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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________ 
FORM 10-Q
_________________________________________________ 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarterly Period Ended September 30, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 1-12658
_________________________________________________ 

ALBEMARLE CORPORATION
(Exact name of registrant as specified in its charter)
_________________________________________________ 
Virginia 54-1692118
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
4250 Congress Street, Suite 900
Charlotte, North Carolina 28209
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code - (980) 299-5700
_________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
COMMON STOCK, $.01 Par ValueALBNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☒Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
Number of shares of common stock, $.01 par value, outstanding as of October 31, 2022: 117,152,794

Table of Contents
ALBEMARLE CORPORATION
INDEX – FORM 10-Q
 
  Page
Number(s)
EXHIBITS
2
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PART I. FINANCIAL INFORMATION
 
Item 1.Financial Statements (Unaudited).
ALBEMARLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In Thousands, Except Per Share Amounts)
(Unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Net sales$2,091,805 $830,566 $4,699,126 $2,433,753 
Cost of goods sold1,047,991 581,293 2,625,858 1,672,376 
Gross profit1,043,814 249,273 2,073,268 761,377 
Selling, general and administrative expenses134,479 103,477 375,989 318,180 
Research and development expenses18,358 13,289 51,827 41,901 
Loss (gain) on sale of business/interest in properties— 984 8,400 (428,424)
Operating profit890,977 131,523 1,637,052 829,720 
Interest and financing expenses(29,691)(5,136)(98,934)(56,170)
Other income (expense), net7,974 (643,196)32,237 (631,870)
Income (loss) before income taxes and equity in net income of unconsolidated investments869,260 (516,809)1,570,355 141,680 
Income tax expense (benefit)196,938 (114,670)366,486 14,422 
Income (loss) before equity in net income of unconsolidated investments672,322 (402,139)1,203,869 127,258 
Equity in net income of unconsolidated investments (net of tax)258,884 27,706 449,476 62,215 
Net income (loss)931,206 (374,433)1,653,345 189,473 
Net income attributable to noncontrolling interests(33,991)(18,348)(95,974)(61,977)
Net income (loss) attributable to Albemarle Corporation$897,215 $(392,781)$1,557,371 $127,496 
Basic earnings (loss) per share$7.66 $(3.36)$13.30 $1.10 
Diluted earnings (loss) per share$7.61 $(3.36)$13.23 $1.10 
Weighted-average common shares outstanding – basic117,136 116,965 117,106 115,455 
Weighted-average common shares outstanding – diluted117,869 116,965 117,749 116,140 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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ALBEMARLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In Thousands)
(Unaudited)

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Net income (loss)$931,206 $(374,433)$1,653,345 $189,473 
Other comprehensive (loss) income, net of tax:
Foreign currency translation and other(200,520)(39,274)(324,230)(46,852)
Net investment hedge— — — 5,110 
Cash flow hedge(9,652)214 (8,144)(563)
Interest rate swap— 651 7,399 1,951 
Total other comprehensive loss, net of tax(210,172)(38,409)(324,975)(40,354)
Comprehensive income (loss)721,034 (412,842)1,328,370 149,119 
Comprehensive income attributable to noncontrolling interests(33,990)(18,374)(95,858)(61,927)
Comprehensive income (loss) attributable to Albemarle Corporation$687,044 $(431,216)$1,232,512 $87,192 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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ALBEMARLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
September 30,December 31,
20222021
Assets
Current assets:
Cash and cash equivalents
$1,382,803 $439,272 
Trade accounts receivable, less allowance for doubtful accounts (2022 – $2,495; 2021 – $2,559)
1,035,117 556,922 
Other accounts receivable135,709 66,184 
Inventories1,614,299 798,620 
Other current assets129,043 132,683 
Total current assets4,296,971 1,993,681 
Property, plant and equipment, at cost8,713,771 8,074,746 
Less accumulated depreciation and amortization2,288,664 2,165,130 
Net property, plant and equipment6,425,107 5,909,616 
Investments1,158,535 912,008 
Other assets217,057 252,239 
Goodwill1,467,848 1,597,627 
Other intangibles, net of amortization262,984 308,947 
Total assets$13,828,502 $10,974,118 
Liabilities And Equity
Current liabilities:
Accounts payable$1,651,866 $647,986 
Accrued expenses385,327 763,293 
Current portion of long-term debt251,216 389,920 
Dividends payable46,098 45,469 
Income taxes payable153,444 27,667 
Total current liabilities2,487,951 1,874,335 
Long-term debt3,118,753 2,004,319 
Postretirement benefits42,681 43,693 
Pension benefits187,498 229,187 
Other noncurrent liabilities597,980 663,698 
Deferred income taxes429,012 353,279 
Commitments and contingencies (Note 10)
Equity:
Albemarle Corporation shareholders’ equity:
Common stock, $.01 par value, issued and outstanding – 117,145 in 2022 and 117,015 in 2021
1,171 1,170 
Additional paid-in capital2,933,659 2,920,007 
Accumulated other comprehensive loss(717,309)(392,450)
Retained earnings4,515,115 3,096,539 
Total Albemarle Corporation shareholders’ equity6,732,636 5,625,266 
Noncontrolling interests231,991 180,341 
Total equity6,964,627 5,805,607 
Total liabilities and equity$13,828,502 $10,974,118 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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ALBEMARLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
(In Thousands, Except Share Data)Additional
Paid-in Capital		Accumulated Other
Comprehensive Loss		Retained EarningsTotal Albemarle
Shareholders’ Equity		Noncontrolling
Interests		Total Equity
Common Stock
SharesAmounts
Balance at June 30, 2022117,121,748 $1,171 $2,927,086 $(507,138)$3,664,172 $6,085,291 $215,684 $6,300,975 
Net income897,215 897,215 33,991 931,206 
Other comprehensive loss(210,171)(210,171)(1)(210,172)
Cash dividends declared, $0.395 per common share
(46,272)(46,272)(17,683)(63,955)
Stock-based compensation7,405 7,405 7,405 
Exercise of stock options8,377 — 735 735 735 
Issuance of common stock, net21,597 — — — — 
Withholding taxes paid on stock-based compensation award distributions(6,358)— (1,567)(1,567)(1,567)
Balance at September 30, 2022117,145,364 $1,171 $2,933,659 $(717,309)$4,515,115 $6,732,636 $231,991 $6,964,627 
Balance at June 30, 2021116,944,511 $1,169 $2,907,981 $(328,001)$3,584,400 $6,165,549 $200,222 $6,365,771 
Net (loss) income(392,781)(392,781)18,348 (374,433)
Other comprehensive (loss) income(38,435)(38,435)26 (38,409)
Cash dividends declared, $0.39 per common share
(45,620)(45,620)(17,480)(63,100)
Stock-based compensation4,203 4,203 4,203 
Fees related to the public issuance of common stock23 23 23 
Exercise of stock options22,226 1 1,884 1,885 1,885 
Issuance of common stock, net12,688 — — — — 
Withholding taxes paid on stock-based compensation award distributions(3,107)— (708)(708)(708)
Balance at September 30, 2021116,976,318 $1,170 $2,913,383 $(366,436)$3,145,999 $5,694,116 $201,116 $5,895,232 
Balance at December 31, 2021117,015,333 $1,170 $2,920,007 $(392,450)$3,096,539 $5,625,266 $180,341 $5,805,607 
Net income1,557,371 1,557,371 95,974 1,653,345 
Other comprehensive loss(324,859)(324,859)(116)(324,975)
Cash dividends declared, $1.19 per common share
(138,795)(138,795)(44,208)(183,003)
Stock-based compensation24,213 24,213 24,213 
Exercise of stock options16,166 — 1,203 1,203 1,203 
Issuance of common stock, net176,293 2 385 387 387 
Withholding taxes paid on stock-based compensation award distributions(62,428)(1)(12,149)(12,150)(12,150)
Balance at September 30, 2022117,145,364 $1,171 $2,933,659 $(717,309)$4,515,115 $6,732,636 $231,991 $6,964,627 
Balance at December 31, 2020106,842,369 $1,069 $1,438,038 $(326,132)$3,155,252 $4,268,227 $200,367 $4,468,594 
Net income127,496 127,496 61,977 189,473 
Other comprehensive loss(40,304)(40,304)(50)(40,354)
Cash dividends declared, $1.17 per common share
(136,749)(136,749)(61,178)(197,927)
Stock-based compensation13,981 13,981 13,981 
Fees related to public issuance of common stock(888)(888)(888)
Exercise of stock options263,875 3 16,217 16,220 16,220 
Issuance of common stock, net9,918,778 99 1,453,789 1,453,888 1,453,888 
Withholding taxes paid on stock-based compensation award distributions(48,704)(1)(7,754)(7,755)(7,755)
Balance at September 30, 2021116,976,318 $1,170 $2,913,383 $(366,436)$3,145,999 $5,694,116 $201,116 $5,895,232 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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ALBEMARLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Nine Months Ended
September 30,
20222021
Cash and cash equivalents at beginning of year$439,272 $746,724 
Cash flows from operating activities:
Net income 1,653,345 189,473 
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization215,280 185,765 
Loss (gain) on sale of business/investment in properties8,400 (428,424)
Stock-based compensation and other24,649 14,668 
Equity in net income of unconsolidated investments (net of tax)(449,476)(62,215)
Dividends received from unconsolidated investments and nonmarketable securities350,895 43,374 
Pension and postretirement benefit(12,299)(12,451)
Pension and postretirement contributions(10,929)(24,145)
Unrealized gain on investments in marketable securities3,864 (3,912)
Loss on early extinguishment of debt19,219 28,955 
Deferred income taxes77,968 (38,924)
Working capital changes(1,004,236)456,405 
Non-cash transfer of 40% value of construction in progress of Kemerton plant to MRL115,969 135,928 
Other, net(37,047)6,089 
Net cash provided by operating activities955,602 490,586 
Cash flows from investing activities:
Capital expenditures(815,934)(652,739)
Cash proceeds from divestitures, net— 289,791 
Sales of marketable securities, net3,132 4,407 
Investments in equity and other corporate investments(507)(286)
Net cash used in investing activities(813,309)(358,827)
Cash flows from financing activities:
Proceeds from issuance of common stock— 1,453,888 
Repayments of long-term debt and credit agreements(455,000)(1,173,823)
Proceeds from borrowings of long-term debt and credit agreements1,964,216 — 
Other debt repayments, net(391,067)(327,292)
Fees related to early extinguishment of debt(9,767)(24,877)
Dividends paid to shareholders(138,165)(132,236)
Dividends paid to noncontrolling interests(44,208)(61,178)
Proceeds from exercise of stock options1,590 16,220 
Withholding taxes paid on stock-based compensation award distributions(12,150)(7,755)
Other(4,198)(1,384)
Net cash provided by (used in) financing activities911,251 (258,437)
Net effect of foreign exchange on cash and cash equivalents(110,013)(24,997)
Increase in cash and cash equivalents943,531 (151,675)
Cash and cash equivalents at end of period$1,382,803 $595,049 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)

NOTE 1—Basis of Presentation:
In the opinion of management, the accompanying unaudited condensed consolidated financial statements of Albemarle Corporation and our wholly-owned, majority-owned and controlled subsidiaries (collectively, “Albemarle,” “we,” “us,” “our” or the “Company”) contain all adjustments necessary for a fair statement, in all material respects, of our consolidated balance sheets as of September 30, 2022 and December 31, 2021, our consolidated statements of income, consolidated statements of comprehensive income and consolidated statements of changes in equity for the three- and nine-month periods ended September 30, 2022 and 2021 and our condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2022 and 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the U.S. Securities and Exchange Commission (“SEC”) on February 22, 2022. The December 31, 2021 consolidated balance sheet data herein was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles (“GAAP”) in the United States (“U.S.”). The results of operations for the three-and nine-month periods ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year. Certain reclassifications have been made to the accompanying condensed consolidated financial statements and the notes thereto to conform to the current presentation.
Interest and financing expenses for the nine-month period ended September 30, 2022 include an expense of $17.5 million for the correction of out-of-period errors regarding overstated capitalized interest values in prior periods. For the years ended December 31, 2021, 2020 and 2019, Interest expense was understated by $11.4 million, $5.5 million and $0.6 million, respectively. The Company does not believe these adjustments are material to the consolidated financial statements for any of the prior periods presented or to the nine-month period ended September 30, 2022, in which they were corrected.

NOTE 2—Acquisitions:
On October 25, 2022 the Company completed the acquisition of all of the outstanding equity of Guangxi Tianyuan New Energy Materials Co., Ltd. (“Tianyuan”), for approximately $200 million in cash. Tianyuan's operations include a recently constructed lithium processing plant strategically positioned near the Port of Qinzhou in Guangxi, which began commercial production in the first half of 2022. The plant has designed annual conversion capacity of up to 25,000 metric tons of LCE and is capable of producing battery-grade lithium carbonate and lithium hydroxide.
As this acquisition was completed on October 25, 2022, the preliminary fair value of the assets acquired and liabilities assumed are not recorded in the Company’s consolidated balance sheet as of September 30, 2022. The preliminary fair value of these assets and liabilities, as well as the results of operations of this acquisition, will be recorded in the fourth quarter of 2022. The Company has not completed the detailed valuation work necessary to arrive at the required estimates of the fair value of the assets acquired and liabilities assumed and the related allocation of purchase price.

NOTE 3—Divestitures:
On June 1, 2021, the Company completed the sale of its fine chemistry services (“FCS”) business to W. R. Grace & Co. (“Grace”) for proceeds of approximately $570 million, consisting of $300 million in cash and the issuance to Albemarle of preferred equity of a Grace subsidiary having an aggregate stated value of $270 million. The preferred equity can be redeemed at Grace’s option under certain conditions and will accrue payment-in-kind (“PIK”) dividends at an annual rate of 12% beginning two years after issuance.
As part of the transaction, Grace acquired our manufacturing facilities located in South Haven, Michigan and Tyrone, Pennsylvania. The sale of the FCS business reflects the Company’s commitment to investing in its core, growth-oriented business segments. During the nine-month period ended September 30, 2021, we recorded a gain of $428.4 million ($330.9 million after income taxes) related to the sale of this business. Historical financial statements include results from this business until divested on June 1, 2021.
We determined that the FCS business met the assets held for sale criteria in accordance with ASC 360, Property, Plant and Equipment during the first quarter of 2021. The results of operations of the business classified as held for sale are included in the consolidated statements of income through June 1, 2021. This business did not qualify for discontinued operations treatment because the Company’s management does not consider the sale as representing a strategic shift that had or will have a major effect on the Company’s operations and financial results.


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ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
NOTE 4—Goodwill and Other Intangibles:

The following table summarizes the changes in goodwill by reportable segment for the nine months ended September 30, 2022 (in thousands):
LithiumBromineCatalystsTotal
Balance at December 31, 2021
$1,394,182 $20,319 $183,126 $1,597,627 
   Foreign currency translation adjustments(103,887)— (25,892)(129,779)
Balance at September 30, 2022$1,290,295 $20,319 $157,234 $1,467,848 

The following table summarizes the changes in other intangibles and related accumulated amortization for the nine months ended September 30, 2022 (in thousands):
Customer Lists and Relationships
Trade Names and Trademarks(a)
Patents and TechnologyOtherTotal
Gross Asset Value
  Balance at December 31, 2021
$428,379 $17,883 $57,313 $36,705 $540,280 
Additions— — — 3,813 3,813 
Retirements— (4,253)(16,206)(5,844)(26,303)
Foreign currency translation adjustments and other(45,283)(1,300)(4,902)(3,610)(55,095)
  Balance at September 30, 2022
$383,096 $12,330 $36,205 $31,064 $462,695 
Accumulated Amortization
  Balance at December 31, 2021
$(163,283)$(7,983)$(39,796)$(20,271)$(231,333)
Amortization(15,756)— (1,017)(676)(17,449)
Retirements— 4,253 16,206 5,844 26,303 
Foreign currency translation adjustments and other17,618 365 3,148 1,637 22,768 
  Balance at September 30, 2022
$(161,421)$(3,365)$(21,459)$(13,466)$(199,711)
Net Book Value at December 31, 2021
$265,096 $9,900 $17,517 $16,434 $308,947 
Net Book Value at September 30, 2022
$221,675 $8,965 $14,746 $17,598 $262,984 
(a)    Net Book Value includes only indefinite-lived intangible assets.

NOTE 5—Income Taxes:
The effective income tax rate for the three-month and nine-month periods ended September 30, 2022 was 22.7% and 23.3%, respectively, compared to 22.2% and 10.2% for the three-month and nine-month periods ended September 30, 2021, respectively. The three- and nine-month periods ended September 30, 2022 included a tax benefit related to global intangible low-taxed income, and net discrete tax benefits related to excess tax benefits realized from stock-based compensation arrangements and foreign return to provisions. The Company’s effective income tax rate fluctuates based on, among other factors, the amount and location of income. The three- and nine-month periods ended September 30, 2021 included a tax benefit of $152.9 million related to an accrual recorded as a subsequent event for the settlement of an arbitration ruling for a prior legal matter in October 2021. See Note 10, “Commitments and Contingencies,” for further details of this legal matter. The difference between the U.S. federal statutory income tax rate and our effective income tax rate for the three- and nine-month periods ended September 30, 2022 was impacted by a variety of factors, primarily global intangible low-taxed income and the location in which income was earned, and an uncertain tax position recorded in Chile. The difference between the U.S. federal statutory income tax rate and our effective income tax rate for the three-month and nine-month periods ended September 30, 2021 was impacted by a variety of factors, primarily global intangible low-taxed income, the location in which income was earned. In addition, the three- and nine-month periods ended September 30, 2021 includes a $97.5 million tax expense recorded for the gain on the sale of the FCS business, offset by the tax benefit for the settlement of the arbitration ruling noted above and a benefit from foreign rate differences.
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ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)


NOTE 6—Earnings Per Share:
Basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2022 and 2021 are calculated as follows (in thousands, except per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Basic earnings per share
Numerator:
Net income (loss) attributable to Albemarle Corporation$897,215 $(392,781)$1,557,371 $127,496 
Denominator:
Weighted-average common shares for basic earnings per share117,136 116,965 117,106 115,455 
Basic earnings (loss) per share$7.66 $(3.36)$13.30 $1.10 
Diluted earnings per share
Numerator:
Net income (loss) attributable to Albemarle Corporation$897,215 $(392,781)$1,557,371 $127,496 
Denominator:
Weighted-average common shares for basic earnings per share117,136 116,965 117,106 115,455 
Incremental shares under stock compensation plans733 — 643 685 
Weighted-average common shares for diluted earnings per share117,869 116,965 117,749 116,140 
Diluted earnings (loss) per share$7.61 $(3.36)$13.23 $1.10 
On February 8, 2021, we completed an underwritten public offering of 8,496,773 shares of our common stock, par value $0.01 per share, at a price to the public of $153.00 per share. The Company also granted to the underwriters an option to purchase up to an additional 1,274,509 shares, which was exercised. The total gross proceeds from this offering were approximately $1.5 billion, before deducting expenses, underwriting discounts and commissions. The net proceeds were used for debt repayments and general corporate purposes.
On July 18, 2022, the Company declared a cash dividend of $0.395, an increase from the prior year regular quarterly dividend. This dividend was paid on October 3, 2022 to shareholders of record at the close of business as of September 16, 2022. On October 24, 2022, the Company declared a cash dividend of $0.395 per share, which is payable on January 3, 2023 to shareholders of record at the close of business as of December 16, 2022.
NOTE 7—Inventories:
The following table provides a breakdown of inventories at September 30, 2022 and December 31, 2021 (in thousands):
September 30,December 31,
20222021
Finished goods$1,244,674 $459,536 
Raw materials and work in process(a)
277,594 259,221 
Stores, supplies and other92,031 79,863 
Total$1,614,299 $798,620 

(a)Included $132.1 million and $149.4 million at September 30, 2022 and December 31, 2021, respectively, of work in process in our Lithium segment.

NOTE 8—Investments:
The Company holds a 49% equity interest in Windfield Holdings Pty. Ltd. (“Talison”), where the ownership parties share risks and benefits disproportionate to their voting interests. As a result, the Company considers Talison to be a variable interest entity (“VIE”), however this investment is not consolidated as the Company is not the primary beneficiary. The carrying
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ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
amount of our 49% equity interest in Windfield, which is our most significant VIE, was $706.5 million and $476.6 million at September 30, 2022 and December 31, 2021, respectively. The Company’s aggregate net investment in all other entities which it considers to be VIEs of which the Company is not the primary beneficiary was $7.2 million at September 30, 2022 and $8.0 million at December 31, 2021. The Company’s unconsolidated VIEs are reported in Investments on the consolidated balance sheets. The Company does not guarantee debt for, or have other financial support obligations to, these entities, and its maximum exposure to loss in connection with its continuing involvement with these entities is limited to the carrying value of the investments.
Effective September 30, 2022 the Company began recording the balance of deferred profits on sales from its equity method investments to the Company to Inventories, specifically finished goods. Historically this balance was recorded in Investments in the consolidated balance sheets. As a result, the historical balances have been reclassified to reflect the current period presentation. This change in presentation was made to better align the location of these deferred profits with their respective inventory balances until they are sold to a third party. Deferred profits from equity method investments totaled $222.1 million and $14.3 million as of September 30, 2022 and December 31, 2021, respectively, with the increase primarily driven by increased pricing and volume of sales from the Talison joint venture. There was no impact to the statements of income, comprehensive (loss) income, changes in equity or cash flows for any period as a result of this change in presentation. In addition, the Company does not believe this change in presentation is material to the consolidated financial statements for any prior period.
As part of the proceeds from the sale of the FCS business on June 1, 2021, Grace issued Albemarle preferred equity of a Grace subsidiary having an aggregate stated value of $270 million. The preferred equity can be redeemed at Grace’s option under certain conditions and will accrue PIK dividends at an annual rate of 12% beginning two years after issuance. This preferred equity had a fair value of $253.7 million and $246.5 million at September 30, 2022 and December 31, 2021, respectively, which is reported in Investments in the consolidated balance sheets.

NOTE 9—Long-Term Debt:
Long-term debt at September 30, 2022 and December 31, 2021 consisted of the following (in thousands):
September 30,December 31,
20222021
1.125% notes due 2025
$361,818 $426,571 
1.625% notes due 2028
479,700 565,550 
3.45% Senior notes due 2029
171,612 171,612 
4.15% Senior notes due 2024
— 425,000 
4.65% Senior notes due 2027
650,000 — 
5.05% Senior notes due 2032
600,000 — 
5.45% Senior notes due 2044
350,000 350,000 
5.65% Senior notes due 2052
450,000 — 
Credit facilities250,000 — 
Commercial paper notes— 388,500 
Variable-rate foreign bank loans2,763 5,226 
Finance lease obligations71,975 75,431 
Other11,252 — 
Unamortized discount and debt issuance costs(29,151)(13,651)
Total long-term debt3,369,969 2,394,239 
Less amounts due within one year251,216 389,920 
Long-term debt, less current portion$3,118,753 $2,004,319 
On May 13, 2022, the Company issued a series of notes (collectively, the “2022 Notes”) as follows:
•$650.0 million aggregate principal amount of senior notes, bearing interest at a rate of 4.65% payable semi-annually on June 1 and December 1 of each year, beginning on December 1, 2022. The effective interest rate on these senior notes is approximately 4.84%. These senior notes mature on June 1, 2027.
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ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
•$600.0 million aggregate principal amount of senior notes, bearing interest at a rate of 5.05% payable semi-annually on June 1 and December 1 of each year, beginning on December 1, 2022. The effective interest rate on these senior notes is approximately 5.18%. These senior notes mature on June 1, 2032.
•$450.0 million aggregate principal amount of senior notes, bearing interest at a rate of 5.65% payable semi-annually on June 1 and December 1 of each year, beginning on December 1, 2022. The effective interest rate on these senior notes is approximately 5.71%. These senior notes mature on June 1, 2052.
The net proceeds from the issuance of the 2022 Notes were used to repay the balance of the commercial paper notes, the remaining balance of $425.0 million of the 4.15% Senior Notes due 2024 (the “2024 Notes”) and for general corporate purposes. The 2024 Notes were originally due to mature on December 15, 2024 and bore interest at a rate of 4.15%. During the nine-month period ended September 30, 2022, the Company recorded a loss on early extinguishment of debt of $19.2 million in Interest and financing expenses, representing the tender premiums, fees, unamortized discounts and unamortized deferred financing costs from the redemption of the 2024 Notes. In addition, the loss on early extinguishment of debt includes the accelerated amortization of the interest rate swap associated with the 2024 Notes from Accumulated other comprehensive income.
On October 28, 2022, we amended our revolving, unsecured credit agreement (the “2018 Credit Agreement”), which provides for borrowings of up to $1.5 billion and matures on October 28, 2027. This credit agreement was originally dated as of June 21, 2018, and was previously amended on August 14, 2019, May 11, 2020 and December 10, 2021. Borrowings under the 2018 Credit Agreement bear interest at variable rates based on a benchmark rate depending on the currency in which the loans are denominated, plus an applicable margin which ranges from 0.91% to 1.375%, depending on the Company’s credit rating from Standard & Poor’s Ratings Services LLC, Moody’s Investors Services, Inc. and Fitch Ratings, Inc. With respect to loans denominated in U.S. dollars, interest is calculated using the term Secured Overnight Financing Rate (“SOFR”) plus a term SOFR adjustment of 0.10%, plus the applicable margin.
During the second quarter of 2022 the Company drew $250 million under the unsecured credit facility originally entered into on August 14, 2019, as amended and restated on December 15, 2020 and again on December 10, 2021 (the “2019 Credit Facility”) for general corporate purposes. The applicable margin on the 2019 Credit Facility was 1.125% at September 30, 2022. On October 24, 2022, the 2019 Credit Facility was terminated, with the outstanding balance of $250 million repaid using cash on hand.
In the first quarter of 2021, the Company made certain debt principal payments using proceeds from the February 2021 underwritten public offering of common stock. As a result, included in Interest and financing expenses for the nine-month period ended September 30, 2021 is a loss on early extinguishment of debt of $29.0 million representing the tender premiums, fees, unamortized discounts and unamortized deferred financing costs from the redemption of this debt.
Prior to repayment in the first quarter of 2021, the carrying value of the 1.875% Euro-denominated senior notes was designated as an effective hedge of the net investment in certain foreign subsidiaries where the Euro serves as the functional currency, and gains or losses on the revaluation of these senior notes to our reporting currency were recorded in accumulated other comprehensive loss. Upon repayment of these notes, this net investment hedge was discontinued. The balance of foreign exchange revaluation gains and losses associated with this discontinued net investment hedge will remain within accumulated other comprehensive loss until the hedged net investment is sold or liquidated. Prior to the net investment hedge being discontinued, we recorded a gain of $5.1 million (net of income taxes) during the nine-month period ended September 30, 2021 in accumulated other comprehensive loss.

NOTE 10—Commitments and Contingencies:
Environmental
The following activity was recorded in environmental liabilities for the nine months ended September 30, 2022 (in thousands):
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ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Beginning balance at December 31, 2021
$46,617 
Expenditures(2,495)
Accretion of discount777 
Additions and changes in estimates2,811 
Foreign currency translation adjustments and other(3,533)
Ending balance at September 30, 2022
44,177 
Less amounts reported in Accrued expenses9,496 
Amounts reported in Other noncurrent liabilities$34,681 
Environmental remediation liabilities included discounted liabilities of $37.3