XML 48 R32.htm IDEA: XBRL DOCUMENT
v3.19.1

Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2019
Segment Reporting [Abstract] |
Reportable Segments Summarized Financial Information |
| Three Months Ended March 31,
| 2019 |  | 2018
| (In thousands)
Net sales: |  |  |
Lithium | $ | 291,886 |  |  | $ | 298,032 |
Bromine Specialties | 249,052 |  |  | 225,639 |
Catalysts | 251,648 |  |  | 260,717 |
All Other | 39,478 |  |  | 37,165 |
Corporate | — |  |  | 76 |
Total net sales | $ | 832,064 |  |  | $ | 821,629 |
Adjusted EBITDA: |  |  |
Lithium | $ | 115,616 |  |  | $ | 131,014 |
Bromine Specialties | 78,597 |  |  | 69,969 |
Catalysts | 60,071 |  |  | 67,830 |
All Other | 7,243 |  |  | 3,862 |
Corporate | (35,660 | ) |  | (23,957 | )
Total adjusted EBITDA | $ | 225,867 |  |  | $ | 248,718 |
See below for a reconciliation of adjusted EBITDA, the non-GAAP financial measure, from Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP (in thousands):
| Lithium |  | Bromine Specialties |  | Catalysts |  | Reportable Segments Total |  | All Other |  | Corporate |  | Consolidated Total
Three months ended March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Albemarle Corporation | $ | 93,169 |  |  | $ | 67,480 |  |  | $ | 47,859 |  |  | $ | 208,508 |  |  | $ | 5,206 |  |  | $ | (80,145 | ) |  | $ | 133,569 |
Depreciation and amortization | 22,092 |  |  | 11,117 |  |  | 12,212 |  |  | 45,421 |  |  | 2,037 |  |  | 1,825 |  |  | 49,283 |
Acquisition and integration related costs(a) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,285 |  |  | 5,285 |
Gain on sale of property(b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11,079 | ) |  | (11,079 | )
Interest and financing expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,586 |  |  | 12,586 |
Income tax expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 37,514 |  |  | 37,514 |
Non-operating pension and OPEB items | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (583 | ) |  | (583 | )
Other(c) | 355 |  |  | — |  |  | — |  |  | 355 |  |  | — |  |  | (1,063 | ) |  | (708 | )
Adjusted EBITDA | $ | 115,616 |  |  | $ | 78,597 |  |  | $ | 60,071 |  |  | $ | 254,284 |  |  | $ | 7,243 |  |  | $ | (35,660 | ) |  | $ | 225,867 |
Three months ended March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Albemarle Corporation | $ | 108,334 |  |  | $ | 59,536 |  |  | $ | 55,660 |  |  | $ | 223,530 |  |  | $ | 1,760 |  |  | $ | (93,530 | ) |  | $ | 131,760 |
Depreciation and amortization | 24,065 |  |  | 10,433 |  |  | 12,170 |  |  | 46,668 |  |  | 2,102 |  |  | 1,560 |  |  | 50,330 |
Acquisition and integration related costs(a) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,201 |  |  | 2,201 |
Interest and financing expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,538 |  |  | 13,538 |
Income tax expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,361 |  |  | 20,361 |
Non-operating pension and OPEB items | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,197 | ) |  | (2,197 | )
Legal accrual(d) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,628 |  |  | 17,628 |
Environmental accrual(e) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,597 |  |  | 15,597 |
Other(f) | (1,385 | ) |  | — |  |  | — |  |  | (1,385 | ) |  | — |  |  | 885 |  |  | (500 | )
Adjusted EBITDA | $ | 131,014 |  |  | $ | 69,969 |  |  | $ | 67,830 |  |  | $ | 268,813 |  |  | $ | 3,862 |  |  | $ | (23,957 | ) |  | $ | 248,718 |
(a) | Included acquisition and integration related costs relating to various significant projects. For the three-month period ended March 31, 2019, $5.3 million was recorded in Selling, general and administrative expenses. For the three-month period ended March 31, 2018, $1.0 million and $1.2 million was recorded in Cost of goods sold and Selling, general and administrative expenses, respectively.
(b) | Gain recorded in Other income (expenses), net related to the sale of land in Pasadena, Texas not used as part of our operations.
(c) | Included amounts for the three months ended March 31, 2019 recorded in:
▪ | Cost of goods sold - $0.4 million related to non-routine labor and compensation related costs in Chile that are outside normal compensation arrangements.
▪ | Selling, general and administrative expenses - Expected severance payments as part of a business reorganization plan of $0.5 million, with the unpaid balance recorded in Accrued expenses as of March 31, 2019.
▪ | Other income (expenses), net - $1.6 million of a net gain resulting from the revision of indemnifications and other liabilities related to previously disposed businesses.
(d) | Included in Other income (expenses), net is a charge of $17.6 million resulting from a jury rendered verdict against Albemarle related to certain business concluded under a 2014 sales agreement for products that Albemarle no longer manufactures.
(e) | Increase in environmental reserve to indemnify the buyer of a formerly owned site recorded in Other income (expenses), net. As defined in the agreement of sale, this indemnification has a set cutoff date in 2024, at which point we will no longer be required to provide financial coverage.
(f) | Included amounts for the three months ended March 31, 2018 recorded in:
▪ | Cost of goods sold - $1.1 million for the write-off of fixed assets related to a major capacity expansion in our Jordanian joint venture.
▪ | Selling, general and administrative expenses - $1.4 million gain related to a refund from Chilean authorities due to an overpayment made in a prior year.
▪ Other income (expenses), net - $0.2 million of a net gain resulting from the revision of indemnifications and other liabilities related to previously disposed businesses.

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration