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 | |||||
(in thousands, except per-share amounts) | Third Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
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) | Third Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Pension plans and other postretirement benefits: | ||||||||||||||||||||||||||
Prior service credit (cost) arising during the period, net of income tax expense (benefit) of $( | ( | ( | ||||||||||||||||||||||||
Amortization of prior service cost (credit) included in net periodic benefit cost (income), net of income tax expense (benefit) of $( | ( | ( | ( | ( | ||||||||||||||||||||||
Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of $ | ||||||||||||||||||||||||||
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), net of income tax expense (benefit) of $ | ||||||||||||||||||||||||||
Total pension plans and other postretirement benefits | ||||||||||||||||||||||||||
Foreign currency translation adjustments, net of income tax expense (benefit) of $( | ( | ( | ( | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
(in thousands, except share amounts) | September 30, 2020 | December 31, 2019 | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Trade and other accounts receivable, less allowance for credit losses | ||||||||||||||
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 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 9) | ||||||||||||||
Shareholders’ equity: | ||||||||||||||
Common stock and paid-in capital (with | ||||||||||||||
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 June 30, 2019 | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | ||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | ||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | ||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | ||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Tax withholdings related to stock-based compensation | ( | ( | ( | |||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
(in thousands) | Nine Months Ended September 30, | |||||||||||||
2020 | 2019 | |||||||||||||
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 | ||||||||||||||
Gain on sale of land | ( | |||||||||||||
Working capital changes | ( | ( | ||||||||||||
Cash pension and postretirement contributions | ( | ( | ||||||||||||
Other, net | ||||||||||||||
Cash provided from (used in) operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | ( | ( | ||||||||||||
Proceeds from sale of land | ||||||||||||||
Other, net | ( | |||||||||||||
Cash provided from (used in) investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net repayments 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 | ( | ( | ||||||||||||
(Decrease) increase in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||||||||
Third Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net sales | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
China | |||||||||||||||||||||||
Europe, Middle East, Africa, India | |||||||||||||||||||||||
Asia Pacific, except China | |||||||||||||||||||||||
Other foreign | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ |
Third Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Petroleum additives | ||||||||||||||||||||||||||
Lubricant additives | $ | $ | $ | $ | ||||||||||||||||||||||
Fuel additives | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
All other | ||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ |
Third Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
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 Nine Months Ended September 30, 2020 | Expected Remaining Cash Contributions for Year Ending December 31, 2020 | ||||||||||||
Domestic plans | ||||||||||||||
Pension benefits | $ | $ | ||||||||||||
Postretirement benefits | ||||||||||||||
Foreign plans | ||||||||||||||
Pension benefits |
Domestic | ||||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||
Third Quarter Ended September 30, | ||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Third Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
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) | $ | $ | $ | $ |
Third Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in thousands, except per-share amounts) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
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 | $ | $ | $ | $ |
September 30, | December 31, | |||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Finished goods and work-in-process | $ | $ | ||||||||||||
Raw materials | ||||||||||||||
Stores, supplies, and other | ||||||||||||||
$ | $ |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||
Amortizing intangible assets | ||||||||||||||||||||||||||
Formulas and technology | $ | $ | $ | $ | ||||||||||||||||||||||
Contract | ||||||||||||||||||||||||||
Customer bases | ||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Third quarter ended September 30, 2020 | $ | ||||
Nine months ended September 30, 2020 | |||||
Third quarter ended September 30, 2019 | |||||
Nine months ended September 30, 2019 |
2020 | $ | ||||
2021 | |||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 |
(in thousands) | September 30, 2020 | December 31, 2019 | ||||||||||||
Senior notes - | $ | $ | ||||||||||||
Senior notes - | ||||||||||||||
Revolving credit facility | ||||||||||||||
$ | $ |
(in thousands) | Pension Plans and Other Postretirement Benefits | Foreign Currency Translation Adjustments | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||
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 September 30, 2019 | $ | ( | $ | ( | $ | ( | ||||||||||||||
Balance at December 31, 2019 | $ | ( | $ | ( | $ | ( | ||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss (a) | ||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ||||||||||||||||||
Balance at September 30, 2020 | $ | ( | $ | ( | $ | ( |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
Third Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Petroleum additives | ||||||||||||||||||||||||||
Lubricant additives | $ | 432.9 | $ | 448.6 | $ | 1,240.1 | $ | 1,348.5 | ||||||||||||||||||
Fuel additives | 77.4 | 102.0 | 236.3 | 295.6 | ||||||||||||||||||||||
Total | 510.3 | 550.6 | 1,476.4 | 1,644.1 | ||||||||||||||||||||||
All other | 2.6 | 5.2 | 6.8 | 11.8 | ||||||||||||||||||||||
Net sales | $ | 512.9 | $ | 555.8 | $ | 1,483.2 | $ | 1,655.9 |
(in millions) | Third Quarter | Nine Months | ||||||||||||
Period ended September 30, 2019 | $ | 550.6 | $ | 1,644.1 | ||||||||||
Lubricant additives shipments | (1.2) | (75.2) | ||||||||||||
Fuel additives shipments | (12.3) | (35.5) | ||||||||||||
Selling prices | (29.3) | (53.2) | ||||||||||||
Foreign currency impact, net | 2.5 | (3.8) | ||||||||||||
Period ended September 30, 2020 | $ | 510.3 | $ | 1,476.4 |
Third Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Petroleum additives | $ | 102.2 | $ | 94.8 | $ | 248.9 | $ | 285.6 | ||||||||||||||||||
All other | $ | 2.0 | $ | (0.1) | $ | 2.0 | $ | 0.1 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 1 to July 31 | 3,835 | $ | 373.88 | 3,835 | $ | 398,566,341 | ||||||||||||||||||||
August 1 to August 31 | 0 | 0.00 | 0 | 398,566,341 | ||||||||||||||||||||||
September 1 to September 30 | 0 | 0.00 | 0 | 398,566,341 | ||||||||||||||||||||||
Total | 3,835 | $ | 373.88 | 3,835 | $ | 398,566,341 |
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 | Inline XBRL Instance Document and Related Items (the instance document does not appear in the Interactive Data File because its Inline XBRL tags are embedded within the Inline XBRL document) | ||||
Exhibit 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
NEWMARKET CORPORATION | |||||
(Registrant) | |||||
Date: October 29, 2020 | By: /s/ Brian D. Paliotti | ||||
Brian D. Paliotti | |||||
Vice President and | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
Date: October 29, 2020 | By: /s/ William J. Skrobacz | ||||
William J. Skrobacz | |||||
Controller | |||||
(Principal Accounting Officer) |
Date: October 29, 2020 | ||||||||
By: | /s/ Thomas E. Gottwald | |||||||
Thomas E. Gottwald | ||||||||
Chairman of the Board, President, and Chief Executive Officer |
Date: October 29, 2020 | ||||||||
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 | |||||
October 29, 2020 |
By: | /s/ Brian D. Paliotti | ||||
Brian D. Paliotti | |||||
Vice President and Chief Financial Officer | |||||
October 29, 2020 |
Consolidated Statements Of Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Income Statement [Abstract] | ||||
Net sales | $ 512,869 | $ 555,817 | $ 1,483,150 | $ 1,655,850 |
Cost of goods sold | 346,262 | 393,090 | 1,038,898 | 1,169,421 |
Gross profit | 166,607 | 162,727 | 444,252 | 486,429 |
Selling, general, and administrative expenses | 34,690 | 38,122 | 105,837 | 109,916 |
Research, development, and testing expenses | 33,113 | 36,387 | 102,168 | 106,748 |
Operating profit | 98,804 | 88,218 | 236,247 | 269,765 |
Interest and financing expenses, net | 6,466 | 6,987 | 20,575 | 22,740 |
Other income (expense), net | 25,280 | 6,227 | 39,292 | 17,932 |
Income before income tax expense | 117,618 | 87,458 | 254,964 | 264,957 |
Income tax expense | 21,824 | 19,653 | 51,280 | 60,773 |
Net income | $ 95,794 | $ 67,805 | $ 203,684 | $ 204,184 |
Earnings per share - basic and diluted (in dollars per share) | $ 8.77 | $ 6.06 | $ 18.52 | $ 18.26 |
Cash dividends declared per share (in dollars per share) | $ 1.90 | $ 1.90 | $ 5.70 | $ 5.40 |
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Prior service credit (cost) arising during the period, income tax expense (benefit) | $ (7) | $ (7) | ||
Amortization of prior service cost (credit) included in net periodic benefit cost (income), income tax expense (benefit) | (169) | $ (185) | (510) | $ (556) |
Actuarial net gain (loss) arising during the period, income tax expense (benefit) | 977 | 771 | 977 | 771 |
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), income tax expense (benefit) | 297 | 169 | 1,090 | 674 |
Foreign currency translation adjustments, income tax expense (benefit) | $ (118) | $ (324) | $ (1,110) | $ (317) |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 80,000,000 | 80,000,000 |
Common Stock, Shares, Issued | 10,921,389 | 11,188,549 |
Common Stock, Shares, Outstanding | 10,921,389 | 11,188,549 |
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 1.90 | $ 1.90 | $ 5.70 | $ 5.40 |
Financial Statement Presentation |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
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 presentation of, in all material respects, our consolidated financial position as of September 30, 2020 and December 31, 2019, and our consolidated results of operations, comprehensive income, and changes in shareholders' equity for the third quarter and nine months ended September 30, 2020 and September 30, 2019, and our cash flows for the nine months ended September 30, 2020 and September 30, 2019. 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, 2019 (2019 Annual Report), as filed with the Securities and Exchange Commission (SEC). The results of operations for the nine month period ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020. The December 31, 2019 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. 2016-13, "Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments" (ASU 2016-13) on January 1, 2020. ASU 2016-13 mandates a methodology be utilized that determines expected credit losses on financial instruments instead of the former methodology that delayed recognition until a probable loss had been incurred. We record our accounts receivable at amortized cost and at the net amount expected to be collected. Our accounts receivable are predominantly trade receivables and are derived through the sale of petroleum additives products. Our customers primarily consist of global, national, and independent oil companies. We maintain an allowance for credit losses for expected losses resulting from our customers not making required payments. We determine the adequacy of the allowance by periodically evaluating each customer’s receivable balance, considering their financial condition and credit history, and considering current and forecasted economic conditions. The allowance for credit losses was not material at September 30, 2020 or December 31, 2019.
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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 North America, Latin America, Asia Pacific, and Europe/Middle East/Africa/India regions. 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 nine months ended September 30, 2020, as well as the remaining cash contributions we expect to make during the year ending December 31, 2020, 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 19,963 shares of nonvested restricted stock at September 30, 2020 and 22,512 shares of nonvested restricted stock at September 30, 2019 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 the most dilutive result. 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 GoodwillThe net carrying amount of intangibles and goodwill was $130 million at September 30, 2020 and $132 million at December 31, 2019. 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, 2019 and September 30, 2020 is due to foreign currency fluctuation, as well as the completion in May 2020 of the purchase of the remaining outstanding capital stock of Aditivos Mexicanos, S.A. de C.V. (AMSA), which we acquired in 2017. The prior noncontrolling interest represented by the outstanding capital stock of AMSA was not material. There is no accumulated goodwill impairment. Amortization expense was (in thousands):
Estimated amortization expense for the remainder of 2020, 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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Long-term Debt |
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Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | Long-term Debt
Senior Notes - 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. The 3.78% senior notes agreement was amended in March 2020 to conform the covenants under the agreement with those in the 2020 revolving credit facility. We were in compliance with all covenants under both issuances of the senior notes as of September 30, 2020 and December 31, 2019. Revolving Credit Facility - On March 5, 2020, we entered into a Credit Agreement (the Credit Agreement) with a term of five years. The Credit Agreement provides for a $900 million, multicurrency revolving credit facility, with a $500 million sublimit for multicurrency borrowings, a $50 million sublimit for letters of credit, and a $20 million sublimit for swingline loans. The Credit Agreement includes an expansion feature which allows us, subject to certain conditions, to request an increase in the aggregate amount of the revolving credit facility or obtain incremental term loans in an amount up to $425 million. Concurrent with entering into the Credit Agreement, we terminated our former revolving credit facility that we had entered into in 2017. The obligations under the Credit Agreement are unsecured and are fully and unconditionally guaranteed by NewMarket. The revolving credit facility is available on a revolving basis until March 5, 2025. Borrowings made under the revolving credit facility bear interest, at our option, at an annual rate equal to (1) the Alternate Base Rate (ABR) plus the Applicable Rate (as defined in the Credit Agreement) solely in the case of loans denominated in U.S. dollars to NewMarket, (2) the Adjusted LIBO Rate plus the Applicable Rate, or (3) the Adjusted EURIBO Rate plus the Applicable Rate. ABR is the greatest of (i) the rate of interest publicly announced by the Administrative Agent as its prime rate, (ii) the NYFRB Rate (as defined in the Credit Agreement) from time to time plus 0.5%, and (iii) the Adjusted LIBO Rate for a one month interest period plus 1%. The Adjusted LIBO Rate means the rate at which Eurocurrency deposits in the London interbank market for certain periods (as selected by NewMarket) are quoted, as adjusted for statutory reserve requirements for Eurocurrency liabilities and other applicable mandatory costs. The Adjusted EURIBO Rate means the rate at which Eurocurrency deposits denominated in euro in the euro interbank markets for certain periods (as selected by NewMarket) are quoted, as adjusted for statutory reserve requirements for Eurocurrency liabilities and other mandatory costs. The Applicable Rate ranges from 0.000% to 0.375% (depending on our Leverage Ratio or Credit Ratings) for loans bearing interest based on the ABR. The Applicable Rate ranges from 0.875% to 1.375% (depending on our Leverage Ratio or Credit Ratings) for loans bearing interest based on the Adjusted LIBO Rate or the Adjusted EURIBO rate. The Credit Agreement contains the Administrative Agent's customary LIBOR successor rate provisions, which apply in the event LIBOR is no longer generally adopted as the benchmark rate for syndicated loans. The Credit Agreement contains financial covenants that require NewMarket to maintain a consolidated Leverage Ratio (as defined in the Credit Agreement) of no more than 3.75 to 1.00 except during an Increased Leverage Period (as defined in the Credit Agreement). We were in compliance with all covenants under the revolving credit facility in effect at September 30, 2020 and at December 31, 2019. We paid financing costs in 2020 of approximately $1.3 million related to this revolving credit facility and carried over deferred financing costs from our previous revolving credit facility of approximately $1.2 million, resulting in total deferred financing costs of $2.5 million as of September 30, 2020, which we are amortizing over the term of the Credit Agreement. The average interest rate for borrowings under the credit agreements was 1.4% during the first nine months of 2020 and 3.0% during the full year of 2019. The outstanding borrowings under the revolving credit facilities amounted to $10 million at September 30, 2020 and $45 million at December 31, 2019. Outstanding letters of credit amounted to $2 million at September 30, 2020 and $3 million at December 31, 2019 resulting in the unused portion of the credit facility in effect amounting to $888 million at September 30, 2020 and $803 million at December 31, 2019.
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2020 | |
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 $10 million at September 30, 2020 and $11 million at December 31, 2019. 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 $7 million of the total accrual above at September 30, 2020 and $8 million at December 31, 2019, using discount rates ranging from 3% to 9% for both periods. The aggregate undiscounted amount for these sites was $9 million at September 30, 2020 and $10 million at December 31, 2019. Of the total accrued for these two sites, the amount related to remediation of groundwater and soil for the Louisiana site was $3 million at September 30, 2020 and $4 million at December 31, 2019. The amount related to remediation of groundwater and soil for the Texas site was $3 million at both September 30, 2020 and December 31, 2019.
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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 17 in our 2019 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 $118 million at September 30, 2020 and $144 million at December 31, 2019. The fair value is categorized in Level 1 of the fair value hierarchy. No material events occurred during the nine months ended September 30, 2020 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 September 30, 2020. The fair value of our debt instruments is categorized as Level 2.
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Recent Accounting Pronouncements |
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Sep. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (ASU 2020-04), which provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying generally accepted accounting principles to contracts, hedging relationships, and other transactions impacted by reference rate reform. The provisions of ASU 2020-04 apply only to those transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions of ASU 2020-04 are optional and are effective from March 12, 2020 through December 31, 2022. We continue to evaluate the impact of ASU 2020-04 on our consolidated financial statements, but do not currently expect a significant impact. |
Significant Accounting Policies (Policies) |
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Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
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. |
New Accounting Pronouncements Policy | We adopted Accounting Standard Update No. 2016-13, "Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments" (ASU 2016-13) on January 1, 2020. ASU 2016-13 mandates a methodology be utilized that determines expected credit losses on financial instruments instead of the former methodology that delayed recognition until a probable loss had been incurred. We record our accounts receivable at amortized cost and at the net amount expected to be collected. Our accounts receivable are predominantly trade receivables and are derived through the sale of petroleum additives products. Our customers primarily consist of global, national, and independent oil companies. We maintain an allowance for credit losses for expected losses resulting from our customers not making required payments. We determine the adequacy of the allowance by periodically evaluating each customer’s receivable balance, considering their financial condition and credit history, and considering current and forecasted economic conditions. The allowance for credit losses was not material at September 30, 2020 or December 31, 2019. |
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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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2020, as well as the remaining cash contributions we expect to make during the year ending December 31, 2020, 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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories |
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Intangibles (Net of Amortization) and Goodwill (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 2020, 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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Long-term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Long-Term Debt |
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Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 17 in our 2019 Annual Report for further information.
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 512,869 | $ 555,817 | $ 1,483,150 | $ 1,655,850 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 175,086 | 191,830 | 476,858 | 551,875 |
China | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 56,531 | 49,219 | 159,771 | 170,627 |
Europe, Middle East, Africa, India [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 161,484 | 179,685 | 483,051 | 526,597 |
Asia Pacfic excl China [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 64,498 | 77,823 | 210,670 | 240,653 |
Other Foreign [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 55,270 | $ 57,260 | $ 152,800 | $ 166,098 |
Segment Information (Net Sales By Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Segment Information [Line Items] | ||||
Net sales | $ 512,869 | $ 555,817 | $ 1,483,150 | $ 1,655,850 |
Operating Segments [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Net sales | 510,280 | 550,626 | 1,476,355 | 1,644,129 |
Operating Segments [Member] | All Other [Member] | ||||
Segment Information [Line Items] | ||||
Net sales | 2,589 | 5,191 | 6,795 | 11,721 |
Operating Segments [Member] | Lubricant Additives [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Net sales | 432,938 | 448,629 | 1,240,042 | 1,348,508 |
Operating Segments [Member] | Fuel Additives [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Net sales | $ 77,342 | $ 101,997 | $ 236,313 | $ 295,621 |
Pension Plans and Other Postretirement Benefits (Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Pension Plan [Member] | Domestic Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions | $ 2,169 |
Expected Remaining Cash Contributions | 723 |
Pension Plan [Member] | Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions | 4,176 |
Expected Remaining Cash Contributions | 1,646 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions | 1,372 |
Expected Remaining Cash Contributions | $ 457 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares of nonvested restricted stock that were excluded from the calculation of diluted earnings per share (in shares) | 19,963 | 22,512 | ||
Earnings per share numerator: | ||||
Net income attributable to common shareholders before allocation of earnings to participating securities | $ 95,794 | $ 67,805 | $ 203,684 | $ 204,184 |
Earnings allocated to participating securities | 172 | 137 | 326 | 348 |
Net Income (Loss) Available to Common Stockholders, Basic, Total | $ 95,622 | $ 67,668 | $ 203,358 | $ 203,836 |
Earnings per share denominator: | ||||
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares) | 10,903,000 | 11,167,000 | 10,981,000 | 11,166,000 |
Earnings per share - basic and diluted (in dollars per share) | $ 8.77 | $ 6.06 | $ 18.52 | $ 18.26 |
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods and work-in-process | $ 302,756 | $ 295,997 |
Raw materials | 51,892 | 55,702 |
Stores, supplies, and other | 15,456 | 14,239 |
Inventories | $ 370,104 | $ 365,938 |
Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount of intangibles and goodwill | $ 130,423,000 | $ 131,880,000 |
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 | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 586 | $ 1,051 | $ 2,322 | $ 3,154 |
2020 | 585 | 585 | ||
2021 | 2,156 | 2,156 | ||
2022 | 1,423 | 1,423 | ||
2023 | 907 | 907 | ||
2024 | 390 | 390 | ||
2025 | $ 390 | $ 390 |
Long-term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | $ 608,702 | $ 642,941 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 10,000 | 44,678 |
4.10% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 348,702 | $ 348,263 |
Senior notes, interest rate | 4.10% | 4.10% |
3.78% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 250,000 | $ 250,000 |
Senior notes, interest rate | 3.78% | 3.78% |
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 117,701 | $ 144,397 |
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 | $ 118,000 | $ 144,000 |
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 | $ 118,000 | $ 144,000 |
Fair Value Measurements (Estimated Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | $ 608,702 | $ 642,941 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt (excluding capital lease obligations), Fair Value | $ 662,784 | $ 677,253 |
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