XML 58 R47.htm IDEA: XBRL DOCUMENT
v3.25.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Reportable Segments Summarized Financial Information | 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 three-month and six-month periods ended June 30, 2025 and 2024 (in thousands):
| Energy Storage |  | Specialties |  | Ketjen |  | Total Segments
Three Months Ended June 30, 2025 |  |  |  |  |  |  |
Net sales(a) | $ | 717,656 |  |  | $ | 351,560 |  |  | $ | 260,776 |  |  | $ | 1,329,992 |
Cost of goods sold(b) | (526,884) |  |  | (240,432) |  |  | (207,734) |  |  | (975,050) |
Selling, general and administrative expenses(b) | (48,712) |  |  | (23,830) |  |  | (24,217) |  |  | (96,759) |
Other segment items(c) | (1,659) |  |  | (2,025) |  |  | (6,754) |  |  | (10,438) |
Equity in net income of unconsolidated investments(d) | 79,324 |  |  | — |  |  | 6,496 |  |  | 85,820 |
Net income attributable to noncontrolling interests | — |  |  | (12,296) |  |  | — |  |  | (12,296) |
Adjusted EBITDA by segment | $ | 219,725 |  |  | $ | 72,977 |  |  | $ | 28,567 |  |  | $ | 321,269 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |
Net sales(a) | $ | 830,110 |  |  | $ | 334,600 |  |  | $ | 265,675 |  |  | $ | 1,430,385 |
Cost of goods sold(b) | (867,722) |  |  | (236,239) |  |  | (206,414) |  |  | (1,310,375) |
Selling, general and administrative expenses(b) | (67,614) |  |  | (26,732) |  |  | (22,690) |  |  | (117,036) |
Other segment items(c) | (6,343) |  |  | (5,564) |  |  | (6,618) |  |  | (18,525) |
Equity in net income of unconsolidated investments(d) | 394,548 |  |  | — |  |  | 7,883 |  |  | 402,431 |
Net income attributable to noncontrolling interests | — |  |  | (11,890) |  |  | — |  |  | (11,890) |
Adjusted EBITDA by segment | $ | 282,979 |  |  | $ | 54,175 |  |  | $ | 37,836 |  |  | $ | 374,990 |
Six Months Ended June 30, 2025 |  |  |  |  |  |  |
Net sales(a) | $ | 1,242,221 |  |  | $ | 672,574 |  |  | $ | 492,078 |  |  | $ | 2,406,873 |
Cost of goods sold(b) | (892,405) |  |  | (471,658) |  |  | (381,211) |  |  | (1,745,274) |
Selling, general and administrative expenses(b) | (93,247) |  |  | (44,209) |  |  | (46,242) |  |  | (183,698) |
Other segment items(c) | (4,209) |  |  | (4,818) |  |  | (13,266) |  |  | (22,293) |
Equity in net income of unconsolidated investments(d) | 153,720 |  |  | — |  |  | 15,796 |  |  | 169,516 |
Net income attributable to noncontrolling interests | — |  |  | (20,246) |  |  | — |  |  | (20,246) |
Adjusted EBITDA by segment | $ | 406,080 |  |  | $ | 131,643 |  |  | $ | 67,155 |  |  | $ | 604,878 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Net sales(a) | $ | 1,631,008 |  |  | $ | 650,665 |  |  | $ | 509,448 |  |  | $ | 2,791,121 |
Cost of goods sold(b) | (1,644,304) |  |  | (461,402) |  |  | (408,831) |  |  | (2,514,537) |
Selling, general and administrative expenses(b) | (132,028) |  |  | (51,702) |  |  | (42,616) |  |  | (226,346) |
Other segment items(c) | (12,981) |  |  | (13,198) |  |  | (13,890) |  |  | (40,069) |
Equity in net income of unconsolidated investments(d) | 639,280 |  |  | — |  |  | 15,704 |  |  | 654,984 |
Net income attributable to noncontrolling interests | — |  |  | (25,007) |  |  | — |  |  | (25,007) |
Adjusted EBITDA by segment | $ | 480,975 |  |  | $ | 99,356 |  |  | $ | 59,815 |  |  | $ | 640,146 |
(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 income (loss) 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 income (loss) 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 income (loss) attributable to Albemarle Corporation (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total segment adjusted EBITDA | $ | 321,269 |  |  | $ | 374,990 |  |  | $ | 604,878 |  |  | $ | 640,146 |
Corporate expenses, net | 15,206 |  |  | 11,370 |  |  | (1,259) |  |  | 37,450 |
Depreciation and amortization | (168,731) |  |  | (138,279) |  |  | (330,485) |  |  | (262,030) |
Interest and financing expenses | (49,939) |  |  | (35,187) |  |  | (98,916) |  |  | (73,156) |
Income tax (expense) benefit | (34,094) |  |  | 30,660 |  |  | (30,116) |  |  | 34,381 |
Proportionate share of Windfield income tax expense(a) | (33,150) |  |  | (119,780) |  |  | (58,476) |  |  | (193,469) |
Acquisition and integration related costs(b) | (1,768) |  |  | (1,581) |  |  | (3,208) |  |  | (3,488) |
Restructuring charges and asset write-offs(c) | (4,284) |  |  | (297,465) |  |  | (3,451) |  |  | (333,750) |
Non-operating pension and OPEB items | (336) |  |  | 337 |  |  | (611) |  |  | 662 |
Gain (loss) in fair value of public equity securities(d) | 186 |  |  | (17,780) |  |  | (4,836) |  |  | (60,939) |
Other(e) | (21,462) |  |  | 4,517 |  |  | (9,275) |  |  | 28,443 |
Net income (loss) attributable to Albemarle Corporation | $ | 22,897 |  |  | $ | (188,198) |  |  | $ | 64,245 |  |  | $ | (185,750) |
(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 Selling, general and administrative expenses (“SG&A”). (c)See Note 9, “Restructuring Charges and Asset Write-offs,” for further details. (d)Represents the net change in fair value of investments in public equity securities for the three-month and six-month periods ended June 30, 2025, recorded in Other (expenses) income, net. The three-month and six-month periods ended June 30, 2024 included losses of $17.8 million and $27.2 million, respectively, recorded in Other (expenses) income, net, resulting from the net change in fair value of investments in public equity securities and a loss of $33.7 million recorded in Other (expenses) income, net, for the six months ended June 30, 2024 resulting from the sale of investments in public equity securities. (e)Included amounts for the three months ended June 30, 2025 recorded in: •SG&A - $8.3 million of gains from the sale of assets not part of our production operations, partially offset by $1.8 million of severance expenses not related to a restructuring plan. •Other (expenses) income, net - $38.0 million loss resulting from the redemption of preferred equity in a Grace subsidiary, partially offset by $10.1 million of income from PIK dividends of that preferred equity prior to redemption. See Note 3, “Investments,” for further details. 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 (expenses) 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 six months ended June 30, 2025 recorded in: •SG&A - $11.4 million of gains from the sale of assets not part of our production operations, partially offset by $1.8 million of severance expenses not related to a restructuring plan and $0.6 million of expenses related to certain historical legal matters. •Other (expenses) income, net - $38.0 million loss resulting from the redemption of preferred equity in a Grace subsidiary and $1.9 million of charges for asset retirement obligations at a site not part of our operations, partially offset by $19.8 million of income from PIK dividends of the preferred equity in a Grace subsidiary prior to redemption and a $1.9 million gain primarily resulting from the adjustment of indemnification related to previously disposed businesses. 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 (expenses) 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 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. Total assets and investments in equity method investees by segment at June 30, 2025 and December 31, 2024 were as follows (in thousands):
| June 30, |  | December 31,
| 2025 |  | 2024
Assets: |  |  |
Energy Storage | $ | 11,352,593 |  |  | $ | 11,285,847 |
Specialties | 2,016,135 |  |  | 1,843,564 |
Ketjen | 1,537,201 |  |  | 1,426,189 |
Total segment assets | 14,905,929 |  |  | 14,555,600 |
Corporate | 2,385,998 |  |  | 2,054,049 |
Total assets | $ | 17,291,927 |  |  | $ | 16,609,649 |
Investments in equity method investees: |  |  |
Energy Storage | $ | 663,219 |  |  | $ | 585,569 |
Ketjen | 157,706 |  |  | 140,915 |
Total investments in equity method investees | $ | 820,925 |  |  | $ | 726,484 |
Additional segment information for the three-month and six-month periods ended June 30, 2025 and 2024 was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization: |  |  |  |  |  |  |
Energy Storage | $ | 127,175 |  |  | $ | 100,433 |  |  | $ | 247,523 |  |  | $ | 187,707 |
Specialties | 25,668 |  |  | 23,170 |  |  | 51,401 |  |  | 45,607 |
Ketjen | 13,328 |  |  | 12,937 |  |  | 26,758 |  |  | 25,294 |
Total segment depreciation and amortization | 166,171 |  |  | 136,540 |  |  | 325,682 |  |  | 258,608 |
Corporate | 2,560 |  |  | 1,739 |  |  | 4,803 |  |  | 3,422 |
Total depreciation and amortization | $ | 168,731 |  |  | $ | 138,279 |  |  | $ | 330,485 |  |  | $ | 262,030 |
Equity in net income of unconsolidated investments (net of tax): |  |  |  |  |  |  |
Energy Storage | $ | 53,851 |  |  | $ | 276,037 |  |  | $ | 104,696 |  |  | $ | 447,571 |
Ketjen | 6,496 |  |  | 7,883 |  |  | 15,796 |  |  | 15,704 |
Total segment equity in net income of unconsolidated investments (net of tax) | 60,347 |  |  | 283,920 |  |  | 120,492 |  |  | 463,275 |
Corporate(a) | 17,911 |  |  | 2,958 |  |  | 22,052 |  |  | 4,103 |
Total equity in net income of unconsolidated investments (net of tax) | $ | 78,258 |  |  | $ | 286,878 |  |  | $ | 142,544 |  |  | $ | 467,378 |
Capital expenditures: |  |  |  |  |  |  |
Energy Storage | $ | 58,513 |  |  | $ | 322,464 |  |  | $ | 152,956 |  |  | $ | 767,777 |
Specialties | 23,734 |  |  | 78,169 |  |  | 85,959 |  |  | 167,314 |
Ketjen | 35,934 |  |  | 34,282 |  |  | 58,305 |  |  | 69,465 |
Total segment capital expenditures | 118,181 |  |  | 434,915 |  |  | 297,220 |  |  | 1,004,556 |
Corporate | 1,447 |  |  | 12,699 |  |  | 5,032 |  |  | 22,380 |
Total capital expenditures | $ | 119,628 |  |  | $ | 447,614 |  |  | $ | 302,252 |  |  | $ | 1,026,936 |
(a)Corporate equity in net income of unconsolidated investments (net of tax) relates to foreign exchange gains or losses from the Windfield joint venture.

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 -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
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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