Company Quick10K Filing
Albemarle
Price67.19 EPS6
Shares106 P/E11
MCap7,144 P/FCF21
Net Debt1,604 EBIT721
TEV8,748 TEV/EBIT12
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-25
10-Q 2013-09-30 Filed 2013-10-18
10-Q 2013-06-30 Filed 2013-07-19
10-Q 2013-03-31 Filed 2013-04-19
10-Q 2012-09-30 Filed 2012-10-19
10-Q 2012-06-30 Filed 2012-07-19
10-Q 2012-03-31 Filed 2012-04-19
10-K 2011-12-31 Filed 2012-02-22
10-Q 2011-09-30 Filed 2011-10-25
10-Q 2011-06-30 Filed 2011-07-26
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-10-29
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-05-06
8-K 2020-05-04
8-K 2020-04-20
8-K 2020-02-27
8-K 2020-02-19
8-K 2020-02-04
8-K 2019-11-25
8-K 2019-11-06
8-K 2019-10-31
8-K 2019-10-28
8-K 2019-10-24
8-K 2019-08-14
8-K 2019-08-07
8-K 2019-08-01
8-K 2019-07-23
8-K 2019-05-08
8-K 2019-05-07
8-K 2019-02-20
8-K 2018-12-14
8-K 2018-11-07
8-K 2018-08-09
8-K 2018-08-07
8-K 2018-06-21
8-K 2018-05-14
8-K 2018-05-09
8-K 2018-05-08
8-K 2018-03-12
8-K 2018-02-27
8-K 2018-02-23
8-K 2018-01-17

ALB 10Q Quarterly Report

Part I. Financial Information
Item 1.Financial Statements (Unaudited).
Note 1 - Basis of Presentation
Note 2 - Acquisitions:
Note 3 - Goodwill and Other Intangibles:
Note 4 - Income Taxes:
Note 5 - Earnings per Share:
Note 6 - Inventories:
Note 7 - Investments:
Note 8 - Long - Term Debt:
Note 9 - Commitments and Contingencies:
Note 10 - Leases:
Note 11 - Segment Information:
Note 12 - Pension Plans and Other Postretirement Benefits:
Note 13 - Fair Value of Financial Instruments:
Note 14 - Fair Value Measurement:
Note 15 - Accumulated Other Comprehensive (Loss) Income:
Note 16 - Related Party Transactions:
Note 17 - Supplemental Cash Flow Information:
Note 18 - Recently Issued Accounting Pronouncements:
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3.Quantitative and Qualitative Disclosures About Market Risk.
Item 4.Controls and Procedures.
Part II. Other Information
Item 1.Legal Proceedings.
Item 1A.Risk Factors.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6.Exhibits.
EX-10.1 exhibit10106302020.htm
EX-31.1 exhibit3110630202010q.htm
EX-31.2 exhibit3120630202010q.htm
EX-32.1 exhibit3210630202010q.htm
EX-32.2 exhibit3220630202010q.htm

Albemarle Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.00.70.40.2-0.1-0.42012201420172020
Rev, G Profit, Net Income
2.91.90.9-0.1-1.1-2.12012201420172020
Ops, Inv, Fin

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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, 2020
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 filerAccelerated 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 classTrading SymbolName of each exchange on which registered
COMMON STOCK, $.01 Par ValueALBNew York Stock Exchange
Number of shares of common stock, $.01 par value, outstanding as of July 31, 2020: 106,357,989


Table of Contents
ALBEMARLE CORPORATION
INDEX – FORM 10-Q
 
  Page
Number(s)
8-26
27-46
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,
 2020201920202019
Net sales$764,049  $885,052  $1,502,894  $1,717,116  
Cost of goods sold530,690  559,138  1,027,517  1,107,716  
Gross profit233,359  325,914  475,377  609,400  
Selling, general and administrative expenses106,949  126,715  208,826  240,070  
Research and development expenses14,210  13,462  30,307  28,439  
Operating profit112,200  185,737  236,244  340,891  
Interest and financing expenses(17,852) (11,601) (34,737) (24,187) 
Other (expenses) income, net(6,273) (7,065) 2,041  4,226  
Income before income taxes and equity in net income of unconsolidated investments88,075  167,071  203,548  320,930  
Income tax expense15,431  30,411  33,873  67,925  
Income before equity in net income of unconsolidated investments72,644  136,660  169,675  253,005  
Equity in net income of unconsolidated investments (net of tax)31,114  38,310  57,718  73,491  
Net income103,758  174,970  227,393  326,496  
Net income attributable to noncontrolling interests(18,134) (20,772) (34,565) (38,729) 
Net income attributable to Albemarle Corporation$85,624  $154,198  $192,828  $287,767  
Basic earnings per share$0.81  $1.46  $1.81  $2.72  
Diluted earnings per share$0.80  $1.45  $1.81  $2.71  
Weighted-average common shares outstanding – basic106,329  105,961  106,278  105,880  
Weighted-average common shares outstanding – diluted106,535  106,316  106,524  106,336  
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,
 2020201920202019
Net income $103,758  $174,970  $227,393  $326,496  
Other comprehensive income (loss), net of tax:
Foreign currency translation62,847  10,544  (19,139) (311) 
Pension and postretirement benefits8  6  17  13  
Net investment hedge(5,756) (3,037) (3,675) 267  
Cash flow hedge37,645    (13,815)   
Interest rate swap648  641  1,296  1,282  
Total other comprehensive income (loss), net of tax95,392  8,154  (35,316) 1,251  
Comprehensive income199,150  183,124  192,077  327,747  
Comprehensive income attributable to noncontrolling interests(18,168) (20,799) (34,645) (38,709) 
Comprehensive income attributable to Albemarle Corporation$180,982  $162,325  $157,432  $289,038  
See accompanying Notes to the Condensed Consolidated Financial Statements.
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ALBEMARLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
June 30,December 31,
20202019
Assets
Current assets:
Cash and cash equivalents
$736,696  $613,110  
Trade accounts receivable, less allowance for doubtful accounts (2020 – $2,563; 2019 – $3,711)
517,626  612,651  
Other accounts receivable76,957  67,551  
Inventories851,256  768,984  
Other current assets109,874  162,813  
Total current assets2,292,409  2,225,109  
Property, plant and equipment, at cost7,138,969  6,817,843  
Less accumulated depreciation and amortization2,002,612  1,908,370  
Net property, plant and equipment5,136,357  4,909,473  
Investments614,145  579,813  
Other assets213,223  213,061  
Goodwill1,571,280  1,578,785  
Other intangibles, net of amortization342,839  354,622  
Total assets$10,170,253  $9,860,863  
Liabilities And Equity
Current liabilities:
Accounts payable$523,160  $574,138  
Accrued expenses399,456  553,160  
Current portion of long-term debt406,201  187,336  
Dividends payable40,728  38,764  
Current operating lease liability21,808  23,137  
Income taxes payable29,450  32,461  
Total current liabilities1,420,803  1,408,996  
Long-term debt3,132,191  2,862,921  
Postretirement benefits50,362  50,899  
Pension benefits284,480  292,073  
Other noncurrent liabilities670,001  754,536  
Deferred income taxes406,255  397,858  
Commitments and contingencies (Note 9)
Equity:
Albemarle Corporation shareholders’ equity:
Common stock, $.01 par value, issued and outstanding – 106,337 in 2020 and 106,040 in 2019
1,064  1,061  
Additional paid-in capital1,400,105  1,383,446  
Accumulated other comprehensive loss(431,131) (395,735) 
Retained earnings3,054,434  2,943,478  
Total Albemarle Corporation shareholders’ equity4,024,472  3,932,250  
Noncontrolling interests181,689  161,330  
Total equity4,206,161  4,093,580  
Total liabilities and equity$10,170,253  $9,860,863  
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 March 31, 2020106,318,614  $1,063  $1,393,681  $(526,489) $3,009,749  $3,878,004  $163,521  $4,041,525  
Net income85,624  85,624  18,134  103,758  
Other comprehensive income95,358  95,358  34  95,392  
Cash dividends declared, $0.385 per common share
(40,939) (40,939)   (40,939) 
Stock-based compensation6,005  6,005  6,005  
Exercise of stock options10,940    614  614  614  
Issuance of common stock, net13,250  1  (1)     
Shares withheld for withholding taxes associated with common stock issuances(5,822)   (194) (194) (194) 
Balance at June 30, 2020106,336,982  $1,064  $1,400,105  $(431,131) $3,054,434  $4,024,472  $181,689  $4,206,161  
Balance at March 31, 2019105,950,011  $1,059  $1,368,069  $(357,538) $2,660,684  $3,672,274  $191,765  $3,864,039  
Net income154,198  154,198  20,772  174,970  
Other comprehensive income8,127  8,127  27  8,154  
Cash dividends declared, $0.3675 per common share
(38,942) (38,942) (38,962) (77,904) 
Stock-based compensation4,930  4,930  4,930  
Exercise of stock options11,781    529  529  529  
Issuance of common stock, net16,713          
Shares withheld for withholding taxes associated with common stock issuances(7,041)   (315) (315) (315) 
Balance at June 30, 2019105,971,464  $1,059  $1,373,213  $(349,411) $2,775,940  $3,800,801  $173,602  $3,974,403  
Balance at January 1, 2020106,040,215  $1,061  $1,383,446  $(395,735) $2,943,478  $3,932,250  $161,330  $4,093,580  
Net income192,828  192,828  34,565  227,393  
Other comprehensive (loss) income(35,396) (35,396) 80  (35,316) 
Cash dividends declared, $0.77 per common share
(81,872) (81,872) (14,286) (96,158) 
Stock-based compensation9,872  9,872  9,872  
Exercise of stock options204,477  2  10,807  10,809  10,809  
Issuance of common stock, net145,570  2  (2)     
Shares withheld for withholding taxes associated with common stock issuances(53,280) (1) (4,018) (4,019) (4,019) 
Balance at June 30, 2020106,336,982  $1,064  $1,400,105  $(431,131) $3,054,434  $4,024,472  $181,689  $4,206,161  
Balance at January 1, 2019105,616,028  $1,056  $1,368,897  $(350,682) $2,566,050  $3,585,321  $173,787  $3,759,108  
Net income287,767  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 compensation12,197  12,197  12,197  
Exercise of stock options125,909  1  3,204  3,205  3,205  
Issuance of common stock, net356,824  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, 2019105,971,464  $1,059  $1,373,213  $(349,411) $2,775,940  $3,800,801