Albemarle Corp. Files 2023 Annual Report on Form 10-K

Ticker: ALB-PA · Form: 10-K · Filed: Feb 15, 2024 · CIK: 915913

Albemarle CORP 10-K Filing Summary
FieldDetail
CompanyAlbemarle CORP (ALB-PA)
Form Type10-K
Filed DateFeb 15, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Sentimentneutral

Sentiment: neutral

Topics: Albemarle, 10-K, Annual Report, Specialty Chemicals, Lithium

TL;DR

<b>Albemarle Corporation has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ALBEMARLE CORP (ALB-PA) filed a Annual Report (10-K) with the SEC on February 15, 2024. Albemarle Corporation filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 4250 Congress Street, Suite 900, Charlotte, NC 28209. Albemarle was formerly known as Echem Inc. before an 8 December 1993 name change. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking ALBEMARLE CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Albemarle's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. As a key player in the specialty chemicals industry, particularly in lithium and bromine, Albemarle's performance in this filing is indicative of broader trends in the electric vehicle and energy storage markets, making it a bellwether for these sectors.

Risk Assessment

Risk Level: medium — ALBEMARLE CORP shows moderate risk based on this filing. The company's financial performance and future outlook are subject to significant risks inherent in the specialty chemicals and materials industry, including market volatility, regulatory changes, and operational challenges, as detailed within the extensive 10-K filing.

Analyst Insight

Investors should carefully review the detailed financial statements, risk factors, and management discussion and analysis within the 10-K to understand Albemarle's performance and potential risks.

Key Numbers

Key Players & Entities

FAQ

When did ALBEMARLE CORP file this 10-K?

ALBEMARLE CORP filed this Annual Report (10-K) with the SEC on February 15, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by ALBEMARLE CORP (ALB-PA).

Where can I read the original 10-K filing from ALBEMARLE CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by ALBEMARLE CORP.

What are the key takeaways from ALBEMARLE CORP's 10-K?

ALBEMARLE CORP filed this 10-K on February 15, 2024. Key takeaways: Albemarle Corporation filed its 2023 Form 10-K on February 15, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal executive offices are located at 4250 Congress Street, Suite 900, Charlotte, NC 28209..

Is ALBEMARLE CORP a risky investment based on this filing?

Based on this 10-K, ALBEMARLE CORP presents a moderate-risk profile. The company's financial performance and future outlook are subject to significant risks inherent in the specialty chemicals and materials industry, including market volatility, regulatory changes, and operational challenges, as detailed within the extensive 10-K filing.

What should investors do after reading ALBEMARLE CORP's 10-K?

Investors should carefully review the detailed financial statements, risk factors, and management discussion and analysis within the 10-K to understand Albemarle's performance and potential risks. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,339 words · 17 min read · ~14 pages · Grade level 14.6 · Accepted 2024-02-14 17:46:06

Filing Documents

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 51 Executive Officers of the Registrant 51 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 53 Item 6. [Reserved] 54 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 82 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 84 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 137 Item 9A.

Controls and Procedures

Controls and Procedures 137 Item 9B. Other Information 137 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 137 PART III Item 10. Directors, Executive Officers and Corporate Governance 137 Item 11.

Executive Compensation

Executive Compensation 138 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 138 Item 13. Certain Relationships and Related Transactions, and Director Independence 138 Item 14. Principal Accountant Fees and Services 138 PART IV Item 15. Exhibits and Financial Statement Schedules 138 Item 16. Form 10-K Summary 144

Signatures

Signatures 145 Albemarle Corporation and Subsidiaries PART I

Business

Item 1. Business. Albemarle Corporation was incorporated in Virginia in 1993. Our principal executive offices are located at 4250 Congress Street, Suite 900, Charlotte, North Carolina 28209. Unless the context otherwise indicates, the terms "Albemarle," "we," "us," "our" or "the Company" mean Albemarle Corporation and its consolidated subsidiaries. Albemarle leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. Our purpose is to enable a more resilient world. We partner to pioneer new ways to move, power, connect, and protect. The end markets we serve include grid storage, automotive, aerospace, conventional energy, electronics, construction, agriculture and food, pharmaceuticals and medical devices. We believe that our world-class resources with reliable and consistent supply, our leading process chemistry, high-impact innovation, customer centricity and focus on people and planet will enable us to maintain a leading position in the industries in which we operate. We and our joint ventures currently operate more than 25 production and research and development ("R&D") facilities, as well as a number of administrative and sales offices, around the world. As of December 31, 2023, we served approximately 1,900 customers in approximately 70 countries. For information regarding our unconsolidated joint ventures, see Note 10, "Investments," to our consolidated financial statements included in Part II, Item 8 of this report. Business Segments Effective January 1, 2023, the Company realigned its 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. In addition, the Company announced its decision to retain its Catalysts business under a separate, wholly-owned subsidiary renamed Ketjen. During 2023, we managed and reported our operations under three reportable segments

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