Stock Analysis on Net
Stock Analysis on Net

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: Liabilities and Stockholders’ Equity

Albemarle Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable 13.28 5.90 4.62 5.82 6.89
Employee benefits, payroll and related taxes 0.94 0.92 0.98 0.83 1.03
Dividend payable to noncontrolling interest 0.34 0.00 0.00 0.00 0.00
Settlement of prior legal matter 0.00 3.03 0.00 0.00 0.00
Wodgina Project acquisition consideration obligation 0.12 1.21 1.31 2.64 0.00
Other 1.87 1.80 1.92 2.37 2.37
Accrued expenses 3.27% 6.96% 4.22% 5.84% 3.39%
Current portion of long-term debt 0.01 3.55 7.70 1.90 4.05
Dividends payable 0.30 0.41 0.39 0.39 0.46
Income taxes payable 0.87 0.25 0.31 0.33 0.80
Current liabilities 17.73% 17.08% 17.24% 14.29% 15.61%
Long-term debt, excluding current portion 20.80 18.26 26.48 29.03 18.44
Postretirement benefits 0.21 0.40 0.46 0.52 0.61
Pension benefits 1.03 2.09 3.26 2.96 3.76
Transition tax on foreign earnings 1.24 2.13 2.61 3.08 4.19
Wodgina Project acquisition consideration obligation 0.00 0.00 0.00 1.23 0.00
Noncurrent operating lease liabilities 0.64 1.16 1.12 1.16 0.00
Liabilities related to uncertain tax positions 0.54 0.25 0.14 0.21 0.30
Executive deferred compensation plan obligation 0.18 0.30 0.31 0.29 0.35
Environmental liabilities 0.20 0.34 0.35 0.34 0.53
Asset retirement obligations 0.51 0.69 0.72 0.57 0.55
Tax indemnification liability 0.43 0.61 0.29 0.31 0.60
Other 0.37 0.56 0.49 0.46 0.43
Other noncurrent liabilities 4.12% 6.05% 6.02% 7.65% 6.95%
Deferred income taxes 3.11 3.22 3.78 4.03 5.05
Noncurrent liabilities 29.27% 30.02% 40.00% 44.20% 34.81%
Total liabilities 47.01% 47.10% 57.24% 58.49% 50.42%
Common stock, $.01 par value 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 19.03 26.61 13.76 14.03 18.06
Accumulated other comprehensive loss -3.63 -3.58 -3.12 -4.01 -4.63
Retained earnings 36.24 28.22 30.19 29.85 33.85
Total Albemarle Corporation shareholders’ equity 51.65% 51.26% 40.84% 39.88% 47.29%
Noncontrolling interests 1.35 1.64 1.92 1.64 2.29
Total equity 52.99% 52.90% 42.76% 41.51% 49.58%
Total liabilities and equity 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 capital structure reflects a notable shift in the balance between liabilities and equity over the five-year period. Total liabilities peaked in 2019 at 58.49% of total liabilities and equity before trending downward to 47.01% by 2022. Conversely, total equity, which reached a low of 41.51% in 2019, increased to 52.99% by the end of 2022, indicating a strengthening of the company's solvency position and a reduction in overall leverage.

Current Liabilities Trends
Current liabilities remained relatively stable as a percentage of the total balance sheet, fluctuating between 14.29% and 17.73%. However, the composition of these liabilities shifted significantly in 2022, where accounts payable surged to 13.28%, up from 5.90% in 2021. This increase in trade payables coincided with a near-complete elimination of the current portion of long-term debt, which dropped from 3.55% in 2021 to 0.01% in 2022.
Noncurrent Liabilities and Debt Management
Long-term debt, excluding the current portion, experienced significant volatility, rising from 18.44% in 2018 to a peak of 29.03% in 2019, before stabilizing around 20.80% in 2022. Overall noncurrent liabilities declined from a high of 44.20% in 2019 to 29.27% in 2022. This reduction was supported by the steady decrease of the transition tax on foreign earnings, which fell from 4.19% in 2018 to 1.24% in 2022, and a decline in pension benefit obligations from 3.76% to 1.03% over the same period.
Equity Composition and Retained Earnings
Shareholders' equity demonstrated a general upward trajectory toward the end of the period. Retained earnings, after a period of decline between 2018 and 2021, grew to 36.24% of the total balance sheet by 2022, the highest level in the analyzed timeframe. Additional paid-in capital showed substantial fluctuation, peaking at 26.61% in 2021 before settling at 19.03% in 2022. Accumulated other comprehensive loss remained a consistent drag on equity, persisting between -3.12% and -4.63% throughout the five years.

AI Ask an analyst for more