Name: Albemarle Corp. (NYSE:ALB) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

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.

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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 total balance sheet size experienced substantial expansion between December 31, 2018, and December 31, 2022, growing from approximately 7.58 billion US dollars to 15.46 billion US dollars. This growth was driven by concurrent increases in both total liabilities and total equity, though the composition of these elements shifted significantly over the five-year period.

Current Liabilities and Short-Term Obligations: Current liabilities rose from 1.18 billion US dollars in 2018 to 2.74 billion US dollars in 2022. The most prominent driver of this increase was accounts payable, which surged from 522.5 million US dollars in 2018 to 2.05 billion US dollars by the end of 2022, with a particularly sharp spike occurring between 2021 and 2022. Conversely, the current portion of long-term debt exhibited high volatility, peaking in 2020 at 804.7 million US dollars before dropping to a negligible 2.1 million US dollars in 2022.
Noncurrent Liabilities and Long-Term Debt: Noncurrent liabilities increased from 2.64 billion US dollars in 2018 to 4.52 billion US dollars in 2022. Long-term debt, excluding the current portion, showed an overall upward trend, increasing from 1.40 billion US dollars in 2018 to 3.21 billion US dollars in 2022, despite a temporary decline in 2021. Other notable trends include a steady decrease in pension benefit obligations, which fell from 285.4 million US dollars in 2018 to 159.6 million US dollars in 2022, and an increase in deferred income taxes, which reached 480.8 million US dollars in 2022.
Shareholders' Equity and Retained Earnings: Total equity grew aggressively from 3.76 billion US dollars in 2018 to 8.19 billion US dollars in 2022. This growth was primarily fueled by a significant rise in retained earnings, which climbed from 2.57 billion US dollars to 5.60 billion US dollars, with a substantial jump between 2021 and 2022. Additionally, additional paid-in capital more than doubled, rising from 1.37 billion US dollars in 2018 to 2.94 billion US dollars in 2022, with the most significant increase occurring in 2021. These gains were partially offset by a widening accumulated other comprehensive loss, which grew from -350.7 million US dollars in 2018 to -560.7 million US dollars in 2022.

Overall, the financial structure shifted toward a higher equity base, with total equity growing at a faster rate than total liabilities over the five-year horizon. While total liabilities nearly doubled, the increase in retained earnings and paid-in capital suggests a strong internal accumulation of wealth and successful capital raising, improving the overall solvency profile despite the marked increase in short-term trade payables in the final year.

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