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Albemarle Corp. (NYSE:ALB)

This company has been moved to the archive! The financial data has not been updated since May 3, 2023.

Common-Size Balance Sheet: Assets

Albemarle Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Cash and cash equivalents 9.70 4.00 7.15 6.22 7.32
Trade accounts receivable, less allowance for doubtful accounts 7.71 5.07 5.08 6.21 7.99
Value added tax/consumption tax 0.92 0.33 0.43 0.53 0.53
Other 0.28 0.28 0.16 0.16 0.15
Other accounts receivable 1.20% 0.60% 0.59% 0.69% 0.69%
Inventories 13.43 7.41 7.18 7.80 9.24
Income tax receivables 0.46 0.70 0.43 0.73 0.53
Prepaid taxes 0.63 0.11 0.00 0.00 0.00
Other prepaid expenses 0.38 0.34 0.55 0.85 0.57
Other 0.04 0.05 0.13 0.07 0.02
Other current assets 1.52% 1.21% 1.11% 1.65% 1.12%
Current assets 33.56% 18.30% 21.11% 22.57% 26.36%
Net property, plant and equipment 45.05 53.85 51.24 49.79 39.85
Joint ventures 5.38 5.41 5.79 5.42 6.41
Available for sale debt securities 1.68 2.25 0.00 0.00 0.00
Nonmarketable securities 0.12 0.19 0.14 0.12 0.12
Marketable equity securities 0.26 0.34 0.36 0.34 0.44
Investments 7.44% 8.18% 6.28% 5.88% 6.97%
Deferred income taxes 0.30 0.17 0.19 0.15 0.22
Assets related to unrecognized tax benefits 0.21 0.30 0.23 0.26 0.17
Operating lease right-of-use assets 0.83 1.41 1.30 1.36 0.00
Other 0.28 0.42 0.37 0.38 0.66
Other assets 1.62% 2.30% 2.10% 2.16% 1.06%
Goodwill 10.47 14.56 15.94 16.01 20.67
Other intangibles, net of amortization 1.86 2.82 3.34 3.60 5.09
Noncurrent assets 66.44% 81.70% 78.89% 77.43% 73.64%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The asset composition reveals a significant strategic shift in the balance sheet structure over the five-year period. Between 2018 and 2021, there was a consistent migration of value from current assets toward non-current assets, a trend that was abruptly reversed in 2022.

Current Asset Dynamics and Liquidity
Current assets declined from 26.36% of total assets in 2018 to a period low of 18.30% in 2021, before experiencing a sharp increase to 33.56% in 2022. This volatility is largely attributed to inventories and cash positions. Inventories remained relatively stable between 7.18% and 9.24% from 2018 to 2021 but spiked to 13.43% in 2022. Similarly, cash and cash equivalents dropped to 4.00% in 2021 before rebounding to 9.70% in 2022. Trade accounts receivable followed a mirrored pattern, decreasing from 7.99% in 2018 to 5.07% in 2021, then rising to 7.71% in 2022.
Fixed Asset and Infrastructure Trends
Net property, plant, and equipment (PPE) showed a sustained upward trend for the first four years, growing from 39.85% in 2018 to a peak of 53.85% in 2021, indicating an intensive period of capital expenditure. However, in 2022, PPE decreased to 45.05% of total assets. This shift coincides with the overall reduction in non-current assets, which fell from a peak of 81.70% in 2021 to 66.44% in 2022.
Intangible Assets and Goodwill
A consistent downward trend is observed in the proportion of intangible assets. Goodwill decreased steadily every year, falling from 20.67% in 2018 to 10.47% in 2022. Other intangibles, net of amortization, followed a similar trajectory, declining from 5.09% in 2018 to 1.86% in 2022. This suggests either a systematic amortization process or a dilution of these assets as the company's overall asset base evolved.
Investment and Other Non-Current Assets
Total investments remained relatively stable, fluctuating between 5.88% and 8.18%. A notable change occurred in 2021 with the introduction of available-for-sale debt securities, which accounted for 2.25% of assets in 2021 and 1.68% in 2022. Joint ventures maintained a consistent presence, hovering between 5.38% and 6.41% throughout the period.

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