Virginia | 001-12658 | 54-1692118 | ||
(State or other jurisdiction of incorporation) | (Commission file number) | (IRS employer identification no.) | ||
451 Florida Street, Baton Rouge, Louisiana | 70801 | |||
(Address of principal executive offices) | (Zip code) |
By: | /s/ Karen G. Narwold |
Karen G. Narwold | |
Senior Vice President, General Counsel, Corporate and | |
Government Affairs, Corporate Secretary |
Exhibit | ||
Number | Exhibit | |
99.1 | Press release, dated February 17, 2016, issued by the Company. | |
Contact: | |
Matt Juneau | 225.388.7940 |
• | Full year and fourth quarter earnings of $3.00 and $1.55 per diluted share, respectively; full year adjusted diluted earnings $3.94 per share; fourth quarter 2015 adjusted diluted earnings of $1.03 per share |
• | Full year adjusted EBITDA of $959 million, or 6% over 2014 pro forma |
• | Delivered approximately $60 million in 2015 synergies from the integration of Rockwood |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
In thousands, except per share amounts | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net sales | $ | 930,353 | $ | 598,566 | $ | 3,651,335 | $ | 2,445,548 | |||||||
Adjusted EBITDA | $ | 228,617 | $ | 136,833 | $ | 959,322 | $ | 562,155 | |||||||
Net income (loss) from continuing operations | $ | 182,677 | $ | (12,990 | ) | $ | 360,064 | $ | 230,437 | ||||||
Net income (loss) attributable to Albemarle Corporation | $ | 174,252 | $ | (18,508 | ) | $ | 334,906 | $ | 133,316 | ||||||
Diluted earnings (loss) per share | $ | 1.55 | $ | (0.24 | ) | $ | 3.00 | $ | 1.69 | ||||||
Non-operating pension and OPEB items(a) | (0.25 | ) | 0.90 | (0.29 | ) | 1.01 | |||||||||
Special items(b) | (0.26 | ) | 0.30 | 1.23 | 0.62 | ||||||||||
Discontinued operations(c) | — | 0.02 | — | 0.88 | |||||||||||
Adjusted diluted earnings per share(d) | $ | 1.03 | $ | 0.99 | $ | 3.94 | $ | 4.20 |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net sales | $ | 930,353 | $ | 598,566 | $ | 3,651,335 | $ | 2,445,548 | |||||||
Cost of goods sold(a)(b) | 604,723 | 436,126 | 2,454,463 | 1,674,700 | |||||||||||
Gross profit | 325,630 | 162,440 | 1,196,872 | 770,848 | |||||||||||
Selling, general and administrative expenses(a) | 91,182 | 144,008 | 512,274 | 355,135 | |||||||||||
Research and development expenses | 25,748 | 21,394 | 102,871 | 88,310 | |||||||||||
Restructuring and other, net(b) | — | 5,322 | (6,804 | ) | 25,947 | ||||||||||
Acquisition and integration related costs(b) | 19,609 | 15,054 | 146,096 | 30,158 | |||||||||||
Operating profit (loss) | 189,091 | (23,338 | ) | 442,435 | 271,298 | ||||||||||
Interest and financing expenses(b) | (31,736 | ) | (15,103 | ) | (132,722 | ) | (41,358 | ) | |||||||
Other (expenses) income, net(b) | (2,490 | ) | (10,307 | ) | 48,474 | (16,761 | ) | ||||||||
Income (loss) from continuing operations before income taxes and equity in net income of unconsolidated investments | 154,865 | (48,748 | ) | 358,187 | 213,179 | ||||||||||
Income tax (benefit) expense(b) | (19,049 | ) | (28,216 | ) | 29,122 | 18,484 | |||||||||
Income (loss) from continuing operations before equity in net income of unconsolidated investments | 173,914 | (20,532 | ) | 329,065 | 194,695 | ||||||||||
Equity in net income of unconsolidated investments (net of tax)(b) | 8,763 | 7,542 | 30,999 | 35,742 | |||||||||||
Net income (loss) from continuing operations | 182,677 | (12,990 | ) | 360,064 | 230,437 | ||||||||||
Loss from discontinued operations (net of tax)(c) | — | (1,058 | ) | — | (69,531 | ) | |||||||||
Net income (loss) | 182,677 | (14,048 | ) | 360,064 | 160,906 | ||||||||||
Net income attributable to noncontrolling interests | (8,425 | ) | (4,460 | ) | (25,158 | ) | (27,590 | ) | |||||||
Net income (loss) attributable to Albemarle Corporation | $ | 174,252 | $ | (18,508 | ) | $ | 334,906 | $ | 133,316 | ||||||
Basic earnings (loss) per share | |||||||||||||||
Continuing operations | $ | 1.55 | $ | (0.22 | ) | $ | 3.01 | $ | 2.57 | ||||||
Discontinued operations | — | (0.02 | ) | — | (0.88 | ) | |||||||||
$ | 1.55 | $ | (0.24 | ) | $ | 3.01 | $ | 1.69 | |||||||
Diluted earnings (loss) per share | |||||||||||||||
Continuing operations | $ | 1.55 | $ | (0.22 | ) | $ | 3.00 | $ | 2.57 | ||||||
Discontinued operations | — | (0.02 | ) | — | (0.88 | ) | |||||||||
$ | 1.55 | $ | (0.24 | ) | $ | 3.00 | $ | 1.69 | |||||||
Weighted-average common shares outstanding – basic | 112,207 | 78,144 | 111,182 | 78,696 | |||||||||||
Weighted-average common shares outstanding – diluted | 112,608 | 78,545 | 111,556 | 79,102 |
December 31, | December 31, | ||||||
2015 | 2014 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 213,734 | $ | 2,489,768 | |||
Other current assets | 1,212,784 | 859,082 | |||||
Assets held for sale | 404,485 | — | |||||
Total current assets | 1,831,003 | 3,348,850 | |||||
Property, plant and equipment | 3,881,162 | 2,620,670 | |||||
Less accumulated depreciation and amortization | 1,396,424 | 1,388,802 | |||||
Net property, plant and equipment | 2,484,738 | 1,231,868 | |||||
Other assets and intangibles | 5,299,273 | 642,385 | |||||
Total assets | $ | 9,615,014 | $ | 5,223,103 | |||
LIABILITIES AND EQUITY | |||||||
Current portion of long-term debt | $ | 677,345 | $ | 711,096 | |||
Other current liabilities | 810,634 | 428,790 | |||||
Liabilities held for sale | 128,706 | — | |||||
Total current liabilities | 1,616,685 | 1,139,886 | |||||
Long-term debt | 3,174,674 | 2,223,035 | |||||
Other noncurrent liabilities | 686,025 | 314,663 | |||||
Deferred income taxes | 736,317 | 56,884 | |||||
Albemarle Corporation shareholders’ equity | 3,254,392 | 1,359,465 | |||||
Noncontrolling interests | 146,921 | 129,170 | |||||
Total liabilities and equity | $ | 9,615,014 | $ | 5,223,103 |
Year Ended | |||||||
December 31, | |||||||
2015 | 2014 | ||||||
Cash and cash equivalents at beginning of year | $ | 2,489,768 | $ | 477,239 | |||
Cash and cash equivalents at end of year | $ | 213,734 | $ | 2,489,768 | |||
Sources of cash and cash equivalents: | |||||||
Net income | $ | 360,064 | $ | 160,906 | |||
Cash proceeds from divestitures, net | 8,883 | 104,718 | |||||
Proceeds from issuance of senior notes | — | 1,888,197 | |||||
Proceeds from borrowings of long-term debt | 2,250,000 | — | |||||
Proceeds from other borrowings, net | 54,625 | — | |||||
Dividends received from unconsolidated investments and nonmarketable securities | 59,912 | 40,688 | |||||
Return of capital from unconsolidated investment | 98,000 | — | |||||
Decrease in restricted cash | 57,550 | — | |||||
Working capital changes | — | 57,160 | |||||
Uses of cash and cash equivalents: | |||||||
Working capital changes | (41,534 | ) | — | ||||
Capital expenditures | (227,649 | ) | (110,576 | ) | |||
Acquisition of Rockwood, net of cash acquired | (2,051,645 | ) | — | ||||
Other acquisitions, net of cash acquired | (48,845 | ) | — | ||||
Repurchases of common stock | — | (150,000 | ) | ||||
Repayments of long-term debt | (2,626,241 | ) | (6,017 | ) | |||
Payment for settlement of interest rate swap | — | (33,425 | ) | ||||
Pension and postretirement contributions | (21,613 | ) | (13,916 | ) | |||
Dividends paid to shareholders | (119,302 | ) | (84,102 | ) | |||
Dividends paid to noncontrolling interests | (23,286 | ) | (15,535 | ) | |||
Non-cash and other items: | |||||||
Depreciation and amortization | 260,076 | 103,572 | |||||
(Gain) loss associated with restructuring and other | (6,804 | ) | 6,333 | ||||
Loss on disposal of businesses | — | 85,515 | |||||
Pension and postretirement (benefit) expense | (38,817 | ) | 133,681 | ||||
Deferred income taxes | (136,298 | ) | (64,947 | ) | |||
Equity in net income of unconsolidated investments (net of tax) | (30,999 | ) | (35,742 | ) |
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
Actual | Actual | Pro forma | Actual | Actual | Pro forma | ||||||||||||||||||
2015 | 2014 | 2014 | 2015 | 2014 | 2014 | ||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Performance Chemicals | $ | 385,455 | $ | 265,424 | $ | 389,977 | $ | 1,610,319 | $ | 1,121,645 | $ | 1,595,907 | |||||||||||
Refining Solutions | 200,420 | 233,504 | 233,504 | 729,261 | 852,139 | 852,139 | |||||||||||||||||
Chemetall Surface Treatment | 207,743 | — | 201,939 | 824,906 | — | 826,816 | |||||||||||||||||
All Other | 133,437 | 99,638 | 123,455 | 471,434 | 471,764 | 584,920 | |||||||||||||||||
Corporate | 3,298 | — | 1,471 | 15,415 | — | 10,646 | |||||||||||||||||
Total net sales | $ | 930,353 | $ | 598,566 | $ | 950,346 | $ | 3,651,335 | $ | 2,445,548 | $ | 3,870,428 | |||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||
Performance Chemicals | $ | 120,101 | $ | 73,904 | $ | 123,605 | $ | 535,520 | $ | 306,572 | $ | 486,475 | |||||||||||
Refining Solutions | 52,685 | 67,226 | 67,226 | 197,595 | 256,485 | 256,485 | |||||||||||||||||
Chemetall Surface Treatment | 53,684 | — | 47,314 | 202,028 | — | 194,284 | |||||||||||||||||
All Other | 24,453 | 10,491 | 14,730 | 53,993 | 73,973 | 98,389 | |||||||||||||||||
Corporate(a) | (22,306 | ) | (14,788 | ) | (27,356 | ) | (29,814 | ) | (74,875 | ) | (127,209 | ) | |||||||||||
Total adjusted EBITDA | $ | 228,617 | $ | 136,833 | $ | 225,519 | $ | 959,322 | $ | 562,155 | $ | 908,424 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
Actual | Actual | Pro forma | Actual | Actual | Pro forma | ||||||||||||||||||
2015 | 2014 | 2014 | 2015 | 2014 | 2014 | ||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Bromine | $ | 171,462 | $ | 188,271 | $ | 188,271 | $ | 775,729 | $ | 808,857 | $ | 808,857 | |||||||||||
Lithium | 139,033 | — | 124,553 | 508,844 | — | 474,262 | |||||||||||||||||
PCS | 74,960 | 77,153 | 77,153 | 325,746 | 312,788 | 312,788 | |||||||||||||||||
Total Performance Chemicals | $ | 385,455 | $ | 265,424 | $ | 389,977 | $ | 1,610,319 | $ | 1,121,645 | $ | 1,595,907 | |||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||
Bromine | $ | 42,222 | $ | 53,463 | $ | 53,463 | $ | 222,653 | $ | 224,976 | $ | 224,976 | |||||||||||
Lithium | 57,131 | — | 49,701 | 213,464 | — | 179,903 | |||||||||||||||||
PCS | 20,748 | 20,441 | 20,441 | 99,403 | 81,596 | 81,596 | |||||||||||||||||
Total Performance Chemicals | $ | 120,101 | $ | 73,904 | $ | 123,605 | $ | 535,520 | $ | 306,572 | $ | 486,475 |
(a) | Non-operating pension and OPEB items, consisting of MTM actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to our reportable segments and are included in the Corporate category. Although non-operating pension and OPEB items are included in Cost of goods sold and Selling, general and administrative expenses in accordance with GAAP, we believe that these components of pension cost are mainly driven by market performance, and we manage these separately from the operational performance of our businesses. Non-operating pension and OPEB items included in Cost of goods sold and Selling, general and administrative expenses were as follows (in millions): |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Cost of goods sold: | |||||||||||||||
MTM actuarial (gain) loss | $ | (2.0 | ) | $ | 30.7 | $ | (2.0 | ) | $ | 36.4 | |||||
Interest cost and expected return on assets, net | (0.4 | ) | (0.4 | ) | (1.5 | ) | (1.9 | ) | |||||||
Total | $ | (2.4 | ) | $ | 30.3 | $ | (3.5 | ) | $ | 34.5 | |||||
Selling, general and administrative expenses: | |||||||||||||||
MTM actuarial (gain) loss | $ | (36.9 | ) | $ | 81.9 | $ | (36.9 | ) | $ | 94.4 | |||||
Settlements/curtailments | — | — | (2.6 | ) | — | ||||||||||
Interest cost and expected return on assets, net | (1.1 | ) | (0.9 | ) | (3.2 | ) | (3.4 | ) | |||||||
Total | $ | (38.0 | ) | $ | 81.0 | $ | (42.7 | ) | $ | 91.0 |
(b) | In addition to the non-operating pension and OPEB items disclosed above, we have identified certain other items and excluded them from our adjusted earnings calculation for the periods presented. A listing of these items, as well as a detailed description of each follows below (per diluted share): |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Utilization of inventory markup(1) | $ | 0.03 | $ | — | $ | 0.73 | $ | — | |||||||
Restructuring and other, net(2) | (0.01 | ) | 0.04 | (0.05 | ) | 0.21 | |||||||||
Acquisition and integration related costs(3) | 0.07 | 0.12 | 0.84 | 0.24 | |||||||||||
Interest and financing expenses related to Rockwood acquisition(4) | — | 0.04 | 0.01 | 0.04 | |||||||||||
Financing fees related to Rockwood acquisition(5) | — | 0.08 | 0.03 | 0.14 | |||||||||||
Impairment of unconsolidated investment(6) | 0.02 | — | 0.02 | — | |||||||||||
Loss on extinguishment of debt(7) | 0.03 | — | 0.03 | — | |||||||||||
Discrete tax items(8) | (0.40 | ) | 0.02 | (0.38 | ) | (0.01 | ) | ||||||||
Total special items | $ | (0.26 | ) | $ | 0.30 | $ | 1.23 | $ | 0.62 |
(1) | In connection with the acquisition of Rockwood, the Company valued Rockwood’s existing inventory at fair value as of the acquisition date, which resulted in a markup of the underlying net book value of the inventory. The inventory markup was expensed over the estimated remaining selling period. For the three |
(2) | Restructuring and other, net, consisted of the following: |
• | A gain of $6.8 million ($5.4 million after income taxes, or $0.05 per share) recognized upon the sale of land in Avonmouth, UK, which was utilized by the phosphorus flame retardants business we exited in 2012. |
• | Net charges of $6.5 million ($4.3 million after income taxes, or $0.05 per share) in connection with a reduction of aluminum alkyls high cost supply capacity, and net adjustments of ($1.2) million ($0.9 million after income taxes, or $0.01 per share) associated with the finalization of the workforce reduction plan initiated in the fourth quarter of 2013. |
• | Net charges amounting to $23.5 million ($15.5 million after income taxes, or $0.19 per share) in connection with a reduction of aluminum alkyls high cost supply capacity. |
• | A write-off of $3.3 million ($2.1 million after income taxes, or $0.03 per share) for certain multi-product facility project costs that we do not expect to recover in future periods. |
• | Net adjustments of ($1.2) million ($0.9 million after income taxes, or $0.01 per share) associated with the finalization of the workforce reduction plan initiated in the fourth quarter of 2013, and other charges of $0.3 million ($0.2 million after income taxes). |
(3) | Acquisition and integration related costs consisted of the following: |
• | $17.2 million directly related to the acquisition of Rockwood and $2.4 million in connection with other significant projects. After income taxes, these charges totaled $8.3 million, or $0.07 per share. |
• | $14.3 million directly related to the acquisition of Rockwood and $0.8 million in connection with other significant projects. After income taxes, these charges totaled $9.5 million, or $0.12 per share. |
• | $137.7 million directly related to the acquisition of Rockwood and $8.4 million in connection with other significant projects. After income taxes, these charges totaled $94.4 million, or $0.84 per share. |
• | $23.6 million directly related to the acquisition of Rockwood and $6.6 million in connection with other significant projects. After income taxes, these charges totaled $19.1 million, or $0.24 per share. |
(4) | Included in Interest and financing expenses for the year ended December 31, 2015 is $1.6 million ($1.0 million after income taxes, or $0.01 per share) of interest and financing expenses associated with senior |
(5) | Included in Other (expenses) income, net, for the year ended December 31, 2015 is ($4.4) million ($2.8 million after income taxes, or $0.03 per share) for amortization of bridge facility fees and other financing fees related to the acquisition of Rockwood. Included in Other (expenses) income, net, for the three months and year ended December 31, 2014 is ($10.7) million ($6.7 million after income taxes, or $0.08 per share) and ($17.7) million ($11.2 million after income taxes, or $0.14 per share), respectively, for amortization of bridge facility fees and other financing fees related to the acquisition of Rockwood as well as $0.2 million ($0.1 million after income taxes) in each period for interest income earned on the cash proceeds from the new senior notes issued in connection with the acquisition of Rockwood. |
(6) | Included in Equity in net income of unconsolidated investments (net of tax) for the three months and year ended December 31, 2015 is an impairment charge of $2.0 million ($0.02 per share) related to our unconsolidated investment in Fábrica Carioca de Catalisadores SA. |
(7) | Included in Interest and financing expenses for the three months and year ended December 31, 2015 is loss on early extinguishment of $5.4 million ($3.5 million after income taxes, or $0.03 per share) related to the redemption of senior notes issued by the Company’s wholly-owned subsidiary, Rockwood Specialties Group, Inc. |
(8) | Included in Income tax (benefit) expense for the three months and year ended December 31, 2015 is ($44.6) million, or ($0.40) per share, primarily related to the release of certain tax reserves associated with lapses in statutes of limitations and audit closures. Included in Income tax (benefit) expense for the three months and year ended December 31, 2014 is $1.6 million, or $0.02 per share, of income tax expense associated with the restructure of a Brazilian entity in anticipation of the acquisition of Rockwood. Also included in Income tax (benefit) expense for the year ended December 31, 2014 are discrete net tax benefit items of ($2.1) million, or ($0.03) per share, related principally to the release of certain tax reserves associated with lapses in statutes of limitations. |
(c) | On September 1, 2014, the Company closed the sale of its antioxidant, ibuprofen and propofol businesses and assets to SI Group, Inc. and received net proceeds of $104.7 million and a post-closing working capital settlement of $7.6 million which was received in the first quarter of 2015. Financial results of the disposed group have been presented as discontinued operations in the consolidated statements of income for the 2014 periods. Included in Loss from discontinued operations are pre-tax charges of $85.5 million ($65.7 million after income taxes, or $0.83 per share) recorded for the year ended December 31, 2014 related to the loss on the sale of the disposed group, representing the difference between the carrying value of the related assets and their fair value as determined by the sales price less estimated costs to sell. The loss is primarily attributable to the write-off of goodwill, intangibles and long-lived assets, net of cumulative foreign currency translation gains of $17.8 million. |
(d) | Totals may not add due to rounding. |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 174,252 | $ | (18,508 | ) | $ | 334,906 | $ | 133,316 | ||||||
Add back: | |||||||||||||||
Non-operating pension and OPEB items (net of tax) | (28,713 | ) | 70,978 | (32,326 | ) | 79,994 | |||||||||
Special items (net of tax) | (29,380 | ) | 23,906 | 136,807 | 49,307 | ||||||||||
Loss from discontinued operations (net of tax) | — | 1,058 | — | 69,531 | |||||||||||
Adjusted net income attributable to Albemarle Corporation | $ | 116,159 | $ | 77,434 | $ | 439,387 | $ | 332,148 | |||||||
Net income (loss) attributable to Albemarle Corporation | $ | 174,252 | $ | (18,508 | ) | $ | 334,906 | $ | 133,316 | ||||||
Add back: | |||||||||||||||
Interest and financing expenses | 31,736 | 15,103 | 132,722 | 41,358 | |||||||||||
Income tax (benefit) expense (from continuing and discontinued operations) | (19,049 | ) | (27,158 | ) | 29,122 | (2,424 | ) | ||||||||
Depreciation and amortization | 59,704 | 25,228 | 260,076 | 103,572 | |||||||||||
EBITDA | 246,643 | (5,335 | ) | 756,826 | 275,822 | ||||||||||
Non-operating pension and OPEB items | (40,344 | ) | 111,321 | (46,244 | ) | 125,462 | |||||||||
Special items (excluding special items associated with interest expense) | 22,318 | 30,847 | 248,740 | 73,597 | |||||||||||
Loss from discontinued operations | — | — | — | 90,439 | |||||||||||
Less depreciation and amortization from discontinued operations | — | — | — | (3,165 | ) | ||||||||||
Adjusted EBITDA | $ | 228,617 | $ | 136,833 | $ | 959,322 | $ | 562,155 | |||||||
Net sales | $ | 930,353 | $ | 598,566 | $ | 3,651,335 | $ | 2,445,548 | |||||||
EBITDA margin | 26.5 | % | (0.9 | )% | 20.7 | % | 11.3 | % | |||||||
Adjusted EBITDA margin | 24.6 | % | 22.9 | % | 26.3 | % | 23.0 | % |
Performance Chemicals | Refining Solutions | Chemetall Surface Treatment | Reportable Segments Total | All Other | Corporate | Consolidated Total | |||||||||||||||||||||
Three months ended December 31, 2015 (Actual): | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 92,723 | $ | 42,072 | $ | 32,348 | $ | 167,143 | $ | 23,137 | $ | (16,028 | ) | $ | 174,252 | ||||||||||||
Depreciation and amortization | 26,640 | 8,642 | 21,336 | 56,618 | 1,316 | 1,770 | 59,704 | ||||||||||||||||||||
Special items (excluding special items associated with interest expense) | 738 | 1,971 | — | 2,709 | — | 19,609 | 22,318 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 31,736 | 31,736 | ||||||||||||||||||||
Income tax benefit | — | — | — | — | — | (19,049 | ) | (19,049 | ) | ||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | (40,344 | ) | (40,344 | ) | ||||||||||||||||||
Adjusted EBITDA | $ | 120,101 | $ | 52,685 | $ | 53,684 | $ | 226,470 | $ | 24,453 | $ | (22,306 | ) | $ | 228,617 | ||||||||||||
Three months ended December 31, 2014 (Actual): | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 59,939 | $ | 59,907 | $ | — | $ | 119,846 | $ | 7,292 | $ | (145,646 | ) | $ | (18,508 | ) | |||||||||||
Depreciation and amortization | 13,965 | 7,319 | — | 21,284 | 3,199 | 745 | 25,228 | ||||||||||||||||||||
Special items | — | — | — | — | — | 30,847 | 30,847 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 15,103 | 15,103 | ||||||||||||||||||||
Income tax benefit | — | — | — | — | — | (28,216 | ) | (28,216 | ) | ||||||||||||||||||
Loss from discontinued operations (net of tax) | — | — | — | — | — | 1,058 | 1,058 | ||||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | 111,321 | 111,321 | ||||||||||||||||||||
Adjusted EBITDA | $ | 73,904 | $ | 67,226 | $ | — | $ | 141,130 | $ | 10,491 | $ | (14,788 | ) | $ | 136,833 | ||||||||||||
Three months ended December 31, 2014 (Pro forma): | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 97,666 | $ | 59,907 | $ | 39,247 | $ | 196,820 | $ | 10,724 | $ | (174,324 | ) | $ | 33,220 | ||||||||||||
Depreciation and amortization | 25,939 | 7,319 | 8,067 | 41,325 | 4,006 | 2,701 | 48,032 | ||||||||||||||||||||
Special items | — | — | — | — | — | (13,812 | ) | (13,812 | ) | ||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 27,903 | 27,903 | ||||||||||||||||||||
Income tax benefit | — | — | — | — | — | (116 | ) | (116 | ) | ||||||||||||||||||
Loss from discontinued operations (net of tax) | — | — | — | — | — | 19,100 | 19,100 | ||||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | 111,192 | 111,192 | ||||||||||||||||||||
Adjusted EBITDA | $ | 123,605 | $ | 67,226 | $ | 47,314 | $ | 238,145 | $ | 14,730 | $ | (27,356 | ) | $ | 225,519 |
Performance Chemicals | Refining Solutions | Chemetall Surface Treatment | Reportable Segments Total | All Other | Corporate | Consolidated Total | |||||||||||||||||||||
Year ended December 31, 2015 (Actual): | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 335,295 | $ | 161,585 | $ | 103,095 | $ | 599,975 | $ | 32,781 | $ | (297,850 | ) | $ | 334,906 | ||||||||||||
Depreciation and amortization | 120,248 | 34,039 | 78,903 | 233,190 | 18,183 | 8,703 | 260,076 | ||||||||||||||||||||
Special items (excluding special items associated with interest expense) | 79,977 | 1,971 | 20,030 | 101,978 | 3,029 | 143,733 | 248,740 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 132,722 | 132,722 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 29,122 | 29,122 | ||||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | (46,244 | ) | (46,244 | ) | ||||||||||||||||||
Adjusted EBITDA | $ | 535,520 | $ | 197,595 | $ | 202,028 | $ | 935,143 | $ | 53,993 | $ | (29,814 | ) | $ | 959,322 | ||||||||||||
Year ended December 31, 2014 (Actual): | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 254,865 | $ | 223,815 | $ | — | $ | 478,680 | $ | 60,495 | $ | (405,859 | ) | $ | 133,316 | ||||||||||||
Depreciation and amortization | 51,707 | 32,670 | — | 84,377 | 13,478 | 2,552 | 100,407 | ||||||||||||||||||||
Special items | — | — | — | — | — | 73,597 | 73,597 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 41,358 | 41,358 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 18,484 | 18,484 | ||||||||||||||||||||
Loss from discontinued operations (net of tax) | — | — | — | — | — | 69,531 | 69,531 | ||||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | 125,462 | 125,462 | ||||||||||||||||||||
Adjusted EBITDA | $ | 306,572 | $ | 256,485 | $ | — | $ | 563,057 | $ | 73,973 | $ | (74,875 | ) | $ | 562,155 | ||||||||||||
Year ended December 31, 2014 (Pro forma): | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 388,126 | $ | 223,815 | $ | 162,721 | $ | 774,662 | $ | 81,388 | $ | (559,307 | ) | $ | 296,743 | ||||||||||||
Depreciation and amortization | 98,349 | 32,670 | 31,563 | 162,582 | 17,001 | 19,348 | 198,931 | ||||||||||||||||||||
Special items | — | — | — | — | — | (5,185 | ) | (5,185 | ) | ||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 95,458 | 95,458 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 111,084 | 111,084 | ||||||||||||||||||||
Loss from discontinued operations (net of tax) | — | — | — | — | — | 85,973 | 85,973 | ||||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | 125,420 | 125,420 | ||||||||||||||||||||
Adjusted EBITDA | $ | 486,475 | $ | 256,485 | $ | 194,284 | $ | 937,244 | $ | 98,389 | $ | (127,209 | ) | $ | 908,424 |
Bromine | Lithium | PCS | Total Performance Chemicals | ||||||||||||
Three months ended December 31, 2015 (Actual): | |||||||||||||||
Net income attributable to Albemarle Corporation | $ | 32,121 | $ | 43,251 | $ | 17,351 | $ | 92,723 | |||||||
Depreciation and amortization | 10,101 | 13,142 | 3,397 | 26,640 | |||||||||||
Special items | — | 738 | — | 738 | |||||||||||
Adjusted EBITDA | $ | 42,222 | $ | 57,131 | $ | 20,748 | $ | 120,101 | |||||||
Three months ended December 31, 2014 (Actual): | |||||||||||||||
Net income attributable to Albemarle Corporation | $ | 44,358 | $ | — | $ | 15,581 | $ | 59,939 | |||||||
Depreciation and amortization | 9,105 | — | 4,860 | 13,965 | |||||||||||
Adjusted EBITDA | $ | 53,463 | $ | — | $ | 20,441 | $ | 73,904 | |||||||
Three months ended December 31, 2014 (Pro Forma): | |||||||||||||||
Net income attributable to Albemarle Corporation | $ | 44,358 | $ | 37,727 | $ | 15,581 | $ | 97,666 | |||||||
Depreciation and amortization | 9,105 | 11,974 | 4,860 | 25,939 | |||||||||||
Adjusted EBITDA | $ | 53,463 | $ | 49,701 | $ | 20,441 | $ | 123,605 | |||||||
Year ended December 31, 2015 (Actual): | |||||||||||||||
Net income attributable to Albemarle Corporation | $ | 186,474 | $ | 63,473 | $ | 85,348 | $ | 335,295 | |||||||
Depreciation and amortization | 36,179 | 70,014 | 14,055 | 120,248 | |||||||||||
Special items | — | 79,977 | — | 79,977 | |||||||||||
Adjusted EBITDA | $ | 222,653 | $ | 213,464 | $ | 99,403 | $ | 535,520 | |||||||
Year ended December 31, 2014 (Actual): | |||||||||||||||
Net income attributable to Albemarle Corporation | $ | 189,059 | $ | — | $ | 65,806 | $ | 254,865 | |||||||
Depreciation and amortization | 35,917 | — | 15,790 | 51,707 | |||||||||||
Adjusted EBITDA | $ | 224,976 | $ | — | $ | 81,596 | $ | 306,572 | |||||||
Year ended December 31, 2014 (Pro Forma): | |||||||||||||||
Net income attributable to Albemarle Corporation | $ | 189,059 | $ | 133,261 | $ | 65,806 | $ | 388,126 | |||||||
Depreciation and amortization | 35,917 | 46,642 | 15,790 | 98,349 | |||||||||||
Adjusted EBITDA | $ | 224,976 | $ | 179,903 | $ | 81,596 | $ | 486,475 |
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