Albemarle Corp 8-K, filed Feb 16, 2023
Albemarle Corp (ALB)
8-K
2023-02-16
For: 2023-02-16
View Original
Added on
April 09, 2026
About this 8-K
Albemarle Corp filed this 8-K on February 16, 2023.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 16, 2023
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(Exact name of registrant as specified in charter)
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| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (980 ) 299-5700
Not applicable
(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2)
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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. ☐
Item 7.01. Regulation FD Disclosure.
In the first quarter of 2023, we realigned our Lithium and Bromine global business units into a new corporate structure designed to better meet customer needs and foster talent required to deliver in a competitive global environment. The realignment was completed in the first quarter of 2023, and resulted in the following three reportable segments: (1) Energy Storage; (2) Specialties; and (3) Ketjen (formerly known as Catalysts).
The new reporting structure 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. 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.
The Company is furnishing this Current Report on Form 8-K to reflect certain historical annual and quarterly segment information for the two year period ending December 31, 2022, corresponding with the Company’s new reporting structure. A copy of this information is being furnished as Exhibit 99.1 hereto. The changes in reporting structure discussed above affect the manner in which the results of the Company’s reportable segments were previously reported. This Current Report on Form 8-K does not reclassify or restate the Company’s previously reported consolidated financial statements for any period. It should be noted that Adjusted EBITDA is a financial measure that is not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). These measures are presented here to provide additional useful measurements to review our operations, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, is also included in this Current Report on Form 8-K. Additionally, the information presented in this Current Report on Form 8-K does not reflect events occurring after the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and should be read in conjunction with the Company’s previously filed Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and the Company’s subsequent filings with the Securities and Exchange Commission.
The information in this Current Report on Form 8-K, including Exhibit 99.1, is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit | ||||||||
| Number | Exhibit | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ALBEMARLE CORPORATION | ||||||||||||||
| Date: | February 16, 2023 | By: | /s/ Scott A. Tozier | |||||||||||
| Scott A. Tozier | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
Exhibit 99.1
Albemarle Corporation and Subsidiaries
Consolidated Summary of Segment Results
(In Thousands) (Unaudited)
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. We define adjusted EBITDA as earnings before interest and financing expenses, 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 planning purposes and as a significant component in the calculation of performance-based compensation for management and other employees. We reported adjusted EBITDA because management believes it 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, the generally accepted accounting principles in the United States (“U.S. GAAP”). Adjusted EBITDA should not be considered as an alternative to Net (loss) 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.
| Three months ended | Year ended December 31, 2022 | ||||||||||||||||||||||||||||
| March 31, 2022 | June 30, 2022 | September 30, 2022 | December 31, 2022 | ||||||||||||||||||||||||||
| Net sales: | |||||||||||||||||||||||||||||
| Energy Storage | $ | 463,704 | $ | 802,393 | $ | 1,414,053 | $ | 1,980,795 | $ | 4,660,945 | |||||||||||||||||||
| Specialties | 446,147 | 466,875 | 441,928 | 404,637 | 1,759,587 | ||||||||||||||||||||||||
| Ketjen | 217,877 | 210,325 | 235,824 | 235,546 | 899,572 | ||||||||||||||||||||||||
| Total net sales | $ | 1,127,728 | $ | 1,479,593 | $ | 2,091,805 | $ | 2,620,978 | $ | 7,320,104 | |||||||||||||||||||
| Adjusted EBITDA: | |||||||||||||||||||||||||||||
| Energy Storage | $ | 285,247 | $ | 483,517 | $ | 1,084,643 | $ | 1,178,853 | $ | 3,032,260 | |||||||||||||||||||
| Specialties | 152,602 | 147,374 | 133,558 | 93,784 | 527,318 | ||||||||||||||||||||||||
| Ketjen | 16,910 | 9,792 | 4,635 | (2,605) | 28,732 | ||||||||||||||||||||||||
| Corporate | (22,829) | (30,474) | (32,870) | (26,280) | (112,453) | ||||||||||||||||||||||||
| Total adjusted EBITDA | $ | 431,930 | $ | 610,209 | $ | 1,189,966 | $ | 1,243,752 | $ | 3,475,857 | |||||||||||||||||||
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| Three months ended | Year ended December 31, 2021 | ||||||||||||||||||||||||||||
| March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | ||||||||||||||||||||||||||
| Net sales: | |||||||||||||||||||||||||||||
| Energy Storage | $ | 198,247 | $ | 243,839 | $ | 291,475 | $ | 333,869 | $ | 1,067,430 | |||||||||||||||||||
| Specialties | 361,176 | 356,243 | 345,537 | 361,241 | 1,424,197 | ||||||||||||||||||||||||
| Ketjen | 220,243 | 148,344 | 193,554 | 199,094 | 761,235 | ||||||||||||||||||||||||
| All Other | 49,625 | 25,470 | — | — | 75,095 | ||||||||||||||||||||||||
| Total net sales | $ | 829,291 | $ | 773,896 | $ | 830,566 | $ | 894,204 | $ | 3,327,957 | |||||||||||||||||||
| Adjusted EBITDA: | |||||||||||||||||||||||||||||
| Energy Storage | $ | 74,564 | $ | 80,454 | $ | 100,186 | $ | 116,180 | $ | 371,384 | |||||||||||||||||||
| Specialties | 126,512 | 121,633 | 111,242 | 109,449 | 468,836 | ||||||||||||||||||||||||
| Ketjen | 25,427 | 21,164 | 33,103 | 27,247 | 106,941 | ||||||||||||||||||||||||
| All Other | 21,479 | 8,379 | — | — | 29,858 | ||||||||||||||||||||||||
| Corporate | (17,928) | (37,002) | (26,962) | (24,153) | (106,045) | ||||||||||||||||||||||||
| Total adjusted EBITDA | $ | 230,054 | $ | 194,628 | $ | 217,569 | $ | 228,723 | $ | 870,974 | |||||||||||||||||||
See below for a reconciliation of adjusted EBITDA, the non-GAAP financial measure, from Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reporting in accordance with U.S. GAAP. For additional explanation of the adjustments from Net income attributable to Albemarle Corporation to adjusted EBITDA, see the Company’s previously furnished on Form 8-K, under Item 2.02, for the periods presented.
| Three months ended | Year ended December 31, 2022 | ||||||||||||||||||||||||||||
| March 31, 2022 | June 30, 2022 | September 30, 2022 | December 31, 2022 | ||||||||||||||||||||||||||
| Net income attributable to Albemarle Corporation | $ | 253,383 | $ | 406,773 | $ | 897,215 | $ | 1,132,445 | $ | 2,689,816 | |||||||||||||||||||
| Depreciation and amortization | 66,574 | 70,993 | 77,713 | 85,561 | 300,841 | ||||||||||||||||||||||||
| Loss on sale of interest in properties | 8,400 | — | — | — | 8,400 | ||||||||||||||||||||||||
| Acquisition and integration related costs | 1,724 | 5,375 | 2,145 | 7,015 | 16,259 | ||||||||||||||||||||||||
| Interest and financing expenses | 27,834 | 41,409 | 29,691 | 24,039 | 122,973 | ||||||||||||||||||||||||
| Income tax expense | 80,530 | 89,018 | 196,938 | 24,102 | 390,588 | ||||||||||||||||||||||||
| Non-operating pension and OPEB items | (5,280) | (5,038) | (5,027) | (41,687) | (57,032) | ||||||||||||||||||||||||
| Other | (1,235) | 1,679 | (8,709) | 12,277 | 4,012 | ||||||||||||||||||||||||
| Total Adjusted EBITDA | $ | 431,930 | $ | 610,209 | $ | 1,189,966 | $ | 1,243,752 | $ | 3,475,857 | |||||||||||||||||||
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| Three months ended | Year ended December 31, 2021 | ||||||||||||||||||||||||||||
| March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | ||||||||||||||||||||||||||
| Net income (loss) attributable to Albemarle Corporation | $ | 95,677 | $ | 424,600 | $ | (392,781) | $ | (3,824) | $ | 123,672 | |||||||||||||||||||
| Depreciation and amortization | 62,260 | 61,423 | 62,082 | 68,235 | 254,000 | ||||||||||||||||||||||||
| Restructuring and other | 774 | 766 | 754 | 733 | 3,027 | ||||||||||||||||||||||||
| (Gain) loss on sale of business/interest in properties | — | (429,408) | 984 | 132,453 | (295,971) | ||||||||||||||||||||||||
| Acquisition and integration related costs | 2,162 | 1,915 | 1,553 | 7,040 | 12,670 | ||||||||||||||||||||||||
| Interest and financing expenses | 43,882 | 7,152 | 5,136 | 5,306 | 61,476 | ||||||||||||||||||||||||
| Income tax expense | 22,107 | 106,985 | (114,670) | 15,024 | 29,446 | ||||||||||||||||||||||||
| Non-operating pension and OPEB items | (5,465) | (5,471) | (5,471) | (62,407) | (78,814) | ||||||||||||||||||||||||
| Legal accrual | — | — | 657,412 | — | 657,412 | ||||||||||||||||||||||||
| Albemarle Foundation contribution | — | 20,000 | — | — | 20,000 | ||||||||||||||||||||||||
| Indemnification adjustments | — | — | — | 39,381 | 39,381 | ||||||||||||||||||||||||
| Other | 8,657 | 6,666 | 2,570 | 26,782 | 44,675 | ||||||||||||||||||||||||
| Total Adjusted EBITDA | $ | 230,054 | $ | 194,628 | $ | 217,569 | $ | 228,723 | $ | 870,974 | |||||||||||||||||||
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