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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, 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
_________________________________________________ 
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, 2022: 117,128,763


ALBEMARLE CORPORATION
INDEX – FORM 10-Q
 
  Page
Number(s)
EXHIBITS
2

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,
 2022202120222021
Net sales$1,479,593 $773,896 $2,607,321 $1,603,187 
Cost of goods sold899,169 525,479 1,577,867 1,091,083 
Gross profit580,424 248,417 1,029,454 512,104 
Selling, general and administrative expenses128,942 121,516 241,510 214,703 
Research and development expenses17,386 13,976 33,469 28,612 
(Gain) loss on sale of business/interest in properties (429,408)8,400 (429,408)
Operating profit434,096 542,333 746,075 698,197 
Interest and financing expenses(41,409)(7,152)(69,243)(51,034)
Other income, net8,767 14 24,263 11,326 
Income before income taxes and equity in net income of unconsolidated investments401,454 535,195 701,095 658,489 
Income tax expense89,018 106,985 169,548 129,092 
Income before equity in net income of unconsolidated investments312,436 428,210 531,547 529,397 
Equity in net income of unconsolidated investments (net of tax)128,156 17,998 190,592 34,509 
Net income440,592 446,208 722,139 563,906 
Net income attributable to noncontrolling interests(33,819)(21,608)(61,983)(43,629)
Net income attributable to Albemarle Corporation$406,773 $424,600 $660,156 $520,277 
Basic earnings per share$3.47 $3.63 $5.64 $4.54 
Diluted earnings per share$3.46 $3.62 $5.61 $4.51 
Weighted-average common shares outstanding – basic117,116 116,809 117,091 114,700 
Weighted-average common shares outstanding – diluted117,724 117,436 117,689 115,383 
See accompanying Notes to the Condensed Consolidated Financial Statements.
3

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

 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Net income $440,592 $446,208 $722,139 $563,906 
Other comprehensive (loss) income, net of tax:
Foreign currency translation and other(117,821)20,564 (123,710)(7,578)
Net investment hedge   5,110 
Cash flow hedge(2,509)823 1,508 (777)
Interest rate swap6,749 650 7,399 1,300 
Total other comprehensive (loss) income, net of tax(113,581)22,037 (114,803)(1,945)
Comprehensive income327,011 468,245 607,336 561,961 
Comprehensive income attributable to noncontrolling interests(33,757)(21,532)(61,868)(43,553)
Comprehensive income attributable to Albemarle Corporation$293,254 $446,713 $545,468 $518,408 
See accompanying Notes to the Condensed Consolidated Financial Statements.
4

ALBEMARLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
June 30,December 31,
20222021
Assets
Current assets:
Cash and cash equivalents
$930,596 $439,272 
Trade accounts receivable, less allowance for doubtful accounts (2022 – $2,532; 2021 – $2,559)
962,215 556,922 
Other accounts receivable124,409 66,184 
Inventories1,216,213 812,920 
Other current assets116,671 132,683 
Total current assets3,350,104 2,007,981 
Property, plant and equipment, at cost8,465,403 8,074,746 
Less accumulated depreciation and amortization2,257,379 2,165,130 
Net property, plant and equipment6,208,024 5,909,616 
Investments903,861 897,708 
Other assets230,346 252,239 
Goodwill1,542,767 1,597,627 
Other intangibles, net of amortization285,303 308,947 
Total assets$12,520,405 $10,974,118 
Liabilities And Equity
Current liabilities:
Accounts payable$1,091,583 $647,986 
Accrued expenses330,941 763,293 
Current portion of long-term debt251,304 389,920 
Dividends payable46,097 45,469 
Income taxes payable61,837 27,667 
Total current liabilities1,781,762 1,874,335 
Long-term debt3,205,730 2,004,319 
Postretirement benefits43,079 43,693 
Pension benefits205,890 229,187 
Other noncurrent liabilities591,021 663,698 
Deferred income taxes391,948 353,279 
Commitments and contingencies (Note 10)
Equity:
Albemarle Corporation shareholders’ equity:
Common stock, $.01 par value, issued and outstanding – 117,122 in 2022 and 117,015 in 2021
1,171 1,170 
Additional paid-in capital2,927,086 2,920,007 
Accumulated other comprehensive loss(507,138)(392,450)
Retained earnings3,664,172 3,096,539 
Total Albemarle Corporation shareholders’ equity6,085,291 5,625,266 
Noncontrolling interests215,684 180,341 
Total equity6,300,975 5,805,607 
Total liabilities and equity$12,520,405 $10,974,118 
See accompanying Notes to the Condensed Consolidated Financial Statements.
5

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, 2022117,112,394 $1,171 $2,915,387 $(393,619)$3,303,661 $5,826,600 $208,452 $6,035,052 
Net income406,773 406,773 33,819 440,592 
Other comprehensive loss(113,519)(113,519)(62)(113,581)
Cash dividends declared, $0.395 per common share
(46,262)(46,262)(26,525)(72,787)
Stock-based compensation11,424 11,424 11,424 
Exercise of stock options7,289 — 436 436 436 
Issuance of common stock, net3,066 — — — — 
Withholding taxes paid on stock-based compensation award distributions(1,001)— (161)(161)(161)
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 
Balance at March 31, 2021116,718,175 $1,167 $2,889,923 $(350,114)$3,205,408 $5,746,384 $196,169 $5,942,553 
Net income424,600 424,600 21,608 446,208 
Other comprehensive income (loss)22,113 22,113 (76)22,037 
Cash dividends declared, $0.39 per common share
(45,608)(45,608)(17,479)(63,087)
Stock-based compensation5,104 5,104 5,104 
Fees related to the public issuance of common stock(9)(9)(9)
Exercise of stock options223,685 2 13,150 13,152 13,152 
Issuance of common stock, net3,783 — — — — 
Withholding taxes paid on stock-based compensation award distributions(1,132)— (187)(187)(187)
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 
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 income660,156 660,156 61,983 722,139 
Other comprehensive loss(114,688)(114,688)(115)(114,803)
Cash dividends declared, $0.79 per common share
(92,523)(92,523)(26,525)(119,048)
Stock-based compensation16,808 16,808 16,808 
Exercise of stock options7,789 — 468 468 468 
Issuance of common stock, net154,696 2 385 387 387 
Withholding taxes paid on stock-based compensation award distributions(56,070)(1)(10,582)(10,583)(10,583)
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 
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 income520,277 520,277 43,629 563,906 
Other comprehensive loss(1,869)(1,869)(76)(1,945)
Cash dividends declared, $0.78 per common share
(91,129)(91,129)(43,698)(134,827)
Stock-based compensation9,778 9,778 9,778 
Fees related to public issuance of common stock(911)(911)(911)
Exercise of stock options241,649 2 14,333 14,335 14,335 
Issuance of common stock, net9,906,090 99 1,453,789 1,453,888 1,453,888 
Withholding taxes paid on stock-based compensation award distributions(45,597)(1)(7,046)(7,047)(7,047)
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 
See accompanying Notes to the Condensed Consolidated Financial Statements.
6

ALBEMARLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Six Months Ended
June 30,
20222021
Cash and cash equivalents at beginning of year$439,272 $746,724 
Cash flows from operating activities:
Net income 722,139 563,906 
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization137,567 123,683 
Loss (gain) on sale of business/investment in properties8,400 (429,408)
Stock-based compensation and other15,232 8,425 
Equity in net income of unconsolidated investments (net of tax)(190,592)(34,509)
Dividends received from unconsolidated investments and nonmarketable securities156,964 27,420 
Pension and postretirement benefit(8,273)(8,465)
Pension and postretirement contributions(7,685)(20,266)
Unrealized gain on investments in marketable securities3,061 (2,384)
Loss on early extinguishment of debt19,219 28,955 
Deferred income taxes39,476 27,708 
Working capital changes(888,036)7,942 
Non-cash transfer of 40% value of construction in progress of Kemerton plant to MRL96,314 96,185 
Other, net(43,475)(3,339)
Net cash provided by operating activities60,311 385,853 
Cash flows from investing activities:
Capital expenditures(502,607)(396,915)
Cash proceeds from divestitures, net 290,467 
Sales of marketable securities, net3,402 4,553 
Investments in equity and other corporate investments(767)(286)
Net cash used in investing activities(499,972)(102,181)
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(390,601)(325,316)
Fees related to early extinguishment of debt(9,767)(24,877)
Dividends paid to shareholders(91,894)(86,637)
Dividends paid to noncontrolling interests(26,525)(43,698)
Proceeds from exercise of stock options855 14,335 
Withholding taxes paid on stock-based compensation award distributions(10,583)(7,047)
Other(4,172)(1,359)
Net cash provided by (used in) financing activities976,529 (194,534)
Net effect of foreign exchange on cash and cash equivalents(45,544)(12,290)
Increase in cash and cash equivalents491,324 76,848 
Cash and cash equivalents at end of period$930,596 $823,572 
See accompanying Notes to the Condensed Consolidated Financial Statements.
7

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 June 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 six-month periods ended June 30, 2022 and 2021 and our condensed consolidated statements of cash flows for the six-month periods ended June 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 six-month periods ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year.
Interest and financing expenses for the six-month period ended June 30, 2022 includes 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 six-month period ended June 30, 2022, in which they were corrected.

NOTE 2—Acquisitions:
On September 30, 2021, the Company signed a definitive agreement to acquire 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. 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. The plant began commercial production in the first half of 2022. The Company expects the transaction, which is subject to customary closing conditions, to close in the second half of 2022.

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 three- and six-month periods ended June 30, 2021 we recorded a gain of $429.4 million ($331.6 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.


8

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 six months ended June 30, 2022 (in thousands):
LithiumBromineCatalystsTotal
Balance at December 31, 2021
$1,394,182 $20,319 $183,126 $1,597,627 
   Foreign currency translation adjustments(44,093) (10,767)(54,860)
Balance at June 30, 2022$1,350,089 $20,319 $172,359 $1,542,767 

The following table summarizes the changes in other intangibles and related accumulated amortization for the six months ended June 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 
Foreign currency translation adjustments and other(21,646)(567)(2,087)2,149 (22,151)
  Balance at June 30, 2022
$406,733 $17,316 $55,226 $38,854 $518,129 
Accumulated Amortization
  Balance at December 31, 2021
$(163,283)$(7,983)$(39,796)$(20,271)$(231,333)
    Amortization(10,687) (698)(455)(11,840)
Foreign currency translation adjustments and other8,140 155 1,326 726 10,347 
  Balance at June 30, 2022
$(165,830)$(7,828)$(39,168)$(20,000)$(232,826)
Net Book Value at December 31, 2021
$265,096 $9,900 $17,517 $16,434 $308,947 
Net Book Value at June 30, 2022
$240,903 $9,488 $16,058 $18,854 $285,303 
(a)    Net Book Value includes only indefinite-lived intangible assets.

NOTE 5—Income Taxes:
The effective income tax rate for the three-month and six-month periods ended June 30, 2022 was 22.2% and 24.2%, respectively, compared to 20.0% and 19.6% for the three-month and six-month periods ended June 30, 2021, respectively. The three-month period ended June 30, 2022 included a tax benefit related to global intangible low-taxed income and net discrete tax expenses related to withholding taxes 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 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, 2022 and June 30, 2021 was impacted by a variety of factors, primarily global intangible low-taxed income and the location in which income was earned. In addition, the three- and six-month periods ended June 30, 2021 includes a $97.8 million tax expense recorded for the gain on the sale of the FCS business.


9

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 six-month periods ended June 30, 2022 and 2021 are calculated as follows (in thousands, except per share amounts):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Basic earnings per share
Numerator:
Net income attributable to Albemarle Corporation$406,773 $424,600 $660,156 $520,277 
Denominator:
Weighted-average common shares for basic earnings per share117,116 116,809 117,091 114,700 
Basic earnings per share$3.47 $3.63 $5.64 $4.54 
Diluted earnings per share
Numerator:
Net income attributable to Albemarle Corporation$406,773 $424,600 $660,156 $520,277 
Denominator:
Weighted-average common shares for basic earnings per share117,116 116,809 117,091 114,700 
Incremental shares under stock compensation plans608 627 598 683 
Weighted-average common shares for diluted earnings per share117,724 117,436 117,689 115,383 
Diluted earnings per share$3.46 $3.62 $5.61 $4.51 
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 May 3, 2022, the Company declared a cash dividend of $0.395, an increase from the prior year regular quarterly dividend. This dividend was paid on July 1, 2022 to shareholders of record at the close of business as of June 10, 2022. On July 18, 2022, the Company declared a cash dividend of $0.395 per share, which is payable on October 3, 2022 to shareholders of record at the close of business as of September 16, 2022.
NOTE 7—Inventories:
The following table provides a breakdown of inventories at June 30, 2022 and December 31, 2021 (in thousands):
June 30,December 31,
20222021
Finished goods$853,838 $473,836 
Raw materials and work in process(a)
272,051 259,221 
Stores, supplies and other90,324 79,863 
Total$1,216,213 $812,920 

(a)Included $129.8 million and $149.4 million at June 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. (“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 $463.0 million and $462.3 million at June 30, 2022 and December 31, 2021, 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 $7.7 million at June 30, 2022 and $8.0 million at December 31, 2021. The Company’s unconsolidated VIEs are reported in Investments on the consolidated balance
10

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
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.
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 $248.4 million and $246.5 million at June 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 June 30, 2022 and December 31, 2021 consisted of the following (in thousands):
June 30,December 31,
20222021
1.125% notes due 2025
$399,153 $426,571 
1.625% notes due 2028
529,200 565,550 
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 loans2,953 5,226 
Finance lease obligations73,537 75,431 
Other11,087  
Unamortized discount and debt issuance costs(30,508)(13,651)
Total long-term debt3,457,034 2,394,239 
Less amounts due within one year251,304 389,920 
Long-term debt, less current portion$3,205,730 $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.
$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 three and six months ended June 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.
11

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
In addition, during 2022 the Company drew $250 million under its 2019 Credit Facility for general corporate purposes. The applicable margin on the 2019 Credit Facility was 1.125% at June 30, 2022.
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 three-month and six-month periods ended June 30, 2021 is a loss on early extinguishment of debt of $1.2 million and $29.0 million, respectively, 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 three-month and six-month periods ended June 30, 2021 in accumulated other comprehensive loss.

NOTE 10—Commitments and Contingencies:
Environmental
The following activity was recorded in environmental liabilities for the six months ended June 30, 2022 (in thousands):
Beginning balance at December 31, 2021
$46,617 
Expenditures(1,991)
Accretion of discount521 
Additions and changes in estimates2,811 
Foreign currency translation adjustments and other(1,634)
Ending balance at June 30, 2022
46,324 
Less amounts reported in Accrued expenses9,728 
Amounts reported in Other noncurrent liabilities$36,596 
Environmental remediation liabilities included discounted liabilities of $38.5 million and $39.7 million at June 30, 2022 and December 31, 2021, respectively, discounted at rates with a weighted-average of 3.5%, and with the undiscounted amount totaling $67.6 million and $70.0 million at June 30, 2022 and December 31, 2021, respectively. For certain locations where the 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 $