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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Reportable Segments Summarized Financial Information | Segment information for the three-month and six-month periods ended June 30, 2024 and 2023 were as follows (in thousands).
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net sales: |  |  |  |  |  |  |
Energy Storage | $ | 830,110 |  |  | $ | 1,763,065 |  |  | $ | 1,631,008 |  |  | $ | 3,706,747 |
Specialties | 334,600 |  |  | 371,302 |  |  | 650,665 |  |  | 790,080 |
Ketjen | 265,675 |  |  | 235,823 |  |  | 509,448 |  |  | 453,615 |
Total net sales | $ | 1,430,385 |  |  | $ | 2,370,190 |  |  | $ | 2,791,121 |  |  | $ | 4,950,442 |
Adjusted EBITDA: |  |  |  |  |  |  |
Energy Storage | $ | 282,979 |  |  | $ | 1,165,080 |  |  | $ | 480,975 |  |  | $ | 2,732,772 |
Specialties | 54,175 |  |  | 60,200 |  |  | 99,356 |  |  | 222,358 |
Ketjen | 37,836 |  |  | 42,882 |  |  | 59,815 |  |  | 57,425 |
Total segment adjusted EBITDA | $ | 374,990 |  |  | $ | 1,268,162 |  |  | $ | 640,146 |  |  | $ | 3,012,555 |
Depreciation and amortization: |  |  |  |  |  |  |
Energy Storage | $ | 100,433 |  |  | $ | 56,540 |  |  | $ | 187,707 |  |  | $ | 108,702 |
Specialties | 23,170 |  |  | 21,299 |  |  | 45,607 |  |  | 41,191 |
Ketjen | 12,937 |  |  | 13,084 |  |  | 25,294 |  |  | 26,227 |
Total segment depreciation and amortization | 136,540 |  |  | 90,923 |  |  | 258,608 |  |  | 176,120 |
Corporate | 1,739 |  |  | 2,162 |  |  | 3,422 |  |  | 4,236 |
Total depreciation and amortization | $ | 138,279 |  |  | $ | 93,085 |  |  | $ | 262,030 |  |  | $ | 180,356 |
See below for a reconciliation of total segment adjusted EBITDA to the Company’s consolidated Net (loss) 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Total segment adjusted EBITDA | $ | 374,990 |  |  | $ | 1,268,162 |  |  | $ | 640,146 |  |  | $ | 3,012,555 |
Corporate expenses, net | 11,370 |  |  | (1,920) |  |  | 37,450 |  |  | 15,391 |
Depreciation and amortization | (138,279) |  |  | (93,085) |  |  | (262,030) |  |  | (180,356) |
Interest and financing expenses | (35,187) |  |  | (25,577) |  |  | (73,156) |  |  | (52,354) |
Income tax benefit (expense) | 30,660 |  |  | (42,987) |  |  | 34,381 |  |  | (319,950) |
Proportionate share of Windfield income tax expense(a) | (119,780) |  |  | (233,976) |  |  | (193,469) |  |  | (399,961) |
Acquisition and integration related costs(b) | (1,581) |  |  | (6,502) |  |  | (3,488) |  |  | (11,610) |
Restructuring and other charges(c) | (2,525) |  |  | (7,439) |  |  | (18,861) |  |  | (7,439) |
Capital project assets write-off(c) | (294,940) |  |  | — |  |  | (314,889) |  |  | — |
Non-operating pension and OPEB items | 337 |  |  | (612) |  |  | 662 |  |  | (1,213) |
(Loss) gain in fair value of public equity securities(d) | (17,780) |  |  | 15,020 |  |  | (60,939) |  |  | 60,846 |
Legal accrual(e) | — |  |  | (218,510) |  |  | — |  |  | (218,510) |
Other(f) | 4,517 |  |  | (2,531) |  |  | 28,443 |  |  | (8,776) |
Net (loss) income attributable to Albemarle Corporation | $ | (188,198) |  |  | $ | 650,043 |  |  | $ | (185,750) |  |  | $ | 1,888,623 |
(a)Albemarle’s 49% ownership interest in the reported income tax expense of the Windfield joint venture. (b)Costs related to the acquisition, integration and potential divestitures for various significant projects, recorded in SG&A. (c)See Note 8, “Restructuring and Capital Project Assets Write-off,” for further details. (d)Loss of $17.8 million and $27.2 million recorded in Other income, net for the three and six months ended June 30, 2024, respectively, resulting from the net change in fair value of investments in public equity securities and a loss of $33.7 million recorded in Other income, net for the six months ended June 30, 2024 resulting from the sale of investments in public equity securities. Gain of $15.0 million and $60.8 million recorded in Other income, net for the three and six months ended June 30, 2023, respectively, resulting from the net change in fair value of investments in public equity securities. (e)Accrual recorded in SG&A representing for the agreements in principle to resolve a previously disclosed legal matter with the DOJ and SEC. This matter was settled in the third quarter of 2023. (f)Included amounts for the three months ended June 30, 2024 recorded in: •SG&A - $5.1 million of expenses related to certain historical legal and environmental matters. •Other income, net - $8.9 million of income from PIK dividends of preferred equity in a Grace subsidiary and a $0.6 million gain from an updated cost estimate of an environmental reserve at a site not part of our operations. Included amounts for the three months ended June 30, 2023 recorded in: •SG&A - $0.7 million of facility closure expenses related to offices in Germany and $0.6 million primarily related to shortfall contributions for a multiemployer plan financial improvement plan. •Other income, net - $3.9 million of a loss resulting from the adjustment of indemnification related to previously disposed businesses, partially offset by a $2.7 million gain in the fair value of preferred equity of a Grace subsidiary. Included amounts for the six months ended June 30, 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 - $5.2 million of expenses related to certain historical legal and environmental matters. •Other income, net - $17.6 million of income from PIK dividends of preferred equity in a Grace subsidiary, a $17.3 million gain primarily from the sale of assets at a site not part of our operations, a $2.4 million gain primarily resulting from the adjustment of indemnification related to a previously disposed business and a $0.6 million gain from an updated cost estimate of an environmental reserve at a site not part of our operations, partially offset by $2.9 million of charges for asset retirement obligations at a site not part of our operations. Included amounts for the six months ended June 30, 2023 recorded in: •SG&A - $1.9 million of charges primarily for environmental reserves at sites not part of our operations, $1.4 million of facility closure expenses related to offices in Germany and $0.6 million primarily related to shortfall contributions for a multiemployer plan financial improvement plan. •Other income, net - $3.9 million of a loss resulting from the adjustment of indemnification related to previously disposed businesses and $3.6 million of charges for asset retirement obligations at a site not part of our operations, partially offset by a $2.7 million gain in the fair value of preferred equity of a Grace subsidiary.

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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