Albemarle (ALB) 10-K risk factor changes: FY2021 vs FY2020

We conduct a substantial portion of our business outside the U.S., with approximately [removed: 76%] [added: 78%] of our sales to foreign countries.

We operate and/or sell our products to customers in approximately [removed: 75] [added: 70] countries.

Our inability to secure key raw materials, or to pass through increases in costs and expenses for other raw materials and energy, on a timely basis or at all, [added: including due to climate change,] could have an adverse effect on the margins of our products and our results of operations.

Downturns in our customers’ [removed: industries] [added: industries, many of which are cyclical,] could adversely affect our sales and profitability.

As first reported in 2018, following receipt of information regarding potential improper payments being made by [removed: third party] [added: third-party] sales representatives of our Refining Solutions business, within our Catalysts segment, we promptly retained outside counsel and forensic accountants to investigate potential violations of the Company’s Code of Conduct, the FCPA, and other potentially applicable laws.

Based on this internal investigation, we have voluntarily self-reported potential issues relating to the use of [removed: third party] [added: third-party] sales representatives in our Refining Solutions business, within our Catalysts segment, to the U.S. Department of Justice (“DOJ”), the SEC, and [added: the] Dutch Public Prosecutor (“DPP”), and are cooperating with the DOJ, the SEC, and the DPP in their review of these matters.

At this time, we are unable to predict the duration, scope, [removed: result] [added: result,] or related costs associated with the [removed: investigations by the DOJ, the SEC, or DPP.][added: investigations.]

We also are unable to predict [removed: what, if any,] [added: what] action may be taken by the DOJ, the SEC, or [added: the] DPP, or what penalties or remedial actions they may [added: ultimately] seek.

Any determination that our operations or activities are [removed: not] [added: not, or were not,] in compliance with existing laws or regulations could result in the imposition of fines, penalties, disgorgement, equitable relief, or other losses.

Our inability to protect our intellectual property [added: rights, or being accused of infringing on intellectual property] rights [removed: could] [added: of third parties,*,* could] have a material adverse effect on our business, financial condition and results of operations.

[added: To the extent that such development, adoption and growth do not occur in the volume and/or manner that we contemplate, including for reasons described under the heading “The development of non-lithium battery technologies could adversely affect us,” above, the long-term growth in the markets for] lithium products may be adversely affected, which would have a material adverse effect on our business, financial condition and operating results.

Our ability to successfully develop our lithium resources, including [removed: recently acquired] [added: our] 60% interest in [removed: MRL’s] [added: MARBL’s] Wodgina [removed: Project,] [added: mine,] and generate a return on investment will be affected by changes in the demand for and market price of lithium-based end products, such as lithium hydroxide.

Following the Wodgina acquisition, [removed: we announced that, based on current market conditions,] the Wodgina mine [removed: would idle] [added: idled] production of spodumene until market demand [removed: supports] [added: supported] bringing the mine back into production.

Delays in putting the mine into production, as well as continued fluctuations in demand for and pricing of lithium and related products may affect the value of our investment in [removed: the] Wodgina [removed: Project] and our value as a whole.

Our success depends on our ability to attract and retain key [removed: personnel,] [added: personnel] including our management team.

As of December 31, [removed: 2020,] [added: 2021,] we had approximately [removed: 5,900] [added: 6,000] employees, including employees of our consolidated joint ventures.

Approximately [removed: 42%] [added: 46%] of these employees are represented by unions or works councils.

The failure to comply with these or other covenants governing other indebtedness, including indebtedness incurred in the future, could result in an event of default, which, if not cured or waived, could have a material adverse effect on our business, financial condition and results of operations, including cross-defaults to [removed: other debt facilities.]

[added: Exchange rates between] these currencies and the U.S. Dollar in recent years have fluctuated significantly and may do so in the future.

With respect to our potential exposure to foreign currency fluctuations and devaluations, for the year ended December 31, [removed: 2020,] [added: 2021,] approximately [removed: 23%] [added: 27%] of our net sales were denominated in currencies other than the U.S. Dollar.

We anticipate approximately [removed: $24] [added: $10] million of required cash contributions during [removed: 2021] [added: 2022] for our defined benefit pension plans.

Additional voluntary pension contributions in and after [removed: 2021] [added: 2022] may vary depending on factors such as asset returns, interest rates, and legislative changes.

These attempts, which might be related to industrial or other espionage, include covertly introducing malware to our computers and [added: networks and impersonating authorized users, among others.]

[removed: The] [added: While we have not experienced a material impact to date, the ultimate] extent to which it impacts our business, results of operations, financial position, and cash flows is difficult to predict and dependent upon many factors over which we have no control.

These factors include, but are not limited to, the duration and severity of the [removed: pandemic;] [added: pandemic, including from the discovery of new strain variants;] government restrictions on businesses and individuals; the health and safety of our employees and communities in which we do business; the impact of the pandemic on our customers' businesses and the resulting demand for our products; the impact on our suppliers and supply chain network; the impact on U.S. and global economies and the timing and rate of economic recovery; and potential adverse effects on the financial markets.

The Company has taken, and plans to continue to take, certain measures to maintain financial flexibility, including [removed: delaying certain capital expenditure projects] [added: reducing debt balances with an underwritten public offering of its common stock] and [removed: accelerating our] [added: implementing a] cost savings initiative, while still protecting our employees and customers.

However, if conditions caused by the COVID-19 pandemic [removed: worsen and the Company’s earnings and cash flow from operations do not start to recover as contemplated in the Company's current plans,] [added: worsen,] the Company may not be able to maintain compliance with its financial covenants and could be required to seek additional amendments to the Credit Agreements.

The occurrence of natural disasters, such as hurricanes, floods or earthquakes; pandemics, such as [removed: the recent outbreak of] COVID-19; or other unanticipated catastrophes at any of the locations in which we or our key partners, suppliers and customers do business, could cause interruptions in our operations.

- increased regulations on, or reduced access to, scare resources, such as freshwater;

We have commenced discussions with the SEC about a potential resolution.

An adverse resolution could have a material adverse effect on our results of operations in a particular period.

In addition, it cannot be assumed that any part or all of the inferred mineral resources will ever be converted into mineral reserves, as defined by the SEC.

See Item 2.

Properties, for a discussion and quantification of our current mineral resources and reserves.

In October 2021, MARBL announced its intention to resume spodumene concentrate production at the Wodgina mine, with the production restart expected during the second quarter of 2022, but there are no assurances that the mine will be put back into production in that time frame or at all.

other debt facilities.

To the extent that such development, adoption and growth do not occur in the volume and/or manner that we contemplate, the long-term growth in the markets for

There can be no assurance that the market demand for lithium will improve or that the Wodgina mine will be put back into production in the future or at all.

Exchange rates between

networks and impersonating authorized users, among others.

Economic conditions and regulatory changes relating to the United Kingdom’s withdrawal from the European Union could adversely impact our business.

Following a referendum in 2016, voters in the United Kingdom (“U.K.”) approved that country’s exit from the E.U., a process often referred to as “Brexit.” The U.K. formally left the E.U. on January 31, 2020, subject to a 11-month transition period.

Following completion of the transition period, the U.K.’s withdrawal from the E.U. was completed on December 31, 2020.

The future effects of Brexit will depend on the effect and implementation of the E.U.–U.K. Trade and Cooperation Agreement, which was agreed between the U.K. and E.U. on December 24, 2020, formally ratified by the UK Parliament on December 30, 2020, and expected to be formally approved by the E.U. parliament in the first quarter of 2021.

Although the E.U.-U.K. Trade and Cooperation Agreement provides some clarity with respect to aspects of the future relationship between the U.K. and the E.U. (including with respect to free trade in goods, limited mutual market access in services, and cooperation mechanisms in a range of policy areas), much uncertainty remains about what financial, trade and legal implications Brexit will have and how it will affect the future relationship between the U.K. and E.U. We derive a significant portion of our revenues from sales outside the U.S., including 17% from E.U. countries.

The consequences of Brexit, could introduce significant uncertainties into global financial markets, including volatility in foreign currencies, and adversely impact the markets in which we and our customers operate.

Adverse consequences such as deterioration in economic conditions, volatility in currency exchange rates or adverse changes in regulation could have a negative impact on our future operations, operating results and financial condition.

All of these potential consequences could be further magnified if additional countries were to exit the E.U.

- the occurrence of cyber-security breaches, terrorist attacks, industrial [removed: accidents, natural disasters] [added: accidents] or [removed: climate change;][added: natural disasters;]

- [added: future acquisition and divestiture transactions, including] the ability to successfully execute, operate and integrate acquisitions and divestitures;

- the other factors detailed from time to time in the reports we file with the [added: U.S.] SEC.

The following is a discussion and analysis of our results of operations for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018.][added: 2019.]

[removed: We believe our purposes] [added: Our corporate purpose] is making the world safe and sustainable by powering the potential of people.

The end markets we serve include energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, [removed: pharmaceuticals, crop protection] [added: pharmaceuticals] and [removed: custom chemistry services.][added: crop protection.]

We believe that our commercial and geographic diversity, technical expertise, [added: access to high-quality resources,] innovative capability, flexible, low-cost global manufacturing base, experienced management team and strategic focus on our core base technologies will enable us to maintain leading [removed: market] positions in those areas of the specialty chemicals industry in which we operate.

For example, our Lithium business contributes to the growth of clean miles driven with electric miles and more efficient use of renewable energy through grid storage; Bromine [removed: Specialties] enables the prevention of fires starting in electronic equipment, greater fuel efficiency from rubber tires and the reduction of emissions from coal fired power plants; and the Catalysts business creates efficiency of natural resources through more usable products from a single barrel of oil, enables safer, greener production of alkylates used to produce more environmentally-friendly fuels, and reduced emissions through cleaner transportation fuels.

[removed: We believe our disciplined cost reduction efforts and ongoing productivity improvements, among other factors, position us well to] take advantage of strengthening economic conditions as they occur, while softening the negative impact of the current challenging global economic environment.

- In the first quarter of [removed: 2020,] [added: 2021,] we increased our quarterly dividend for the [removed: 26th] [added: 28th] consecutive year, to [removed: $0.385] [added: $0.39] per share.

[removed: - On May 11, 2020, we amended our] [added: Our] revolving, unsecured credit agreement dated as of June 21, 2018, as amended on [added: August 14, 2019 and further amended on May 11, 2020 (the “2018 Credit Agreement”) currently provides for borrowings of up to $1.0 billion and matures on August 9, 2024.]

[removed: August 14, 2019 (the “2018 Credit Agreement”), and our] [added: - €183.3 million, the outstanding balance, of the] unsecured credit facility [added: originally] entered into on August 14, [removed: 2019][added: 2019, as amended and restated on December 15, 2020 (the “2019 Credit Facility”)]

- We achieved earnings of [removed: $375.8] [added: $123.7] million during [removed: 2020] [added: 2021] as compared to [removed: $533.2] [added: $375.8] million for [removed: 2019.][added: 2020.]

[removed: In addition, earnings] [added: Earnings] for [removed: 2020] [added: 2021] includes pension and other postretirement benefit (“OPEB”) actuarial [removed: losses] [added: gains] of [removed: $40.9] [added: $43.6] million after income taxes, compared to pension and OPEB actuarial losses of [removed: $21.1] [added: $40.9] million after income taxes in [removed: 2019.][added: 2020.]

[removed: In particular, the market for lithium battery and energy storage, particularly that for EVs, remains strong,] providing the opportunity to continue to develop high quality and innovative products while managing the high cost of expanding capacity.

[removed: While we] [added: We] have not seen a material impact to our operations to date, [added: however,] the ultimate impact on our business will depend on the length and severity of the outbreak throughout the world.

This demand for lithium is supported by a favorable backdrop of steadily declining lithium ion battery costs, increasing battery performance, continuing significant investments in the battery and EV supply chain by [removed: our customers] [added: cathode] and [added: battery producers, and] automotive OEM’s, favorable global public policy toward e-mobility/renewable energy usage, and additional stimulus measures taken in Europe in light of the COVID-19 pandemic that we expect to [removed: bolster] [added: strengthen] EV demand.

On a longer-term basis, we continue to believe that improving global standards of living, widespread digitization, increasing demand for data management capacity and the potential for increasingly stringent fire safety regulations in [added: developing markets are likely to drive continued demand for fire safety products.]

The [removed: FCC] [added: fluidized catalytic cracking (“FCC”)] market is expected to gradually recover from the COVID-19 pandemic in line with increased travel and depletion of global gasoline inventories, however, demand may not return to normal levels until late 2022 [added: or 2023] at the earliest.

[removed: HPC] [added: Hydroprocessing catalysts (“HPC”)] demand tends to be lumpier than FCC demand and is also expected to continue to be negatively impacted as refiners defer spending into [removed: 2021 and] 2022.

We [added: also] believe our technologies continue to provide significant performance and financial benefits to refiners challenged to meet tighter regulations around the world, including those managing new contaminants present in North America tight oil, and those in the Middle East and Asia seeking to use heavier feedstock while pushing for higher propylene yields.

In PCS, we expect growth on a longer-term basis in our [removed: organometallic] [added: organometallics] business due to growing global demand for plastics driven by rising standards of living and infrastructure spending.

[added: -] On February 8, 2021, we completed an underwritten public offering of [removed: 8,496,733] [added: 8,496,773] shares of our common stock, par value $0.01 per share, at a price to the public of $153.00 per share.

The [removed: Company also granted to the Underwriters an option to purchase up to an additional 1,274,509 shares for a period of 30 days, which was exercised.The] total gross proceeds from this offering were approximately $1.5 billion, before deducting expenses, underwriting discounts and commissions.

Results for the year ended December 31, [removed: 2020] [added: 2021] include an actuarial [removed: loss] [added: gain] of [removed: $52.3] [added: $56.9] million [removed: ($40.9] [added: ($43.6] million after income taxes), as compared to a loss of [removed: $29.3] [added: $52.3] million [removed: ($21.1] [added: ($40.9] million after income taxes) for the year ended December 31, [removed: 2019.][added: 2020.]

Discussion of our results of operations for the year ended December 31, [removed: 2019] [added: 2020] compared to the year ended December 31, [removed: 2018] [added: 2019] can be found in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, [removed: 2019.][added: 2020.]

Comparison of [removed: 2020] [added: 2021] to [removed: 2019][added: 2020]

| *In thousands* | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | $ Change | | | | | | % Change | | |

| [removed: •$245.5] [added: •$177.1] million of [removed: lower] [added: higher] sales volume from [removed: each of our] reportable segments, [added: primarily in Lithium and Bromine,] partially offset by [removed: FCS growth •$219.3] [added: Catalysts •$129.9] million of [removed: unfavorable] [added: favorable] pricing [removed: primarily] [added: from reportable segments,] driven by [removed: Lithium •$4.4] [added: Bromine and Lithium, partially offset by Catalysts •$146.0] million [added: decrease in net sales following the sale] of [added: the FCS business on June 1, 2021 •$38.2 million of] favorable currency translation resulting from the weaker U.S. Dollar against various currencies | | | | | | | | | | | | | | | | | | | | | | | |

| *In thousands* | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | $ Change | | | | | | % Change | | |

| Gross profit margin | | | [removed: 31.8] [added: 30.0] | | % | | | | [removed: 35.0] [added: 31.8] | | % | | | | | | | | | | | | |

Selling, General and Administrative [added: (“SG&A”)] Expenses

| *In thousands* | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | $ Change | | | | | | % Change | | |

| Selling, general and administrative expenses | | | $ | [removed: 429,827] [added: 441,482] | | | | | $ | [removed: 533,368] [added: 429,827] | | | | | $ | [removed: (103,541)] [added: 11,655] | | | | | [removed: (19)] [added: 3] | | % |

| Percentage of Net sales | | | [removed: 13.7] [added: 13.3] | | % | | | | [removed: 14.9] [added: 13.7] | | % | | | | | | | | | | | | |

| *In thousands* | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | $ Change | | | | | | % Change | | |

| Research and development expenses | | | $ | [removed: 59,214] [added: 54,026] | | | | | $ | [removed: 58,287] [added: 59,214] | | | | | $ | [removed: 927] [added: (5,188)] | | | | | [removed: 2] [added: (9)] | | % |

| Percentage of Net sales | | | [removed: 1.9] [added: 1.6] | | % | | | | [removed: 1.6] [added: 1.9] | | % | | | | | | | | | | | | |

| *In thousands* | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | $ Change | | | | | | % Change | | |

| Interest and financing expenses | | | $ | [removed: (73,116)] [added: (61,476)] | | | | | $ | [removed: (57,695)] [added: (73,116)] | | | | | $ | [removed: (15,421)] [added: 11,640] | | | | | [removed: 27] [added: (16)] | | % |

- product development;

- expected benefits from proposed transactions;

- timing of active and proposed projects;

- the effects of climate change, including any regulatory changes to which we might be subject;

We believe our disciplined cost reduction efforts and ongoing productivity improvements, among other factors, position us well to

2021 Highlights

- We announced the planned capacity expansion at our lithium production facility in Silver Peak, Nevada beginning in 2021.

We plan to invest $30 million to $50 million to double the current production at the Silver Peak site by 2025, making full use of the brine water rights.

- Using the proceeds of the underwritten public offering of shares of our common stock, we repaid the outstanding principal balances of the 1.875% senior notes due in 2021, the floating rate notes due in 2022, the unsecured credit facility originally entered into on August 14, 2019, as amended and restated on December 15, 2020 (the “2019 Credit Facility”) and the commercial paper notes.

In addition, we repaid €123.8 million of the 1.125% notes due in 2025 and $128.4 million of the 3.45% senior notes due in 2029.

As a result, we recorded a loss on early extinguishment of debt of $29.0 million, representing the tender premiums, fees, unamortized discounts and unamortized deferred financing costs from the redemption of this debt during 2021.

- We announced that we have joined the United Nations Global Compact, a voluntary leadership platform for the development, implementation and disclosure of responsible business practices, and the largest corporate sustainability initiative in the world.

- On June 1, 2021, we completed the sale of our FCS business to Grace for proceeds of approximately $570 million, consisting of $300 million in cash and the issuance to Albemarle of preferred equity of a Grace subsidiary having an aggregate stated value of $270 million.

The sale included our operations in Tyrone, Pennsylvania and South Haven, Michigan.

- On June 30, 2021, we announced the opening of our Battery Materials Innovation Center (“BMIC”) located at the Kings Mountain, North Carolina site.

The BMIC is now fully operational and will support our lithium hydroxide, lithium carbonate and advanced energy storage materials growth platforms.

- On September 30, 2021, we signed a definitive agreement to acquire all of the outstanding equity of Tianyuan, for approximately $200 million in cash.

Tianyuan's operations include a recently constructed lithium processing plant with a designed annual conversion capacity of up to 25,000 metric tons of LCE per year.

- On October 22, 2021, we announced that we signed two investment agreements in China in support of the expansion of our lithium conversion capacity.

Following the agreements, we will move forward with the design, engineering and permitting plans to build aoog

- conversion plant at each site, each of which has planned production capacity initially targeting 50,000 metric tons lithium hydroxide per annum.

Subject to additional studies and approvals, it is expected these plants would start construction during 2022 and complete construction by the end of 2024.

- Our 60%-owned MARBL joint venture recently announced its intention to resume spodumene concentrate production at the Wodgina spodumene mine, with the production restart expected during the second quarter of 2022.

Earnings for 2021 included an after tax gain of $330.8 million from the sale of the FCS business, but were negatively impact by an after tax loss of $508.5 million following an arbitration ruling related to a legal matter from a legacy Rockwood Holdings, Inc. (“Rockwood”) business sold to Huntsman International LLC (“Huntsman”) prior to our acquisition of Rockwood.

In addition, 2021 included a $132.4 million expense related to MRL’s 40% interest in cost overruns of the lithium hydroxide conversion assets being built in Kemerton included as part of the Wodgina purchase price.

- Cash flows from operations in 2021 were $344.3 million.

In particular, the market for lithium battery and energy storage, particularly that for electric vehicles (“EVs”), remains strong,

While global economic conditions have been improving, the COVID-19 pandemic continues to have an impact globally.

Lithium: We expect results to be higher year-over-year during 2022 in Lithium, due mainly to increased volume from new capacity coming on line from La Negra, Chile, Train 1 in Kemerton, Western Australia, and the expected acquisition of Tianyuan, which includes a lithium hydroxide conversion plant designed to produce up to 25,000 metric tons of LCE per year.

We expect commercial production from this lithium hydroxide conversion plant will begin in the first half of 2022.

In addition, pricing is expected to increase reflecting tight market conditions and last year’s expiration of pricing concessions on long-term contracts.

EV sales are expected to continue to increase over the prior year as the lithium battery market remains strong.

We also announced agreements for strategic investments in China with plans to build two lithium hydroxide conversion plants, each initially targeting 50,000 metric tons per year.

Subject to additional studies and approvals, it is expected these plants would start construction during 2022 and complete construction by the end of 2024.

In addition, our 60%-owned MARBL joint venture recently announced its intention to resume spodumene concentrate production at the Wodgina spodumene mine, with the production restart expected during the second quarter of 2022.

In February 2022, we announced that we signed a non-binding letter agreement with our MARBL joint venture partner, MRL, to explore a potential expansion of the MARBL joint venture, in an effort to expand lithium conversion capacity with increased optionality and reduced risk.

Bromine: We expect both net sales and profitability to be modestly higher in 2022 due to strength in demand for flame retardants, as well as benefiting from diverse end markets.

Volumes are expected to up slightly compared to full year 2021 due to the successful execution of growth projects in 2021 assuming continued availability of raw materials like chlorine.

Bromine’s ongoing cost savings initiatives and higher pricing are expected to offset higher freight and raw material costs.

Catalysts: Total Catalysts results in 2022 are expected to increase year-over-year with overall refining markets and as travel lockdown conditions abate.

2020 Highlights

In February 2020, we were recognized by being named to the S&P 500 Dividend Aristocrats Index.

- On April 20, 2020 we announced that J.

Kent Masters was elected Chairman, President and Chief Executive Officer, effective immediately.

Retired former Chairman, President and Chief Executive Officer Luke Kissam continues to serve on the Board of Directors through the annual meeting of shareholders in 2021, as he was re-elected at our 2020 annual meeting of shareholders on May 5, 2020.

(the “2019 Credit Facility”) (together the “Credit Agreements”) to modify the financial covenant in the Credit

Agreements.

The modified covenant is based on net funded debt to consolidated EBITDA, with a maximum ratio to

4.00:1 for the fiscal quarter ending June 30, 2020, 4.50:1 for the fiscal quarters ending September 30, 2020 through

September 30, 2021, decreasing to 4.00:1 times for the fiscal quarter ended December 31, 2021, and 3.50:1 thereafter,

among other changes.

- In September 2020, it was announced that we have been selected by the U.S. Department of Energy (“DOE”) as a critical partner for two lithium research projects over three years through a Battery Manufacturing Lab Call.

Albemarle will work in conjunction with two DOE labs on the approved projects.

- In December 2020, we entered into an amendment and restatement of the 2019 Credit Facility to, among other changes, (a) extend the final maturity date of the outstanding loans under the 2019 Credit Facility to April 2023, (b) change the applicable margin for the outstanding loans under the 2019 Credit Facility to LIBOR plus an applicable margin which ranges from 0.875% to 1.625%, depending on the Company’s credit rating and (c) provide for an additional term loan commitment of $500 million.

- Achieved $80 million of sustainable cost savings in 2020 under our previously announced cost-reduction program.

We expect to deliver a run rate of more than $120 million in sustainable savings by the end of 2021, an increase from the previous estimate of approximately $100 million.

Cash flows from operations in 2020 were $798.9 million up 11% from 2019.

Currently, the COVID-19 pandemic is having an impact on overall global economic conditions.

Lithium: We expect results to be flat year-over-year during 2021 in Lithium, due mainly to pricing pressure in certain markets and higher unit costs from plant start-ups at La Negra, Chile and Kemerton, Western Australia, offset by modest volume growth and increased productivity at our existing plants.

There is no new capacity coming online during 2021 to drive significant additional sales volume, although we expect our new plants in La Negra and Kemerton to begin producing sales in 2022.

In addition, we have seen reduced demand in the glass and ceramics markets, which has led to reduced sales.

In the third quarter of 2020 we announced idling actions at certain plants, however, we have since restarted those facilities.

EV sales have started to rebound after a marked slowdown during the second quarter of 2020, with full year 2020 showing a healthy increase in total EV sales over the prior year.

We continue to keep the Wodgina spodumene mine idled until demand supports bringing the mine back to production.

Bromine Specialties: We expect both net sales and profitability to be modestly higher in 2021, as we recover from the lower demand due to shutdowns related to the COVID-19 pandemic and ongoing cost savings initiatives.

While we have not experienced a material impact from the COVID-19 pandemic to date, sales in 2020 were adversely impacted and we are likely to see continued adverse impacts into 2021.

developing markets are likely to drive continued demand for fire safety products.

Catalysts: Total Catalysts results in 2021 are expected to be flat year-over-year, with PCS improving over lower 2020 levels.

We expect 2021 refining catalyst volumes to be lower year-over-year resulting from a recent change in customer order patterns in North America.

As previously announced, we are pursuing opportunities to divest PCS.

All Other: The fine chemistry services (“FCS”) business is reported outside the Company’s reportable segments as it does not fit in the Company’s core businesses.

We expect the near future prospects for the FCS business to continue to be positively impacted by the timing of customer orders in a strong pharmaceutical and agriculture contract manufacturing environment.

As previously announced, we are pursuing opportunities to divest our FCS business.

We intend to use the net proceeds of the offering primarily to fund growth capital expenditures, such as the construction and expansion of lithium operations in Australia, Chile and Silver Peak, Nevada, and opportunities in China.

We also intend to use the net proceeds for debt repayment in the short term and other general corporate purposes.

| Net sales | | | 3,128,909 | | | | | | 3,589,427 | | | | | | (460,518) | | | | | | (13) | | % |

| Gross profit | | | $ | 994,853 | | | | | $ | 1,257,778 | | | | | $ | (262,925) | | | | | (21) | | % |

| •Lower sales volume from each of our reportable segments and unfavorable pricing impacts primarily driven by Lithium •Increased freight costs in Catalysts •Lower commission expenses in Chile resulting from the lower pricing in Lithium •Unfavorable currency exchange impacts resulting from the stronger U.S. Dollar against various currencies | | | | | | | | | | | | | | | | | | | | | | | |

| •Productivity improvements and a reduction in professional fees and other administrative costs, including those resulting from the Company’s previously announced cost savings initiative •$64.8 million of stamp duties levied on assets purchased related to the Wodgina Project in 2019 •$13.3 million increase in severance expenses as part of business reorganization plans | | | | | | | | | | | | | | | | | | | | | | | |

| •Research and development spend in line with prior year | | | | | | | | | | | | | | | | | | | | | | | |

At December 31, [removed: 2020,] [added: 2021,] our financial instruments subject to foreign currency exchange risk consisted of foreign currency forward contracts with an aggregate notional value of [removed: $686.5] [added: $654.6] million and with a fair value representing a net asset position of [removed: $8.8] [added: $2.8] million.

We conducted a sensitivity analysis on the fair value of our foreign currency hedge portfolio assuming [added: an instantaneous 10% change in select foreign currency exchange rates from their levels as of December 31, 2021, with all other variables held constant.]

A 10% appreciation of the U.S. Dollar against foreign currencies that we hedge would result in a decrease of approximately [removed: $8.1] [added: $33.6] million in the fair value of our foreign currency forward contracts.

A 10% depreciation of the U.S. Dollar against these foreign currencies would result in an increase of approximately [removed: $16.7] [added: $38.0] million in the fair value of our foreign currency forward contracts.

The sensitivity of the fair value of our foreign currency hedge portfolio represents changes in fair values estimated based on market conditions as of December 31, [removed: 2020,] [added: 2021,] without reflecting the effects of underlying anticipated transactions.

On December 18, 2014, the carrying value of our 1.875% Euro-denominated senior notes was designated as an effective hedge of our net investment in foreign subsidiaries where the Euro serves as the functional currency, and beginning on the date [removed: of designation, gains or losses on the revaluation of these senior notes to our reporting currency have been and will be recorded in Accumulated other comprehensive loss.]

We had variable interest rate borrowings of [removed: $756.6] [added: $393.7] million and [removed: $394.0] [added: $756.6] million outstanding at December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively.

These borrowings represented [removed: 21%] [added: 16%] and [removed: 13%] [added: 21%] of total outstanding debt and bore average interest rates of [removed: 0.87%] [added: 0.40%] and [removed: 2.46%] [added: 0.87%] at December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively.

A hypothetical 100 basis point increase in the average interest rate applicable to these borrowings would change our annualized interest expense by approximately [removed: $7.6] [added: $3.9] million as of December 31, [removed: 2020.][added: 2021.]

of designation, gains or losses on the revaluation of these senior notes to our reporting currency have been were recorded in Accumulated other comprehensive loss.

In the first quarter of 2021, we repaid the outstanding balance of these senior notes, and as a result, this net investment hedge was discontinued.

The balance of foreign exchange revaluation gains and losses associated with this discontinued net investment hedge will remain within accumulated other comprehensive loss until the hedged net investment is sold or liquidated.

an instantaneous 10% change in select foreign currency exchange rates from their levels as of December 31, 2020, with all other variables held constant.

Any subsequent partial repayments of this debt did not impair the designated hedge of our net investment in foreign subsidiaries where the Euro serves as the functional currency.

[removed: We believe our] [added: Our corporate] purpose is making the world safe and sustainable by powering the potential of people.

The end markets we serve include energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, [removed: pharmaceuticals, crop protection] [added: pharmaceuticals] and [removed: custom chemistry services.][added: crop protection.]

We believe that our commercial and geographic diversity, technical expertise, [added: access to high-quality resources,] innovative capability, flexible, low-cost global manufacturing base, experienced management team and strategic focus on our core base technologies will enable us to maintain leading positions in those areas of the specialty chemicals industry in which we operate.

As of December 31, [removed: 2020,] [added: 2021,] we served approximately [removed: 2,300] [added: 2,100] customers, none of which individually represents more than 10% of net sales of the Company, in approximately [removed: 75] [added: 70] countries.

During [removed: 2020,] [added: 2021,] we managed and reported our operations under three reportable segments: Lithium, Bromine [removed: Specialties] and Catalysts.

Financial results and discussion about our segments included in this [removed: Annual Report on Form 10-K] [added: report] are organized according to these categories except where noted.

In 2019, we completed the acquisition of a 60% interest in Mineral Resources Limited’s (“MRL”) Wodgina hard rock lithium mine project (“Wodgina Project”) in Western Australia and formed an unincorporated joint venture with MRL, named MARBL Lithium Joint [removed: Venture,] [added: Venture (“MARBL”),] for the exploration, development, mining, processing and production of lithium and other minerals (other than iron ore and tantalum) from the Wodgina Project and for the operation of the [removed: Kemerton] [added: Kemerton, Australia] lithium hydroxide conversion assets.

Upon acquisition, we idled [removed: the MARBL Lithium Joint Venture’s] [added: MARBL’s] production of [removed: spodumene, and we expect to keep the project idled] [added: spodumene] until market demand [removed: supports] [added: supported] bringing the mine back into production.

In addition, we hold mineral rights in defined areas of [removed: King] [added: Kings] Mountain, [removed: NC] [added: North Carolina] with available lithium resources and we own undeveloped land with access to a lithium resource in Antofalla, within the Catamarca Province of Argentina.

Properties, for additional disclosures of our [removed: significant] lithium mineral properties.

Bromine [removed: Specialties] Segment

Properties, regarding additional disclosures for our [removed: Arkansas bromine] mineral [removed: property.][added: properties.]

We provide our customers with customized FCC catalyst systems, which assist in the high yield cracking of refinery petroleum streams into derivative, higher-value products such as transportation fuels and petrochemical feedstocks like [added: propylene.]

There were more than 600 refineries world-wide in [removed: 2020.][added: 2021.]

We expect to continue to see some less profitable, typically smaller, refineries shutting down and, over the long-term, [removed: be] [added: being] replaced by larger scale and more complex refineries, with growth concentrated in the Middle East and Asia.

Oil refinery utilization was lower in [added: 2021 and] 2020 compared to the [removed: previous year,] [added: prior years,] with most refineries cutting throughput due to the reduction in demand resulting from global travel restrictions to contain the COVID-19 pandemic.

In addition, we estimate that there are approximately 3,000 HPC units being operated globally, [removed: or a capacity of approximately 46 million barrels per day,] each of which typically requires replacement HPC catalysts once every one to four years.

In the PCS market, our major competitors include Nouryon, Lanxess AG and [removed: Lonza.][added: Arxada.]

As of December 31, [removed: 2020,] [added: 2021,] we had approximately [removed: 5,900] [added: 6,000] employees, including employees of our consolidated joint ventures, of whom [removed: 2,800,] [added: 2,600,] or [removed: 47%,] [added: 43%,] are employed in the U.S. and the Americas; [removed: 1,400,] [added: 1,600,] or [removed: 24%,] [added: 27%,] are employed in [removed: Europe; 1,300,] [added: Asia Pacific; 1,400,] or [removed: 22%,] [added: 23%,] are employed in [removed: Asia Pacific] [added: Europe;] and 400, or 7%, are employed in the Middle East or other areas.

Approximately [removed: 42%] [added: 46%] of these employees are represented by unions or works councils.

In [removed: 2020,] [added: 2021,] we improved our Occupational Safety and Health Act (“OSHA”) occupational injury and illness incident rate to [removed: 0.26] [added: 0.19] for our employees and nested contractors, compared to [removed: 0.33] [added: 0.26] in [removed: 2019.][added: 2020.]

In response to the COVID-19 pandemic, [removed: Albemarle created a] [added: Albemarle’s] cross-functional Global Response [removed: Team, which has met biweekly since April 2020] [added: Team continues] to [removed: assess the situation and take necessary actions] [added: meet regularly] to address employee health and safety and operational challenges.

We also provide leadership development through performance coaching, 360-degree [removed: feedback] [added: feedback, plant training including health, safety] and [added: environmental, and] experiential development and mentoring.

As of December 31, [removed: 2020,] [added: 2021,] we owned [removed: approximately 2,100] [added: more than 2,000] active patents and [removed: approximately 550] [added: more than 450] pending patent applications in key

As noted above, we finished [removed: 2020] [added: 2021] with an OSHA occupational injury and illness incident rate of [removed: 0.26] [added: 0.19] for Albemarle employees and nested contractors, compared to [removed: 0.33] [added: 0.26] in [removed: 2019.][added: 2020.]

Climate [removed: Change][added: Change and Natural Resources]

Our Corporate Governance Guidelines, Code of Conduct and the charters of the Audit and Finance, Health, Safety and Environment, Executive Compensation, and Nominating and Governance Committees of our Board of Directors are also [added: available on our website and are available in print to any shareholder upon request by writing to Investor Relations, 4250 Congress Street, Suite 900, Charlotte, North Carolina 28209, or by calling (980) 299-5700.]

In October 2021, MARBL announced its intention to resume spodumene concentrate production at this site, with the production restart expected during the second quarter of 2022.

During 2021, we changed the name of our Bromine Specialties segment to Bromine.

This change simplifies the name of the reportable segment, and does not impact the operations of the business or disclosure of the related assets.

In addition to potential business opportunities, we acknowledge our responsibility to address the impact of our operations on the environment.

We are investing in technology and people to reduce energy consumption, greenhouse gas emissions and air emissions of ozone-depleting substances.

In 2021, we established greenhouse gas emission targets for each of our businesses, including achieving net zero carbon emissions by 2050, reducing the carbon-intensity of our Bromine and Catalysts businesses by a combined 35% by 2030, and growing our Lithium business in a carbon-intensity neutral manner through 2030.

Water is a critical input to Albemarle’s production operations.

As water is a scarce resource, we understand the need to responsibly manage our water consumption not only for the preservation of the environment, but for the viability of our local communities.

We are investing in new process technologies to reduce our water footprint and expand capacity sustainably in locations with high water risk.

Our goal is to reduce our intensity of freshwater usage by 25% by 2030 in areas of high or extremely high-water risk, such as Chile and Jordan, as defined by the World Resources Institute.

Our businesses are dependent on the availability and responsible management of natural resources.

We manage our natural resources to operate efficiently and preserve the environment for our local communities and the world.

Our natural resource management includes mineral resource transparency with local communities, governments, regulators and other key stakeholders, as well as partnering with the Initiative for Responsible Mining Assurance for our lithium production for the assurance of responsible mining.

We attempt to maximize the recovery of our extracted minerals and recycle or reuse by-products where possible.

In addition, we work with local communities, regulatory agencies and wildlife organizations to preserve and restore land and biodiversity before, during and after all operations commence.

On September 30, 2021, the Company signed a definitive agreement to acquire all of the outstanding equity of Guangxi Tianyuan New Energy Materials Co., Ltd. (“Tianyuan”), for approximately $200 million in cash.

Tianyuan's operations include a recently constructed lithium processing plant strategically positioned near the Port of Qinzhou in Guangxi, China.

The plant has designed annual conversion capacity of up to 25,000 metric tons of lithium carbonate equivalent (“LCE”) and is capable of producing battery-grade lithium carbonate and lithium hydroxide.

The plant is currently in the commissioning stage and is expected to begin commercial production in the first half of 2022.

The Company expects the transaction, which is subject to customary closing conditions, to close in the first half of 2022.

On June 1, 2021, we completed the sale of our fine chemistry services (“FCS”) business to W. R. Grace & Co. (“Grace”) for proceeds of approximately $570 million, consisting of $300 million in cash and the issuance to Albemarle of preferred equity of a Grace subsidiary having an aggregate stated value of $270 million.

As part of the transaction, Grace acquired our manufacturing facilities located in South Haven, Michigan and Tyrone, Pennsylvania.

propylene.

As previously announced, we are pursuing opportunities to divest PCS.

On April 3, 2018, we completed the sale of the polyolefin catalysts and components portion of the PCS business (“Polyolefin Catalysts Divestiture”) to W.R. Grace & Co. for net cash proceeds of approximately $413.6 million.

The sale did not include the organometallics or curatives portion of the PCS business.

available on our website and are available in print to any shareholder upon request by writing to Investor Relations, 4250 Congress Street, Suite 900, Charlotte, North Carolina 28209, or by calling (980) 299-5700.

In addition, the information set forth under Note 17, “Commitments and Contingencies – Litigation” to the Consolidated Financial Statements of this Annual Report on Form 10-K is incorporated herein by reference.

As first reported in 2018, following receipt of information regarding potential improper payments being made by third party sales representatives of our Refining Solutions business, within our Catalysts segment, we promptly retained outside counsel and forensic accountants to investigate potential violations of the Company’s Code of Conduct, the FCPA, and other potentially applicable laws.

Based on this internal investigation, we have voluntarily self-reported potential issues relating to the use of third party sales representatives in our Refining Solutions business, within our Catalysts segment, to the DOJ, the SEC, and DPP, and are cooperating with the DOJ, the SEC, and DPP in their review of these matters.

In connection with our internal investigation, we have implemented, and are continuing to implement, appropriate remedial measures.

At this time, we are unable to predict the duration, scope, result or related costs associated with the investigations by the DOJ, the SEC, or DPP.

We also are unable to predict what, if any, action may be taken by the DOJ, the SEC or DPP, or what penalties or remedial actions they may seek to impose.

Any determination that our operations or activities are not in compliance with existing laws or regulations could result in the imposition of fines, penalties, disgorgement, equitable relief, or other losses.

We do not believe, however, that any such fines, penalties, disgorgement, equitable relief or other losses would have a material adverse effect on our financial condition or liquidity.

For the fiscal year ended December 31, [removed: 2020][added: 2021]

The aggregate market value of the voting and non-voting common equity stock held by non-affiliates of the registrant was approximately [removed: $8.2] [added: $19.7] billion based on the last reported sale price of common stock on June 30, [removed: 2020,] [added: 2021,] the last business day of the registrant’s most recently completed second quarter.

Number of shares of common stock outstanding as of February [removed: 12, 2021: 116,632,439][added: 11, 2022: 117,036,615]

Portions of Albemarle Corporation’s definitive Proxy Statement for its [removed: 2021] [added: 2022] Annual Meeting of Shareholders to be filed with the U.S. Securities and Exchange Commission pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended, are incorporated by reference into Part III of this [added: Annual Report on] Form 10-K.

Year Ended December 31, [removed: 2020][added: 2021]

| [Item [removed: 1.](#i4a47024d25524ba2abee1bc308d10ea7_13)] [added: 1.](#i42698344f8774451a50e3bac202aa310_13)] | | | [removed: [Business](#i4a47024d25524ba2abee1bc308d10ea7_13)] [added: [Business](#i42698344f8774451a50e3bac202aa310_13)] | | | [removed: [3](#i4a47024d25524ba2abee1bc308d10ea7_13)] [added: [3](#i42698344f8774451a50e3bac202aa310_13)] | | |

| [Item [removed: 1A.](#i4a47024d25524ba2abee1bc308d10ea7_16)] [added: 1A.](#i42698344f8774451a50e3bac202aa310_16)] | | | [Risk [removed: Factors](#i4a47024d25524ba2abee1bc308d10ea7_16)] [added: Factors](#i42698344f8774451a50e3bac202aa310_16)] | | | [removed: [9](#i4a47024d25524ba2abee1bc308d10ea7_16)] [added: [9](#i42698344f8774451a50e3bac202aa310_16)] | | |

| [Item [removed: 1B.](#i4a47024d25524ba2abee1bc308d10ea7_19)] [added: 1B.](#i42698344f8774451a50e3bac202aa310_19)] | | | [Unresolved Staff [removed: Comments](#i4a47024d25524ba2abee1bc308d10ea7_19)] [added: Comments](#i42698344f8774451a50e3bac202aa310_19)] | | | [removed: [23](#i4a47024d25524ba2abee1bc308d10ea7_19)] [added: [23](#i42698344f8774451a50e3bac202aa310_19)] | | |

| [Item [removed: 2.](#i4a47024d25524ba2abee1bc308d10ea7_22)] [added: 2.](#i42698344f8774451a50e3bac202aa310_22)] | | | [removed: [Properties](#i4a47024d25524ba2abee1bc308d10ea7_22)] [added: [Properties](#i42698344f8774451a50e3bac202aa310_22)] | | | [removed: [23](#i4a47024d25524ba2abee1bc308d10ea7_22)] [added: [23](#i42698344f8774451a50e3bac202aa310_22)] | | |

| [Item [removed: 3.](#i4a47024d25524ba2abee1bc308d10ea7_25)] [added: 3.](#i42698344f8774451a50e3bac202aa310_25)] | | | [Legal [removed: Proceedings](#i4a47024d25524ba2abee1bc308d10ea7_25)] [added: Proceedings](#i42698344f8774451a50e3bac202aa310_25)] | | | [removed: [33](#i4a47024d25524ba2abee1bc308d10ea7_25)] [added: [43](#i42698344f8774451a50e3bac202aa310_25)] | | |

| [Item [removed: 4.](#i4a47024d25524ba2abee1bc308d10ea7_28)] [added: 4.](#i42698344f8774451a50e3bac202aa310_28)] | | | [Mine Safety [removed: Disclosures](#i4a47024d25524ba2abee1bc308d10ea7_28)] [added: Disclosures](#i42698344f8774451a50e3bac202aa310_28)] | | | [removed: [33](#i4a47024d25524ba2abee1bc308d10ea7_28)] [added: [43](#i42698344f8774451a50e3bac202aa310_28)] | | |

| | | | [Executive Officers of the [removed: Registrant](#i4a47024d25524ba2abee1bc308d10ea7_31)] [added: Registrant](#i42698344f8774451a50e3bac202aa310_31)] | | | [removed: [33](#i4a47024d25524ba2abee1bc308d10ea7_31)] [added: [43](#i42698344f8774451a50e3bac202aa310_31)] | | |

| [Item [removed: 5.](#i4a47024d25524ba2abee1bc308d10ea7_37)] [added: 5.](#i42698344f8774451a50e3bac202aa310_37)] | | | [Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i4a47024d25524ba2abee1bc308d10ea7_37)] [added: Securities](#i42698344f8774451a50e3bac202aa310_37)] | | | [removed: [35](#i4a47024d25524ba2abee1bc308d10ea7_37)] [added: [45](#i42698344f8774451a50e3bac202aa310_37)] | | |

| [Item [removed: 6.](#i4a47024d25524ba2abee1bc308d10ea7_40)] [added: 6.](#i42698344f8774451a50e3bac202aa310_40)] | | | [\[Removed and [removed: Reserved\]](#i4a47024d25524ba2abee1bc308d10ea7_40)] [added: Reserved\]](#i42698344f8774451a50e3bac202aa310_40)] | | | [removed: [36](#i4a47024d25524ba2abee1bc308d10ea7_40)] [added: [46](#i42698344f8774451a50e3bac202aa310_40)] | | |

| [Item [removed: 7.](#i4a47024d25524ba2abee1bc308d10ea7_43)] [added: 7.](#i42698344f8774451a50e3bac202aa310_43)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i4a47024d25524ba2abee1bc308d10ea7_43)] [added: Operations](#i42698344f8774451a50e3bac202aa310_43)] | | | [removed: [36](#i4a47024d25524ba2abee1bc308d10ea7_43)] [added: [46](#i42698344f8774451a50e3bac202aa310_43)] | | |

| [Item [removed: 7A.](#i4a47024d25524ba2abee1bc308d10ea7_73)] [added: 7A.](#i42698344f8774451a50e3bac202aa310_76)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i4a47024d25524ba2abee1bc308d10ea7_73)] [added: Risk](#i42698344f8774451a50e3bac202aa310_76)] | | | [removed: [59](#i4a47024d25524ba2abee1bc308d10ea7_73)] [added: [72](#i42698344f8774451a50e3bac202aa310_76)] | | |

| [Item [removed: 8.](#i4a47024d25524ba2abee1bc308d10ea7_76)] [added: 8.](#i42698344f8774451a50e3bac202aa310_79)] | | | [Financial Statements and Supplementary [removed: Data](#i4a47024d25524ba2abee1bc308d10ea7_76)] [added: Data](#i42698344f8774451a50e3bac202aa310_79)] | | | [removed: [61](#i4a47024d25524ba2abee1bc308d10ea7_76)] [added: [74](#i42698344f8774451a50e3bac202aa310_79)] | | |

| [Item [removed: 9.](#i4a47024d25524ba2abee1bc308d10ea7_223)] [added: 9.](#i42698344f8774451a50e3bac202aa310_184)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i4a47024d25524ba2abee1bc308d10ea7_223)] [added: Disclosure](#i42698344f8774451a50e3bac202aa310_184)] | | | [removed: [114](#i4a47024d25524ba2abee1bc308d10ea7_223)] [added: [127](#i42698344f8774451a50e3bac202aa310_184)] | | |

| [Item [removed: 9A.](#i4a47024d25524ba2abee1bc308d10ea7_226)] [added: 9A.](#i42698344f8774451a50e3bac202aa310_187)] | | | [Controls and [removed: Procedures](#i4a47024d25524ba2abee1bc308d10ea7_226)] [added: Procedures](#i42698344f8774451a50e3bac202aa310_187)] | | | [removed: [114](#i4a47024d25524ba2abee1bc308d10ea7_226)] [added: [127](#i42698344f8774451a50e3bac202aa310_187)] | | |

| [Item [removed: 9B.](#i4a47024d25524ba2abee1bc308d10ea7_229)] [added: 9B.](#i42698344f8774451a50e3bac202aa310_190)] | | | [Other [removed: Information](#i4a47024d25524ba2abee1bc308d10ea7_229)] [added: Information](#i42698344f8774451a50e3bac202aa310_190)] | | | [removed: [114](#i4a47024d25524ba2abee1bc308d10ea7_229)] [added: [127](#i42698344f8774451a50e3bac202aa310_190)] | | |

| [Item [removed: 10.](#i4a47024d25524ba2abee1bc308d10ea7_235)] [added: 10.](#i42698344f8774451a50e3bac202aa310_196)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i4a47024d25524ba2abee1bc308d10ea7_235)] [added: Governance](#i42698344f8774451a50e3bac202aa310_196)] | | | [removed: [114](#i4a47024d25524ba2abee1bc308d10ea7_235)] [added: [127](#i42698344f8774451a50e3bac202aa310_196)] | | |

| [Item [removed: 11.](#i4a47024d25524ba2abee1bc308d10ea7_238)] [added: 11.](#i42698344f8774451a50e3bac202aa310_199)] | | | [Executive [removed: Compensation](#i4a47024d25524ba2abee1bc308d10ea7_238)] [added: Compensation](#i42698344f8774451a50e3bac202aa310_199)] | | | [removed: [115](#i4a47024d25524ba2abee1bc308d10ea7_238)] [added: [128](#i42698344f8774451a50e3bac202aa310_199)] | | |

| [Item [removed: 12.](#i4a47024d25524ba2abee1bc308d10ea7_241)] [added: 12.](#i42698344f8774451a50e3bac202aa310_202)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i4a47024d25524ba2abee1bc308d10ea7_241)] [added: Matters](#i42698344f8774451a50e3bac202aa310_202)] | | | [removed: [115](#i4a47024d25524ba2abee1bc308d10ea7_241)] [added: [128](#i42698344f8774451a50e3bac202aa310_202)] | | |

| [Item [removed: 13.](#i4a47024d25524ba2abee1bc308d10ea7_244)] [added: 13.](#i42698344f8774451a50e3bac202aa310_205)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i4a47024d25524ba2abee1bc308d10ea7_244)] [added: Independence](#i42698344f8774451a50e3bac202aa310_205)] | | | [removed: [115](#i4a47024d25524ba2abee1bc308d10ea7_244)] [added: [128](#i42698344f8774451a50e3bac202aa310_205)] | | |

| [Item [removed: 14.](#i4a47024d25524ba2abee1bc308d10ea7_247)] [added: 14.](#i42698344f8774451a50e3bac202aa310_208)] | | | [Principal Accountant Fees and [removed: Services](#i4a47024d25524ba2abee1bc308d10ea7_247)] [added: Services](#i42698344f8774451a50e3bac202aa310_208)] | | | [removed: [115](#i4a47024d25524ba2abee1bc308d10ea7_247)] [added: [128](#i42698344f8774451a50e3bac202aa310_208)] | | |

| [Item [removed: 15.](#i4a47024d25524ba2abee1bc308d10ea7_253)] [added: 15.](#i42698344f8774451a50e3bac202aa310_214)] | | | [Exhibits and Financial Statement [removed: Schedules](#i4a47024d25524ba2abee1bc308d10ea7_253)] [added: Schedules](#i42698344f8774451a50e3bac202aa310_214)] | | | [removed: [115](#i4a47024d25524ba2abee1bc308d10ea7_253)] [added: [128](#i42698344f8774451a50e3bac202aa310_214)] | | |

| [Item [removed: 16.](#i4a47024d25524ba2abee1bc308d10ea7_256)] [added: 16.](#i42698344f8774451a50e3bac202aa310_217)] | | | [Form 10-K [removed: Summary](#i4a47024d25524ba2abee1bc308d10ea7_256)] [added: Summary](#i42698344f8774451a50e3bac202aa310_217)] | | | [removed: [121](#i4a47024d25524ba2abee1bc308d10ea7_256)] [added: [136](#i42698344f8774451a50e3bac202aa310_217)] | | |

| [PART I](#i42698344f8774451a50e3bac202aa310_10) | | | | | | | | |

| [PART II](#i42698344f8774451a50e3bac202aa310_34) | | | | | | | | |

| [Item 9C.](#i42698344f8774451a50e3bac202aa310_2218) | | | [Disclosure Regarding Foreign Jurisdictions](#i42698344f8774451a50e3bac202aa310_2218) [T](#i42698344f8774451a50e3bac202aa310_2218)[hat Prevent Inspections](#i42698344f8774451a50e3bac202aa310_2218) | | | [127](#i42698344f8774451a50e3bac202aa310_2218) | | |

| [PART III](#i42698344f8774451a50e3bac202aa310_193) | | | | | | | | |

| [PART IV](#i42698344f8774451a50e3bac202aa310_211) | | | | | | | | |

| | | | [Signatures](#i42698344f8774451a50e3bac202aa310_220) | | | [137](#i42698344f8774451a50e3bac202aa310_220) | | |

| | | | | | | | | |

| [PART I](#i4a47024d25524ba2abee1bc308d10ea7_10) | | | | | | | | |

| [PART II](#i4a47024d25524ba2abee1bc308d10ea7_34) | | | | | | | | |

| [PART III](#i4a47024d25524ba2abee1bc308d10ea7_232) | | | | | | | | |

| [PART IV](#i4a47024d25524ba2abee1bc308d10ea7_250) | | | | | | | | |

| | | | [Signatures](#i4a47024d25524ba2abee1bc308d10ea7_259) | | | [122](#i4a47024d25524ba2abee1bc308d10ea7_259) | | |

We operate globally, with our principal executive offices located in Charlotte, [removed: NC] [added: North Carolina] and regional shared services offices located in Budapest, Hungary and Dalian, China.

[removed: All] [added: Each] of these properties are leased.

During [removed: 2020,] [added: 2021,] the Company’s manufacturing plants operated at approximately [removed: 88%] [added: 86%] capacity, in the aggregate.

Set forth below is information regarding our [removed: significant] production facilities operated by us and our affiliates.

| La Negra, [removed: Chile(a)] [added: Chile] | | | | | | | | | | | | Production of technical and battery-grade lithium carbonate and lithium chloride | | | | | | Owned | | |

| [removed: Meishan, China(a)] [added: Chengdu, China] | | | | | | | | | | | | Production of lithium carbonate and technical and battery-grade lithium hydroxide | | | | | | Owned | | |

| Xinyu, [removed: China(a)] [added: China] | | | | | | | | | | | | Production of lithium carbonate and technical and battery-grade lithium hydroxide | | | | | | Owned | | |

| [removed: Bromine Specialties] [added: Bromine] | | | | | | | | | | | | | | | | | | | | |

| Safi, [removed: Jordan] [added: Jordan(a)] | | | | | | | | | | | | Production of bromine and derivatives and flame retardants | | | | | | Owned and leased(e) | | |

(a) See [removed: further] below for further discussion of these significant mineral extraction [removed: and processing] facilities.

[removed: (c) Based on current market conditions,] [added: (b) Following] the Wodgina [added: acquisition in 2019, the Wodgina] mine [removed: has] idled production of spodumene until market demand [removed: supports] [added: supported] bringing the mine back into production.

[removed: Significant Mineral] [added: Mineral] Properties

Set forth below are details regarding our [removed: significant] mineral properties operated by us and our affiliates [added: which have been prepared] in accordance with [removed: Industry Guide 7] [added: the requirements of subpart 1300 of Regulation S-K,] issued by the Securities and Exchange Commission (“SEC”).

[removed: ][added: ]

The Greenbushes mine is a hard rock, open pit mine [added: (latitude 33° 52´S, longitude 116° 04´ E)] located approximately 250km south of Perth, Western Australia, 90km southeast of the port of Bunbury, a major bulk-handling port in the southwest of Western Australia.

The operating [added: open pit] lithium mining and processing plant area covers approximately 2,000 hectares comprising three mining leases.

In order to keep the granted tenements in good standing, Talison is required to maintain permits, make an annual contribution to the statutory Mining Rehabilitation Fund and pay a royalty on concentrate sales for lithium mineral production as prescribed under the Mining Act [added: 1978 in Western Australia.]

As of December 31, [removed: 2020,] [added: 2021,] the gross asset value of [removed: the] [added: our] facilities at [removed: the Greenbushes] [added: our Magnolia] site was approximately [removed: $789] [added: $772.8] million.

[removed: ][added: ]

The Salar de Atacama is located in the commune of San Pedro de Atacama, [removed: at] [added: with] the [removed: eastern end] [added: operations approximately 100 kilometers to the south] of [added: this commune, in] the [added: extreme east of the] Antofagasta Region and close to the border [added: with the republics] of Argentina and Bolivia.

On B-385, a [removed: two laned] [added: two-lane] paved highway, the Albemarle Salar de Atacama project [added: (latitude 23°38'31.52"S, longitude 68°19'30.31"W)] is approximately 175 km to the east.

The La Negra plant [added: (latitude 23°45'20.31"S, longitude 70°18'36.92"W)] has direct access roads and located approximately 20 km by paved four lane highway Route 28 southeast of Antofagasta turning north approximately 3 km on Route 5.

[removed: In addition, the amended] agreement provides for commission payments to the Chilean government based on sales price/metric ton on the amounts sold under the additional quota granted, our support of research and development in Chile of lithium applications and solar energy, and our support of local communities in [added: Northern Chile.]

The facilities at the Salar de Atacama consist of extraction wells, evaporation and concentration ponds, leaching plants, a potash plant, a drying [removed: floor,] [added: plant,] services and general areas, including salt stockpiles, as well as a fleet of owned and leased equipment.

As of December 31, [removed: 2020,] [added: 2021,] the combined gross asset value of our facilities at the Salar de Atacama and in La Negra, Chile (not inclusive of construction in process) was approximately [removed: $863] [added: $941.9] million.

[removed: ][added: ]

The Silver Peak site [added: (latitude 37.751773°N, longitude 117.639027°W)] is located in a rural area approximately 30 miles southwest of Tonopah, in Esmeralda County, Nevada.

As of December 31, [removed: 2020,] [added: 2021,] the gross asset value of our facilities at our Silver Peak site was approximately [removed: $55] [added: $60.8] million.

[removed: ][added: ]

The Wodgina [removed: property] [added: property, which includes a hard rock, open pit mine (latitude \-21° 11' 25"S, longitude 118° 40' 25"E)] is located approximately 110 km south-southeast of Port Hedland, Western Australia between the Turner and Yule Rivers.

The property is accessible via National Highway 1 to National highway 95 to the Wodgina [added: camp road.]

In addition, a site dedicated all-weather airstrip is located [removed: onsite] [added: near to site,] capable of landing certain aircrafts.

[removed: Since] [added: Following] the acquisition, [removed: we have idled] MARBL’s production of spodumene [added: was idled] until market demand [removed: supports] [added: supported] bringing the mine back into production.

[removed: All] [added: See section 3 of the Wodgina technical report summary, filed as Exhibit 96.2 to this report, for a listing of all] mining and exploration land [removed: tenements] [added: tenements, which] are in good standing and no known impediments exist.

[removed: Certain] tenements are due for renewal in 2026 and another in 2030.

As of December 31, [removed: 2020,] [added: 2021,] our 60% [removed: portion] [added: ownership interest] of the gross asset value of the facilities at our Wodgina site was approximately [removed: $186] [added: $192.2] million.

We consider the condition of all of our [removed: plants] [added: plants, facilities] and equipment to be suitable and adequate for the businesses we conduct, and we maintain them regularly.

As of December 31, [removed: 2020,] [added: 2021, our 49% ownership interest of] the [removed: combined] gross asset value of [removed: our] [added: the] facilities at [removed: our Meishan and Xinyu sites] [added: the Greenbushes site] was approximately [removed: $120] [added: $415.6] million.

[removed: ][added: ]

The South Plant [added: (latitude 33.1775°N, longitude 93.2161°W)] is accessible via U.S. Route 79 and paved local roads.

| | | | | | | | | | | | | | | | | | | | | |

(b) Construction of Train I of the Kemerton, Australia facility was completed in the fourth quarter of 2021.

Due to the ongoing labor shortages and COVID-19 pandemic travel restrictions in Western Australia, Train II construction is expected to be completed in the second half of 2022.

Commercial sales volume from Train I will begin in 2022 and Train II in 2023.

(c) Since its acquisition in 2019, the Wodgina mine idled production of spodumene until the market demand supported bringing the mine back into production.

MARBL recently announced its intention to resume spodumene concentrate production at this site, with the production restart expected during the second quarter of 2022.

As used in this Annual Report on Form 10-K, the terms “mineral resource,” “measured mineral resource,” “indicated

mineral resource,” “inferred mineral resource,” “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are defined and used in accordance with subpart 1300 of Regulation S-K.

Under subpart 1300 of Regulation S-K, mineral resources may not be classified as “mineral reserves” unless the determination has been made by a qualified person (“QP”) that the mineral resources can be the basis of an economically viable project.

Except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value.

Inferred mineral resources are estimates based on limited geological evidence and sampling and have a too high of a degree of uncertainty as to their existence to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.

Estimates of inferred mineral resources may not be converted to a mineral reserve.

It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.

A significant amount of exploration must be completed in order to determine whether an inferred mineral resource may be upgraded to a higher category.

Therefore, it cannot be assumed that all or any part of an inferred mineral resource exists, that it can be the basis of an economically viable project, that it will ever be upgraded to a higher category, or that all or any part of the mineral resources will ever be converted into mineral reserves.

See risk factor - “Our inability to acquire or develop additional reserves that are economically viable could have a material adverse effect on our future profitability,” in Item 1A.

Risk Factors.

Overview

At December 31, 2021, we had the following mineral extraction facilities:

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Location | | | Business Segment | | | | | | Ownership % | | | | | | Extraction Type | | | | | | Stage | | |

| Australia | | | | | | | | | | | | | | | | | | | | | | | |

| Greenbushes | | | Lithium | | | | | | 49% | | | | | | Hard rock | | | | | | Production | | |

| Wodgina | | | Lithium | | | | | | 60%(a) | | | | | | Hard rock | | | | | | Production(b) | | |

| Chile | | | | | | | | | | | | | | | | | | | | | | | |

| Salar de Atacama | | | Lithium | | | | | | 100% | | | | | | Brine | | | | | | Production | | |

| Jordan | | | | | | | | | | | | | | | | | | | | | | | |

| Safi(c) | | | Bromine | | | | | | 50% | | | | | | Brine | | | | | | Production | | |

| United States | | | | | | | | | | | | | | | | | | | | | | | |

| Kings Mountain, NC | | | Lithium | | | | | | 100% | | | | | | Hard rock | | | | | | Development | | |

| Magnolia, AR(c) | | | Bromine | | | | | | 100% | | | | | | Brine | | | | | | Production | | |

| Silver Peak, NV(c) | | | Lithium | | | | | | 100% | | | | | | Brine | | | | | | Production | | |

(a) Through our MARBL joint venture, we own 60% interest in the Wodgina Project.

We are providing 100% of attributable value for Wodgina mineral resources based on intended marketing of 100% of the output of the mining operation to the Kemerton lithium hydroxide processing plant.

In October 2021, our 60%-owned MARBL joint venture announced its intention to resume spodumene concentrate production at the Wodgina mine, with the production restart expected during the second quarter of 2022.

(c) Site includes on-site, or otherwise near-by exclusive, conversion facilities.

See individual property disclosure below for further details.

Aggregate annual production from our mineral extraction facilities is shown in the below table.

Amounts represent Albemarle’s attributable portion based on ownership percentages noted above and are shown in thousands of metric tons (“MT”) of lithium metal and bromine production.

| All Other | | | | | | | | | | | | | | | | | | | | |

| South Haven, MI | | | | | | | | | | | | Production of custom fine chemistry products including pharmaceutical actives | | | | | | Owned | | |

| Tyrone, PA | | | | | | | | | | | | Production of custom fine chemistry products, agricultural intermediates, performance polymer products and research and development activities | | | | | | Owned | | |

(b) Construction of the Kemerton, Australia facility is expected to be completed in late 2021, followed by a six month commissioning and qualification process.

In 2018, the SEC adopted new rules relating to property disclosures by companies with significant mining operations, effective for the year beginning January 1, 2021.

Thus, the Company will not be required to comply with the SEC’s new mining operation disclosure rules until the earlier of its next filing of a registration statement under the Securities Act of 1933, or the filing of its Annual Report on Form 10-K for the year ending December 31, 2021.

The Company does not have current estimates of proven or probable reserves for its significant mining properties as defined by Industry Guide 7 as of this filing.

However, the Company is in the process of developing these reserve estimates in accordance with the new mining operation rules adopted by the SEC.

1978 in Western Australia.

During 2020, 88,000 metric tons of lithium carbonate equivalent (“LCE”) of lithium concentrate were produced at the Greenbushes facilities.

Talison currently sells the lithium concentrate only to its shareholders.

See a description of our facilities in Meishan and Xinyu below under “Other Significant Lithium Processing Facilities.”

Northern Chile.

During 2020, we produced 42,000 metric tons of LCE of primarily lithium carbonate at our La Negra facilities.

During 2020, we produced approximately 2,200 metric tons of LCE of lithium carbonate at our Silver Peak facilities.

camp road.

No mining or processing operations are active.

There was no production from the Wodgina site during the year ended December 31, 2020, as the site remains on care and maintenance until market demand supports bringing it back to production.

Other Significant Lithium Processing Facilities

We are currently constructing a high-quality spodumene conversion plant in Kemerton, Australia, approximately 17 km north-east of Bunbury, Western Australia, valued at $1.2 billion (with $480 million, or 40%, to be owned by MRL as part of the acquisition).

As a result of the acquisition of 60% of the Wodgina Project from MRL, we will own 60% of the Kemerton conversion plant, with the remaining 40% owned by MRL.

Construction of the plant is expected to be completed in late 2021, followed by a six month commissioning and qualification process.

When completed, the plant will covert spodumene concentrate transferred from Talison and the Wodgina site (when operating) to lithium hydroxide.

Once construction is complete, the Kemerton facility will consist of a front-end and back-end processing areas to produce lithium hydroxide on two product processing trains.

The front-end portion of the plant includes the following sections - calcination and acid roasting of lithium spodumene and leaching/pulping of the resultant lithium solution.

The back-end portion of the plant will include solution crystallization, evaporation and drying/packaging areas where the finished product lithium hydroxide will prepared for shipment to our customers via truck, rail or boat.

Kemerton is expected to have an initial capacity of about 50,000 metric tons (25,000 metric tons per processing train) of LCE of lithium hydroxide, with an ability to expand to 100,000 metric tons LCE over time.

The facilities in Meishan and Xinyu consist of a front-end and back-end processing areas to produce lithium hydroxide.

At each site, the front-end portion of the plant includes the following sections - calcination and acid roasting of lithium spodumene and leaching/pulping of the resultant lithium solution.

The back-end portion of the plants include solution crystallization, evaporation and drying/packaging areas where the finished product lithium hydroxide is prepared for shipment to our customers via truck, rail or boat.

During 2020, we produced approximately 35,000 metric tons of LCE of lithium hydroxide at our Meishan and Xinyu facilities.

As of

During 2020, we produced approximately 74,000 metric tons of bromine at our Magnolia facilities.

The names, ages and biographies of our executive officers, as of February [removed: 19, 2021,] [added: 18, 2022,] are set forth below.

The term of office of each officer is until the meeting of the Board of Directors following the next annual shareholders’ meeting in May [removed: 2021.][added: 2022.]

| J. Kent Masters | | | | | | [removed: 60] [added: 61] | | | | | | Chairman, President and Chief Executive Officer | | |

| Karen G. Narwold | | | | | | [removed: 61] [added: 62] | | | | | | Executive Vice President, Chief Administrative [removed: Officer and] [added: Officer,] General Counsel [added: and Corporate Secretary] | | |

| Scott A. Tozier | | | | | | [removed: 55] [added: 56] | | | | | | Executive Vice President, Chief Financial Officer | | |

| Melissa Anderson | | | | | | [removed: 56] [added: 57] | | | | | | Senior Vice President, Chief Human Resources Officer | | |

| John C. Barichivich III | | | | | | [removed: 53] [added: 54] | | | | | | Vice President, Corporate Controller, Chief Accounting Officer | | |

| Raphael Crawford | | | | | | [removed: 45] [added: 46] | | | | | | President, Catalysts Global Business Unit | | |

| Netha Johnson | | | | | | [removed: 50] [added: 51] | | | | | | President, Bromine [removed: Specialties] Global Business Unit | | |

| Eric Norris | | | | | | [removed: 54] [added: 55] | | | | | | President, Lithium Global Business Unit | | |

[added: He is also a former member of] the executive board of Linde AG, a global leader in manufacturing and sales of industrial gases, with responsibility for the Americas, Africa, and the South Pacific.

Most recently, Mr. Tozier served as Vice President of Finance, Operations and Transformation of Honeywell International, Inc. [removed: Mr. Tozier has served as a member of the board of directors of Garrett Motion Inc. since October 2018.]

[removed: Mr. Barichivich began his career at] Georgia Pacific, where he worked as an internal auditor and was a financial analyst supporting the restructuring of the Distribution Division.

Mr. Johnson has more than 20 years of diverse leadership experience, both domestically and internationally, including having worked extensively in [added: Singapore, Malaysia, Taiwan, Japan and Germany.]

NONE

Mr. Barichivich began his career at

Norris is a member of the board of directors of Communities in Schools of Charlotte-Mecklenburg and is a member of the board of advisors of The Zero Emission Transportation Association (ZETA).

None.

He is also a former member of

Singapore, Malaysia, Taiwan, Japan and Germany.

Our common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “ALB.” There were [removed: 116,632,439] [added: 117,036,615] shares of common stock held by [removed: 2,279] [added: 2,180] shareholders of record as of February [removed: 12, 2021.][added: 11, 2022.]

The graph below shows the cumulative total shareholder return assuming the investment of $100 in our common stock on December 31, [removed: 2015] [added: 2016] and the reinvestment of all dividends thereafter.

[removed: ][added: ]

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, [removed: 2020.][added: 2021.]

Based on the assessment, management concluded that, as of December 31, [removed: 2020,] [added: 2021,] our internal control over financial reporting was effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States.

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2020] [added: 2021] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein.

To the Board of Directors and Shareholders of Albemarle [removed: Corporation:][added: Corporation]

We have audited the accompanying consolidated balance sheets of Albemarle Corporation and its subsidiaries (the “Company”) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the related consolidated statements of income, [added: of] comprehensive income, [added: of] changes in equity and [added: of] cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] including the related notes (collectively referred to as the “consolidated financial statements”).

We also have audited the Company’s internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control—Integrated Framework* (*2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020] [added: 2021] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control—Integrated Framework* (*2013)* issued by the COSO.

A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the [added: company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.]

As described in Notes 1 and 12 to the consolidated financial statements, the Company’s goodwill balance was [removed: $1,666] [added: $1,598] million as of December 31, [removed: 2020,] [added: 2021,] and the goodwill associated with the Refining Solutions reporting unit was [removed: $190] [added: $176] million.

Potential impairment is identified by comparing the fair value of a reporting unit to [removed: its] [added: it’s] carrying value, including goodwill.

Management’s cash flow projections for the Refining Solutions reporting unit included significant judgment and assumptions relating to revenue growth [removed: rates,] [added: rates and] adjusted EBITDA [removed: margins and the discount rate.][added: margins.]

The principal considerations for our determination that performing procedures relating to the goodwill impairment assessment of the Refining Solutions reporting unit is a critical audit matter are (i) the significant judgment by management when developing the fair value measurement of the reporting unit; [added: and] (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to revenue growth [removed: rates,] [added: rates and] adjusted EBITDA [removed: margins, and the discount rate; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.][added: margins.]

These procedures also included, among others (i) testing management’s process for developing the fair value estimate of the Refining Solutions reporting unit; (ii) evaluating the appropriateness of the discounted cash flow model; (iii) testing the completeness and accuracy of underlying data used in the model; and (iv) evaluating the significant assumptions used by management related to the revenue growth [removed: rates,] [added: rates and] adjusted EBITDA [removed: margins, and the discount rate.][added: margins.]

| Year Ended December 31 | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Net sales | | | $ | [removed: 3,128,909] [added: 3,327,957] | | | | | $ | [removed: 3,589,427] [added: 3,128,909] | | | | | $ | [removed: 3,374,950] [added: 3,589,427] | |

| Cost of goods sold | | | [removed: 2,134,056] [added: 2,329,986] | | | | | | [removed: 2,331,649] [added: 2,134,056] | | | | | | [removed: 2,157,694] [added: 2,331,649] | | |

| Gross profit | | | [removed: 994,853] [added: 997,971] | | | | | | [removed: 1,257,778] [added: 994,853] | | | | | | [removed: 1,217,256] [added: 1,257,778] | | |

| Selling, general and administrative expenses | | | [removed: 429,827] [added: 441,482] | | | | | | [removed: 533,368] [added: 429,827] | | | | | | [removed: 446,090] [added: 533,368] | | |

| Research and development expenses | | | [removed: 59,214] [added: 54,026] | | | | | | [removed: 58,287] [added: 59,214] | | | | | | [removed: 70,054] [added: 58,287] | | |

| Operating profit | | | [removed: 505,812] [added: 798,434] | | | | | | [removed: 666,123] [added: 505,812] | | | | | | [removed: 911,540] [added: 666,123] | | |

| Interest and financing expenses | | | [removed: (73,116)] [added: (61,476)] | | | | | | [removed: (57,695)] [added: (73,116)] | | | | | | [removed: (52,405)] [added: (57,695)] | | |

| Other expenses, net | | | [removed: (59,177)] [added: (603,340)] | | | | | | [removed: (45,478)] [added: (59,177)] | | | | | | [removed: (64,434)] [added: (45,478)] | | |

| Income before income taxes and equity in net income of unconsolidated investments | | | [removed: 373,519] [added: 133,618] | | | | | | [removed: 562,950] [added: 373,519] | | | | | | [removed: 794,701] [added: 562,950] | | |

| Income tax expense | | | [removed: 54,425] [added: 29,446] | | | | | | [removed: 88,161] [added: 54,425] | | | | | | [removed: 144,826] [added: 88,161] | | |

| Income before equity in net income of unconsolidated investments | | | [removed: 319,094] [added: 104,172] | | | | | | [removed: 474,789] [added: 319,094] | | | | | | [removed: 649,875] [added: 474,789] | | |

| Equity in net income of unconsolidated investments (net of tax) | | | [removed: 127,521] [added: 95,770] | | | | | | [removed: 129,568] [added: 127,521] | | | | | | [removed: 89,264] [added: 129,568] | | |

| Net income | | | [removed: 446,615] [added: 199,942] | | | | | | [removed: 604,357] [added: 446,615] | | | | | | [removed: 739,139] [added: 604,357] | | |

| Net income attributable to noncontrolling interests | | | [removed: (70,851)] [added: (76,270)] | | | | | | [removed: (71,129)] [added: (70,851)] | | | | | | [removed: (45,577)] [added: (71,129)] | | |

| Net income attributable to Albemarle Corporation | | | $ | [removed: 375,764] [added: 123,672] | | | | | $ | [removed: 533,228] [added: 375,764] | | | | | $ | [removed: 693,562] [added: 533,228] | |

| Basic earnings per share | | | $ | [removed: 3.53] [added: 1.07] | | | | | $ | [removed: 5.03] [added: 3.53] | | | | | $ | [removed: 6.40] [added: 5.03] | |

| Diluted earnings per share | | | $ | [removed: 3.52] [added: 1.06] | | | | | $ | [removed: 5.02] [added: 3.52] | | | | | $ | [removed: 6.34] [added: 5.02] | |

| Weighted-average common shares outstanding—basic | | | [removed: 106,402] [added: 115,841] | | | | | | [removed: 105,949] [added: 106,402] | | | | | | [removed: 108,427] [added: 105,949] | | |

| Weighted-average common shares outstanding—diluted | | | [removed: 106,808] [added: 116,536] | | | | | | [removed: 106,321] [added: 106,808] | | | | | | [removed: 109,458] [added: 106,321] | | |

| Year Ended December 31 | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Net income | | | $ | [removed: 446,615] [added: 199,942] | | | | | $ | [removed: 604,357] [added: 446,615] | | | | | $ | [removed: 739,139] [added: 604,357] | |

| Other comprehensive [removed: income (loss),] [added: (loss) income,] net of tax: | | | | | | | | | | | | | | | | | |

| Net investment hedge | | | [removed: (34,185)] [added: 5,110] | | | | | | [removed: 8,441] [added: (34,185)] | | | | | | [removed: 25,786] [added: 8,441] | | |

| Cash flow hedge | | | [removed: 1,602] [added: 174] | | | | | | [removed: 4,847] [added: 1,602] | | | | | | [removed: —] [added: 4,847] | | |

| Interest rate swap | | | [removed: 2,601] [added: 2,623] | | | | | | [removed: 2,591] [added: 2,601] | | | | | | [removed: (585)] [added: 2,591] | | |

| February 18, 2022 | | | | | | | | |

| February 18, 2022 | | |

| Gain on sale of business/interest in properties, net | | | (295,971) | | | | | | — | | | | | | — | | |

| Foreign currency translation and other | | | (74,385) | | | | | | 99,832 | | | | | | (61,399) | | |

| Cash and cash equivalents | | | $ | 439,272 | | | | | $ | 746,724 | |

| Total assets | | | $ | 10,974,118 | | | | | $ | 10,450,946 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 123,672 | | | | | | 123,672 | | | | | | 76,270 | | | | | | 199,942 | | |

| Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | (66,318) | | | | | | | | | | | | (66,318) | | | | | | (160) | | | | | | (66,478) | | |

| Cash dividends declared, $1.56 per common share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (182,385) | | | | | | (182,385) | | | | | | (96,136) | | | | | | (278,521) | | |

| Fees related to public issuance of common stock | | | | | | | | | | | | | | | | | | (888) | | | | | | | | | | | | | | | | | | (888) | | | | | | | | | | | | (888) | | |

| Exercise of stock options | | | | | | 302,151 | | | | | | 3 | | | | | | 18,389 | | | | | | | | | | | | | | | | | | 18,392 | | | | | | | | | | | | 18,392 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Issuance of common stock, net | | | | | | 9,919,755 | | | | | | 99 | | | | | | 1,453,789 | | | | | | | | | | | | | | | | | | 1,453,888 | | | | | | | | | | | | 1,453,888 | | |

| Balance at December 31, 2021 | | | | | | 117,015,333 | | | | | | $ | 1,170 | | | | | $ | 2,920,007 | | | | | $ | (392,450) | | | | | $ | 3,096,539 | | | | | $ | 5,625,266 | | | | | $ | 180,341 | | | | | $ | 5,805,607 | |

| Gain on sale of business/interest in properties, net | | | (295,971) | | | | | | (7,168) | | | | | | — | | |

| Non-cash transfer of 40% value of construction in progress of Kemerton plant to MRL | | | 135,928 | | | | | | 179,437 | | | | | | 164,496 | | |

| Other, net | | | 53,521 | | | | | | 28,488 | | | | | | (127,522) | | |

| Proceeds from issuance of common stock | | | 1,453,888 | | | | | | — | | | | | | — | | |

| Other | | | (2,230) | | | | | | (3,952) | | | | | | (7,514) | | |

As part of this adoption, we have elected the practical expedient relief

estimable.

In applying the goodwill impairment test, the Company initially performs a qualitative test (“Step 0”), where it first assesses qualitative factors to determine whether it is more likely than not that the fair value of the reporting units is less than its carrying value.

Qualitative factors may include, but are not limited to, economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting units and other entity and reporting unit specific events.

If after assessing these qualitative factors, the Company determines it is “more-likely-than-not” that the fair value of the reporting unit is less than the carrying value, the Company performs a quantitative test (“Step 1”).

During the year ended December 31, 2021, no evidence of impairment was noted from the analysis for our indefinite-lived intangible assets.

If the carrying amount of the asset group is not recoverable, the fair value of the asset

To the extent restricted

The

In November 2021, the FASB issued accounting guidance that requires disclosures about government assistance in the notes to the financial statements.

This guidance will require the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements.

This guidance is effective for financial statements issued for annual periods beginning after December 15, 2021.

*Guangxi Tianyuan New Energy Materials Acquisition*

On September 30, 2021, the Company signed a definitive agreement to acquire all of the outstanding equity of Guangxi Tianyuan New Energy Materials Co., Ltd. (“Tianyuan”), for approximately $200 million in cash.

Tianyuan's operations include a recently constructed lithium processing plant strategically positioned near the Port of Qinzhou in Guangxi.

The plant has designed annual conversion capacity of up to 25,000 metric tons of lithium carbonate equivalent (“LCE”) and is capable of producing battery-grade lithium carbonate and lithium hydroxide.

The plant is currently in the commissioning stage and is expected to begin commercial production in the first half of 2022.

The Company expects the transaction, which is subject to customary closing conditions, to close in the first half of 2022.

*Wodgina Acquisition*

| February 19, 2021 | | | | | | | | |

Change in Accounting Principle

As discussed in Note 1 to the consolidated financial statements, the Company changed the manner in which it accounts for leases in 2019 and the manner in which it accounts for revenues with contracts from customers in 2018.

company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company’s discounted cash flow model and the discount rate assumption.

| February 19, 2021 | | |

| Gain on sale of business | | | — | | | | | | — | | | | | | (210,428) | | |

| Foreign currency translation | | | 100,389 | | | | | | (62,031) | | | | | | (150,258) | | |

| Pension and postretirement benefits | | | (557) | | | | | | 632 | | | | | | (138) | | |

| Balance at January 1, 2018 | | | | | | 110,546,674 | | | | | | $ | 1,105 | | | | | $ | 1,863,949 | | | | | $ | (225,668) | | | | | $ | 2,035,163 | | | | | $ | 3,674,549 | | | | | $ | 143,147 | | | | | $ | 3,817,696 | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 693,562 | | | | | | 693,562 | | | | | | 45,577 | | | | | | 739,139 | | |

| Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | (125,014) | | | | | | | | | | | | (125,014) | | | | | | (181) | | | | | | (125,195) | | |

| Cash dividends declared, $1.34 per common share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (144,601) | | | | | | (144,601) | | | | | | (14,756) | | | | | | (159,357) | | |

| Cumulative adjustments from adoption of income tax standard updates | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (18,074) | | | | | | (18,074) | | | | | | | | | | | | (18,074) | | |

| Exercise of stock options | | | | | | 94,031 | | | | | | 1 | | | | | | 3,632 | | | | | | | | | | | | | | | | | | 3,633 | | | | | | | | | | | | 3,633 | | |

| Shares repurchased | | | | | | (5,262,654) | | | | | | (53) | | | | | | (499,947) | | | | | | | | | | | | | | | | | | (500,000) | | | | | | | | | | | | (500,000) | | |

| Issuance of common stock, net | | | | | | 383,974 | | | | | | 4 | | | | | | (4) | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | |

| Cash and cash equivalents at beginning of year | | | $ | 613,110 | | | | | $ | 555,320 | | | | | $ | 1,137,303 | |

| Gain on sale of business or joint venture | | | (7,168) | | | | | | — | | | | | | (210,428) | | |

| Other, net | | | 207,925 | | | | | | 36,974 | | | | | | (58,469) | | |

| Repurchases of common stock | | | — | | | | | | — | | | | | | (500,000) | | |

| Debt financing costs | | | (3,952) | | | | | | (7,514) | | | | | | — | | |

We are entitled to a pro rata portion of 60% of all minerals (other than iron ore and tantalum) recovered from the tenements and produced by the joint venture.

The joint venture is unincorporated with each investor holding an undivided interest in each asset and proportionately liable for each liability; therefore our proportionate share of assets, liabilities, revenue and expenses are included in the appropriate classifications in the consolidated financial statements.

Effective January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” and all related amendments using the modified retrospective method.

There was no material impact to our results of operations or financial position upon adoption, and no adjustment was made to Retained earnings in our consolidated balance sheets because such adjustment was determined to be immaterial.

In addition, new presentation requirements, including separate disclosure of net sales from sources other than customers on our consolidated statements of income and separate disclosures of contract assets or liabilities on our consolidated balance sheets, generally did not have a material impact.

However, business circumstances, including the nature of customer contracts, can change and as such, we have expanded processes and controls to recognize such changes, and as necessary, consider whether any of these currently immaterial items might differ in the future.

Costs for shipping and

depreciation is recorded on the straight-line method, with the exception of our mineral rights and reserves, which are depleted on a units-of-production method.

Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of $139.1 million as of January 1, 2019.

Comparative periods have not been restated and are reported in accordance with our historical accounting.

The standard did not have an impact on our consolidated Net income or cash flows.

In addition, as a result of the adoption of this new standard, we have implemented internal controls and system changes to prepare the financial information.

than-temporary impairments in value as Equity in net income of unconsolidated investments in the consolidated statements of income.

more likely than not that the indefinite-lived intangible asset’s fair value is less than its carrying amount.

In October 2019, the SOA published the Pri-2012 Mortality Tables and an updated Improvement Scale, MP-2019.

The Pri-2012 Mortality Tables are an update to the RP-2014 Adjusted to 2006 Total Dataset Mortality while the updated improvement scale incorporates an additional year of mortality data (2017).

In October 2020, the SOA published an updated Improvement Scale, MP-2020, which was used for the purpose of measuring our U.S. pension and OPEB obligations at December 31, 2020.

In June 2016, the FASB issued accounting guidance that, among other things, changes the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of the financial asset.

No changes in our internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) occurred during the fiscal quarter ended December 31, [removed: 2020] [added: 2021] that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART III

NONE

PART III

| | | | | | |

| --- | --- | --- | --- | --- | --- |

Our Chief Executive Officer made his annual certification to that effect to [removed: the NYSE as of May 13, 2020.]

the NYSE as of May 11, 2021.

(a)(1) The following consolidated financial and informational statements of the registrant are included in Part II Item 8 on pages [removed: 51] [added: 74] to [removed: 106:][added: 126:]

Report of Independent Registered Public Accounting Firm [added: (PCAOB ID 238)]

Consolidated Balance Sheets as of December 31, [removed: 2020] [added: 2021] and [removed: 2019][added: 2020]

Consolidated Statements of Income, Comprehensive Income, Changes in Equity and Cash Flows for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018][added: 2019]

| [2.1](http://www.sec.gov/Archives/edgar/data/915913/000119312514272361/d758511dex21.htm) | | | | | | [Agreement and Plan of Merger, dated as of July [removed: 15,](http://www.sec.gov/Archives/edgar/data/915913/000119312514272361/d758511dex21.htm) [Agreement] [added: 15, Agreement] and Plan of Merger, dated as of July 15, 2014, among Albemarle Corporation, Albemarle Holdings Corporation and Rockwood Holdings, Inc. \[filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on July 18, 2014, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/915913/000119312514272361/d758511dex21.htm) | | | | | |

| [removed: [*#10.56](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit10561231202010-k.htm)] [added: [#10.56](http://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit10561231202010-k.htm)] | | | | | | [Third Amendment to the Albemarle Corporation 2013 Stock Compensation and Deferral Election Plan for Non-Employee [removed: Directors.](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit10561231202010-k.htm)] [added: Directors \[filed as Exhibit 10.56 to the Company's Annual Report on From 10-K (No. 1-12658) filed on February 19, 2021 and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit10561231202010-k.htm)] | | | | | |

| [removed: [*10.57](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit10571231202010-k.htm)] [added: [10.57](http://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit10571231202010-k.htm)] | | | | | | [Second Amendment to Syndicated Facility Agreement, dated as of December 15, 2020, among Albemarle Corporation, Albemarle Finance Company B.V., Albemarle New Holding GmbH, Albemarle Wodgina Pty Ltd, the Lenders Party Thereto and JPMorgan Chase Bank, N.A., as Administrative [removed: Agent.](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit10571231202010-k.htm)] [added: Agent \[filed as Exhibit 10.57 to the Company's Annual Report on From 10-K (No. 1-12658) filed on February 19, 2021 and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit10571231202010-k.htm)] | | | | | |

| [removed: [*21.1](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit2111231202010-k.htm)] [added: [*21.1](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit2111231202110-k.htm)] | | | | | | [Subsidiaries of the [removed: Company.](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit2111231202010-k.htm)] [added: Company.](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit2111231202110-k.htm)] | | | | | |

| [removed: [*23.1](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit2311231202010-k.htm)] [added: [*23.1](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit2311231202110-k.htm)] | | | | | | [Consent of PricewaterhouseCoopers [removed: LLP.](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit2311231202010-k.htm)] [added: LLP.](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit2311231202110-k.htm)] | | | | | |

| [removed: [*31.1](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit3111231202010-k.htm)] [added: [*31.1](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit3111231202110-k.htm)] | | | | | | [Certification of Chief Executive Officer pursuant to Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as [removed: amended.](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit3111231202010-k.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit3111231202110-k.htm)] | | | | | |

| [removed: [*31.2](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit3121231202010-k.htm)] [added: [*31.2](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit3121231202110-k.htm)] | | | | | | [Certification of Chief Financial Officer pursuant to Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as [removed: amended.](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit3121231202010-k.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit3121231202110-k.htm)] | | | | | |

| [removed: [*32.1](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit3211231202010-k.htm)] [added: [*32.1](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit3211231202110-k.htm)] | | | | | | [Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit3211231202010-k.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit3211231202110-k.htm)] | | | | | |

| [removed: [*32.2](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit3221231202010-k.htm)] [added: [*32.2](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit3221231202110-k.htm)] | | | | | | [Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/915913/000091591321000018/exhibit3221231202010-k.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit3221231202110-k.htm)] | | | | | |

| *101 | | | | | | Interactive Data Files (Annual Report on Form 10-K, for the fiscal year ended December 31, [removed: 2020,] [added: 2021,] furnished in XBRL (eXtensible Business Reporting Language)). | | | | | |

| | | | | | | Attached as Exhibit 101 to this report are the following documents formatted in XBRL: (i) the Consolidated Statements of Income for the fiscal years ended December 31, [added: 2021,] 2020, [removed: 2019] and [removed: 2018,] [added: 2019,] (ii) the Consolidated Statements of Comprehensive Income for the fiscal years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018,] [added: 2019,] (iii) the Consolidated Balance Sheets at December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] (iv) the Consolidated Statements of Changes in Equity for the fiscal years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018,] [added: 2019,] (v) the Consolidated Statements of Cash Flows for the fiscal years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018] [added: 2019] and (vi) the Notes to Consolidated Financial Statements. | | | | | |

| [4.15](http://www.sec.gov/Archives/edgar/data/915913/000091591321000092/a03-31x20218xkex41suppinde.htm) | | | | | | [Sixth Supplemental Indenture, dated March 30, 2021, among Albemarle Corporation, Albemarle New Holding GmbH, and U.S. Bank National Association, as trustee \[filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on March 31, 2021, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/915913/000091591321000092/a03-31x20218xkex41suppinde.htm) | | | | | |

| [10.58](http://www.sec.gov/Archives/edgar/data/915913/000091591321000098/exhibit1010331202110q.htm) | | | | | | [Sale, Purchase and Contribution Agreement, dated February 25, 2021 among Albemarle Corporation, W. R. Grace & Co.-Conn and Fine Chemical Manufacturing Services LLC \[filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (No. 1-12658) filed on May 5, 2021, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/915913/000091591321000098/exhibit1010331202110q.htm) | | | | | |

| [#10.59](http://www.sec.gov/Archives/edgar/data/915913/000091591321000149/exhibit1010630202110q.htm) | | | | | | [Fourth Amendment to the Albemarle Corporation 2013 Stock Compensation and Deferral Election Plan for Non-Employee Directors \[filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (No. 1-12658) filed on August 4, 2021, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/915913/000091591321000149/exhibit1010630202110q.htm) | | | | | |

| [#](http://www.sec.gov/Archives/edgar/data/915913/000091591321000181/exhibit1010930202110q.htm)[1](http://www.sec.gov/Archives/edgar/data/915913/000091591321000181/exhibit1010930202110q.htm)[0.60](http://www.sec.gov/Archives/edgar/data/915913/000091591321000181/exhibit1010930202110q.htm) | | | | | | [Letter Agreement with Raphael Crawford, dated November 3, 2021 \[filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (No. 1-12658) filed on November 4, 2021, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/915913/000091591321000181/exhibit1010930202110q.htm) | | | | | |

| [*10.61](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit10611231202110-k.htm) | | | | | | [Third Amendment to Credit Agreement, dated as of December 10, 2021, among Albemarle Corporation, Albemarle Europe SRL, the Lenders party thereto, and Bank of America, N.A., as Administrative Agent for the Lenders.](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit10611231202110-k.htm) | | | | | |

| [*](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit10621231202110-k.htm)[10.62](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit10621231202110-k.htm) | | | | | | [Second Amendment and Restatement Agreement, dated as of December 10, 2021, among Albemarle Corporation, the Lenders Party hereto, and JPMorgan Chase Bank, N.A., as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/exhibit10621231202110-k.htm) | | | | | |

| | | | | | | | | | | | |

| [23.2](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit231123120218-k.htm) | | | | | | [Consent of SRK Consulting (U.S), Inc. regarding the Greenbushes property \[filed as Exhibit 23.1 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on February 18, 2022, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit231123120218-k.htm) | | | | | |

| | | | | | | | | | | | |

| [23.3](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit232123120218-k.htm) | | | | | | [Consent of SRK Consulting (U.S), Inc. regarding the Wodgina property \[filed as Exhibit 23.2 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on February 18, 2022, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit232123120218-k.htm) | | | | | |

| | | | | | | | | | | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| *Albemarle Corporation and Subsidiaries* | | | | | | | | |

| | | | | | | | | |

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| [23.4](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit233123120218-k.htm) | | | | | | [Consent of SRK Consulting (U.S), Inc. regarding the Salar de Atacama property \[filed as Exhibit 23.3 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on February 18, 2022, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit233123120218-k.htm) | | | | | |

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| [23.5](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit234123120218-k.htm) | | | | | | [Consent of SRK Consulting (U.S), Inc. regarding the Silver Peak property \[filed as Exhibit 23.4 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on February 18, 2022, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit234123120218-k.htm) | | | | | |

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| [23.6](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit2351231202110-k.htm) | | | | | | [Consent of RPS Energy Canada Ltd regarding bromine reserves and resources \[filed as Exhibit 23.5 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on February 18, 2022, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit2351231202110-k.htm) | | | | | |

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| [23.7](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit2361231202110-k.htm) | | | | | | [Consent of RESPEC regarding bromine reserves and resources \[filed as Exhibit 23.6 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on February 18, 2022, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit2361231202110-k.htm) | | | | | |

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| [96.1](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit9611231202110-k.htm) | | | | | | [SEC Technical Report Summary, Pre-Feasibility Study, Greenbushes Mine, Western Australia, prepared by SRK Consulting (U.S), Inc., dated January 28, 2022 \[filed as Exhibit 96.1 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on February 18, 2022, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit9611231202110-k.htm) | | | | | |

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| [96.2](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit9621231202110-k.htm) | | | | | | [SEC Technical Report Summary, Initial Assessment, Wodgina, Western Australia, prepared by SRK Consulting (U.S), Inc., dated December 31, 2021 \[filed as Exhibit 96.2 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on February 18, 2022, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit9621231202110-k.htm) | | | | | |

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| [96.3](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit9631231202110-k.htm) | | | | | | [SEC Technical Report Summary, Pre-Feasibility Study, Salar de Atacama Region II, Chile, prepared by SRK Consulting (U.S), Inc., dated January 28, 2022 \[filed as Exhibit 96.3 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on February 18, 2022, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit9631231202110-k.htm) | | | | | |

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| [96.4](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit9641231202110-k.htm) | | | | | | [SEC Technical Report Summary Pre-Feasibility Study, Silver Peak Lithium Operation, Nevada, USA, prepared by SRK Consulting (U.S), Inc., dated September 30, 2021 \[filed as Exhibit 96.4 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on February 18, 2022, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit9641231202110-k.htm) | | | | | |

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| [96.5](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit9651231202110-k.htm) | | | | | | [SEC Technical Report Summary for Jordan Bromine Operation, prepared by RPS Energy Canada Ltd and RESPEC Consulting Inc., dated February 7, 2022 \[filed as Exhibit 96.5 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on February 18, 2022, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit9651231202110-k.htm) | | | | | |

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| [96.6](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit9661231202110-k.htm) | | | | | | [SEC Technical Report Summary for Magnolia Field Bromine Reserves, prepared by RPS Energy Canada Ltd, dated February 7, 2022 \[filed as Exhibit 96.6 to the Company’s Current Report on Form 8-K (No. 1-12658) filed on February 18, 2022, and incorporated herein by reference\].](http://www.sec.gov/Archives/edgar/data/0000915913/000091591322000025/exhibit9661231202110-k.htm) | | | | | |

Dated: February [removed: 19, 2021][added: 18, 2022]

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated as of February [removed: 19, 2021.][added: 18, 2022.]

| /S/ M. [removed: LAURIE] [added: LAUREN] BRLAS | | | | | | Director | | |

| (M. Lauren Brlas) | | | | | | | | |

| | | | | | | | | |

| (M. Laurie Brlas) | | | | | | | | |

| /S/ LUTHER C. KISSAM IV | | | | | | Director | | |

| (Luther C. Kissam IV) | | | | | | | | |