Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2014 |
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. 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 Guarantor Subsidiaries consist of the following: |
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Ethyl Corporation | Afton Chemical Corporation | | | | | | | | | | | | | | | | | | | |
NewMarket Services Corporation | Afton Chemical Additives Corporation | | | | | | | | | | | | | | | | | | | |
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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 second quarter and six months ended June 30, 2014 and June 30, 2013; Consolidating Balance Sheets as of June 30, 2014 and December 31, 2013; and Condensed Consolidating Statements of Cash Flows for the six months ended June 30, 2014 and June 30, 2013 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. During 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. 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 operations 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. |
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NewMarket Corporation and Subsidiaries |
Consolidating Statements of Income and Comprehensive Income |
Second Quarter Ended June 30, 2014 |
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(in thousands) | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Consolidating Adjustments | | Consolidated |
Net sales | | $ | 0 | | | $ | 239,631 | | | $ | 380,807 | | | $ | 0 | | | $ | 620,438 | |
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Cost of goods sold | | 0 | | | 117,140 | | | 322,552 | | | 0 | | | 439,692 | |
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Gross profit | | 0 | | | 122,491 | | | 58,255 | | | 0 | | | 180,746 | |
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Selling, general, and administrative expenses | | 1,609 | | | 22,131 | | | 17,173 | | | 0 | | | 40,913 | |
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Research, development, and testing expenses | | 0 | | | 25,604 | | | 9,763 | | | 0 | | | 35,367 | |
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Operating (loss) profit | | (1,609 | ) | | 74,756 | | | 31,319 | | | 0 | | | 104,466 | |
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Interest and financing expenses, net | | 4,535 | | | (1,028 | ) | | 839 | | | 0 | | | 4,346 | |
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Other (expense) income, net | | (2,260 | ) | | (36 | ) | | 93 | | | 0 | | | (2,203 | ) |
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(Loss) income before income taxes and equity income of subsidiaries | | (8,404 | ) | | 75,748 | | | 30,573 | | | 0 | | | 97,917 | |
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Income tax (benefit) expense | | (3,505 | ) | | 27,556 | | | 7,102 | | | 0 | | | 31,153 | |
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Equity income of subsidiaries | | 71,663 | | | 0 | | | 0 | | | (71,663 | ) | | 0 | |
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Net income | | 66,764 | | | 48,192 | | | 23,471 | | | (71,663 | ) | | 66,764 | |
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Other comprehensive income (loss) | | 9,548 | | | 1,448 | | | 7,758 | | | (9,206 | ) | | 9,548 | |
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Comprehensive income | | $ | 76,312 | | | $ | 49,640 | | | $ | 31,229 | | | $ | (80,869 | ) | | $ | 76,312 | |
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NewMarket Corporation and Subsidiaries |
Consolidating Statements of Income and Comprehensive Income |
Second Quarter Ended June 30, 2013 |
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(in thousands) | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Consolidating Adjustments | | Consolidated |
Net sales | | $ | 0 | | | $ | 233,955 | | | $ | 349,824 | | | $ | 0 | | | $ | 583,779 | |
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Cost of goods sold | | 0 | | | 122,851 | | | 291,500 | | | 0 | | | 414,351 | |
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Gross profit | | 0 | | | 111,104 | | | 58,324 | | | 0 | | | 169,428 | |
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Selling, general, and administrative expenses | | 1,779 | | | 22,059 | | | 16,083 | | | 0 | | | 39,921 | |
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Research, development, and testing expenses | | 0 | | | 24,104 | | | 12,325 | | | 0 | | | 36,429 | |
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Operating (loss) profit | | (1,779 | ) | | 64,941 | | | 29,916 | | | 0 | | | 93,078 | |
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Interest and financing expenses, net | | 4,749 | | | (1,072 | ) | | 896 | | | 0 | | | 4,573 | |
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Other (expense) income, net | | 5,118 | | | (1 | ) | | 257 | | | 0 | | | 5,374 | |
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(Loss) income from continuing operations before income taxes and equity income of subsidiaries | | (1,410 | ) | | 66,012 | | | 29,277 | | | 0 | | | 93,879 | |
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Income tax (benefit) expense | | (759 | ) | | 16,898 | | | 13,356 | | | 0 | | | 29,495 | |
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Equity income of subsidiaries | | 64,661 | | | 0 | | | 0 | | | (64,661 | ) | | 0 | |
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Income from continuing operations | | 64,010 | | | 49,114 | | | 15,921 | | | (64,661 | ) | | 64,384 | |
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(Loss) income from operations of discontinued business, net of tax | | 0 | | | 0 | | | (374 | ) | | 0 | | | (374 | ) |
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Net income | | 64,010 | | | 49,114 | | | 15,547 | | | (64,661 | ) | | 64,010 | |
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Other comprehensive income (loss) | | (614 | ) | | 665 | | | (2,102 | ) | | 1,437 | | | (614 | ) |
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Comprehensive income | | $ | 63,396 | | | $ | 49,779 | | | $ | 13,445 | | | $ | (63,224 | ) | | $ | 63,396 | |
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NewMarket Corporation and Subsidiaries |
Consolidating Statements of Income and Comprehensive Income |
Six Months Ended June 30, 2014 |
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(in thousands) | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Consolidating Adjustments | | Consolidated |
Net sales | | $ | 0 | | | $ | 447,905 | | | $ | 748,955 | | | $ | 0 | | | $ | 1,196,860 | |
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Cost of goods sold | | 0 | | | 218,814 | | | 635,370 | | | 0 | | | 854,184 | |
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Gross profit | | 0 | | | 229,091 | | | 113,585 | | | 0 | | | 342,676 | |
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Selling, general, and administrative expenses | | 3,338 | | | 43,010 | | | 34,113 | | | 0 | | | 80,461 | |
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Research, development, and testing expenses | | 0 | | | 47,634 | | | 19,940 | | | 0 | | | 67,574 | |
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Operating (loss) profit | | (3,338 | ) | | 138,447 | | | 59,532 | | | 0 | | | 194,641 | |
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Interest and financing expenses, net | | 8,883 | | | (2,010 | ) | | 1,637 | | | 0 | | | 8,510 | |
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Other (expense) income, net | | (4,492 | ) | | (61 | ) | | 134 | | | 0 | | | (4,419 | ) |
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(Loss) income before income taxes and equity income of subsidiaries | | (16,713 | ) | | 140,396 | | | 58,029 | | | 0 | | | 181,712 | |
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Income tax (benefit) expense | | (6,984 | ) | | 49,207 | | | 15,202 | | | 0 | | | 57,425 | |
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Equity income of subsidiaries | | 134,016 | | | 0 | | | 0 | | | (134,016 | ) | | 0 | |
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Net income | | 124,287 | | | 91,189 | | | 42,827 | | | (134,016 | ) | | 124,287 | |
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Other comprehensive income (loss) | | 11,279 | | | 1,993 | | | 8,602 | | | (10,595 | ) | | 11,279 | |
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Comprehensive income | | $ | 135,566 | | | $ | 93,182 | | | $ | 51,429 | | | $ | (144,611 | ) | | $ | 135,566 | |
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NewMarket Corporation and Subsidiaries |
Consolidating Statements of Income and Comprehensive Income |
Six Months Ended June 30, 2013 |
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(in thousands) | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Consolidating Adjustments | | Consolidated |
Net sales | | $ | 0 | | | $ | 454,020 | | | $ | 689,509 | | | $ | 0 | | | $ | 1,143,529 | |
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Cost of goods sold | | 0 | | | 234,145 | | | 571,549 | | | 0 | | | 805,694 | |
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Gross profit | | 0 | | | 219,875 | | | 117,960 | | | 0 | | | 337,835 | |
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Selling, general, and administrative expenses | | 3,464 | | | 43,135 | | | 34,263 | | | 0 | | | 80,862 | |
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Research, development, and testing expenses | | 0 | | | 46,057 | | | 21,393 | | | 0 | | | 67,450 | |
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Operating (loss) profit | | (3,464 | ) | | 130,683 | | | 62,304 | | | 0 | | | 189,523 | |
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Interest and financing expenses, net | | 9,559 | | | (2,010 | ) | | 1,806 | | | 0 | | | 9,355 | |
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Other (expense) income, net | | 5,819 | | | (6 | ) | | 308 | | | 0 | | | 6,121 | |
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(Loss) income from continuing operations before income taxes and equity income of subsidiaries | | (7,204 | ) | | 132,687 | | | 60,806 | | | 0 | | | 186,289 | |
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Income tax (benefit) expense | | (2,772 | ) | | 41,796 | | | 15,940 | | | 0 | | | 54,964 | |
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Equity income of subsidiaries | | 136,277 | | | 0 | | | 0 | | | (136,277 | ) | | 0 | |
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Income from continuing operations | | 131,845 | | | 90,891 | | | 44,866 | | | (136,277 | ) | | 131,325 | |
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(Loss) income from operations of discontinued business, net of tax | | 0 | | | 0 | | | 520 | | | 0 | | | 520 | |
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Net income | | 131,845 | | | 90,891 | | | 45,386 | | | (136,277 | ) | | 131,845 | |
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Other comprehensive income (loss) | | (17,306 | ) | | (3,105 | ) | | (15,847 | ) | | 18,952 | | | (17,306 | ) |
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Comprehensive income | | $ | 114,539 | | | $ | 87,786 | | | $ | 29,539 | | | $ | (117,325 | ) | | $ | 114,539 | |
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NewMarket Corporation and Subsidiaries |
Consolidating Balance Sheets |
30-Jun-14 |
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(in thousands) | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Consolidating Adjustments | | Consolidated |
ASSETS | | | | | | | | | | |
Cash and cash equivalents | | $ | 38 | | | $ | 3,443 | | | $ | 110,163 | | | $ | 0 | | | $ | 113,644 | |
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Trade and other accounts receivable, net | | 1,714 | | | 109,668 | | | 236,248 | | | 0 | | | 347,630 | |
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Amounts due from affiliated companies | | 88,743 | | | 238,071 | | | 89,755 | | | (416,569 | ) | | 0 | |
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Inventories | | 0 | | | 123,005 | | | 206,378 | | | 0 | | | 329,383 | |
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Deferred income taxes | | 2,590 | | | 3,313 | | | 443 | | | 0 | | | 6,346 | |
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Prepaid expenses and other current assets | | 12,721 | | | 20,496 | | | 2,812 | | | 0 | | | 36,029 | |
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Total current assets | | 105,806 | | | 497,996 | | | 645,799 | | | (416,569 | ) | | 833,032 | |
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Amounts due from affiliated companies | | 0 | | | 112,289 | | | 8,025 | | | (120,314 | ) | | 0 | |
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Property, plant, and equipment, at cost | | 0 | | | 701,212 | | | 302,307 | | | 0 | | | 1,003,519 | |
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Less accumulated depreciation and amortization | | 0 | | | 563,444 | | | 149,628 | | | 0 | | | 713,072 | |
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Net property, plant, and equipment | | 0 | | | 137,768 | | | 152,679 | | | 0 | | | 290,447 | |
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Investment in consolidated subsidiaries | | 906,161 | | | 0 | | | 0 | | | (906,161 | ) | | 0 | |
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Prepaid pension cost | | 26,476 | | | 17,320 | | | 18,086 | | | 0 | | | 61,882 | |
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Deferred income taxes | | 20,756 | | | 0 | | | 7,158 | | | (6,184 | ) | | 21,730 | |
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Intangibles (net of amortization) and goodwill | | 0 | | | 14,117 | | | 6,221 | | | 0 | | | 20,338 | |
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Deferred charges and other assets | | 34,509 | | | 9,129 | | | 1,283 | | | 0 | | | 44,921 | |
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Total assets | | $ | 1,093,708 | | | $ | 788,619 | | | $ | 839,251 | | | $ | (1,449,228 | ) | | $ | 1,272,350 | |
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LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | |
Accounts payable | | $ | 6 | | | $ | 82,305 | | | $ | 55,168 | | | $ | 0 | | | $ | 137,479 | |
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Accrued expenses | | 11,972 | | | 38,475 | | | 22,559 | | | 0 | | | 73,006 | |
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Dividends payable | | 12,578 | | | 0 | | | 0 | | | 0 | | | 12,578 | |
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Amounts due to affiliated companies | | 117,104 | | | 177,157 | | | 122,308 | | | (416,569 | ) | | 0 | |
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Income taxes payable | | 0 | | | 384 | | | 11,588 | | | 0 | | | 11,972 | |
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Other current liabilities | | 0 | | | 7,927 | | | 3,096 | | | 0 | | | 11,023 | |
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Total current liabilities | | 141,660 | | | 306,248 | | | 214,719 | | | (416,569 | ) | | 246,058 | |
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Long-term debt | | 353,497 | | | 0 | | | 0 | | | 0 | | | 353,497 | |
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Amounts due to affiliated companies | | 0 | | | 8,025 | | | 112,289 | | | (120,314 | ) | | 0 | |
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Other noncurrent liabilities | | 85,054 | | | 41,537 | | | 38,891 | | | (6,184 | ) | | 159,298 | |
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Total liabilities | | 580,211 | | | 355,810 | | | 365,899 | | | (543,067 | ) | | 758,853 | |
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Shareholders' equity: | | | | | | | | | | |
Common stock and paid-in capital | | 0 | | | 260,776 | | | 126,662 | | | (387,438 | ) | | 0 | |
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Accumulated other comprehensive loss | | (48,807 | ) | | (3,792 | ) | | (31,758 | ) | | 35,550 | | | (48,807 | ) |
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Retained earnings | | 562,304 | | | 175,825 | | | 378,448 | | | (554,273 | ) | | 562,304 | |
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Total shareholders' equity | | 513,497 | | | 432,809 | | | 473,352 | | | (906,161 | ) | | 513,497 | |
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Total liabilities and shareholders' equity | | $ | 1,093,708 | | | $ | 788,619 | | | $ | 839,251 | | | $ | (1,449,228 | ) | | $ | 1,272,350 | |
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NewMarket Corporation and Subsidiaries |
Consolidating Balance Sheets |
31-Dec-13 |
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(in thousands) | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Consolidating Adjustments | | Consolidated |
ASSETS | | | | | | | | | | |
Cash and cash equivalents | | $ | 1,038 | | | $ | 102,205 | | | $ | 135,460 | | | $ | 0 | | | $ | 238,703 | |
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Trade and other accounts receivable, net | | 1,512 | | | 108,908 | | | 199,431 | | | (4 | ) | | 309,847 | |
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Amounts due from affiliated companies | | 0 | | | 139,710 | | | 77,098 | | | (216,808 | ) | | 0 | |
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Inventories | | 0 | | | 115,442 | | | 192,076 | | | 0 | | | 307,518 | |
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Deferred income taxes | | 2,600 | | | 4,919 | | | 748 | | | 0 | | | 8,267 | |
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Prepaid expenses and other current assets | | 13,055 | | | 17,886 | | | 2,043 | | | 0 | | | 32,984 | |
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Total current assets | | 18,205 | | | 489,070 | | | 606,856 | | | (216,812 | ) | | 897,319 | |
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Amounts due from affiliated companies | | 0 | | | 113,076 | | | 8,025 | | | (121,101 | ) | | 0 | |
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Property, plant, and equipment, at cost | | 0 | | | 692,024 | | | 293,172 | | | 0 | | | 985,196 | |
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Less accumulated depreciation and amortization | | 0 | | | 555,805 | | | 144,355 | | | 0 | | | 700,160 | |
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Net property, plant, and equipment | | 0 | | | 136,219 | | | 148,817 | | | 0 | | | 285,036 | |
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Investment in consolidated subsidiaries | | 955,560 | | | 0 | | | 0 | | | (955,560 | ) | | 0 | |
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Prepaid pension cost | | 23,276 | | | 16,092 | | | 15,719 | | | 0 | | | 55,087 | |
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Deferred income taxes | | 20,999 | | | 0 | | | 7,984 | | | (6,022 | ) | | 22,961 | |
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Intangibles (net of amortization) and goodwill | | 0 | | | 17,036 | | | 6,283 | | | 0 | | | 23,319 | |
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Deferred charges and other assets | | 33,257 | | | 9,014 | | | 1,281 | | | 0 | | | 43,552 | |
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Total assets | | $ | 1,051,297 | | | $ | 780,507 | | | $ | 794,965 | | | $ | (1,299,495 | ) | | $ | 1,327,274 | |
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LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | |
Accounts payable | | $ | 6 | | | $ | 86,649 | | | $ | 47,477 | | | $ | 0 | | | $ | 134,132 | |
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Accrued expenses | | 10,788 | | | 46,401 | | | 20,803 | | | 0 | | | 77,992 | |
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Dividends payable | | 12,996 | | | 0 | | | 0 | | | 0 | | | 12,996 | |
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Amounts due to affiliated companies | | 23,183 | | | 77,098 | | | 116,527 | | | (216,808 | ) | | 0 | |
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Income taxes payable | | 0 | | | 0 | | | 11,423 | | | (4 | ) | | 11,419 | |
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Other current liabilities | | 0 | | | 7,828 | | | 3,247 | | | 0 | | | 11,075 | |
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Total current liabilities | | 46,973 | | | 217,976 | | | 199,477 | | | (216,812 | ) | | 247,614 | |
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Long-term debt | | 349,467 | | | 0 | | | 0 | | | 0 | | | 349,467 | |
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Amounts due to affiliated companies | | 0 | | | 8,025 | | | 113,076 | | | (121,101 | ) | | 0 | |
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Other noncurrent liabilities | | 82,409 | | | 41,014 | | | 40,344 | | | (6,022 | ) | | 157,745 | |
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Total liabilities | | 478,849 | | | 267,015 | | | 352,897 | | | (343,935 | ) | | 754,826 | |
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Shareholders' equity: | | | | | | | | | | |
Common stock and paid-in capital | | 0 | | | 260,776 | | | 126,661 | | | (387,437 | ) | | 0 | |
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Accumulated other comprehensive loss | | (60,086 | ) | | (5,786 | ) | | (40,360 | ) | | 46,146 | | | (60,086 | ) |
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Retained earnings | | 632,534 | | | 258,502 | | | 355,767 | | | (614,269 | ) | | 632,534 | |
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Total shareholders' equity | | 572,448 | | | 513,492 | | | 442,068 | | | (955,560 | ) | | 572,448 | |
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Total liabilities and shareholders' equity | | $ | 1,051,297 | | | $ | 780,507 | | | $ | 794,965 | | | $ | (1,299,495 | ) | | $ | 1,327,274 | |
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NewMarket Corporation and Subsidiaries |
Condensed Consolidating Statements of Cash Flows |
Six Months Ended June 30, 2014 |
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(in thousands) | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Consolidating Adjustments | | Consolidated |
Cash provided from (used in) operating activities | | $ | 190,441 | | | $ | 105,299 | | | $ | 4,626 | | | $ | (215,850 | ) | | $ | 84,516 | |
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Cash flows from investing activities: | | | | | | | | | | |
Capital expenditures | | 0 | | | (11,942 | ) | | (8,712 | ) | | 0 | | | (20,654 | ) |
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Deposits for interest rate swap | | (4,861 | ) | | 0 | | | 0 | | | 0 | | | (4,861 | ) |
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Return of deposits for interest rate swap | | 2,930 | | | 0 | | | 0 | | | 0 | | | 2,930 | |
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Other, net | | (2,485 | ) | | 0 | | | 0 | | | 0 | | | (2,485 | ) |
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Cash provided from (used in) investing activities | | (4,416 | ) | | (11,942 | ) | | (8,712 | ) | | 0 | | | (25,070 | ) |
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Cash flows from financing activities: | | | | | | | | | | |
Net borrowings (repayments) under revolving credit facility | | 4,000 | | | 0 | | | 0 | | | 0 | | | 4,000 | |
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Net (repayments) borrowings under lines of credit | | 0 | | | 0 | | | (151 | ) | | 0 | | | (151 | ) |
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Dividends paid | | (28,155 | ) | | (194,007 | ) | | (20,147 | ) | | 214,154 | | | (28,155 | ) |
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Repurchases of common stock | | (162,867 | ) | | 0 | | | 0 | | | 0 | | | (162,867 | ) |
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Issuance of intercompany note payable, net | | 0 | | | (10,748 | ) | | 10,748 | | | 0 | | | 0 | |
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Repayment of intercompany note payable, net | | 0 | | | 14,329 | | | (14,329 | ) | | 0 | | | 0 | |
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Financing from affiliated companies | | (3 | ) | | (1,693 | ) | | 0 | | | 1,696 | | | 0 | |
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Cash provided from (used in) financing activities | | (187,025 | ) | | (192,119 | ) | | (23,879 | ) | | 215,850 | | | (187,173 | ) |
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Effect of foreign exchange on cash and cash equivalents | | 0 | | | 0 | | | 2,668 | | | 0 | | | 2,668 | |
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(Decrease) increase in cash and cash equivalents | | (1,000 | ) | | (98,762 | ) | | (25,297 | ) | | 0 | | | (125,059 | ) |
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Cash and cash equivalents at beginning of year | | 1,038 | | | 102,205 | | | 135,460 | | | 0 | | | 238,703 | |
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Cash and cash equivalents at end of period | | $ | 38 | | | $ | 3,443 | | | $ | 110,163 | | | $ | 0 | | | $ | 113,644 | |
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NewMarket Corporation and Subsidiaries |
Condensed Consolidating Statements of Cash Flows |
Six Months Ended June 30, 2013 |
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(in thousands) | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Consolidating Adjustments | | Consolidated |
Cash provided from (used in) operating activities | | $ | 94,404 | | | $ | (45,219 | ) | | $ | 32,525 | | | $ | 41,196 | | | $ | 122,906 | |
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Cash flows from investing activities: | | | | | | | | | | |
Capital expenditures | | 0 | | | (14,058 | ) | | (17,791 | ) | | 0 | | | (31,849 | ) |
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Deposits for interest rate swap | | (7,762 | ) | | 0 | | | 0 | | | 0 | | | (7,762 | ) |
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Return of deposits for interest rate swap | | 17,110 | | | 0 | | | 0 | | | 0 | | | 17,110 | |
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Other, net | | (2,464 | ) | | 0 | | | 0 | | | 0 | | | (2,464 | ) |
|
Cash provided from (used in) investing activities | | 6,884 | | | (14,058 | ) | | (17,791 | ) | | 0 | | | (24,965 | ) |
|
Cash flows from financing activities: | | | | | | | | | | |
Net borrowings (repayments) under revolving credit facility | | (60,000 | ) | | 0 | | | 0 | | | 0 | | | (60,000 | ) |
|
Net (repayments) borrowings under lines of credit | | 0 | | | 0 | | | 3,404 | | | 0 | | | 3,404 | |
|
Dividends paid | | (23,980 | ) | | (86,585 | ) | | (9,916 | ) | | 96,501 | | | (23,980 | ) |
|
Debt issuance costs | | (1,145 | ) | | 0 | | | 0 | | | 0 | | | (1,145 | ) |
|
Repurchases of common stock | | (26,798 | ) | | 0 | | | 0 | | | 0 | | | (26,798 | ) |
|
Issuance of intercompany note payable, net | | 0 | | | (4,207 | ) | | 4,207 | | | 0 | | | 0 | |
|
Repayment of intercompany note payable, net | | 5,639 | | | 13,402 | | | (19,041 | ) | | 0 | | | 0 | |
|
Financing from affiliated companies | | (2 | ) | | 137,699 | | | 0 | | | (137,697 | ) | | 0 | |
|
Cash provided from (used in) financing activities | | (106,286 | ) | | 60,309 | | | (21,346 | ) | | (41,196 | ) | | (108,519 | ) |
|
Effect of foreign exchange on cash and cash equivalents | | 0 | | | 0 | | | (5,006 | ) | | 0 | | | (5,006 | ) |
|
(Decrease) increase in cash and cash equivalents | | (4,998 | ) | | 1,032 | | | (11,618 | ) | | 0 | | | (15,584 | ) |
|
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 | | $ | 3 | | | $ | 4,988 | | | $ | 68,554 | | | $ | 0 | | | $ | 73,545 | |
|
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