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Operating Segments
 9 Months Ended
Sep. 30, 2014
Segment Reporting [Abstract]  
Operating Segments
Operating Segments:
Effective January 1, 2014, the Company’s assets and businesses were realigned under two operating segments to better align the Company’s resources to support its ongoing business strategy. The Performance Chemicals segment includes the Fire Safety Solutions, Specialty Chemicals and Fine Chemistry Services product categories, consolidating our bromine, mineral and custom manufacturing assets under one business unit. The Catalyst Solutions segment includes the Refinery Catalyst Solutions and Performance Catalyst Solutions product categories. Each segment has a dedicated team of sales, research and development, process engineering, manufacturing and sourcing, and business strategy personnel and has full accountability for improving execution through greater asset and market focus, agility and responsiveness. The new structure also facilitates the continued standardization of business processes across our organization, is consistent with the manner in which information is presently used internally by the Company’s chief operating decision maker to evaluate performance and make resource allocation decisions, and each segment president is responsible for execution of the segment’s business strategy.
Segment income represents segment operating profit and equity in net income of unconsolidated investments and is reduced by net income attributable to noncontrolling interests. Segment data includes intersegment transfers of raw materials at cost and allocations for certain corporate costs.
Summarized financial information concerning our reportable segments is shown in the following table. Results for 2013 have been recast to reflect the change in operating segments noted above, and segment results for all periods presented exclude discontinued operations as further described in Notes 1 and 15. Corporate & other includes corporate-related items not allocated to the reportable segments. Pension and OPEB service cost (which represents the benefits earned by active employees during the period) and amortization of prior service cost or benefit are allocated to each segment whereas the remaining components of pension and OPEB benefits cost or credit are included in Corporate & other.

 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
Net sales:
 
 
 
 
 
 
 
Performance Chemicals
$
364,517

 
$
365,154

 
$
1,048,961

 
$
1,059,202

Catalyst Solutions
277,901

 
226,042

 
798,021

 
695,433

Total net sales
$
642,418

 
$
591,196

 
$
1,846,982

 
$
1,754,635

Segment operating profit:
 
 
 
 
 
 
 
Performance Chemicals
$
86,983

 
$
91,506

 
$
244,724

 
$
265,665

Catalyst Solutions
53,039

 
47,205

 
162,169

 
125,615

Total segment operating profit
140,022

 
138,711

 
406,893

 
391,280

Equity in net income of unconsolidated investments:
 
 
 
 
 
 
 
Performance Chemicals
1,744

 
1,735

 
7,321

 
6,371

Catalyst Solutions
6,906

 
3,603

 
20,879

 
18,937

Total equity in net income of unconsolidated investments
8,650

 
5,338

 
28,200

 
25,308

Net income attributable to noncontrolling interests:
 
 
 
 
 
 
 
Performance Chemicals
(8,546
)
 
(7,332
)
 
(23,130
)
 
(21,250
)
Total net income attributable to noncontrolling interests
(8,546
)
 
(7,332
)
 
(23,130
)
 
(21,250
)
Segment income:
 
 
 
 
 
 
 
Performance Chemicals
80,181

 
85,909

 
228,915

 
250,786

Catalyst Solutions
59,945

 
50,808

 
183,048

 
144,552

Total segment income
140,126

 
136,717

 
411,963

 
395,338

Corporate & other(a)
(22,995
)
 
(9,909
)
 
(76,528
)
 
(41,715
)
Restructuring and other charges, net
(293
)
 
—

 
(20,625
)
 
—

Acquisition and integration related costs
(10,261
)
 
—

 
(15,104
)
 
—

Interest and financing expenses
(8,749
)
 
(9,496
)
 
(26,255
)
 
(22,335
)
Other expenses, net
(6,618
)
 
(368
)
 
(6,454
)
 
(6,147
)
Income tax expense
(11,737
)
 
(26,963
)
 
(46,700
)
 
(72,897
)
(Loss) income from discontinued operations (net of tax)
(6,679
)
 
531

 
(68,473
)
 
4,994

Net income attributable to Albemarle Corporation
$
72,794

 
$
90,512

 
$
151,824

 
$
257,238


(a)
For the three months ended September 30, 2014 and 2013, Corporate & other includes $(1.9) million and $1.0 million, respectively, of pension and OPEB plan (costs) credits, and for the nine months ended September 30, 2014 and 2013, Corporate & other includes $(15.7) million and $3.1 million, respectively, of pension and OPEB plan (costs) credits.