QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
x | Accelerated filer | ¨ | ||
Non-accelerated filer | ¨ | Smaller reporting company | ||
Emerging growth company |
Page Number | |
Inventories | |
(in thousands, except per-share amounts) | Second Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||||
Cost of goods sold | ||||||||||||||||
Gross profit | ||||||||||||||||
Selling, general, and administrative expenses | ||||||||||||||||
Research, development, and testing expenses | ||||||||||||||||
Operating profit | ||||||||||||||||
Interest and financing expenses, net | ||||||||||||||||
Other income (expense), net | ||||||||||||||||
Income before income tax expense | ||||||||||||||||
Income tax expense | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Earnings per share - basic and diluted | $ | $ | $ | $ | ||||||||||||
Cash dividends declared per share | $ | $ | $ | $ |
(in thousands) | Second Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Pension plans and other postretirement benefits: | ||||||||||||||||
Amortization of prior service cost (credit) included in net periodic benefit cost, net of income tax expense (benefit) of $(186) in second quarter 2019, $(181) in second quarter 2018, $(371) in six months 2019 and $(361) in six months 2018 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of actuarial net loss (gain) included in net periodic benefit cost, net of income tax expense (benefit) of $251 in second quarter 2019, $359 in second quarter 2018, $505 in six months 2019 and $719 in six months 2018 | ||||||||||||||||
Total pension plans and other postretirement benefits | ||||||||||||||||
Foreign currency translation adjustments, net of income tax expense (benefit) of $114 in second quarter 2019, $(504) in second quarter 2018, $7 in six months 2019 and $(544) in six months 2018 | ( | ) | ( | ) | ( | ) | ||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ||||||||||||
Comprehensive income | $ | $ | $ | $ |
(in thousands, except share amounts) | June 30, 2019 | December 31, 2018 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Trade and other accounts receivable, less allowance for doubtful accounts | ||||||||
Inventories | ||||||||
Prepaid expenses and other current assets | ||||||||
Total current assets | ||||||||
Property, plant, and equipment, net | ||||||||
Intangibles (net of amortization) and goodwill | ||||||||
Prepaid pension cost | ||||||||
Operating lease right-of-use assets | ||||||||
Deferred income taxes | ||||||||
Deferred charges and other assets | ||||||||
Total assets | $ | $ | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | $ | ||||||
Accrued expenses | ||||||||
Dividends payable | ||||||||
Income taxes payable | ||||||||
Operating lease liabilities | ||||||||
Other current liabilities | ||||||||
Total current liabilities | ||||||||
Long-term debt | ||||||||
Operating lease liabilities-noncurrent | ||||||||
Other noncurrent liabilities | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (Note 10) | ||||||||
Shareholders’ equity: | ||||||||
Common stock and paid-in capital (without par value; authorized shares - 80,000,000; issued and outstanding shares - 11,188,126 at June 30, 2019 and 11,184,482 at December 31, 2018) | ||||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Retained earnings | ||||||||
Total shareholders' equity | ||||||||
Total liabilities and shareholders’ equity | $ | $ |
(in thousands, except share and per-share amounts) | Common Stock and Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders’ Equity | |||||||||||||||
Shares | Amount | ||||||||||||||||||
Balance at March 31, 2018 | $ | $ | ( | ) | $ | $ | |||||||||||||
Net income | |||||||||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||||||
Cash dividends ($1.75 per share) | ( | ) | ( | ) | |||||||||||||||
Repurchases of common stock | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Stock-based compensation | ( | ) | |||||||||||||||||
Balance at June 30, 2018 | $ | $ | ( | ) | $ | $ | |||||||||||||
Balance at March 31, 2019 | $ | $ | ( | ) | $ | $ | |||||||||||||
Net income | |||||||||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||||||
Cash dividends ($1.75 per share) | ( | ) | ( | ) | |||||||||||||||
Stock-based compensation | |||||||||||||||||||
Balance at June 30, 2019 | $ | $ | ( | ) | $ | $ | |||||||||||||
Balance at December 31, 2017 | $ | $ | ( | ) | $ | $ | |||||||||||||
Net income | |||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||
Cash dividends ($3.50 per share) | ( | ) | ( | ) | |||||||||||||||
Repurchases of common stock | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Stock-based compensation | |||||||||||||||||||
Balance at June 30, 2018 | $ | $ | ( | ) | $ | $ | |||||||||||||
Balance at December 31, 2018 | $ | $ | ( | ) | $ | $ | |||||||||||||
Net income | |||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||
Cash dividends ($3.50 per share) | ( | ) | ( | ) | |||||||||||||||
Stock-based compensation | |||||||||||||||||||
Balance at June 30, 2019 | $ | $ | ( | ) | $ | $ | |||||||||||||
(in thousands) | Six Months Ended June 30, | |||||||
2019 | 2018 | |||||||
Cash and cash equivalents at beginning of year | $ | $ | ||||||
Cash flows from operating activities: | ||||||||
Net income | ||||||||
Adjustments to reconcile net income to cash flows from operating activities: | ||||||||
Depreciation and amortization | ||||||||
Deferred income tax expense (benefit) | ( | ) | ||||||
Working capital changes | ( | ) | ( | ) | ||||
Cash pension and postretirement contributions | ( | ) | ( | ) | ||||
Other, net | ( | ) | ||||||
Cash provided from (used in) operating activities | ||||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | ( | ) | ( | ) | ||||
Other, net | ||||||||
Cash provided from (used in) investing activities | ( | ) | ( | ) | ||||
Cash flows from financing activities: | ||||||||
Net (repayments) borrowings under revolving credit facility | ( | ) | ||||||
Dividends paid | ( | ) | ( | ) | ||||
Repurchases of common stock | ( | ) | ||||||
Other, net | ( | ) | ( | ) | ||||
Cash provided from (used in) financing activities | ( | ) | ( | ) | ||||
Effect of foreign exchange on cash and cash equivalents | ( | ) | ||||||
Increase in cash and cash equivalents | ||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||
Second Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Net sales | |||||||||||||||
United States | $ | $ | $ | $ | |||||||||||
China | |||||||||||||||
Europe, Middle East, Africa, India | |||||||||||||||
Asia Pacific, except China | |||||||||||||||
Other foreign | |||||||||||||||
Net sales | $ | $ | $ | $ |
Second Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Petroleum additives | ||||||||||||||||
Lubricant additives | $ | $ | $ | $ | ||||||||||||
Fuel additives | ||||||||||||||||
Total | ||||||||||||||||
All other | ||||||||||||||||
Net sales | $ | $ | $ | $ |
Second Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Petroleum additives | $ | $ | $ | $ | ||||||||||||
All other | ( | ) | ||||||||||||||
Segment operating profit | ||||||||||||||||
Corporate, general, and administrative expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Interest and financing expenses, net | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Other income (expense), net | ||||||||||||||||
Income before income tax expense | $ | $ | $ | $ |
(in thousands) | Actual Cash Contributions for Six Months Ended June 30, 2019 | Expected Remaining Cash Contributions for Year Ending December 31, 2019 | ||||||
Domestic plans | ||||||||
Pension benefits | $ | $ | ||||||
Postretirement benefits | ||||||||
Foreign plans | ||||||||
Pension benefits |
Domestic | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Second Quarter Ended June 30, | ||||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||
Interest cost | ||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of prior service cost (credit) | ( | ) | ( | ) | ( | ) | ||||||||||
Amortization of actuarial net (gain) loss | ||||||||||||||||
Net periodic benefit cost (income) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | ||||||
Domestic | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Six Months Ended June 30, | ||||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||
Interest cost | ||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of prior service cost (credit) | ( | ) | ( | ) | ( | ) | ||||||||||
Amortization of actuarial net (gain) loss | ||||||||||||||||
Net periodic benefit cost (income) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) |
Foreign | ||||||||||||||||
Pension Benefits | ||||||||||||||||
Second Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||
Interest cost | ||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of prior service cost (credit) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of actuarial net (gain) loss | ||||||||||||||||
Net periodic benefit cost (income) | $ | $ | $ | $ |
Second Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands, except per-share amounts) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Earnings per share numerator: | ||||||||||||||||
Net income attributable to common shareholders before allocation of earnings to participating securities | $ | $ | $ | $ | ||||||||||||
Earnings allocated to participating securities | ||||||||||||||||
Net income attributable to common shareholders after allocation of earnings to participating securities | $ | $ | $ | $ | ||||||||||||
Earnings per share denominator: | ||||||||||||||||
Weighted-average number of shares of common stock outstanding - basic and diluted | ||||||||||||||||
Earnings per share - basic and diluted | $ | $ | $ | $ |
6. | Inventories |
June 30, | December 31, | |||||||
(in thousands) | 2019 | 2018 | ||||||
Finished goods and work-in-process | $ | $ | ||||||
Raw materials | ||||||||
Stores, supplies, and other | ||||||||
$ | $ |
June 30, 2019 | December 31, 2018 | |||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Amortizing intangible assets | ||||||||||||||||
Formulas and technology | $ | $ | $ | $ | ||||||||||||
Contract | ||||||||||||||||
Customer bases | ||||||||||||||||
Goodwill | ||||||||||||||||
$ | $ | $ | $ |
Second quarter ended June 30, 2019 | $ | ||
Six months ended June 30, 2019 | |||
Second quarter ended June 30, 2018 | |||
Six months ended June 30, 2018 |
2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
2024 |
Second Quarter Ended June 30, | Six Months Ended June 30, | |||||||
(in thousands) | 2019 | 2019 | ||||||
Operating lease cost | $ | $ | ||||||
Finance lease cost: | ||||||||
Amortization of assets | ||||||||
Interest on lease liabilities | ||||||||
Short-term lease cost | ||||||||
Variable lease cost | ||||||||
Total lease cost | $ | $ |
(in thousands) | Balance Sheet Classification | June 30, 2019 | |||
Operating leases: | |||||
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | |||
Current liability | Operating lease liabilities | $ | |||
Noncurrent liability | Operating lease liabilities-noncurrent | ||||
Total operating lease liabilities | $ | ||||
Finance leases: | |||||
Finance lease right-of-use assets | Deferred charges and other assets | $ | |||
Current liability | Other current liabilities | $ | |||
Noncurrent liability | Other noncurrent liabilities | ||||
Total finance lease liabilities | $ |
June 30, 2019 | |||
Weighted average remaining lease term (in years): | |||
Operating leases | |||
Finance leases | |||
Weighted average incremental borrowing rate: | |||
Operating leases | % | ||
Finance leases | % |
Six Months Ended June 30, | ||||
(in thousands) | 2019 | |||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ | |||
Operating cash flows from finance leases | ||||
Financing cash flows from finance leases | ||||
Right-of-use assets obtained in exchange for lease obligations: | ||||
Operating leases | $ | |||
Finance leases |
(in thousands) | Operating Leases | Finance Leases | ||||||
2019 (remainder) | $ | $ | ||||||
2020 | ||||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
Thereafter | ||||||||
Total lease payments | ||||||||
Less: imputed interest | ||||||||
Total lease obligations | $ | $ |
2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
After 2023 |
(in thousands) | June 30, 2019 | December 31, 2018 | ||||||
Senior notes - 4.10% due 2022 (net of related deferred financing costs) | $ | $ | ||||||
Senior notes - 3.78% due 2029 | ||||||||
Revolving credit facility | ||||||||
Capital lease obligations | ||||||||
$ | $ |
(in thousands) | Pension Plans and Other Postretirement Benefits | Foreign Currency Translation Adjustments | Accumulated Other Comprehensive (Loss) Income | |||||||||
Balance at December 31, 2017 | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss (a) | ||||||||||||
Other comprehensive income (loss) | ( | ) | ||||||||||
Balance at June 30, 2018 | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Balance at December 31, 2018 | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Other comprehensive income (loss) before reclassifications | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss (a) | ||||||||||||
Other comprehensive income (loss) | ||||||||||||
Balance at June 30, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) |
June 30, 2019 | December 31, 2018 | |||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt (excluding capital lease obligations) | $ | $ | $ | $ |
Second Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Petroleum additives | ||||||||||||||||
Lubricant additives | $ | 462.6 | $ | 492.3 | $ | 899.9 | $ | 977.4 | ||||||||
Fuel additives | 98.2 | 103.9 | 193.6 | 205.7 | ||||||||||||
Total | 560.8 | 596.2 | 1,093.5 | 1,183.1 | ||||||||||||
All other | 2.6 | 2.8 | 6.5 | 5.1 | ||||||||||||
Net sales | $ | 563.4 | $ | 599.0 | $ | 1,100.0 | $ | 1,188.2 |
(in millions) | Second Quarter | Six Months | ||||||
Period ended June 30, 2018 | $ | 596.2 | $ | 1,183.1 | ||||
Lubricant additives shipments | (40.9 | ) | (106.6 | ) | ||||
Fuel additives shipments | (12.1 | ) | (19.5 | ) | ||||
Selling prices | 27.6 | 55.8 | ||||||
Foreign currency impact, net | (10.0 | ) | (19.3 | ) | ||||
Period ended June 30, 2019 | $ | 560.8 | $ | 1,093.5 |
Second Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Petroleum additives | $ | 103.0 | $ | 71.5 | $ | 190.9 | $ | 155.7 | ||||||||
All other | $ | (0.3 | ) | $ | 0.4 | $ | 0.1 | $ | 0.3 |
• | A consolidated Leverage Ratio (as defined in the agreement) of no more than 3.50 to 1.00, except during an Increased Leverage Period (as defined in the agreement) at the end of each fiscal quarter; and |
• | A consolidated Interest Coverage Ratio (as defined in the agreement) of no less than 3.00 to 1.00, calculated on a rolling four quarter basis, as of the end of each quarter. |
Articles of Incorporation Amended and Restated effective April 27, 2012 (incorporated by reference to Exhibit 3.1 to Form 8-K (File No. 1-32190) filed April 30, 2012) | |
NewMarket Corporation Bylaws Amended and Restated effective August 6, 2015 (incorporated by reference to Exhibit 3.1 to Form 8-K (File No. 1- 32190) filed August 6, 2015) | |
Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Thomas E. Gottwald | |
Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Brian D. Paliotti | |
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Thomas E. Gottwald | |
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Brian D. Paliotti | |
Exhibit 101 | XBRL Instance Document and Related Items (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
NEWMARKET CORPORATION | |
(Registrant) | |
Date: August 1, 2019 | By: /s/ Brian D. Paliotti |
Brian D. Paliotti | |
Vice President and | |
Chief Financial Officer | |
(Principal Financial Officer) | |
Date: August 1, 2019 | By: /s/ William J. Skrobacz |
William J. Skrobacz | |
Controller | |
(Principal Accounting Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 of NewMarket Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: August 1, 2019 | ||
By: | /s/ Thomas E. Gottwald | |
Thomas E. Gottwald | ||
Chairman of the Board, President, and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 of NewMarket Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: August 1, 2019 | ||
By: | /s/ Brian D. Paliotti | |
Brian D. Paliotti | ||
Vice President and Chief Financial Officer |
By: | /s/ Thomas E. Gottwald |
Thomas E. Gottwald | |
Chairman of the Board, President, and Chief Executive Officer | |
August 1, 2019 |
By: | /s/ Brian D. Paliotti |
Brian D. Paliotti | |
Vice President and Chief Financial Officer | |
August 1, 2019 |
Consolidated Statements Of Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Income Statement [Abstract] | ||||
Net sales | $ 563,417 | $ 598,952 | $ 1,100,033 | $ 1,188,197 |
Cost of Goods Sold | 392,584 | 453,093 | 776,331 | 885,555 |
Gross profit | 170,833 | 145,859 | 323,702 | 302,642 |
Selling, general, and administrative expenses | 35,021 | 41,999 | 71,794 | 82,912 |
Research, development, and testing expenses | 37,137 | 36,729 | 70,361 | 71,024 |
Operating profit | 98,675 | 67,131 | 181,547 | 148,706 |
Interest and financing expenses, net | 7,741 | 5,565 | 15,753 | 10,729 |
Other income (expense), net | 5,757 | 7,999 | 11,705 | 12,899 |
Income before income tax expense | 96,691 | 69,565 | 177,499 | 150,876 |
Income tax expense | 22,517 | 16,680 | 41,120 | 37,426 |
Net income | $ 74,174 | $ 52,885 | $ 136,379 | $ 113,450 |
Earnings per share - basic and diluted (in dollars per share) | $ 6.63 | $ 4.53 | $ 12.20 | $ 9.67 |
Cash dividends declared per share (in dollars per share) | $ 1.75 | $ 1.75 | $ 3.50 | $ 3.50 |
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Statement of Comprehensive Income [Abstract] | ||||
Amortization of prior service cost (credit) included in net periodic benefit cost (income), income tax expense (benefit) | $ (186) | $ (181) | $ (371) | $ (361) |
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), income tax expense (benefit) | 251 | 359 | 505 | 719 |
Foreign currency translation adjustments, income tax expense (benefit) | $ 114 | $ (504) | $ 7 | $ (544) |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2019 |
Dec. 31, 2018 |
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Statement of Financial Position [Abstract] | ||
Common stock, no par value | ||
Common stock, authorized shares | 80,000,000 | 80,000,000 |
Common stock, issued shares | 11,188,126 | 11,184,482 |
Common stock, outstanding shares | 11,188,126 | 11,184,482 |
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 1.75 | $ 1.75 | $ 3.50 | $ 3.50 |
Financial Statement Presentation |
6 Months Ended |
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Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Statement Presentation | Financial Statement Presentation In the opinion of management, the accompanying consolidated financial statements of NewMarket Corporation and its subsidiaries contain all necessary adjustments for the fair statement of, in all material respects, our consolidated financial position as of June 30, 2019 and December 31, 2018, our consolidated results of operations, comprehensive income, and changes in shareholders' equity for the second quarter and six months ended June 30, 2019 and June 30, 2018, and our cash flows for the six months ended June 30, 2019 and June 30, 2018. All adjustments are of a normal, recurring nature, unless otherwise disclosed. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the NewMarket Corporation Annual Report on Form 10-K for the year ended December 31, 2018 (2018 Annual Report), as filed with the Securities and Exchange Commission (SEC). The results of operations for the six month period ended June 30, 2019 are not necessarily indicative of the results to be expected for the full year ending December 31, 2019. The December 31, 2018 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Unless the context otherwise indicates, all references to “we,” “us,” “our,” the “company,” and “NewMarket” are to NewMarket Corporation and its consolidated subsidiaries. We adopted Accounting Standard Update No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" (ASU 2018-02) on January 1, 2019. ASU 2018-02 allows, but does not require, reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects that resulted from the enactment of U.S. tax legislation commonly known as the Tax Cuts and Jobs Acts (Tax Reform Act) at the end of 2017. We elected not to reclassify those tax effects from accumulated other comprehensive income upon adoption of ASU 2018-02. We typically remove the tax impact in accumulated other comprehensive income when the underlying circumstance which gave rise to the tax impact no longer exists.
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Net Sales |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales Our revenues are primarily derived from the manufacture and sale of petroleum additives products. We sell petroleum additives products across the world to customers located in the United States, Europe, Asia Pacific (including China), Latin America, Canada, India, and the Middle East. Our customers primarily consist of global, national, and independent oil companies. Our contracts generally include one performance obligation, which is providing petroleum additives products. The performance obligation is satisfied at a point in time when products are shipped, delivered, or consumed by the customer, depending on the underlying contracts. In limited cases, we collect funds in advance of shipping product to our customers and recognizing the related revenue. These prepayments from customers are recorded as a contract liability to our customer until we recognize the revenue. Some of our contracts include variable consideration in the form of rebates or business development funds. We regularly review both rebates and business development funds and make adjustments when necessary, recognizing the full amount of any adjustment in the period identified. The following table provides information on our net sales by geographic area. Information on net sales by segment is in Note 3.
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Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The tables below show our consolidated segment results. The “All other” category includes the operations of the antiknock compounds business, as well as certain contracted manufacturing and services associated with Ethyl Corporation (Ethyl). Net Sales by Segment
Segment Operating Profit
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Pension Plans and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits The table below shows cash contributions made during the six months ended June 30, 2019, as well as the remaining cash contributions we expect to make during the year ending December 31, 2019, for our domestic and foreign pension plans and domestic postretirement benefit plan.
The tables below present information on net periodic benefit cost (income) for our domestic and foreign pension plans and domestic postretirement benefit plan. The service cost component of net periodic benefit cost (income) is reflected in cost of goods sold; selling, general, and administrative expenses; or research, development, and testing expenses, to reflect where other compensation costs arising from services rendered by the pertinent employee are recorded on the Consolidated Statements of Income. The remaining components of net periodic benefit cost (income) are recorded in other income (expense), net on the Consolidated Statements of Income.
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share We had 22,536 shares of nonvested restricted stock at June 30, 2019 and 25,297 shares of nonvested restricted stock at June 30, 2018 that were excluded from the calculation of diluted earnings per share, as their effect on earnings per share would be anti-dilutive. The nonvested restricted stock is considered a participating security since the restricted stock contains nonforfeitable rights to dividends. As such, we use the two-class method to compute basic and diluted earnings per share for all periods presented since this method yields a more dilutive result than the treasury-stock method. The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories
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Intangibles (Net of Amortization) and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles (Net of Amortization) and Goodwill | Intangibles (Net of Amortization) and Goodwill The net carrying amount of intangibles and goodwill was $134 million at June 30, 2019 and $136 million at December 31, 2018. The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below.
All of the intangibles relate to the petroleum additives segment. The change in the gross carrying amount between December 31, 2018 and June 30, 2019 is due to foreign currency fluctuation. There is no accumulated goodwill impairment. Amortization expense was (in thousands):
Estimated amortization expense for the remainder of 2019, as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands):
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases On January 1, 2019, we adopted Accounting Standards Update No. 2016-02, "Leases (Topic 842)" (ASU 2016-02) using the modified retrospective transition method allowing us to apply the new standard at the adoption date and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Under this transition method, the prior comparative period continues to be reported under the accounting standards in effect for that period. We elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification of existing leases. In addition, we elected the hindsight practical expedient to determine the lease term for existing leases and also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements. Except for the railcar lease class, we made an accounting policy election to adopt the short-term lease exception, which allows us to not recognize on the balance sheet those leases with terms of 12 months or less resulting in short-term lease payments being recognized in the consolidate d statements of income on a straight-line basis over the lease term. We also elected a practical expedient to not separate lease and nonlease components in determining the right-of-use assets and lease liabilities for all lease classes. Adoption of the new standard resulted in recognition of both right-of-use assets and lease liabilities of approximately $70 million as of January 1, 2019. As the right-of-use assets and lease liabilities were substantially the same at adoption, we did not record a cumulative effect adjustment to the opening balance of retained earnings. We have both operating and finance leases with remaining terms ranging from less than one year to 52 years. Our leases are for land, real estate, railcars, vehicles, pipelines, plant equipment, and office equipment. We determine if an arrangement includes a lease at the inception of the agreement. The right-of-use asset and lease liability is determined at the lease commencement date and is based on the present value of estimated lease payments. Our lease agreements contain both fixed and variable lease payments. In some cases, variable lease payments are based on a rate or an index. Fixed lease payments, as well as variable lease payments which are based on a rate or index, are included in the determination of the right-of-use asset and lease liability. Variable lease payments that are not based on a rate or index are expensed when incurred. The present value of estimated lease payments is determined utilizing the rate implicit in the lease agreement, if that rate can be determined. If the implicit rate cannot be determined, the present value of estimated lease payments is determined utilizing our incremental borrowing rate. The incremental borrowing rate is determined at the lease commencement date and is developed utilizing a readily available market interest rate curve adjusted for our credit quality. Some of our leases include an option to renew that can extend the lease term. For those leases which are reasonably certain to be renewed, we included the renewal term in the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows:
Variable lease costs also include leases that do not have a right-of-use asset or lease liability, but are capitalized as part of inventory. Supplemental balance sheet information related to leases was as follows:
Supplemental cash flow information related to leases was as follows:
Maturities of lease liabilities as of June 30, 2019 were as follows:
Operating lease payments in the table above include approximately $17 million related to options to extend lease terms that are reasonably certain of being exercised. At June 30, 2019, we have commitments of approximately $17 million related to leases that have not yet commenced and are not included in the above table. Future lease payments for all noncancelable operating leases as of December 31, 2018 were (in thousands):
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Long-term Debt |
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Long-term Debt and Capital Lease Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | Long-term Debt
The outstanding 4.10% senior notes are unsecured, with an aggregate principal amount of $350 million and are registered under the Securities Act of 1933, as amended (Securities Act). The outstanding 3.78% senior notes are unsecured and were issued in a 2017 private placement with The Prudential Insurance Company of America and certain other purchasers. We were in compliance with all covenants under both issuances of the senior notes as of June 30, 2019 and December 31, 2018. The revolving credit facility (the Credit Agreement) has a borrowing capacity of $850 million, a term of five years, and matures on September 22, 2022. The obligations under the Credit Agreement are unsecured and are fully and unconditionally guaranteed by NewMarket. The average interest rate for borrowings under the Credit Agreement was 3.3% during the first six months of 2019 and 3.0% during the full year of 2018. We were in compliance with all covenants under the Credit Agreement as of June 30, 2019 and December 31, 2018. The outstanding borrowings under the Credit Agreement amounted to $81 million at June 30, 2019 and $168 million at December 31, 2018. Outstanding letters of credit approximate to $3 million at both June 30, 2019 and December 31, 2018 resulting in the unused portion of the credit facility amounting to $766 million at June 30, 2019 and $679 million at December 31, 2018. The capital lease obligations were related to the Singapore manufacturing facility and were reclassified to finance lease liabilities on the Consolidated Balance Sheets with the adoption of ASU 2016-02 on January 1, 2019. See Note 8.
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Commitments and Contingencies |
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Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Matters We are involved in legal proceedings that are incidental to our business and may include administrative or judicial actions. Some of these legal proceedings involve governmental authorities and relate to environmental matters. For further information, see Environmental below. While it is not possible to predict or determine with certainty the outcome of any legal proceeding, we believe the outcome of any of these proceedings, or all of them combined, will not result in a material adverse effect on our consolidated results of operations, financial condition, or cash flows. Environmental We are involved in environmental proceedings and potential proceedings relating to soil and groundwater contamination, disposal of hazardous waste, and other environmental matters at several of our current or former facilities, or at third-party sites where we have been designated as a potentially responsible party (PRP). While we believe we are currently adequately accrued for known environmental issues, it is possible that unexpected future costs could have a significant impact on our consolidated financial position, results of operations, and cash flows. Our total accruals for environmental remediation, dismantling, and decontamination were approximately $11 million at June 30, 2019 and $12 million at December 31, 2018. Of the total accrual, the current portion is included in accrued expenses and the noncurrent portion is included in other noncurrent liabilities on the Condensed Consolidated Balance Sheets. Our more significant environmental sites include a former plant site in Louisiana (the Louisiana site) and a Houston, Texas plant site (the Texas site). Together, the amounts accrued on a discounted basis related to these sites represented approximately $8 million of the total accrual above at both June 30, 2019 and December 31, 2018, using discount rates ranging from 3% to 9% for both periods. The aggregate undiscounted amount for these sites was $10 million at June 30, 2019 and $11 million at December 31, 2018. Of the total accrued for these two sites, the amount related to remediation of groundwater and soil for the Louisiana site was $4 million at both June 30, 2019 and December 31, 2018. The amount related to remediation of groundwater and soil for the Texas site was $4 million at both June 30, 2019 and December 31, 2018.
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Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The balances of, and changes in, the components of accumulated other comprehensive loss, net of tax, consist of the following:
(a) The pension plan and other postretirement benefit components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 4 in this Quarterly Report on Form 10-Q and Note 18 in our 2018 Annual Report for further information.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The carrying amount of cash and cash equivalents in the Condensed Consolidated Balance Sheets, as well as the fair value, was $73 million at June 30, 2019 and $73 million at December 31, 2018. The fair value is categorized in Level 1 of the fair value hierarchy. No material events occurred during the six months ended June 30, 2019 requiring adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis. Long-term debt – We record the carrying amount of our long-term debt at historical cost, less deferred financing costs related to the 4.10% senior notes. The estimated fair value of our long-term debt is shown in the table below and is based primarily on estimated current rates available to us for debt of the same remaining duration and adjusted for nonperformance risk and credit risk. The estimated fair value of our publicly-traded 4.10% senior notes included in long-term debt in the table below is based on the last quoted price closest to June 30, 2019. The fair value of our debt instruments is categorized as Level 2.
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Recent Accounting Pronouncements |
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Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements On January 1, 2019, we adopted ASU 2016-02, "Leases." Further information on the adoption is in Note 8. |
Significant Accounting Policies (Policies) |
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Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements Policy | We adopted Accounting Standard Update No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" (ASU 2018-02) on January 1, 2019. ASU 2018-02 allows, but does not require, reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects that resulted from the enactment of U.S. tax legislation commonly known as the Tax Cuts and Jobs Acts (Tax Reform Act) at the end of 2017. We elected not to reclassify those tax effects from accumulated other comprehensive income upon adoption of ASU 2018-02. We typically remove the tax impact in accumulated other comprehensive income when the underlying circumstance which gave rise to the tax impact no longer exists. |
Long-Term Debt | We record the carrying amount of our long-term debt at historical cost, less deferred financing costs related to the 4.10% senior notes. |
Leases | Except for the railcar lease class, we made an accounting policy election to adopt the short-term lease exception, which allows us to not recognize on the balance sheet those leases with terms of 12 months or less resulting in short-term lease payments being recognized in the consolidate d statements of income on a straight-line basis over the lease term. We also elected a practical expedient to not separate lease and nonlease components in determining the right-of-use assets and lease liabilities for all lease classes. Adoption of the new standard resulted in recognition of both right-of-use assets and lease liabilities of approximately $70 million as of January 1, 2019. As the right-of-use assets and lease liabilities were substantially the same at adoption, we did not record a cumulative effect adjustment to the opening balance of retained earnings. We have both operating and finance leases with remaining terms ranging from less than one year to 52 years. Our leases are for land, real estate, railcars, vehicles, pipelines, plant equipment, and office equipment. We determine if an arrangement includes a lease at the inception of the agreement. The right-of-use asset and lease liability is determined at the lease commencement date and is based on the present value of estimated lease payments. Our lease agreements contain both fixed and variable lease payments. In some cases, variable lease payments are based on a rate or an index. Fixed lease payments, as well as variable lease payments which are based on a rate or index, are included in the determination of the right-of-use asset and lease liability. Variable lease payments that are not based on a rate or index are expensed when incurred. The present value of estimated lease payments is determined utilizing the rate implicit in the lease agreement, if that rate can be determined. If the implicit rate cannot be determined, the present value of estimated lease payments is determined utilizing our incremental borrowing rate. The incremental borrowing rate is determined at the lease commencement date and is developed utilizing a readily available market interest rate curve adjusted for our credit quality. Some of our leases include an option to renew that can extend the lease term. For those leases which are reasonably certain to be renewed, we included the renewal term in the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
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Net Sales (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales by Geographic Area | The following table provides information on our net sales by geographic area. Information on net sales by segment is in Note 3.
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Segment Information (Tables) |
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Net Sales by Segment | Net Sales by Segment
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Segment Operating Profit | Segment Operating Profit
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Pension Plans and Other Postretirement Benefits (Tables) |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans | The table below shows cash contributions made during the six months ended June 30, 2019, as well as the remaining cash contributions we expect to make during the year ending December 31, 2019, for our domestic and foreign pension plans and domestic postretirement benefit plan.
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Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans | The tables below present information on net periodic benefit cost (income) for our domestic and foreign pension plans and domestic postretirement benefit plan. The service cost component of net periodic benefit cost (income) is reflected in cost of goods sold; selling, general, and administrative expenses; or research, development, and testing expenses, to reflect where other compensation costs arising from services rendered by the pertinent employee are recorded on the Consolidated Statements of Income. The remaining components of net periodic benefit cost (income) are recorded in other income (expense), net on the Consolidated Statements of Income.
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Earnings Per Share | The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share.
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Inventories (Tables) |
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Schedule of Inventories |
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Intangibles (Net of Amortization) and Goodwill (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information Related to Intangible Assets and Goodwill | The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below.
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Schedule Of Amortization Expense | Amortization expense was (in thousands):
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Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets | Estimated amortization expense for the remainder of 2019, as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands):
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense | The components of lease expense were as follows:
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Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows:
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Supplemental Cash Flow and Other Information | Supplemental cash flow information related to leases was as follows:
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Maturities of Operating And Finance Lease Liabilities | Maturities of lease liabilities as of June 30, 2019 were as follows:
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Schedule of Future Lease Payments for Noncancelable Operating Leases | Future lease payments for all noncancelable operating leases as of December 31, 2018 were (in thousands):
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Long-term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Long-Term Debt |
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Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Loss, Net of Tax | The balances of, and changes in, the components of accumulated other comprehensive loss, net of tax, consist of the following:
(a) The pension plan and other postretirement benefit components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 4 in this Quarterly Report on Form 10-Q and Note 18 in our 2018 Annual Report for further information.
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Fair Value Measurements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value Of Long-Term Debt |
|
Net Sales (Schedule of Net Sales by Geographical Area) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 563,417 | $ 598,952 | $ 1,100,033 | $ 1,188,197 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 188,031 | 185,225 | 360,045 | 366,863 |
China | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 62,115 | 61,878 | 121,408 | 126,089 |
Europe, Middle East, Africa, India [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 178,593 | 208,738 | 346,912 | 407,398 |
Asia Pacfic excl China [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 80,301 | 84,183 | 162,830 | 166,689 |
Other Foreign [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 54,377 | $ 58,928 | $ 108,838 | $ 121,158 |
Segment Information (Net Sales By Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Segment Information [Line Items] | ||||
Net sales | $ 563,417 | $ 598,952 | $ 1,100,033 | $ 1,188,197 |
Operating Segments [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Net sales | 560,824 | 596,202 | 1,093,503 | 1,183,110 |
Operating Segments [Member] | All Other [Member] | ||||
Segment Information [Line Items] | ||||
Net sales | 2,593 | 2,750 | 6,530 | 5,087 |
Operating Segments [Member] | Lubricant Additives [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Net sales | 462,659 | 492,313 | 899,879 | 977,362 |
Operating Segments [Member] | Fuel Additives [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Net sales | $ 98,165 | $ 103,889 | $ 193,624 | $ 205,748 |
Pension Plans and Other Postretirement Benefits (Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Pension Plan [Member] | Domestic Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions | $ 1,495 |
Expected Remaining Cash Contributions | 1,495 |
Pension Plan [Member] | Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions | 2,803 |
Expected Remaining Cash Contributions | 2,564 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions | 571 |
Expected Remaining Cash Contributions | $ 571 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares of nonvested restricted stock that were excluded from the calculation of diluted earnings per share (in shares) | 22,536 | 25,297 | ||
Earnings per share numerator: | ||||
Net income attributable to common shareholders before allocation of earnings to participating securities | $ 74,174 | $ 52,885 | $ 136,379 | $ 113,450 |
Earnings allocated to participating securities | 147 | 116 | 211 | 219 |
Net income attributable to common shareholders after allocation of earnings to participating securities | $ 74,027 | $ 52,769 | $ 136,168 | $ 113,231 |
Earnings per share denominator: | ||||
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares) | 11,166,000 | 11,647,000 | 11,166,000 | 11,705,000 |
Earnings per share - basic and diluted (in dollars per share) | $ 6.63 | $ 4.53 | $ 12.20 | $ 9.67 |
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods and work-in-process | $ 305,749 | $ 319,120 |
Raw materials | 56,339 | 63,403 |
Stores, supplies, and other | 14,393 | 13,818 |
Inventories | $ 376,481 | $ 396,341 |
Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount of intangibles and goodwill | $ 133,945,000 | $ 136,039,000 |
Accumulated goodwill impairment | $ 0 | $ 0 |
Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated economic life, in years | 10 years | |
Minimum [Member] | Customer Bases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated economic life, in years | 4 years | |
Minimum [Member] | Formulas And Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated economic life, in years | 3 years | |
Maximum [Member] | Customer Bases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated economic life, in years | 20 years | |
Maximum [Member] | Formulas And Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated economic life, in years | 6 years |
Intangibles (Net of Amortization) and Goodwill (Schedule Of Amortization Expense And Estimated Annual Amortization Expense Related To Intangible Assets) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 1,052 | $ 1,568 | $ 2,103 | $ 4,474 |
2019 | 2,103 | 2,103 | ||
2020 | 2,907 | 2,907 | ||
2021 | 2,156 | 2,156 | ||
2022 | 1,423 | 1,423 | ||
2023 | 907 | 907 | ||
2024 | $ 390 | $ 390 |
Leases Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jan. 01, 2019 |
|
Lessee, Lease, Description [Line Items] | ||
ROU assets recorded | $ 70 | |
Lease liabilities recorded | $ 70 | |
Lessee Operating Lease Option to Extend Reasonably Certain | $ 17 | |
Lease commitments that have not yet commenced | $ 17 | |
Lessee, Operating Lease, Existence of Option to Extend | true | |
Lease, Practical Expedients, Package | true | |
Lease, Practical Expedient, Use of Hindsight | true | |
Short-term Lease, Commitment | false | |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating and finance leases remaining terms | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating and finance leases remaining terms | 52 years |
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Leases [Abstract] | ||
Operating lease cost | $ 4,299 | $ 8,528 |
Finance lease cost: | ||
Amortization of assets | 636 | 1,269 |
Interest on lease liabilities | 94 | 192 |
Short-term lease cost | 789 | 1,964 |
Variable lease cost | 650 | 1,042 |
Total lease cost | $ 6,468 | $ 12,995 |
Leases Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Operating leases: | ||
Operating lease right-of-use assets | $ 55,739 | $ 0 |
Current liability | 13,537 | 0 |
Noncurrent liability | 42,157 | $ 0 |
Total operating lease liabilities | 55,694 | |
Finance leases: | ||
Finance lease right-of-use assets | 8,873 | |
Current liability | 2,537 | |
Noncurrent liability | 7,483 | |
Total finance lease liabilities | $ 10,020 | |
Weighted average remaining lease term (in years): | ||
Operating leases | 14 years | |
Finance leases | 7 years | |
Weighted average incremental borrowing rate: | ||
Operating leases | 4.07% | |
Finance leases | 3.67% |
Leases Supplemental Cash Flow and Other Information (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 8,321 |
Operating cash flows from finance leases | 192 |
Financing cash flows from finance leases | 1,233 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | 5,884 |
Finance leases | $ 5,134 |
Leases Maturities of Lease Liabilities (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Operating Leases | |
2019 (remainder) | $ 7,742 |
2020 | 13,993 |
2021 | 9,661 |
2022 | 7,122 |
2023 | 5,678 |
Thereafter | 32,388 |
Total lease payments | 76,584 |
Less: imputed interest | 20,890 |
Total lease obligations | 55,694 |
Finance Leases | |
2019 (remainder) | 1,428 |
2020 | 2,855 |
2021 | 1,835 |
2022 | 804 |
2023 | 599 |
Thereafter | 3,784 |
Total lease payments | 11,305 |
Less: imputed interest | 1,285 |
Total lease obligations | $ 10,020 |
Leases Future Operating Lease Payments (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Leases [Abstract] | |
2019 | $ 17,223 |
2020 | 15,035 |
2021 | 10,502 |
2022 | 7,957 |
2023 | 6,810 |
After 2023 | $ 24,490 |
Long-term Debt (Narrative) (Details) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 678,803,000 | $ 770,999,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 850,000,000 | |
Term of credit facility, years | 5 years | |
Revolving credit facility, maturity date | Sep. 22, 2022 | |
Average interest rate during the period | 3.30% | 3.00% |
Outstanding borrowings | $ 80,833,000 | $ 168,129,000 |
Outstanding letters of credit | 3,000,000 | 3,000,000 |
Unused portion of revolving credit facility | 766,000,000 | $ 679,000,000 |
4.10% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | $ 350,000,000 | |
Senior notes, interest rate | 4.10% | 4.10% |
Outstanding borrowings | $ 347,970,000 | $ 347,677,000 |
3.78% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate | 3.78% | 3.78% |
Outstanding borrowings | $ 250,000,000 | $ 250,000,000 |
Long-term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Debt Instrument [Line Items] | ||
Long-term Debt and Capital Lease Obligations | $ 678,803 | $ 770,999 |
4.10% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt and Capital Lease Obligations | $ 347,970 | $ 347,677 |
Senior notes, interest rate | 4.10% | 4.10% |
Debt instruments maturity date | 2022 | 2022 |
3.78% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt and Capital Lease Obligations | $ 250,000 | $ 250,000 |
Senior notes, interest rate | 3.78% | 3.78% |
Debt instruments maturity date | 2029 | 2029 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt and Capital Lease Obligations | $ 80,833 | $ 168,129 |
Capital Lease Obligation [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt and Capital Lease Obligations | $ 0 | $ 5,193 |
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 73,219 | $ 73,040 | $ 109,789 | $ 84,166 |
4.10% Senior Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Senior notes, interest rate | 4.10% | 4.10% | ||
Carrying Amount in Consolidated Balance Sheets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 73,000 | $ 73,000 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | $ 73,219 | $ 73,040 |
Fair Value Measurements (Estimated Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt (excluding capital lease obligations) | $ 678,803 | $ 765,806 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt (excluding capital lease obligations), Fair Value | $ 706,085 | $ 757,414 |
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