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Segment and Geographic Area Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Summarized Financial Information by Reportable Segments | See below for a reconciliation of segment Net sales to adjusted EBITDA by segment showing significant segment expenses regularly reviewed by the CODM for the years ended December 31, 2024, 2023 and 2022 (in thousands):
| Energy Storage |  | Specialties |  | Ketjen |  | Total Segments
Year Ended December 31, 2024 |  |  |  |  |  |  |
Net sales(a) | $ | 3,015,121 |  |  | $ | 1,325,983 |  |  | $ | 1,036,422 |  |  | $ | 5,377,526 |
Cost of goods sold(b) | (2,992,566) |  |  | (935,017) |  |  | (810,319) |  |  | (4,737,902) |
Selling, general and administrative expenses(b) | (249,805) |  |  | (93,533) |  |  | (90,653) |  |  | (433,991) |
Other segment items(c) | (25,101) |  |  | (25,676) |  |  | (26,852) |  |  | (77,629) |
Equity in net income of unconsolidated investments(d) | 1,009,891 |  |  | — |  |  | 22,468 |  |  | 1,032,359 |
Net income attributable to noncontrolling interests | — |  |  | (43,253) |  |  | — |  |  | (43,253) |
Adjusted EBITDA by segment | $ | 757,540 |  |  | $ | 228,504 |  |  | $ | 131,066 |  |  | $ | 1,117,110 |
Year Ended December 31, 2023 |  |  |  |  |  |  |
Net sales(a) | $ | 7,078,998 |  |  | $ | 1,482,425 |  |  | $ | 1,055,780 |  |  | $ | 9,617,203 |
Cost of goods sold(b) | (6,205,403) |  |  | (961,177) |  |  | (847,018) |  |  | (8,013,598) |
Selling, general and administrative expenses(b) | (266,190) |  |  | (100,173) |  |  | (94,387) |  |  | (460,750) |
Other segment items(c) | (22,632) |  |  | (25,719) |  |  | (30,972) |  |  | (79,323) |
Equity in net income of unconsolidated investments(d) | 2,596,820 |  |  | — |  |  | 20,469 |  |  | 2,617,289 |
Net income attributable to noncontrolling interests | — |  |  | (96,850) |  |  | — |  |  | (96,850) |
Adjusted EBITDA by segment | $ | 3,181,593 |  |  | $ | 298,506 |  |  | $ | 103,872 |  |  | $ | 3,583,971 |
Year Ended December 31, 2022 |  |  |  |  |  |  |
Net sales(a) | $ | 4,660,945 |  |  | $ | 1,759,587 |  |  | $ | 899,572 |  |  | $ | 7,320,104 |
Cost of goods sold(b) | (2,170,867) |  |  | (1,013,247) |  |  | (775,717) |  |  | (3,959,831) |
Selling, general and administrative expenses(b) | (186,311) |  |  | (77,382) |  |  | (84,896) |  |  | (348,589) |
Other segment items(c) | (18,389) |  |  | (16,677) |  |  | (32,131) |  |  | (67,197) |
Equity in net income of unconsolidated investments(d) | 1,066,978 |  |  | — |  |  | 21,904 |  |  | 1,088,882 |
Net income attributable to noncontrolling interests | — |  |  | (124,963) |  |  | — |  |  | (124,963) |
Adjusted EBITDA by segment | $ | 3,352,356 |  |  | $ | 527,318 |  |  | $ | 28,732 |  |  | $ | 3,908,406 |
(a)Intersegment sales are not considered material. (b)The significant expense categories and amounts align with the segment information that is regularly provided to the CODM. Excludes depreciation and amortization, and non-operating, non-recurring or unusual items as described in the reconciliation of total segment adjusted EBITDA to consolidated Net (loss) income attributable to Albemarle Corporation below. (c)Other segment items are comprised of Research and development expenses excluding depreciation and amortization. (d)Excludes Albemarle’s 49% ownership interest in the income tax expense of the Windfield joint venture. The Company reconciles the total segment adjusted EBITDA to the consolidated net (loss) income attributable to Albemarle Corporation given the impact of equity in net income from unconsolidated investments, the majority of which relates to the Windfield joint venture. This reconciliation reflects the strategic and operational significance of the Company’s joint ventures and aligns with our allocation of equity in net income from unconsolidated investments at the segment level, representing each segment's contribution to the Company's overall financial performance. See below for a reconciliation of total segment adjusted EBITDA to consolidated Net (loss) income attributable to Albemarle Corporation (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Total segment adjusted EBITDA | $ | 1,117,110 |  |  | $ | 3,583,971 |  |  | $ | 3,908,406 |
Corporate expenses, net | 22,668 |  |  | (37,983) |  |  | (110,958) |
Depreciation and amortization | (588,638) |  |  | (429,944) |  |  | (300,841) |
Interest and financing expenses(a) | (165,619) |  |  | (116,072) |  |  | (122,973) |
Income tax expense | (87,085) |  |  | (430,277) |  |  | (390,588) |
Proportionate share of Windfield income tax expense(b) | (299,193) |  |  | (779,703) |  |  | (321,591) |
Gain (loss) on change in interest in properties/sale of business, net(c) | — |  |  | 71,190 |  |  | (8,400) |
Acquisition and integration related costs(d) | (6,223) |  |  | (26,767) |  |  | (16,259) |
Restructuring charges and asset write-offs(e) | (1,180,806) |  |  | (9,491) |  |  | — |
Goodwill impairment(f) | — |  |  | (6,765) |  |  | — |
Non-operating pension and OPEB items | 11,335 |  |  | 7,971 |  |  | 57,032 |
(Loss) gain in fair value of public equity securities(g) | (70,758) |  |  | (44,732) |  |  | 4,319 |
Legal accrual(h) | — |  |  | (218,510) |  |  | — |
Other(i) | 67,760 |  |  | 10,588 |  |  | (8,331) |
Net (loss) income attributable to Albemarle Corporation | $ | (1,179,449) |  |  | $ | 1,573,476 |  |  | $ | 2,689,816 |
(a)Included in Interest and financing expenses is a loss on early extinguishment of debt of $19.2 million for the year ended December 31, 2022. See Note 12, “Long-term Debt,” for additional information. In addition, Interest and financing expenses for the year ended December 31, 2022 includes the correction of an out of period error of $17.5 million related to the overstatement of capitalized interest in prior periods. (b)Albemarle’s 49% ownership interest in the reported income tax expense of the Windfield joint venture. (c)Gain recorded during the year ended December 31, 2023 resulting from the restructuring of the MARBL joint venture with MRL. See Note 8, “Investments,” for further details. $8.4 million of expense recorded during the year ended December 31, 2022 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. (d)Costs related to the acquisition, integration and potential divestitures for various significant projects, recorded in Selling, general and administrative expenses (“SG&A”). (e)See Note 17, “Restructuring Charges and Asset Write-offs,” for further details. (f)Goodwill impairment charge recorded in SG&A during the year ended December 31, 2023 related to our PCS business. See Note 10, “Goodwill and Other Intangibles,” for further details. (g)Other income, net for the year ended December 31, 2024 included losses of $37.0 million and $33.7 million resulting from the net change in fair value of investments in public equity securities and the sale of investments in public equity securities, respectively. For the years ended December 31, 2023 and 2022, a (loss) gain of ($44.7) million and $4.3 million, respectively, were recorded in Other income, net resulting from the change in fair value of investments in public equity securities. (h)Loss recorded in SG&A for the agreements to resolve a previously disclosed legal matter with the DOJ and SEC during the year ended December 31, 2023. See Note 15, “Commitments and Contingencies,” for further details. (i)Included amounts for the year ended December 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 - $5.3 million of expenses related to certain historical legal and environmental matters. •Other income, net - $40.9 million of gains from the sale of assets at a site not part of our operations, $36.3 million of income from PIK dividends of preferred equity in a Grace subsidiary, a $1.8 million net gain primarily resulting from the adjustment of indemnification related to previously disposed businesses 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 and $2.1 million of a loss related to the fair value adjustment of a nonmarketable security investment. Included amounts for the year ended December 31, 2023 recorded in: •Cost of goods sold - $15.1 million loss recorded to settle an arbitration matter with a regulatory agency in Chile, partially offset by a $4.1 million gain from an updated cost estimate of an environmental reserve at a site not part of our operations. •SG&A - $2.3 million of facility closure expenses related to offices in Germany, $1.9 million of charges primarily for environmental reserves at sites not part of our operations and $1.8 million of various expenses including for certain legal costs and shortfall contributions for a multiemployer plan financial improvement plan. •Other income, net - $19.3 million gain from PIK dividends of preferred equity in a Grace subsidiary, a $7.3 million gain resulting from insurance proceeds of a prior legal matter and $5.5 million of gains from the sale of investments and the write-off of certain liabilities no longer required, partially offset by $3.6 million of charges for asset retirement obligations at a site not part of our operations and $0.9 million of a loss resulting from the adjustment of indemnification related to previously disposed businesses. Included amounts for the year ended December 31, 2022 recorded in: •Cost of goods sold - $2.7 million of expense related to one-time retention payments for certain employees during the Catalysts strategic review and business unit realignment, and $0.5 million related to the settlement of a legal matter resulting from a prior acquisition. •SG&A - $4.3 million primarily related to facility closure expenses of offices in Germany, $2.8 million of charges for environmental reserves at sites not part of our operations, $2.8 million of shortfall contributions for our multiemployer plan financial improvement plan, $1.9 million of expense related to one-time retention payments for certain employees during the Catalysts strategic review, partially offset by $4.3 million of gains from the sale of legacy properties not part of our operations. •Other income, net - $3.0 million gain from the reversal of a liability related to a previous divestiture, a $2.0 million gain relating to the adjustment of an environmental reserve at non-operating businesses we previously divested and a $0.6 million gain related to a settlement received from a legal matter in a prior period, partially offset by a $3.2 million loss resulting from the adjustment of indemnification related to previously disposed businesses. Identifiable assets by segment as of December 31, 2024, 2023 and 2022 were as follows (in thousands):
| December 31,
| 2024 |  | 2023 |  | 2022
Assets: |  |  |  |  |
Energy Storage(a) | $ | 11,285,847 |  |  | $ | 13,246,412 |  |  | $ | 10,471,949 |
Specialties | 1,843,564 |  |  | 1,696,307 |  |  | 1,396,583 |
Ketjen | 1,426,189 |  |  | 1,355,743 |  |  | 1,214,482 |
Total segment assets | 14,555,600 |  |  | 16,298,462 |  |  | 13,083,014 |
Corporate | 2,054,049 |  |  | 1,972,190 |  |  | 2,373,508 |
Total assets | $ | 16,609,649 |  |  | $ | 18,270,652 |  |  | $ | 15,456,522 |
Additional segment information for the years ended December 31, 2024, 2023 and 2022 was as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Depreciation and amortization: |  |  |  |  |
Energy Storage | $ | 434,916 |  |  | $ | 258,436 |  |  | $ | 175,738 |
Specialties | 95,043 |  |  | 86,673 |  |  | 67,705 |
Ketjen | 51,488 |  |  | 76,023 |  |  | 51,417 |
Total segment depreciation and amortization | 581,447 |  |  | 421,132 |  |  | 294,860 |
Corporate | 7,191 |  |  | 8,812 |  |  | 5,981 |
Total depreciation and amortization | $ | 588,638 |  |  | $ | 429,944 |  |  | $ | 300,841 |
Equity in net income of unconsolidated investments (net of tax): |  |  |  |  |
Energy Storage | $ | 705,378 |  |  | $ | 1,822,620 |  |  | $ | 746,882 |
Ketjen | 22,468 |  |  | 20,469 |  |  | 21,904 |
Total segment equity in net income of unconsolidated investments (net of tax) | 727,846 |  |  | 1,843,089 |  |  | 768,786 |
Corporate(a) | (12,413) |  |  | 10,993 |  |  | 3,489 |
Total equity in net income of unconsolidated investments (net of tax) | $ | 715,433 |  |  | $ | 1,854,082 |  |  | $ | 772,275 |
Capital expenditures: |  |  |  |  |
Energy Storage | $ | 1,231,009 |  |  | $ | 1,752,440 |  |  | $ | 980,410 |
Specialties | 257,673 |  |  | 214,039 |  |  | 183,658 |
Ketjen | 163,921 |  |  | 132,510 |  |  | 66,319 |
Total segment capital expenditures | 1,652,603 |  |  | 2,098,989 |  |  | 1,230,387 |
Corporate | 33,187 |  |  | 50,292 |  |  | 31,259 |
Total capital expenditures | $ | 1,685,790 |  |  | $ | 2,149,281 |  |  | $ | 1,261,646 |
(a)Corporate equity in net income of unconsolidated investments (net of tax) relates to foreign exchange gains or losses from the Windfield joint venture.
Net Sales by Geographic Area | The following table summarizes the Company’s net sales by geographic area for the years ended December 31, 2024, 2023 and 2022 (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Net Sales(a): |  |  |  |  |
United States | $ | 901,870 |  |  | $ | 930,838 |  |  | $ | 888,612 |
South Korea | 912,376 |  |  | 3,125,372 |  |  | 1,628,728 |
China | 1,961,143 |  |  | 2,851,809 |  |  | 2,380,459 |
Japan | 589,268 |  |  | 1,396,360 |  |  | 1,079,322 |
Other(b) | 1,012,869 |  |  | 1,312,824 |  |  | 1,342,983 |
Total | $ | 5,377,526 |  |  | $ | 9,617,203 |  |  | $ | 7,320,104 |
(a)Net sales are attributed to countries based upon shipments to final destination. (b)Net sales to any other country are individually material.
Long-Lived Assets by Geographic Area | The following table summarizes the Company’s long-lived assets by geographic area for the years ended December 31, 2024, 2023 and 2022 was as follows (in thousands):
| As of December 31,
| 2024 |  | 2023 |  | 2022
|  |  | (In thousands) |  |
Long-Lived Assets(a): |  |  |  |  |
United States | $ | 2,134,371 |  |  | $ | 1,912,243 |  |  | $ | 1,371,347 |
Australia | 3,943,847 |  |  | 4,610,963 |  |  | 3,253,069 |
Chile | 2,253,647 |  |  | 2,258,619 |  |  | 2,057,270 |
China | 966,785 |  |  | 819,119 |  |  | 438,090 |
Jordan | 309,148 |  |  | 292,870 |  |  | 267,612 |
Netherlands | 177,587 |  |  | 186,963 |  |  | 167,264 |
Germany | 90,367 |  |  | 91,979 |  |  | 77,845 |
France | 59,815 |  |  | 56,876 |  |  | 52,894 |
Brazil | 29,733 |  |  | 33,730 |  |  | 31,855 |
Other foreign countries | 92,655 |  |  | 87,489 |  |  | 77,747 |
Total | $ | 10,057,955 |  |  | $ | 10,350,851 |  |  | $ | 7,794,993 |
(a) Long-lived assets are comprised of the Company’s Property, plant and equipment and joint ventures included in Investments.

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