Quarterly Financial Summary (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Summary (Unaudited)

Quarterly Financial Summary (Unaudited):

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In thousands, except per share amounts)
2019
Net sales	$	832,064		$	885,052		$	879,747		$	992,564
Gross profit(a)	$	283,486		$	325,914		$	309,867		$	338,511
Net income	$	151,526		$	174,970		$	171,618		$	106,243
Net income attributable to noncontrolling interests	(17,957		)	(20,772		)	(16,548		)	(15,852		)
Net income attributable to Albemarle Corporation	$	133,569		$	154,198		$	155,070		$	90,391
Basic earnings per share	$	1.26		$	1.46		$	1.46		$	0.85
Shares used to compute basic earnings per share	105,799			105,961			105,999			106,037
Diluted earnings per share	$	1.26		$	1.45		$	1.46		$	0.85
Shares used to compute diluted earnings per share	106,356			106,316			106,299			106,314

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In thousands, except per share amounts)
2018
Net sales	$	821,629		$	853,874		$	777,748		$	921,699
Gross profit	$	304,979		$	311,356		$	280,537		$	320,384
(Gain) loss on sale of business, net(b)	$	—		$	(218,705	)	$	—		$	8,277
Net income	$	138,925		$	310,686		$	143,479		$	146,049
Net income attributable to noncontrolling interests	(7,165		)	(8,225		)	(13,734		)	(16,453		)
Net income attributable to Albemarle Corporation	$	131,760		$	302,461		$	129,745		$	129,596
Basic earnings per share	$	1.19		$	2.76		$	1.21		$	1.22
Shares used to compute basic earnings per share	110,681			109,671			107,315			106,042
Diluted earnings per share	$	1.18		$	2.73		$	1.20		$	1.21
Shares used to compute diluted earnings per share	111,867			110,659			108,302			107,005

(a) Cost of goods sold for the third quarter of 2019 included expense of $7.0 million due to the correction of an out-of-period error regarding carbonate inventory values related to the second quarter of 2019.

(b) Represents the gain (loss) on the Polyolefin Catalysts Divestiture. See Note 3, “Divestitures,” for additional information.

As discussed in Note 1, “Summary of Significant Accounting Policies,” actuarial gains and losses related to our defined benefit pension and OPEB plan obligations are recognized annually in our consolidated statements of income in the fourth quarter and whenever a plan is determined to qualify for a remeasurement during a fiscal year. During the year ended December 31, 2019, actuarial losses were recognized as follows: fourth quarter—$29.3 million ($21.1 million after income taxes) as a result of the annual remeasurement process. During the year ended December 31, 2018, actuarial losses were recognized as follows: fourth quarter—$14.0 million ($10.6 million after income taxes) as a result of the annual remeasurement process.