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Investments
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments Investments:
Unconsolidated Joint Ventures
The following table details the Company’s equity in net income of unconsolidated investments (net of tax) for the three-month and six-month periods ended June 30, 2025 and 2024 (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Windfield$71,762 $278,995 $126,748 $451,674 
Other joint ventures6,496 7,883 15,796 15,704 
Total$78,258 $286,878 $142,544 $467,378 
The Company holds a 49% equity interest in Windfield, where the ownership parties share risks and benefits disproportionate to their voting interests. As a result, the Company considers Windfield to be a variable interest entity (“VIE”), however this investment is not consolidated as the Company is not the primary beneficiary. The carrying amount of the Company’s 49% equity interest in Windfield, which is the Company’s most significant VIE, was $661.0 million and $583.6 million at June 30, 2025 and December 31, 2024, respectively. 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.
The following table summarizes the unaudited results of operations for the Windfield joint venture, which met the significant subsidiary test for subsidiaries not consolidated or 50% or less owned persons under Rule 10-01 of Regulation S-X, for the three-month and six-month periods ended June 30, 2025 and 2024 (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Net sales$296,020 $541,982 $586,439 $731,991 
Gross profit169,778 391,610 362,482 541,592 
Income before income taxes161,354 326,322 306,150 420,952 
Net income112,897 226,689 214,641 293,100 
Public Equity Securities
Included in the Company’s investments balance are holdings in equity securities of public companies. The fair value is measured using publicly available share prices of the investments, with any changes reported in Other (expenses) income, net in our consolidated statements of income (loss). During the three-month and six-month periods ended June 30, 2025, the Company recorded unrealized mark-to-market gains (losses) of $0.2 million and ($4.8) million, respectively, in Other (expenses) income, net for all public equity securities held at the end of the balance sheet date. During the three-month and six-month periods
ended June 30, 2024, the Company recorded unrealized mark-to-market losses of $17.8 million and $27.2 million, respectively, in Other (expenses) income, net for all public equity securities held at the end of the balance sheet date.
In January 2024, the Company sold equity securities of a public company for proceeds of approximately $81.5 million. As a result of the sale, the Company realized a loss of $33.7 million in Other (expenses) income, net during the six months ended June 30, 2024.
Other
As part of the proceeds from the sale of the fine chemistry services (“FCS”) business on June 1, 2021, W.R. Grace & Co. (“Grace”) issued Albemarle preferred equity of a Grace subsidiary having an aggregate stated value of $270 million. The preferred equity began accruing payment-in-kind (“PIK”) dividends at an annual rate of 12% on June 1, 2023. In June 2025, the Company agreed to redeem the preferred equity from Grace for an aggregate value of $307.4 million, comprised of $288.0 million in cash received in June 2025 for the redemption and $19.4 million in cash previously received for tax liabilities. As a result, the Company recorded a loss of $38.0 million within Other (expenses) income, net for the three-month and six-month periods ended June 30, 2025, representing the difference between the cash received and the recorded fair value of $326.0 million prior to redemption.