Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Albemarle Corp., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net income (loss)	1,276,703)	1,161,786)	931,206)	440,592)	281,547)	10,469)	(374,433)	446,208)	117,698)	102,177)	117,045)	103,758)	123,635)	106,243)	171,618)	174,970)	151,526)	146,049)	143,479)	310,686)	138,925)
Depreciation and amortization	87,271)	85,561)	77,713)	70,993)	66,574)	68,235)	62,082)	61,423)	62,260)	61,770)	58,679)	57,841)	53,694)	56,766)	54,487)	52,948)	49,283)	50,187)	49,707)	50,474)	50,330)
(Gain) loss on sale of investment in properties	—)	—)	—)	—)	8,400)	132,453)	984)	(429,408)	—)	(7,168)	—)	—)	—)	—)	—)	—)	—)	8,277)	—)	(218,705)	—)
Gain on sale of property	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(3,332)	—)	—)	(11,079)	—)	—)	—)	—)
Stock-based compensation and other	10,540)	5,825)	9,417)	10,987)	4,245)	5,452)	6,243)	5,865)	2,560)	6,973)	6,099)	7,264)	2,501)	4,511)	5,033)	4,580)	5,556)	3,443)	3,709)	5,207)	2,869)
Equity in net income of unconsolidated investments, net of tax	(396,188)	(322,799)	(258,884)	(128,156)	(62,436)	(33,555)	(27,706)	(17,998)	(16,511)	(43,649)	(26,154)	(31,114)	(26,604)	(22,841)	(33,236)	(38,310)	(35,181)	(27,537)	(22,081)	(18,969)	(20,677)
Dividends received from unconsolidated investments and nonmarketable securities	547,552)	450,344)	193,931)	117,796)	39,168)	35,017)	15,954)	22,470)	4,950)	26,852)	48,325)	12,984)	—)	8,764)	2,691)	57,257)	3,034)	24,621)	2,749)	4,583)	25,462)
Pension and postretirement (benefit) expense	1,954)	(39,955)	(4,026)	(4,023)	(4,250)	(61,559)	(3,986)	(4,239)	(4,226)	50,633)	(1,663)	(1,593)	(1,719)	29,874)	586)	477)	578)	13,118)	(915)	(903)	(890)
Pension and postretirement contributions	(2,825)	(5,183)	(3,244)	(3,795)	(3,890)	(6,108)	(3,879)	(4,937)	(15,329)	(6,111)	(3,631)	(579)	(6,113)	(5,750)	(2,950)	(4,223)	(3,555)	(4,168)	(3,979)	(3,541)	(3,548)
Unrealized (gain) loss on investments in marketable securities	(45,732)	(585)	803)	1,592)	1,469)	94)	(1,528)	(622)	(1,762)	(1,258)	(2,099)	(651)	(627)	(1,108)	(1,124)	(101)	(476)	1,088)	(990)	(232)	(393)
Loss on early extinguishment of debt	—)	—)	—)	19,219)	—)	—)	—)	1,157)	27,798)	—)	—)	—)	—)	4,829)	—)	—)	—)	—)	—)	—)	—)
Deferred income taxes	14,098)	15,371)	38,492)	11,729)	27,747)	424)	(66,632)	47,092)	(19,384)	(9,896)	(1,070)	4,200)	4,790)	6,668)	4,156)	(4,010)	7,580)	5,764)	12,692)	1,641)	29,067)
Working capital changes	(764,071)	(410,466)	(116,200)	(668,639)	(219,397)	(344,683)	448,463)	57,127)	(49,185)	80,904)	(10,857)	(174,309)	17,730)	175,248)	(66,349)	(100,299)	(122,939)	(20,152)	(40,624)	3,861)	(95,050)
Non-cash transfer of 40% value of construction in progress of Kemerton plant to MRL	7,665)	6,713)	19,655)	31,214)	65,100)	—)	39,743)	52,962)	43,223)	47,508)	44,179)	51,027)	36,723)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	(15,987)	5,635)	6,428)	(45,374)	1,899)	47,432)	9,428)	(9,196)	5,857)	28,465)	24,944)	24,035)	(48,956)	13,864)	11,438)	1,083)	10,589)	(31,466)	9,337)	(31,799)	(4,541)
Adjustments to reconcile net income (loss) to cash flows from operating activities	(555,723)	(209,539)	(35,915)	(586,457)	(75,371)	(156,798)	479,166)	(218,304)	40,251)	235,023)	136,752)	(50,895)	31,419)	267,493)	(25,268)	(30,598)	(96,610)	23,175)	9,605)	(208,383)	(17,371)
Net cash provided by operating activities	720,980)	952,247)	895,291)	(145,865)	206,176)	(146,329)	104,733)	227,904)	157,949)	337,200)	253,797)	52,863)	155,054)	373,736)	146,350)	144,372)	54,916)	169,224)	153,084)	102,303)	121,554)
Acquisitions, net of cash acquired	—)	(162,239)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(22,572)	(820,000)	—)	—)	—)	—)	(3,760)	(7,643)	—)
Capital expenditures	(415,608)	(445,712)	(313,327)	(270,909)	(231,698)	(300,928)	(255,824)	(217,232)	(179,683)	(229,106)	(202,380)	(204,462)	(214,529)	(243,340)	(192,830)	(199,494)	(216,132)	(228,316)	(190,730)	(149,130)	(131,815)
Cash proceeds from divestitures, net	—)	—)	—)	—)	—)	—)	(676)	290,467)	—)	—)	—)	—)	—)	—)	—)	—)	—)	90)	(3,232)	416,711)	—)
Proceeds from sale of joint venture	—)	—)	—)	—)	—)	—)	—)	—)	—)	11,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from sale of property and equipment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	10,356)	—)	—)	—)	—)
(Purchases) sales of marketable securities, net	(122,267)	(1,190)	(270)	(349)	3,751)	(633)	(146)	(692)	5,245)	(305)	(288)	(1,093)	2,589)	(793)	269)	(182)	1,090)	491)	(322)	(449)	10)
Investments in equity and other corporate investments	(1,133)	(199)	260)	(621)	(146)	(6,202)	—)	—)	(286)	(1,641)	(300)	(130)	(356)	—)	(20)	(40)	(2,509)	(254)	(3,367)	(1,244)	(735)
Net cash (used in) provided by investing activities	(539,008)	(609,340)	(313,337)	(271,879)	(228,093)	(307,763)	(256,646)	72,543)	(174,724)	(220,052)	(202,968)	(205,685)	(234,868)	(1,064,133)	(192,581)	(199,716)	(207,195)	(227,989)	(201,411)	258,245)	(132,540)
Proceeds from issuance of common stock	—)	—)	—)	—)	—)	—)	—)	—)	1,453,888)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repayments of long-term debt and credit agreements	—)	(250,000)	—)	(455,000)	—)	—)	—)	1,157)	(1,174,980)	—)	(250,000)	—)	—)	(175,215)	—)	—)	—)	—)	—)	—)	—)
Proceeds from borrowings of long-term debt and credit agreements	—)	—)	—)	1,684,216)	280,000)	—)	—)	—)	—)	—)	—)	202,163)	250,000)	1,597,807)	—)	—)	—)	—)	—)	—)	—)
Other debt borrowings (repayments), net	(713)	(595)	(466)	(223,986)	(166,615)	388,283)	(1,976)	(157)	(325,159)	(65,151)	189,830)	164,828)	(151,872)	(358,547)	49,131)	64,829)	118,223)	20,938)	77,328)	169,326)	(381,159)
Fees related to early extinguishment of debt	—)	—)	—)	(9,767)	—)	—)	—)	(1,158)	(23,719)	—)	—)	—)	—)	(4,419)	—)	—)	—)	—)	—)	—)	—)
Dividends paid to shareholders	(46,282)	(46,264)	(46,271)	(46,257)	(45,637)	(45,617)	(45,599)	(45,507)	(41,130)	(40,982)	(40,927)	(40,927)	(38,982)	(38,883)	(39,008)	(38,926)	(35,387)	(35,674)	(36,438)	(37,102)	(35,382)
Dividends paid to noncontrolling interests	(53,145)	—)	(17,683)	(26,525)	—)	(34,958)	(17,480)	(17,479)	(26,219)	(17,775)	—)	—)	(14,286)	(25,975)	(18,250)	(38,962)	—)	—)	(7,378)	—)	(7,378)
Repurchases of common stock	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(250,000)	(250,000)	—)
Proceeds from exercise of stock options	81)	1,193)	735)	436)	419)	2,172)	1,885)	13,152)	1,183)	23,512)	6,116)	614)	10,195)	—)	1,609)	529)	2,676)	1,331)	1,014)	642)	646)
Withholding taxes paid on stock-based compensation award distributions	(18,617)	(1,188)	(1,567)	(161)	(10,422)	(385)	(708)	(187)	(6,860)	(340)	(784)	(194)	(3,825)	(257)	(204)	(315)	(10,255)	(193)	(587)	(1,451)	(15,009)
Other	—)	(2,510)	(26)	(4,046)	(126)	(846)	(25)	(1,106)	(253)	(1,201)	(82)	(2,455)	(214)	(7,069)	—)	(445)	—)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	(118,676)	(299,364)	(65,278)	918,910)	57,619)	308,649)	(63,903)	(51,285)	(143,249)	(101,937)	(95,847)	324,029)	51,016)	987,442)	(6,722)	(13,290)	75,257)	(13,598)	(216,061)	(118,585)	(438,282)
Net effect of foreign exchange on cash and cash equivalents	24,296)	72,796)	(64,469)	(33,895)	(11,649)	(10,334)	(12,707)	4,551)	(16,841)	29,440)	10,395)	12,261)	(31,084)	(1,758)	(27,407)	1,543)	(13,024)	(13,543)	(2,530)	(26,007)	4,153)
Increase (decrease) in cash and cash equivalents	87,592)	116,339)	452,207)	467,271)	24,053)	(155,777)	(228,523)	253,713)	(176,865)	44,651)	(34,623)	183,468)	(59,882)	295,287)	(80,360)	(67,091)	(90,046)	(85,906)	(266,918)	215,956)	(445,115)

Net Income (Loss): The net income exhibits significant volatility over the periods. From early 2018 through mid-2019, net income generally increased with occasional fluctuations. During 2020, the net income was moderately stable but lower compared to 2019. A major spike occurred in the first half of 2021, followed by a sharp negative value in the third quarter of 2021, suggesting a substantial loss. After this dip, net income resumed growth, reaching record highs by early 2023.
Depreciation and Amortization: Depreciation and amortization expenses rose steadily from 2018 through 2023, reflecting increased asset base or capitalization during the period. This steady increment indicates a growing investment in fixed assets or capital expenditures.
Gains and Losses on Sale of Investments and Properties: There are sporadic gains and losses recorded related to sales of investments and property. Notable are the significant gains in mid-2018 and early 2021, and losses reported sporadically without a clear trend. These suggest occasional divestitures affecting the financial results on a non-recurring basis.
Stock-Based Compensation and Other Costs: Stock-based compensation fluctuates through the quarters without a distinct long-term trend, though spikes in certain quarters like Q2 2021 and Q3 2022 indicate variable expenses possibly linked to incentive programs or accounting adjustments.
Equity in Net Income of Unconsolidated Investments: This item consistently shows negative figures growing in magnitude over time, notably steepening after 2021, indicating increasing losses or negative impacts from equity investments in unconsolidated entities.
Dividends Received from Unconsolidated Investments: Dividends received demonstrate a generally increasing trend, especially from late 2021 onward. This could indicate improved performance or higher distributions from associated entities, adding positively to cash flow.
Pension and Postretirement Benefit Expense and Contributions: Benefit expenses show large fluctuations, including some substantial positive and negative values, reflecting volatile pension-related accounting or actuarial adjustments. Contributions remain negative, with spikes in some quarters, suggesting variable funding requirements for pension plans.
Unrealized Gain/Loss on Investments in Marketable Securities: Unrealized gains and losses are volatile without a clear trend but notable is the large unrealized gain recorded in early 2023, reflecting favorable market movements or revaluations.
Loss on Early Extinguishment of Debt: This item appears irregularly with large amounts in selected quarters, indicating occasional costs related to debt restructuring or repayment prior to maturity.
Deferred Income Taxes: Deferred income taxes fluctuate markedly with some quarters showing large positive or negative values. This points to changes in tax positions or timing differences, with notable positive impacts in 2021 and early 2023.
Working Capital Changes: Working capital movements are highly variable, with large positive and negative swings indicating significant changes in operational liquidity. Negative values dominate in recent quarters, suggesting tightening working capital or accelerated payments.
Non-Cash Transfer of Construction Value: Non-cash transfers relating to construction activity are reported from 2019 through 2022, showing substantial values indicating project capitalization phases, particularly in the Kemerton plant initiative.
Other, Net: The 'Other, net' category exhibits significant volatility, with both large positive and negative amounts but without a consistent directional trend.
Adjustments to Reconcile Net Income to Operating Cash Flows: Adjustments are highly variable, reflecting the impacts of non-cash items and working capital changes in reconciling net income to cash generated from operations. Notably, there are some very large positive adjustments in mid-2019 and early 2021, and large negative adjustments in late 2022 and early 2023.
Net Cash Provided by Operating Activities: Operating cash flow shows growth through 2018 and 2019, interrupted in 2020 with reduced cash generation, then recovering and reaching new highs by early 2023. This reflects resilience in operations despite some profitability fluctuations.
Acquisitions, Net: Acquisitions activities are irregular with a peak in late 2019 and a substantial outflow recorded again in early 2023, indicating periods of aggressive investment or consolidation.
Capital Expenditures: Capital expenditures consistently represent a significant cash outflow, with a rising trend from 2018 through 2022, peaking in late 2022, indicating sustained investment in fixed assets or expansion projects.
Cash Proceeds from Divestitures: Proceeds from divestitures show occasional substantial inflows, particularly in mid-2018 and early 2021, suggesting selective asset sales supporting liquidity during these periods.
Purchases and Sales of Marketable Securities: Net purchases and sales of marketable securities fluctuate quarter-to-quarter with no clear long-term pattern, reflecting active portfolio management or liquidity adjustments.
Investments in Equity and Other Corporate Investments: Investments in corporate equity show mostly net outflows with some small inflows, suggesting continued minority investments or corporate funding activities with no consistent trend.
Net Cash Provided by (Used in) Investing Activities: Investing activities predominantly represent a cash outflow, particularly during late 2019 due to a sizable acquisition, and substantial capital expenditures. Positive inflows occur sporadically due to divestitures but are insufficient to offset investment outflows overall.
Proceeds from Issuance of Common Stock: A major issuance occurred in early 2021 with a significant cash inflow, likely reflecting capital raise during this period.
Debt Repayments and Borrowings: Debt activities are marked by large borrowings in late 2019 and again in 2022, with repayments concentrated in 2021 and intermittent fee expenses related to debt extinguishments. These actions indicate active debt management including refinancing and capital structure adjustments.
Dividends Paid: Dividends to shareholders are steady and gradually increasing over time, signifying a consistent shareholder return policy. Dividends to noncontrolling interests show irregular but significant amounts, indicating involvement of minority stakeholders.
Repurchases of Common Stock: Repurchase activities are concentrated in early 2018, with large recurring buybacks which appear to have ceased afterward.
Proceeds from Exercise of Stock Options and Related Withholding Taxes: Proceeds from stock option exercises show irregular but occasionally large inflows, potentially linked to employee compensation. Withholding taxes paid on these compensations show corresponding outflows.
Net Cash Provided by (Used in) Financing Activities: Financing cash flows are highly variable. They feature large negative outflows mainly in 2018 and 2019 due to buybacks and repayments, contrasted with large inflows in late 2019 and 2022 corresponding to debt borrowings and capital raises. The fluctuations reflect dynamic capital management including equity and debt financing.
Effect of Foreign Exchange on Cash and Cash Equivalents: The foreign exchange effects are volatile, with both positive and negative impacts in different quarters, reflecting exposure to currency risk and translation adjustments.
Increase (Decrease) in Cash and Cash Equivalents: Cash levels fluctuate significantly, with decreases dominating in 2018 and 2019, followed by both decreases and increases through 2020 and 2021. A trend toward cash accumulation is evident in late 2022 and early 2023, consistent with strong operating cash flow and financing inflows.

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Albemarle Corp. (NYSE:ALB)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data