Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Accounts payable	2,052,001)	647,986)	483,221)	574,138)	522,516)
Employee benefits, payroll and related taxes	145,885)	100,718)	102,711)	82,028)	77,814)
Dividend payable to noncontrolling interest	53,168)	—)	—)	—)	—)
Settlement of prior legal matter	—)	332,500)	—)	—)	—)
Wodgina Project acquisition consideration obligation	18,380)	132,400)	137,092)	260,686)	—)
Other	288,461)	197,675)	200,960)	233,583)	179,509)
Accrued expenses	505,894)	763,293)	440,763)	576,297)	257,323)
Current portion of long-term debt	2,128)	389,920)	804,677)	187,336)	307,294)
Dividends payable	46,116)	45,469)	40,937)	38,764)	35,169)
Income taxes payable	134,876)	27,667)	32,251)	32,461)	60,871)
Current liabilities	2,741,015)	1,874,335)	1,801,849)	1,408,996)	1,183,173)
Long-term debt, excluding current portion	3,214,972)	2,004,319)	2,767,381)	2,862,921)	1,397,916)
Postretirement benefits	32,751)	43,693)	48,075)	50,899)	46,157)
Pension benefits	159,571)	229,187)	340,818)	292,073)	285,396)
Transition tax on foreign earnings	191,708)	234,180)	273,048)	303,490)	317,745)
Wodgina Project acquisition consideration obligation	—)	—)	—)	120,800)	—)
Noncurrent operating lease liabilities	99,269)	126,997)	116,765)	114,686)	—)
Liabilities related to uncertain tax positions	83,670)	27,719)	14,683)	21,169)	22,877)
Executive deferred compensation plan obligation	27,270)	32,491)	32,447)	28,715)	26,292)
Environmental liabilities	31,272)	37,540)	36,298)	33,058)	40,376)
Asset retirement obligations	79,522)	76,196)	74,856)	55,848)	41,489)
Tax indemnification liability	66,137)	66,799)	30,488)	30,993)	45,347)
Other	57,748)	61,776)	50,792)	45,777)	32,816)
Other noncurrent liabilities	636,596)	663,698)	629,377)	754,536)	526,942)
Deferred income taxes	480,770)	353,279)	394,852)	397,858)	382,982)
Noncurrent liabilities	4,524,660)	3,294,176)	4,180,503)	4,358,287)	2,639,393)
Total liabilities	7,265,675)	5,168,511)	5,982,352)	5,767,283)	3,822,566)
Common stock, $.01 par value	1,172)	1,170)	1,069)	1,061)	1,056)
Additional paid-in capital	2,940,840)	2,920,007)	1,438,038)	1,383,446)	1,368,897)
Accumulated other comprehensive loss	(560,662)	(392,450)	(326,132)	(395,735)	(350,682)
Retained earnings	5,601,277)	3,096,539)	3,155,252)	2,943,478)	2,566,050)
Total Albemarle Corporation shareholders’ equity	7,982,627)	5,625,266)	4,268,227)	3,932,250)	3,585,321)
Noncontrolling interests	208,220)	180,341)	200,367)	161,330)	173,787)
Total equity	8,190,847)	5,805,607)	4,468,594)	4,093,580)	3,759,108)
Total liabilities and equity	15,456,522)	10,974,118)	10,450,946)	9,860,863)	7,581,674)

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 financial data reveals several notable trends in the company's liabilities, equity, and overall financial structure over the five-year period ending December 31, 2022.

Current Liabilities: Current liabilities demonstrated a fluctuating but generally upward trajectory, increasing from approximately $1.18 billion in 2018 to about $2.74 billion in 2022. Significant increases were observed in accounts payable, which rose sharply to over $2 billion by 2022, indicating a substantial growth in short-term obligations to suppliers or vendors. Accrued expenses also showed volatility, peaking notably in 2021 before decreasing in 2022. The current portion of long-term debt saw large swings, spiking in 2020 and then drastically reducing by 2022. The introduction of dividend payable to noncontrolling interests in 2022 and a sizeable settlement of prior legal matter in 2021 also impacted current liabilities.
Long-term Liabilities: Long-term debt, excluding the current portion, grew markedly from about $1.4 billion in 2018 to over $3.2 billion in 2022, reflecting increased leverage or financing activities. Other noncurrent liabilities fluctuated but remained in the range of $0.5 to $0.7 billion. Deferred income taxes decreased after 2019 but showed a significant rebound in 2022, reaching nearly $481 million. Various other liabilities related to employee benefits, environmental obligations, tax indemnifications, and pension benefits generally trended downward or stabilized, suggesting some management of these obligations.
Total Liabilities: Total liabilities expanded substantially, more than doubling from approximately $3.8 billion in 2018 to $7.3 billion in 2022. This reflects the overall rise in both current and noncurrent liabilities and indicates increasing obligations that the company must manage.
Equity: Shareholders’ equity showed a consistent upward trend, growing from about $3.6 billion in 2018 to nearly $8.0 billion in 2022. Retained earnings experienced a marked increase, especially in 2022, more than doubling that year to exceed $5.6 billion, which could indicate significant profitability or accumulation of undistributed earnings. Additional paid-in capital also grew notably in 2021 and 2022, possibly reflecting new equity issuances or investments. The accumulated other comprehensive loss deepened over time, which may suggest increasing unrealized losses or adjustments impacting equity. Noncontrolling interests remained relatively stable through the period.
Overall Financial Position: The total liabilities and equity combined showed substantial growth from around $7.6 billion in 2018 to over $15.4 billion by 2022, indicating expansion of the company’s asset base or financial commitments. The increasing liabilities along with rising equity suggest that the company has been actively financing growth through a combination of debt and equity. The sharp increase in accounts payable and long-term debt in 2022 is particularly notable and could imply increased business activity or acquisitions requiring external funding.

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Albemarle Corp. (NYSE:ALB)

Balance Sheet: Liabilities and Stockholders’ Equity