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Consolidating Guarantor Financial Information | 12 Months Ended
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Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Consolidating Guarantor Financial Information | Consolidating Guarantor Financial Information: The 2014 Senior Notes issued by Albemarle Corporation (the “Issuer”) are fully and unconditionally guaranteed, jointly and severally, on an unsecured and unsubordinated basis by Albemarle Holdings Corporation and Albemarle Holdings II Corporation (the “Guarantor Subsidiaries”). The Guarantor Subsidiaries are 100% owned subsidiaries of the Issuer. The guarantees are general senior unsecured obligations of the Guarantor Subsidiaries and rank equally in right of payment with all existing and future senior unsecured indebtedness and other obligations of the Guarantor Subsidiaries that are not, by their terms, otherwise expressly subordinated. The note guarantees will be released when the 4.625% Senior Notes assumed by Albemarle upon the acquisition of Rockwood are repaid or otherwise discharged. The Company applies the equity method of accounting to its subsidiaries. For cash management purposes, the Company transfers cash between Issuer, Guarantor Subsidiaries and all other non-guarantor subsidiaries (the “Non-Guarantor Subsidiaries”) through intercompany financing arrangements, contributions or declaration of dividends between the respective parent and its subsidiaries. The transfer of cash under these activities facilitates the ability of the recipient to make specified third-party payments for principal and interest on the Company’s outstanding debt, common stock dividends and common stock repurchases. The consolidating statements of cash flows for the years ended December 31, 2014, 2013 and 2012 present such intercompany financing activities, contributions and dividends consistent with how such activity would be presented in a stand-alone statement of cash flows. There are no significant restrictions on the ability of the Issuer or the Guarantor Subsidiaries to obtain funds from subsidiaries by dividend or loan. The following consolidating financial information presents the financial condition, results of operations and cash flows of the Issuer, Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries, together with consolidating adjustments necessary to present Albemarle’s results on a consolidated basis, and should be read in conjunction with the notes to the consolidated financial statements. Each entity in the consolidating financial information follows the same accounting policies as described in the notes to the consolidated financial statements. Consolidating Balance Sheet December 31, 2014
(In Thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,930,802 |  |  | $ | — |  |  | $ | 558,966 |  |  | $ | — |  |  | $ | 2,489,768 |
Trade accounts receivable, less allowance for doubtful accounts | 91,849 |  |  | — |  |  | 293,363 |  |  | — |  |  | 385,212 |
Other accounts receivable | 19,033 |  |  | — |  |  | 30,390 |  |  | — |  |  | 49,423 |
Intergroup receivable | 74,102 |  |  | — |  |  | 18,097 |  |  | (92,199 | ) |  | — |
Inventories | 201,006 |  |  | — |  |  | 171,543 |  |  | (14,188 | ) |  | 358,361 |
Other current assets | 45,901 |  |  | — |  |  | 25,111 |  |  | (4,926 | ) |  | 66,086 |
Total current assets | 2,362,693 |  |  | — |  |  | 1,097,470 |  |  | (111,313 | ) |  | 3,348,850 |
Property, plant and equipment, at cost | 1,726,690 |  |  | — |  |  | 893,980 |  |  | — |  |  | 2,620,670 |
Less accumulated depreciation and amortization | 1,047,372 |  |  | — |  |  | 341,430 |  |  | — |  |  | 1,388,802 |
Net property, plant and equipment | 679,318 |  |  | — |  |  | 552,550 |  |  | — |  |  | 1,231,868 |
Investments | 73,500 |  |  | — |  |  | 120,542 |  |  | — |  |  | 194,042 |
Investment in subsidiaries | 1,551,071 |  |  | — |  |  | — |  |  | (1,551,071 | ) |  | — |
Other assets | 35,837 |  |  | — |  |  | 125,119 |  |  | — |  |  | 160,956 |
Goodwill | 49,212 |  |  | — |  |  | 194,050 |  |  | — |  |  | 243,262 |
Other intangibles, net of amortization | 20,834 |  |  | — |  |  | 23,291 |  |  | — |  |  | 44,125 |
Total assets | $ | 4,772,465 |  |  | $ | — |  |  | $ | 2,113,022 |  |  | $ | (1,662,384 | ) |  | $ | 5,223,103 |
Liabilities and Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 122,479 |  |  | $ | — |  |  | $ | 109,226 |  |  | $ | — |  |  | $ | 231,705 |
Intergroup payable | 18,097 |  |  | — |  |  | 74,102 |  |  | (92,199 | ) |  | — |
Accrued expenses | 84,619 |  |  | — |  |  | 81,555 |  |  | — |  |  | 166,174 |
Current portion of long-term debt | 692,280 |  |  | — |  |  | 18,816 |  |  | — |  |  | 711,096 |
Dividends payable | 21,458 |  |  | — |  |  | — |  |  | — |  |  | 21,458 |
Income taxes payable | 1,396 |  |  | — |  |  | 7,944 |  |  | 113 |  |  | 9,453 |
Total current liabilities | 940,329 |  |  | — |  |  | 291,643 |  |  | (92,086 | ) |  | 1,139,886 |
Long-term debt | 2,214,755 |  |  | — |  |  | 8,280 |  |  | — |  |  | 2,223,035 |
Postretirement benefits | 56,424 |  |  | — |  |  | — |  |  | — |  |  | 56,424 |
Pension benefits | 128,238 |  |  | — |  |  | 42,296 |  |  | — |  |  | 170,534 |
Other noncurrent liabilities | 51,936 |  |  | — |  |  | 35,769 |  |  | — |  |  | 87,705 |
Deferred income taxes | 21,318 |  |  | — |  |  | 35,566 |  |  | — |  |  | 56,884 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Equity: |  |  |  |  |  |  |  |  |
Albemarle Corporation shareholders’ equity: |  |  |  |  |  |  |  |  |
Common stock | 780 |  |  | — |  |  | 6,808 |  |  | (6,808 | ) |  | 780 |
Additional paid-in capital | 10,447 |  |  | — |  |  | 553,172 |  |  | (553,172 | ) |  | 10,447 |
Accumulated other comprehensive loss | (62,413 | ) |  | — |  |  | (51,073 | ) |  | 51,073 |  |  | (62,413 | )
Retained earnings | 1,410,651 |  |  | — |  |  | 1,061,391 |  |  | (1,061,391 | ) |  | 1,410,651 |
Total Albemarle Corporation shareholders’ equity | 1,359,465 |  |  | — |  |  | 1,570,298 |  |  | (1,570,298 | ) |  | 1,359,465 |
Noncontrolling interests | — |  |  | — |  |  | 129,170 |  |  | — |  |  | 129,170 |
Total equity | 1,359,465 |  |  | — |  |  | 1,699,468 |  |  | (1,570,298 | ) |  | 1,488,635 |
Total liabilities and equity | $ | 4,772,465 |  |  | $ | — |  |  | $ | 2,113,022 |  |  | $ | (1,662,384 | ) |  | $ | 5,223,103 |
Condensed Consolidating Balance Sheet December 31, 2013
(In Thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 88,476 |  |  | $ | — |  |  | $ | 388,763 |  |  | $ | — |  |  | $ | 477,239 |
Trade accounts receivable, less allowance for doubtful accounts | 149,834 |  |  | — |  |  | 297,030 |  |  | — |  |  | 446,864 |
Other accounts receivable | 11,812 |  |  | — |  |  | 33,282 |  |  | — |  |  | 45,094 |
Intergroup receivable | 88,090 |  |  | — |  |  | 28,433 |  |  | (116,523 | ) |  | — |
Inventories | 219,390 |  |  | — |  |  | 234,975 |  |  | (18,316 | ) |  | 436,049 |
Other current assets | 52,457 |  |  | — |  |  | 28,979 |  |  | (3,767 | ) |  | 77,669 |
Total current assets | 610,059 |  |  | — |  |  | 1,011,462 |  |  | (138,606 | ) |  | 1,482,915 |
Property, plant and equipment, at cost | 1,999,398 |  |  | — |  |  | 972,686 |  |  | — |  |  | 2,972,084 |
Less accumulated depreciation and amortization | 1,268,205 |  |  | — |  |  | 346,810 |  |  | — |  |  | 1,615,015 |
Net property, plant and equipment | 731,193 |  |  | — |  |  | 625,876 |  |  | — |  |  | 1,357,069 |
Investments | 69,616 |  |  | — |  |  | 142,562 |  |  | — |  |  | 212,178 |
Investment in subsidiaries | 1,611,662 |  |  | — |  |  | — |  |  | (1,611,662 | ) |  | — |
Other assets | 18,621 |  |  | — |  |  | 141,608 |  |  | — |  |  | 160,229 |
Goodwill | 49,212 |  |  | — |  |  | 234,991 |  |  | — |  |  | 284,203 |
Other intangibles, net of amortization | 35,003 |  |  | — |  |  | 53,200 |  |  | — |  |  | 88,203 |
Total assets | $ | 3,125,366 |  |  | $ | — |  |  | $ | 2,209,699 |  |  | $ | (1,750,268 | ) |  | $ | 3,584,797 |
Liabilities and Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 107,781 |  |  | $ | — |  |  | $ | 100,400 |  |  | $ | — |  |  | $ | 208,181 |
Intergroup payable | 28,433 |  |  | — |  |  | 88,090 |  |  | (116,523 | ) |  | — |
Accrued expenses | 92,273 |  |  | — |  |  | 84,143 |  |  |  |  |  | 176,416 |
Current portion of long-term debt | 99 |  |  | — |  |  | 24,455 |  |  | — |  |  | 24,554 |
Dividends payable | 19,197 |  |  | — |  |  | — |  |  | — |  |  | 19,197 |
Income taxes payable | 2,364 |  |  | — |  |  | 5,651 |  |  | — |  |  | 8,015 |
Total current liabilities | 250,147 |  |  | — |  |  | 302,739 |  |  | (116,523 | ) |  | 436,363 |
Long-term debt | 1,035,977 |  |  | — |  |  | 18,333 |  |  | — |  |  | 1,054,310 |
Postretirement benefits | 53,903 |  |  | — |  |  | — |  |  | — |  |  | 53,903 |
Pension benefits | 20,931 |  |  | — |  |  | 36,716 |  |  | — |  |  | 57,647 |
Other noncurrent liabilities | 61,095 |  |  | — |  |  | 49,515 |  |  | — |  |  | 110,610 |
Deferred income taxes | 75,952 |  |  | — |  |  | 53,236 |  |  | — |  |  | 129,188 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Equity: |  |  |  |  |  |  |  |  |
Albemarle Corporation shareholders’ equity: |  |  |  |  |  |  |  |  |
Common stock | 801 |  |  | — |  |  | 6,807 |  |  | (6,807 | ) |  | 801 |
Additional paid-in capital | 9,957 |  |  | — |  |  | 549,265 |  |  | (549,265 | ) |  | 9,957 |
Accumulated other comprehensive income | 116,245 |  |  | — |  |  | 111,038 |  |  | (111,038 | ) |  | 116,245 |
Retained earnings | 1,500,358 |  |  | — |  |  | 966,635 |  |  | (966,635 | ) |  | 1,500,358 |
Total Albemarle Corporation shareholders’ equity | 1,627,361 |  |  | — |  |  | 1,633,745 |  |  | (1,633,745 | ) |  | 1,627,361 |
Noncontrolling interests | — |  |  | — |  |  | 115,415 |  |  | — |  |  | 115,415 |
Total equity | 1,627,361 |  |  | — |  |  | 1,749,160 |  |  | (1,633,745 | ) |  | 1,742,776 |
Total liabilities and equity | $ | 3,125,366 |  |  | $ | — |  |  | $ | 2,209,699 |  |  | $ | (1,750,268 | ) |  | $ | 3,584,797 |
Consolidating Statement of Income Year Ended December 31, 2014
(In Thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Net sales | $ | 1,565,965 |  |  | $ | — |  |  | $ | 1,565,241 |  |  | $ | (685,658 | ) |  | $ | 2,445,548 |
Cost of goods sold | 1,095,072 |  |  | — |  |  | 1,269,415 |  |  | (689,787 | ) |  | 1,674,700 |
Gross profit | 470,893 |  |  | — |  |  | 295,826 |  |  | 4,129 |  |  | 770,848 |
Selling, general and administrative expenses | 252,098 |  |  | — |  |  | 103,037 |  |  | — |  |  | 355,135 |
Research and development expenses | 55,856 |  |  | — |  |  | 32,454 |  |  | — |  |  | 88,310 |
Restructuring and other charges, net | 9,871 |  |  | — |  |  | 16,076 |  |  | — |  |  | 25,947 |
Acquisition and integration related costs | 30,158 |  |  | — |  |  | — |  |  | — |  |  | 30,158 |
Intercompany service fee | 26,123 |  |  | — |  |  | (26,123 | ) |  | — |  |  | — |
Operating profit | 96,787 |  |  | — |  |  | 170,382 |  |  | 4,129 |  |  | 271,298 |
Interest and financing expenses | (41,361 | ) |  | — |  |  | 3 |  |  | — |  |  | (41,358 | )
Other expenses, net | (10,534 | ) |  | — |  |  | (6,227 | ) |  | — |  |  | (16,761 | )
Income from continuing operations before income taxes and equity in net income of unconsolidated investments | 44,892 |  |  | — |  |  | 164,158 |  |  | 4,129 |  |  | 213,179 |
Income tax expense | 5,464 |  |  | — |  |  | 11,513 |  |  | 1,507 |  |  | 18,484 |
Income from continuing operations before equity in net income of unconsolidated investments | 39,428 |  |  | — |  |  | 152,645 |  |  | 2,622 |  |  | 194,695 |
Equity in net income of unconsolidated investments (net of tax) | 6,956 |  |  | — |  |  | 28,786 |  |  | — |  |  | 35,742 |
Net income from continuing operations | 46,384 |  |  | — |  |  | 181,431 |  |  | 2,622 |  |  | 230,437 |
Loss from discontinued operations (net of tax) | (19,373 | ) |  | — |  |  | (50,158 | ) |  | — |  |  | (69,531 | )
Equity in undistributed earnings of subsidiaries | 106,305 |  |  | — |  |  | — |  |  | (106,305 | ) |  | — |
Net income | 133,316 |  |  | — |  |  | 131,273 |  |  | (103,683 | ) |  | 160,906 |
Net income attributable to noncontrolling interests | — |  |  | — |  |  | (27,590 | ) |  | — |  |  | (27,590 | )
Net income attributable to Albemarle Corporation | $ | 133,316 |  |  | $ | — |  |  | $ | 103,683 |  |  | $ | (103,683 | ) |  | $ | 133,316 |
Condensed Consolidating Statement of Comprehensive Loss Year Ended December 31, 2014
(In Thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Net income | $ | 133,316 |  |  | $ | — |  |  | $ | 131,273 |  |  | $ | (103,683 | ) |  | $ | 160,906 |
Total other comprehensive loss, net of tax | (178,658 | ) |  | — |  |  | (163,199 | ) |  | 163,119 |  |  | (178,738 | )
Comprehensive loss | (45,342 | ) |  | — |  |  | (31,926 | ) |  | 59,436 |  |  | (17,832 | )
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (27,510 | ) |  | — |  |  | (27,510 | )
Comprehensive loss attributable to Albemarle Corporation | $ | (45,342 | ) |  | $ | — |  |  | $ | (59,436 | ) |  | $ | 59,436 |  |  | $ | (45,342 | )
Condensed Consolidating Statement of Income Year Ended December 31, 2013
(In Thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Net sales | $ | 1,563,483 |  |  | $ | — |  |  | $ | 1,437,664 |  |  | $ | (606,877 | ) |  | $ | 2,394,270 |
Cost of goods sold | 1,025,989 |  |  | — |  |  | 1,131,158 |  |  | (613,348 | ) |  | 1,543,799 |
Gross profit | 537,494 |  |  | — |  |  | 306,506 |  |  | 6,471 |  |  | 850,471 |
Selling, general and administrative expenses | 60,818 |  |  | — |  |  | 97,371 |  |  | — |  |  | 158,189 |
Research and development expenses | 51,794 |  |  | — |  |  | 30,452 |  |  | — |  |  | 82,246 |
Restructuring and other charges, net | 23,880 |  |  | — |  |  | 9,481 |  |  | — |  |  | 33,361 |
Intercompany service fee | 18,038 |  |  | — |  |  | (18,038 | ) |  | — |  |  | — |
Operating profit | 382,964 |  |  | — |  |  | 187,240 |  |  | 6,471 |  |  | 576,675 |
Interest and financing expenses | (33,537 | ) |  | — |  |  | 1,978 |  |  | — |  |  | (31,559 | )
Intergroup interest and financing expenses | (87 | ) |  | — |  |  | 87 |  |  | — |  |  | — |
Other (expenses) income, net | (9,281 | ) |  | — |  |  | 2,607 |  |  | — |  |  | (6,674 | )
Income from continuing operations before income taxes and equity in net income of unconsolidated investments | 340,059 |  |  | — |  |  | 191,912 |  |  | 6,471 |  |  | 538,442 |
Income tax expense | 128,645 |  |  | — |  |  | 3,436 |  |  | 2,364 |  |  | 134,445 |
Income from continuing operations before equity in net income of unconsolidated investments | 211,414 |  |  | — |  |  | 188,476 |  |  | 4,107 |  |  | 403,997 |
Equity in net income of unconsolidated investments (net of tax) | 6,940 |  |  | — |  |  | 24,789 |  |  | — |  |  | 31,729 |
Net income from continuing operations | 218,354 |  |  | — |  |  | 213,265 |  |  | 4,107 |  |  | 435,726 |
Income (loss) from discontinued operations (net of tax) | 6,906 |  |  | — |  |  | (2,798 | ) |  | — |  |  | 4,108 |
Equity in undistributed earnings of subsidiaries | 187,911 |  |  | — |  |  | — |  |  | (187,911 | ) |  | — |
Net income | 413,171 |  |  | — |  |  | 210,467 |  |  | (183,804 | ) |  | 439,834 |
Net income attributable to noncontrolling interests | — |  |  | — |  |  | (26,663 | ) |  | — |  |  | (26,663 | )
Net income attributable to Albemarle Corporation | $ | 413,171 |  |  | $ | — |  |  | $ | 183,804 |  |  | $ | (183,804 | ) |  | $ | 413,171 |
Condensed Consolidating Statement of Comprehensive Income (Loss) Year Ended December 31, 2013
(In Thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Net income | $ | 413,171 |  |  | $ | — |  |  | $ | 210,467 |  |  | $ | (183,804 | ) |  | $ | 439,834 |
Total other comprehensive income (loss), net of tax | 30,981 |  |  | — |  |  | (264,363 | ) |  | 264,719 |  |  | 31,337 |
Comprehensive income (loss) | 444,152 |  |  | — |  |  | (53,896 | ) |  | 80,915 |  |  | 471,171 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (27,019 | ) |  | — |  |  | (27,019 | )
Comprehensive income (loss) attributable to Albemarle Corporation | $ | 444,152 |  |  | $ | — |  |  | $ | (80,915 | ) |  | $ | 80,915 |  |  | $ | 444,152 |
Condensed Consolidating Statement of Income Year Ended December 31, 2012
(In Thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Net sales | $ | 1,726,884 |  |  | $ | — |  |  | $ | 1,560,043 |  |  | $ | (767,773 | ) |  | $ | 2,519,154 |
Cost of goods sold | 1,093,330 |  |  | — |  |  | 1,297,875 |  |  | (770,894 | ) |  | 1,620,311 |
Gross profit | 633,554 |  |  | — |  |  | 262,168 |  |  | 3,121 |  |  | 898,843 |
Selling, general and administrative expenses | 204,029 |  |  | — |  |  | 104,427 |  |  | — |  |  | 308,456 |
Research and development expenses | 47,763 |  |  | — |  |  | 31,156 |  |  | — |  |  | 78,919 |
Restructuring and other charges, net | 12,711 |  |  | — |  |  | 98,974 |  |  | — |  |  | 111,685 |
Intercompany service fee | 26,132 |  |  | — |  |  | (26,132 | ) |  | — |  |  | — |
Operating profit | 342,919 |  |  | — |  |  | 53,743 |  |  | 3,121 |  |  | 399,783 |
Interest and financing expenses | (33,193 | ) |  | — |  |  | 393 |  |  | — |  |  | (32,800 | )
Other (expenses) income, net | (2,731 | ) |  | — |  |  | 3,960 |  |  | — |  |  | 1,229 |
Income from continuing operations before income taxes and equity in net income of unconsolidated investments | 306,995 |  |  | — |  |  | 58,096 |  |  | 3,121 |  |  | 368,212 |
Income tax expense (benefit) | 80,444 |  |  | — |  |  | (1,150 | ) |  | 1,139 |  |  | 80,433 |
Income from continuing operations before equity in net income of unconsolidated investments | 226,551 |  |  | — |  |  | 59,246 |  |  | 1,982 |  |  | 287,779 |
Equity in net income of unconsolidated investments (net of tax) | 8,863 |  |  | — |  |  | 29,204 |  |  | — |  |  | 38,067 |
Net income from continuing operations | 235,414 |  |  | — |  |  | 88,450 |  |  | 1,982 |  |  | 325,846 |
Income (loss) from discontinued operations (net of tax) | 8,987 |  |  | — |  |  | (4,706 | ) |  | — |  |  | 4,281 |
Equity in undistributed earnings of subsidiaries | 67,135 |  |  | — |  |  | — |  |  | (67,135 | ) |  | — |
Net income | 311,536 |  |  | — |  |  | 83,744 |  |  | (65,153 | ) |  | 330,127 |
Net income attributable to noncontrolling interests | — |  |  | — |  |  | (18,591 | ) |  | — |  |  | (18,591 | )
Net income attributable to Albemarle Corporation | $ | 311,536 |  |  | $ | — |  |  | $ | 65,153 |  |  | $ | (65,153 | ) |  | $ | 311,536 |
Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2012
(In Thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Net income | $ | 311,536 |  |  | $ | — |  |  | $ | 83,744 |  |  | $ | (65,153 | ) |  | $ | 330,127 |
Total other comprehensive income, net of tax | 24,935 |  |  | — |  |  | 44,721 |  |  | (44,824 | ) |  | 24,832 |
Comprehensive income | 336,471 |  |  | — |  |  | 128,465 |  |  | (109,977 | ) |  | 354,959 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (18,488 | ) |  | — |  |  | (18,488 | )
Comprehensive income attributable to Albemarle Corporation | $ | 336,471 |  |  | $ | — |  |  | $ | 109,977 |  |  | $ | (109,977 | ) |  | $ | 336,471 |
Consolidating Statement Of Cash Flows Year Ended December 31, 2014
(In Thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Cash and cash equivalents at beginning of year | $ | 88,476 |  |  | $ | — |  |  | $ | 388,763 |  |  | $ | — |  |  | $ | 477,239 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | 227,426 |  |  | — |  |  | 273,176 |  |  | (7,993 | ) |  | 492,609 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (81,624 | ) |  | — |  |  | (28,952 | ) |  | — |  |  | (110,576 | )
Cash proceeds from divestitures, net | 97,523 |  |  | — |  |  | 7,195 |  |  | — |  |  | 104,718 |
Payment for settlement of interest rate swap | (33,425 | ) |  | — |  |  | — |  |  | — |  |  | (33,425 | )
Sales of (investments in) marketable securities, net | 668 |  |  | — |  |  | (19 | ) |  | — |  |  | 649 |
Long-term advances to joint ventures | — |  |  | — |  |  | (7,499 | ) |  | — |  |  | (7,499 | )
Net cash used in investing activities | (16,858 | ) |  | — |  |  | (29,275 | ) |  | — |  |  | (46,133 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from issuance of senior notes | 1,888,197 |  |  | — |  |  | — |  |  | — |  |  | 1,888,197 |
Repayments of long-term debt | (108 | ) |  | — |  |  | (5,909 | ) |  | — |  |  | (6,017 | )
Other borrowings (repayments), net | 4,178 |  |  | — |  |  | (10,003 | ) |  | — |  |  | (5,825 | )
Dividends paid to shareholders | (84,102 | ) |  | — |  |  | — |  |  | — |  |  | (84,102 | )
Dividends paid to noncontrolling interests | — |  |  | — |  |  | (15,535 | ) |  | — |  |  | (15,535 | )
Intercompany dividends paid | — |  |  | — |  |  | (7,993 | ) |  | 7,993 |  |  | — |
Repurchases of common stock | (150,000 | ) |  | — |  |  | — |  |  | — |  |  | (150,000 | )
Proceeds from exercise of stock options | 2,713 |  |  | — |  |  | — |  |  | — |  |  | 2,713 |
Excess tax benefits realized from stock-based compensation arrangements | 826 |  |  | — |  |  | — |  |  | — |  |  | 826 |
Withholding taxes paid on stock-based compensation award distributions | (3,284 | ) |  | — |  |  | — |  |  | — |  |  | (3,284 | )
Debt financing costs | (17,644 | ) |  | — |  |  | — |  |  | — |  |  | (17,644 | )
Net cash provided by (used in) financing activities | 1,640,776 |  |  | — |  |  | (39,440 | ) |  | 7,993 |  |  | 1,609,329 |
Net effect of foreign exchange on cash and cash equivalents | (9,018 | ) |  | — |  |  | (34,258 | ) |  | — |  |  | (43,276 | )
Increase in cash and cash equivalents | 1,842,326 |  |  | — |  |  | 170,203 |  |  | — |  |  | 2,012,529 |
Cash and cash equivalents at end of year | $ | 1,930,802 |  |  | $ | — |  |  | $ | 558,966 |  |  | $ | — |  |  | $ | 2,489,768 |
Condensed Consolidating Statement Of Cash Flows Year Ended December 31, 2013
(In Thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Cash and cash equivalents at beginning of year | $ | 145,999 |  |  | $ | — |  |  | $ | 331,697 |  |  | $ | — |  |  | $ | 477,696 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | 270,179 |  |  | — |  |  | 177,806 |  |  | (15,126 | ) |  | 432,859 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (79,441 | ) |  | — |  |  | (75,905 | ) |  | — |  |  | (155,346 | )
Cash payments related to acquisitions and other | (250 | ) |  | — |  |  | (2,315 | ) |  | — |  |  | (2,565 | )
Sales of (investments in) marketable securities, net | 186 |  |  | — |  |  | (17 | ) |  | — |  |  | 169 |
Proceeds from intercompany investing related activity | 47,393 |  |  | — |  |  | 43,850 |  |  | (91,243 | ) |  | — |
Intercompany investing related payments | — |  |  | — |  |  | (43,850 | ) |  | 43,850 |  |  | — |
Net cash used in investing activities | (32,112 | ) |  | — |  |  | (78,237 | ) |  | (47,393 | ) |  | (157,742 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Repayments of long-term debt | (117,097 | ) |  | — |  |  | (18,636 | ) |  | — |  |  | (135,733 | )
Proceeds from borrowings of long-term debt | 117,000 |  |  | — |  |  | — |  |  | — |  |  | 117,000 |
Other borrowings, net | 363,000 |  |  | — |  |  | 35,544 |  |  | — |  |  | 398,544 |
Dividends paid to shareholders | (78,107 | ) |  | — |  |  | — |  |  | — |  |  | (78,107 | )
Dividends paid to noncontrolling interests | — |  |  | — |  |  | (10,014 | ) |  | — |  |  | (10,014 | )
Intercompany dividends paid | — |  |  | — |  |  | (15,126 | ) |  | 15,126 |  |  | — |
Repurchases of common stock | (582,298 | ) |  | — |  |  | — |  |  | — |  |  | (582,298 | )
Proceeds from exercise of stock options | 5,553 |  |  | — |  |  | — |  |  | — |  |  | 5,553 |
Excess tax benefits realized from stock-based compensation arrangements | 3,266 |  |  | — |  |  | — |  |  | — |  |  | 3,266 |
Withholding taxes paid on stock-based compensation award distributions | (6,149 | ) |  | — |  |  | — |  |  | — |  |  | (6,149 | )
Debt financing costs | (108 | ) |  | — |  |  | — |  |  | — |  |  | (108 | )
Proceeds from intercompany financing related activity | 43,850 |  |  | — |  |  | — |  |  | (43,850 | ) |  | — |
Intercompany financing related payments | (43,850 | ) |  | — |  |  | (47,393 | ) |  | 91,243 |  |  | — |
Net cash used in financing activities | (294,940 | ) |  | — |  |  | (55,625 | ) |  | 62,519 |  |  | (288,046 | )
Net effect of foreign exchange on cash and cash equivalents | (650 | ) |  | — |  |  | 13,122 |  |  | — |  |  | 12,472 |
(Decrease) increase in cash and cash equivalents | (57,523 | ) |  | — |  |  | 57,066 |  |  | — |  |  | (457 | )
Cash and cash equivalents at end of year | $ | 88,476 |  |  | $ | — |  |  | $ | 388,763 |  |  | $ | — |  |  | $ | 477,239 |
Condensed Consolidating Statement Of Cash Flows Year Ended December 31, 2012
(In Thousands) | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Cash and cash equivalents at beginning of year | $ | 47,018 |  |  | $ | — |  |  | $ | 422,398 |  |  | $ | — |  |  | $ | 469,416 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | 342,173 |  |  | — |  |  | 189,511 |  |  | (42,918 | ) |  | 488,766 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (136,299 | ) |  | — |  |  | (144,574 | ) |  | — |  |  | (280,873 | )
Cash payments related to acquisitions and other | (3,072 | ) |  | — |  |  | (288 | ) |  | — |  |  | (3,360 | )
Cash proceeds from divestitures, net | — |  |  | — |  |  | 9,646 |  |  | — |  |  | 9,646 |
Investments in marketable securities, net | (1,607 | ) |  | — |  |  | (8 | ) |  | — |  |  | (1,615 | )
Long-term advances to joint ventures | (2,459 | ) |  | — |  |  | (22,500 | ) |  | — |  |  | (24,959 | )
Proceeds from intercompany investing related activity | 39,851 |  |  | — |  |  | — |  |  | (39,851 | ) |  | — |
Intercompany investing related payments | (33,809 | ) |  | — |  |  | — |  |  | 33,809 |  |  | — |
Net cash used in investing activities | (137,395 | ) |  | — |  |  | (157,724 | ) |  | (6,042 | ) |  | (301,161 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Repayments of long-term debt | (86 | ) |  | — |  |  | (14,304 | ) |  | — |  |  | (14,390 | )
Other borrowings (repayments), net | 144 |  |  | — |  |  | (49,565 | ) |  | — |  |  | (49,421 | )
Dividends paid to shareholders | (69,113 | ) |  | — |  |  | — |  |  | — |  |  | (69,113 | )
Dividends paid to noncontrolling interests | — |  |  | — |  |  | (7,628 | ) |  | — |  |  | (7,628 | )
Intercompany dividends paid | — |  |  | — |  |  | (42,918 | ) |  | 42,918 |  |  | — |
Repurchases of common stock | (63,575 | ) |  | — |  |  | — |  |  | — |  |  | (63,575 | )
Proceeds from exercise of stock options | 21,148 |  |  | — |  |  | — |  |  | — |  |  | 21,148 |
Excess tax benefits realized from stock-based compensation arrangements | 14,809 |  |  | — |  |  | — |  |  | — |  |  | 14,809 |
Withholding taxes paid on stock-based compensation award distributions | (9,124 | ) |  | — |  |  | — |  |  | — |  |  | (9,124 | )
Proceeds from intercompany financing related activity | — |  |  | — |  |  | 33,809 |  |  | (33,809 | ) |  | — |
Intercompany financing related payments | — |  |  | — |  |  | (39,851 | ) |  | 39,851 |  |  | — |
Net cash used in financing activities | (105,797 | ) |  | — |  |  | (120,457 | ) |  | 48,960 |  |  | (177,294 | )
Net effect of foreign exchange on cash and cash equivalents | — |  |  | — |  |  | (2,031 | ) |  | — |  |  | (2,031 | )
Increase (decrease) in cash and cash equivalents | 98,981 |  |  | — |  |  | (90,701 | ) |  | — |  |  | 8,280 |
Cash and cash equivalents at end of year | $ | 145,999 |  |  | $ | — |  |  | $ | 331,697 |  |  | $ | — |  |  | $ | 477,696 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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