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Segment and Geographic Area Information (Tables)
 12 Months Ended
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 StorageSpecialtiesKetjenTotal 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,
202420232022
Total segment adjusted EBITDA$1,117,110 $3,583,971 $3,908,406 
Corporate expenses, net22,668 (37,983)(110,958)
Depreciation and amortization(588,638)(429,944)(300,841)
Interest and financing expenses(a)
(165,619)(116,072)(122,973)
Income tax expense(87,085)(430,277)(390,588)
Proportionate share of Windfield income tax expense(b)
(299,193)(779,703)(321,591)
Gain (loss) on change in interest in properties/sale of business, net(c)
— 71,190 (8,400)
Acquisition and integration related costs(d)
(6,223)(26,767)(16,259)
Restructuring charges and asset write-offs(e)
(1,180,806)(9,491)— 
Goodwill impairment(f)
— (6,765)— 
Non-operating pension and OPEB items11,335 7,971 57,032 
(Loss) gain in fair value of public equity securities(g)
(70,758)(44,732)4,319 
Legal accrual(h)
— (218,510)— 
Other(i)
67,760 10,588 (8,331)
Net (loss) income attributable to Albemarle Corporation$(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,
202420232022
Assets:
Energy Storage(a)
$11,285,847 $13,246,412 $10,471,949 
Specialties1,843,564 1,696,307 1,396,583 
Ketjen1,426,189 1,355,743 1,214,482 
Total segment assets14,555,600 16,298,462 13,083,014 
Corporate2,054,049 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,
202420232022
Depreciation and amortization:
Energy Storage$434,916 $258,436 $175,738 
Specialties95,043 86,673 67,705 
Ketjen51,488 76,023 51,417 
Total segment depreciation and amortization581,447 421,132 294,860 
Corporate7,191 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 
Ketjen22,468 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 
Specialties257,673 214,039 183,658 
Ketjen163,921 132,510 66,319 
Total segment capital expenditures1,652,603 2,098,989 1,230,387 
Corporate33,187 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,
202420232022
Net Sales(a):
United States$901,870 $930,838 $888,612 
South Korea912,376 3,125,372 1,628,728 
China1,961,143 2,851,809 2,380,459 
Japan589,268 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,
202420232022
(In thousands)
Long-Lived Assets(a):
United States$2,134,371 $1,912,243 $1,371,347 
Australia3,943,847 4,610,963 3,253,069 
Chile2,253,647 2,258,619 2,057,270 
China966,785 819,119 438,090 
Jordan309,148 292,870 267,612 
Netherlands177,587 186,963 167,264 
Germany90,367 91,979 77,845 
France59,815 56,876 52,894 
Brazil29,733 33,730 31,855 
Other foreign countries92,655 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.