquired as a portion of the proceeds of the FCS sale on June 1, 2021. 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) Holdings in equity securities of public companies reported in Investments in the consolidated balance sheets. The fair value is measured using publicly available share prices of the investments, with any changes reported in Other income, net in our consolidated statements of income. During the three-month period ended March 31, 2023, the Company purchased approximately $121.9 million of shares in a publicly-traded company. In addition, the Company recorded a mark-to-market gain of $45.8 million on all public equity securities during the three-month period ended March 31, 2023 in Other income, net. (d) Primarily consists of private equity securities reported in Investments in the consolidated balance sheets. The changes in fair value are reported in Other income, net in our consolidated statements of income. (e) 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. (f) 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 13, “Fair Value of Financial Instruments,” for further details about our foreign currency forward contracts. 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, 2022 $ 260,139 Fair value adjustment 2,953 Accretion of discount 3,184 Ending balance at March 31, 2023 $ 266,276

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	3 Months Ended
	Mar. 31, 2023
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 Cash Flow Hedge (a) Interest Rate Swap (b) Total Three months ended March 31, 2023 Balance at December 31, 2022 $ (562,886) $ 2,224 $ — $ (560,662) Other comprehensive income before reclassifications 46,200 1,101 — 47,301 Amounts reclassified from accumulated other comprehensive loss 16 — — 16 Other comprehensive income, net of tax 46,216 1,101 — 47,317 Other comprehensive income attributable to noncontrolling interests 8 — — 8 Balance at March 31, 2023 $ (516,662) $ 3,325 $ — $ (513,337) Three months ended March 31, 2022 Balance at December 31, 2021 $ (391,674) $ 6,623 $ (7,399) $ (392,450) Other comprehensive (loss) income before reclassifications (5,909) 4,017 — (1,892) Amounts reclassified from accumulated other comprehensive loss 20 — 650 670 Other comprehensive (loss) income, net of tax (5,889) 4,017 650 (1,222) Other comprehensive income attributable to noncontrolling interests 53 — — 53 Balance at March 31, 2022 $ (397,510) $ 10,640 $ (6,749) $ (393,619) (a) 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. (b) The pre-tax portion of amounts reclassified from accumulated other comprehensive loss is included in interest expense. The balance of this interest rate swap was being amortized to Interest and financing expenses over the life of the 4.15% senior notes originally due in 2024. In the second quarter of 2022, the Company repaid these notes, and as a result, reclassified the remaining balance of this interest rate swap to interest expense during the same period as part of an early extinguishment of debt. The amount of income tax expense allocated to each component of Other comprehensive income (loss) for the three-month periods ended March 31, 2023 and 2022 is provided in the following tables (in thousands): Foreign Currency Translation and Other Cash Flow Hedge Interest Rate Swap Total Three months ended March 31, 2023 Other comprehensive income, before tax $ 45,978 $ 1,101 $ — $ 47,079 Income tax benefit 238 — — 238 Other comprehensive income, net of tax $ 46,216 $ 1,101 $ — $ 47,317 Three months ended March 31, 2022 Other comprehensive (loss) income, before tax $ (6,458) $ 4,017 $ 834 $ (1,607) Income tax benefit (expense) 569 — (184) 385 Other comprehensive (loss) income, net of tax $ (5,889) $ 4,017 $ 650 $ (1,222)

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Sales to unconsolidated affiliates $ 7,100 $ 7,655 Purchases from unconsolidated affiliates (a) $ 1,072,544 $ 216,554 (a) Purchases from unconsolidated affiliates primarily relate to spodumene purchased from the Company’s 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): March 31, 2023 December 31, 2022 Receivables from unconsolidated affiliates $ 13,076 $ 21,495 Payables to unconsolidated affiliates (a) $ 1,012,822 $ 518,377 (a) Payables to unconsolidated affiliates primarily relate spodumene purchased from the Company’s Windfield joint venture under normal payment terms.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2023
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): Three Months Ended 2023 2022 Supplemental non-cash disclosure related to investing and financing activities: Capital expenditures included in Accounts payable $ 347,165 $ 196,661 Promissory note issued for capital expenditures (a) $ — $ 10,876 (a) During the first quarter of 2022, the Company issued a promissory note with a present value of $10.9 million for land purchased in Kings Mountain, NC. The promissory note is payable in equal annual installments from the years 2027 to 2048. As part of the purchase price paid for the acquisition of a 60% interest in the MRL Wodgina Project, the Company transferred $7.7 million and $65.1 million of its construction in progress of the designated Kemerton assets during the three months ended March 31, 2023 and 2022, respectively, representing MRL’s 40% interest in the assets. The cash outflow for these assets was 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

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements: In March 2020, the Financial Accounting Standards Board (“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 was originally effective March 12, 2020 through December 31, 2022. However, in December 2022, the FASB issued an update to defer the sunset date of this guidance to December 31, 2024. The Company currently does not expect this guidance to have a significant impact on its consolidated financial statements. In October 2021, the FASB issued guidance on how to recognize and measure acquired contract assets and liabilities from revenue contracts in a business combination, which requires the acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers as if it had originated the contracts. This guidance is effective for financial statements issued for annual periods beginning after December 15, 2022, including interim periods within those annual periods. This guidance does not currently, nor is it expected to, have a significant impact on its consolidated financial statements. In March 2022, the FASB issued accounting guidance that expands the Company’s abilities to hedge the benchmark interest rate risk of portfolios of financial assets or beneficial interests in a fair value hedge. This guidance expands the use of the portfolio layer method to allow multiple hedges of a single closed portfolio of assets using spot starting, forward starting, and amortizing-notional swaps. This also permits both prepayable and non prepayable financial assets to be included in the closed portfolio of assets hedged in a portfolio layer hedge. In addition, this guidance requires that basis adjustments not be allocated to individual assets for active portfolio layer method hedges, but rather be maintained on the closed portfolio of assets as a whole. This guidance is effective for financial statements issued for annual periods beginning after December 15, 2022, including interim periods within those annual periods. This guidance does not currently, nor is it expected to, have a significant impact on its consolidated financial statements. In March 2023, the FASB issued guidance which requires the Company to amortize leasehold improvements associated with common control leases over the asset’s useful life to the common control group regardless of the lease term. This guidance is effective for financial statements issued for annual periods beginning after December 15, 2023, including interim periods within those annual periods. The Company currently does not expect this guidance to have a significant impact on its consolidated financial statements.

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	In March 2020, the Financial Accounting Standards Board (“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 was originally effective March 12, 2020 through December 31, 2022. However, in December 2022, the FASB issued an update to defer the sunset date of this guidance to December 31, 2024. The Company currently does not expect this guidance to have a significant impact on its consolidated financial statements. In October 2021, the FASB issued guidance on how to recognize and measure acquired contract assets and liabilities from revenue contracts in a business combination, which requires the acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers as if it had originated the contracts. This guidance is effective for financial statements issued for annual periods beginning after December 15, 2022, including interim periods within those annual periods. This guidance does not currently, nor is it expected to, have a significant impact on its consolidated financial statements. In March 2022, the FASB issued accounting guidance that expands the Company’s abilities to hedge the benchmark interest rate risk of portfolios of financial assets or beneficial interests in a fair value hedge. This guidance expands the use of the portfolio layer method to allow multiple hedges of a single closed portfolio of assets using spot starting, forward starting, and amortizing-notional swaps. This also permits both prepayable and non prepayable financial assets to be included in the closed portfolio of assets hedged in a portfolio layer hedge. In addition, this guidance requires that basis adjustments not be allocated to individual assets for active portfolio layer method hedges, but rather be maintained on the closed portfolio of assets as a whole. This guidance is effective for financial statements issued for annual periods beginning after December 15, 2022, including interim periods within those annual periods. This guidance does not currently, nor is it expected to, have a significant impact on its consolidated financial statements. In March 2023, the FASB issued guidance which requires the Company to amortize leasehold improvements associated with common control leases over the asset’s useful life to the common control group regardless of the lease term. This guidance is effective for financial statements issued for annual periods beginning after December 15, 2023, including interim periods within those annual periods. The Company currently does not expect this guidance to have a significant impact on its consolidated financial statements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Earning Per Share	Basic and diluted earnings per share for the three-month periods ended March 31, 2023 and 2022 are calculated as follows (in thousands, except per share amounts): Three Months Ended 2023 2022 Basic earnings per share Numerator: Net income attributable to Albemarle Corporation $ 1,238,580 $ 253,383 Denominator: Weighted-average common shares for basic earnings per share 117,232 117,066 Basic earnings per share $ 10.57 $ 2.16 Diluted earnings per share Numerator: Net income attributable to Albemarle Corporation $ 1,238,580 $ 253,383 Denominator: Weighted-average common shares for basic earnings per share 117,232 117,066 Incremental shares under stock compensation plans 609 587 Weighted-average common shares for diluted earnings per share 117,841 117,653 Diluted earnings per share $ 10.51 $ 2.15

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Breakdown of Inventories	The following table provides a breakdown of inventories at March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, 2023 2022 Finished goods $ 2,706,606 $ 1,679,473 Raw materials and work in process (a) 368,669 296,998 Stores, supplies and other 105,550 99,560 Total $ 3,180,825 $ 2,076,031 (a) Includes $154.7 million and $133.2 million at March 31, 2023 and December 31, 2022, respectively, of work in process in our Energy Storage segment.

Investments, Debt and Equity Se

Investments, Debt and Equity Securities (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule Of Assets Liabilities And Results Of Operations For Unconsolidated Joint Ventures	The following table summarizes the unaudited results of operations for the Talison joint venture, which met the significant subsidiary test for subsidiaries not consolidated or 50% or less owned persons under Rule 10-01 of Regulation S-X, for the three-month periods ended March 31, 2023 and 2022 (in thousands): Three Months Ended 2023 2022 Net sales $ 1,959,298 $ 392,833 Gross profit 1,901,700 354,442 Income before income taxes 1,784,150 292,552 Net income 1,248,902 204,787

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Goodwill	The following table summarizes the changes in goodwill by reportable segment for the three months ended March 31, 2023 (in thousands): Energy Storage Specialties Ketjen Total Balance at December 31, 2022 $ 1,424,275 $ 20,319 $ 173,033 $ 1,617,627 Segment realignment (a) (12,316) 12,316 — — Foreign currency translation adjustments and other 13,342 — 3,183 16,525 Balance at March 31, 2023 $ 1,425,301 $ 32,635 $ 176,216 $ 1,634,152 (a) Effective January 1, 2023, the Company realigned its Lithium and Bromine reportable segments into the Energy Storage and Specialties reportable segments. See Note 11, “Segment Information,” for additional details. As a result, the Company transferred goodwill from its legacy Lithium segment to the new Specialties reportable segment during the three months ended March 31, 2023.
Other Intangibles	The following table summarizes the changes in other intangibles and related accumulated amortization for the three months ended March 31, 2023 (in thousands): Customer Lists and Relationships Trade Names and Trademarks (a) Patents and Technology Other Total Gross Asset Value Balance at December 31, 2022 $ 412,670 $ 13,161 $ 46,399 $ 35,186 $ 507,416 Foreign currency translation adjustments and other 5,066 231 639 981 6,917 Balance at March 31, 2023 $ 417,736 $ 13,392 $ 47,038 $ 36,167 $ 514,333 Accumulated Amortization Balance at December 31, 2022 $ (177,627) $ (3,587) $ (23,790) $ (14,542) $ (219,546) Amortization (6,529) — (657) (248) (7,434) Foreign currency translation adjustments and other (2,136) (43) (373) (293) (2,845) Balance at March 31, 2023 $ (186,292) $ (3,630) $ (24,820) $ (15,083) $ (229,825) Net Book Value at December 31, 2022 $ 235,043 $ 9,574 $ 22,609 $ 20,644 $ 287,870 Net Book Value at March 31, 2023 $ 231,444 $ 9,762 $ 22,218 $ 21,084 $ 284,508 (a) Net Book Value includes only indefinite-lived intangible assets.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt at March 31, 2023 and December 31, 2022 consisted of the following (in thousands): March 31, December 31, 2023 2022 1.125% notes due 2025 $ 408,959 $ 401,265 1.625% notes due 2028 542,200 532,000 3.45% Senior notes due 2029 171,612 171,612 4.65% Senior notes due 2027 650,000 650,000 5.05% Senior notes due 2032 600,000 600,000 5.45% Senior notes due 2044 350,000 350,000 5.65% Senior notes due 2052 450,000 450,000 Variable-rate foreign bank loans 3,056 2,997 Finance lease obligations 76,070 76,537 Other 11,510 11,378 Unamortized discount and debt issuance costs (27,847) (28,689) Total long-term debt 3,235,560 3,217,100 Less amounts due within one year 2,167 2,128 Long-term debt, less current portion $ 3,233,393 $ 3,214,972

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Activity in Recorded Environmental Liabilities	The following activity was recorded in environmental liabilities for the three months ended March 31, 2023 (in thousands): Beginning balance at December 31, 2022 $ 38,245 Expenditures (817) Accretion of discount 249 Additions and changes in estimates 1,869 Foreign currency translation adjustments and other 381 Ending balance at March 31, 2023 39,927 Less amounts reported in Accrued expenses 7,441 Amounts reported in Other noncurrent liabilities $ 32,486

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Lease, Cost	The following table provides details of our lease contracts for the three-month periods ended March 31, 2023 and 2022 (in thousands): Three Months Ended 2023 2022 Operating lease cost $ 11,751 $ 10,611 Finance lease cost: Amortization of right of use assets 845 430 Interest on lease liabilities 1,059 853 Total finance lease cost 1,904 1,283 Short-term lease cost 5,060 2,699 Variable lease cost 3,509 717 Total lease cost $ 22,224 $ 15,310 Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2023 and 2022 is as follows (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,974 $ 8,637 Operating cash flows from finance leases 1,203 599 Financing cash flows from finance leases 500 515 Right-of-use assets obtained in exchange for lease obligations: Operating leases 10,337 999
Supplemental Balance Sheet Information related to Leases	Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at March 31, 2023 and December 31, 2022 is as follows (in thousands, except as noted): March 31, 2023 December 31, 2022 Operating leases: Other assets $ 128,229 $ 128,173 Accrued expenses 35,343 35,515 Other noncurrent liabilities 102,125 99,269 Total operating lease liabilities 137,468 134,784 Finance leases: Net property, plant and equipment 80,591 81,356 Current portion of long-term debt (a) 4,872 4,995 Long-term debt 73,903 74,409 Total finance lease liabilities 78,775 79,404 Weighted average remaining lease term (in years): Operating leases 13.0 13.3 Finance leases 22.6 22.8 Weighted average discount rate (%): Operating leases 3.72 % 3.60 % Finance leases 4.41 % 4.41 % (a) Balance includes accrued interest of finance lease recorded in Accrued liabilities.
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities at March 31, 2023 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2023 $ 31,554 $ 5,437 2024 27,766 9,409 2025 15,923 6,129 2026 12,576 5,478 2027 10,717 5,478 Thereafter 113,413 91,904 Total lease payments 211,949 123,835 Less imputed interest 74,481 45,060 Total $ 137,468 $ 78,775
Finance Lease, Liability, Maturity	Maturities of lease liabilities at March 31, 2023 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2023 $ 31,554 $ 5,437 2024 27,766 9,409 2025 15,923 6,129 2026 12,576 5,478 2027 10,717 5,478 Thereafter 113,413 91,904 Total lease payments 211,949 123,835 Less imputed interest 74,481 45,060 Total $ 137,468 $ 78,775

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Reportable Segments Summarized Financial Information	Segment information for the three-month periods ended March 31, 2023 and 2022 were as follows (in thousands). Prior period amounts have been recast to reflect the current segment structure. Three Months Ended 2023 2022 Net sales: Energy Storage $ 1,943,682 $ 463,704 Specialties 418,778 446,147 Ketjen 217,792 217,877 Total net sales $ 2,580,252 $ 1,127,728 Adjusted EBITDA: Energy Storage $ 1,406,181 $ 285,247 Specialties 162,158 152,602 Ketjen 14,543 16,910 Total segment adjusted EBITDA 1,582,882 454,759 Corporate 12,837 (22,829) Total adjusted EBITDA $ 1,595,719 $ 431,930 Depreciation and amortization: Energy Storage $ 52,162 $ 35,046 Specialties 19,892 16,153 Ketjen 13,143 12,921 Corporate 2,074 2,454 Total depreciation and amortization $ 87,271 $ 66,574 See below for a reconciliation of total segment adjusted EBITDA to the companies consolidated Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP (in thousands): Three Months Ended 2023 2022 Total segment adjusted EBITDA $ 1,582,882 $ 454,759 Corporate expenses, net 12,837 (22,829) Depreciation and amortization (87,271) (66,574) Interest and financing expenses (a) (26,777) (27,834) Income tax expense (276,963) (80,530) Loss on sale of interest in properties, net (b) — (8,400) Acquisition and integration related costs (c) (5,108) (1,724) Non-operating pension and OPEB items (601) 5,280 Mark-to-market gain on public equity securities (d) 45,826 — Other (e) (6,245) 1,235 Net income attributable to Albemarle Corporation $ 1,238,580 $ 253,383 (a) Included in Interest and financing expenses for the three months ended March 31, 2022 is the correction of an out of period error of $17.5 million related to the overstatement of capitalized interest in prior periods. (b) Expense recorded as a result of revised estimates of the obligation to construct certain lithium hydroxide conversion assets in Kemerton, Western Australia, due to cost overruns from supply chain, labor and COVID-19 pandemic related issues. The corresponding obligation was recorded in Accrued liabilities to be transferred to MRL, which maintains a 40% ownership interest in these Kemerton assets. (c) Costs related to the acquisition, integration and potential divestitures for various significant projects, recorded in Selling, general and administrative expenses (“SG&A”). (d) Gain recorded in Other income, net for the three months ended March 31, 2023, resulting from the increase in fair value of investments in public equity securities. (e) Included amounts for the three months ended March 31, 2023 recorded in: • SG&A - $1.9 million of charges primarily for environmental reserves at sites not part of our operations and $0.7 million of facility closure expenses related to offices in Germany. • Other income, net - $3.6 million of charges for asset retirement obligations at a site not part of our operations. Included amounts for the three months ended March 31, 2022 recorded in: • SG&A - $4.3 million of gains from the sale of legacy properties not part of our operations, partially offset by $2.8 million of charges for environmental reserves at sites not part of our operations and $0.7 million of facility closure expenses related to offices in Germany. • Other income, net - $0.6 million gain related to a settlement received from a legal matter in a prior period.

Pension Plans and Other Postr_2

Pension Plans and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
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 periods ended March 31, 2023 and 2022 were as follows (in thousands): Three Months Ended 2023 2022 Pension Benefits Cost (Credit): Service cost $ 1,321 $ 985 Interest cost 8,542 5,605 Expected return on assets (8,409) (11,212) Amortization of prior service benefit 20 24 Total net pension benefits cost (credit) $ 1,474 $ (4,598) Postretirement Benefits Cost: Service cost $ 12 $ 21 Interest cost 468 327 Total net postretirement benefits cost $ 480 $ 348 Total net pension and postretirement benefits cost (credit) $ 1,954 $ (4,250)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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. March 31, 2023 December 31, 2022 Recorded Fair Value Recorded Fair Value (In thousands) Long-term debt $ 3,257,604 $ 3,073,954 $ 3,239,853 $ 2,993,027
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 March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Designated as hedging instruments Accrued expenses $ — $ 921 $ — $ 3,159 Total designated as hedging instruments — 921 — 3,159 Not designated as hedging instruments Other current assets — — 6,016 — Accrued expenses — 306 — 85 Total not designated as hedging instruments — 306 6,016 85 Total $ — $ 1,227 $ 6,016 $ 3,244
Derivative Instruments, Losses	The following table summarizes the net gains (losses) recognized for our foreign currency forward contracts during the three-month periods ended March 31, 2023 and 2022 (in thousands): Three Months Ended 2023 2022 Designated as hedging instruments Income recognized in Other comprehensive income (loss) $ 1,101 $ 4,017 Not designated as hedging instruments Income (loss) recognized in Other income, net (a) $ 35,233 $ (3,972) (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 income, net.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 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) $ 266,276 $ — $ — $ 266,276 Investments under executive deferred compensation plan (b) $ 27,539 $ 27,539 $ — $ — Public equity securities (c) $ 177,503 $ 177,503 $ — $ — Private equity securities measured at net asset value (d)(e) $ 6,388 $ — $ — $ — Liabilities: Obligations under executive deferred compensation plan (b) $ 27,539 $ 27,539 $ — $ — Foreign currency forward contracts (f) $ 1,227 $ — $ 1,227 $ — December 31, 2022 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) $ 260,139 $ — $ — $ 260,139 Investments under executive deferred compensation plan (b) $ 27,270 $ 27,270 $ — $ — Public equity securities (c) $ 5,890 $ 5,890 $ — $ — Private equity securities measured at net asset value (d)(e) $ 6,375 $ — $ — $ — Foreign currency forward contracts (f) $ 6,016 $ — $ 6,016 $ — Liabilities: Obligations under executive deferred compensation plan (b) $ 27,270 $ 27,270 $ — $ — Foreign currency forward contracts (f) $ 3,244 $ — $ 3,244 $ — (a) Preferred equity of a Grace subsidiary acquired as a portion of the proceeds of the FCS sale on June 1, 2021. 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) Holdings in equity securities of public companies reported in Investments in the consolidated balance sheets. The fair value is measured using publicly available share prices of the investments, with any changes reported in Other income, net in our consolidated statements of income. During the three-month period ended March 31, 2023, the Company purchased approximately $121.9 million of shares in a publicly-traded company. In addition, the Company recorded a mark-to-market gain of $45.8 million on all public equity securities during the three-month period ended March 31, 2023 in Other income, net. (d) Primarily consists of private equity securities reported in Investments in the consolidated balance sheets. The changes in fair value are reported in Other income, net in our consolidated statements of income. (e) 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. (f) 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
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, 2022 $ 260,139 Fair value adjustment 2,953 Accretion of discount 3,184 Ending balance at March 31, 2023 $ 266,276

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	3 Months Ended
	Mar. 31, 2023
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 Cash Flow Hedge (a) Interest Rate Swap (b) Total Three months ended March 31, 2023 Balance at December 31, 2022 $ (562,886) $ 2,224 $ — $ (560,662) Other comprehensive income before reclassifications 46,200 1,101 — 47,301 Amounts reclassified from accumulated other comprehensive loss 16 — — 16 Other comprehensive income, net of tax 46,216 1,101 — 47,317 Other comprehensive income attributable to noncontrolling interests 8 — — 8 Balance at March 31, 2023 $ (516,662) $ 3,325 $ — $ (513,337) Three months ended March 31, 2022 Balance at December 31, 2021 $ (391,674) $ 6,623 $ (7,399) $ (392,450) Other comprehensive (loss) income before reclassifications (5,909) 4,017 — (1,892) Amounts reclassified from accumulated other comprehensive loss 20 — 650 670 Other comprehensive (loss) income, net of tax (5,889) 4,017 650 (1,222) Other comprehensive income attributable to noncontrolling interests 53 — — 53 Balance at March 31, 2022 $ (397,510) $ 10,640 $ (6,749) $ (393,619) (a) 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. (b) The pre-tax portion of amounts reclassified from accumulated other comprehensive loss is included in interest expense. The balance of this interest rate swap was being amortized to Interest and financing expenses over the life of the 4.15% senior notes originally due in 2024. In the second quarter of 2022, the Company repaid these notes, and as a result, reclassified the remaining balance of this interest rate swap to interest expense during the same period as part of an early extinguishment of debt.
Amount of Income Tax (Expense) Benefit Allocated to Component Of Other Comprehensive Income (Loss)	The amount of income tax expense allocated to each component of Other comprehensive income (loss) for the three-month periods ended March 31, 2023 and 2022 is provided in the following tables (in thousands): Foreign Currency Translation and Other Cash Flow Hedge Interest Rate Swap Total Three months ended March 31, 2023 Other comprehensive income, before tax $ 45,978 $ 1,101 $ — $ 47,079 Income tax benefit 238 — — 238 Other comprehensive income, net of tax $ 46,216 $ 1,101 $ — $ 47,317 Three months ended March 31, 2022 Other comprehensive (loss) income, before tax $ (6,458) $ 4,017 $ 834 $ (1,607) Income tax benefit (expense) 569 — (184) 385 Other comprehensive (loss) income, net of tax $ (5,889) $ 4,017 $ 650 $ (1,222)

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Sales to unconsolidated affiliates $ 7,100 $ 7,655 Purchases from unconsolidated affiliates (a) $ 1,072,544 $ 216,554 (a) Purchases from unconsolidated affiliates primarily relate to spodumene purchased from the Company’s 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): March 31, 2023 December 31, 2022 Receivables from unconsolidated affiliates $ 13,076 $ 21,495 Payables to unconsolidated affiliates (a) $ 1,012,822 $ 518,377 (a) Payables to unconsolidated affiliates primarily relate spodumene purchased from the Company’s Windfield joint venture under normal payment terms.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2023
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): Three Months Ended 2023 2022 Supplemental non-cash disclosure related to investing and financing activities: Capital expenditures included in Accounts payable $ 347,165 $ 196,661 Promissory note issued for capital expenditures (a) $ — $ 10,876 (a) During the first quarter of 2022, the Company issued a promissory note with a present value of $10.9 million for land purchased in Kings Mountain, NC. The promissory note is payable in equal annual installments from the years 2027 to 2048.

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Details) $ in Thousands	Oct. 25, 2022 USD ($) metricTon	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 1,634,152	$ 1,617,627
Guangxi Tianyuan New Energy Materials Co Ltd
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 200,000
Deferred Payments to Acquire Businesses	$ 29,000
Designed Annual Conversion Capacity | metricTon	25,000
Fair value of mineral reserves	$ 106,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	16,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	5,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities	7,100
Goodwill	$ 76,100

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	23.90%	26.90%

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
	Mar. 31, 2023	Mar. 31, 2022
Basic earnings per share from continuing operations
Net income attributable to Albemarle Corporation	$ 1,238,580	$ 253,383
Weighted-average common shares for basic earnings per share (in shares)	117,232	117,066
Basic earnings per share (in dollars per share)	$ 10.57	$ 2.16
Diluted earnings per share from continuing operations
Net income attributable to Albemarle Corporation	$ 1,238,580	$ 253,383
Weighted-average common shares for basic earnings per share (in shares)	117,232	117,066
Incremental shares under stock compensation plans (in shares)	609	587
Weighted-average common shares outstanding - diluted (in shares)	117,841	117,653
Diluted earnings per share (in dollars per share)	$ 10.51	$ 2.15

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023	Feb. 23, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share	51,316
Cash dividend, amount per share (in dollars per share)			$ 0.40
Subsequent Event
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Cash dividend, amount per share (in dollars per share)		$ 0.40

Inventories - Breakdown of inve

Inventories - Breakdown of inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 2,706,606	$ 1,679,473
Raw materials and work in process	368,669	296,998
Stores, supplies and other	105,550	99,560
Total inventories	$ 3,180,825	$ 2,076,031

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Other variable interest entities
Inventory [Line Items]
Equity Method Investment, Deferred Gain on Sale	$ 552.8	$ 332.3
Lithium
Inventory [Line Items]
Work in process related to Lithium	$ 154.7	$ 133.2

Investments (Details)

Investments (Details) $ in Thousands			3 Months Ended		9 Months Ended
	Jun. 01, 2021 USD ($)	Oct. 31, 2019	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) metricTon	Dec. 31, 2022 USD ($)
Schedule of Investments [Line Items]
Net sales			$ 2,580,252	$ 1,127,728
Gross Profit			1,276,540	449,030
Net income			1,276,703	281,547
Fine Chemistry Services
Schedule of Investments [Line Items]
Preferred Stock, Value, Outstanding	$ 270,000		266,300			$ 260,100
Preferred Stock, Dividend Rate, Percentage	12%
Significant Unconsolidated Joint Ventures
Schedule of Investments [Line Items]
Net sales			1,959,298	392,833
Gross Profit			1,901,700	354,442
Income (Loss) Attributable to Parent, before Tax			1,784,150	292,552
Net income			1,248,902	$ 204,787
Windfield Holdings
Schedule of Investments [Line Items]
Carrying value of unconsolidated investment			$ 746,800			694,500
Windfield Holdings | Windfield Holdings
Schedule of Investments [Line Items]
Equity method investment, ownership percentage			49%
Other variable interest entities
Schedule of Investments [Line Items]
Carrying value of unconsolidated investment			$ 7,700			$ 6,700
Forecast | Minimum | Mineral Resources Limited
Schedule of Investments [Line Items]
Capital costs committed					$ 100,000
Forecast | Maximum | Mineral Resources Limited
Schedule of Investments [Line Items]
Capital costs committed					$ 150,000
Forecast | Mineral Resources Limited
Schedule of Investments [Line Items]
Capital costs committed percent					50%
Capital costs committed					$ 350,000
Kemerton Plant
Schedule of Investments [Line Items]
Ownership percentage			60%
Kemerton Plant | Forecast
Schedule of Investments [Line Items]
Ownership percentage					85%
Ownership percentage purchased					25%
Mineral Resources Limited Wodgina Project
Schedule of Investments [Line Items]
Ownership percentage		60%	40%
Mineral Resources Limited Wodgina Project | Forecast
Schedule of Investments [Line Items]
Ownership percentage					50%
Ownership percentage purchased					10%
Qinzhou Plant | Forecast
Schedule of Investments [Line Items]
Designed Annual Conversion Capacity | metricTon					25,000
Qinzhou Plant | Forecast | Mineral Resources Limited
Schedule of Investments [Line Items]
Ownership percentage					50%
Meishan Plant | Forecast
Schedule of Investments [Line Items]
Designed Annual Conversion Capacity | metricTon					50,000
Meishan Plant | Forecast | Mineral Resources Limited
Schedule of Investments [Line Items]
Ownership percentage					50%

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Changes in Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 1,617,627
Foreign currency translation adjustments and other	16,525
Balance at end of period	1,634,152
Goodwill, Transfers	0
Reportable Segments | Lithium
Goodwill [Roll Forward]
Balance at beginning of period	1,424,275
Foreign currency translation adjustments and other	13,342
Balance at end of period	1,425,301
Goodwill, Transfers	12,316
Reportable Segments | Specialties
Goodwill [Roll Forward]
Balance at beginning of period	20,319
Foreign currency translation adjustments and other	0
Balance at end of period	32,635
Goodwill, Transfers	(12,316)
Reportable Segments | Catalysts
Goodwill [Roll Forward]
Balance at beginning of period	173,033
Foreign currency translation adjustments and other	3,183
Balance at end of period	176,216
Goodwill, Transfers	$ 0

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Other Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Asset Value, Beginning of Period	$ 507,416
Foreign currency translation adjustments and other	6,917
Gross Asset Value, End of Period	514,333
Accumulated Amortization, Beginning of Period	(219,546)
Amortization	(7,434)
Foreign currency translation adjustments and other	(2,845)
Accumulated Amortization, End of Period	(229,825)
Net Book Value	284,508	$ 287,870
Customer lists and relationships
Finite-Lived Intangible Assets [Line Items]
Gross Asset Value, Beginning of Period	412,670
Foreign currency translation adjustments and other	5,066
Gross Asset Value, End of Period	417,736
Accumulated Amortization, Beginning of Period	(177,627)
Amortization	(6,529)
Foreign currency translation adjustments and other	(2,136)
Accumulated Amortization, End of Period	(186,292)
Net Book Value	231,444	235,043
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Asset Value, Beginning of Period	13,161
Foreign currency translation adjustments and other	231
Gross Asset Value, End of Period	13,392
Accumulated Amortization, Beginning of Period	(3,587)
Amortization	0
Foreign currency translation adjustments and other	(43)
Accumulated Amortization, End of Period	(3,630)
Net Book Value	9,762	9,574
Patents and technology
Finite-Lived Intangible Assets [Line Items]
Gross Asset Value, Beginning of Period	46,399
Foreign currency translation adjustments and other	639
Gross Asset Value, End of Period	47,038
Accumulated Amortization, Beginning of Period	(23,790)
Amortization	(657)
Foreign currency translation adjustments and other	(373)
Accumulated Amortization, End of Period	(24,820)
Net Book Value	22,218	22,609
Other
Finite-Lived Intangible Assets [Line Items]
Gross Asset Value, Beginning of Period	35,186
Foreign currency translation adjustments and other	981
Gross Asset Value, End of Period	36,167
Accumulated Amortization, Beginning of Period	(14,542)
Amortization	(248)
Foreign currency translation adjustments and other	(293)
Accumulated Amortization, End of Period	(15,083)
Net Book Value	$ 21,084	$ 20,644

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total long-term Debt	$ 3,235,560	$ 3,217,100
Unamortized discount and debt issuance costs	(27,847)	(28,689)
Current portion of long-term debt	2,167	2,128
Long-term debt	3,233,393	3,214,972
Unsecured debt | 1.125% Notes
Debt Instrument [Line Items]
Total long-term Debt	$ 408,959	$ 401,265
Debt instrument, interest rate	1.125%	1.125%
Unsecured debt | 1.625% Notes
Debt Instrument [Line Items]
Total long-term Debt	$ 542,200	$ 532,000
Debt instrument, interest rate	1.625%	1.625%
Senior notes | 3.45% Senior Notes
Debt Instrument [Line Items]
Total long-term Debt	$ 171,612	$ 171,612
Debt instrument, interest rate	3.45%	3.45%
Senior notes | 4.65% Senior Notes
Debt Instrument [Line Items]
Total long-term Debt	$ 650,000	$ 650,000
Debt instrument, interest rate	4.65%	4.65%
Senior notes | 5.05% Senior Notes
Debt Instrument [Line Items]
Total long-term Debt	$ 600,000	$ 600,000
Debt instrument, interest rate	5.05%	5.05%
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%
Senior notes | 5.65% Senior Notes
Debt Instrument [Line Items]
Total long-term Debt	$ 450,000	$ 450,000
Debt instrument, interest rate	5.65%	5.65%
Variable-rate foreign bank loans
Debt Instrument [Line Items]
Total long-term Debt	$ 3,056	$ 2,997
Finance lease obligations
Debt Instrument [Line Items]
Total long-term Debt	76,070	76,537
Other Debt Obligations
Debt Instrument [Line Items]
Total long-term Debt	$ 11,510	$ 11,378

Commitments and Contingencies -

Commitments and Contingencies - Activity in Recorded Environmental Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at beginning of period	$ 38,245
Expenditures	(817)
Accretion of discount	249
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)	1,869
Foreign currency translation adjustments and other	381
Balance at end of period	39,927
Less amounts reported in Accrued expenses	7,441
Amounts reported in Other noncurrent liabilities	$ 32,486

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Environmental remediation liabilities - discounted	$ 32.1	$ 30.1
Accrual for environmental loss contingencies - weighted-average discount rate	3.60%	3.40%
Environmental remediation liabilities - undiscounted	$ 60.8	$ 57.5
Potential revision on future environmental remediation costs before tax	19
Other noncurrent liabilities
Loss Contingencies [Line Items]
Tax Indemnification Liability	$ 67.4	$ 66.1

Leases - Additional Information

Leases - Additional Information (Details)	Mar. 31, 2023
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
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 11,751	$ 10,611
Amortization of right of use assets	845	430
Interest on lease liabilities	1,059	853
Total finance lease cost	1,904	1,283
Short-term lease cost	5,060	2,699
Variable lease cost	3,509	717
Total lease cost	$ 22,224	$ 15,310

Leases - Leases Cash Flow (Deta

Leases - Leases Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 10,974	$ 8,637
Operating cash flows from finance leases	1,203	599
Financing cash flows from finance leases	500	515
Right-of-use asset obtained in exchange for operating leases	$ 10,337	$ 999

Leases - Leases Balance Sheet (

Leases - Leases Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Other assets	$ 128,229	$ 128,173
Accrued expenses	35,343	35,515
Other noncurrent liabilities	102,125	99,269
Total operating lease liabilities	137,468	134,784
Net property, plant and equipment	80,591	81,356
Current portion of long-term debt(a)	4,872	4,995
Long-term debt	73,903	74,409
Total finance lease liabilities	$ 78,775	$ 79,404
Weighted average remaining lease term, operating leases	13 years	13 years 3 months 18 days
Weighted average remaining lease term, finance leases	22 years 7 months 6 days	22 years 9 months 18 days
Weighted average discount rate, operating leases, percent	3.72%	3.60%
Weighted average discount rate, finance leases, percent	4.41%	4.41%

Leases - Leases Maturity Table

Leases - Leases Maturity Table (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
Remainder of 2023	$ 31,554
2024	27,766
2025	15,923
2026	12,576
2027	10,717
Thereafter	113,413
Total lease payments	211,949
Less imputed interest	74,481
Total operating lease liabilities	137,468	$ 134,784
Finance Leases
Remainder of 2023	5,437
2024	9,409
2025	6,129
2026	5,478
2027	5,478
Thereafter	91,904
Total lease payments	123,835
Less imputed interest	45,060
Total finance lease liabilities	$ 78,775	$ 79,404

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 segment
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
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 2,580,252	$ 1,127,728
Adjusted EBITDA	1,595,719	431,930
Depreciation and amortization	(87,271)	(66,574)
Interest and Debt Expense	(26,777)	(27,834)
Income tax expense	(276,963)	(80,530)
Gain (Loss) on Disposition of Business	0	(8,400)
Acquisition and integration related costs	(5,108)	(1,724)
Non-operating pension and OPEB items	(601)	5,280
Equity Securities, FV-NI, Unrealized Gain (Loss)	45,826	0
Other	(6,245)	1,235
Net income attributable to Albemarle Corporation	1,238,580	253,383
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	12,837	(22,829)
Reportable Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,582,882	454,759
Reportable Segments | Lithium
Segment Reporting Information [Line Items]
Net sales	1,943,682	463,704
Adjusted EBITDA	1,406,181	285,247
Depreciation and amortization	(52,162)	(35,046)
Reportable Segments | Specialties
Segment Reporting Information [Line Items]
Net sales	418,778	446,147
Adjusted EBITDA	162,158	152,602
Depreciation and amortization	(19,892)	(16,153)
Reportable Segments | Catalysts
Segment Reporting Information [Line Items]
Net sales	217,792	217,877
Adjusted EBITDA	14,543	16,910
Depreciation and amortization	(13,143)	(12,921)
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	$ (2,074)	$ (2,454)

Segment Information - Summari_2

Segment Information - Summarized Financial Information by Reportable Segments (Footnote) (Details) - USD ($) $ in Thousands		3 Months Ended
	Oct. 31, 2019	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Interest and Debt Expense		$ (26,777)	$ (27,834)
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)		$ 1,869
Lithium Hydroxide Conversion Assets
Segment Reporting Information [Line Items]
Ownership percentage	40%	40%
Selling, general and administrative expenses
Segment Reporting Information [Line Items]
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)		$ 1,900	2,800
Other Restructuring Costs		700	700
Gain on sale of idle properties			4,300
Other Expense
Segment Reporting Information [Line Items]
Asset Retirement Obligation, Liabilities Incurred		$ 3,600
Proceeds from Legal Settlements			600
Revision of Prior Period, Error Correction, Adjustment
Segment Reporting Information [Line Items]
Interest and Debt Expense			$ 17,500

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
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Total net pension and postretirement benefits cost (credit)	$ 1,954	$ (4,250)
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,321	985
Interest cost	8,542	5,605
Expected return on assets	(8,409)	(11,212)
Amortization of prior service benefit	20	24
Total net pension and postretirement benefits cost (credit)	1,474	(4,598)
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	12	21
Interest cost	468	327
Total net pension and postretirement benefits cost (credit)	$ 480	$ 348

Pension Plans and Other Postr_4

Pension Plans and Other Postretirement Benefits - Pension and Postretirement Plan Contributions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Employer contributions	$ 2.7	$ 3.2
Payment for other postretirement benefits	$ 0.2	$ 0.6

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Total long-term debt, excluding debt issuance costs	$ 3,257,604	$ 3,239,853
Total long-term debt, fair value, excluding debt issuance costs	$ 3,073,954	$ 2,993,027

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Foreign currency forward contracts, assets	$ 0		$ 6,016
Foreign currency forward contracts, liabilities	1,227		3,244
Recognized gains (losses) of foreign currency forward contracts designated as hedging instruments	1,101	$ 4,017
Forward contracts | Other, net
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative, Cash Received on Hedge	41,500
Cash settlements		(3,300)
Designated as Hedging Instrument | Forward contracts
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative, notional amount	17,600		64,500
Fair value foreign currency forward contracts designated as hedging instruments, asset	0		0
Fair value foreign currency forward contracts designated as hedging instruments, liabilities	921		3,159
Recognized gains (losses) of foreign currency forward contracts designated as hedging instruments	1,101	4,017
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	921		3,159
Not Designated as Hedging Instrument | Forward contracts
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative, notional amount	5,200,000		2,800,000
Fair value foreign currency forward contracts not designated as hedging instruments, asset	0		6,016
Fair value foreign currency forward contracts not designated as hedging instruments, liabilities	306		85
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	0		6,016
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	306		$ 85
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	$ 35,233	$ (3,972)

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	$ 266,276		$ 260,139
Investments under executive deferred compensation plan	27,539		27,270
Private equity securities	177,503		5,890
Private equity securities measured at net asset value	6,388		6,375
Foreign currency forward contracts, assets	0		6,016
Obligations under executive deferred compensation plan	27,539		27,270
Foreign currency forward contracts, liabilities	1,227		3,244
Equity Securities, Purchases	121,900
Equity Securities, FV-NI, Unrealized Gain (Loss)	45,826	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	266,276		260,139
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	2,953
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Accretion of Discount	3,184
Quoted Prices in Active Markets for Identical Items (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0		0
Investments under executive deferred compensation plan	27,539		27,270
Private equity securities	177,503		5,890
Private equity securities measured at net asset value	0		0
Foreign currency forward contracts, assets			0
Obligations under executive deferred compensation plan	27,539		27,270
Foreign currency forward contracts, liabilities	0		0
Quoted Prices in Active Markets for Similar Items (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0		0
Investments under executive deferred compensation plan	0		0
Private equity securities	0		0
Private equity securities measured at net asset value	0		0
Foreign currency forward contracts, assets			6,016
Obligations under executive deferred compensation plan	0		0
Foreign currency forward contracts, liabilities	1,227		3,244
Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	266,276		260,139
Investments under executive deferred compensation plan	0		0
Private equity securities	0		0
Private equity securities measured at net asset value	0		0
Foreign currency forward contracts, assets			0
Obligations under executive deferred compensation plan	0		0
Foreign currency forward contracts, liabilities	$ 0		$ 0

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
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	$ 8,190,847	$ 5,805,607
Other comprehensive income (loss), before reclassifications	47,301	(1,892)
Amounts reclassified from accumulated other comprehensive loss	16	670
Total other comprehensive income (loss), net of tax	47,317	(1,222)
Other comprehensive (income) loss attributable to noncontrolling interests	8	53
Ending Balance	$ 9,459,070	6,035,052
4.15% Senior Notes | Senior notes
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Debt instrument, interest rate	4.15%
Foreign Currency Translation and Other
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	$ (562,886)	(391,674)
Other comprehensive income (loss), before reclassifications	46,200	(5,909)
Amounts reclassified from accumulated other comprehensive loss	16	20
Total other comprehensive income (loss), net of tax	46,216	(5,889)
Other comprehensive (income) loss attributable to noncontrolling interests	8	53
Ending Balance	(516,662)	(397,510)
Cash Flow Hedge
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	2,224	6,623
Other comprehensive income (loss), before reclassifications	1,101	4,017
Amounts reclassified from accumulated other comprehensive loss	0	0
Total other comprehensive income (loss), net of tax	1,101	4,017
Other comprehensive (income) loss attributable to noncontrolling interests	0	0
Ending Balance	3,325	10,640
Interest Rate Swap
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	0	(7,399)
Other comprehensive income (loss), before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	0	650
Total other comprehensive income (loss), net of tax	0	650
Other comprehensive (income) loss attributable to noncontrolling interests	0	0
Ending Balance	0	(6,749)
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(560,662)	(392,450)
Total other comprehensive income (loss), net of tax	47,325	(1,169)
Ending Balance	$ (513,337)	$ (393,619)

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
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive (Loss) Income [Line Items]
Other comprehensive income (loss), before tax	$ 47,079	$ (1,607)
Income tax expense	238	385
Total other comprehensive income (loss), net of tax	47,317	(1,222)
Foreign Currency Translation and Other
Accumulated Other Comprehensive (Loss) Income [Line Items]
Other comprehensive income (loss), before tax	45,978	(6,458)
Income tax expense	238	569
Total other comprehensive income (loss), net of tax	46,216	(5,889)
Cash Flow Hedge
Accumulated Other Comprehensive (Loss) Income [Line Items]
Other comprehensive income (loss), before tax	1,101	4,017
Income tax expense	0	0
Total other comprehensive income (loss), net of tax	1,101	4,017
Interest Rate Swap
Accumulated Other Comprehensive (Loss) Income [Line Items]
Other comprehensive income (loss), before tax	0	834
Income tax expense	0	(184)
Total other comprehensive income (loss), net of tax	$ 0	$ 650

Related Party Transactions (Det

Related Party Transactions (Details) - Unconsolidated Affiliates - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Sales to unconsolidated affiliates	$ 7,100	$ 7,655
Purchases from unconsolidated affiliates	1,072,544	$ 216,554
Receivables from unconsolidated affiliates	13,076		$ 21,495
Payables to unconsolidated affiliates(a)	$ 1,012,822		$ 518,377

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of supplemental information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Capital expenditures included in Accounts payable	$ 347,165	$ 196,661
Notes Issued	$ 0	$ 10,876

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Oct. 31, 2019	Mar. 31, 2023	Mar. 31, 2022
Cash Flow Supplemental Disclosures [Line Items]
Non-cash transfer of 40% value of construction in progress of Kemerton plant to MRL		$ 7,665	$ 65,100
Lithium Hydroxide Conversion Assets
Cash Flow Supplemental Disclosures [Line Items]
Ownership percentage	40%	40%
Mineral Resources Limited Wodgina Project
Cash Flow Supplemental Disclosures [Line Items]
Ownership percentage	60%	40%
Mineral Resources Limited Wodgina Project | Lithium Hydroxide Conversion Assets
Cash Flow Supplemental Disclosures [Line Items]
Non-cash transfer of 40% value of construction in progress of Kemerton plant to MRL		$ 7,700	$ 65,100