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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 June 30, 2019
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
_________________________________________________ 
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  ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
COMMON STOCK, $.01 Par Value
 
ALB
 
New York Stock Exchange
Number of shares of common stock, $.01 par value, outstanding as of July 31, 2019: 105,986,264

Table of Contents

ALBEMARLE CORPORATION
INDEX – FORM 10-Q
 
 
 
 
 
 
Page
Number(s)
 
 
 
 
 
 
 
 
 
3
 
 
 
 
4
 
 
 
 
5
 
 
 
 
6
 
 
 
 
7
 
 
 
 
8-24
 
 
 
24-41
 
 
 
41
 
 
 
42
 
 
 
 
 
 
 
43
 
 
 
43
 
 
 
43
 
 
 
43
 
 
 
 
44
 
 
 
EXHIBITS
 
 

2
Table of Contents

PART I. FINANCIAL INFORMATION
 
Item 1.
Financial Statements (Unaudited).
ALBEMARLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)
(Unaudited)

 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Net sales
$
885,052

 
$
853,874

 
$
1,717,116

 
$
1,675,503

Cost of goods sold
559,138

 
542,518

 
1,107,716

 
1,059,168

Gross profit
325,914

 
311,356

 
609,400

 
616,335

Selling, general and administrative expenses
126,715

 
123,637

 
240,070

 
225,007

Research and development expenses
13,462

 
16,074

 
28,439

 
37,060

Gain on sale of business
—

 
(218,705
)
 
—

 
(218,705
)
Operating profit
185,737

 
390,350

 
340,891

 
572,973

Interest and financing expenses
(11,601
)
 
(13,308
)
 
(24,187
)
 
(26,846
)
Other (expenses) income, net
(7,065
)
 
(5,223
)
 
4,226

 
(35,699
)
Income before income taxes and equity in net income of unconsolidated investments
167,071

 
371,819

 
320,930

 
510,428

Income tax expense
30,411

 
80,102

 
67,925

 
100,463

Income before equity in net income of unconsolidated investments
136,660

 
291,717

 
253,005

 
409,965

Equity in net income of unconsolidated investments (net of tax)
38,310

 
18,969

 
73,491

 
39,646

Net income
174,970

 
310,686

 
326,496

 
449,611

Net income attributable to noncontrolling interests
(20,772
)
 
(8,225
)
 
(38,729
)
 
(15,390
)
Net income attributable to Albemarle Corporation
$
154,198

 
$
302,461

 
$
287,767

 
$
434,221

Basic earnings per share
$
1.46

 
$
2.76

 
$
2.72

 
$
3.94

Diluted earnings per share
$
1.45

 
$
2.73

 
$
2.71

 
$
3.90

Weighted-average common shares outstanding – basic
105,961

 
109,671

 
105,880

 
110,176

Weighted-average common shares outstanding – diluted
106,316

 
110,659

 
106,336

 
111,263

See accompanying Notes to the Condensed Consolidated Financial Statements.

3
Table of Contents

ALBEMARLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
(Unaudited)

 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
174,970

 
$
310,686

 
$
326,496

 
$
449,611

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation
10,544

 
(150,857
)
 
(311
)
 
(85,966
)
Pension and postretirement benefits
6

 
23

 
13

 
26

Net investment hedge
(3,037
)
 
22,989

 
267

 
8,568

Interest rate swap
641

 
642

 
1,282

 
1,284

Total other comprehensive income (loss), net of tax
8,154

 
(127,203
)
 
1,251

 
(76,088
)
Comprehensive income
183,124

 
183,483

 
327,747

 
373,523

Comprehensive income attributable to noncontrolling interests
(20,799
)
 
(7,962
)
 
(38,709
)
 
(15,313
)
Comprehensive income attributable to Albemarle Corporation
$
162,325

 
$
175,521

 
$
289,038

 
$
358,210

See accompanying Notes to the Condensed Consolidated Financial Statements.

4
Table of Contents

ALBEMARLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
 
June 30,
 
December 31,
 
2019
 
2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
398,183

 
$
555,320

Trade accounts receivable, less allowance for doubtful accounts (2019 – $4,513; 2018 – $4,460)
624,808

 
605,712

Other accounts receivable
105,207

 
52,059

Inventories
814,022

 
700,540

Other current assets
94,417

 
84,790

Total current assets
2,036,637

 
1,998,421

Property, plant and equipment, at cost
5,248,994

 
4,799,063

Less accumulated depreciation and amortization
1,858,369

 
1,777,979

Net property, plant and equipment
3,390,625

 
3,021,084

Investments
541,014

 
528,722

Other assets
186,592

 
80,135

Goodwill
1,566,464

 
1,567,169

Other intangibles, net of amortization
373,082

 
386,143

Total assets
$
8,094,414

 
$
7,581,674

Liabilities And Equity
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
558,839

 
$
522,516

Accrued expenses
268,666

 
257,323

Current portion of long-term debt
490,691

 
307,294

Dividends payable
38,733

 
35,169

Current operating lease liability
19,441

 
—

Income taxes payable
23,611

 
60,871

Total current liabilities
1,399,981

 
1,183,173

Long-term debt
1,398,419

 
1,397,916

Postretirement benefits
46,025

 
46,157

Pension benefits
279,342

 
285,396

Other noncurrent liabilities
609,209

 
526,942

Deferred income taxes
387,035

 
382,982

Commitments and contingencies (Note 9)

 

Equity:
 
 
 
Albemarle Corporation shareholders’ equity:
 
 
 
Common stock, $.01 par value, issued and outstanding – 105,971 in 2019 and 105,616 in 2018
1,059

 
1,056

Additional paid-in capital
1,373,213

 
1,368,897

Accumulated other comprehensive loss
(349,411
)
 
(350,682
)
Retained earnings
2,775,940

 
2,566,050

Total Albemarle Corporation shareholders’ equity
3,800,801

 
3,585,321

Noncontrolling interests
173,602

 
173,787

Total equity
3,974,403

 
3,759,108

Total liabilities and equity
$
8,094,414

 
$
7,581,674

See accompanying Notes to the Condensed Consolidated Financial Statements.

5
Table of Contents

ALBEMARLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
(In Thousands, Except Share Data)
 
 
 
 
Additional
Paid-in Capital
 
Accumulated Other
Comprehensive (Loss) Income
 
Retained Earnings
 
Total Albemarle
Shareholders’ Equity
 
Noncontrolling
Interests
 
Total Equity
Common Stock
 
Shares
 
Amounts
 
 
 
 
 
 
Balance at March 31, 2019
105,950,011

 
$
1,059

 
$
1,368,069

 
$
(357,538
)
 
$
2,660,684

 
$
3,672,274

 
$
191,765

 
$
3,864,039

Net income
 
 
 
 
 
 
 
 
154,198

 
154,198

 
20,772

 
174,970

Other comprehensive income
 
 
 
 
 
 
8,127

 
 
 
8,127

 
27

 
8,154

Cash dividends declared, $0.3675 per common share
 
 
 
 
 
 
 
 
(38,942
)
 
(38,942
)
 
(38,962
)
 
(77,904
)
Stock-based compensation
 
 
 
 
4,930

 
 
 
 
 
4,930

 
 
 
4,930

Exercise of stock options
11,781

 
—

 
529

 
 
 
 
 
529

 
 
 
529

Issuance of common stock, net
16,713

 
—

 
—

 
 
 
 
 
—

 
 
 
—

Shares withheld for withholding taxes associated with common stock issuances
(7,041
)
 
—

 
(315
)
 
 
 
 
 
(315
)
 
 
 
(315
)
Balance at June 30, 2019
105,971,464

 
$
1,059

 
$
1,373,213

 
$
(349,411
)
 
$
2,775,940

 
$
3,800,801

 
$
173,602

 
$
3,974,403

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2018
110,756,114

 
$
1,107

 
$
1,855,321

 
$
(174,739
)
 
$
2,118,621

 
$
3,800,310

 
$
143,120

 
$
3,943,430

Net income
 
 
 
 
 
 
 
 
302,461

 
302,461

 
8,225

 
310,686

Other comprehensive loss
 
 
 
 
 
 
(126,940
)
 
 
 
(126,940
)
 
(263
)
 
(127,203
)
Cash dividends declared, $0.335 per common share
 
 
 
 
 
 
 
 
(36,437
)
 
(36,437
)
 
(7,378
)
 
(43,815
)
Stock-based compensation
 
 
 
 
4,991

 
 
 
 
 
4,991

 
 
 
4,991

Exercise of stock options
16,226

 
—

 
642

 
 
 
 
 
642

 
 
 
642

Shares repurchased
(2,354,133
)
 
(24
)
 
(249,976
)
 
 
 
 
 
(250,000
)
 
 
 
(250,000
)
Issuance of common stock, net
38,487

 
1

 
(1
)
 
 
 
 
 
—

 
 
 
—

Shares withheld for withholding taxes associated with common stock issuances
(15,331
)
 
—

 
(1,451
)
 
 
 
 
 
(1,451
)
 
 
 
(1,451
)
Balance at June 30, 2018
108,441,363

 
$
1,084

 
$
1,609,526

 
$
(301,679
)
 
$
2,384,645

 
$
3,693,576

 
$
143,704

 
$
3,837,280

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2019
105,616,028

 
$
1,056

 
$
1,368,897

 
$
(350,682
)
 
$
2,566,050

 
$
3,585,321

 
$
173,787

 
$
3,759,108

Net income
 
 
 
 
 
 
 
 
287,767

 
287,767

 
38,729

 
326,496

Other comprehensive income (loss)
 
 
 
 
 
 
1,271

 
 
 
1,271

 
(20
)
 
1,251

Cash dividends declared, $0.735 per common share
 
 
 
 
 
 
 
 
(77,877
)
 
(77,877
)
 
(38,962
)
 
(116,839
)
Stock-based compensation
 
 
 
 
12,197

 
 
 
 
 
12,197

 
 
 
12,197

Exercise of stock options
125,909

 
1

 
3,204

 
 
 
 
 
3,205

 
 
 
3,205

Issuance of common stock, net
356,824

 
3

 
(3
)
 
 
 
 
 
—

 
 
 
—

Increase in ownership interest of noncontrolling interest
 
 
 
 
(513
)
 
 
 
 
 
(513
)
 
68

 
(445
)
Shares withheld for withholding taxes associated with common stock issuances
(127,297
)
 
(1
)
 
(10,569
)
 
 
 
 
 
(10,570
)
 
 
 
(10,570
)
Balance at June 30, 2019
105,971,464

 
$
1,059

 
$
1,373,213

 
$
(349,411
)
 
$
2,775,940

 
$
3,800,801

 
$
173,602

 
$
3,974,403

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2018
110,546,674

 
$
1,105

 
$
1,863,949

 
$
(225,668
)
 
$
2,035,163

 
$
3,674,549

 
$
143,147

 
$
3,817,696

Net income
 
 
 
 
 
 
 
 
434,221

 
434,221

 
15,390

 
449,611

Other comprehensive loss
 
 
 
 
 
 
(76,011
)
 
 
 
(76,011
)
 
(77
)
 
(76,088
)
Cash dividends declared, $0.67 per common share
 
 
 
 
 
 
 
 
(73,540
)
 
(73,540
)
 
(14,756
)
 
(88,296
)
Cumulative adjustment from adoption of income tax standard update (Note 1)
 
 
 
 
 
 
 
 
(11,199
)
 
(11,199
)
 
 
 
(11,199
)
Stock-based compensation
 
 
 
 
10,728

 
 
 
 
 
10,728

 
 
 
10,728

Exercise of stock options
28,966

 
—

 
1,288

 
 
 
 
 
1,288

 
 
 
1,288

Shares repurchased
(2,354,133
)
 
(24
)
 
(249,976
)
 
 
 
 
 
(250,000
)
 
 
 
(250,000
)
Issuance of common stock, net
357,927

 
4

 
(4
)
 
 
 
 
 
—

 
 
 
—

Shares withheld for withholding taxes associated with common stock issuances
(138,071
)
 
(1
)
 
(16,459
)
 
 
 
 
 
(16,460
)
 
 
 
(16,460
)
Balance at June 30, 2018
108,441,363

 
$
1,084

 
$
1,609,526

 
$
(301,679
)
 
$
2,384,645

 
$
3,693,576

 
$
143,704

 
$
3,837,280

See accompanying Notes to the Condensed Consolidated Financial Statements.

6
Table of Contents

ALBEMARLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
 
Six Months Ended 
 June 30,
 
2019
 
2018
Cash and cash equivalents at beginning of year
$
555,320

 
$
1,137,303

Cash flows from operating activities:
 
 
 
Net income
326,496

 
449,611

Adjustments to reconcile net income to cash flows from operating activities:
 
 
 
Depreciation and amortization
102,231

 
100,804

Gain on sale of business
—

 
(218,705
)
Gain on sale of property
(11,079
)
 
—

Stock-based compensation and other
10,136

 
8,076

Equity in net income of unconsolidated investments (net of tax)
(73,491
)
 
(39,646
)
Dividends received from unconsolidated investments and nonmarketable securities
60,291

 
30,045

Pension and postretirement expense (benefit)
1,055

 
(1,793
)
Pension and postretirement contributions
(7,778
)
 
(7,089
)
Unrealized gain on investments in marketable securities
(577
)
 
(625
)
Deferred income taxes
3,570

 
30,708

Working capital changes
(223,238
)
 
(91,189
)
Other, net
11,672

 
(36,340
)
Net cash provided by operating activities
199,288

 
223,857

Cash flows from investing activities:
 
 
 
Acquisitions, net of cash acquired
—

 
(7,643
)
Capital expenditures
(415,626
)
 
(280,945
)
Cash proceeds from divestitures, net
—

 
416,711

Proceeds from sale of property and equipment
10,356

 
—

Sales of marketable securities, net
908

 
(439
)
Investments in equity and other corporate investments
(2,549
)
 
(1,979
)
Net cash (used in) provided by investing activities
(406,911
)
 
125,705

Cash flows from financing activities:
 
 
 
Other borrowings (repayments), net
183,052

 
(211,833
)
Dividends paid to shareholders
(74,313
)
 
(72,484
)
Dividends paid to noncontrolling interests
(38,962
)
 
(7,378
)
Repurchases of common stock
—

 
(250,000
)
Proceeds from exercise of stock options
3,205

 
1,288

Withholding taxes paid on stock-based compensation award distributions
(10,570
)
 
(16,460
)
Other
(445
)
 
—

Net cash provided by (used in) financing activities
61,967

 
(556,867
)
Net effect of foreign exchange on cash and cash equivalents
(11,481
)
 
(21,854
)
Decrease in cash and cash equivalents
(157,137
)
 
(229,159
)
Cash and cash equivalents at end of period
$
398,183

 
$
908,144

See accompanying Notes to the Condensed Consolidated Financial Statements.

7
Table of Contents
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 condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018, our consolidated statements of income, consolidated statements of comprehensive income and consolidated statements of changes in equity for the three-month and six-month periods ended June 30, 2019 and 2018 and our condensed consolidated statements of cash flows for the six-month periods ended June 30, 2019 and 2018. All adjustments are of a normal and recurring nature. 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, 2018, which was filed with the Securities and Exchange Commission (“SEC”) on February 27, 2019. The December 31, 2018 condensed 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-month and six-month periods ended June 30, 2019 are not necessarily indicative of the results to be expected for the full year. The six-month period ended June 30, 2018 includes an $11.2 million cumulative adjustment to decrease Retained earnings due to the adoption of accounting guidance that eliminated the deferral of tax effects of intra-entity asset transfers other than inventory.
Effective January 1, 2019, we adopted Accounting Standards Update (“ASU”) No. 2016-02, “Leases” and all related amendments using the modified retrospective method. Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of $139.1 million as of January 1, 2019. Comparative periods have not been restated and are reported in accordance with our historical accounting. The standard did not have an impact on our consolidated Net income or cash flows. In addition, as a result of the adoption of this new standard, we have implemented internal controls and system changes to prepare the financial information.
As part of this adoption, we have elected the practical expedient relief package allowed by the new standard, which does not require the reassessment of (1) whether existing contracts contain a lease, (2) the lease classification or (3) unamortized initial direct costs for existing leases; and have elected to apply hindsight to the existing leases. Additionally, we have made accounting policy elections such as exclusion of short-term leases (leases with a term of 12 months or less and which do not include a purchase option that we are reasonably certain to exercise) from the balance sheet presentation, use of portfolio approach in determination of discount rate and accounting for non-lease components in a contract as part of a single lease component for all asset classes.
See Note 2, “Leases” and Note 17, “Recently Issued Accounting Pronouncements,” for additional information. In addition, see below for a description of our updated lease accounting policy.
Leases
We determine if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As an implicit rate for most of our leases is not determinable, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The lease payments for the initial measurement of lease ROU assets and lease liabilities include fixed and variable payments based on an index or a rate. Variable lease payments that are not index or rate based are recorded as expenses when incurred. Our variable lease payments typically include real estate taxes, insurance costs and common-area maintenance. The operating lease ROU asset also includes any lease payments made, net of lease incentives. The lease term is the non-cancelable period of the lease, including any options to extend, purchase or terminate the lease when it is reasonably certain that we will exercise that option. We amortize the operating lease ROU assets on a straight-line basis over the period of the lease and the finance lease ROU assets on a straight-line basis over the shorter of their estimated useful lives or the lease terms. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term.

NOTE 2—Leases:
We lease certain office space, buildings, transportation and equipment in various countries. The initial lease terms generally range from 1 to 30 years for real estate leases, and from 2 to 15 years for non-real estate leases. Leases with an initial

8
Table of Contents
ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)

term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term.
Many leases include options to terminate or renew, with renewal terms that can extend the lease term from 1 to 50 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table provides details of our lease contracts for the three-month and six-month periods ended June 30, 2019 (in thousands):
 
Three Months Ended June 30, 2019
 
Six Months Ended June 30, 2019
Operating lease cost
$
8,381

 
$
17,802

Finance lease cost:
 
 
 
Amortization of right of use assets
136

 
314

Interest on lease liabilities
32

 
65

Total finance lease cost
168

 
379

 
 
 
 
Short-term lease cost
1,869

 
3,835

Variable lease cost
1,432

 
2,518

Total lease cost
$
11,850

 
$
24,534

Supplemental cash flow information related to our lease contracts for the six months ended June 30, 2019 is as follows (in thousands):
 
Six Months Ended
 
June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
 
Operating cash flows from operating leases
$
15,775

Operating cash flows from finance leases
65

Financing cash flows from finance leases
341

Right-of-use assets obtained in exchange for lease obligations:
 
Operating leases
526



9
Table of Contents
ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)

Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at June 30, 2019 is as follows (in thousands, except as noted):
 
June 30, 2019
Operating leases:
 
Other assets
$
124,872

 
 
Current operating lease liability
19,441

Other noncurrent liabilities
106,788

Total operating lease liabilities
126,229

Finance leases:
 
Net property, plant and equipment
4,089

 
 
Current portion of long-term debt
691

Long-term debt
3,459

Total finance lease liabilities
4,150

Weighted average remaining lease term (in years):
 
Operating leases
11.7

Finance leases
6.2

Weighted average discount rate (%):
 
Operating leases
3.87
%
Finance leases
2.89
%

Maturities of lease liabilities as of June 30, 2019 were as follows (in thousands):
 
Operating Leases
 
Finance Leases
Remainder of 2019
$
12,495

 
$
408

2020
21,003

 
771

2021
12,685

 
682

2022
10,649

 
682

2023
10,246

 
682

Thereafter
93,748

 
1,364

Total lease payments
160,826

 
4,589

Less imputed interest
34,597

 
439

Total
$
126,229

 
$
4,150


As of December 31, 2018, future non-cancelable minimum lease payments were $25.6 million in 2019; $17.9 million in 2020; $12.5 million in 2021; $10.8 million in 2022; $10.1 million in 2023; and $87.1 million thereafter.

NOTE 3—Goodwill and Other Intangibles:

The following table summarizes the changes in goodwill by reportable segment for the six months ended June 30, 2019 (in thousands):
 
Lithium
 
Bromine Specialties
 
Catalysts
 
All Other
 
Total
Balance at December 31, 2018
$
1,354,779

 
$
20,319

 
$
185,485

 
$
6,586

 
$
1,567,169

   Foreign currency translation adjustments
(626
)
 
—

 
(79
)
 
—

 
(705
)
Balance at June 30, 2019
$
1,354,153

 
$
20,319

 
$
185,406

 
$
6,586

 
$
1,566,464



10
Table of Contents
ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)


The following table summarizes the changes in other intangibles and related accumulated amortization for the six months ended June 30, 2019 (in thousands):
 
Customer Lists and Relationships
 
Trade Names and Trademarks(a)
 
Patents and Technology
 
Other
 
Total
Gross Asset Value
 
 
 
 
 
 
 
 
 
  Balance at December 31, 2018
$
428,372

 
$
18,453

 
$
55,801

 
$
43,708

 
$
546,334

Foreign currency translation adjustments and other
940

 
(12
)
 
(46
)
 
(84
)
 
798

  Balance at June 30, 2019
$
429,312

 
$
18,441

 
$
55,755

 
$
43,624

 
$
547,132

Accumulated Amortization
 
 
 
 
 
 
 
 
 
  Balance at December 31, 2018
$
(95,797
)
 
$
(8,176
)
 
$
(35,248
)
 
$
(20,970
)
 
$
(160,191
)
    Amortization
(11,695
)
 
—

 
(707
)
 
(1,319
)
 
(13,721
)
Foreign currency translation adjustments and other
(252
)
 
8

 
23

 
83

 
(138
)
  Balance at June 30, 2019
$
(107,744
)
 
$
(8,168
)
 
$
(35,932
)
 
$
(22,206
)
 
$
(174,050
)
Net Book Value at December 31, 2018
$
332,575

 
$
10,277

 
$
20,553

 
$
22,738

 
$
386,143

Net Book Value at June 30, 2019
$
321,568

 
$
10,273

 
$
19,823

 
$
21,418

 
$
373,082


(a)
Net Book Value includes only indefinite-lived intangible assets.

NOTE 4—Income Taxes:
The effective income tax rate for the three-month and six-month periods ended June 30, 2019 was 18.2% and 21.2%, respectively, compared to 21.5% and 19.7% for the three-month and six-month periods ended June 30, 2018, respectively. The Company’s effective income tax rate fluctuates based on, among other factors, its level and location of income. The difference between the U.S. federal statutory income tax rate and our effective income tax rate for the three-month and six-month periods ended June 30, 2019 and 2018 was impacted by a variety of factors, primarily stemming from the location in which income was earned. Income tax expense for the three-month and six-month periods ended June 30, 2018 included discrete tax adjustments of $42.0 million for the disposition of the polyolefin catalysts and components portion of our Performance Catalyst Solutions (“PCS”) business (“Polyolefin Catalysts Divestiture”) and $8.5 million for a valuation allowance recorded due to a foreign restructuring plan, partially offset by an $8.0 million benefit for tax accounting method changes. In addition, Income tax expense for the six-month period ended June 30, 2018 included discrete tax benefits related to adjustments recorded for the U.S. Tax Cuts and Jobs Act (“TCJA”) and excess tax benefits realized from stock-based compensation arrangements.


11
Table of Contents
ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)

NOTE 5—Earnings Per Share:
Basic and diluted earnings per share for the three-month and six-month periods ended June 30, 2019 and 2018 are calculated as follows (in thousands, except per share amounts):
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Basic earnings per share
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income attributable to Albemarle Corporation
$
154,198

 
$
302,461

 
$
287,767

 
$
434,221

Denominator:
 
 
 
 
 
 
 
Weighted-average common shares for basic earnings per share
105,961

 
109,671

 
105,880

 
110,176

Basic earnings per share
$
1.46

 
$
2.76

 
$
2.72

 
$
3.94

 
 
 
 
 
 
 
 
Diluted earnings per share
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income attributable to Albemarle Corporation
$
154,198

 
$
302,461

 
$
287,767

 
$
434,221

Denominator:
 
 
 
 
 
 
 
Weighted-average common shares for basic earnings per share
105,961

 
109,671

 
105,880

 
110,176

Incremental shares under stock compensation plans
355

 
988

 
456

 
1,087

Weighted-average common shares for diluted earnings per share
106,316

 
110,659

 
106,336

 
111,263

Diluted earnings per share
$
1.45

 
$
2.73

 
$
2.71

 
$
3.90


At June 30, 2019, there were 214,904 common stock equivalents not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.
On February 26, 2019, the Company increased the regular quarterly dividend by 10% to $0.3675 per share. On May 8, 2019, the Company declared a cash dividend of $0.3675 per share, which was paid on July 1, 2019 to shareholders of record at the close of business as of June 14, 2019. On July 24, 2019, the Company declared a cash dividend of $0.3675 per share, which is payable on October 1, 2019 to shareholders of record at the close of business as of September 13, 2019.
NOTE 6—Inventories:
The following table provides a breakdown of inventories at June 30, 2019 and December 31, 2018 (in thousands):
 
June 30,
 
December 31,
 
2019
 
2018
Finished goods(a)
$
574,880

 
$
482,355

Raw materials and work in process(b)
172,607

 
158,290

Stores, supplies and other
66,535

 
59,895

Total
$
814,022

 
$
700,540



(a)
Increase primarily due to the build-up of inventory in our Lithium and Catalysts segments to meet higher projected sales during the remainder of 2019.
(b)
Included $69.6 million and $71.4 million at June 30, 2019 and December 31, 2018, respectively, of work in process in our Lithium segment. Raw materials increased primarily in Lithium to meet higher projected sales during the remainder of 2019.

NOTE 7—Investments:
The Company holds a 49% equity interest in Windfield Holdings Pty. Ltd. (“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 our 49% equity interest in Windfield, which is our most significant VIE, was $358.7 million and $349.6 million at June 30, 2019 and December 31, 2018, respectively. The Company’s aggregate net investment in all other entities which it considers to be VIEs for which the Company is not the primary beneficiary was $8.2 million and $8.1 million at June 30, 2019 and December 31, 2018, respectively. Our unconsolidated VIEs are reported in Investments on the condensed consolidated

12
Table of Contents
ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)

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.

NOTE 8—Long-Term Debt:
Long-term debt at June 30, 2019 and December 31, 2018 consisted of the following (in thousands):
 
June 30,
 
December 31,
 
2019
 
2018
1.875% Senior notes, net of unamortized discount and debt issuance costs of $2,355 at June 30, 2019 and $2,841 at December 31, 2018
$
444,287

 
$
444,155

4.15% Senior notes, net of unamortized discount and debt issuance costs of $2,641 at June 30, 2019 and $2,884 at December 31, 2018
422,359

 
422,116

4.50% Senior notes, net of unamortized discount and debt issuance costs of $439 at June 30, 2019 and $589 at December 31, 2018
174,777

 
174,626

5.45% Senior notes, net of unamortized discount and debt issuance costs of $3,927 at June 30, 2019 and $4,004 at December 31, 2018
346,073

 
345,996

Commercial paper notes
490,000

 
306,606

Variable-rate foreign bank loans
7,464

 
7,216

Finance lease obligations
4,150

 
4,495

Total long-term debt
1,889,110

 
1,705,210

Less amounts due within one year
490,691

 
307,294

Long-term debt, less current portion
$
1,398,419

 
$
1,397,916


Current portion of long-term debt at June 30, 2019 consisted primarily of commercial paper notes with a weighted-average interest rate of approximately 2.67% and a weighted-average maturity of 32 days.
The carrying value of our 1.875% Euro-denominated senior notes has been designated as an effective hedge of our 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 are recorded in accumulated other comprehensive loss. During the three-month and six-month periods ended June 30, 2019, (losses) gains of ($3.0) million and $0.3 million (net of income taxes), respectively, and during the three-month and six-month periods ended June 30, 2018, gains of $23.0 million and $8.6 million (net of income taxes), respectively, were recorded in accumulated other comprehensive loss in connection with the revaluation of these senior notes to our reporting currency.

NOTE 9—Commitments and Contingencies:
Environmental
We had the following activity in our recorded environmental liabilities for the six months ended June 30, 2019 (in thousands):
Beginning balance at December 31, 2018
$
49,569

Expenditures
(3,133
)
Accretion of discount
567

Additions and changes in estimates
1,070

Foreign currency translation adjustments and other
(1,269
)
Ending balance at June 30, 2019
46,804

Less amounts reported in Accrued expenses
9,654

Amounts reported in Other noncurrent liabilities
$
37,150


Environmental remediation liabilities included discounted liabilities of $38.6 million and $40.4 million at June 30, 2019 and December 31, 2018, respectively, discounted at rates with a weighted-average of 3.7%, with the undiscounted amount totaling $72.1 million and $74.5 million at June 30, 2019 and December 31, 2018, respectively. For certain locations where the

13
Table of Contents
ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)

Company is operating groundwater monitoring and/or remediation systems, prior owners or insurers have assumed all or most of the responsibility.
The amounts recorded represent our future remediation and other anticipated environmental liabilities. These liabilities typically arise during the normal course of our operational and environmental management activities or at the time of acquisition of the site, and are based on internal analysis as well as input from outside consultants. As evaluations proceed at each relevant site, changes in risk assessment practices, remediation techniques and regulatory requirements can occur, therefore such liability estimates may be adjusted accordingly. The timing and duration of remediation activities at these sites will be determined when evaluations are completed. Although it is difficult to quantify the potential financial impact of these remediation liabilities, management estimates (based on the latest available information) that there is a reasonable possibility that future environmental remediation costs associated with our past operations, could be an additional $10 million to $30 million before income taxes, in excess of amounts already recorded. The variability of this range is primarily driven by possible environmental remediation activity at a formerly owned site where we indemnify the buyer through a set cutoff date in 2024.
We believe that any sum we may be required to pay in connection with environmental remediation matters in excess of the amounts recorded would likely occur over a period of time and would likely not have a material adverse effect upon our results of operations, financial condition or cash flows on a consolidated annual basis although any such sum could have a material adverse impact on our results of operations, financial condition or cash flows in a particular quarterly reporting period.
Litigation
We are involved from time to time in legal proceedings of types regarded as common in our business, including administrative or judicial proceedings seeking remediation under environmental laws, such as the federal Comprehensive Environmental Response, Compensation and Liability Act, commonly known as CERCLA or Superfund, products liability, breach of contract liability and premises liability litigation. Where appropriate, we may establish financial reserves for such proceedings. We also maintain insurance to mitigate certain of such risks. Costs for legal services are generally expensed as incurred.
As previously reported in 2018, following receipt of information regarding potential improper payments being made by third party sales representatives of our Refining Solutions business, within our Catalysts segment, we promptly retained outside counsel and forensic accountants to investigate potential violations of the Company’s Code of Conduct, the Foreign Corrupt Practices Act and other potentially applicable laws. Based on this internal investigation, we have voluntarily self-reported potential issues relating to the use of third party sales representatives in our Refining Solutions business, within our Catalysts segment, to the U.S. Department of Justice (“DOJ”), the SEC, and the Dutch Public Prosecutor (“DPP”), and are cooperating with the DOJ, the SEC, and DPP in their review of these matters. In connection with our internal investigation, we have implemented, and are continuing to implement, appropriate remedial measures.
At this time, we are unable to predict the duration, scope, result or related costs associated with any investigations by the DOJ, the SEC, or DPP. We are unable to predict what, if any, action may be taken by the DOJ, the SEC, or DPP, or what penalties or remedial actions they may seek to impose. Any determination that our operations or activities are not in compliance with existing laws or regulations could result in the imposition of fines, penalties, disgorgement, equitable relief, or other losses. We do not believe, however, that any fines, penalties, disgorgement, equitable relief or other losses would have a material adverse effect on our financial condition or liquidity.
Indemnities
We are indemnified by third parties in connection with certain matters related to acquired and divested businesses. Although we believe that the financial condition of those parties who may have indemnification obligations to the Company is generally sound, in the event the Company seeks indemnity under any of these agreements or through other means, there can be no assurance that any party who may have obligations to indemnify us will adhere to their obligations and we may have to resort to legal action to enforce our rights under the indemnities.
The Company may be subject to indemnity claims relating to properties or businesses it divested, including properties or businesses of acquired businesses that were divested prior to the completion of the acquisition. In the opinion of management, and based upon information currently available, the ultimate resolution of any indemnification obligations owed to the Company or by the Company is not expected to have a material effect on the Company’s financial condition, results of operations or cash flows. The Company had approximately $29.0 million and $45.3 million at June 30, 2019 and December 31, 2018, respectively, recorded in Other noncurrent liabilities, and $21.4 million recorded in Accrued expenses at June 30, 2019, related to the indemnification of certain income and non-income tax liabilities associated with the Chemetall Surface Treatment entities sold, as well as the proposed settlement of an ongoing audit of a previously disposed business in Germany.

14
Table of Contents
ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)

Other
We have contracts with certain of our customers, which serve as guarantees on product delivery and performance according to customer specifications that can cover both shipments on an individual basis as well as blanket coverage of multiple shipments under certain customer supply contracts. The financial coverage provided by these guarantees is typically based on a percentage of net sales value.

NOTE 10—Segment Information:
Our three reportable segments include: (1) Lithium; (2) Bromine Specialties; and (3) Catalysts. 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. This business structure aligns with the markets and customers we serve through each of the segments. This structure also facilitates the continued standardization of business processes across the organization, and 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.
Summarized financial information concerning our reportable segments is shown in the following tables. The “All Other” category includes only the fine chemistry services business that does not fit into any of our core businesses.
The Corporate category is not considered to be a segment and includes corporate-related items not allocated to the operating 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 the reportable segments, All Other, and Corporate, whereas the remaining components of pension and OPEB benefits cost or credit (“Non-operating pension and OPEB items”) are included in Corporate. Segment data includes intersegment transfers of raw materials at cost and allocations for certain corporate costs.
The Company’s chief operating decision maker uses adjusted EBITDA (as defined below) to assess the ongoing performance of the Company’s business segments and to allocate resources. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, as adjusted on a consistent basis for certain non-recurring or unusual items in a balanced manner and on a segment basis. These non-recurring or unusual items may include acquisition and integration related costs, gains or losses on sales of businesses, restructuring charges, facility divestiture charges, non-operating pension and OPEB items and other significant non-recurring items. In addition, management uses adjusted EBITDA for business planning purposes and as a significant component in the calculation of performance-based compensation for management and other employees. The Company has reported adjusted EBITDA because management believes it provides transparency to investors and enables period-to-period comparability of financial performance. Adjusted EBITDA is a financial measure that is not required by, or presented in accordance with, U.S. GAAP. Adjusted EBITDA should not be considered as an alternative to Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP, or any other financial measure reported in accordance with U.S. GAAP.

15
Table of Contents
ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)

 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands)
Net sales:
 
 
 
 
 
 
 
Lithium
$
324,758

 
$
317,563

 
$
616,644

 
$
615,595

Bromine Specialties
255,433

 
220,514

 
504,485

 
446,153

Catalysts
266,301

 
284,966

 
517,949

 
545,683

All Other
38,560

 
30,748

 
78,038

 
67,913

Corporate
—

 
83

 
—

 
159

Total net sales
$
885,052

 
$
853,874

 
$
1,717,116

 
$
1,675,503

 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
Lithium
$
141,779

 
$
141,617

 
$
257,395

 
$
272,631

Bromine Specialties
81,332

 
69,367

 
159,929

 
139,336

Catalysts
66,875

 
75,102

 
126,946

 
142,932

All Other
11,240

 
(101
)
 
18,483

 
3,761

Corporate
(39,326
)
 
(27,423
)
 
(74,986
)
 
(51,380
)
Total adjusted EBITDA
$
261,900

 
$
258,562

 
$
487,767

 
$
507,280


See below for a reconciliation of adjusted EBITDA, the non-GAAP financial measure, from Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP (in thousands):

16
Table of Contents
ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)

 
Lithium
 
Bromine Specialties
 
Catalysts
 
Reportable Segments Total
 
All Other
 
Corporate
 
Consolidated Total
Three months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to Albemarle Corporation
$
117,303

 
$
69,616

 
$
54,124

 
$
241,043

 
$
9,118

 
$
(95,963
)
 
$
154,198

Depreciation and amortization
24,365

 
11,716

 
12,751

 
48,832

 
2,122

 
1,994

 
52,948

Acquisition and integration related costs(a)
—

 
—

 
—

 
—

 
—

 
4,990

 
4,990

Interest and financing expenses
—

 
—

 
—

 
—

 
—

 
11,601

 
11,601

Income tax expense
—

 
—

 
—

 
—

 
—

 
30,411

 
30,411

Non-operating pension and OPEB items
—

 
—

 
—

 
—

 
—

 
(676
)
 
(676
)
Other(b)
111

 
—

 
—

 
111

 
—

 
8,317

 
8,428

Adjusted EBITDA
$
141,779

 
$
81,332

 
$
66,875

 
$
289,986

 
$
11,240

 
$
(39,326
)
 
$
261,900

Three months ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to Albemarle Corporation
$
117,292

 
$
59,673

 
$
280,887

 
$
457,852

 
$
(2,079
)
 
$
(153,312
)
 
$
302,461

Depreciation and amortization
24,325

 
9,694

 
12,920

 
46,939

 
1,978

 
1,557

 
50,474

Gain on sale of business(c)
—

 
—

 
(218,705
)
 
(218,705
)
 
—

 
—

 
(218,705
)
Acquisition and integration related costs(a)
—

 
—

 
—

 
—

 
—

 
6,510

 
6,510

Interest and financing expenses
—

 
—

 
—

 
—

 
—

 
13,308

 
13,308

Income tax expense
—

 
—

 
—

 
—

 
—

 
80,102

 
80,102

Non-operating pension and OPEB items
—

 
—

 
—

 
—

 
—

 
(2,204
)
 
(2,204
)
Legal accrual(d)
—

 
—

 
—

 
—

 
—

 
10,416

 
10,416

Albemarle Foundation contribution(e)
—

 
—

 
—

 
—

 
—

 
15,000

 
15,000

Other(f)
—

 
—

 
—

 
—

 
—

 
1,200

 
1,200

Adjusted EBITDA
$
141,617

 
$
69,367

 
$
75,102

 
$
286,086

 
$
(101
)
 
$
(27,423
)
 
$
258,562

Six months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to Albemarle Corporation
$
210,472

 
$
137,096

 
$
101,983

 
$
449,551

 
$
14,324

 
$
(176,108
)
 
$
287,767

Depreciation and amortization
46,457

 
22,833

 
24,963

 
94,253

 
4,159

 
3,819

 
102,231

Acquisition and integration related costs(a)
—

 
—

 
—

 
—

 
—

 
10,274

 
10,274

Gain on sale of property(g)
—

 
—

 
—

 
—

 
—

 
(11,079
)
 
(11,079
)
Interest and financing expenses
—

 
—

 
—

 
—

 
—

 
24,187

 
24,187

Income tax expense
—

 
—

 
—

 
—

 
—

 
67,925

 
67,925

Non-operating pension and OPEB items
—

 
—

 
—

 
—

 
—

 
(1,259
)
 
(1,259
)
Other(b)
466

 
—

 
—

 
466

 
—

 
7,255

 
7,721

Adjusted EBITDA
$
257,395

 
$
159,929

 
$
126,946

 
$
544,270

 
$
18,483

 
$
(74,986
)
 
$
487,767

Six months ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to Albemarle Corporation
$
225,626

 
$
119,209

 
$
336,547

 
$
681,382

 
$
(319
)
 
$
(246,842
)
 
$
434,221

Depreciation and amortization
48,390

 
20,127

 
25,090

 
93,607

 
4,080

 
3,117

 
100,804

Gain on sale of business(c)
—

 
—

 
(218,705
)
 
(218,705
)
 
—

 
—