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Segment Information (Tables) | 3 Months Ended
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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 March 31,
|  |  |  |  | 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 March 31,
|  |  |  |  | 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.

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- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=121556970&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 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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