10-Q 1 alb-20240331.htm 10-Q alb-20240331
false2024Q1000091591312/310.0500009159132024-01-012024-03-310000915913us-gaap:CommonStockMember2024-01-012024-03-310000915913us-gaap:SeriesAPreferredStockMember2024-01-012024-03-3100009159132024-04-24xbrli:sharesiso4217:USD00009159132023-01-012023-03-31iso4217:USDxbrli:shares0000915913us-gaap:RelatedPartyMember2024-01-012024-03-310000915913us-gaap:RelatedPartyMember2023-01-012023-03-3100009159132024-03-3100009159132023-12-310000915913us-gaap:NonrelatedPartyMember2024-03-310000915913us-gaap:NonrelatedPartyMember2023-12-310000915913us-gaap:RelatedPartyMember2024-03-310000915913us-gaap:RelatedPartyMember2023-12-310000915913us-gaap:CommonStockMember2023-12-310000915913us-gaap:PreferredStockMember2023-12-310000915913us-gaap:AdditionalPaidInCapitalMember2023-12-310000915913us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000915913us-gaap:RetainedEarningsMember2023-12-310000915913us-gaap:ParentMember2023-12-310000915913us-gaap:NoncontrollingInterestMember2023-12-310000915913us-gaap:RetainedEarningsMember2024-01-012024-03-310000915913us-gaap:ParentMember2024-01-012024-03-310000915913us-gaap:NoncontrollingInterestMember2024-01-012024-03-310000915913us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000915913us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000915913us-gaap:CommonStockMember2024-01-012024-03-310000915913us-gaap:PreferredStockMember2024-01-012024-03-310000915913us-gaap:CommonStockMember2024-03-310000915913us-gaap:PreferredStockMember2024-03-310000915913us-gaap:AdditionalPaidInCapitalMember2024-03-310000915913us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000915913us-gaap:RetainedEarningsMember2024-03-310000915913us-gaap:ParentMember2024-03-310000915913us-gaap:NoncontrollingInterestMember2024-03-310000915913us-gaap:CommonStockMember2022-12-310000915913us-gaap:PreferredStockMember2022-12-310000915913us-gaap:AdditionalPaidInCapitalMember2022-12-310000915913us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000915913us-gaap:RetainedEarningsMember2022-12-310000915913us-gaap:ParentMember2022-12-310000915913us-gaap:NoncontrollingInterestMember2022-12-3100009159132022-12-310000915913us-gaap:RetainedEarningsMember2023-01-012023-03-310000915913us-gaap:ParentMember2023-01-012023-03-310000915913us-gaap:NoncontrollingInterestMember2023-01-012023-03-310000915913us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000915913us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000915913us-gaap:CommonStockMember2023-01-012023-03-310000915913us-gaap:CommonStockMember2023-03-310000915913us-gaap:PreferredStockMember2023-03-310000915913us-gaap:AdditionalPaidInCapitalMember2023-03-310000915913us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000915913us-gaap:RetainedEarningsMember2023-03-310000915913us-gaap:ParentMember2023-03-310000915913us-gaap:NoncontrollingInterestMember2023-03-3100009159132023-03-310000915913alb:EnergyStorageMember2024-03-310000915913alb:EnergyStorageMember2023-12-3100009159132023-01-012023-12-310000915913alb:OtherVariableInterestEntitiesExcludingWindfieldHoldingsMember2024-01-012024-03-310000915913alb:OtherVariableInterestEntitiesExcludingWindfieldHoldingsMember2023-01-012023-12-310000915913alb:KemertonPlantMember2023-10-182023-10-18xbrli:pure0000915913alb:MineralResourcesLimitedWodginaProjectMember2023-10-182023-10-180000915913alb:MineralResourcesLimitedMember2023-04-012023-12-310000915913alb:JointVentureWindfieldHoldingsMember2024-01-012024-03-310000915913alb:JointVentureWindfieldHoldingsMember2023-01-012023-03-310000915913alb:OtherJointVenturesMember2024-01-012024-03-310000915913alb:OtherJointVenturesMember2023-01-012023-03-310000915913alb:JointVentureWindfieldHoldingsMemberalb:JointVentureWindfieldHoldingsMember2024-03-310000915913alb:JointVentureWindfieldHoldingsMember2024-03-310000915913alb:JointVentureWindfieldHoldingsMember2023-12-310000915913alb:SignificantUnconsolidatedJointVenturesMember2024-01-012024-03-310000915913alb:SignificantUnconsolidatedJointVenturesMember2023-01-012023-03-310000915913alb:FineChemistryServicesMember2021-06-010000915913alb:FineChemistryServicesMember2021-06-012021-06-010000915913alb:FineChemistryServicesMember2024-03-310000915913alb:FineChemistryServicesMember2023-12-310000915913us-gaap:OperatingSegmentsMemberalb:EnergyStorageMember2023-12-310000915913us-gaap:OperatingSegmentsMemberalb:SpecialtiesMember2023-12-310000915913us-gaap:OperatingSegmentsMemberalb:KetjenMember2023-12-310000915913us-gaap:OperatingSegmentsMemberalb:EnergyStorageMember2024-01-012024-03-310000915913us-gaap:OperatingSegmentsMemberalb:SpecialtiesMember2024-01-012024-03-310000915913us-gaap:OperatingSegmentsMemberalb:KetjenMember2024-01-012024-03-310000915913us-gaap:OperatingSegmentsMemberalb:EnergyStorageMember2024-03-310000915913us-gaap:OperatingSegmentsMemberalb:SpecialtiesMember2024-03-310000915913us-gaap:OperatingSegmentsMemberalb:KetjenMember2024-03-310000915913alb:CustomerListsAndRelationshipsMember2023-12-310000915913us-gaap:TrademarksAndTradeNamesMember2023-12-310000915913alb:PatentsAndTechnologyMember2023-12-310000915913us-gaap:OtherIntangibleAssetsMember2023-12-310000915913alb:CustomerListsAndRelationshipsMember2024-01-012024-03-310000915913us-gaap:TrademarksAndTradeNamesMember2024-01-012024-03-310000915913alb:PatentsAndTechnologyMember2024-01-012024-03-310000915913us-gaap:OtherIntangibleAssetsMember2024-01-012024-03-310000915913alb:CustomerListsAndRelationshipsMember2024-03-310000915913us-gaap:TrademarksAndTradeNamesMember2024-03-310000915913alb:PatentsAndTechnologyMember2024-03-310000915913us-gaap:OtherIntangibleAssetsMember2024-03-310000915913alb:OnePointOneTwoFivePercentNoteMemberus-gaap:UnsecuredDebtMember2024-03-310000915913alb:OnePointOneTwoFivePercentNoteMemberus-gaap:UnsecuredDebtMember2023-12-310000915913alb:OnePointSixTwoFivePercentNotesMemberus-gaap:UnsecuredDebtMember2023-12-310000915913alb:OnePointSixTwoFivePercentNotesMemberus-gaap:UnsecuredDebtMember2024-03-310000915913us-gaap:SeniorNotesMemberalb:ThreePointFourFivePercentSeniorNotesMember2023-12-310000915913us-gaap:SeniorNotesMemberalb:ThreePointFourFivePercentSeniorNotesMember2024-03-310000915913us-gaap:SeniorNotesMemberalb:FourPointSixFivePercentSeniorNotesMember2023-12-310000915913us-gaap:SeniorNotesMemberalb:FourPointSixFivePercentSeniorNotesMember2024-03-310000915913us-gaap:SeniorNotesMemberalb:FivePointZeroFivePercentSeniorNotesMember2024-03-310000915913us-gaap:SeniorNotesMemberalb:FivePointZeroFivePercentSeniorNotesMember2023-12-310000915913alb:FivePointFourFivePercentSeniorNotesMemberus-gaap:SeniorNotesMember2024-03-310000915913alb:FivePointFourFivePercentSeniorNotesMemberus-gaap:SeniorNotesMember2023-12-310000915913us-gaap:SeniorNotesMemberalb:FivePointSixFivePercentSeniorNotesMember2024-03-310000915913us-gaap:SeniorNotesMemberalb:FivePointSixFivePercentSeniorNotesMember2023-12-310000915913us-gaap:CommercialPaperMember2024-03-310000915913us-gaap:CommercialPaperMember2023-12-310000915913alb:InterestFreeLoanMember2024-03-310000915913alb:InterestFreeLoanMember2023-12-310000915913alb:VariablerateforeignbankloansMember2024-03-310000915913alb:VariablerateforeignbankloansMember2023-12-310000915913us-gaap:CapitalLeaseObligationsMember2024-03-310000915913us-gaap:CapitalLeaseObligationsMember2023-12-310000915913us-gaap:OtherDebtSecuritiesMember2024-03-310000915913us-gaap:OtherDebtSecuritiesMember2023-12-310000915913alb:A2022CreditAgreementMember2022-10-280000915913srt:MinimumMemberalb:A2022CreditAgreementMember2022-10-282022-10-280000915913alb:A2022CreditAgreementMembersrt:MaximumMember2022-10-282022-10-280000915913alb:SecuredOvernightFinancingRateMemberalb:A2022CreditAgreementMember2022-10-282022-10-280000915913alb:A2022CreditAgreementMember2022-10-282022-10-280000915913alb:A2022CreditAgreementMember2024-03-310000915913alb:CreditFacilitiesMember2024-01-012024-03-310000915913alb:CreditFacilitiesMembersrt:ScenarioForecastMember2024-04-012024-06-300000915913alb:CreditFacilitiesMembersrt:ScenarioForecastMember2024-07-012024-09-300000915913alb:CreditFacilitiesMembersrt:ScenarioForecastMember2024-10-012024-12-310000915913alb:CreditFacilitiesMembersrt:ScenarioForecastMember2025-01-012025-06-300000915913alb:CreditFacilitiesMembersrt:ScenarioForecastMember2025-07-012025-09-300000915913us-gaap:RevolvingCreditFacilityMember2024-03-310000915913us-gaap:OtherNoncurrentLiabilitiesMember2024-03-310000915913us-gaap:OtherNoncurrentLiabilitiesMember2023-12-3100009159132024-02-220000915913alb:DepositarySharesMember2024-03-080000915913us-gaap:SeriesAPreferredStockMember2024-03-080000915913us-gaap:SeriesAPreferredStockMember2024-03-082024-03-080000915913us-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2024-05-152024-05-150000915913us-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2024-08-152024-08-150000915913srt:MinimumMemberus-gaap:SeriesAPreferredStockMember2024-03-080000915913us-gaap:SeriesAPreferredStockMembersrt:MaximumMember2024-03-08utr:D0000915913us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000915913us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000915913us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000915913us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000915913us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-03-310000915913us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-03-310000915913us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-03-310000915913us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-03-310000915913us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-03-310000915913us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2024-03-310000915913us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-03-310000915913us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2023-03-310000915913us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-03-310000915913us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-03-310000915913us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-03-310000915913us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-03-310000915913us-gaap:RedeemablePreferredStockMember2024-01-012024-03-310000915913us-gaap:StockCompensationPlanMember2024-01-012024-03-310000915913srt:MinimumMemberus-gaap:BuildingMember2024-03-310000915913us-gaap:BuildingMembersrt:MaximumMember2024-03-310000915913srt:MinimumMemberalb:NonrealestateMember2024-03-310000915913srt:MaximumMemberalb:NonrealestateMember2024-03-310000915913srt:MinimumMember2024-03-310000915913srt:MaximumMember2024-03-31alb:segment0000915913us-gaap:OperatingSegmentsMemberalb:EnergyStorageMember2023-01-012023-03-310000915913us-gaap:OperatingSegmentsMemberalb:SpecialtiesMember2023-01-012023-03-310000915913us-gaap:OperatingSegmentsMemberalb:KetjenMember2023-01-012023-03-310000915913us-gaap:OperatingSegmentsMember2024-01-012024-03-310000915913us-gaap:OperatingSegmentsMember2023-01-012023-03-310000915913us-gaap:CorporateNonSegmentMember2024-01-012024-03-310000915913us-gaap:CorporateNonSegmentMember2023-01-012023-03-310000915913alb:JointVentureWindfieldHoldingsMember2024-03-310000915913us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-03-310000915913us-gaap:OtherNonoperatingIncomeExpenseMember2024-01-012024-03-310000915913us-gaap:OtherNonoperatingIncomeExpenseMember2023-01-012023-03-310000915913us-gaap:CostOfSalesMember2024-01-012024-03-310000915913us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-03-310000915913us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMember2024-03-310000915913us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMember2023-12-310000915913us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2024-03-310000915913us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2023-12-310000915913us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMember2024-03-310000915913us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMember2023-12-310000915913us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:ForwardContractsMember2024-03-310000915913us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:ForwardContractsMember2023-12-310000915913us-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMember2024-03-310000915913us-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMember2023-12-310000915913us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-03-310000915913us-gaap:OtherCurrentAssetsMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2024-03-310000915913us-gaap:OtherCurrentAssetsMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2023-12-310000915913us-gaap:AccruedLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2024-03-310000915913us-gaap:AccruedLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2023-12-310000915913us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMember2024-01-012024-03-310000915913us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMember2023-01-012023-03-310000915913us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-01-012024-03-310000915913us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-01-012023-03-310000915913alb:OtherNetMemberus-gaap:ForwardContractsMember2024-01-012024-03-310000915913alb:OtherNetMemberus-gaap:ForwardContractsMember2023-01-012023-03-310000915913us-gaap:FairValueInputsLevel1Member2024-03-310000915913us-gaap:FairValueInputsLevel2Member2024-03-310000915913us-gaap:FairValueInputsLevel3Member2024-03-310000915913us-gaap:FairValueInputsLevel1Member2023-12-310000915913us-gaap:FairValueInputsLevel2Member2023-12-310000915913us-gaap:FairValueInputsLevel3Member2023-12-310000915913us-gaap:EquityMethodInvesteeMember2024-01-012024-03-310000915913us-gaap:EquityMethodInvesteeMember2023-01-012023-03-310000915913us-gaap:EquityMethodInvesteeMember2024-03-310000915913us-gaap:EquityMethodInvesteeMember2023-12-31
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 March 31, 2024
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
_________________________________________________ 
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
DEPOSITARY SHARES, each representing a 1/20th interest in a share of 7.25% Series A Mandatory Convertible Preferred StockALB PR ANew York Stock Exchange
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  
Number of shares of common stock, $.01 par value, outstanding as of April 24, 2024: 117,527,473


ALBEMARLE CORPORATION
INDEX – FORM 10-Q
 
  Page
Number(s)
EXHIBITS
3

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
March 31,
 20242023
Net sales$1,360,736 $2,580,252 
Cost of goods sold(a)
1,321,798 1,303,712 
Gross profit38,938 1,276,540 
Selling, general and administrative expenses194,912 154,306 
Research and development expenses23,532 20,471 
Operating (loss) profit(179,506)1,101,763 
Interest and financing expenses(37,969)(26,777)
Other income, net49,901 82,492 
(Loss) income before income taxes and equity in net income of unconsolidated investments(167,574)1,157,478 
Income tax (benefit) expense(3,721)276,963 
(Loss) income before equity in net income of unconsolidated investments(163,853)880,515 
Equity in net income of unconsolidated investments (net of tax)180,500 396,188 
Net income16,647 1,276,703 
Net income attributable to noncontrolling interests(14,199)(38,123)
Net income attributable to Albemarle Corporation2,448 1,238,580 
Mandatory convertible preferred stock dividends(11,584) 
Net (loss) income attributable to Albemarle Corporation common shareholders$(9,136)$1,238,580 
Basic (loss) earnings per share attributable to common shareholders$(0.08)$10.57 
Diluted (loss) earnings per share attributable to common shareholders$(0.08)$10.51 
Weighted-average common shares outstanding – basic117,451 117,232 
Weighted-average common shares outstanding – diluted117,451 117,841 
(a)Included purchases from related unconsolidated affiliates of $540.7 million and $353.2 million for the three-month periods ended March 31, 2024 and 2023, respectively.

See accompanying Notes to the Condensed Consolidated Financial Statements.
4

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

 Three Months Ended
March 31,
 20242023
Net income$16,647 $1,276,703 
Other comprehensive (loss) income, net of tax:
Foreign currency translation and other(50,220)46,216 
Cash flow hedge(18,660)1,101 
Total other comprehensive (loss) income, net of tax(68,880)47,317 
Comprehensive (loss) income(52,233)1,324,020 
Comprehensive income attributable to noncontrolling interests(13,998)(38,115)
Comprehensive (loss) income attributable to Albemarle Corporation$(66,231)$1,285,905 
See accompanying Notes to the Condensed Consolidated Financial Statements.
5

ALBEMARLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Per Share Amounts)
(Unaudited)
March 31,December 31,
20242023
Assets
Current assets:
Cash and cash equivalents
$2,055,813 $889,900 
Trade accounts receivable, less allowance for doubtful accounts (2024 – $2,761; 2023 – $2,808)
874,038 1,213,160 
Other accounts receivable438,507 509,097 
Inventories1,904,827 2,161,287 
Other current assets549,540 443,475 
Total current assets5,822,725 5,216,919 
Property, plant and equipment, at cost12,587,763 12,233,757 
Less accumulated depreciation and amortization2,831,728 2,738,553 
Net property, plant and equipment9,756,035 9,495,204 
Investments1,259,001 1,369,855 
Other assets329,283 297,087 
Goodwill1,613,534 1,629,729 
Other intangibles, net of amortization251,755 261,858 
Total assets$19,032,333 $18,270,652 
Liabilities And Equity
Current liabilities:
Accounts payable to third parties$1,165,955 $1,537,859 
Accounts payable to related parties129,613 550,186 
Accrued expenses454,600 544,835 
Current portion of long-term debt5,076 625,761 
Dividends payable58,354 46,666 
Income taxes payable237,098 255,155 
Total current liabilities2,050,696 3,560,462 
Long-term debt3,519,453 3,541,002 
Postretirement benefits26,382 26,247 
Pension benefits145,067 150,312 
Other noncurrent liabilities833,548 769,100 
Deferred income taxes657,468 558,430 
Commitments and contingencies (Note 6)
Equity:
Albemarle Corporation shareholders’ equity:
Common stock, $.01 par value, authorized – 150,000 issued and outstanding – 117,527 in 2024 and 117,356 in 2023
1,175 1,174 
Mandatory convertible preferred stock, Series A, no par value, $1,000 stated value, authorized – 15,000, issued and outstanding – 2,300 in 2024 and 0 in 2023
2,235,379  
Additional paid-in capital2,962,585 2,952,517 
Accumulated other comprehensive loss(597,205)(528,526)
Retained earnings6,930,868 6,987,015 
Total Albemarle Corporation shareholders’ equity11,532,802 9,412,180 
Noncontrolling interests266,917 252,919 
Total equity11,799,719 9,665,099 
Total liabilities and equity$19,032,333 $18,270,652 
See accompanying Notes to the Condensed Consolidated Financial Statements.
6

ALBEMARLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
(In Thousands, Except Share Data)Mandatory Convertible Preferred StockAdditional
Paid-in Capital
Accumulated Other
Comprehensive Loss
Retained EarningsTotal Albemarle
Shareholders’ Equity
Noncontrolling
Interests
Total Equity
Common Stock
SharesAmountsSharesAmounts
Balance at December 31, 2023117,356,270 $1,174  $ $2,952,517 $(528,526)$6,987,015 $9,412,180 $252,919 $9,665,099 
Net income2,448 2,448 14,199 16,647 
Other comprehensive loss(68,679)(68,679)(201)(68,880)
Common stock dividends declared, $0.40 per common share
(47,011)(47,011) (47,011)
Mandatory convertible preferred stock cumulative dividends(11,584)(11,584)(11,584)
Stock-based compensation9,057 9,057 9,057 
Exercise of stock options1,420  86 86 86 
Issuance of common stock, net260,750 2 11,543 11,545 11,545 
Issuance of mandatory convertible preferred stock, net2,300 2,235,379 2,235,379 2,235,379 
Withholding taxes paid on stock-based compensation award distributions(91,273)(1)(10,618)(10,619)(10,619)
Balance at March 31, 2024117,527,167 $1,175 2,300,000 $2,235,379 $2,962,585 $(597,205)$6,930,868 $11,532,802 $266,917 $11,799,719 
Balance at December 31, 2022117,168,366 $1,172  $ $2,940,840 $(560,662)$5,601,277 $7,982,627 $208,220 $8,190,847 
Net income1,238,580 1,238,580 38,123 1,276,703 
Other comprehensive income47,325 47,325 (8)47,317 
Common stock dividends declared, $0.40 per common share
(46,919)(46,919) (46,919)
Stock-based compensation9,658 9,658 9,658 
Exercise of stock options1,220  81 81 81 
Issuance of common stock, net205,172 2 (2)  
Withholding taxes paid on stock-based compensation award distributions(75,366)(1)(18,616)(18,617)(18,617)
Balance at March 31, 2023117,299,392 $1,173  $ $2,931,961 $(513,337)$6,792,938 $9,212,735 $246,335 $9,459,070 
See accompanying Notes to the Condensed Consolidated Financial Statements.
7

ALBEMARLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended
March 31,
20242023
Cash and cash equivalents at beginning of year$889,900 $1,499,142 
Cash flows from operating activities:
Net income 16,647 1,276,703 
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization123,751 87,271 
Stock-based compensation and other9,317 10,540 
Equity in net income of unconsolidated investments (net of tax)(180,500)(396,188)
Dividends received from unconsolidated investments and nonmarketable securities50,756 547,552 
Pension and postretirement expense1,273 1,954 
Pension and postretirement contributions(4,824)(2,825)
Realized loss on investments in marketable securities33,746  
Unrealized loss (gain) on investments in marketable securities6,737 (45,732)
Deferred income taxes116,447 14,098 
Working capital changes(52,320)(764,071)
Other, net(23,076)(8,322)
Net cash provided by operating activities97,954 720,980 
Cash flows from investing activities:
Capital expenditures(579,322)(415,608)
Sales (purchases) of marketable securities, net84,893 (122,267)
Investments in equity investments and nonmarketable securities(74)(1,133)
Net cash used in investing activities(494,503)(539,008)
Cash flows from financing activities:
Proceeds from issuance of mandatory convertible preferred stock, net of issuance costs2,236,750  
Repayments of long-term debt and credit agreements(29,019) 
Proceeds from borrowings of long-term debt and credit agreements29,019  
Other debt repayments, net(620,753)(713)
Dividends paid to common shareholders(46,908)(46,282)
Dividends paid to noncontrolling interests (53,145)
Proceeds from exercise of stock options86 81 
Withholding taxes paid on stock-based compensation award distributions(10,619)(18,617)
Other(1,256) 
Net cash provided by (used in) financing activities1,557,300 (118,676)
Net effect of foreign exchange on cash and cash equivalents5,162 24,296 
Increase in cash and cash equivalents1,165,913 87,592 
Cash and cash equivalents at end of period$2,055,813 $1,586,734 
See accompanying Notes to the Condensed Consolidated Financial Statements.
8

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 March 31, 2024 and December 31, 2023, our consolidated statements of income, consolidated statements of comprehensive (loss) income and consolidated statements of changes in equity for the three-month periods ended March 31, 2024 and 2023 and our condensed consolidated statements of cash flows for the three-month periods ended March 31, 2024 and 2023. 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, 2023, as filed with the U.S. Securities and Exchange Commission (“SEC”) on February 15, 2024. The December 31, 2023 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 period ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year.
NOTE 2—Inventories:
The following table provides a breakdown of inventories at March 31, 2024 and December 31, 2023 (in thousands):
March 31,December 31,
20242023
Finished goods$1,349,770 $1,624,893 
Raw materials and work in process(a)
414,204 401,050 
Stores, supplies and other140,853 135,344 
Total(b)
$1,904,827 $2,161,287 

(a)Includes $241.0 million and $213.4 million at March 31, 2024 and December 31, 2023, respectively, of work in process in our Energy Storage segment.
(b)During the year ended December 31, 2023, the Company recorded a $604.1 million charge in Cost of goods sold to reduce the value of certain spodumene and finished goods to their net realizable value following the decline in lithium market pricing at the end of the year.
The Company purchases certain of its inventory from its equity method investments (primarily the Windfield Holdings Pty. Ltd. (“Windfield”) joint venture) and eliminates the balance of intra-entity profits on purchases of such inventory that remains unsold at the balance sheet in Inventories, specifically finished goods and equally reduces Equity in net income of unconsolidated investments (net of tax) on the consolidated statements of income. The balance of intra-entity profits on inventory purchased from equity method investments in Inventories totaled $408.5 million and $559.6 million at March 31, 2024 and December 31, 2023, respectively. The intra-entity profit is recognized in Equity in net income of unconsolidated investments (net of tax) in the period that converted inventory is sold to a third-party customer. In the same period, the intra-entity profit is also recognized as higher Cost of goods sold on the consolidated statements of income.
NOTE 3—Investments:
Proportionately Consolidated Joint Ventures
On October 18, 2023, the Company closed on the restructuring of the MARBL lithium joint venture in Australia (“MARBL”) with Mineral Resources Limited (“MRL”). This updated structure is intended to significantly simplify the commercial operation agreements previously entered into, allow us to retain full control of downstream conversion assets and provide greater strategic opportunities for each company based on their global operations and the evolving lithium market.
Under the amended agreements, Albemarle acquired the remaining 40% ownership of the Kemerton lithium hydroxide processing facility in Australia that was jointly owned with MRL through the MARBL joint venture. Following this restructuring, Albemarle and MRL each own 50% of the Wodgina Lithium Mine Project (“Wodgina”), and MRL operates the Wodgina mine on behalf of the joint venture. During the fourth quarter of 2023, Albemarle paid MRL approximately $380 million in cash, which included $180 million of consideration for the remaining ownership of Kemerton as well as a payment for the economic effective date of the transaction being retroactive to April 1, 2022.
9

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
This joint venture is unincorporated with each investor holding an undivided interest in each asset and proportionately liable for each liability; therefore our proportionate share of assets, liabilities, revenue and expenses are included in the appropriate classifications in the consolidated financial statements.
Unconsolidated Joint Ventures
The following table details the Company’s equity in net income of unconsolidated investments (net of tax) for the three-month periods ended March 31, 2024 and 2023 (in thousands):
Three Months Ended
March 31,
20242023
Windfield$172,679 $387,299 
Other joint ventures7,821 8,889 
Total$180,500 $396,188 
The Company holds a 49% equity interest in Windfield, where the ownership parties share risks and benefits disproportionate to their voting interests. As a result, the Company considers Windfield to be a variable interest entity (“VIE”), however this investment is not consolidated as the Company is not the primary beneficiary. The carrying amount of the Company’s 49% equity interest in Windfield, which is the Company’s most significant VIE, was $713.6 million and $712.0 million at March 31, 2024 and December 31, 2023, respectively. The Company’s unconsolidated VIEs are reported in Investments on the consolidated balance sheets. The Company does not guarantee debt for, or have other financial support obligations to, these entities, and its maximum exposure to loss in connection with its continuing involvement with these entities is limited to the carrying value of the investments.
The following table summarizes the unaudited results of operations for the Windfield joint venture, which met the significant subsidiary test for subsidiaries not consolidated or 50% or less owned persons under Rule 10-01 of Regulation S-X, for the three-month periods ended March 31, 2024 and 2023 (in thousands):
Three Months Ended
March 31,
20242023
Net sales$190,009 $1,959,298 
Gross profit149,982 1,901,700 
Income before income taxes94,630 1,784,150 
Net income66,411 1,248,902 
Public Equity Securities
Included in the Company’s investments balance are holdings in equity securities of public companies. The fair value is measured using publicly available share prices of the investments, with any changes reported in Other income, net in our consolidated statements of income. During the three-month period ended March 31, 2023, the Company purchased approximately $121.9 million of shares in publicly-traded companies. In addition, during the three-month periods ended March 31, 2024 and 2023, the Company recorded unrealized mark-to-market (losses) gains of ($9.4) million and $45.8 million, respectively, in Other income, net for all public equity securities held at the end of the balance sheet date.
In January 2024, the Company sold equity securities of a public company for proceeds of approximately $81.5 million. As a result of the sale, the Company realized a loss of $33.7 million in the three months ended March 31, 2024.
Other
As part of the proceeds from the sale of the fine chemistry services (“FCS”) business on June 1, 2021, W.R. Grace & Co. (“Grace”) issued Albemarle preferred equity of a Grace subsidiary having an aggregate stated value of $270 million. The preferred equity can be redeemed at Grace’s option under certain conditions and began accruing PIK dividends at an annual rate of 12% on June 1, 2023. In addition, the preferred equity can be redeemed by Albemarle when the accumulated balance reaches 200% of the original value. This preferred equity had a fair value of $298.0 million and $289.3 million at March 31, 2024 and December 31, 2023, respectively, which is reported in Investments in the consolidated balance sheets.
10

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 three-month period ended March 31, 2024 (in thousands):
Energy StorageSpecialtiesKetjenTotal
Balance at December 31, 2023
$1,424,484 $32,639 $172,606 $1,629,729 
   Foreign currency translation adjustments and other(12,950)(28)(3,217)(16,195)
Balance at March 31, 2024$1,411,534 $32,611 $169,389 $1,613,534 

The following table summarizes the changes in other intangibles and related accumulated amortization for the three-month period ended March 31, 2024 (in thousands):
Customer Lists and Relationships
Trade Names and Trademarks(a)
Patents and TechnologyOtherTotal
Gross Asset Value
  Balance at December 31, 2023
$417,803 $13,405 $46,287 $34,649 $512,144 
Retirements (2,309)(14,506)(4,409)(21,224)
Foreign currency translation adjustments and other(6,236)(227)(519)(927)(7,909)
  Balance at March 31, 2024
$411,567 $10,869 $31,262 $29,313 $483,011 
Accumulated Amortization
  Balance at December 31, 2023
$(204,481)$(3,673)$(26,758)$(15,374)$(250,286)
Amortization(5,012) (647)(227)(5,886)
Retirements 2,309 14,506 4,409 21,224 
Foreign currency translation adjustments and other2,956 40 360 336 3,692 
  Balance at March 31, 2024
$(206,537)$(1,324)$(12,539)$(10,856)$(231,256)
Net Book Value at December 31, 2023
$213,322 $9,732 $19,529 $19,275 $261,858 
Net Book Value at March 31, 2024
$205,030 $9,545 $18,723 $18,457 $251,755 
(a)    Net Book Value includes only indefinite-lived intangible assets.


11

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
NOTE 5—Long-Term Debt:
Long-term debt at March 31, 2024 and December 31, 2023 consisted of the following (in thousands):
March 31,December 31,
20242023
1.125% notes due 2025
$408,732 $416,501 
1.625% notes due 2028
541,900 552,200 
3.45% Senior notes due 2029
171,612 171,612 
4.65% Senior notes due 2027
650,000 650,000 
5.05% Senior notes due 2032
600,000 600,000 
5.45% Senior notes due 2044
350,000 350,000 
5.65% Senior notes due 2052
450,000 450,000 
Commercial paper notes 620,000 
Interest-free loan300,000 300,000 
Variable-rate foreign bank loans28,398 30,197 
Finance lease obligations103,563 110,245 
Other22,000 22,000 
Unamortized discount and debt issuance costs(101,676)(105,992)
Total long-term debt3,524,529 4,166,763 
Less amounts due within one year5,076 625,761 
Long-term debt, less current portion$3,519,453 $3,541,002 
During the three months ended March 31, 2024, we repaid a net amount of $620.0 million of commercial paper notes using the net proceeds received from the issuance of mandatory convertible preferred stock. See Note 7, “Equity,” for additional information.
Given the current economic conditions, specifically around the market pricing of lithium, and the related impact on the Company’s future earnings, on February 9, 2024 we amended our revolving, unsecured amended and restated credit agreement dated October 28, 2022 (the “2022 Credit Agreement”), which provides for borrowings of up to $1.5 billion and matures on October 28, 2027. Borrowings under the 2022 Credit Agreement bear interest at variable rates based on a benchmark rate depending on the currency in which the loans are denominated, plus an applicable margin which ranges from 0.910% to 1.375%, depending on the Company’s credit rating from Standard & Poor’s Rating Services LLC (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Inc. (“Fitch”). With respect to loans denominated in U.S. dollars, interest is calculated using the term Secured Overnight Financing Rate (“SOFR”) plus a term SOFR adjustment of 0.10%, plus the applicable margin. The applicable margin on the facility was 1.125% as of March 31, 2024. There were no borrowings outstanding under the 2022 Credit Agreement as of March 31, 2024.
Borrowings under the 2022 Credit Agreement are conditioned upon satisfaction of certain customary conditions precedent, including the absence of defaults. The February 2024 amendment was entered into to modify the financial covenants under the 2022 Credit Agreement to avoid a potential covenant violation over the following 18 months given the market pricing of lithium. Following the February 2024 amendment, the 2022 Credit Agreement subjects the Company to two financial covenants, as well as customary affirmative and negative covenants. The first financial covenant requires that the ratio of (a) the Company’s consolidated net funded debt plus a proportionate amount of Windfield’s net funded debt to (b) consolidated Windfield-Adjusted EBITDA (as such terms are defined in the 2022 Credit Agreement) be less than or equal to (i) 3.50:1 prior to the second quarter of 2024, (ii) 5.00:1 for the second quarter of 2024, (iii) 5.50:1 for the third quarter of 2024, (iv) 4.00:1 for the fourth quarter of 2024, (v) 3.75:1 for the first and second quarters of 2025 and (vi) 3.50:1 after the second quarter of 2025. The maximum permitted leverage ratios described above are subject to adjustment in accordance with the terms of the 2022 Credit Agreement upon the consummation of an acquisition after June 30, 2025 if the consideration includes cash proceeds from issuance of funded debt in excess of $500 million.
Beginning in the fourth quarter of 2024, the second financial covenant requires that the ratio of the Company’s consolidated EBITDA to consolidated interest charges (as such terms are defined in the 2022 Credit Agreement) be no less than 2.00:1 for fiscal quarters through June 30, 2025, and no less than 3.00:1 for all fiscal quarters thereafter. The 2022 Credit
12

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Agreement also contains customary default provisions, including defaults for non-payment, breach of representations and warranties, insolvency, non-performance of covenants and cross-defaults to other material indebtedness. The occurrence of an event of default under the 2022 Credit Agreement could result in all loans and other obligations becoming immediately due and payable and the commitments under the 2022 Credit Agreement being terminated. Following the $2.2 billion issuance of mandatory convertible preferred stock in March 2024 and the amendments to the financial covenants, the Company expects to maintain compliance with the amended financial covenants in the near future. However, a significant downturn in lithium market prices or demand could impact the Company’s ability to maintain compliance with its amended financial covenants and it could require the Company to seek additional amendments to the 2022 Credit Agreement and/or issue debt or equity securities to fund its activities and maintain financial flexibility. If the Company were unable to obtain such necessary additional amendments, this could lead to an event of default and its lenders could require the Company to repay its outstanding debt. In that situation, the Company may not be able to raise sufficient debt or equity capital, or divest assets, to refinance or repay the lenders.

NOTE 6—Commitments and Contingencies:
Environmental
The following activity was recorded in environmental liabilities for the three months ended March 31, 2024 (in thousands):
Beginning balance at December 31, 2023
$34,149 
Expenditures(678)
Accretion of discount289 
Liability releases(1,924)
Foreign currency translation adjustments and other(285)
Ending balance at March 31, 2024
31,551 
Less amounts reported in Accrued expenses6,788 
Amounts reported in Other noncurrent liabilities$24,763 
Environmental remediation liabilities included discounted liabilities of $25.3 million and $27.4 million at March 31, 2024 and December 31, 2023, respectively, discounted at rates with a weighted-average of 3.6% and 3.7%, respectively, and with the undiscounted amount totaling $52.5 million and $55.4 million at March 31, 2024 and December 31, 2023, 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 represent an additional $48 million before income taxes, in excess of amounts already recorded.
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
13

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
proceedings. We also maintain insurance to mitigate certain of such risks. Costs for legal services are generally expensed as incurred.
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 $12.2 million and $14.5 million at March 31, 2024 and December 31, 2023, respectively, recorded in Other noncurrent liabilities, primarily related to the indemnification of certain income and non-income tax liabilities associated with the Chemetall Surface Treatment entities sold in 2017.
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 7—Equity:
Common Stock
On February 22, 2024, the Company’s board of directors declared a cash dividend of $0.40. This dividend was paid on April 1, 2024 to shareholders of record at the close of business as of March 15, 2024.
Mandatory Convertible Preferred Stock
On March 8, 2024, the Company issued 46,000,000 depositary shares (“Depositary Shares”), each representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”). The 2,300,000 shares of Mandatory Convertible Preferred Stock issued had a $1,000 per share liquidation preference. As a result of this transaction, the Company received cash proceeds of approximately $2.2 billion, net of underwriting fees and offering costs. The Company intends to use the proceeds for general corporate purposes, which may include, among other uses, funding growth capital expenditures, such as the construction and expansion of lithium operations in Australia and China that are significantly progressed or near completion, following the repayment of commercial paper in the first quarter of 2024.
Dividends on the Mandatory Convertible Preferred Stock are payable on a cumulative basis when, as and if declared by the Albemarle board of directors, or an authorized committee thereof, at an annual rate of 7.25% on the liquidation preference of $1,000 per share, and may be paid in cash or, subject to certain limitations, in shares of common stock or, subject to certain limitations, any combination of cash and shares of common stock. Dividends that are declared on the Mandatory Convertible Preferred Stock will be payable quarterly to the holders of record on the February 15, May 15, August 15 and November 15 of each year, immediately preceding the relevant dividend payment date, whether or not such holders convert their Depositary Shares, or such Depositary Shares are automatically converted, after a record date and on or prior to the immediately succeeding dividend payment date. The first dividend is expected to be payable to shareholders on record on May 15, 2024 at $17.12 per share of Mandatory Convertible Preferred Stock, with subsequent quarterly cash dividends expected to be $18.125 per share of Mandatory Convertible Preferred Stock. Dividends are expected to be paid on March 1, June 1, September 1 and December 1 of each year, commencing on, and including, June 1, 2024 and ending on, and including, March 1, 2027.
The Company may not redeem the shares of the Mandatory Convertible Preferred Stock. However, at its option, the Company may purchase the Mandatory Convertible Preferred Stock from time to time on the open market, by tender offer, exchange offer or otherwise.
14

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Unless converted earlier in accordance with its terms, each share of Mandatory Convertible Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be March 1, 2027, into between 7.618 shares and 9.140 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations related to the Mandatory Convertible Preferred Stock (the “Certificate of Designations”). The number of shares of common stock issuable upon conversion will be determined based on the average volume weighted average price per share of common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to March 1, 2027.
Holders of shares of Mandatory Convertible Preferred Stock have the option to convert all or any portion of their shares of the Mandatory Convertible Preferred Stock at any time. The conversion rate applicable to any early conversion may in certain circumstances be increased to compensate holders of the Mandatory Convertible Preferred Stock for certain unpaid accumulated dividends as described in the Certificate of Designations.
If a Fundamental Change, as defined in the Certificate of Designations, occurs on or prior to March 1, 2027, then holders of the Mandatory Convertible Preferred Stock will be entitled to convert all or any portion of their Mandatory Convertible Preferred Stock at the fundamental change conversion rate, as defined in the Certificate of Designations, as for a specified period of time and to also receive an amount to compensate them for certain unpaid accumulated dividends and any remaining future scheduled dividend payments.
There are 2,300,000 shares of Mandatory Convertible Preferred Stock issued and outstanding at March 31, 2024.
Accumulated Other Comprehensive Loss
The components and activity in Accumulated other comprehensive loss (net of deferred income taxes) consisted of the following during the periods indicated below (in thousands):
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Foreign Currency Translation and Other
Cash Flow Hedge(a)
TotalForeign Currency Translation and Other
Cash Flow Hedge(a)
Total
Balance, beginning of period$(536,601)$8,075 $(528,526)$(562,886)$2,224 $(560,662)
Other comprehensive (loss) income before reclassifications(50,237)(21,342)(71,579)46,200 1,101 47,301 
Amounts reclassified from accumulated other comprehensive loss17 2,682 2,699 16  16 
Other comprehensive (loss) income, net of tax(50,220)(18,660)(68,880)46,216 1,101 47,317 
Other comprehensive income attributable to noncontrolling interests201  201 8  8 
Balance, end of period$(586,620)$(10,585)$(597,205)$(516,662)$3,325 $(513,337)
(a)We entered into a foreign currency forward contract, which was designated and accounted for as a cash flow hedge under ASC 815, Derivatives and Hedging. See Note 13, “Fair Value of Financial Instruments,” for additional information.


15

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The amount of income tax expense allocated to each component of Other comprehensive (loss) income for the three-month periods ended March 31, 2024 and 2023 is provided in the following tables (in thousands):
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Foreign Currency Translation and OtherCash Flow HedgeTotalForeign Currency Translation and OtherCash Flow HedgeTotal
Other comprehensive (loss) income, before tax$(50,217)$(26,657)$(76,874)$45,978 $1,101 $47,079 
Income tax (expense) benefit(3)7,997 7,994 238  238 
Other comprehensive (loss) income, net of tax$(50,220)$(18,660)$(68,880)$46,216 $1,101 $47,317 

NOTE 8—Pension Plans and Other Postretirement Benefits:
The components of pension and postretirement benefits cost (credit) for the three-month periods ended March 31, 2024 and 2023 were as follows (in thousands):
Three Months Ended
March 31,
20242023
Pension Benefits Cost (Credit):
Service cost$1,566 $1,321 
Interest cost8,145 8,542 
Expected return on assets(8,830)(8,409)
Amortization of prior service benefit20 20 
Total net pension benefits cost$901 $1,474 
Postretirement Benefits Cost:
Service cost$12 $12 
Interest cost360 468 
Total net postretirement benefits cost$372 $480 
Total net pension and postretirement benefits cost$1,273 $1,954 
All components of net benefit cost, other than service cost, are included in Other income, net on the consolidated statements of income.
During the three-month periods ended March 31, 2024 and 2023, the Company made contributions of $4.8 million and $2.8 million, respectively, to its qualified and nonqualified pension plans and the U.S. postretirement benefit plan.

NOTE 9—Income Taxes:
The effective income tax rate for the three-month period ended March 31, 2024 was 2.2% compared to 23.9% for the three-month period ended March 31, 2023. The three-month period ended March 31, 2024 included the impact of the adoption of a 15% global minimum tax under the Pillar Two Global Anti-Base Erosion Rules (“Pillar Two”) developed by the Organisation for Economic Co-operation and Development (“OECD”) as part of global tax framework. The Company’s effective income tax rate fluctuates based on, among other factors, the amount and location of income. The lower effective tax rate in the three-month period ended March 31, 2024, compared to the three-month period ended March 31, 2023, was due to lower 2024 earnings in various jurisdictions. The difference between the U.S. federal statutory income tax rate of 21% and the Company’s effective income tax rate for the three-month period ended March 31, 2024 was impacted by a variety of factors, primarily the location in which income was earned, including the impact of the OECD Pillar Two minimum tax and the valuation allowance for losses in certain entities in China, the global intangible low-taxed income inclusion, and a reduction to the uncertain tax position recorded in Chile. The difference between the U.S. federal statutory income tax rate of 21% and the Company’s effective income tax rate for the three-month period ended March 31, 2023 was impacted by a variety of factors, primarily the location in which income was earned, foreign-derived intangible income and an uncertain tax position recorded in Chile.
16

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)

NOTE 10—Earnings Per Share:
Basic and diluted earnings per share for the three-month periods ended March 31, 2024 and 2023 are calculated as follows (in thousands, except per share amounts):
Three Months Ended
March 31,
20242023
Basic (loss) earnings per share
Numerator:
Net income attributable to Albemarle Corporation$2,448 $1,238,580 
Mandatory convertible preferred stock dividends(11,584) 
Net (loss) income attributable to Albemarle Corporation common shareholders$(9,136)$1,238,580 
Denominator:
Weighted-average common shares for basic (loss) earnings per share117,451 117,232 
Basic (loss) earnings per share$(0.08)$10.57 
Diluted (loss) earnings per share
Numerator:
Net income attributable to Albemarle Corporation$2,448 $1,238,580 
Mandatory convertible preferred stock dividends(11,584) 
Net (loss) income attributable to Albemarle Corporation common shareholders$(9,136)$1,238,580 
Denominator:
Weighted-average common shares for basic (loss) earnings per share117,451 117,232 
Incremental shares under stock compensation plans 609 
Weighted-average common shares for diluted (loss) earnings per share117,451 117,841 
Diluted (loss) earnings per share$(0.08)$10.51 
For the three-month period ended March 31, 2024, calculated on a weighted average basis, there were 6,270,968 shares assuming the conversion of the mandatory convertible preferred stock and 216,568 shares under the stock compensation plans not included in the computation of diluted earnings per share because their effect would have been anti-dilutive as the Company reported a net loss attributable to common shareholders for the period.

NOTE 11—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 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.


17

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following table provides details of our lease contracts for the three-month periods ended March 31, 2024 and 2023 (in thousands):
Three Months Ended
March 31,
20242023
Operating lease cost$9,546 $11,751 
Finance lease cost:
Amortization of right of use assets1,308 845 
Interest on lease liabilities1,459 1,059 
Total finance lease cost2,767 1,904 
Short-term lease cost6,018 5,060 
Variable lease cost7,797 3,509 
Total lease cost$26,128 $22,224 
Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2024 and 2023 is as follows (in thousands):
Three Months Ended
March 31,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$8,848 $10,974 
Operating cash flows from finance leases1,018 1,203 
Financing cash flows from finance leases560 500 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases8,856 10,337 

18

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 March 31, 2024 and December 31, 2023 is as follows (in thousands, except as noted):
March 31, 2024December 31, 2023
Operating leases:
Other assets$137,114 $137,405 
Accrued expenses28,916 30,583 
Other noncurrent liabilities114,427 113,681 
Total operating lease liabilities143,343 144,264 
Finance leases:
Net property, plant and equipment105,116 112,438 
Current portion of long-term debt(a)
10,036 9,702 
Long-term debt98,487 104,484 
Total finance lease liabilities108,523 114,186 
Weighted average remaining lease term (in years):
Operating leases12.412.2
Finance leases20.620.7
Weighted average discount rate (%):
Operating leases4.63 %4.74 %
Finance leases5.64 %4.71 %
(a)    Balance includes accrued interest of finance lease recorded in Accrued expenses.
Maturities of lease liabilities at March 31, 2024 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2024$25,358 $13,952 
202530,524 9,340 
202622,169 8,690 
202716,935 8,690 
202812,707 8,690 
Thereafter106,227 127,855 
Total lease payments213,920 177,217 
Less imputed interest70,577 68,694 
Total$143,343 $108,523 

NOTE 12—Segment Information:
The Company’s three reportable segments include: (1) Energy Storage; (2) Specialties; and (3) Ketjen. 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.
The Corporate category is not considered to be a segment and includes corporate-related items not allocated to the operating segments. Pension and other post-employment benefit (“OPEB”) service cost (which represents the benefits earned
19

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
by active employees during the period) and amortization of prior service cost or benefit are allocated to the reportable segments 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 inter-segment 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. Effective January 1, 2024, the Company changed its definition of adjusted EBITDA for financial accounting purposes. The updated definition includes Albemarle’s share of the pre-tax earnings of the Windfield joint venture, whereas the prior definition included Albemarle’s share of Windfield earnings net of tax. This calculation is consistent with the definition of adjusted EBITDA used in the leverage financial covenant calculation in the February 2024 amendment to the 2022 Credit Agreement, which is a material agreement for the Company and aligns the information presented to various stakeholders. This presentation more closely represents the materiality and financial contribution of the strategic investment in Windfield to the Company’s earnings, and more closely represents a measure of EBITDA. The Company’s updated definition of adjusted EBITDA is earnings before interest and financing expenses, income tax expenses, the proportionate share of Windfield income tax expense, depreciation and amortization, as adjusted on a consistent basis for certain non-operating, non-recurring or unusual items in a balanced manner and on a segment basis. These non-operating, non-recurring or unusual items may include acquisition and integration related costs, gains or losses on sales of businesses, restructuring charges, facility divestiture charges, certain litigation and arbitration costs and charges, non-operating pension and OPEB items and other significant non-recurring items. In addition, management uses adjusted EBITDA for business and enterprise 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 additional useful measurements to review the Company’s operations, provides transparency to investors and enables period-to-period comparability of financial performance. Total adjusted EBITDA is a financial measure that is not required by, or presented in accordance with, U.S. GAAP. Total 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. Adjusted EBITDA for the prior period has been recast to conform to the current year presentation.
Segment information for the three-month periods ended March 31, 2024 and 2023 were as follows (in thousands).
Three Months Ended
March 31,
20242023
Net sales:
Energy Storage$800,898 $1,943,682 
Specialties316,065 418,778 
Ketjen243,773 217,792 
Total net sales$1,360,736 $2,580,252 
Adjusted EBITDA:
Energy Storage$197,996 $1,567,692 
Specialties45,181 162,158 
Ketjen21,979 14,543 
Total segment adjusted EBITDA$265,156 $1,744,393 
Depreciation and amortization:
Energy Storage$87,274 $52,162 
Specialties22,437 19,892 
Ketjen12,357 13,143 
Total segment depreciation and amortization122,068 85,197 
Corporate1,683 2,074 
Total depreciation and amortization$123,751 $87,271 

20

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
See below for a reconciliation of total segment adjusted EBITDA to the companies consolidated Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP (in thousands):
Three Months Ended
March 31,
20242023
Total segment adjusted EBITDA$265,156 $1,744,393 
Corporate expenses, net26,080 17,311 
Depreciation and amortization(123,751)(87,271)
Interest and financing expenses(37,969)(26,777)
Income tax benefit (expense)3,721 (276,963)
Proportionate share of Windfield income tax expense(a)
(73,689)(165,985)
Acquisition and integration related costs(b)
(1,907)(5,108)
Restructuring and other charges(c)
(36,285) 
Non-operating pension and OPEB items325 (601)
(Loss) gain in fair value of public equity securities(d)
(43,159)45,826 
Other(e)
23,926 (6,245)
Net income attributable to Albemarle Corporation$2,448 $1,238,580 
(a)Albemarle’s 49% ownership interest in the income tax expense of the Windfield joint venture.
(b)Costs related to the acquisition, integration and potential divestitures for various significant projects, recorded in Selling, general and administrative expenses (“SG&A”).
(c)In January 2024, the Company announced it was taking measures to unlock near term cash flow and generate long-term financial flexibility by re-phasing organic growth investments and optimizing its cost structure. As a result, the Company recorded severance costs for employees in Corporate and each of the businesses, and losses related to the cancellation of certain capital expenditure projects. During the three months ended March 31, 2024, $33.5 million of these expenses were recorded in SG&A and $2.8 million were recorded in Other income, net. The severance has primarily been paid, with the remainder expected to be paid in 2024.
(d)Loss of $33.7 million recorded in Other income, net for the three months ended March 31, 2024 resulting from the sale of investments in public equity securities and a (loss) gain of ($9.4) million and $45.8 million recorded in Other income, net for the three months ended March 31, 2024 and 2023, respectively, resulting from the net change in fair value of investments in public equity securities.
(e)Included amounts for the three months ended March 31, 2024 recorded in:
Cost of goods sold - $1.4 million of expenses related to non-routine labor and compensation related costs that are outside normal compensation arrangements.
SG&A - $0.1 million of expenses related to certain legal costs.
Other income, net - $17.3 million gain primarily from the sale of assets at a site not part of our operations, an $8.7 million gain from PIK dividends of preferred equity in a Grace subsidiary and a $2.4 million gain primarily resulting from the adjustment of indemnification related to a previously disposed business, partially offset by $2.9 million of charges for asset retirement obligations at a site not part of our operations.
Included amounts for the three months ended March 31, 2023 recorded in:
SG&A - $1.9 million of charges primarily for environmental reserves at sites not part of our operations and $0.7 million of facility closure expenses related to offices in Germany.
Other income, net - $3.6 million of charges for asset retirement obligations at a site not part of our operations.


NOTE 13—Fair Value of Financial Instruments:
In assessing the fair value of financial instruments, we use methods and assumptions that are based on market conditions and other risk factors existing at the time of assessment. Fair value information for our financial instruments is as follows:
Long-Term Debt—the fair values of our notes are estimated using Level 1 inputs and account for the difference between the recorded amount and fair value of our long-term debt. The carrying value of our remaining long-term debt reported in the accompanying consolidated balance sheets approximates fair value as substantially all of such debt bears interest based on prevailing variable market rates currently available in the countries in which we have borrowings.
21

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
March 31, 2024December 31, 2023
Recorded
Amount
Fair ValueRecorded
Amount
Fair Value
(In thousands)
Long-term debt$3,543,472 $3,350,906 $4,186,532 $4,021,693 
Foreign Currency Forward Contracts—during the fourth quarter of 2019, we entered into a foreign currency forward contract to hedge the cash flow exposure of non-functional currency purchases during the construction of the Kemerton plant in Australia. This derivative financial instrument is used to manage risk and is not used for trading or other speculative purposes. This foreign currency forward contract has been designated as a hedging instrument under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging. We had outstanding designated foreign currency forward contracts with notional values totaling the equivalent of $907.4 million and $994.5 million at March 31, 2024 and December 31, 2023, respectively.
We also enter into foreign currency forward contracts in connection with our risk management strategies that have not been designated as hedging instruments under ASC 815, Derivatives and Hedging, in an attempt to minimize the financial impact of changes in foreign currency exchange rates. These derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. The fair values of our non-designated foreign currency forward contracts are estimated based on current settlement values. At March 31, 2024 and December 31, 2023, we had outstanding non-designated foreign currency forward contracts with notional values totaling $5.5 billion and $7.1 billion, respectively, hedging our exposure to various currencies including the Chinese Renminbi, Euro, Australian Dollar and Chilean Peso.
The following table summarizes the fair value of our foreign currency forward contracts included in the consolidated balance sheets as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024December 31, 2023
AssetsLiabilitiesAssetsLiabilities
Designated as hedging instruments
Other current assets$ $— $3,489 $— 
Other assets — 11,704 — 
Accrued expenses— 3,954 — 446 
Other noncurrent liabilities— 6,291 — — 
Total designated as hedging instruments 10,245 15,193 446 
Not designated as hedging instruments
Other current assets2,239 — 2,636 — 
Accrued expenses— 6,935 — 5,306 
Total not designated as hedging instruments2,239 6,935 2,636 5,306 
Total$2,239 $17,180 $17,829 $5,752 
The following table summarizes the net (losses) gains recognized for our foreign currency forward contracts during the three-month periods ended March 31, 2024 and 2023 (in thousands):
Three Months Ended
March 31,
20242023
Designated as hedging instruments
(Loss) income recognized in Other comprehensive (loss) income$(21,342)$1,101 
Loss recognized in Other income, net$(2,682)$ 
Not designated as hedging instruments
Income recognized in Other income, net(a)
$14,822 $35,233 
(a)    Fluctuations in the value of our foreign currency forward contracts not designated as hedging instruments are generally expected to be offset by changes in the value of the underlying exposures being hedged, which are also reported in Other income, net.
22

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
In addition, for the three-month periods ended March 31, 2024 and 2023, we recorded net cash receipts of $14.5 million and $41.5 million, respectively, in Other, net, in our condensed consolidated statements of cash flows.
Unrealized gains and losses related to the cash flow hedges will be reclassified to earnings over the life of the related assets when settled and the related assets are placed into service.
The counterparties to our foreign currency forward contracts are major financial institutions with which we generally have other financial relationships. We are exposed to credit loss in the event of nonperformance by these counterparties. However, we do not anticipate nonperformance by the counterparties.

NOTE 14—Fair Value Measurement:
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy:
Level 1Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability
Level 3Unobservable inputs for the asset or liability
23

ALBEMARLE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024Quoted Prices in Active Markets for Identical Items (Level 1)Quoted Prices in Active Markets for Similar Items (Level 2)Unobservable Inputs (Level 3)
Assets:
Available for sale debt securities(a)
$297,987 $ $ $297,987 
Investments under executive deferred compensation plan(b)
$32,884 $32,884 $ $ 
Public equity securities(c)
$44,234 $44,234 $ $ 
Private equity securities measured at net asset value(d)(e)
$4,535 $ $ $ 
Foreign currency forward contracts(f)
$2,239 $ $2,239 $ 
Liabilities:
Obligations under executive deferred compensation plan(b)
$32,884 $32,884 $ $ 
Foreign currency forward contracts(f)
$17,180 $ $17,180 $ 
December 31, 2023Quoted Prices in Active Markets for Identical Items (Level 1)Quoted Prices in Active Markets for Similar Items (Level 2)Unobservable Inputs (Level 3)
Assets:
Available for sale debt securities(a)
$289,307 $ $ $289,307 
Investments under executive deferred compensation plan(b)
$33,564 $33,564 $ $ 
Public equity securities(c)
$168,928 $168,928 $ $ 
Private equity securities measured at net asset value(d)(e)
$4,536 $ $ $ 
Foreign currency forward contracts(f)
$17,829 $ $17,829 $ 
Liabilities:
Obligations under executive deferred compensation plan(b)
$33,564 $33,564 $ $ 
Foreign currency forward contracts(f)
$5,752 $ $