v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity Equity:
Common Stock
Effective May 10, 2024, the Company amended its Amended and Restated Articles of Incorporation (the “Charter”) to increase the number of authorized shares of common stock, $0.01 par value per share, from 150,000,000 to 275,000,000 (the “Charter Amendment”).
Mandatory Convertible Preferred Stock
On March 8, 2024, the Company issued 46,000,000 depositary shares (“Depositary Shares”), each representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”). The 2,300,000 shares of Mandatory Convertible Preferred Stock issued have a $1,000 per share liquidation preference. As a result of this transaction, the Company received cash proceeds of approximately $2.2 billion, net of underwriting fees and offering costs.
Dividends on the Mandatory Convertible Preferred Stock are payable on a cumulative basis when, as and if declared by the Albemarle board of directors, or an authorized committee thereof, at an annual rate of 7.25% on the liquidation preference of $1,000 per share, and may be paid in cash or, subject to certain limitations, in shares of common stock or, subject to certain limitations, any combination of cash and shares of common stock. Dividends that are declared on the Mandatory Convertible Preferred Stock will be payable quarterly to the holders of record on February 15, May 15, August 15 and November 15 of each year, immediately preceding the relevant dividend payment date, whether or not such holders convert their Depositary Shares, or such Depositary Shares are automatically converted, after a record date and on or prior to the immediately succeeding dividend payment date. The Company pays a quarterly cash dividend of $18.125 per share of Mandatory Convertible Preferred Stock. Dividends are expected to be paid on March 1, June 1, September 1 and December 1 of each year ending on, and including, March 1, 2027.
The Company may not redeem the shares of the Mandatory Convertible Preferred Stock. However, at its option, the Company may purchase the Mandatory Convertible Preferred Stock from time to time on the open market, by tender offer, exchange offer or otherwise.
Unless converted earlier in accordance with its terms, each share of Mandatory Convertible Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be March 1, 2027, into between 7.618 shares and 9.140 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations related to the Mandatory Convertible Preferred Stock (the “Certificate of Designations”). The number of shares of common stock issuable upon conversion will be determined based on the average volume weighted average price per share of common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to March 1, 2027.
Holders of shares of Mandatory Convertible Preferred Stock have the option to convert all or any portion of their shares of the Mandatory Convertible Preferred Stock at any time. The conversion rate applicable to any early conversion may in certain circumstances be increased to compensate holders of the Mandatory Convertible Preferred Stock for certain unpaid accumulated dividends in the Certificate of Designations.
If a Fundamental Change, as defined in the Certificate of Designations, occurs on or prior to March 1, 2027, then holders of the Mandatory Convertible Preferred Stock will be entitled to convert all or any portion of their Mandatory Convertible Preferred Stock at the fundamental change conversion rate, as defined in the Certificate of Designations, as for a specified period of time and to also receive an amount to compensate them for certain unpaid accumulated dividends and any remaining future scheduled dividend payments.
There were 2,300,000 shares of Mandatory Convertible Preferred Stock issued and outstanding at December 31, 2025.
Accumulated Other Comprehensive Loss
The components and activity in Accumulated other comprehensive loss (net of deferred income taxes) consisted of the following during the years ended December 31, 2025, 2024 and 2023 (in thousands):
Foreign Currency Translation and Other
Cash Flow Hedge(a)
Total
Balance at December 31, 2022
$(562,886)$2,224 $(560,662)
Other comprehensive income before reclassifications26,337 5,986 32,323 
Amounts reclassified from accumulated other comprehensive loss66 (135)(69)
Other comprehensive income, net of tax26,403 5,851 32,254 
Other comprehensive income attributable to noncontrolling interests(118)— (118)
Balance at December 31, 2023
$(536,601)$8,075 $(528,526)
Other comprehensive loss before reclassifications(210,611)(28,701)(239,312)
Amounts reclassified from accumulated other comprehensive loss77 25,766 25,843 
Other comprehensive loss, net of tax(210,534)(2,935)(213,469)
Other comprehensive income attributable to noncontrolling interests(67)— (67)
Balance at December 31, 2024
$(747,202)$5,140 $(742,062)
Other comprehensive income (loss) before reclassifications407,817 (194)407,623 
Amounts reclassified from accumulated other comprehensive loss56 (234)(178)
Other comprehensive income (loss), net of tax407,873 (428)407,445 
Other comprehensive income attributable to noncontrolling interests(190)— (190)
Balance at December 31, 2025
$(339,519)$4,712 $(334,807)
(a)    We previously entered into a foreign currency forward contract, which was designated and accounted for as a cash flow hedge under ASC 815, Derivatives and Hedging. During the year ended December 31, 2024, the Company dedesignated the remaining foreign currency forward contracts accounted for as cash flow hedges. The related loss was reclassified to Other income, net during the year ended December 31, 2024. The balance of the settled hedged foreign currency forward contracts will be reclassified to earnings over the life of the related assets. See Note 17, “Restructuring Charges and Asset Write-offs,” and Note 22, “Fair Value of Financial Instruments,” for additional information.
The amount of income tax benefit (expense) allocated to each component of Other comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023 is provided in the following tables (in thousands):
Foreign Currency Translation and OtherCash Flow HedgeTotal
2025
Other comprehensive income (loss), before tax$401,689 $(428)$401,261 
Income tax benefit6,184 — 6,184 
Other comprehensive income (loss), net of tax$407,873 $(428)$407,445 
2024
Other comprehensive loss, before tax$(210,522)$(2,935)$(213,457)
Income tax expense(12)— (12)
Other comprehensive loss, net of tax$(210,534)$(2,935)$(213,469)
2023
Other comprehensive income, before tax$23,964 $8,358 $32,322 
Income tax benefit (expense)2,439 (2,507)(68)
Other comprehensive income, net of tax$26,403 $5,851 $32,254