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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Reportable Segments Summarized Financial Information | Segment information for the three-month periods ended March 31, 2024 and 2023 were as follows (in thousands).
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
Net sales: |  |  |  |  |  |  |
Energy Storage |  |  |  |  | $ | 800,898 |  |  | $ | 1,943,682 |
Specialties |  |  |  |  | 316,065 |  |  | 418,778 |
Ketjen |  |  |  |  | 243,773 |  |  | 217,792 |
Total net sales |  |  |  |  | $ | 1,360,736 |  |  | $ | 2,580,252 |
Adjusted EBITDA: |  |  |  |  |  |  |
Energy Storage |  |  |  |  | $ | 197,996 |  |  | $ | 1,567,692 |
Specialties |  |  |  |  | 45,181 |  |  | 162,158 |
Ketjen |  |  |  |  | 21,979 |  |  | 14,543 |
Total segment adjusted EBITDA |  |  |  |  | $ | 265,156 |  |  | $ | 1,744,393 |
Depreciation and amortization: |  |  |  |  |  |  |
Energy Storage |  |  |  |  | $ | 87,274 |  |  | $ | 52,162 |
Specialties |  |  |  |  | 22,437 |  |  | 19,892 |
Ketjen |  |  |  |  | 12,357 |  |  | 13,143 |
Total segment depreciation and amortization |  |  |  |  | 122,068 |  |  | 85,197 |
Corporate |  |  |  |  | 1,683 |  |  | 2,074 |
Total depreciation and amortization |  |  |  |  | $ | 123,751 |  |  | $ | 87,271 |
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,
|  |  |  |  | 2024 |  | 2023
Total segment adjusted EBITDA |  |  |  |  | $ | 265,156 |  |  | $ | 1,744,393 |
Corporate expenses, net |  |  |  |  | 26,080 |  |  | 17,311 |
Depreciation and amortization |  |  |  |  | (123,751) |  |  | (87,271) |
Interest and financing expenses |  |  |  |  | (37,969) |  |  | (26,777) |
Income tax benefit (expense) |  |  |  |  | 3,721 |  |  | (276,963) |
Proportionate share of Windfield income tax expense(a) |  |  |  |  | (73,689) |  |  | (165,985) |
Acquisition and integration related costs(b) |  |  |  |  | (1,907) |  |  | (5,108) |
Restructuring and other charges(c) |  |  |  |  | (36,285) |  |  | — |
Non-operating pension and OPEB items |  |  |  |  | 325 |  |  | (601) |
(Loss) gain in fair value of public equity securities(d) |  |  |  |  | (43,159) |  |  | 45,826 |
Other(e) |  |  |  |  | 23,926 |  |  | (6,245) |
Net income attributable to Albemarle Corporation |  |  |  |  | $ | 2,448 |  |  | $ | 1,238,580 |
(a)Albemarle’s 49% ownership interest in the income tax expense of the Windfield joint venture. (b)Costs related to the acquisition, integration and potential divestitures for various significant projects, recorded in Selling, general and administrative expenses (“SG&A”). (c)In January 2024, the Company announced it was taking measures to unlock near term cash flow and generate long-term financial flexibility by re-phasing organic growth investments and optimizing its cost structure. As a result, the Company recorded severance costs for employees in Corporate and each of the businesses, and losses related to the cancellation of certain capital expenditure projects. During the three months ended March 31, 2024, $33.5 million of these expenses were recorded in SG&A and $2.8 million were recorded in Other income, net. The severance has primarily been paid, with the remainder expected to be paid in 2024. (d)Loss of $33.7 million recorded in Other income, net for the three months ended March 31, 2024 resulting from the sale of investments in public equity securities and a (loss) gain of ($9.4) million and $45.8 million recorded in Other income, net for the three months ended March 31, 2024 and 2023, respectively, resulting from the net change in fair value of investments in public equity securities. (e)Included amounts for the three months ended March 31, 2024 recorded in: •Cost of goods sold - $1.4 million of expenses related to non-routine labor and compensation related costs that are outside normal compensation arrangements. •SG&A - $0.1 million of expenses related to certain legal costs. •Other income, net - $17.3 million gain primarily from the sale of assets at a site not part of our operations, an $8.7 million gain from PIK dividends of preferred equity in a Grace subsidiary and a $2.4 million gain primarily resulting from the adjustment of indemnification related to a previously disposed business, partially offset by $2.9 million of charges for asset retirement obligations at a site not part of our operations. 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.

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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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