Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Entity Registrant Name | 'NEWMARKET CORP |
Entity Central Index Key | '0001282637 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 13,260,406 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Income Statement [Abstract] | ' | ' | ' | ' | ||||
Net sales | $580,455 | $551,187 | $1,723,984 | $1,698,556 | ||||
Cost of goods sold | 416,632 | 390,918 | 1,222,326 | 1,206,932 | ||||
Gross profit | 163,823 | 160,269 | 501,658 | 491,624 | ||||
Selling, general, and administrative expenses | 40,886 | 37,095 | 121,748 | 114,701 | ||||
Research, development, and testing expenses | 35,865 | 30,208 | 103,315 | 86,569 | ||||
Operating (loss) profit | 87,072 | 92,966 | 276,595 | 290,354 | ||||
Interest and financing expenses, net | 4,259 | 1,304 | 13,614 | 6,445 | ||||
Loss on early extinguishment of debt | 0 | [1] | 0 | [1] | 0 | [1] | 9,092 | [1] |
Other (expense) income, net | -613 | 81 | 5,508 | -3,740 | ||||
Income from continuing operations before income tax expense | 82,200 | 91,743 | 268,489 | 271,077 | ||||
Income tax expense | 25,179 | 27,920 | 80,143 | 86,044 | ||||
Income from continuing operations | 57,021 | 63,823 | 188,346 | 185,033 | ||||
Discontinued operations: | ' | ' | ' | ' | ||||
Gain on sale of discontinued business, net of tax | 21,855 | 0 | 21,855 | 0 | ||||
Income from operations of discontinued business, net of tax | 20 | 892 | 540 | 1,497 | ||||
Net income | $78,896 | $64,715 | $210,741 | $186,530 | ||||
Earnings per share - basic and diluted: | ' | ' | ' | ' | ||||
Income from continuing operations (in dollars per share) | $4.29 | $4.76 | $14.13 | $13.80 | ||||
Income from discontinued operations, net of tax (in dollars per share) | $1.65 | $0.07 | $1.68 | $0.11 | ||||
Net income (in dollars per share) | $5.94 | $4.83 | $15.81 | $13.91 | ||||
Cash dividends declared per common share (in dollars per share) | $0.90 | $0.75 | $2.70 | $2.25 | ||||
[1] | In March 2012, we entered into a $650 million five-year unsecured revolving credit facility which replaced our previous $300 million unsecured revolving credit facility. During 2012, we used a portion of the $650 million revolving credit facility to fund the early redemption of all of our then outstanding 7.125% senior notes (7.125% senior notes), as well as to repay the outstanding principal amount on the mortgage loan. As a result, we recognized a loss on early extinguishment of debt of $9.9 million during the nine months ended September 30, 2012. The loss represents accelerated amortization of financing fees associated with the prior revolving credit facility, the 7.125% senior notes, and the mortgage loan, as well as costs associated with redeeming the 7.125% senior notes prior to maturity. Of the loss on early extinguishment of debt, $0.8 million for the nine months ended September 30, 2012 is included as a component of income from operations of discontinued business, net of tax. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income | $78,896 | $64,715 | $210,741 | $186,530 | ||||
Pension plans and other postretirement benefits: | ' | ' | ' | ' | ||||
Amortization of prior service (credit) cost included in net periodic benefit cost, net of income tax expense of $1 in third quarter 2013, $13 in third quarter 2012, $4 in nine months 2013, and $34 in nine months 2012 | -3 | [1] | 10 | [1] | 2 | [1] | 21 | [1] |
Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of $2,036 in third quarter 2013, $(989) in third quarter 2012, $2,131 in nine months 2013 and $(989) in third quarter 2012 | 3,225 | -1,550 | 3,510 | -1,550 | ||||
Amortization of actuarial net loss included in net periodic benefit cost, net of income tax expense of $705 in third quarter 2013, $603 in third quarter 2012, $2,293 in nine months 2013, and $1,723 in nine months 2012 | 1,237 | [1] | 1,045 | [1] | 3,962 | [1] | 3,069 | [1] |
Settlements and curtailments, net of income tax expense of $126 in nine months 2013 | 0 | [1] | 0 | [1] | 378 | [1] | 0 | [1] |
Amortization of transition obligation included in net periodic benefit cost, net of income tax expense of $3 in third quarter 2013, $3 in third quarter 2012, $9 in nine months 2013, and $10 in nine months 2012 | 7 | [1] | 11 | [1] | 26 | [1] | 30 | [1] |
Total pension plans and other postretirement benefits | 4,466 | -484 | 7,878 | 1,570 | ||||
Derivative instruments: | ' | ' | ' | ' | ||||
Unrealized loss on derivative instruments, net of income tax benefit of $210 in nine months 2012 | 0 | 0 | 0 | -330 | ||||
Reclassification adjustments for losses on derivative instruments included in net income, net of income tax expense of $1,545 in third quarter 2013, $135 in third quarter 2012, $2,622 in nine months 2013, and $433 in nine months 2012 | 2,481 | 213 | 4,173 | 680 | ||||
Total derivative instruments | 2,481 | 213 | 4,173 | 350 | ||||
Foreign currency translation adjustments, net of income tax expense (benefit) of $85 in third quarter 2013, $1,837 in third quarter 2012, $(1,673) in nine months 2013, and $230 in nine months 2012 | 12,666 | 12,818 | -9,744 | 9,439 | ||||
Marketable securities: | ' | ' | ' | ' | ||||
Unrealized gain on marketable securities, net of income tax expense of $310 in third quarter 2012 and $419 in nine months 2012 | 0 | 499 | 0 | 676 | ||||
Reclassification adjustments for gain on marketable securities included in net income, net of income tax benefit of $644 in third quarter and nine months 2012 | 0 | -1,040 | 0 | -1,040 | ||||
Total marketable securities | 0 | -541 | 0 | -364 | ||||
Other comprehensive income (loss) | 19,613 | 12,006 | 2,307 | 10,995 | ||||
Comprehensive income | $98,509 | $76,721 | $213,048 | $197,525 | ||||
[1] | (a) These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 5 in this Form 10-Q and Note 19 in our 2012 Annual Report for further information. |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Amortization of prior service (credit) cost included in net periodic benefit cost, income tax expense | $1 | $13 | $4 | $34 |
Actuarial net gain (loss) arising during the period, income tax expense (benefit) | 2,036 | -989 | 2,131 | -989 |
Amortization of actuarial net loss included in net periodic benefit cost, income tax expense | 705 | 603 | 2,293 | 1,723 |
Settlements and curtailments, income tax expense | ' | ' | 126 | ' |
Amortization of transition obligation included in net periodic benefit cost, income tax expense | 3 | 3 | 9 | 10 |
Unrealized loss on derivative instruments, income tax benefit | ' | ' | ' | -210 |
Reclassification adjustments for losses on derivative instruments included in net income, income tax expense | 1,545 | 135 | 2,622 | 433 |
Foreign currency translation adjustments, income tax expense (benefit) | 85 | 1,837 | -1,673 | 230 |
Unrealized gain on marketable securities, income tax expense | ' | 310 | ' | 419 |
Reclassification adjustments for gain on marketable securities included in net income, income tax benefit | ' | ($644) | ' | ($644) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $247,265 | $89,129 |
Trade and other accounts receivable, less allowance for doubtful accounts ($481 in 2013 and $319 in 2012) | 323,669 | 297,055 |
Inventories: | ' | ' |
Finished goods and work-in-process | 255,626 | 265,017 |
Raw materials | 48,834 | 48,881 |
Stores, supplies, and other | 8,313 | 8,776 |
Inventories, total | 312,773 | 322,674 |
Deferred income taxes | 8,832 | 8,452 |
Prepaid expenses and other current assets | 33,538 | 18,185 |
Total current assets | 926,077 | 735,495 |
Property, plant, and equipment, at cost | 1,006,310 | 1,070,967 |
Less accumulated depreciation and amortization | 723,971 | 712,596 |
Net property, plant, and equipment | 282,339 | 358,371 |
Prepaid pension cost | 17,371 | 12,710 |
Deferred income taxes | 50,050 | 55,123 |
Other assets and deferred charges | 44,612 | 72,007 |
Intangibles (net of amortization) and goodwill | 24,789 | 30,542 |
Total assets | 1,345,238 | 1,264,248 |
Current liabilities: | ' | ' |
Accounts payable | 126,874 | 119,298 |
Accrued expenses | 79,680 | 79,061 |
Dividends payable | 10,740 | 0 |
Book overdraft | 5,275 | 3,906 |
Long-term debt, current portion | 7,470 | 4,382 |
Income taxes payable | 33,377 | 10,024 |
Total current liabilities | 263,416 | 216,671 |
Long-term debt | 349,452 | 424,407 |
Other noncurrent liabilities | 193,284 | 220,965 |
Total liabilities | 806,152 | 862,043 |
Commitments and contingencies | ' | ' |
Shareholders’ equity: | ' | ' |
Common stock and paid-in capital (without par value; authorized shares - 80,000,000; issued and outstanding shares - 13,260,406 at September 30, 2013 and 13,417,877 at December 31, 2012) | 0 | 721 |
Accumulated other comprehensive loss | -108,382 | -110,689 |
Retained earnings | 647,468 | 512,173 |
Total shareholders' equity | 539,086 | 402,205 |
Total liabilities and shareholders’ equity | $1,345,238 | $1,264,248 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Trade and other accounts receivable, allowance for doubtful accounts | $481 | $319 |
Common stock, no par value | ' | ' |
Common stock, authorized shares | 80,000,000 | 80,000,000 |
Common stock, issued shares | 13,260,406 | 13,417,877 |
Common stock, outstanding shares | 13,260,406 | 13,417,877 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock and Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Special Cash Dividend [Member] | Special Cash Dividend [Member] | Ordinary Cash Dividends [Member] | Ordinary Cash Dividends [Member] |
In Thousands, except Share data | Retained Earnings [Member] | Retained Earnings [Member] | ||||||
Balance at Dec. 31, 2011 | $549,593 | $64 | ($98,732) | $648,261 | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2011 | ' | 13,404,831 | ' | ' | ' | ' | ' | ' |
Net income | 239,593 | ' | ' | 239,593 | ' | ' | ' | ' |
Other comprehensive income (loss) | -11,957 | ' | -11,957 | ' | ' | ' | ' | ' |
Cash dividends | ' | ' | ' | ' | -335,447 | -335,447 | -40,234 | -40,234 |
Stock-based compensation (in shares) | ' | 13,046 | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 657 | 657 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 402,205 | 721 | -110,689 | 512,173 | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2012 | 13,417,877 | 13,417,877 | ' | ' | ' | ' | ' | ' |
Net income | 210,741 | ' | ' | 210,741 | ' | ' | ' | ' |
Other comprehensive income (loss) | 2,307 | ' | 2,307 | ' | ' | ' | ' | ' |
Cash dividends | ' | ' | ' | ' | ' | ' | -35,904 | -35,904 |
Repurchases of common stock (in shares) | ' | -157,800 | ' | ' | ' | ' | ' | ' |
Repurchases of common stock | -41,156 | -1,614 | ' | -39,542 | ' | ' | ' | ' |
Stock-based compensation (in shares) | ' | 329 | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 893 | 893 | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | $539,086 | $0 | ($108,382) | $647,468 | ' | ' | ' | ' |
Balance (in shares) at Sep. 30, 2013 | 13,260,406 | 13,260,406 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Ordinary Cash Dividends [Member] | Ordinary Cash Dividends [Member] | Special Cash Dividend [Member] | |
Cash dividends (in dollars per share) | $2.70 | $3 | $25 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Cash Flows [Abstract] | ' | ' | |
Cash and cash equivalents at beginning of year | $89,129 | $50,370 | |
Cash flows from operating activities: | ' | ' | |
Net income | 210,741 | 186,530 | |
Adjustments to reconcile net income to cash flows from operating activities: | ' | ' | |
Depreciation and amortization | 35,926 | 32,449 | |
Noncash environmental remediation and dismantling | 1,385 | -213 | |
Noncash pension benefits expense | 13,903 | 11,439 | |
Noncash postretirement benefits expense | 2,485 | 2,707 | |
Noncash foreign exchange loss | 4,630 | 1,722 | |
Deferred income tax benefit | -979 | -1,653 | |
Gain on sale of discontinued business | -35,770 | 0 | |
Loss on early extinguishment of debt | 0 | 9,932 | [1] |
Restricted stock award | 715 | 183 | |
Gain on sale of equity securities | 0 | -1,685 | |
Unrealized (gain) loss on derivative instruments, net | -10,044 | 855 | |
Working capital changes | -988 | -41,566 | |
Realized loss on derivative instruments, net | 4,927 | 4,796 | |
Cash pension benefits contributions | -24,065 | -22,541 | |
Cash postretirement benefits contributions | -1,382 | -1,549 | |
Cash payment for 7.125% senior notes redemption premium | 0 | -5,345 | |
Proceeds from legal settlements | 5,100 | 5,050 | |
Change in book overdraft | 1,369 | 4,953 | |
Other, net | 446 | -735 | |
Cash provided from (used in) operating activities | 208,399 | 185,329 | |
Cash flows from investing activities: | ' | ' | |
Capital expenditures | -47,163 | -25,444 | |
Proceeds from sale of discontinued business | 140,011 | 0 | |
Deposits for interest rate swap | -11,018 | -19,567 | |
Return of deposits for interest rate swap | 21,880 | 17,800 | |
Payments on settlement of interest rate swap | -5,148 | -5,148 | |
Receipts from settlement of interest rate swap | 221 | 352 | |
Proceeds from sale of equity securities | 0 | 6,303 | |
Cash provided from (used in) investing activities | 98,783 | -25,704 | |
Cash flows from financing activities: | ' | ' | |
Net (repayments) borrowings under revolving credit facility | -75,000 | 116,000 | |
Repayment of 7.125% senior notes | 0 | -150,000 | |
Repayment of Foundry Park I mortgage loan | 0 | -63,544 | |
Net borrowings (repayments) under lines of credit | 3,088 | -1,781 | |
Dividends paid | -35,914 | -30,171 | |
Debt issuance costs | -1,145 | -2,369 | |
Repurchases of common stock | -41,156 | 0 | |
Cash provided from (used in) financing activities | -150,127 | -131,865 | |
Effect of foreign exchange on cash and cash equivalents | 1,081 | 1,577 | |
Increase in cash and cash equivalents | 158,136 | 29,337 | |
Cash and cash equivalents at end of period | $247,265 | $79,707 | |
[1] | In March 2012, we entered into a $650 million five-year unsecured revolving credit facility which replaced our previous $300 million unsecured revolving credit facility. During 2012, we used a portion of the $650 million revolving credit facility to fund the early redemption of all of our then outstanding 7.125% senior notes (7.125% senior notes), as well as to repay the outstanding principal amount on the mortgage loan. As a result, we recognized a loss on early extinguishment of debt of $9.9 million during the nine months ended September 30, 2012. The loss represents accelerated amortization of financing fees associated with the prior revolving credit facility, the 7.125% senior notes, and the mortgage loan, as well as costs associated with redeeming the 7.125% senior notes prior to maturity. Of the loss on early extinguishment of debt, $0.8 million for the nine months ended September 30, 2012 is included as a component of income from operations of discontinued business, net of tax. |
Financial_Statement_Presentati
Financial Statement Presentation | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
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 September 30, 2013 and December 31, 2012, the change in our shareholders’ equity for the nine months ended September 30, 2013 and the year ended December 31, 2012, our consolidated results of operations and comprehensive income for the third quarter and nine months ended September 30, 2013 and September 30, 2012, and our cash flows for the nine months ended September 30, 2013 and September 30, 2012. 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, 2012 (2012 Annual Report), as filed with the Securities and Exchange Commission (SEC). The results of operation for the nine month period ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013. The December 31, 2012 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. | |||||||||
At both September 30, 2013 and December 31, 2012, we had a book overdraft for some of our disbursement cash accounts. A book overdraft represents disbursements that have not cleared the bank accounts at the end of the reporting period. There are no agreements with the same banks to offset the presented balance. We transfer cash on an as-needed basis to fund these items as they clear the bank in subsequent periods. | |||||||||
Prior periods in the Consolidated Statements of Income have been reclassified to reflect the discontinued operations of the real estate development segment resulting from the July 2, 2013 sale of real property by Foundry Park I, LLC (Foundry Park I). Refer to Note 2 for further information. Certain other reclassifications have been made to the accompanying consolidated financial statements to conform to the current presentation. | |||||||||
Cash dividends for the nine months ended September 30, 2013 and September 30, 2012 were declared and paid as shown in the table below. | |||||||||
Year | Date Declared | Date Paid | Per Share | ||||||
Amount | |||||||||
2013 | February 28, 2013 | April 1, 2013 | $ | 0.9 | |||||
April 25, 2013 | July 1, 2013 | 0.9 | |||||||
July 18, 2013 | October 1, 2013 | 0.9 | |||||||
2012 | February 23, 2012 | April 2, 2012 | 0.75 | ||||||
April 26, 2012 | July 2, 2012 | 0.75 | |||||||
July 17, 2012 | October 1, 2012 | 0.75 | |||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
Discontinued Operations | |||||||||||||||||
On July 2, 2013, Foundry Park I completed the sale of its real estate assets for $143.6 million in cash, which comprised our entire real estate development segment. The operations of the real estate development segment for all periods presented are reported in Income from operations of discontinued business, net of tax, in the Consolidated Statements of Income. We recognized a gain of $35.8 million ($21.9 million after tax) in the third quarter of 2013 related to this transaction. | |||||||||||||||||
The components of income from operations of discontinued business, net of tax were as follows: | |||||||||||||||||
(in thousands) | Third Quarter Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Rental revenue | $ | 31 | $ | 2,857 | $ | 5,747 | $ | 8,573 | |||||||||
Cost of rental | 0 | 1,067 | 2,136 | 3,203 | |||||||||||||
Selling, general, and administrative expenses | 0 | 1 | 1 | 2 | |||||||||||||
Interest and financing expenses, net | 0 | 328 | 2,727 | 2,053 | |||||||||||||
Loss on early extinguishment of debt (Note 4) | 0 | 0 | 0 | 840 | |||||||||||||
Income before income taxes | 31 | 1,461 | 883 | 2,475 | |||||||||||||
Income tax expense | 11 | 569 | 343 | 978 | |||||||||||||
Income from operations of discontinued business, net of tax | $ | 20 | $ | 892 | $ | 540 | $ | 1,497 | |||||||||
Interest and financing expenses, net include only amounts directly related to the Foundry Park I mortgage loan agreement (mortgage loan). Other interest and financing expenses have not been allocated to discontinued operations. The Consolidated Statements of Cash Flows summarize the activity of discontinued operations and continuing operations together. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Asset Retirement Obligation [Abstract] | ' | ||||||||
Asset Retirement Obligations | ' | ||||||||
Asset Retirement Obligations | |||||||||
Our asset retirement obligations are related primarily to past tetraethyl lead (TEL) operations. The following table illustrates the activity associated with our asset retirement obligations for the nine months ended September 30, 2013 and September 30, 2012. | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Asset retirement obligations, January 1 | $ | 2,800 | $ | 3,297 | |||||
Accretion expense | 85 | 120 | |||||||
Liabilities settled | (475 | ) | (489 | ) | |||||
Changes in expected cash flows and timing | 272 | 296 | |||||||
Asset retirement obligations, September 30 | $ | 2,682 | $ | 3,224 | |||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment Information | |||||||||||||||||
The tables below show our consolidated segment results. The “All other” category includes the operations of the tetraethyl lead business, as well as certain contract manufacturing performed by Ethyl Corporation (Ethyl). | |||||||||||||||||
Consolidated Revenue by Segment | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Petroleum additives | |||||||||||||||||
Lubricant additives | $ | 461,936 | $ | 433,074 | $ | 1,389,720 | $ | 1,347,824 | |||||||||
Fuel additives | 115,660 | 114,587 | 327,615 | 341,770 | |||||||||||||
Total | 577,596 | 547,661 | 1,717,335 | 1,689,594 | |||||||||||||
All other | 2,859 | 3,526 | 6,649 | 8,962 | |||||||||||||
Consolidated revenue | $ | 580,455 | $ | 551,187 | $ | 1,723,984 | $ | 1,698,556 | |||||||||
Segment Operating Profit | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Petroleum additives | $ | 95,491 | $ | 96,350 | $ | 295,309 | $ | 300,436 | |||||||||
All other | (1,614 | ) | 1,768 | (1,832 | ) | 5,067 | |||||||||||
Segment operating profit | 93,877 | 98,118 | 293,477 | 305,503 | |||||||||||||
Corporate, general, and administrative expenses | (6,850 | ) | (5,000 | ) | (17,255 | ) | (16,003 | ) | |||||||||
Interest and financing expenses, net | (4,259 | ) | (1,304 | ) | (13,614 | ) | (6,445 | ) | |||||||||
Gain (loss) on interest rate swap agreement (a) | (659 | ) | (1,659 | ) | 5,116 | (5,650 | ) | ||||||||||
Loss on early extinguishment of debt (b) | 0 | 0 | 0 | (9,092 | ) | ||||||||||||
Other income, net | 91 | 1,588 | 765 | 2,764 | |||||||||||||
Income from continuing operations before income tax expense | $ | 82,200 | $ | 91,743 | $ | 268,489 | $ | 271,077 | |||||||||
(a) | The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap, and accordingly, any change in the fair value is immediately recognized in earnings. | ||||||||||||||||
(b) | In March 2012, we entered into a $650 million five-year unsecured revolving credit facility which replaced our previous $300 million unsecured revolving credit facility. During 2012, we used a portion of the $650 million revolving credit facility to fund the early redemption of all of our then outstanding 7.125% senior notes (7.125% senior notes), as well as to repay the outstanding principal amount on the mortgage loan. As a result, we recognized a loss on early extinguishment of debt of $9.9 million during the nine months ended September 30, 2012. The loss represents accelerated amortization of financing fees associated with the prior revolving credit facility, the 7.125% senior notes, and the mortgage loan, as well as costs associated with redeeming the 7.125% senior notes prior to maturity. Of the loss on early extinguishment of debt, $0.8 million for the nine months ended September 30, 2012 is included as a component of income from operations of discontinued business, net of tax. | ||||||||||||||||
Segment Depreciation and Amortization | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Petroleum additives | $ | 9,347 | $ | 8,993 | $ | 29,219 | $ | 27,097 | |||||||||
All other and corporate (a) | 695 | 1,836 | 6,707 | 5,352 | |||||||||||||
Total depreciation and amortization | $ | 10,042 | $ | 10,829 | $ | 35,926 | $ | 32,449 | |||||||||
(a) This amount includes depreciation and amortization expense of Foundry Park I, which was $1.3 million for the third quarter ended September 30, 2012, $4.7 million for the nine months ended September 30, 2013, and $3.4 million for the nine months ended September 30, 2012. These amounts are included in Income from operations of discontinued business, net of tax in the Consolidated Statements of Income. |
Pension_Plans_and_Other_Postre
Pension Plans and Other Postretirement Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [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, 2013, as well as the remaining cash contributions we expect to make during the year ending December 31, 2013 for both our domestic and foreign pension plans and postretirement benefit plans. | |||||||||||||||||
(in thousands) | Actual Cash Contributions for Nine Months Ended September 30, 2013 | Expected Remaining Cash Contributions for Year Ending December 31, 2013 | |||||||||||||||
Domestic plans | |||||||||||||||||
Pension benefits | $ | 18,077 | $ | 4,692 | |||||||||||||
Postretirement benefits | 1,217 | 406 | |||||||||||||||
Foreign plans | |||||||||||||||||
Pension benefits | 5,988 | 1,650 | |||||||||||||||
Postretirement benefits | 165 | 54 | |||||||||||||||
The tables below present information on net periodic benefit cost for our pension and postretirement benefit plans. | |||||||||||||||||
Domestic | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Third Quarter Ended September 30, | |||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 2,967 | $ | 2,286 | $ | 600 | $ | 370 | |||||||||
Interest cost | 2,396 | 2,446 | 513 | 710 | |||||||||||||
Expected return on plan assets | (3,655 | ) | (3,346 | ) | (362 | ) | (373 | ) | |||||||||
Amortization of prior service cost | 3 | 53 | 2 | 2 | |||||||||||||
Amortization of actuarial net loss (gain) | 1,711 | 1,414 | (138 | ) | (50 | ) | |||||||||||
Net periodic benefit cost | $ | 3,422 | $ | 2,853 | $ | 615 | $ | 659 | |||||||||
Domestic | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 8,294 | $ | 6,600 | $ | 1,598 | $ | 1,414 | |||||||||
Interest cost | 7,163 | 7,187 | 1,876 | 2,289 | |||||||||||||
Expected return on plan assets | (10,889 | ) | (9,948 | ) | (1,090 | ) | (1,119 | ) | |||||||||
Amortization of prior service cost | 11 | 158 | 7 | 7 | |||||||||||||
Amortization of actuarial net loss (gain) | 5,313 | 3,998 | (138 | ) | (50 | ) | |||||||||||
Net periodic benefit cost | $ | 9,892 | $ | 7,995 | $ | 2,253 | $ | 2,541 | |||||||||
Foreign | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Third Quarter Ended September 30, | |||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 1,271 | $ | 1,157 | $ | 5 | $ | 7 | |||||||||
Interest cost | 1,330 | 1,310 | 25 | 28 | |||||||||||||
Expected return on plan assets | (1,712 | ) | (1,491 | ) | 0 | 0 | |||||||||||
Amortization of prior service credit | (7 | ) | (31 | ) | 0 | 0 | |||||||||||
Amortization of transition obligation | 0 | 0 | 9 | 13 | |||||||||||||
Amortization of actuarial net loss | 359 | 272 | 7 | 7 | |||||||||||||
Settlements and curtailments | 0 | (251 | ) | 0 | 0 | ||||||||||||
Net periodic benefit cost | $ | 1,241 | $ | 966 | $ | 46 | $ | 55 | |||||||||
Foreign | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 3,946 | $ | 3,509 | $ | 21 | $ | 21 | |||||||||
Interest cost | 4,011 | 3,992 | 78 | 83 | |||||||||||||
Expected return on plan assets | (5,127 | ) | (4,523 | ) | 0 | 0 | |||||||||||
Amortization of prior service credit | (11 | ) | (108 | ) | 0 | 0 | |||||||||||
Amortization of transition obligation | 0 | 0 | 35 | 39 | |||||||||||||
Amortization of actuarial net loss | 1,059 | 825 | 27 | 23 | |||||||||||||
Settlements and curtailments | 133 | (251 | ) | 71 | 0 | ||||||||||||
Net periodic benefit cost | $ | 4,011 | $ | 3,444 | $ | 232 | $ | 166 | |||||||||
The curtailment loss for the nine months ended September 30, 2013 in the table above reflects the workforce reduction at our Ethyl Canada facility as a result of the decision to discontinue the production of a fuel additive at this facility. The settlement gain for the third quarter and nine months ended September 30, 2012 in the tables above reflects the completion of a partial wind-up of our Canadian salaried pension plan. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Earnings Per Share | |||||||||||||||||
Options and stock-based compensation awards are not included in the computation of diluted earnings per share if the impact on earnings per share would be anti-dilutive. We had 11,585 shares of nonvested restricted stock that were excluded from the calculation of diluted earnings per share for the third quarter and nine months ended September 30, 2013 and 11,940 shares of nonvested restricted stock that were excluded from the calculation of diluted earnings per share for the third quarter and nine months ended September 30, 2012 as their effects were anti-dilutive. | |||||||||||||||||
The nonvested restricted stock is considered a participating security since the stock contains nonforfeitable rights to dividends. As such, we use the two-class method to compute 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 from continuing operations. | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands, except per-share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings per share from continuing operations numerator: | |||||||||||||||||
Income from continuing operations attributable to common shareholders before allocation of earnings to participating securities | $ | 57,021 | $ | 63,823 | $ | 188,346 | $ | 185,033 | |||||||||
Income from continuing operations allocated to participating securities | 70 | 0 | 175 | 0 | |||||||||||||
Income from continuing operations attributable to common shareholders after allocation of earnings to participating securities | $ | 56,951 | $ | 63,823 | $ | 188,171 | $ | 185,033 | |||||||||
Earnings per share from continuing operations denominator: | |||||||||||||||||
Weighted-average number of shares of common stock outstanding - basic and diluted | 13,279 | 13,406 | 13,319 | 13,405 | |||||||||||||
Earnings per share from continuing operations - basic and diluted | $ | 4.29 | $ | 4.76 | $ | 14.13 | $ | 13.8 | |||||||||
Intangibles_Net_of_Amortizatio
Intangibles (Net of Amortization) and Goodwill | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Intangibles (Net of Amortization) and Goodwill | ' | ||||||||||||||||
Intangibles (Net of Amortization) and Goodwill | |||||||||||||||||
Identifiable Intangibles | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
(in thousands) | Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
Amortizing intangible assets | |||||||||||||||||
Formulas and technology | $ | 91,648 | $ | 78,789 | $ | 91,662 | $ | 74,762 | |||||||||
Contracts | 9,593 | 7,771 | 9,593 | 6,734 | |||||||||||||
Customer bases | 7,003 | 2,782 | 7,021 | 2,400 | |||||||||||||
Trademarks and trade names | 1,579 | 570 | 1,586 | 426 | |||||||||||||
Goodwill | 4,878 | 5,002 | |||||||||||||||
$ | 114,701 | $ | 89,912 | $ | 114,864 | $ | 84,322 | ||||||||||
All of the intangibles relate to the petroleum additives segment. The change in the gross carrying amount between 2012 and 2013 is due to foreign currency fluctuations. There is no accumulated goodwill impairment. | |||||||||||||||||
Amortization expense was (in millions): | |||||||||||||||||
Third quarter ended September 30, 2013 | $ | 1.9 | |||||||||||||||
Nine months ended September 30, 2013 | 5.6 | ||||||||||||||||
Third quarter ended September 30, 2012 | 1.9 | ||||||||||||||||
Nine months ended September 30, 2012 | 5.6 | ||||||||||||||||
Estimated amortization expense for the remainder of 2013, as well as annual amortization expense related to our intangible assets for the next five years is expected to be (in millions): | |||||||||||||||||
2013 | $ | 1.5 | |||||||||||||||
2014 | 6.2 | ||||||||||||||||
2015 | 5.8 | ||||||||||||||||
2016 | 1.9 | ||||||||||||||||
2017 | 0.7 | ||||||||||||||||
2018 | 0.7 | ||||||||||||||||
Generally, we amortize the cost of the customer base intangibles by an accelerated method and the cost of the remaining intangible assets by the straight-line method over their estimated economic lives. We generally amortize contracts over 1.5 to 10 years; customer bases over 20 years; and formulas and technology over 5 to 20 years. Trademarks and trade names are amortized over 10 years. |
Longterm_Debt
Long-term Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | ' | ||||||||
Long-term Debt | ' | ||||||||
Long-term Debt | |||||||||
(in thousands) | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Senior notes - 4.10% due 2022 | $ | 349,452 | $ | 349,407 | |||||
Revolving credit facility | 0 | 75,000 | |||||||
Lines of credit | 7,470 | 4,382 | |||||||
356,922 | 428,789 | ||||||||
Current maturities of long-term debt | (7,470 | ) | (4,382 | ) | |||||
$ | 349,452 | $ | 424,407 | ||||||
At September 30, 2013, we had outstanding senior notes in the aggregate principal amount of $350 million that bear interest at a fixed rate of 4.10% and are due in 2022 (4.10% senior notes). During March 2013, we registered these 4.10% senior notes under the Securities Act of 1933. All previously unregistered 4.10% senior notes that were outstanding at December 31, 2012 have been exchanged for an equal aggregate principal amount of registered 4.10% senior notes. | |||||||||
The following table provides information related to the unused portion of our revolving credit facility in effect at September 30, 2013 and December 31, 2012: | |||||||||
(in millions) | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Maximum borrowing capacity under the revolving credit facility | $ | 650 | $ | 650 | |||||
Outstanding borrowings under the revolving credit facility | 0 | 75 | |||||||
Outstanding letters of credit | 3.1 | 3.1 | |||||||
Unused portion of revolving credit facility | $ | 646.9 | $ | 571.9 | |||||
For further information on the outstanding letters of credit, see Note 9. The average interest rate for borrowings under our revolving credit facility was 2.16% during the first nine months of 2013 and 1.84% during 2012. | |||||||||
We were in compliance with all covenants under our debt agreements at September 30, 2013 and at December 31, 2012. |
Contractual_Commitments_and_Co
Contractual Commitments and Contingencies | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Contractual Commitments and Contingencies | ' | ||||||||||||||||||||||||
Contractual Commitments and Contingencies | |||||||||||||||||||||||||
Information on certain contractual commitments and contingencies follows. | |||||||||||||||||||||||||
Litigation | |||||||||||||||||||||||||
We are involved in legal proceedings that are incidental to our business and include administrative or judicial actions seeking remediation under environmental laws, such as Superfund. Some of these legal proceedings relate to environmental matters and involve governmental authorities. 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 operation, financial condition, or cash flows. | |||||||||||||||||||||||||
As we previously disclosed, the United States Department of Justice has advised us that it is conducting a review of certain of our foreign business activities in relation to compliance with relevant U.S. economic sanctions programs and anti-corruption laws, as well as certain historical conduct in the domestic U.S. market, and has requested certain information in connection with such review. We are cooperating with the investigation. In connection with such cooperation, we have voluntarily agreed to provide certain information and are conducting an internal review for that purpose. | |||||||||||||||||||||||||
Environmental | |||||||||||||||||||||||||
In 2000, the Environmental Protection Agency (EPA) named us as a potentially responsible party (PRP) under Superfund law for the clean-up of soil and groundwater contamination at the five grouped disposal sites known as "Sauget Area 2 Sites" in Sauget, Illinois. Without admitting any fact, responsibility, fault, or liability in connection with this site, we are participating with other PRPs in site investigations and feasibility studies. The Sauget Area 2 Sites PRPs received notice of approval from the EPA of the Remedial Investigation report on February 27, 2009, notice of approval of the October 2009 Human Health Risk Assessment on December 17, 2009, and approval of the Feasibility Study (FS) report on April 3, 2013. We have accrued our estimated proportional share of the expenses for the FS, as well as our best estimate of our proportional share of the remediation liability proposed in our ongoing discussions and submissions with the agencies involved. We do not believe there is any additional information available as a basis for revision of the liability that we have established at September 30, 2013. The amount accrued for this site is not material. | |||||||||||||||||||||||||
The accruals for environmental remediation, dismantling, and decontamination at our most significant environmental remediation sites are shown below. At the former TEL plant site shown in the table below, we have completed significant environmental remediation, although we will be monitoring and treating the site for an extended period. The accruals below have been discounted to present value, and include an inflation factor in the estimate. The remaining environmental liabilities not shown separately below are not discounted. | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(in millions) | Former TEL | Houston, | Superfund | Former TEL | Houston, | Superfund | |||||||||||||||||||
Plant Site, | Texas Plant | Site, | Plant Site, | Texas Plant | Site, | ||||||||||||||||||||
Louisiana | Site | Louisiana | Louisiana | Site | Louisiana | ||||||||||||||||||||
Accrual, discounted | $ | 5.5 | $ | 6.5 | $ | 3.4 | $ | 5.6 | $ | 6.1 | $ | 3.2 | |||||||||||||
Accrual, undiscounted | 6.8 | 10 | 4.5 | 6.9 | 9.3 | 4.4 | |||||||||||||||||||
Approximate range of discount rates for accrual | 3% - 4% | 3% - 9% | 2% - 4% | 3% - 4% | 3% - 9% | 2% - 4% | |||||||||||||||||||
Expected future payments: | |||||||||||||||||||||||||
2013 | $ | 0.3 | $ | 0.5 | $ | 0 | |||||||||||||||||||
2014 | 0.8 | 0.3 | 0.2 | ||||||||||||||||||||||
2015 | 0.8 | 0.2 | 0.2 | ||||||||||||||||||||||
2016 | 0.6 | 0.2 | 0.3 | ||||||||||||||||||||||
2017 | 0.5 | 0.2 | 0.3 | ||||||||||||||||||||||
Thereafter | 3.8 | 8.6 | 3.5 | ||||||||||||||||||||||
Of the total accrual at the Houston, Texas plant site, $6.2 million at September 30, 2013 and $5.8 million at December 31, 2012 relates to remediation. Of the total remediation, $6.1 million at September 30, 2013 and $5.6 million at December 31, 2012 relates to remediation of groundwater and soil. | |||||||||||||||||||||||||
We accrue for environmental remediation and monitoring activities for which costs can be reasonably estimated and are probable. These estimates are based on an assessment of the site, available clean-up methods, and prior experience in handling remediation. 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 financial position, results of operation, and cash flows. | |||||||||||||||||||||||||
Our total accruals for environmental remediation were approximately $20.0 million at September 30, 2013 and $19.7 million at December 31, 2012. In addition to the accruals for environmental remediation, we also have accruals for dismantling and decommissioning costs of $400 thousand at September 30, 2013 and $500 thousand at December 31, 2012. | |||||||||||||||||||||||||
Letters of Credit and Guarantees | |||||||||||||||||||||||||
We have agreements with several financial institutions that provide guarantees for certain business activities of our subsidiaries, including performance, insurance, credit, lease, and customs and excise guarantees. The parent company provides guarantees of the subsidiaries' performance under these agreements and also provides a guarantee for repayment of a line of credit for a subsidiary in China. Guarantees outstanding under all of these agreements at September 30, 2013 were $17 million. At September 30, 2013, $3.1 million of these guarantees were secured by letters of credit, all of which were issued under the $100 million letter of credit sub-facility of our revolving credit facility. See Note 8 for further information. The letters of credit relate to insurance and performance guarantees. The maximum potential amount of future payments under all other guarantees not secured by letters of credit at September 30, 2013 was $21 million. We have no liability accrued for these guarantees; however, there is $7.5 million drawn on the line of credit in China, which is recorded in Long-term debt, current portion on the Consolidated Balance Sheets. See Note 8 for further information. We accrue for potential liabilities when a future payment is probable and the range of loss can be reasonably estimated. | |||||||||||||||||||||||||
Expiration dates of the letters of credit and certain guarantees range from 2013 to 2021. Some of the guarantees have no expiration date. We renew letters of credit as necessary. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Derivatives and Hedging Activities | ' | |||||||||||||||||||||||||||
Derivatives and Hedging Activities | ||||||||||||||||||||||||||||
We are exposed to certain risks arising from both our business operations and economic conditions. We primarily manage our exposures to a wide variety of business and operational risks through management of our core business activities. | ||||||||||||||||||||||||||||
We manage certain economic risks, including interest rate, liquidity, and credit risks, primarily by managing the amount, sources, and duration of our debt funding, as well as through the use of derivative financial instruments. Specifically, we have entered into interest rate swaps to manage our exposure to interest rate movements. | ||||||||||||||||||||||||||||
Our foreign operations expose us to fluctuations of foreign exchange rates. These fluctuations may impact the value of our cash receipts and payments as compared to our reporting currency, the U.S. Dollar. To manage this exposure, we sometimes enter into foreign currency forward contracts to minimize currency exposure due to cash flows from foreign operations. There were no such contracts outstanding at September 30, 2013 or December 31, 2012. | ||||||||||||||||||||||||||||
Cash Flow Hedge of Interest Rate Risk | ||||||||||||||||||||||||||||
In January 2010, we entered into an interest rate swap to manage our exposure to interest rate movements on the mortgage loan and to reduce variability in interest expense. This mortgage loan interest rate swap terminated with the payoff of the mortgage loan on May 1, 2012. Further information on the mortgage loan is in Note 12 of our 2012 Annual Report. We also had an interest rate swap to manage our exposure to interest rate movements on the Foundry Park I construction loan and to add stability to capitalized interest expense. The Foundry Park I construction loan interest rate swap matured on January 1, 2010. Both interest rate swaps were designated and qualified as cash flow hedges. As such, the effective portion of changes in the fair value of the swaps was recorded in accumulated other comprehensive loss and was subsequently reclassified into earnings in the period that the hedged forecasted transaction affected earnings. Any ineffective portion of changes in the fair value of the swap was recognized immediately in earnings. Due to the sale of the real estate assets of Foundry Park I in July 2013, the amounts recorded in accumulated other comprehensive loss for both interest rate swaps were completely recognized in the Consolidated Statements of Income during the nine months of 2013. | ||||||||||||||||||||||||||||
The accumulated unrealized loss, net of tax, related to the fair value of the mortgage loan interest rate swap was recorded in accumulated other comprehensive loss in shareholders’ equity on the Consolidated Balance Sheets and amounted to $0 at September 30, 2013 and $1.7 million at December 31, 2012. Also recorded as a component of accumulated other comprehensive loss in shareholders’ equity on the Consolidated Balance Sheets, net of tax, was the accumulated loss related to the construction loan interest rate swap which amounted to $0 at September 30, 2013 and $2.5 million at December 31, 2012. | ||||||||||||||||||||||||||||
Non-designated Hedges | ||||||||||||||||||||||||||||
On June 25, 2009, we entered into an interest rate swap with Goldman Sachs in the notional amount of $97 million and with a maturity date of January 19, 2022 (Goldman Sachs interest rate swap). NewMarket entered into the Goldman Sachs interest rate swap in connection with the termination of a loan application and related rate lock agreement between Foundry Park I and Principal Commercial Funding II, LLC (Principal). When the rate lock agreement was originally executed in 2007, Principal simultaneously entered into an interest rate swap with a third party to hedge Principal’s exposure to fluctuation in the ten-year United States Treasury Bond rate. Upon the termination of the rate lock agreement on June 25, 2009, Goldman Sachs both assumed Principal’s position with the third party and entered into an offsetting interest rate swap with NewMarket. Under the terms of this interest rate swap, NewMarket is making fixed rate payments at 5.3075% and Goldman Sachs makes variable rate payments based on three-month LIBOR. We have collateralized this exposure through cash deposits posted with Goldman Sachs amounting to $26.8 million at September 30, 2013 and $37.7 million at December 31, 2012. | ||||||||||||||||||||||||||||
We have made an accounting policy election to not offset derivative fair value amounts with the fair value amounts for the right to reclaim cash collateral under our master netting arrangement. We do not use hedge accounting for the Goldman Sachs interest rate swap, and therefore, immediately recognize any change in the fair value of this derivative financial instrument directly in earnings. | ||||||||||||||||||||||||||||
***** | ||||||||||||||||||||||||||||
The table below presents the fair value of our derivative financial instruments, as well as their classification on the Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | ||||||||||||||||||||
Sheet | Sheet | Sheet | Sheet | |||||||||||||||||||||||||
Location | Location | Location | Location | |||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Goldman Sachs interest rate swap | $ | 0 | $ | 0 | Accrued expenses and Other noncurrent liabilities | $ | 22,717 | Accrued expenses and Other noncurrent liabilities | $ | 32,761 | ||||||||||||||||||
The total fair value reflected in the table above includes amounts recorded in accrued expenses of approximately $1.0 million at September 30, 2013 and $2.3 million at December 31, 2012 for the Goldman Sachs interest rate swap. | ||||||||||||||||||||||||||||
The tables below present the effect of our derivative financial instruments on the Consolidated Statements of Income. | ||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Income | ||||||||||||||||||||||||||||
Designated Cash Flow Hedges | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||
Third Quarter Ended | Third Quarter Ended | Third Quarter Ended | ||||||||||||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Mortgage loan interest rate swap | $ | 0 | $ | 0 | Discontinued operations | $ | 0 | $ | (327 | ) | $ | 0 | $ | 0 | ||||||||||||||
Construction loan interest rate swap | $ | 0 | $ | 0 | Discontinued operations | $ | (4,026 | ) | $ | (21 | ) | $ | 0 | $ | 0 | |||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Mortgage loan interest rate swap | $ | 0 | $ | (540 | ) | Discontinued operations | $ | (2,727 | ) | $ | (1,049 | ) | $ | 0 | $ | 0 | ||||||||||||
Construction loan interest rate swap | $ | 0 | $ | 0 | Discontinued operations | $ | (4,068 | ) | $ | (64 | ) | $ | 0 | $ | 0 | |||||||||||||
Of the amounts in discontinued operations reflected in the table above, $4.0 million from the construction loan was recorded as a component of the gain on sale of discontinued business. The remaining amounts are recorded as a component of income from operations of discontinued business. | ||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Income | ||||||||||||||||||||||||||||
Non-Designated Derivatives | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in | Amount of Gain (Loss) Recognized in | ||||||||||||||||||||||||||
Income on Derivatives | Income on Derivatives | |||||||||||||||||||||||||||
Third Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Goldman Sachs interest rate swap | Other (expense) income, net | $ | (659 | ) | $ | (1,659 | ) | $ | 5,116 | $ | (5,650 | ) | ||||||||||||||||
Credit-risk Related Contingent Features | ||||||||||||||||||||||||||||
The agreement we have with our current derivative counterparty contains a provision where we could be declared in default on our derivative obligation if repayment of indebtedness is accelerated by our lender(s) due to our default on the indebtedness. | ||||||||||||||||||||||||||||
As of September 30, 2013, the fair value of the derivative in a net liability position related to this agreement, which includes accrued interest but excludes any adjustment for nonperformance risk, was $22.5 million. We have minimum collateral posting thresholds with the counterparty and have posted cash collateral of $26.8 million as of September 30, 2013. If required, we could have settled our obligations under the agreement at the termination value of $22.5 million at September 30, 2013. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
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: | |||||||||||||||||||||
(in thousands) | Pension Plans | Derivative Instruments | Foreign Currency Translation Adjustments | Marketable Securities | Accumulated Other | ||||||||||||||||
and Other Postretirement Benefits | Comprehensive (Loss) Income | ||||||||||||||||||||
Balance at December 31, 2011 | $ | (76,416 | ) | $ | (4,736 | ) | $ | (17,944 | ) | $ | 364 | $ | (98,732 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (24,291 | ) | (330 | ) | 7,567 | 676 | (16,378 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 4,568 | 893 | 0 | (1,040 | ) | 4,421 | |||||||||||||||
Other comprehensive income (loss) | (19,723 | ) | 563 | 7,567 | (364 | ) | (11,957 | ) | |||||||||||||
Balance at December 31, 2012 | (96,139 | ) | (4,173 | ) | (10,377 | ) | 0 | (110,689 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications | 3,510 | 0 | (9,744 | ) | 0 | (6,234 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 4,368 | 4,173 | 0 | 0 | 8,541 | ||||||||||||||||
Other comprehensive income (loss) | 7,878 | 4,173 | (9,744 | ) | 0 | 2,307 | |||||||||||||||
Balance at September 30, 2013 | $ | (88,261 | ) | $ | 0 | $ | (20,121 | ) | $ | 0 | $ | (108,382 | ) | ||||||||
The following table illustrates the amounts, net of tax, reclassified out of each component of accumulated other comprehensive loss and their location within the respective line items on the Consolidated Statements of Income. | |||||||||||||||||||||
(in thousands) | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Accumulated Other Comprehensive Loss Component | Third Quarter Ended | Nine Months Ended | Affected Line Item on the Consolidated Statements of Income | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Pension plans and other postretirement benefits: | |||||||||||||||||||||
Amortization of prior service (credit) cost | $ | (3 | ) | $ | 10 | $ | 2 | $ | 21 | (a) | |||||||||||
Amortization of actuarial net loss | 1,237 | 1,045 | 3,962 | 3,069 | (a) | ||||||||||||||||
Settlements and curtailments | 0 | 0 | 378 | 0 | (a) | ||||||||||||||||
Amortization of transition obligation | 7 | 11 | 26 | 30 | (a) | ||||||||||||||||
Total pension plans and other postretirement benefits | 1,241 | 1,066 | 4,368 | 3,120 | |||||||||||||||||
Derivative instruments: | |||||||||||||||||||||
Amortization of mortgage loan interest rate swap | 0 | 200 | 1,666 | 641 | Income from operations of discontinued business, net of tax | ||||||||||||||||
Amortization of construction loan interest rate swap | 2,481 | 13 | 2,507 | 39 | Discontinued operations | ||||||||||||||||
Total derivative instruments | 2,481 | 213 | 4,173 | 680 | |||||||||||||||||
Marketable securities | 0 | (1,040 | ) | 0 | (1,040 | ) | Other (expense) income, net | ||||||||||||||
Total reclassifications for the period | $ | 3,722 | $ | 239 | $ | 8,541 | $ | 2,760 | |||||||||||||
(a) These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 5 in this Form 10-Q and Note 19 in our 2012 Annual Report for further information. | |||||||||||||||||||||
For the third quarter of 2013 and nine months of 2013, $2.5 million of the amount reported in the table above for the amortization of construction loan interest rate swap is a component of gain on sale of discontinued business, net of tax. The remaining amounts are components of income from operations of discontinued business, net of tax. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
The following table provides information on assets and liabilities measured at fair value on a recurring basis. No material events occurred during the nine months ended September 30, 2013 requiring adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis. | |||||||||||||||||||||
Carrying Amount in Consolidated Balance Sheets | Fair Value Measurements Using | ||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(in thousands) | September 30, 2013 | ||||||||||||||||||||
Cash and cash equivalents | $ | 247,265 | $ | 247,265 | $ | 247,265 | $ | 0 | $ | 0 | |||||||||||
Cash deposit for collateralized interest rate swap | 26,833 | 26,833 | 26,833 | 0 | 0 | ||||||||||||||||
Interest rate swap liability | 22,717 | 22,717 | 0 | 22,717 | 0 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Cash and cash equivalents | $ | 89,129 | $ | 89,129 | $ | 89,129 | $ | 0 | $ | 0 | |||||||||||
Cash deposit for collateralized interest rate swap | 37,694 | 37,694 | 37,694 | 0 | 0 | ||||||||||||||||
Interest rate swap liability | 32,761 | 32,761 | 0 | 32,761 | 0 | ||||||||||||||||
We determine the fair value of the derivative instruments shown in the table above by using widely-accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each instrument. The analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs. | |||||||||||||||||||||
The fair value of the interest rate swap is determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates derived from observable market interest rate curves. In determining the fair value measurements, we incorporate credit valuation adjustments to appropriately reflect both our nonperformance risk and the counterparties’ nonperformance risk. | |||||||||||||||||||||
Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustment associated with the derivatives utilizes Level 3 inputs. These Level 3 inputs include estimates of current credit spreads to evaluate the likelihood of default by both us and the counterparties to the derivatives. As of September 30, 2013 and December 31, 2012, we have assessed the significance of the impact of the credit valuation adjustment on the overall valuation of our derivatives and have determined that the credit valuation adjustment is not significant to the overall valuation of the derivatives. Accordingly, we have determined that our derivative valuations should be classified in Level 2 of the fair value hierarchy. | |||||||||||||||||||||
We have made an accounting policy election to measure credit risk of any derivative financial instruments subject to master netting agreements on a net basis by counterparty portfolio. | |||||||||||||||||||||
Long-term debt – We record the value of our long-term debt at historical cost. 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 is determined by the market standard practice of modeling the contractual cash flows required under the debt instrument and discounting the cash flows back to present value at the appropriate credit-risk adjusted market interest rates. For floating rate debt obligations, we use forward rates, derived from observable market yield curves, to project the expected cash flows we will be required to make under the debt instrument. We then discount those cash flows back to present value at the appropriate credit-risk adjusted market interest rates. The fair value is categorized as Level 2. | |||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||
(in thousands) | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||
Long-term debt, including current maturities | $ | 356,922 | $ | 356,021 | $ | 428,789 | $ | 436,777 | |||||||||||||
Consolidating_Financial_Inform
Consolidating Financial Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Consolidating Financial Information [Abstract] | ' | ||||||||||||||||||||
Consolidating Financial Information | ' | ||||||||||||||||||||
Consolidating Financial Information | |||||||||||||||||||||
The 4.10% senior notes are guaranteed on a senior unsecured basis by certain of our domestic subsidiaries that guarantee our obligations under the revolving credit facility and any of our other indebtedness (Guarantor Subsidiaries). The subsidiary guarantees are joint and several obligations of the Guarantor Subsidiaries. The indenture governing the 4.10% senior notes includes a provision which allows for a Guarantor Subsidiary to be released of its obligations under the subsidiary guarantee under certain conditions. Those conditions include the sale or other disposition of all or substantially all of the Guarantor Subsidiary's assets in compliance with the indenture and the release or discharge of a Guarantor Subsidiary from its obligations as a guarantor under our revolving credit facility and all of our other indebtedness. During the third quarter of 2013, certain subsidiaries that had been Guarantor Subsidiaries were released from their obligations under the revolving credit facility, and therefore were released as a Subsidiary Guarantor under the 4.10% senior notes. The Guarantor Subsidiaries and the subsidiaries that do not guarantee the 4.10% senior notes (the Non-Guarantor Subsidiaries) are 100% owned by NewMarket Corporation (the Parent Company). The current Guarantor Subsidiaries consist of the following: | |||||||||||||||||||||
Ethyl Corporation | Afton Chemical Corporation | ||||||||||||||||||||
NewMarket Services Corporation | Afton Chemical Additives Corporation | ||||||||||||||||||||
We conduct all of our business through and derive essentially all of our income from our subsidiaries. Therefore, our ability to make payments on the 4.10% senior notes or other obligations is dependent on the earnings and the distribution of funds from our subsidiaries. | |||||||||||||||||||||
The following sets forth the Consolidating Statements of Income and Comprehensive Income for the third quarter and nine months ended September 30, 2013 and September 30, 2012; Consolidating Balance Sheets as of September 30, 2013 and December 31, 2012; and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2013 and September 30, 2012 for the Parent Company, the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries. The financial information is based on our understanding of the SEC's interpretation and application of Rule 3-10 of the SEC Regulation S-X. Prior periods have been revised to reflect the change in Guarantor Subsidiaries and Non-Guarantor subsidiaries. | |||||||||||||||||||||
The financial information may not necessarily be indicative of results of operation or financial position had the Guarantor Subsidiaries or Non-Guarantor Subsidiaries operated as independent entities. The Parent Company accounts for investments in these subsidiaries using the equity method. | |||||||||||||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||
Third Quarter Ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
Net sales | $ | 0 | $ | 226,276 | $ | 354,179 | $ | 0 | $ | 580,455 | |||||||||||
Cost of goods sold | 0 | 118,699 | 297,933 | 0 | 416,632 | ||||||||||||||||
Gross profit | 0 | 107,577 | 56,246 | 0 | 163,823 | ||||||||||||||||
Selling, general, and administrative expenses | 1,901 | 24,914 | 14,071 | 0 | 40,886 | ||||||||||||||||
Research, development, and testing expenses | 0 | 25,450 | 10,415 | 0 | 35,865 | ||||||||||||||||
Operating (loss) profit | (1,901 | ) | 57,213 | 31,760 | 0 | 87,072 | |||||||||||||||
Interest and financing expenses, net | 4,389 | (981 | ) | 851 | 0 | 4,259 | |||||||||||||||
Other (expense) income, net | (650 | ) | (10 | ) | 47 | 0 | (613 | ) | |||||||||||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | (6,940 | ) | 58,184 | 30,956 | 0 | 82,200 | |||||||||||||||
Income tax (benefit) expense | (3,033 | ) | 19,664 | 8,548 | 0 | 25,179 | |||||||||||||||
Equity income of subsidiaries | 82,803 | 0 | 0 | (82,803 | ) | 0 | |||||||||||||||
Income from continuing operations | 78,896 | 38,520 | 22,408 | (82,803 | ) | 57,021 | |||||||||||||||
Discontinued operations: | |||||||||||||||||||||
Gain on sale of discontinued business, net of tax | 0 | 0 | 21,855 | 0 | 21,855 | ||||||||||||||||
Income from operations of discontinued business, net of tax | 0 | 0 | 20 | 0 | 20 | ||||||||||||||||
Net income | 78,896 | 38,520 | 44,283 | (82,803 | ) | 78,896 | |||||||||||||||
Other comprehensive income (loss) | 19,613 | 4,098 | 11,831 | (15,929 | ) | 19,613 | |||||||||||||||
Comprehensive income | $ | 98,509 | $ | 42,618 | $ | 56,114 | $ | (98,732 | ) | $ | 98,509 | ||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||
Third Quarter Ended September 30, 2012 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
Net sales | $ | 0 | $ | 222,051 | $ | 329,136 | $ | 0 | $ | 551,187 | |||||||||||
Cost of goods sold | 0 | 104,840 | 286,078 | 0 | 390,918 | ||||||||||||||||
Gross profit | 0 | 117,211 | 43,058 | 0 | 160,269 | ||||||||||||||||
Selling, general, and administrative expenses | 1,813 | 28,653 | 6,629 | 0 | 37,095 | ||||||||||||||||
Research, development, and testing expenses | 0 | 22,212 | 7,996 | 0 | 30,208 | ||||||||||||||||
Operating (loss) profit | (1,813 | ) | 66,346 | 28,433 | 0 | 92,966 | |||||||||||||||
Interest and financing expenses, net | 1,294 | (1,539 | ) | 1,549 | 0 | 1,304 | |||||||||||||||
Other (expense) income, net | (1,648 | ) | 1,621 | 108 | 0 | 81 | |||||||||||||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | (4,755 | ) | 69,506 | 26,992 | 0 | 91,743 | |||||||||||||||
Income tax (benefit) expense | (1,281 | ) | 22,044 | 7,157 | 0 | 27,920 | |||||||||||||||
Equity income of subsidiaries | 68,189 | 0 | 0 | (68,189 | ) | 0 | |||||||||||||||
Income from continuing operations | 64,715 | 47,462 | 19,835 | (68,189 | ) | 63,823 | |||||||||||||||
Income from operations of discontinued business, net of tax | 0 | 0 | 892 | 0 | 892 | ||||||||||||||||
Net income | 64,715 | 47,462 | 20,727 | (68,189 | ) | 64,715 | |||||||||||||||
Other comprehensive income (loss) | 12,006 | 2,166 | 10,573 | (12,739 | ) | 12,006 | |||||||||||||||
Comprehensive income | $ | 76,721 | $ | 49,628 | $ | 31,300 | $ | (80,928 | ) | $ | 76,721 | ||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
Net sales | $ | 0 | $ | 680,296 | $ | 1,043,688 | $ | 0 | $ | 1,723,984 | |||||||||||
Cost of goods sold | 0 | 352,844 | 869,482 | 0 | 1,222,326 | ||||||||||||||||
Gross profit | 0 | 327,452 | 174,206 | 0 | 501,658 | ||||||||||||||||
Selling, general, and administrative expenses | 5,365 | 68,049 | 48,334 | 0 | 121,748 | ||||||||||||||||
Research, development, and testing expenses | 0 | 71,507 | 31,808 | 0 | 103,315 | ||||||||||||||||
Operating (loss) profit | (5,365 | ) | 187,896 | 94,064 | 0 | 276,595 | |||||||||||||||
Interest and financing expenses, net | 13,948 | (2,991 | ) | 2,657 | 0 | 13,614 | |||||||||||||||
Other income (expense), net | 5,169 | (16 | ) | 355 | 0 | 5,508 | |||||||||||||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | (14,144 | ) | 190,871 | 91,762 | 0 | 268,489 | |||||||||||||||
Income tax (benefit) expense | (5,805 | ) | 61,460 | 24,488 | 0 | 80,143 | |||||||||||||||
Equity income of subsidiaries | 219,080 | 0 | 0 | (219,080 | ) | 0 | |||||||||||||||
Income from continuing operations | 210,741 | 129,411 | 67,274 | (219,080 | ) | 188,346 | |||||||||||||||
Discontinued operations: | |||||||||||||||||||||
Gain on sale of discontinued business, net of tax | 0 | 0 | 21,855 | 0 | 21,855 | ||||||||||||||||
Income from operations of discontinued business, net of tax | 0 | 0 | 540 | 0 | 540 | ||||||||||||||||
Net income | 210,741 | 129,411 | 89,669 | (219,080 | ) | 210,741 | |||||||||||||||
Other comprehensive income (loss) | 2,307 | 993 | (4,016 | ) | 3,023 | 2,307 | |||||||||||||||
Comprehensive income | $ | 213,048 | $ | 130,404 | $ | 85,653 | $ | (216,057 | ) | $ | 213,048 | ||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
Net sales | $ | 0 | $ | 693,946 | $ | 1,004,610 | $ | 0 | $ | 1,698,556 | |||||||||||
Cost of goods sold | 0 | 336,076 | 870,856 | 0 | 1,206,932 | ||||||||||||||||
Gross profit | 0 | 357,870 | 133,754 | 0 | 491,624 | ||||||||||||||||
Selling, general, and administrative expenses | 4,609 | 85,613 | 24,479 | 0 | 114,701 | ||||||||||||||||
Research, development, and testing expenses | 0 | 64,875 | 21,694 | 0 | 86,569 | ||||||||||||||||
Operating (loss) profit | (4,609 | ) | 207,382 | 87,581 | 0 | 290,354 | |||||||||||||||
Interest and financing expenses, net | 6,459 | (3,557 | ) | 3,543 | 0 | 6,445 | |||||||||||||||
Loss on early extinguishment of debt | 9,092 | 0 | 0 | 0 | 9,092 | ||||||||||||||||
Other (expense) income, net | (5,604 | ) | 1,640 | 224 | 0 | (3,740 | ) | ||||||||||||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | (25,764 | ) | 212,579 | 84,262 | 0 | 271,077 | |||||||||||||||
Income tax (benefit) expense | (9,918 | ) | 74,694 | 21,268 | 0 | 86,044 | |||||||||||||||
Equity income of subsidiaries | 202,376 | 0 | 0 | (202,376 | ) | 0 | |||||||||||||||
Income from continuing operations | 186,530 | 137,885 | 62,994 | (202,376 | ) | 185,033 | |||||||||||||||
Income from operations of discontinued business, net of tax | 0 | 0 | 1,497 | 0 | 1,497 | ||||||||||||||||
Net income | 186,530 | 137,885 | 64,491 | (202,376 | ) | 186,530 | |||||||||||||||
Other comprehensive income (loss) | 10,995 | 3,297 | 7,276 | (10,573 | ) | 10,995 | |||||||||||||||
Comprehensive income | $ | 197,525 | $ | 141,182 | $ | 71,767 | $ | (212,949 | ) | $ | 197,525 | ||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 11,036 | $ | 102,039 | $ | 134,190 | $ | 0 | $ | 247,265 | |||||||||||
Trade and other accounts receivable, net | 4,735 | 107,732 | 213,736 | (2,534 | ) | 323,669 | |||||||||||||||
Amounts due from affiliated companies | 49,012 | 147,994 | 62,881 | (259,887 | ) | 0 | |||||||||||||||
Inventories | 0 | 117,593 | 195,180 | 0 | 312,773 | ||||||||||||||||
Deferred income taxes | 2,097 | 5,909 | 826 | 0 | 8,832 | ||||||||||||||||
Prepaid expenses and other current assets | 10,881 | 20,010 | 2,647 | 0 | 33,538 | ||||||||||||||||
Total current assets | 77,761 | 501,277 | 609,460 | (262,421 | ) | 926,077 | |||||||||||||||
Amounts due from affiliated companies | 0 | 116,015 | 0 | (116,015 | ) | 0 | |||||||||||||||
Property, plant, and equipment, at cost | 0 | 684,887 | 321,423 | 0 | 1,006,310 | ||||||||||||||||
Less accumulated depreciation and amortization | 0 | 550,551 | 173,420 | 0 | 723,971 | ||||||||||||||||
Net property, plant, and equipment | 0 | 134,336 | 148,003 | 0 | 282,339 | ||||||||||||||||
Investment in consolidated subsidiaries | 882,885 | 0 | 0 | (882,885 | ) | 0 | |||||||||||||||
Prepaid pension cost | 0 | 1,284 | 16,087 | 0 | 17,371 | ||||||||||||||||
Deferred income taxes | 44,332 | 0 | 6,960 | (1,242 | ) | 50,050 | |||||||||||||||
Other assets and deferred charges | 34,596 | 8,709 | 1,307 | 0 | 44,612 | ||||||||||||||||
Intangibles (net of amortization) and goodwill | 0 | 18,526 | 6,263 | 0 | 24,789 | ||||||||||||||||
Total assets | $ | 1,039,574 | $ | 780,147 | $ | 788,080 | $ | (1,262,563 | ) | $ | 1,345,238 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Accounts payable | $ | 11 | $ | 81,244 | $ | 45,619 | $ | 0 | $ | 126,874 | |||||||||||
Accrued expenses | 9,632 | 48,283 | 21,765 | 0 | 79,680 | ||||||||||||||||
Dividends payable | 10,740 | 0 | 0 | 0 | 10,740 | ||||||||||||||||
Book overdraft | 0 | 5,275 | 0 | 0 | 5,275 | ||||||||||||||||
Amounts due to affiliated companies | 11,572 | 144,325 | 103,990 | (259,887 | ) | 0 | |||||||||||||||
Long-term debt, current portion | 0 | 0 | 7,470 | 0 | 7,470 | ||||||||||||||||
Income taxes payable | 2,113 | 0 | 33,798 | (2,534 | ) | 33,377 | |||||||||||||||
Total current liabilities | 34,068 | 279,127 | 212,642 | (262,421 | ) | 263,416 | |||||||||||||||
Long-term debt | 349,452 | 0 | 0 | 0 | 349,452 | ||||||||||||||||
Amounts due to affiliated companies | 0 | 8,025 | 107,990 | (116,015 | ) | 0 | |||||||||||||||
Other noncurrent liabilities | 116,968 | 36,158 | 41,400 | (1,242 | ) | 193,284 | |||||||||||||||
Total liabilities | 500,488 | 323,310 | 362,032 | (379,678 | ) | 806,152 | |||||||||||||||
Shareholders' equity: | |||||||||||||||||||||
Common stock and paid-in capital | 0 | 260,776 | 126,661 | (387,437 | ) | 0 | |||||||||||||||
Accumulated other comprehensive loss | (108,382 | ) | (16,588 | ) | (43,627 | ) | 60,215 | (108,382 | ) | ||||||||||||
Retained earnings | 647,468 | 212,649 | 343,014 | (555,663 | ) | 647,468 | |||||||||||||||
Total shareholders' equity | 539,086 | 456,837 | 426,048 | (882,885 | ) | 539,086 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 1,039,574 | $ | 780,147 | $ | 788,080 | $ | (1,262,563 | ) | $ | 1,345,238 | ||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 5,001 | $ | 3,956 | $ | 80,172 | $ | 0 | $ | 89,129 | |||||||||||
Trade and other accounts receivable, net | 4,347 | 113,131 | 179,577 | 0 | 297,055 | ||||||||||||||||
Amounts due from affiliated companies | 0 | 142,125 | 97,784 | (239,909 | ) | 0 | |||||||||||||||
Inventories | 0 | 117,638 | 205,036 | 0 | 322,674 | ||||||||||||||||
Deferred income taxes | 2,555 | 5,062 | 835 | 0 | 8,452 | ||||||||||||||||
Prepaid expenses and other current assets | 65 | 16,248 | 1,872 | 0 | 18,185 | ||||||||||||||||
Total current assets | 11,968 | 398,160 | 565,276 | (239,909 | ) | 735,495 | |||||||||||||||
Amounts due from affiliated companies | 58,935 | 107,236 | 0 | (166,171 | ) | 0 | |||||||||||||||
Property, plant, and equipment, at cost | 0 | 664,912 | 406,055 | 0 | 1,070,967 | ||||||||||||||||
Less accumulated depreciation and amortization | 0 | 536,700 | 175,896 | 0 | 712,596 | ||||||||||||||||
Net property, plant, and equipment | 0 | 128,212 | 230,159 | 0 | 358,371 | ||||||||||||||||
Investment in consolidated subsidiaries | 866,676 | 0 | 0 | (866,676 | ) | 0 | |||||||||||||||
Prepaid pension cost | 0 | 0 | 12,710 | 0 | 12,710 | ||||||||||||||||
Deferred income taxes | 53,057 | 0 | 6,477 | (4,411 | ) | 55,123 | |||||||||||||||
Other assets and deferred charges | 46,286 | 15,670 | 10,051 | 0 | 72,007 | ||||||||||||||||
Intangibles (net of amortization) and goodwill | 0 | 23,785 | 6,757 | 0 | 30,542 | ||||||||||||||||
Total assets | $ | 1,036,922 | $ | 673,063 | $ | 831,430 | $ | (1,277,167 | ) | $ | 1,264,248 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Accounts payable | $ | 206 | $ | 75,239 | $ | 43,853 | $ | 0 | $ | 119,298 | |||||||||||
Accrued expenses | 8,366 | 50,763 | 19,932 | 0 | 79,061 | ||||||||||||||||
Book overdraft | 0 | 3,906 | 0 | 0 | 3,906 | ||||||||||||||||
Amounts due to affiliated companies | 63,021 | 93,330 | 83,558 | (239,909 | ) | 0 | |||||||||||||||
Long-term debt, current portion | 0 | 0 | 4,382 | 0 | 4,382 | ||||||||||||||||
Income taxes payable | 0 | 1,214 | 8,810 | 0 | 10,024 | ||||||||||||||||
Total current liabilities | 71,593 | 224,452 | 160,535 | (239,909 | ) | 216,671 | |||||||||||||||
Long-term debt | 424,407 | 0 | 0 | 0 | 424,407 | ||||||||||||||||
Amounts due to affiliated companies | 0 | 0 | 166,171 | (166,171 | ) | 0 | |||||||||||||||
Other noncurrent liabilities | 138,717 | 44,755 | 41,904 | (4,411 | ) | 220,965 | |||||||||||||||
Total liabilities | 634,717 | 269,207 | 368,610 | (410,491 | ) | 862,043 | |||||||||||||||
Shareholders' equity: | |||||||||||||||||||||
Common stock and paid-in capital | 721 | 260,840 | 217,407 | (478,247 | ) | 721 | |||||||||||||||
Accumulated other comprehensive loss | (110,689 | ) | (17,578 | ) | (39,612 | ) | 57,190 | (110,689 | ) | ||||||||||||
Retained earnings | 512,173 | 160,594 | 285,025 | (445,619 | ) | 512,173 | |||||||||||||||
Total shareholders' equity | 402,205 | 403,856 | 462,820 | (866,676 | ) | 402,205 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 1,036,922 | $ | 673,063 | $ | 831,430 | $ | (1,277,167 | ) | $ | 1,264,248 | ||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
Cash provided from (used in) operating activities | $ | 94,779 | $ | 47,128 | $ | 70,513 | $ | (4,021 | ) | $ | 208,399 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | 0 | (22,476 | ) | (24,687 | ) | 0 | (47,163 | ) | |||||||||||||
Proceeds from sale of discontinued business | 0 | 0 | 140,011 | 0 | 140,011 | ||||||||||||||||
Deposits for interest rate swap | (11,018 | ) | 0 | 0 | 0 | (11,018 | ) | ||||||||||||||
Return of deposits for interest rate swap | 21,880 | 0 | 0 | 0 | 21,880 | ||||||||||||||||
Payments on settlement of interest rate swap | (5,148 | ) | 0 | 0 | 0 | (5,148 | ) | ||||||||||||||
Receipts from settlement of interest rate swap | 221 | 0 | 0 | 0 | 221 | ||||||||||||||||
Return of investment in subsidiary | 45,174 | 0 | 0 | (45,174 | ) | 0 | |||||||||||||||
Cash provided from (used in) investing activities | 51,109 | (22,476 | ) | 115,324 | (45,174 | ) | 98,783 | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net borrowings (repayments) under revolving credit facility | (75,000 | ) | 0 | 0 | 0 | (75,000 | ) | ||||||||||||||
Net borrowings (repayments) under lines of credit | 0 | 0 | 3,088 | 0 | 3,088 | ||||||||||||||||
Dividends paid | (35,914 | ) | (86,585 | ) | (77,979 | ) | 164,564 | (35,914 | ) | ||||||||||||
Debt issuance costs | (1,145 | ) | 0 | 0 | 0 | (1,145 | ) | ||||||||||||||
Repurchases of common stock | (41,156 | ) | 0 | 0 | 0 | (41,156 | ) | ||||||||||||||
Issuance of intercompany note payable, net | 0 | (14,328 | ) | 14,328 | 0 | 0 | |||||||||||||||
Repayment of intercompany note payable, net | 58,935 | 13,402 | (72,337 | ) | 0 | 0 | |||||||||||||||
Financing from affiliated companies | (45,573 | ) | 160,942 | 0 | (115,369 | ) | 0 | ||||||||||||||
Cash provided from (used in) financing activities | (139,853 | ) | 73,431 | (132,900 | ) | 49,195 | (150,127 | ) | |||||||||||||
Effect of foreign exchange on cash and cash equivalents | 0 | 0 | 1,081 | 0 | 1,081 | ||||||||||||||||
Increase in cash and cash equivalents | 6,035 | 98,083 | 54,018 | 0 | 158,136 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 5,001 | 3,956 | 80,172 | 0 | 89,129 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 11,036 | $ | 102,039 | $ | 134,190 | $ | 0 | $ | 247,265 | |||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
Cash provided from (used in) operating activities | $ | 301,598 | $ | 129,885 | $ | 34,514 | $ | (280,668 | ) | $ | 185,329 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | 0 | (16,784 | ) | (8,660 | ) | 0 | (25,444 | ) | |||||||||||||
Deposits for interest rate swap | (19,567 | ) | 0 | 0 | 0 | (19,567 | ) | ||||||||||||||
Return of deposits for interest rate swap | 17,800 | 0 | 0 | 0 | 17,800 | ||||||||||||||||
Payments on settlement of interest rate swap | (5,148 | ) | 0 | 0 | 0 | (5,148 | ) | ||||||||||||||
Receipts from settlement of interest rate swap | 352 | 0 | 0 | 0 | 352 | ||||||||||||||||
Proceeds from sale of equity securities | 0 | 6,303 | 0 | 0 | 6,303 | ||||||||||||||||
Cash provided from (used in) investing activities | (6,563 | ) | (10,481 | ) | (8,660 | ) | 0 | (25,704 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net borrowings (repayments) under revolving credit facility | 116,000 | 0 | 0 | 0 | 116,000 | ||||||||||||||||
Repayment of 7.125% senior notes | (150,000 | ) | 0 | 0 | 0 | (150,000 | ) | ||||||||||||||
Repayment of Foundry Park I mortgage loan | 0 | 0 | (63,544 | ) | 0 | (63,544 | ) | ||||||||||||||
Net borrowings (repayments) under lines of credit | 0 | 0 | (1,781 | ) | 0 | (1,781 | ) | ||||||||||||||
Dividends paid | (30,171 | ) | (344,584 | ) | (7,723 | ) | 352,307 | (30,171 | ) | ||||||||||||
Debt issuance costs | (2,369 | ) | 0 | 0 | 0 | (2,369 | ) | ||||||||||||||
Issuance of intercompany note payable, net | (65,500 | ) | 0 | 65,500 | 0 | 0 | |||||||||||||||
Repayment of intercompany note payable, net | 4,400 | 0 | (4,400 | ) | 0 | 0 | |||||||||||||||
Financing from affiliated companies | (162,411 | ) | 234,050 | 0 | (71,639 | ) | 0 | ||||||||||||||
Cash provided from (used in) financing activities | (290,051 | ) | (110,534 | ) | (11,948 | ) | 280,668 | (131,865 | ) | ||||||||||||
Effect of foreign exchange on cash and cash equivalents | 0 | 0 | 1,577 | 0 | 1,577 | ||||||||||||||||
Increase in cash and cash equivalents | 4,984 | 8,870 | 15,483 | 0 | 29,337 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 17 | 3,459 | 46,894 | 0 | 50,370 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 5,001 | $ | 12,329 | $ | 62,377 | $ | 0 | $ | 79,707 | |||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivatives offsetting fair value amounts policy | ' |
We have made an accounting policy election to not offset derivative fair value amounts with the fair value amounts for the right to reclaim cash collateral under our master netting arrangement. |
Fair_Value_Measurements_Policy
Fair Value Measurements (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
We determine the fair value of the derivative instruments shown in the table above by using widely-accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each instrument. The analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs. | |
The fair value of the interest rate swap is determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates derived from observable market interest rate curves. In determining the fair value measurements, we incorporate credit valuation adjustments to appropriately reflect both our nonperformance risk and the counterparties’ nonperformance risk. | |
Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustment associated with the derivatives utilizes Level 3 inputs. These Level 3 inputs include estimates of current credit spreads to evaluate the likelihood of default by both us and the counterparties to the derivatives. As of September 30, 2013 and December 31, 2012, we have assessed the significance of the impact of the credit valuation adjustment on the overall valuation of our derivatives and have determined that the credit valuation adjustment is not significant to the overall valuation of the derivatives. Accordingly, we have determined that our derivative valuations should be classified in Level 2 of the fair value hierarchy. | |
We have made an accounting policy election to measure credit risk of any derivative financial instruments subject to master netting agreements on a net basis by counterparty portfolio. | |
Long-Term Debt | ' |
We record the value of our long-term debt at historical cost. |
Financial_Statement_Presentati1
Financial Statement Presentation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Cash Dividends Declared and Paid | ' | ||||||||
Cash dividends for the nine months ended September 30, 2013 and September 30, 2012 were declared and paid as shown in the table below. | |||||||||
Year | Date Declared | Date Paid | Per Share | ||||||
Amount | |||||||||
2013 | February 28, 2013 | April 1, 2013 | $ | 0.9 | |||||
April 25, 2013 | July 1, 2013 | 0.9 | |||||||
July 18, 2013 | October 1, 2013 | 0.9 | |||||||
2012 | February 23, 2012 | April 2, 2012 | 0.75 | ||||||
April 26, 2012 | July 2, 2012 | 0.75 | |||||||
July 17, 2012 | October 1, 2012 | 0.75 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Components of Income From Operations of Discontinued Business | ' | ||||||||||||||||
The components of income from operations of discontinued business, net of tax were as follows: | |||||||||||||||||
(in thousands) | Third Quarter Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Rental revenue | $ | 31 | $ | 2,857 | $ | 5,747 | $ | 8,573 | |||||||||
Cost of rental | 0 | 1,067 | 2,136 | 3,203 | |||||||||||||
Selling, general, and administrative expenses | 0 | 1 | 1 | 2 | |||||||||||||
Interest and financing expenses, net | 0 | 328 | 2,727 | 2,053 | |||||||||||||
Loss on early extinguishment of debt (Note 4) | 0 | 0 | 0 | 840 | |||||||||||||
Income before income taxes | 31 | 1,461 | 883 | 2,475 | |||||||||||||
Income tax expense | 11 | 569 | 343 | 978 | |||||||||||||
Income from operations of discontinued business, net of tax | $ | 20 | $ | 892 | $ | 540 | $ | 1,497 | |||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Asset Retirement Obligation [Abstract] | ' | ||||||||
Activity Associated With Asset Retirement Obligations | ' | ||||||||
The following table illustrates the activity associated with our asset retirement obligations for the nine months ended September 30, 2013 and September 30, 2012. | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Asset retirement obligations, January 1 | $ | 2,800 | $ | 3,297 | |||||
Accretion expense | 85 | 120 | |||||||
Liabilities settled | (475 | ) | (489 | ) | |||||
Changes in expected cash flows and timing | 272 | 296 | |||||||
Asset retirement obligations, September 30 | $ | 2,682 | $ | 3,224 | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Consolidated Revenue by Segment | ' | ||||||||||||||||
Consolidated Revenue by Segment | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Petroleum additives | |||||||||||||||||
Lubricant additives | $ | 461,936 | $ | 433,074 | $ | 1,389,720 | $ | 1,347,824 | |||||||||
Fuel additives | 115,660 | 114,587 | 327,615 | 341,770 | |||||||||||||
Total | 577,596 | 547,661 | 1,717,335 | 1,689,594 | |||||||||||||
All other | 2,859 | 3,526 | 6,649 | 8,962 | |||||||||||||
Consolidated revenue | $ | 580,455 | $ | 551,187 | $ | 1,723,984 | $ | 1,698,556 | |||||||||
Segment Operating Profit | ' | ||||||||||||||||
Segment Operating Profit | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Petroleum additives | $ | 95,491 | $ | 96,350 | $ | 295,309 | $ | 300,436 | |||||||||
All other | (1,614 | ) | 1,768 | (1,832 | ) | 5,067 | |||||||||||
Segment operating profit | 93,877 | 98,118 | 293,477 | 305,503 | |||||||||||||
Corporate, general, and administrative expenses | (6,850 | ) | (5,000 | ) | (17,255 | ) | (16,003 | ) | |||||||||
Interest and financing expenses, net | (4,259 | ) | (1,304 | ) | (13,614 | ) | (6,445 | ) | |||||||||
Gain (loss) on interest rate swap agreement (a) | (659 | ) | (1,659 | ) | 5,116 | (5,650 | ) | ||||||||||
Loss on early extinguishment of debt (b) | 0 | 0 | 0 | (9,092 | ) | ||||||||||||
Other income, net | 91 | 1,588 | 765 | 2,764 | |||||||||||||
Income from continuing operations before income tax expense | $ | 82,200 | $ | 91,743 | $ | 268,489 | $ | 271,077 | |||||||||
(a) | The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap, and accordingly, any change in the fair value is immediately recognized in earnings. | ||||||||||||||||
(b) | In March 2012, we entered into a $650 million five-year unsecured revolving credit facility which replaced our previous $300 million unsecured revolving credit facility. During 2012, we used a portion of the $650 million revolving credit facility to fund the early redemption of all of our then outstanding 7.125% senior notes (7.125% senior notes), as well as to repay the outstanding principal amount on the mortgage loan. As a result, we recognized a loss on early extinguishment of debt of $9.9 million during the nine months ended September 30, 2012. The loss represents accelerated amortization of financing fees associated with the prior revolving credit facility, the 7.125% senior notes, and the mortgage loan, as well as costs associated with redeeming the 7.125% senior notes prior to maturity. Of the loss on early extinguishment of debt, $0.8 million for the nine months ended September 30, 2012 is included as a component of income from operations of discontinued business, net of tax. | ||||||||||||||||
Segment Depreciation and Amortization | ' | ||||||||||||||||
Segment Depreciation and Amortization | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Petroleum additives | $ | 9,347 | $ | 8,993 | $ | 29,219 | $ | 27,097 | |||||||||
All other and corporate (a) | 695 | 1,836 | 6,707 | 5,352 | |||||||||||||
Total depreciation and amortization | $ | 10,042 | $ | 10,829 | $ | 35,926 | $ | 32,449 | |||||||||
(a) This amount includes depreciation and amortization expense of Foundry Park I, which was $1.3 million for the third quarter ended September 30, 2012, $4.7 million for the nine months ended September 30, 2013, and $3.4 million for the nine months ended September 30, 2012. These amounts are included in Income from operations of discontinued business, net of tax in the Consolidated Statements of Income. |
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||
Cash Contributions Made And Expected Remaining Contributions For Domestic And Foreign Pension And Postretirement Benefit Plans | ' | ||||||||||||||||
The table below shows cash contributions made during the nine months ended September 30, 2013, as well as the remaining cash contributions we expect to make during the year ending December 31, 2013 for both our domestic and foreign pension plans and postretirement benefit plans. | |||||||||||||||||
(in thousands) | Actual Cash Contributions for Nine Months Ended September 30, 2013 | Expected Remaining Cash Contributions for Year Ending December 31, 2013 | |||||||||||||||
Domestic plans | |||||||||||||||||
Pension benefits | $ | 18,077 | $ | 4,692 | |||||||||||||
Postretirement benefits | 1,217 | 406 | |||||||||||||||
Foreign plans | |||||||||||||||||
Pension benefits | 5,988 | 1,650 | |||||||||||||||
Postretirement benefits | 165 | 54 | |||||||||||||||
Domestic [Member] | ' | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||
Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans | ' | ||||||||||||||||
The tables below present information on net periodic benefit cost for our pension and postretirement benefit plans. | |||||||||||||||||
Domestic | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Third Quarter Ended September 30, | |||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 2,967 | $ | 2,286 | $ | 600 | $ | 370 | |||||||||
Interest cost | 2,396 | 2,446 | 513 | 710 | |||||||||||||
Expected return on plan assets | (3,655 | ) | (3,346 | ) | (362 | ) | (373 | ) | |||||||||
Amortization of prior service cost | 3 | 53 | 2 | 2 | |||||||||||||
Amortization of actuarial net loss (gain) | 1,711 | 1,414 | (138 | ) | (50 | ) | |||||||||||
Net periodic benefit cost | $ | 3,422 | $ | 2,853 | $ | 615 | $ | 659 | |||||||||
Domestic | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 8,294 | $ | 6,600 | $ | 1,598 | $ | 1,414 | |||||||||
Interest cost | 7,163 | 7,187 | 1,876 | 2,289 | |||||||||||||
Expected return on plan assets | (10,889 | ) | (9,948 | ) | (1,090 | ) | (1,119 | ) | |||||||||
Amortization of prior service cost | 11 | 158 | 7 | 7 | |||||||||||||
Amortization of actuarial net loss (gain) | 5,313 | 3,998 | (138 | ) | (50 | ) | |||||||||||
Net periodic benefit cost | $ | 9,892 | $ | 7,995 | $ | 2,253 | $ | 2,541 | |||||||||
Foreign [Member] | ' | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||
Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans | ' | ||||||||||||||||
Foreign | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Third Quarter Ended September 30, | |||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 1,271 | $ | 1,157 | $ | 5 | $ | 7 | |||||||||
Interest cost | 1,330 | 1,310 | 25 | 28 | |||||||||||||
Expected return on plan assets | (1,712 | ) | (1,491 | ) | 0 | 0 | |||||||||||
Amortization of prior service credit | (7 | ) | (31 | ) | 0 | 0 | |||||||||||
Amortization of transition obligation | 0 | 0 | 9 | 13 | |||||||||||||
Amortization of actuarial net loss | 359 | 272 | 7 | 7 | |||||||||||||
Settlements and curtailments | 0 | (251 | ) | 0 | 0 | ||||||||||||
Net periodic benefit cost | $ | 1,241 | $ | 966 | $ | 46 | $ | 55 | |||||||||
Foreign | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 3,946 | $ | 3,509 | $ | 21 | $ | 21 | |||||||||
Interest cost | 4,011 | 3,992 | 78 | 83 | |||||||||||||
Expected return on plan assets | (5,127 | ) | (4,523 | ) | 0 | 0 | |||||||||||
Amortization of prior service credit | (11 | ) | (108 | ) | 0 | 0 | |||||||||||
Amortization of transition obligation | 0 | 0 | 35 | 39 | |||||||||||||
Amortization of actuarial net loss | 1,059 | 825 | 27 | 23 | |||||||||||||
Settlements and curtailments | 133 | (251 | ) | 71 | 0 | ||||||||||||
Net periodic benefit cost | $ | 4,011 | $ | 3,444 | $ | 232 | $ | 166 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Calculated Basic and Diluted Earnings Per Share From Continuing Operations | ' | ||||||||||||||||
The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share from continuing operations. | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands, except per-share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings per share from continuing operations numerator: | |||||||||||||||||
Income from continuing operations attributable to common shareholders before allocation of earnings to participating securities | $ | 57,021 | $ | 63,823 | $ | 188,346 | $ | 185,033 | |||||||||
Income from continuing operations allocated to participating securities | 70 | 0 | 175 | 0 | |||||||||||||
Income from continuing operations attributable to common shareholders after allocation of earnings to participating securities | $ | 56,951 | $ | 63,823 | $ | 188,171 | $ | 185,033 | |||||||||
Earnings per share from continuing operations denominator: | |||||||||||||||||
Weighted-average number of shares of common stock outstanding - basic and diluted | 13,279 | 13,406 | 13,319 | 13,405 | |||||||||||||
Earnings per share from continuing operations - basic and diluted | $ | 4.29 | $ | 4.76 | $ | 14.13 | $ | 13.8 | |||||||||
Intangibles_Net_of_Amortizatio1
Intangibles (Net of Amortization) and Goodwill (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule Of Information Related To Intangible Assets | ' | ||||||||||||||||
Identifiable Intangibles | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
(in thousands) | Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
Amortizing intangible assets | |||||||||||||||||
Formulas and technology | $ | 91,648 | $ | 78,789 | $ | 91,662 | $ | 74,762 | |||||||||
Contracts | 9,593 | 7,771 | 9,593 | 6,734 | |||||||||||||
Customer bases | 7,003 | 2,782 | 7,021 | 2,400 | |||||||||||||
Trademarks and trade names | 1,579 | 570 | 1,586 | 426 | |||||||||||||
Goodwill | 4,878 | 5,002 | |||||||||||||||
$ | 114,701 | $ | 89,912 | $ | 114,864 | $ | 84,322 | ||||||||||
Schedule Of Amortization Expense | ' | ||||||||||||||||
Amortization expense was (in millions): | |||||||||||||||||
Third quarter ended September 30, 2013 | $ | 1.9 | |||||||||||||||
Nine months ended September 30, 2013 | 5.6 | ||||||||||||||||
Third quarter ended September 30, 2012 | 1.9 | ||||||||||||||||
Nine months ended September 30, 2012 | 5.6 | ||||||||||||||||
Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets | ' | ||||||||||||||||
Estimated amortization expense for the remainder of 2013, as well as annual amortization expense related to our intangible assets for the next five years is expected to be (in millions): | |||||||||||||||||
2013 | $ | 1.5 | |||||||||||||||
2014 | 6.2 | ||||||||||||||||
2015 | 5.8 | ||||||||||||||||
2016 | 1.9 | ||||||||||||||||
2017 | 0.7 | ||||||||||||||||
2018 | 0.7 | ||||||||||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | ' | ||||||||
Schedule Of Long-Term Debt | ' | ||||||||
(in thousands) | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Senior notes - 4.10% due 2022 | $ | 349,452 | $ | 349,407 | |||||
Revolving credit facility | 0 | 75,000 | |||||||
Lines of credit | 7,470 | 4,382 | |||||||
356,922 | 428,789 | ||||||||
Current maturities of long-term debt | (7,470 | ) | (4,382 | ) | |||||
$ | 349,452 | $ | 424,407 | ||||||
Schedule Of Unused Portion Of Revolving Credit Facility | ' | ||||||||
The following table provides information related to the unused portion of our revolving credit facility in effect at September 30, 2013 and December 31, 2012: | |||||||||
(in millions) | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Maximum borrowing capacity under the revolving credit facility | $ | 650 | $ | 650 | |||||
Outstanding borrowings under the revolving credit facility | 0 | 75 | |||||||
Outstanding letters of credit | 3.1 | 3.1 | |||||||
Unused portion of revolving credit facility | $ | 646.9 | $ | 571.9 | |||||
Contractual_Commitments_and_Co1
Contractual Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Accruals For Environmental Remediation, Dismantling, and Decontamination | ' | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(in millions) | Former TEL | Houston, | Superfund | Former TEL | Houston, | Superfund | |||||||||||||||||||
Plant Site, | Texas Plant | Site, | Plant Site, | Texas Plant | Site, | ||||||||||||||||||||
Louisiana | Site | Louisiana | Louisiana | Site | Louisiana | ||||||||||||||||||||
Accrual, discounted | $ | 5.5 | $ | 6.5 | $ | 3.4 | $ | 5.6 | $ | 6.1 | $ | 3.2 | |||||||||||||
Accrual, undiscounted | 6.8 | 10 | 4.5 | 6.9 | 9.3 | 4.4 | |||||||||||||||||||
Approximate range of discount rates for accrual | 3% - 4% | 3% - 9% | 2% - 4% | 3% - 4% | 3% - 9% | 2% - 4% | |||||||||||||||||||
Expected future payments: | |||||||||||||||||||||||||
2013 | $ | 0.3 | $ | 0.5 | $ | 0 | |||||||||||||||||||
2014 | 0.8 | 0.3 | 0.2 | ||||||||||||||||||||||
2015 | 0.8 | 0.2 | 0.2 | ||||||||||||||||||||||
2016 | 0.6 | 0.2 | 0.3 | ||||||||||||||||||||||
2017 | 0.5 | 0.2 | 0.3 | ||||||||||||||||||||||
Thereafter | 3.8 | 8.6 | 3.5 | ||||||||||||||||||||||
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Fair Value of Derivative Instruments | ' | |||||||||||||||||||||||||||
The table below presents the fair value of our derivative financial instruments, as well as their classification on the Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | ||||||||||||||||||||
Sheet | Sheet | Sheet | Sheet | |||||||||||||||||||||||||
Location | Location | Location | Location | |||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Goldman Sachs interest rate swap | $ | 0 | $ | 0 | Accrued expenses and Other noncurrent liabilities | $ | 22,717 | Accrued expenses and Other noncurrent liabilities | $ | 32,761 | ||||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Income Designated Cash Flow Hedges | ' | |||||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Income | ||||||||||||||||||||||||||||
Designated Cash Flow Hedges | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||
Third Quarter Ended | Third Quarter Ended | Third Quarter Ended | ||||||||||||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Mortgage loan interest rate swap | $ | 0 | $ | 0 | Discontinued operations | $ | 0 | $ | (327 | ) | $ | 0 | $ | 0 | ||||||||||||||
Construction loan interest rate swap | $ | 0 | $ | 0 | Discontinued operations | $ | (4,026 | ) | $ | (21 | ) | $ | 0 | $ | 0 | |||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Mortgage loan interest rate swap | $ | 0 | $ | (540 | ) | Discontinued operations | $ | (2,727 | ) | $ | (1,049 | ) | $ | 0 | $ | 0 | ||||||||||||
Construction loan interest rate swap | $ | 0 | $ | 0 | Discontinued operations | $ | (4,068 | ) | $ | (64 | ) | $ | 0 | $ | 0 | |||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Income Non-Designated Derivatives | ' | |||||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Income | ||||||||||||||||||||||||||||
Non-Designated Derivatives | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in | Amount of Gain (Loss) Recognized in | ||||||||||||||||||||||||||
Income on Derivatives | Income on Derivatives | |||||||||||||||||||||||||||
Third Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Goldman Sachs interest rate swap | Other (expense) income, net | $ | (659 | ) | $ | (1,659 | ) | $ | 5,116 | $ | (5,650 | ) | ||||||||||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
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: | |||||||||||||||||||||
(in thousands) | Pension Plans | Derivative Instruments | Foreign Currency Translation Adjustments | Marketable Securities | Accumulated Other | ||||||||||||||||
and Other Postretirement Benefits | Comprehensive (Loss) Income | ||||||||||||||||||||
Balance at December 31, 2011 | $ | (76,416 | ) | $ | (4,736 | ) | $ | (17,944 | ) | $ | 364 | $ | (98,732 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (24,291 | ) | (330 | ) | 7,567 | 676 | (16,378 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 4,568 | 893 | 0 | (1,040 | ) | 4,421 | |||||||||||||||
Other comprehensive income (loss) | (19,723 | ) | 563 | 7,567 | (364 | ) | (11,957 | ) | |||||||||||||
Balance at December 31, 2012 | (96,139 | ) | (4,173 | ) | (10,377 | ) | 0 | (110,689 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications | 3,510 | 0 | (9,744 | ) | 0 | (6,234 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 4,368 | 4,173 | 0 | 0 | 8,541 | ||||||||||||||||
Other comprehensive income (loss) | 7,878 | 4,173 | (9,744 | ) | 0 | 2,307 | |||||||||||||||
Balance at September 30, 2013 | $ | (88,261 | ) | $ | 0 | $ | (20,121 | ) | $ | 0 | $ | (108,382 | ) | ||||||||
Schedule of Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||
The following table illustrates the amounts, net of tax, reclassified out of each component of accumulated other comprehensive loss and their location within the respective line items on the Consolidated Statements of Income. | |||||||||||||||||||||
(in thousands) | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Accumulated Other Comprehensive Loss Component | Third Quarter Ended | Nine Months Ended | Affected Line Item on the Consolidated Statements of Income | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Pension plans and other postretirement benefits: | |||||||||||||||||||||
Amortization of prior service (credit) cost | $ | (3 | ) | $ | 10 | $ | 2 | $ | 21 | (a) | |||||||||||
Amortization of actuarial net loss | 1,237 | 1,045 | 3,962 | 3,069 | (a) | ||||||||||||||||
Settlements and curtailments | 0 | 0 | 378 | 0 | (a) | ||||||||||||||||
Amortization of transition obligation | 7 | 11 | 26 | 30 | (a) | ||||||||||||||||
Total pension plans and other postretirement benefits | 1,241 | 1,066 | 4,368 | 3,120 | |||||||||||||||||
Derivative instruments: | |||||||||||||||||||||
Amortization of mortgage loan interest rate swap | 0 | 200 | 1,666 | 641 | Income from operations of discontinued business, net of tax | ||||||||||||||||
Amortization of construction loan interest rate swap | 2,481 | 13 | 2,507 | 39 | Discontinued operations | ||||||||||||||||
Total derivative instruments | 2,481 | 213 | 4,173 | 680 | |||||||||||||||||
Marketable securities | 0 | (1,040 | ) | 0 | (1,040 | ) | Other (expense) income, net | ||||||||||||||
Total reclassifications for the period | $ | 3,722 | $ | 239 | $ | 8,541 | $ | 2,760 | |||||||||||||
(a) These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 5 in this Form 10-Q and Note 19 in our 2012 Annual Report for further information. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | ||||||||||||||||||||
Carrying Amount in Consolidated Balance Sheets | Fair Value Measurements Using | ||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(in thousands) | September 30, 2013 | ||||||||||||||||||||
Cash and cash equivalents | $ | 247,265 | $ | 247,265 | $ | 247,265 | $ | 0 | $ | 0 | |||||||||||
Cash deposit for collateralized interest rate swap | 26,833 | 26,833 | 26,833 | 0 | 0 | ||||||||||||||||
Interest rate swap liability | 22,717 | 22,717 | 0 | 22,717 | 0 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Cash and cash equivalents | $ | 89,129 | $ | 89,129 | $ | 89,129 | $ | 0 | $ | 0 | |||||||||||
Cash deposit for collateralized interest rate swap | 37,694 | 37,694 | 37,694 | 0 | 0 | ||||||||||||||||
Interest rate swap liability | 32,761 | 32,761 | 0 | 32,761 | 0 | ||||||||||||||||
Estimated Fair Value Of Long-Term Debt | ' | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||
(in thousands) | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||
Long-term debt, including current maturities | $ | 356,922 | $ | 356,021 | $ | 428,789 | $ | 436,777 | |||||||||||||
Consolidating_Financial_Inform1
Consolidating Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Consolidating Financial Information [Abstract] | ' | ||||||||||||||||||||
Schedule Of Consolidating Statements Of Income And Comprehensive Income | ' | ||||||||||||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||
Third Quarter Ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
Net sales | $ | 0 | $ | 226,276 | $ | 354,179 | $ | 0 | $ | 580,455 | |||||||||||
Cost of goods sold | 0 | 118,699 | 297,933 | 0 | 416,632 | ||||||||||||||||
Gross profit | 0 | 107,577 | 56,246 | 0 | 163,823 | ||||||||||||||||
Selling, general, and administrative expenses | 1,901 | 24,914 | 14,071 | 0 | 40,886 | ||||||||||||||||
Research, development, and testing expenses | 0 | 25,450 | 10,415 | 0 | 35,865 | ||||||||||||||||
Operating (loss) profit | (1,901 | ) | 57,213 | 31,760 | 0 | 87,072 | |||||||||||||||
Interest and financing expenses, net | 4,389 | (981 | ) | 851 | 0 | 4,259 | |||||||||||||||
Other (expense) income, net | (650 | ) | (10 | ) | 47 | 0 | (613 | ) | |||||||||||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | (6,940 | ) | 58,184 | 30,956 | 0 | 82,200 | |||||||||||||||
Income tax (benefit) expense | (3,033 | ) | 19,664 | 8,548 | 0 | 25,179 | |||||||||||||||
Equity income of subsidiaries | 82,803 | 0 | 0 | (82,803 | ) | 0 | |||||||||||||||
Income from continuing operations | 78,896 | 38,520 | 22,408 | (82,803 | ) | 57,021 | |||||||||||||||
Discontinued operations: | |||||||||||||||||||||
Gain on sale of discontinued business, net of tax | 0 | 0 | 21,855 | 0 | 21,855 | ||||||||||||||||
Income from operations of discontinued business, net of tax | 0 | 0 | 20 | 0 | 20 | ||||||||||||||||
Net income | 78,896 | 38,520 | 44,283 | (82,803 | ) | 78,896 | |||||||||||||||
Other comprehensive income (loss) | 19,613 | 4,098 | 11,831 | (15,929 | ) | 19,613 | |||||||||||||||
Comprehensive income | $ | 98,509 | $ | 42,618 | $ | 56,114 | $ | (98,732 | ) | $ | 98,509 | ||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||
Third Quarter Ended September 30, 2012 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
Net sales | $ | 0 | $ | 222,051 | $ | 329,136 | $ | 0 | $ | 551,187 | |||||||||||
Cost of goods sold | 0 | 104,840 | 286,078 | 0 | 390,918 | ||||||||||||||||
Gross profit | 0 | 117,211 | 43,058 | 0 | 160,269 | ||||||||||||||||
Selling, general, and administrative expenses | 1,813 | 28,653 | 6,629 | 0 | 37,095 | ||||||||||||||||
Research, development, and testing expenses | 0 | 22,212 | 7,996 | 0 | 30,208 | ||||||||||||||||
Operating (loss) profit | (1,813 | ) | 66,346 | 28,433 | 0 | 92,966 | |||||||||||||||
Interest and financing expenses, net | 1,294 | (1,539 | ) | 1,549 | 0 | 1,304 | |||||||||||||||
Other (expense) income, net | (1,648 | ) | 1,621 | 108 | 0 | 81 | |||||||||||||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | (4,755 | ) | 69,506 | 26,992 | 0 | 91,743 | |||||||||||||||
Income tax (benefit) expense | (1,281 | ) | 22,044 | 7,157 | 0 | 27,920 | |||||||||||||||
Equity income of subsidiaries | 68,189 | 0 | 0 | (68,189 | ) | 0 | |||||||||||||||
Income from continuing operations | 64,715 | 47,462 | 19,835 | (68,189 | ) | 63,823 | |||||||||||||||
Income from operations of discontinued business, net of tax | 0 | 0 | 892 | 0 | 892 | ||||||||||||||||
Net income | 64,715 | 47,462 | 20,727 | (68,189 | ) | 64,715 | |||||||||||||||
Other comprehensive income (loss) | 12,006 | 2,166 | 10,573 | (12,739 | ) | 12,006 | |||||||||||||||
Comprehensive income | $ | 76,721 | $ | 49,628 | $ | 31,300 | $ | (80,928 | ) | $ | 76,721 | ||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
Net sales | $ | 0 | $ | 680,296 | $ | 1,043,688 | $ | 0 | $ | 1,723,984 | |||||||||||
Cost of goods sold | 0 | 352,844 | 869,482 | 0 | 1,222,326 | ||||||||||||||||
Gross profit | 0 | 327,452 | 174,206 | 0 | 501,658 | ||||||||||||||||
Selling, general, and administrative expenses | 5,365 | 68,049 | 48,334 | 0 | 121,748 | ||||||||||||||||
Research, development, and testing expenses | 0 | 71,507 | 31,808 | 0 | 103,315 | ||||||||||||||||
Operating (loss) profit | (5,365 | ) | 187,896 | 94,064 | 0 | 276,595 | |||||||||||||||
Interest and financing expenses, net | 13,948 | (2,991 | ) | 2,657 | 0 | 13,614 | |||||||||||||||
Other income (expense), net | 5,169 | (16 | ) | 355 | 0 | 5,508 | |||||||||||||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | (14,144 | ) | 190,871 | 91,762 | 0 | 268,489 | |||||||||||||||
Income tax (benefit) expense | (5,805 | ) | 61,460 | 24,488 | 0 | 80,143 | |||||||||||||||
Equity income of subsidiaries | 219,080 | 0 | 0 | (219,080 | ) | 0 | |||||||||||||||
Income from continuing operations | 210,741 | 129,411 | 67,274 | (219,080 | ) | 188,346 | |||||||||||||||
Discontinued operations: | |||||||||||||||||||||
Gain on sale of discontinued business, net of tax | 0 | 0 | 21,855 | 0 | 21,855 | ||||||||||||||||
Income from operations of discontinued business, net of tax | 0 | 0 | 540 | 0 | 540 | ||||||||||||||||
Net income | 210,741 | 129,411 | 89,669 | (219,080 | ) | 210,741 | |||||||||||||||
Other comprehensive income (loss) | 2,307 | 993 | (4,016 | ) | 3,023 | 2,307 | |||||||||||||||
Comprehensive income | $ | 213,048 | $ | 130,404 | $ | 85,653 | $ | (216,057 | ) | $ | 213,048 | ||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
Net sales | $ | 0 | $ | 693,946 | $ | 1,004,610 | $ | 0 | $ | 1,698,556 | |||||||||||
Cost of goods sold | 0 | 336,076 | 870,856 | 0 | 1,206,932 | ||||||||||||||||
Gross profit | 0 | 357,870 | 133,754 | 0 | 491,624 | ||||||||||||||||
Selling, general, and administrative expenses | 4,609 | 85,613 | 24,479 | 0 | 114,701 | ||||||||||||||||
Research, development, and testing expenses | 0 | 64,875 | 21,694 | 0 | 86,569 | ||||||||||||||||
Operating (loss) profit | (4,609 | ) | 207,382 | 87,581 | 0 | 290,354 | |||||||||||||||
Interest and financing expenses, net | 6,459 | (3,557 | ) | 3,543 | 0 | 6,445 | |||||||||||||||
Loss on early extinguishment of debt | 9,092 | 0 | 0 | 0 | 9,092 | ||||||||||||||||
Other (expense) income, net | (5,604 | ) | 1,640 | 224 | 0 | (3,740 | ) | ||||||||||||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | (25,764 | ) | 212,579 | 84,262 | 0 | 271,077 | |||||||||||||||
Income tax (benefit) expense | (9,918 | ) | 74,694 | 21,268 | 0 | 86,044 | |||||||||||||||
Equity income of subsidiaries | 202,376 | 0 | 0 | (202,376 | ) | 0 | |||||||||||||||
Income from continuing operations | 186,530 | 137,885 | 62,994 | (202,376 | ) | 185,033 | |||||||||||||||
Income from operations of discontinued business, net of tax | 0 | 0 | 1,497 | 0 | 1,497 | ||||||||||||||||
Net income | 186,530 | 137,885 | 64,491 | (202,376 | ) | 186,530 | |||||||||||||||
Other comprehensive income (loss) | 10,995 | 3,297 | 7,276 | (10,573 | ) | 10,995 | |||||||||||||||
Comprehensive income | $ | 197,525 | $ | 141,182 | $ | 71,767 | $ | (212,949 | ) | $ | 197,525 | ||||||||||
Schedule of Consolidating Balance Sheets | ' | ||||||||||||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 11,036 | $ | 102,039 | $ | 134,190 | $ | 0 | $ | 247,265 | |||||||||||
Trade and other accounts receivable, net | 4,735 | 107,732 | 213,736 | (2,534 | ) | 323,669 | |||||||||||||||
Amounts due from affiliated companies | 49,012 | 147,994 | 62,881 | (259,887 | ) | 0 | |||||||||||||||
Inventories | 0 | 117,593 | 195,180 | 0 | 312,773 | ||||||||||||||||
Deferred income taxes | 2,097 | 5,909 | 826 | 0 | 8,832 | ||||||||||||||||
Prepaid expenses and other current assets | 10,881 | 20,010 | 2,647 | 0 | 33,538 | ||||||||||||||||
Total current assets | 77,761 | 501,277 | 609,460 | (262,421 | ) | 926,077 | |||||||||||||||
Amounts due from affiliated companies | 0 | 116,015 | 0 | (116,015 | ) | 0 | |||||||||||||||
Property, plant, and equipment, at cost | 0 | 684,887 | 321,423 | 0 | 1,006,310 | ||||||||||||||||
Less accumulated depreciation and amortization | 0 | 550,551 | 173,420 | 0 | 723,971 | ||||||||||||||||
Net property, plant, and equipment | 0 | 134,336 | 148,003 | 0 | 282,339 | ||||||||||||||||
Investment in consolidated subsidiaries | 882,885 | 0 | 0 | (882,885 | ) | 0 | |||||||||||||||
Prepaid pension cost | 0 | 1,284 | 16,087 | 0 | 17,371 | ||||||||||||||||
Deferred income taxes | 44,332 | 0 | 6,960 | (1,242 | ) | 50,050 | |||||||||||||||
Other assets and deferred charges | 34,596 | 8,709 | 1,307 | 0 | 44,612 | ||||||||||||||||
Intangibles (net of amortization) and goodwill | 0 | 18,526 | 6,263 | 0 | 24,789 | ||||||||||||||||
Total assets | $ | 1,039,574 | $ | 780,147 | $ | 788,080 | $ | (1,262,563 | ) | $ | 1,345,238 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Accounts payable | $ | 11 | $ | 81,244 | $ | 45,619 | $ | 0 | $ | 126,874 | |||||||||||
Accrued expenses | 9,632 | 48,283 | 21,765 | 0 | 79,680 | ||||||||||||||||
Dividends payable | 10,740 | 0 | 0 | 0 | 10,740 | ||||||||||||||||
Book overdraft | 0 | 5,275 | 0 | 0 | 5,275 | ||||||||||||||||
Amounts due to affiliated companies | 11,572 | 144,325 | 103,990 | (259,887 | ) | 0 | |||||||||||||||
Long-term debt, current portion | 0 | 0 | 7,470 | 0 | 7,470 | ||||||||||||||||
Income taxes payable | 2,113 | 0 | 33,798 | (2,534 | ) | 33,377 | |||||||||||||||
Total current liabilities | 34,068 | 279,127 | 212,642 | (262,421 | ) | 263,416 | |||||||||||||||
Long-term debt | 349,452 | 0 | 0 | 0 | 349,452 | ||||||||||||||||
Amounts due to affiliated companies | 0 | 8,025 | 107,990 | (116,015 | ) | 0 | |||||||||||||||
Other noncurrent liabilities | 116,968 | 36,158 | 41,400 | (1,242 | ) | 193,284 | |||||||||||||||
Total liabilities | 500,488 | 323,310 | 362,032 | (379,678 | ) | 806,152 | |||||||||||||||
Shareholders' equity: | |||||||||||||||||||||
Common stock and paid-in capital | 0 | 260,776 | 126,661 | (387,437 | ) | 0 | |||||||||||||||
Accumulated other comprehensive loss | (108,382 | ) | (16,588 | ) | (43,627 | ) | 60,215 | (108,382 | ) | ||||||||||||
Retained earnings | 647,468 | 212,649 | 343,014 | (555,663 | ) | 647,468 | |||||||||||||||
Total shareholders' equity | 539,086 | 456,837 | 426,048 | (882,885 | ) | 539,086 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 1,039,574 | $ | 780,147 | $ | 788,080 | $ | (1,262,563 | ) | $ | 1,345,238 | ||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 5,001 | $ | 3,956 | $ | 80,172 | $ | 0 | $ | 89,129 | |||||||||||
Trade and other accounts receivable, net | 4,347 | 113,131 | 179,577 | 0 | 297,055 | ||||||||||||||||
Amounts due from affiliated companies | 0 | 142,125 | 97,784 | (239,909 | ) | 0 | |||||||||||||||
Inventories | 0 | 117,638 | 205,036 | 0 | 322,674 | ||||||||||||||||
Deferred income taxes | 2,555 | 5,062 | 835 | 0 | 8,452 | ||||||||||||||||
Prepaid expenses and other current assets | 65 | 16,248 | 1,872 | 0 | 18,185 | ||||||||||||||||
Total current assets | 11,968 | 398,160 | 565,276 | (239,909 | ) | 735,495 | |||||||||||||||
Amounts due from affiliated companies | 58,935 | 107,236 | 0 | (166,171 | ) | 0 | |||||||||||||||
Property, plant, and equipment, at cost | 0 | 664,912 | 406,055 | 0 | 1,070,967 | ||||||||||||||||
Less accumulated depreciation and amortization | 0 | 536,700 | 175,896 | 0 | 712,596 | ||||||||||||||||
Net property, plant, and equipment | 0 | 128,212 | 230,159 | 0 | 358,371 | ||||||||||||||||
Investment in consolidated subsidiaries | 866,676 | 0 | 0 | (866,676 | ) | 0 | |||||||||||||||
Prepaid pension cost | 0 | 0 | 12,710 | 0 | 12,710 | ||||||||||||||||
Deferred income taxes | 53,057 | 0 | 6,477 | (4,411 | ) | 55,123 | |||||||||||||||
Other assets and deferred charges | 46,286 | 15,670 | 10,051 | 0 | 72,007 | ||||||||||||||||
Intangibles (net of amortization) and goodwill | 0 | 23,785 | 6,757 | 0 | 30,542 | ||||||||||||||||
Total assets | $ | 1,036,922 | $ | 673,063 | $ | 831,430 | $ | (1,277,167 | ) | $ | 1,264,248 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Accounts payable | $ | 206 | $ | 75,239 | $ | 43,853 | $ | 0 | $ | 119,298 | |||||||||||
Accrued expenses | 8,366 | 50,763 | 19,932 | 0 | 79,061 | ||||||||||||||||
Book overdraft | 0 | 3,906 | 0 | 0 | 3,906 | ||||||||||||||||
Amounts due to affiliated companies | 63,021 | 93,330 | 83,558 | (239,909 | ) | 0 | |||||||||||||||
Long-term debt, current portion | 0 | 0 | 4,382 | 0 | 4,382 | ||||||||||||||||
Income taxes payable | 0 | 1,214 | 8,810 | 0 | 10,024 | ||||||||||||||||
Total current liabilities | 71,593 | 224,452 | 160,535 | (239,909 | ) | 216,671 | |||||||||||||||
Long-term debt | 424,407 | 0 | 0 | 0 | 424,407 | ||||||||||||||||
Amounts due to affiliated companies | 0 | 0 | 166,171 | (166,171 | ) | 0 | |||||||||||||||
Other noncurrent liabilities | 138,717 | 44,755 | 41,904 | (4,411 | ) | 220,965 | |||||||||||||||
Total liabilities | 634,717 | 269,207 | 368,610 | (410,491 | ) | 862,043 | |||||||||||||||
Shareholders' equity: | |||||||||||||||||||||
Common stock and paid-in capital | 721 | 260,840 | 217,407 | (478,247 | ) | 721 | |||||||||||||||
Accumulated other comprehensive loss | (110,689 | ) | (17,578 | ) | (39,612 | ) | 57,190 | (110,689 | ) | ||||||||||||
Retained earnings | 512,173 | 160,594 | 285,025 | (445,619 | ) | 512,173 | |||||||||||||||
Total shareholders' equity | 402,205 | 403,856 | 462,820 | (866,676 | ) | 402,205 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 1,036,922 | $ | 673,063 | $ | 831,430 | $ | (1,277,167 | ) | $ | 1,264,248 | ||||||||||
Schedule Of Condensed Consolidating Statements Of Cash Flows | ' | ||||||||||||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
Cash provided from (used in) operating activities | $ | 94,779 | $ | 47,128 | $ | 70,513 | $ | (4,021 | ) | $ | 208,399 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | 0 | (22,476 | ) | (24,687 | ) | 0 | (47,163 | ) | |||||||||||||
Proceeds from sale of discontinued business | 0 | 0 | 140,011 | 0 | 140,011 | ||||||||||||||||
Deposits for interest rate swap | (11,018 | ) | 0 | 0 | 0 | (11,018 | ) | ||||||||||||||
Return of deposits for interest rate swap | 21,880 | 0 | 0 | 0 | 21,880 | ||||||||||||||||
Payments on settlement of interest rate swap | (5,148 | ) | 0 | 0 | 0 | (5,148 | ) | ||||||||||||||
Receipts from settlement of interest rate swap | 221 | 0 | 0 | 0 | 221 | ||||||||||||||||
Return of investment in subsidiary | 45,174 | 0 | 0 | (45,174 | ) | 0 | |||||||||||||||
Cash provided from (used in) investing activities | 51,109 | (22,476 | ) | 115,324 | (45,174 | ) | 98,783 | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net borrowings (repayments) under revolving credit facility | (75,000 | ) | 0 | 0 | 0 | (75,000 | ) | ||||||||||||||
Net borrowings (repayments) under lines of credit | 0 | 0 | 3,088 | 0 | 3,088 | ||||||||||||||||
Dividends paid | (35,914 | ) | (86,585 | ) | (77,979 | ) | 164,564 | (35,914 | ) | ||||||||||||
Debt issuance costs | (1,145 | ) | 0 | 0 | 0 | (1,145 | ) | ||||||||||||||
Repurchases of common stock | (41,156 | ) | 0 | 0 | 0 | (41,156 | ) | ||||||||||||||
Issuance of intercompany note payable, net | 0 | (14,328 | ) | 14,328 | 0 | 0 | |||||||||||||||
Repayment of intercompany note payable, net | 58,935 | 13,402 | (72,337 | ) | 0 | 0 | |||||||||||||||
Financing from affiliated companies | (45,573 | ) | 160,942 | 0 | (115,369 | ) | 0 | ||||||||||||||
Cash provided from (used in) financing activities | (139,853 | ) | 73,431 | (132,900 | ) | 49,195 | (150,127 | ) | |||||||||||||
Effect of foreign exchange on cash and cash equivalents | 0 | 0 | 1,081 | 0 | 1,081 | ||||||||||||||||
Increase in cash and cash equivalents | 6,035 | 98,083 | 54,018 | 0 | 158,136 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 5,001 | 3,956 | 80,172 | 0 | 89,129 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 11,036 | $ | 102,039 | $ | 134,190 | $ | 0 | $ | 247,265 | |||||||||||
NewMarket Corporation and Subsidiaries | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | ||||||||||||||||
Cash provided from (used in) operating activities | $ | 301,598 | $ | 129,885 | $ | 34,514 | $ | (280,668 | ) | $ | 185,329 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | 0 | (16,784 | ) | (8,660 | ) | 0 | (25,444 | ) | |||||||||||||
Deposits for interest rate swap | (19,567 | ) | 0 | 0 | 0 | (19,567 | ) | ||||||||||||||
Return of deposits for interest rate swap | 17,800 | 0 | 0 | 0 | 17,800 | ||||||||||||||||
Payments on settlement of interest rate swap | (5,148 | ) | 0 | 0 | 0 | (5,148 | ) | ||||||||||||||
Receipts from settlement of interest rate swap | 352 | 0 | 0 | 0 | 352 | ||||||||||||||||
Proceeds from sale of equity securities | 0 | 6,303 | 0 | 0 | 6,303 | ||||||||||||||||
Cash provided from (used in) investing activities | (6,563 | ) | (10,481 | ) | (8,660 | ) | 0 | (25,704 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net borrowings (repayments) under revolving credit facility | 116,000 | 0 | 0 | 0 | 116,000 | ||||||||||||||||
Repayment of 7.125% senior notes | (150,000 | ) | 0 | 0 | 0 | (150,000 | ) | ||||||||||||||
Repayment of Foundry Park I mortgage loan | 0 | 0 | (63,544 | ) | 0 | (63,544 | ) | ||||||||||||||
Net borrowings (repayments) under lines of credit | 0 | 0 | (1,781 | ) | 0 | (1,781 | ) | ||||||||||||||
Dividends paid | (30,171 | ) | (344,584 | ) | (7,723 | ) | 352,307 | (30,171 | ) | ||||||||||||
Debt issuance costs | (2,369 | ) | 0 | 0 | 0 | (2,369 | ) | ||||||||||||||
Issuance of intercompany note payable, net | (65,500 | ) | 0 | 65,500 | 0 | 0 | |||||||||||||||
Repayment of intercompany note payable, net | 4,400 | 0 | (4,400 | ) | 0 | 0 | |||||||||||||||
Financing from affiliated companies | (162,411 | ) | 234,050 | 0 | (71,639 | ) | 0 | ||||||||||||||
Cash provided from (used in) financing activities | (290,051 | ) | (110,534 | ) | (11,948 | ) | 280,668 | (131,865 | ) | ||||||||||||
Effect of foreign exchange on cash and cash equivalents | 0 | 0 | 1,577 | 0 | 1,577 | ||||||||||||||||
Increase in cash and cash equivalents | 4,984 | 8,870 | 15,483 | 0 | 29,337 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 17 | 3,459 | 46,894 | 0 | 50,370 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 5,001 | $ | 12,329 | $ | 62,377 | $ | 0 | $ | 79,707 | |||||||||||
Financial_Statement_Presentati2
Financial Statement Presentation (Cash Dividends Declared And Paid) (Details) (USD $) | 3 Months Ended | |||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' |
Date Declared | 18-Jul-13 | 25-Apr-13 | 28-Feb-13 | 17-Jul-12 | 26-Apr-12 | 23-Feb-12 |
Date Paid | 1-Oct-13 | 1-Jul-13 | 1-Apr-13 | 1-Oct-12 | 2-Jul-12 | 2-Apr-12 |
Per Share Amount | $0.90 | $0.90 | $0.90 | $0.75 | $0.75 | $0.75 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jul. 02, 2013 | |
Real Estate Assets Of Foundry Park I [Member] | Real Estate Assets Of Foundry Park I [Member] | |||||
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Sales price of discontinued operation | ' | ' | ' | ' | ' | $143,600,000 |
Gain on sale of real estate assets, before tax | ' | ' | 35,770,000 | 0 | 35,800,000 | ' |
Gain on sale of real estate assets, net of tax | $21,855,000 | $0 | $21,855,000 | $0 | $21,900,000 | ' |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule of Components of Income From Operations of Discontinued Business) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Discontinued Operations [Line Items] | ' | ' | ' | ' | |
Rental revenue | $31 | $2,857 | $5,747 | $8,573 | |
Cost of rental | 0 | 1,067 | 2,136 | 3,203 | |
Selling, general, and administrative expenses | 0 | 1 | 1 | 2 | |
Interest and financing expenses, net | 0 | 328 | 2,727 | 2,053 | |
Loss on early extinguishment of debt | ' | ' | 0 | 9,932 | [1] |
Income before income taxes | 31 | 1,461 | 883 | 2,475 | |
Income tax expense | 11 | 569 | 343 | 978 | |
Income from operations of discontinued business, net of tax | 20 | 892 | 540 | 1,497 | |
Real Estate Assets Of Foundry Park I [Member] | ' | ' | ' | ' | |
Discontinued Operations [Line Items] | ' | ' | ' | ' | |
Loss on early extinguishment of debt | $0 | $0 | $0 | $840 | |
[1] | In March 2012, we entered into a $650 million five-year unsecured revolving credit facility which replaced our previous $300 million unsecured revolving credit facility. During 2012, we used a portion of the $650 million revolving credit facility to fund the early redemption of all of our then outstanding 7.125% senior notes (7.125% senior notes), as well as to repay the outstanding principal amount on the mortgage loan. As a result, we recognized a loss on early extinguishment of debt of $9.9 million during the nine months ended September 30, 2012. The loss represents accelerated amortization of financing fees associated with the prior revolving credit facility, the 7.125% senior notes, and the mortgage loan, as well as costs associated with redeeming the 7.125% senior notes prior to maturity. Of the loss on early extinguishment of debt, $0.8 million for the nine months ended September 30, 2012 is included as a component of income from operations of discontinued business, net of tax. |
Asset_Retirement_Obligations_A
Asset Retirement Obligations (Activity Associated With Asset Retirement Obligations) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Asset Retirement Obligations, Roll Forward Analysis [Roll Forward] | ' | ' |
Asset retirement obligations, January 1 | $2,800 | $3,297 |
Accretion expense | 85 | 120 |
Liabilities settled | -475 | -489 |
Changes in expected cash flows and timing | 272 | 296 |
Asset retirement obligations, September 30 | $2,682 | $3,224 |
Segment_Information_Consolidat
Segment Information (Consolidated Revenue By Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Information [Line Items] | ' | ' | ' | ' |
Consolidated revenue | $580,455 | $551,187 | $1,723,984 | $1,698,556 |
Petroleum Additives [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Consolidated revenue | 577,596 | 547,661 | 1,717,335 | 1,689,594 |
All Other [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Consolidated revenue | 2,859 | 3,526 | 6,649 | 8,962 |
Lubricant Additives [Member] | Petroleum Additives [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Consolidated revenue | 461,936 | 433,074 | 1,389,720 | 1,347,824 |
Fuel Additives [Member] | Petroleum Additives [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Consolidated revenue | $115,660 | $114,587 | $327,615 | $341,770 |
Segment_Information_Segment_Op
Segment Information (Segment Operating Profit) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 14, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Apr. 16, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Petroleum Additives [Member] | Petroleum Additives [Member] | Petroleum Additives [Member] | Petroleum Additives [Member] | All Other [Member] | All Other [Member] | All Other [Member] | All Other [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Foundry Park I Mortgage Loan [Member] | 7.125% Senior Notes [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | |||||||||
Senior Notes [Member] | ||||||||||||||||||||||||||||||
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment operating profit | $87,072,000 | $92,966,000 | $276,595,000 | $290,354,000 | $95,491,000 | $96,350,000 | $295,309,000 | $300,436,000 | ($1,614,000) | $1,768,000 | ($1,832,000) | $5,067,000 | ' | ' | ' | ' | ' | ' | $93,877,000 | $98,118,000 | $293,477,000 | $305,503,000 | ' | ' | ' | ' | ||||
Corporate, general, and administrative expenses | -40,886,000 | -37,095,000 | -121,748,000 | -114,701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,850,000 | -5,000,000 | -17,255,000 | -16,003,000 | ||||
Interest and financing expenses, net | -4,259,000 | -1,304,000 | -13,614,000 | -6,445,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Gain (loss) on interest rate swap agreement | -659,000 | [1] | -1,659,000 | [1] | 5,116,000 | [1] | -5,650,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | 0 | [2] | 0 | [2] | 0 | [2] | -9,092,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income, net | 91,000 | 1,588,000 | 765,000 | 2,764,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income from continuing operations before income tax expense | 82,200,000 | 91,743,000 | 268,489,000 | 271,077,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Maximum borrowing capacity under the revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000,000 | 650,000,000 | 650,000,000 | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Term of credit facility, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Senior notes, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss on extinguishment of debt including discontinued operations | ' | ' | $0 | ($9,932,000) | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($800,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap, and accordingly, any change in the fair value is immediately recognized in earnings. | |||||||||||||||||||||||||||||
[2] | In March 2012, we entered into a $650 million five-year unsecured revolving credit facility which replaced our previous $300 million unsecured revolving credit facility. During 2012, we used a portion of the $650 million revolving credit facility to fund the early redemption of all of our then outstanding 7.125% senior notes (7.125% senior notes), as well as to repay the outstanding principal amount on the mortgage loan. As a result, we recognized a loss on early extinguishment of debt of $9.9 million during the nine months ended September 30, 2012. The loss represents accelerated amortization of financing fees associated with the prior revolving credit facility, the 7.125% senior notes, and the mortgage loan, as well as costs associated with redeeming the 7.125% senior notes prior to maturity. Of the loss on early extinguishment of debt, $0.8 million for the nine months ended September 30, 2012 is included as a component of income from operations of discontinued business, net of tax. |
Segment_Information_Segment_De
Segment Information (Segment Depreciation And Amortization) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Information [Line Items] | ' | ' | ' | ' | ||||
Depreciation and amortization | $10,042 | $10,829 | $35,926 | $32,449 | ||||
Petroleum Additives [Member] | ' | ' | ' | ' | ||||
Segment Information [Line Items] | ' | ' | ' | ' | ||||
Depreciation and amortization | 9,347 | 8,993 | 29,219 | 27,097 | ||||
All Other and Corporate [Member] | ' | ' | ' | ' | ||||
Segment Information [Line Items] | ' | ' | ' | ' | ||||
Depreciation and amortization | 695 | [1] | 1,836 | [1] | 6,707 | [1] | 5,352 | [1] |
Income from operations of discontinued business, net of tax [Member] | All Other and Corporate [Member] | ' | ' | ' | ' | ||||
Segment Information [Line Items] | ' | ' | ' | ' | ||||
Depreciation and amortization | ' | $1,300 | $4,700 | $3,400 | ||||
[1] | This amount includes depreciation and amortization expense of Foundry Park I, which was $1.3 million for the third quarter ended September 30, 2012, $4.7 million for the nine months ended September 30, 2013, and $3.4 million for the nine months ended September 30, 2012. These amounts are included in Income from operations of discontinued business, net of tax in the Consolidated Statements of Income. |
Pension_Plans_and_Other_Postre2
Pension Plans and Other Postretirement Benefits (Cash Contributions Made And Expected Remaining Contributions For Domestic And Foreign Pension And Postretirement Benefit Plans) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 |
Domestic Pension Benefits [Member] | Domestic Pension Benefits [Member] | Domestic Postretirement Benefits [Member] | Domestic Postretirement Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Postretirement Benefits [Member] | Foreign Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual Cash Contributions, Pension benefits | $24,065 | $22,541 | ' | $18,077 | ' | ' | ' | $5,988 | ' | ' |
Actual Cash Contributions, Postretirement benefits | 1,382 | 1,549 | ' | ' | ' | 1,217 | ' | ' | ' | 165 |
Expected Remaining Cash Contributions | ' | ' | $4,692 | ' | $406 | ' | $1,650 | ' | $54 | ' |
Pension_Plans_and_Other_Postre3
Pension Plans and Other Postretirement Benefits (Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Domestic Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $2,967 | $2,286 | $8,294 | $6,600 |
Interest cost | 2,396 | 2,446 | 7,163 | 7,187 |
Expected return on plan assets | -3,655 | -3,346 | -10,889 | -9,948 |
Amortization of prior service (credit) cost | 3 | 53 | 11 | 158 |
Amortization of actuarial net loss (gain) | 1,711 | 1,414 | 5,313 | 3,998 |
Net periodic benefit cost | 3,422 | 2,853 | 9,892 | 7,995 |
Domestic Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 600 | 370 | 1,598 | 1,414 |
Interest cost | 513 | 710 | 1,876 | 2,289 |
Expected return on plan assets | -362 | -373 | -1,090 | -1,119 |
Amortization of prior service (credit) cost | 2 | 2 | 7 | 7 |
Amortization of actuarial net loss (gain) | -138 | -50 | -138 | -50 |
Net periodic benefit cost | 615 | 659 | 2,253 | 2,541 |
Foreign Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 1,271 | 1,157 | 3,946 | 3,509 |
Interest cost | 1,330 | 1,310 | 4,011 | 3,992 |
Expected return on plan assets | -1,712 | -1,491 | -5,127 | -4,523 |
Amortization of prior service (credit) cost | -7 | -31 | -11 | -108 |
Amortization of transition obligation | 0 | 0 | 0 | 0 |
Amortization of actuarial net loss (gain) | 359 | 272 | 1,059 | 825 |
Settlements and curtailments | 0 | -251 | 133 | -251 |
Net periodic benefit cost | 1,241 | 966 | 4,011 | 3,444 |
Foreign Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 5 | 7 | 21 | 21 |
Interest cost | 25 | 28 | 78 | 83 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service (credit) cost | 0 | 0 | 0 | 0 |
Amortization of transition obligation | 9 | 13 | 35 | 39 |
Amortization of actuarial net loss (gain) | 7 | 7 | 27 | 23 |
Settlements and curtailments | 0 | 0 | 71 | 0 |
Net periodic benefit cost | $46 | $55 | $232 | $166 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Anti-dilutive stock-based compensation awards excluded from the computation of diluted earnings per share (in shares) | 11,585 | 11,940 | 11,585 | 11,940 |
Earnings per share from continuing operations numerator: | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders before allocation of earnings to participating securities | $57,021 | $63,823 | $188,346 | $185,033 |
Income from continuing operations allocated to participating securities | 70 | 0 | 175 | 0 |
Income from continuing operations attributable to common shareholders after allocation of earnings to participating securities | $56,951 | $63,823 | $188,171 | $185,033 |
Earnings per share from continuing operations denominator: | ' | ' | ' | ' |
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares) | 13,279,000 | 13,406,000 | 13,319,000 | 13,405,000 |
Earnings per share from continuing operations - basic and diluted (in dollars per share) | $4.29 | $4.76 | $14.13 | $13.80 |
Intangibles_Net_of_Amortizatio2
Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Customer Bases [Member] | Trademarks And Trade Names [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||
Contracts [Member] | Formulas And Technology [Member] | Contracts [Member] | Formulas And Technology [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated goodwill impairment | $0 | $0 | ' | ' | ' | ' | ' | ' |
Estimated economic life, in years | ' | ' | '20 years | '10 years | '1 year 6 months | '5 years | '10 years | '20 years |
Intangibles_Net_of_Amortizatio3
Intangibles (Net of Amortization) and Goodwill (Schedule Of Information Related To Intangible Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortizing intangible assets, Accumulated Amortization | $89,912 | $84,322 |
Goodwill, Gross Carrying Amount | 4,878 | 5,002 |
Amortizing intangible assets and Goodwill, Gross Carrying Amount | 114,701 | 114,864 |
Formulas And Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortizing intangible assets, Gross Carrying Amount | 91,648 | 91,662 |
Amortizing intangible assets, Accumulated Amortization | 78,789 | 74,762 |
Contracts [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortizing intangible assets, Gross Carrying Amount | 9,593 | 9,593 |
Amortizing intangible assets, Accumulated Amortization | 7,771 | 6,734 |
Customer Bases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortizing intangible assets, Gross Carrying Amount | 7,003 | 7,021 |
Amortizing intangible assets, Accumulated Amortization | 2,782 | 2,400 |
Trademarks And Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortizing intangible assets, Gross Carrying Amount | 1,579 | 1,586 |
Amortizing intangible assets, Accumulated Amortization | $570 | $426 |
Intangibles_Net_of_Amortizatio4
Intangibles (Net of Amortization) and Goodwill (Schedule Of Amortization Expense And Estimated Annual Amortization Expense Related To Intangible Assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense | $1.90 | $1.90 | $5.60 | $5.60 |
2013 | 1.5 | ' | 1.5 | ' |
2014 | 6.2 | ' | 6.2 | ' |
2015 | 5.8 | ' | 5.8 | ' |
2016 | 1.9 | ' | 1.9 | ' |
2017 | 0.7 | ' | 0.7 | ' |
2018 | $0.70 | ' | $0.70 | ' |
Longterm_Debt_Narrative_Detail
Long-term Debt (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Average interest rate during the period | 2.16% | 1.84% |
4.10% Senior Notes [Member] | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal amount of debt | 350,000,000 | ' |
Senior notes, interest rate | 4.10% | ' |
Debt instrument, maturity date | '2022 | ' |
Longterm_Debt_Schedule_Of_Long
Long-term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Long-term debt and current maturities | $356,922 | $428,789 |
Current maturities of long-term debt | -7,470 | -4,382 |
Total long-term debt | 349,452 | 424,407 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt and current maturities | 0 | 75,000 |
Senior Notes [Member] | 4.10% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt and current maturities | 349,452 | 349,407 |
Senior notes, interest rate | 4.10% | ' |
Debt instrument, maturity date | '2022 | ' |
Foreign Lines of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt and current maturities | $7,470 | $4,382 |
Longterm_Debt_Schedule_Of_Unus
Long-term Debt (Schedule Of Unused Portion Of Revolving Credit Facility) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 14, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Outstanding borrowings | $356,922,000 | $428,789,000 | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Maximum borrowing capacity under the revolving credit facility | 650,000,000 | 650,000,000 | 650,000,000 | 300,000,000 |
Outstanding borrowings | 0 | 75,000,000 | ' | ' |
Outstanding letters of credit | 3,100,000 | 3,100,000 | ' | ' |
Unused portion of revolving credit facility | $646,900,000 | $571,900,000 | ' | ' |
Contractual_Commitments_and_Co2
Contractual Commitments and Contingencies (Environmental) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Environmental Remediation [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrual, discounted | $20 | $19.70 |
Dismantling And Decommissioning [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrual, discounted | 0.4 | 0.5 |
Former TEL Plant Site, Louisiana [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrual, discounted | 5.5 | 5.6 |
Accrual, undiscounted | 6.8 | 6.9 |
2013 expected payments | 0.3 | ' |
2014 expected payments | 0.8 | ' |
2015 expected payments | 0.8 | ' |
2016 expected payments | 0.6 | ' |
2017 expected payments | 0.5 | ' |
Expected payments thereafter | 3.8 | ' |
Houston, Texas Plant Site [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrual, discounted | 6.5 | 6.1 |
Accrual, undiscounted | 10 | 9.3 |
2013 expected payments | 0.5 | ' |
2014 expected payments | 0.3 | ' |
2015 expected payments | 0.2 | ' |
2016 expected payments | 0.2 | ' |
2017 expected payments | 0.2 | ' |
Expected payments thereafter | 8.6 | ' |
Accrual for remediation of groundwater and soil | 6.1 | 5.6 |
Houston, Texas Plant Site [Member] | Environmental Remediation [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrual, discounted | 6.2 | 5.8 |
Superfund Site, Louisiana [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrual, discounted | 3.4 | 3.2 |
Accrual, undiscounted | 4.5 | 4.4 |
2013 expected payments | 0 | ' |
2014 expected payments | 0.2 | ' |
2015 expected payments | 0.2 | ' |
2016 expected payments | 0.3 | ' |
2017 expected payments | 0.3 | ' |
Expected payments thereafter | $3.50 | ' |
Minimum [Member] | Former TEL Plant Site, Louisiana [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Approximate range of discount rates for accrual | 3.00% | 3.00% |
Minimum [Member] | Houston, Texas Plant Site [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Approximate range of discount rates for accrual | 3.00% | 3.00% |
Minimum [Member] | Superfund Site, Louisiana [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Approximate range of discount rates for accrual | 2.00% | 2.00% |
Maximum [Member] | Former TEL Plant Site, Louisiana [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Approximate range of discount rates for accrual | 4.00% | 4.00% |
Maximum [Member] | Houston, Texas Plant Site [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Approximate range of discount rates for accrual | 9.00% | 9.00% |
Maximum [Member] | Superfund Site, Louisiana [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Approximate range of discount rates for accrual | 4.00% | 4.00% |
Contractual_Commitments_and_Co3
Contractual Commitments and Contingencies (Letters Of Credit And Guarantees) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 14, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 |
Minimum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letters of Credit [Member] | Foreign Lines of Credit [Member] | ||
Revolving Credit Facility [Member] | |||||||||
Lettters Of Credit And Guarantees [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding guarantees | $17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | 3,100,000 | 3,100,000 | ' | ' | ' | ' |
Maximum borrowing capacity under the revolving credit facility | ' | ' | ' | 650,000,000 | 650,000,000 | 650,000,000 | 300,000,000 | 100,000,000 | ' |
Maximum potential amount of future payments under all other guarantees not secured by letters of credit | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Draws on line of credit | ' | ' | ' | ' | ' | ' | ' | ' | $7,500,000 |
Letters of credit and certain guarantees, expiration date | ' | '2013 | '2021 | ' | ' | ' | ' | ' | ' |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 25, 2009 | Sep. 30, 2013 | Sep. 30, 2013 |
Goldman Sachs [Member] | Goldman Sachs [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Gain on Sale of Discontinued Business Net of Tax [Member] | Gain on Sale of Discontinued Business Net of Tax [Member] | ||||
Mortgage Loan Interest Rate Swap [Member] | Mortgage Loan Interest Rate Swap [Member] | Construction Loan Interest Rate Swap [Member] | Construction Loan Interest Rate Swap [Member] | Goldman Sachs [Member] | Goldman Sachs [Member] | Goldman Sachs [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||||
Construction Loan Interest Rate Swap [Member] | Construction Loan Interest Rate Swap [Member] | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss net of tax related to the fair value of the interest rate swap recorded in accumulated other comprehensive loss | $0 | ($4,173,000) | ($4,736,000) | ' | ' | $0 | ($1,700,000) | $0 | ($2,500,000) | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,000,000 | ' | ' |
Rate of fixed-rate payments for interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.31% | ' | ' |
Cash collateral deposit | ' | ' | ' | 26,833,000 | 37,694,000 | ' | ' | ' | ' | 26,833,000 | 37,694,000 | ' | ' | ' |
Total amount of fair value recorded in accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 2,300,000 | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Recognized as a Coponent of Gain on Sale of Discontinued Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,000,000 | -4,000,000 |
Termination value of obligations | $22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities (Fair Value Of Derivative Instruments) (Details) (Goldman Sachs [Member], Interest Rate Swap [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Fair value of interest rate swap asset derivatives, not designated as hedging instruments | $0 | $0 |
Accrued Expenses And Oher Noncurrent Liabilities [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Fair value of interest rate swap liability derivatives, not designated as hedging instruments | $22,717 | $32,761 |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities (Effect Of Derivative Instruments On The Consolidated Statements Of Income Designated Cash Flow Hedges) (Details) (Interest Rate Swap [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Construction Loan Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | $0 | $0 | $0 | $0 |
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 | 0 |
Construction Loan Interest Rate Swap [Member] | Discontinued Operations [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -4,026 | -21 | -4,068 | -64 |
Mortgage Loan Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 0 | 0 | 0 | -540 |
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 | 0 |
Mortgage Loan Interest Rate Swap [Member] | Discontinued Operations [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $0 | ($327) | ($2,727) | ($1,049) |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities (Effect Of Derivative Instruments On The Consolidated Statements Of Income Non-Designated Derivatives)(Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | ($659) | [1] | ($1,659) | [1] | $5,116 | [1] | ($5,650) | [1] |
Goldman Sachs [Member] | Interest Rate Swap [Member] | Other (Expense) Income, Net [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | ($659) | ($1,659) | $5,116 | ($5,650) | ||||
[1] | The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap, and accordingly, any change in the fair value is immediately recognized in earnings. |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Schedule of Components of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' |
Pension Plans and Other Postretirement Benefits, Beginning Balance | ' | ' | ($96,139) | ($76,416) | ($76,416) |
Derivative Instruments, Beginning Balance | ' | ' | -4,173 | -4,736 | -4,736 |
Foreign Currency Translation Adjustments, Beginning Balance | ' | ' | -10,377 | -17,944 | -17,944 |
Marketable Securities, Beginning Balance | ' | ' | 0 | 364 | 364 |
Accumulated Other Comprehensive (Loss) Income, Beginning Balance | ' | ' | -110,689 | -98,732 | -98,732 |
Other comprehensive income (loss) before reclassifications, Pension Plans and Other Postretirement Benefits | ' | ' | 3,510 | ' | -24,291 |
Other comprehensive income (loss) before reclassifications, Derivative Instruments | 0 | 0 | 0 | -330 | -330 |
Other comprehensive income (loss) before reclassifications, Foreign Currency Translation Adjustments | 12,666 | 12,818 | -9,744 | 9,439 | 7,567 |
Other comprehensive income (loss) before reclassifications, Marketable Securities | 0 | 499 | 0 | 676 | 676 |
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive (Loss) Income | ' | ' | -6,234 | ' | -16,378 |
Amounts reclassified from accumulated other comprehensive loss, Pension Plans and Other Postretirement Benefits | 1,241 | 1,066 | 4,368 | 3,120 | 4,568 |
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | 2,481 | 213 | 4,173 | 680 | 893 |
Amounts reclassified from accumulated other comprehensive loss, Foreign Currency Translation Adjustments | ' | ' | 0 | ' | 0 |
Amounts reclassified from accumulated other comprehensive loss, Marketable Securities | 0 | -1,040 | 0 | -1,040 | -1,040 |
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive (Loss) Income | 3,722 | 239 | 8,541 | 2,760 | 4,421 |
Total pension plans and other postretirement benefits | 4,466 | -484 | 7,878 | 1,570 | -19,723 |
Other comprehensive income (loss), Derivative Instruments | 2,481 | 213 | 4,173 | 350 | 563 |
Other comprehensive income (loss), Foreign Currency Translation Adjustments | ' | ' | -9,744 | ' | 7,567 |
Other comprehensive income (loss), Marketable Securities | 0 | -541 | 0 | -364 | -364 |
Other comprehensive income (loss) | 19,613 | 12,006 | 2,307 | 10,995 | -11,957 |
Pension Plans and Other Postretirement Benefits, Ending Balance | -88,261 | ' | -88,261 | ' | -96,139 |
Derivative Instruments, Ending Balance | 0 | ' | 0 | ' | -4,173 |
Foreign Currency Translation Adjustments, Ending Balance | -20,121 | ' | -20,121 | ' | -10,377 |
Marketable Securities, Ending Balance | 0 | ' | 0 | ' | 0 |
Accumulated Other Comprehensive (Loss) Income, Ending Balance | ($108,382) | ' | ($108,382) | ' | ($110,689) |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Schedule of Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Pension plans and other postretirement benefits: | ' | ' | ' | ' | ' | ||||
Amortization of prior service (credit) cost | ($3) | [1] | $10 | [1] | $2 | [1] | $21 | [1] | ' |
Amortization of actuarial net loss | 1,237 | [1] | 1,045 | [1] | 3,962 | [1] | 3,069 | [1] | ' |
Settlements and curtailments | 0 | [1] | 0 | [1] | 378 | [1] | 0 | [1] | ' |
Amortization of transition obligation | 7 | [1] | 11 | [1] | 26 | [1] | 30 | [1] | ' |
Total pension plans and other postretirement benefits | 1,241 | 1,066 | 4,368 | 3,120 | 4,568 | ||||
Derivative instruments: | ' | ' | ' | ' | ' | ||||
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | 2,481 | 213 | 4,173 | 680 | 893 | ||||
Marketable Securities: | ' | ' | ' | ' | ' | ||||
Amounts reclassified from accumulated other comprehensive loss, Marketable Securities | 0 | -1,040 | 0 | -1,040 | -1,040 | ||||
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive (Loss) Income | 3,722 | 239 | 8,541 | 2,760 | 4,421 | ||||
Income from operations of discontinued business, net of tax [Member] | Interest Rate Swap [Member] | Mortgage Loan Interest Rate Swap [Member] | ' | ' | ' | ' | ' | ||||
Derivative instruments: | ' | ' | ' | ' | ' | ||||
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | 0 | 200 | 1,666 | 641 | ' | ||||
Discontinued Operations [Member] | Interest Rate Swap [Member] | Construction Loan Interest Rate Swap [Member] | ' | ' | ' | ' | ' | ||||
Derivative instruments: | ' | ' | ' | ' | ' | ||||
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | 2,481 | 13 | 2,507 | 39 | ' | ||||
Gain on Sale of Discontinued Business Net of Tax [Member] | Interest Rate Swap [Member] | Construction Loan Interest Rate Swap [Member] | ' | ' | ' | ' | ' | ||||
Derivative instruments: | ' | ' | ' | ' | ' | ||||
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | 2,500 | ' | 2,500 | ' | ' | ||||
Other (Expense) Income, Net [Member] | ' | ' | ' | ' | ' | ||||
Marketable Securities: | ' | ' | ' | ' | ' | ||||
Amounts reclassified from accumulated other comprehensive loss, Marketable Securities | $0 | ($1,040) | $0 | ($1,040) | ' | ||||
[1] | (a) These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 5 in this Form 10-Q and Note 19 in our 2012 Annual Report for further information. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount in Consolidated Balance Sheets | $247,265 | $89,129 | $79,707 | $50,370 |
Goldman Sachs [Member] | ' | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash deposit for collateralized interest rate swap, Carrying Amount in Consolidated Balance Sheets | 26,833 | 37,694 | ' | ' |
Carrying Amount in Consolidated Balance Sheets [Member] | ' | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount in Consolidated Balance Sheets | 247,265 | 89,129 | ' | ' |
Interest rate swap liability, Carrying Amount in Consolidated Balance Sheets | 22,717 | 32,761 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 247,265 | 89,129 | ' | ' |
Interest rate swap liability, Fair Value | 22,717 | 32,761 | ' | ' |
Fair Value [Member] | Goldman Sachs [Member] | ' | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash deposit for collateralized interest rate swap, Fair Value | 26,833 | 37,694 | ' | ' |
Fair Value, Level 1 [Member] | ' | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 247,265 | 89,129 | ' | ' |
Interest rate swap liability, Fair Value | 0 | 0 | ' | ' |
Fair Value, Level 1 [Member] | Goldman Sachs [Member] | ' | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash deposit for collateralized interest rate swap, Fair Value | 26,833 | 37,694 | ' | ' |
Fair Value, Level 2 [Member] | ' | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 0 | 0 | ' | ' |
Interest rate swap liability, Fair Value | 22,717 | 32,761 | ' | ' |
Fair Value, Level 2 [Member] | Goldman Sachs [Member] | ' | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash deposit for collateralized interest rate swap, Fair Value | 0 | 0 | ' | ' |
Fair Value, Level 3 [Member] | ' | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 0 | 0 | ' | ' |
Interest rate swap liability, Fair Value | 0 | 0 | ' | ' |
Fair Value, Level 3 [Member] | Goldman Sachs [Member] | ' | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash deposit for collateralized interest rate swap, Fair Value | $0 | $0 | ' | ' |
Fair_Value_Measurements_Estima
Fair Value Measurements (Estimated Fair Value Of Long-Term Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Long-term debt, including current maturities, Carrying Amount | $356,922 | $428,789 |
Long-term debt, including current maturities, Fair Value | $356,021 | $436,777 |
Consolidating_Financial_Inform2
Consolidating Financial Information (Narrative) (Details) | Sep. 30, 2013 |
4.10% Senior Notes [Member] | Senior Notes [Member] | ' |
Senior notes, interest rate | 4.10% |
Guarantor Subsidiaries [Member] | ' |
Percent ownership interest by Parent Company | 100.00% |
Non-Guarantor Subsidiaries [Member] | ' |
Percent ownership interest by Parent Company | 100.00% |
Consolidating_Financial_Inform3
Consolidating Financial Information (Consolidating Statements of Income and Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Net sales | $580,455 | $551,187 | $1,723,984 | $1,698,556 | ' | ||||
Cost of goods sold | 416,632 | 390,918 | 1,222,326 | 1,206,932 | ' | ||||
Gross profit | 163,823 | 160,269 | 501,658 | 491,624 | ' | ||||
Selling, general, and administrative expenses | 40,886 | 37,095 | 121,748 | 114,701 | ' | ||||
Research, development, and testing expenses | 35,865 | 30,208 | 103,315 | 86,569 | ' | ||||
Operating (loss) profit | 87,072 | 92,966 | 276,595 | 290,354 | ' | ||||
Interest and financing expenses, net | 4,259 | 1,304 | 13,614 | 6,445 | ' | ||||
Loss on early extinguishment of debt | 0 | [1] | 0 | [1] | 0 | [1] | 9,092 | [1] | ' |
Other income (expense), net | -613 | 81 | 5,508 | -3,740 | ' | ||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | 82,200 | 91,743 | 268,489 | 271,077 | ' | ||||
Income tax (benefit) expense | 25,179 | 27,920 | 80,143 | 86,044 | ' | ||||
Equity income of subsidiaries | 0 | 0 | 0 | 0 | ' | ||||
Income from continuing operations | 57,021 | 63,823 | 188,346 | 185,033 | ' | ||||
Discontinued operations: | ' | ' | ' | ' | ' | ||||
Gain on sale of discontinued business, net of tax | 21,855 | 0 | 21,855 | 0 | ' | ||||
Income from operations of discontinued business, net of tax | 20 | 892 | 540 | 1,497 | ' | ||||
Net income | 78,896 | 64,715 | 210,741 | 186,530 | 239,593 | ||||
Other comprehensive income (loss) | 19,613 | 12,006 | 2,307 | 10,995 | -11,957 | ||||
Comprehensive income | 98,509 | 76,721 | 213,048 | 197,525 | ' | ||||
Parent Company [Member] | ' | ' | ' | ' | ' | ||||
Net sales | 0 | 0 | 0 | 0 | ' | ||||
Cost of goods sold | 0 | 0 | 0 | 0 | ' | ||||
Gross profit | 0 | 0 | 0 | 0 | ' | ||||
Selling, general, and administrative expenses | 1,901 | 1,813 | 5,365 | 4,609 | ' | ||||
Research, development, and testing expenses | 0 | 0 | 0 | 0 | ' | ||||
Operating (loss) profit | -1,901 | -1,813 | -5,365 | -4,609 | ' | ||||
Interest and financing expenses, net | 4,389 | 1,294 | 13,948 | 6,459 | ' | ||||
Loss on early extinguishment of debt | ' | ' | ' | 9,092 | ' | ||||
Other income (expense), net | -650 | -1,648 | 5,169 | -5,604 | ' | ||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | -6,940 | -4,755 | -14,144 | -25,764 | ' | ||||
Income tax (benefit) expense | -3,033 | -1,281 | -5,805 | -9,918 | ' | ||||
Equity income of subsidiaries | 82,803 | 68,189 | 219,080 | 202,376 | ' | ||||
Income from continuing operations | 78,896 | 64,715 | 210,741 | 186,530 | ' | ||||
Discontinued operations: | ' | ' | ' | ' | ' | ||||
Gain on sale of discontinued business, net of tax | 0 | ' | 0 | ' | ' | ||||
Income from operations of discontinued business, net of tax | 0 | 0 | 0 | 0 | ' | ||||
Net income | 78,896 | 64,715 | 210,741 | 186,530 | ' | ||||
Other comprehensive income (loss) | 19,613 | 12,006 | 2,307 | 10,995 | ' | ||||
Comprehensive income | 98,509 | 76,721 | 213,048 | 197,525 | ' | ||||
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ||||
Net sales | 226,276 | 222,051 | 680,296 | 693,946 | ' | ||||
Cost of goods sold | 118,699 | 104,840 | 352,844 | 336,076 | ' | ||||
Gross profit | 107,577 | 117,211 | 327,452 | 357,870 | ' | ||||
Selling, general, and administrative expenses | 24,914 | 28,653 | 68,049 | 85,613 | ' | ||||
Research, development, and testing expenses | 25,450 | 22,212 | 71,507 | 64,875 | ' | ||||
Operating (loss) profit | 57,213 | 66,346 | 187,896 | 207,382 | ' | ||||
Interest and financing expenses, net | -981 | -1,539 | -2,991 | -3,557 | ' | ||||
Loss on early extinguishment of debt | ' | ' | ' | 0 | ' | ||||
Other income (expense), net | -10 | 1,621 | -16 | 1,640 | ' | ||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | 58,184 | 69,506 | 190,871 | 212,579 | ' | ||||
Income tax (benefit) expense | 19,664 | 22,044 | 61,460 | 74,694 | ' | ||||
Equity income of subsidiaries | 0 | 0 | 0 | 0 | ' | ||||
Income from continuing operations | 38,520 | 47,462 | 129,411 | 137,885 | ' | ||||
Discontinued operations: | ' | ' | ' | ' | ' | ||||
Gain on sale of discontinued business, net of tax | 0 | ' | 0 | ' | ' | ||||
Income from operations of discontinued business, net of tax | 0 | 0 | 0 | 0 | ' | ||||
Net income | 38,520 | 47,462 | 129,411 | 137,885 | ' | ||||
Other comprehensive income (loss) | 4,098 | 2,166 | 993 | 3,297 | ' | ||||
Comprehensive income | 42,618 | 49,628 | 130,404 | 141,182 | ' | ||||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ||||
Net sales | 354,179 | 329,136 | 1,043,688 | 1,004,610 | ' | ||||
Cost of goods sold | 297,933 | 286,078 | 869,482 | 870,856 | ' | ||||
Gross profit | 56,246 | 43,058 | 174,206 | 133,754 | ' | ||||
Selling, general, and administrative expenses | 14,071 | 6,629 | 48,334 | 24,479 | ' | ||||
Research, development, and testing expenses | 10,415 | 7,996 | 31,808 | 21,694 | ' | ||||
Operating (loss) profit | 31,760 | 28,433 | 94,064 | 87,581 | ' | ||||
Interest and financing expenses, net | 851 | 1,549 | 2,657 | 3,543 | ' | ||||
Loss on early extinguishment of debt | ' | ' | ' | 0 | ' | ||||
Other income (expense), net | 47 | 108 | 355 | 224 | ' | ||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | 30,956 | 26,992 | 91,762 | 84,262 | ' | ||||
Income tax (benefit) expense | 8,548 | 7,157 | 24,488 | 21,268 | ' | ||||
Equity income of subsidiaries | 0 | 0 | 0 | 0 | ' | ||||
Income from continuing operations | 22,408 | 19,835 | 67,274 | 62,994 | ' | ||||
Discontinued operations: | ' | ' | ' | ' | ' | ||||
Gain on sale of discontinued business, net of tax | 21,855 | ' | 21,855 | ' | ' | ||||
Income from operations of discontinued business, net of tax | 20 | 892 | 540 | 1,497 | ' | ||||
Net income | 44,283 | 20,727 | 89,669 | 64,491 | ' | ||||
Other comprehensive income (loss) | 11,831 | 10,573 | -4,016 | 7,276 | ' | ||||
Comprehensive income | 56,114 | 31,300 | 85,653 | 71,767 | ' | ||||
Total Consolidating Adjustments [Member] | ' | ' | ' | ' | ' | ||||
Net sales | 0 | 0 | 0 | 0 | ' | ||||
Cost of goods sold | 0 | 0 | 0 | 0 | ' | ||||
Gross profit | 0 | 0 | 0 | 0 | ' | ||||
Selling, general, and administrative expenses | 0 | 0 | 0 | 0 | ' | ||||
Research, development, and testing expenses | 0 | 0 | 0 | 0 | ' | ||||
Operating (loss) profit | 0 | 0 | 0 | 0 | ' | ||||
Interest and financing expenses, net | 0 | 0 | 0 | 0 | ' | ||||
Loss on early extinguishment of debt | ' | ' | ' | 0 | ' | ||||
Other income (expense), net | 0 | 0 | 0 | 0 | ' | ||||
(Loss) income from continuing operations before income taxes and equity income of subsidiaries | 0 | 0 | 0 | 0 | ' | ||||
Income tax (benefit) expense | 0 | 0 | 0 | 0 | ' | ||||
Equity income of subsidiaries | -82,803 | -68,189 | -219,080 | -202,376 | ' | ||||
Income from continuing operations | -82,803 | -68,189 | -219,080 | -202,376 | ' | ||||
Discontinued operations: | ' | ' | ' | ' | ' | ||||
Gain on sale of discontinued business, net of tax | 0 | ' | 0 | ' | ' | ||||
Income from operations of discontinued business, net of tax | 0 | 0 | 0 | 0 | ' | ||||
Net income | -82,803 | -68,189 | -219,080 | -202,376 | ' | ||||
Other comprehensive income (loss) | -15,929 | -12,739 | 3,023 | -10,573 | ' | ||||
Comprehensive income | ($98,732) | ($80,928) | ($216,057) | ($212,949) | ' | ||||
[1] | In March 2012, we entered into a $650 million five-year unsecured revolving credit facility which replaced our previous $300 million unsecured revolving credit facility. During 2012, we used a portion of the $650 million revolving credit facility to fund the early redemption of all of our then outstanding 7.125% senior notes (7.125% senior notes), as well as to repay the outstanding principal amount on the mortgage loan. As a result, we recognized a loss on early extinguishment of debt of $9.9 million during the nine months ended September 30, 2012. The loss represents accelerated amortization of financing fees associated with the prior revolving credit facility, the 7.125% senior notes, and the mortgage loan, as well as costs associated with redeeming the 7.125% senior notes prior to maturity. Of the loss on early extinguishment of debt, $0.8 million for the nine months ended September 30, 2012 is included as a component of income from operations of discontinued business, net of tax. |
Consolidating_Financial_Inform4
Consolidating Financial Information (Consolidating Balance Sheets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $247,265 | $89,129 | $79,707 | $50,370 |
Trade and other accounts receivable, net | 323,669 | 297,055 | ' | ' |
Amounts due from affiliated companies | 0 | 0 | ' | ' |
Inventories | 312,773 | 322,674 | ' | ' |
Deferred income taxes | 8,832 | 8,452 | ' | ' |
Prepaid expenses and other current assets | 33,538 | 18,185 | ' | ' |
Total current assets | 926,077 | 735,495 | ' | ' |
Amounts due from affiliated companies | 0 | 0 | ' | ' |
Property, plant, and equipment, at cost | 1,006,310 | 1,070,967 | ' | ' |
Less accumulated depreciation and amortization | 723,971 | 712,596 | ' | ' |
Net property, plant, and equipment | 282,339 | 358,371 | ' | ' |
Investment in consolidated subsidiaries | 0 | 0 | ' | ' |
Prepaid pension cost | 17,371 | 12,710 | ' | ' |
Deferred income taxes | 50,050 | 55,123 | ' | ' |
Other assets and deferred charges | 44,612 | 72,007 | ' | ' |
Intangibles (net of amortization) and goodwill | 24,789 | 30,542 | ' | ' |
Total assets | 1,345,238 | 1,264,248 | ' | ' |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' | ' | ' |
Accounts payable | 126,874 | 119,298 | ' | ' |
Accrued expenses | 79,680 | 79,061 | ' | ' |
Dividends payable | 10,740 | 0 | ' | ' |
Book overdraft | 5,275 | 3,906 | ' | ' |
Amounts due to affiliated companies | 0 | 0 | ' | ' |
Long-term debt, current portion | 7,470 | 4,382 | ' | ' |
Income taxes payable | 33,377 | 10,024 | ' | ' |
Total current liabilities | 263,416 | 216,671 | ' | ' |
Long-term debt | 349,452 | 424,407 | ' | ' |
Amounts due to affiliated companies | 0 | 0 | ' | ' |
Other noncurrent liabilities | 193,284 | 220,965 | ' | ' |
Total liabilities | 806,152 | 862,043 | ' | ' |
Shareholders’ equity: | ' | ' | ' | ' |
Common stock and paid-in capital | 0 | 721 | ' | ' |
Accumulated other comprehensive loss | -108,382 | -110,689 | ' | -98,732 |
Retained earnings | 647,468 | 512,173 | ' | ' |
Total shareholders' equity | 539,086 | 402,205 | ' | 549,593 |
Total liabilities and shareholders’ equity | 1,345,238 | 1,264,248 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 11,036 | 5,001 | 5,001 | 17 |
Trade and other accounts receivable, net | 4,735 | 4,347 | ' | ' |
Amounts due from affiliated companies | 49,012 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 2,097 | 2,555 | ' | ' |
Prepaid expenses and other current assets | 10,881 | 65 | ' | ' |
Total current assets | 77,761 | 11,968 | ' | ' |
Amounts due from affiliated companies | 0 | 58,935 | ' | ' |
Property, plant, and equipment, at cost | 0 | 0 | ' | ' |
Less accumulated depreciation and amortization | 0 | 0 | ' | ' |
Net property, plant, and equipment | 0 | 0 | ' | ' |
Investment in consolidated subsidiaries | 882,885 | 866,676 | ' | ' |
Prepaid pension cost | 0 | 0 | ' | ' |
Deferred income taxes | 44,332 | 53,057 | ' | ' |
Other assets and deferred charges | 34,596 | 46,286 | ' | ' |
Intangibles (net of amortization) and goodwill | 0 | 0 | ' | ' |
Total assets | 1,039,574 | 1,036,922 | ' | ' |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' | ' | ' |
Accounts payable | 11 | 206 | ' | ' |
Accrued expenses | 9,632 | 8,366 | ' | ' |
Dividends payable | 10,740 | ' | ' | ' |
Book overdraft | 0 | 0 | ' | ' |
Amounts due to affiliated companies | 11,572 | 63,021 | ' | ' |
Long-term debt, current portion | 0 | 0 | ' | ' |
Income taxes payable | 2,113 | 0 | ' | ' |
Total current liabilities | 34,068 | 71,593 | ' | ' |
Long-term debt | 349,452 | 424,407 | ' | ' |
Amounts due to affiliated companies | 0 | 0 | ' | ' |
Other noncurrent liabilities | 116,968 | 138,717 | ' | ' |
Total liabilities | 500,488 | 634,717 | ' | ' |
Shareholders’ equity: | ' | ' | ' | ' |
Common stock and paid-in capital | 0 | 721 | ' | ' |
Accumulated other comprehensive loss | -108,382 | -110,689 | ' | ' |
Retained earnings | 647,468 | 512,173 | ' | ' |
Total shareholders' equity | 539,086 | 402,205 | ' | ' |
Total liabilities and shareholders’ equity | 1,039,574 | 1,036,922 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 102,039 | 3,956 | 12,329 | 3,459 |
Trade and other accounts receivable, net | 107,732 | 113,131 | ' | ' |
Amounts due from affiliated companies | 147,994 | 142,125 | ' | ' |
Inventories | 117,593 | 117,638 | ' | ' |
Deferred income taxes | 5,909 | 5,062 | ' | ' |
Prepaid expenses and other current assets | 20,010 | 16,248 | ' | ' |
Total current assets | 501,277 | 398,160 | ' | ' |
Amounts due from affiliated companies | 116,015 | 107,236 | ' | ' |
Property, plant, and equipment, at cost | 684,887 | 664,912 | ' | ' |
Less accumulated depreciation and amortization | 550,551 | 536,700 | ' | ' |
Net property, plant, and equipment | 134,336 | 128,212 | ' | ' |
Investment in consolidated subsidiaries | 0 | 0 | ' | ' |
Prepaid pension cost | 1,284 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other assets and deferred charges | 8,709 | 15,670 | ' | ' |
Intangibles (net of amortization) and goodwill | 18,526 | 23,785 | ' | ' |
Total assets | 780,147 | 673,063 | ' | ' |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' | ' | ' |
Accounts payable | 81,244 | 75,239 | ' | ' |
Accrued expenses | 48,283 | 50,763 | ' | ' |
Dividends payable | 0 | ' | ' | ' |
Book overdraft | 5,275 | 3,906 | ' | ' |
Amounts due to affiliated companies | 144,325 | 93,330 | ' | ' |
Long-term debt, current portion | 0 | 0 | ' | ' |
Income taxes payable | 0 | 1,214 | ' | ' |
Total current liabilities | 279,127 | 224,452 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Amounts due to affiliated companies | 8,025 | 0 | ' | ' |
Other noncurrent liabilities | 36,158 | 44,755 | ' | ' |
Total liabilities | 323,310 | 269,207 | ' | ' |
Shareholders’ equity: | ' | ' | ' | ' |
Common stock and paid-in capital | 260,776 | 260,840 | ' | ' |
Accumulated other comprehensive loss | -16,588 | -17,578 | ' | ' |
Retained earnings | 212,649 | 160,594 | ' | ' |
Total shareholders' equity | 456,837 | 403,856 | ' | ' |
Total liabilities and shareholders’ equity | 780,147 | 673,063 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 134,190 | 80,172 | 62,377 | 46,894 |
Trade and other accounts receivable, net | 213,736 | 179,577 | ' | ' |
Amounts due from affiliated companies | 62,881 | 97,784 | ' | ' |
Inventories | 195,180 | 205,036 | ' | ' |
Deferred income taxes | 826 | 835 | ' | ' |
Prepaid expenses and other current assets | 2,647 | 1,872 | ' | ' |
Total current assets | 609,460 | 565,276 | ' | ' |
Amounts due from affiliated companies | 0 | 0 | ' | ' |
Property, plant, and equipment, at cost | 321,423 | 406,055 | ' | ' |
Less accumulated depreciation and amortization | 173,420 | 175,896 | ' | ' |
Net property, plant, and equipment | 148,003 | 230,159 | ' | ' |
Investment in consolidated subsidiaries | 0 | 0 | ' | ' |
Prepaid pension cost | 16,087 | 12,710 | ' | ' |
Deferred income taxes | 6,960 | 6,477 | ' | ' |
Other assets and deferred charges | 1,307 | 10,051 | ' | ' |
Intangibles (net of amortization) and goodwill | 6,263 | 6,757 | ' | ' |
Total assets | 788,080 | 831,430 | ' | ' |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' | ' | ' |
Accounts payable | 45,619 | 43,853 | ' | ' |
Accrued expenses | 21,765 | 19,932 | ' | ' |
Dividends payable | 0 | ' | ' | ' |
Book overdraft | 0 | 0 | ' | ' |
Amounts due to affiliated companies | 103,990 | 83,558 | ' | ' |
Long-term debt, current portion | 7,470 | 4,382 | ' | ' |
Income taxes payable | 33,798 | 8,810 | ' | ' |
Total current liabilities | 212,642 | 160,535 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Amounts due to affiliated companies | 107,990 | 166,171 | ' | ' |
Other noncurrent liabilities | 41,400 | 41,904 | ' | ' |
Total liabilities | 362,032 | 368,610 | ' | ' |
Shareholders’ equity: | ' | ' | ' | ' |
Common stock and paid-in capital | 126,661 | 217,407 | ' | ' |
Accumulated other comprehensive loss | -43,627 | -39,612 | ' | ' |
Retained earnings | 343,014 | 285,025 | ' | ' |
Total shareholders' equity | 426,048 | 462,820 | ' | ' |
Total liabilities and shareholders’ equity | 788,080 | 831,430 | ' | ' |
Total Consolidating Adjustments [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and other accounts receivable, net | -2,534 | 0 | ' | ' |
Amounts due from affiliated companies | -259,887 | -239,909 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | -262,421 | -239,909 | ' | ' |
Amounts due from affiliated companies | -116,015 | -166,171 | ' | ' |
Property, plant, and equipment, at cost | 0 | 0 | ' | ' |
Less accumulated depreciation and amortization | 0 | 0 | ' | ' |
Net property, plant, and equipment | 0 | 0 | ' | ' |
Investment in consolidated subsidiaries | -882,885 | -866,676 | ' | ' |
Prepaid pension cost | 0 | 0 | ' | ' |
Deferred income taxes | -1,242 | -4,411 | ' | ' |
Other assets and deferred charges | 0 | 0 | ' | ' |
Intangibles (net of amortization) and goodwill | 0 | 0 | ' | ' |
Total assets | -1,262,563 | -1,277,167 | ' | ' |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued expenses | 0 | 0 | ' | ' |
Dividends payable | 0 | ' | ' | ' |
Book overdraft | 0 | 0 | ' | ' |
Amounts due to affiliated companies | -259,887 | -239,909 | ' | ' |
Long-term debt, current portion | 0 | 0 | ' | ' |
Income taxes payable | -2,534 | 0 | ' | ' |
Total current liabilities | -262,421 | -239,909 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Amounts due to affiliated companies | -116,015 | -166,171 | ' | ' |
Other noncurrent liabilities | -1,242 | -4,411 | ' | ' |
Total liabilities | -379,678 | -410,491 | ' | ' |
Shareholders’ equity: | ' | ' | ' | ' |
Common stock and paid-in capital | -387,437 | -478,247 | ' | ' |
Accumulated other comprehensive loss | 60,215 | 57,190 | ' | ' |
Retained earnings | -555,663 | -445,619 | ' | ' |
Total shareholders' equity | -882,885 | -866,676 | ' | ' |
Total liabilities and shareholders’ equity | ($1,262,563) | ($1,277,167) | ' | ' |
Consolidating_Financial_Inform5
Consolidating Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash provided from (used in) operating activities | $208,399 | $185,329 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -47,163 | -25,444 |
Proceeds from sale of discontinued business | 140,011 | 0 |
Deposits for interest rate swap | -11,018 | -19,567 |
Return of deposits for interest rate swap | 21,880 | 17,800 |
Payments on settlement of interest rate swap | -5,148 | -5,148 |
Receipts from settlement of interest rate swap | 221 | 352 |
Return of investment in subsidiary | 0 | ' |
Proceeds from sale of equity securities | 0 | 6,303 |
Cash provided from (used in) investing activities | 98,783 | -25,704 |
Cash flows from financing activities: | ' | ' |
Net borrowings (repayments) under revolving credit facility | -75,000 | 116,000 |
Repayment of 7.125% senior notes | 0 | -150,000 |
Repayment of Foundry Park I mortgage loan | 0 | -63,544 |
Net borrowings (repayments) under lines of credit | 3,088 | -1,781 |
Dividends paid | -35,914 | -30,171 |
Debt issuance costs | -1,145 | -2,369 |
Repurchases of common stock | -41,156 | 0 |
Issuance of intercompany note payable, net | 0 | 0 |
Repayment of intercompany note payable, net | 0 | 0 |
Financing from affiliated companies | 0 | 0 |
Cash provided from (used in) financing activities | -150,127 | -131,865 |
Effect of foreign exchange on cash and cash equivalents | 1,081 | 1,577 |
Increase in cash and cash equivalents | 158,136 | 29,337 |
Cash and cash equivalents at beginning of year | 89,129 | 50,370 |
Cash and cash equivalents at end of period | 247,265 | 79,707 |
Parent Company [Member] | ' | ' |
Cash provided from (used in) operating activities | 94,779 | 301,598 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | 0 | 0 |
Proceeds from sale of discontinued business | 0 | ' |
Deposits for interest rate swap | -11,018 | -19,567 |
Return of deposits for interest rate swap | 21,880 | 17,800 |
Payments on settlement of interest rate swap | -5,148 | -5,148 |
Receipts from settlement of interest rate swap | 221 | 352 |
Return of investment in subsidiary | 45,174 | ' |
Proceeds from sale of equity securities | ' | 0 |
Cash provided from (used in) investing activities | 51,109 | -6,563 |
Cash flows from financing activities: | ' | ' |
Net borrowings (repayments) under revolving credit facility | -75,000 | 116,000 |
Repayment of 7.125% senior notes | ' | -150,000 |
Repayment of Foundry Park I mortgage loan | ' | 0 |
Net borrowings (repayments) under lines of credit | 0 | 0 |
Dividends paid | -35,914 | -30,171 |
Debt issuance costs | -1,145 | -2,369 |
Repurchases of common stock | -41,156 | ' |
Issuance of intercompany note payable, net | 0 | -65,500 |
Repayment of intercompany note payable, net | 58,935 | 4,400 |
Financing from affiliated companies | -45,573 | -162,411 |
Cash provided from (used in) financing activities | -139,853 | -290,051 |
Effect of foreign exchange on cash and cash equivalents | 0 | 0 |
Increase in cash and cash equivalents | 6,035 | 4,984 |
Cash and cash equivalents at beginning of year | 5,001 | 17 |
Cash and cash equivalents at end of period | 11,036 | 5,001 |
Guarantor Subsidiaries [Member] | ' | ' |
Cash provided from (used in) operating activities | 47,128 | 129,885 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -22,476 | -16,784 |
Proceeds from sale of discontinued business | 0 | ' |
Deposits for interest rate swap | 0 | 0 |
Return of deposits for interest rate swap | 0 | 0 |
Payments on settlement of interest rate swap | 0 | 0 |
Receipts from settlement of interest rate swap | 0 | 0 |
Return of investment in subsidiary | 0 | ' |
Proceeds from sale of equity securities | ' | 6,303 |
Cash provided from (used in) investing activities | -22,476 | -10,481 |
Cash flows from financing activities: | ' | ' |
Net borrowings (repayments) under revolving credit facility | 0 | 0 |
Repayment of 7.125% senior notes | ' | 0 |
Repayment of Foundry Park I mortgage loan | ' | 0 |
Net borrowings (repayments) under lines of credit | 0 | 0 |
Dividends paid | -86,585 | -344,584 |
Debt issuance costs | 0 | 0 |
Repurchases of common stock | 0 | ' |
Issuance of intercompany note payable, net | -14,328 | 0 |
Repayment of intercompany note payable, net | 13,402 | 0 |
Financing from affiliated companies | 160,942 | 234,050 |
Cash provided from (used in) financing activities | 73,431 | -110,534 |
Effect of foreign exchange on cash and cash equivalents | 0 | 0 |
Increase in cash and cash equivalents | 98,083 | 8,870 |
Cash and cash equivalents at beginning of year | 3,956 | 3,459 |
Cash and cash equivalents at end of period | 102,039 | 12,329 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash provided from (used in) operating activities | 70,513 | 34,514 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -24,687 | -8,660 |
Proceeds from sale of discontinued business | 140,011 | ' |
Deposits for interest rate swap | 0 | 0 |
Return of deposits for interest rate swap | 0 | 0 |
Payments on settlement of interest rate swap | 0 | 0 |
Receipts from settlement of interest rate swap | 0 | 0 |
Return of investment in subsidiary | 0 | ' |
Proceeds from sale of equity securities | ' | 0 |
Cash provided from (used in) investing activities | 115,324 | -8,660 |
Cash flows from financing activities: | ' | ' |
Net borrowings (repayments) under revolving credit facility | 0 | 0 |
Repayment of 7.125% senior notes | ' | 0 |
Repayment of Foundry Park I mortgage loan | ' | -63,544 |
Net borrowings (repayments) under lines of credit | 3,088 | -1,781 |
Dividends paid | -77,979 | -7,723 |
Debt issuance costs | 0 | 0 |
Repurchases of common stock | 0 | ' |
Issuance of intercompany note payable, net | 14,328 | 65,500 |
Repayment of intercompany note payable, net | -72,337 | -4,400 |
Financing from affiliated companies | 0 | 0 |
Cash provided from (used in) financing activities | -132,900 | -11,948 |
Effect of foreign exchange on cash and cash equivalents | 1,081 | 1,577 |
Increase in cash and cash equivalents | 54,018 | 15,483 |
Cash and cash equivalents at beginning of year | 80,172 | 46,894 |
Cash and cash equivalents at end of period | 134,190 | 62,377 |
Total Consolidating Adjustments [Member] | ' | ' |
Cash provided from (used in) operating activities | -4,021 | -280,668 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | 0 | 0 |
Proceeds from sale of discontinued business | 0 | ' |
Deposits for interest rate swap | 0 | 0 |
Return of deposits for interest rate swap | 0 | 0 |
Payments on settlement of interest rate swap | 0 | 0 |
Receipts from settlement of interest rate swap | 0 | 0 |
Return of investment in subsidiary | -45,174 | ' |
Proceeds from sale of equity securities | ' | 0 |
Cash provided from (used in) investing activities | -45,174 | 0 |
Cash flows from financing activities: | ' | ' |
Net borrowings (repayments) under revolving credit facility | 0 | 0 |
Repayment of 7.125% senior notes | ' | 0 |
Repayment of Foundry Park I mortgage loan | ' | 0 |
Net borrowings (repayments) under lines of credit | 0 | 0 |
Dividends paid | 164,564 | 352,307 |
Debt issuance costs | 0 | 0 |
Repurchases of common stock | 0 | ' |
Issuance of intercompany note payable, net | 0 | 0 |
Repayment of intercompany note payable, net | 0 | 0 |
Financing from affiliated companies | -115,369 | -71,639 |
Cash provided from (used in) financing activities | 49,195 | 280,668 |
Effect of foreign exchange on cash and cash equivalents | 0 | 0 |
Increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |