Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | FALSE |
Document Period End Date | 31-Mar-15 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | NEWMARKET CORP |
Entity Central Index Key | 1282637 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 12,443,241 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net sales | $559,566 | $576,422 |
Cost of goods sold | 378,294 | 414,492 |
Gross profit | 181,272 | 161,930 |
Selling, general, and administrative expenses | 41,809 | 39,548 |
Research, development, and testing expenses | 39,685 | 32,207 |
Operating profit | 99,778 | 90,175 |
Interest and financing expenses, net | 3,816 | 4,164 |
Other income (expense), net | -2,325 | -2,216 |
Income before income tax expense | 93,637 | 83,795 |
Income tax expense | 29,690 | 26,272 |
Net income | $63,947 | $57,523 |
Earnings per share - basic and diluted (in dollars per share) | $5.14 | $4.43 |
Cash dividends declared per share (in dollars per share) | $1.40 | $1.10 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $63,947 | $57,523 |
Pension plans and other postretirement benefits: | ||
Amortization of prior service cost (credit) included in net periodic benefit cost, net of income tax expense (benefit) of $4 in 2015 and $4 in 2014 | -3 | -3 |
Amortization of actuarial net loss (gain) included in net periodic benefit cost, net of income tax expense (benefit) of $768 in 2015 and $384 in 2014 | 1,360 | 707 |
Amortization of transition obligation (asset) included in net periodic benefit cost, net of income tax expense (benefit) of $1 in 2014 | 0 | 2 |
Total pension plans and other postretirement benefits | 1,357 | 706 |
Foreign currency translation adjustments, net of income tax expense (benefit) of ($1,098) in 2015 and $985 in 2014 | -25,664 | 1,025 |
Other comprehensive income (loss) | -24,307 | 1,731 |
Comprehensive income | $39,640 | $59,254 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Amortization of prior service cost (credit) included in net periodic benefit cost, income tax expense (benefit) | $4 | $4 |
Amortization of actuarial net loss (gain) included in net periodic benefit cost, income tax expense (benefit) | 768 | 384 |
Amortization of transition obligation (asset) included in net periodic benefit cost, income tax expense (benefit) | 1 | |
Foreign currency translation adjustments, income tax expense (benefit) | ($1,098) | $985 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $119,243 | $103,003 |
Trade and other accounts receivable, less allowance for doubtful accounts | 303,334 | 302,803 |
Inventories: | ||
Finished goods and work-in-process | 291,866 | 292,214 |
Raw materials | 44,056 | 46,673 |
Stores, supplies, and other | 9,492 | 9,533 |
Inventories, total | 345,414 | 348,420 |
Deferred income taxes | 5,487 | 7,837 |
Prepaid expenses and other current assets | 37,873 | 35,128 |
Total current assets | 811,351 | 797,191 |
Property, plant, and equipment, at cost | 1,025,540 | 1,016,868 |
Less accumulated depreciation and amortization | 706,970 | 709,009 |
Net property, plant, and equipment | 318,570 | 307,859 |
Prepaid pension cost | 16,693 | 16,082 |
Deferred income taxes | 50,544 | 48,499 |
Intangibles (net of amortization) and goodwill | 15,260 | 16,859 |
Deferred charges and other assets | 45,252 | 45,435 |
Total assets | 1,257,670 | 1,231,925 |
Current liabilities: | ||
Accounts payable | 136,325 | 137,688 |
Accrued expenses | 78,661 | 86,539 |
Dividends payable | 15,738 | 15,721 |
Income taxes payable | 21,237 | 6,462 |
Other current liabilities | 5,173 | 13,264 |
Total current liabilities | 257,134 | 259,674 |
Long-term debt | 373,541 | 363,526 |
Other noncurrent liabilities | 184,105 | 187,684 |
Total liabilities | 814,780 | 810,884 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock and paid-in capital (without par value; authorized shares - 80,000,000; issued and outstanding shares - 12,443,241 at March 31, 2015 and 12,446,365 at December 31, 2014) | 426 | 0 |
Accumulated other comprehensive loss | -163,467 | -139,160 |
Retained earnings | 605,931 | 560,201 |
Total shareholders' equity | 442,890 | 421,041 |
Total liabilities and shareholders’ equity | $1,257,670 | $1,231,925 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, no par value | ||
Common stock, authorized shares | 80,000,000 | 80,000,000 |
Common stock, issued shares | 12,443,241 | 12,446,365 |
Common stock, outstanding shares | 12,443,241 | 12,446,365 |
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] |
In Thousands, except Share data, unless otherwise specified | ||||
Balance at Dec. 31, 2013 | $572,448 | $0 | ($60,086) | $632,534 |
Balance (in shares) at Dec. 31, 2013 | 13,099,356 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 57,523 | 57,523 | ||
Other comprehensive income (loss) | 1,731 | 1,731 | ||
Cash dividends | -14,200 | -14,200 | ||
Repurchases of common stock (in shares) | -232,200 | |||
Repurchases of common stock | -81,491 | -472 | -81,019 | |
Stock-based compensation (in shares) | -121 | |||
Stock-based compensation | 474 | 472 | 2 | |
Balance at Mar. 31, 2014 | 536,485 | 0 | -58,355 | 594,840 |
Balance (in shares) at Mar. 31, 2014 | 12,867,035 | |||
Balance at Dec. 31, 2014 | 421,041 | 0 | -139,160 | 560,201 |
Balance (in shares) at Dec. 31, 2014 | 12,446,365 | 12,446,365 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 63,947 | 63,947 | ||
Other comprehensive income (loss) | -24,307 | -24,307 | ||
Cash dividends | -17,421 | -17,421 | ||
Repurchases of common stock (in shares) | -2,629 | |||
Repurchases of common stock | -1,042 | -232 | -810 | |
Stock-based compensation (in shares) | -495 | |||
Stock-based compensation | 672 | 658 | 14 | |
Balance at Mar. 31, 2015 | $442,890 | $426 | ($163,467) | $605,931 |
Balance (in shares) at Mar. 31, 2015 | 12,443,241 | 12,443,241 |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $1.40 | $1.10 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents at beginning of year | $103,003 | $238,703 |
Cash flows from operating activities: | ||
Net income | 63,947 | 57,523 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation and amortization | 10,186 | 10,258 |
Noncash pension and postretirement expense | 5,837 | 3,654 |
Deferred income tax expense | 818 | 1,996 |
Unrealized gain on derivative instruments, net | -95 | -310 |
Working capital changes | -13,806 | -66,764 |
Cash pension and postretirement contributions | -6,730 | -5,202 |
Other, net | -3,605 | 3,226 |
Cash provided from (used in) operating activities | 56,552 | 4,381 |
Cash flows from investing activities: | ||
Capital expenditures | -20,424 | -9,251 |
Deposits for interest rate swap | -7,118 | -1,325 |
Return of deposits for interest rate swap | 6,750 | 1,580 |
Other, net | -2,503 | -2,543 |
Cash provided from (used in) investing activities | -23,295 | -11,539 |
Cash flows from financing activities: | ||
Net borrowings under revolving credit facility | 10,000 | 6,000 |
Dividends paid | -17,421 | -14,200 |
Repurchases of common stock | -1,042 | -77,061 |
Other, net | -3,022 | -161 |
Cash provided from (used in) financing activities | -11,485 | -85,422 |
Effect of foreign exchange on cash and cash equivalents | -5,532 | 534 |
Increase (decrease) in cash and cash equivalents | 16,240 | -92,046 |
Cash and cash equivalents at end of period | 119,243 | 146,657 |
Supplemental disclosure of non-cash transactions: | ||
Additions to property, plant, and equipment included in current liabilities | $5,433 | $0 |
Financial_Statement_Presentati
Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 and December 31, 2014, and our consolidated results of operations, comprehensive income, changes in shareholders' equity, and cash flows for the three months ended March 31, 2015 and March 31, 2014. 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, 2014 (2014 Annual Report), as filed with the Securities and Exchange Commission. The results of operations for the three month period ended March 31, 2015 are not necessarily indicative of the results to be expected for the full year ending December 31, 2015. The December 31, 2014 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. | |
Certain reclassifications have been made to the accompanying consolidated financial statements to conform to the current presentation. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 (TEL) business, as well as certain contract manufacturing performed by Ethyl Corporation (Ethyl). | |||||||||
Consolidated Revenue by Segment | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Petroleum additives | |||||||||
Lubricant additives | $ | 453,722 | $ | 473,349 | |||||
Fuel additives | 101,043 | 100,696 | |||||||
Total | 554,765 | 574,045 | |||||||
All other | 4,801 | 2,377 | |||||||
Consolidated revenue | $ | 559,566 | $ | 576,422 | |||||
Segment Operating Profit | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Petroleum additives | $ | 105,025 | $ | 96,179 | |||||
All other | 2,099 | 535 | |||||||
Segment operating profit | 107,124 | 96,714 | |||||||
Corporate, general, and administrative expenses | (7,015 | ) | (6,553 | ) | |||||
Interest and financing expenses, net | (3,816 | ) | (4,164 | ) | |||||
Loss on interest rate swap agreement (a) | (2,408 | ) | (2,233 | ) | |||||
Other (expense) income, net | (248 | ) | 31 | ||||||
Income before income tax expense | $ | 93,637 | $ | 83,795 | |||||
(a) | The 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. |
Pension_Plans_and_Other_Postre
Pension Plans and Other Postretirement Benefits | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 three months ended March 31, 2015, as well as the remaining cash contributions we expect to make during the year ending December 31, 2015, for our domestic and foreign pension plans and domestic postretirement benefit plans. | |||||||||||||||||
(in thousands) | Actual Cash Contributions for Three Months Ended March 31, 2015 | Expected Remaining Cash Contributions for Year Ending December 31, 2015 | |||||||||||||||
Domestic plans | |||||||||||||||||
Pension benefits | $ | 4,830 | $ | 14,490 | |||||||||||||
Postretirement benefits | 340 | 1,019 | |||||||||||||||
Foreign plans | |||||||||||||||||
Pension benefits | 1,560 | 4,234 | |||||||||||||||
The tables below present information on net periodic benefit cost (income) for our pension and postretirement benefit plans. | |||||||||||||||||
Domestic | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 3,240 | $ | 2,387 | $ | 711 | $ | 405 | |||||||||
Interest cost | 2,983 | 2,738 | 757 | 692 | |||||||||||||
Expected return on plan assets | (5,092 | ) | (4,330 | ) | (322 | ) | (328 | ) | |||||||||
Amortization of prior service cost | 25 | 25 | 0 | 2 | |||||||||||||
Amortization of actuarial net loss (gain) | 1,735 | 977 | 0 | (177 | ) | ||||||||||||
Net periodic benefit cost (income) | $ | 2,891 | $ | 1,797 | $ | 1,146 | $ | 594 | |||||||||
Foreign | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 1,945 | $ | 1,495 | $ | 0 | $ | 2 | |||||||||
Interest cost | 1,269 | 1,555 | 0 | 24 | |||||||||||||
Expected return on plan assets | (1,788 | ) | (2,079 | ) | 0 | 0 | |||||||||||
Amortization of prior service credit | (24 | ) | (26 | ) | 0 | 0 | |||||||||||
Amortization of transition obligation | 0 | 0 | 0 | 3 | |||||||||||||
Amortization of actuarial net loss | 398 | 284 | 0 | 5 | |||||||||||||
Net periodic benefit cost (income) | $ | 1,800 | $ | 1,229 | $ | 0 | $ | 34 | |||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | Earnings Per Share | ||||||||
We had 30,026 shares of nonvested restricted stock at March 31, 2015 and 20,100 shares of nonvested restricted stock at March 31, 2014 that were excluded from the calculation of diluted earnings per share, as their effect on earnings per share would be anti-dilutive. | |||||||||
The nonvested restricted stock is considered a participating security since the restricted stock contains nonforfeitable rights to dividends. As such, we use the two-class method to compute basic and diluted earnings per share for all periods presented since this method yielded a more dilutive result than the treasury-stock method. The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands, except per-share amounts) | 2015 | 2014 | |||||||
Earnings per share numerator: | |||||||||
Net income attributable to common shareholders before allocation of earnings to participating securities | $ | 63,947 | $ | 57,523 | |||||
Earnings allocated to participating securities | 142 | 90 | |||||||
Net income attributable to common shareholders after allocation of earnings to participating securities | $ | 63,805 | $ | 57,433 | |||||
Earnings per share denominator: | |||||||||
Weighted-average number of shares of common stock outstanding - basic and diluted | 12,413 | 12,953 | |||||||
Earnings per share - basic and diluted | $ | 5.14 | $ | 4.43 | |||||
Intangibles_Net_of_Amortizatio
Intangibles (Net of Amortization) and Goodwill | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Intangibles (Net of Amortization) and Goodwill | Intangibles (Net of Amortization) and Goodwill | ||||||||||||||||
The net carrying amount of intangibles and goodwill was $15 million at March 31, 2015 and $17 million at December 31, 2014. The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below. | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
(in thousands) | Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
Amortizing intangible assets | |||||||||||||||||
Formulas and technology | $ | 88,754 | $ | 83,252 | $ | 88,824 | $ | 82,050 | |||||||||
Contracts | 4,476 | 3,768 | 4,476 | 3,655 | |||||||||||||
Customer bases | 6,983 | 3,409 | 6,994 | 3,336 | |||||||||||||
Trademarks and trade names | 1,562 | 808 | 1,571 | 769 | |||||||||||||
Goodwill | 4,722 | 4,804 | |||||||||||||||
$ | 106,497 | $ | 91,237 | $ | 106,669 | $ | 89,810 | ||||||||||
All of the intangibles relate to the petroleum additives segment. The change in the gross carrying amount between 2014 and 2015 is due to foreign currency fluctuations. There is no accumulated goodwill impairment. | |||||||||||||||||
Amortization expense was (in thousands): | |||||||||||||||||
Three months ended March 31, 2015 | $ | 1,427 | |||||||||||||||
Three months ended March 31, 2014 | 1,575 | ||||||||||||||||
Estimated amortization expense for the remainder of 2015, as well as annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): | |||||||||||||||||
2015 | $ | 4,270 | |||||||||||||||
2016 | 1,891 | ||||||||||||||||
2017 | 730 | ||||||||||||||||
2018 | 700 | ||||||||||||||||
2019 | 678 | ||||||||||||||||
2020 | 319 | ||||||||||||||||
We amortize contracts over 10 years; customer bases over 20 years; formulas and technology over 10 to 20 years; and trademarks and trade names over 10 years. |
Longterm_Debt
Long-term Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||||||
Long-term Debt | Long-term Debt | ||||||||
(in thousands) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Senior notes - 4.10% due 2022 | $ | 349,541 | $ | 349,526 | |||||
Revolving credit facility | 24,000 | 14,000 | |||||||
$ | 373,541 | $ | 363,526 | ||||||
The outstanding senior notes have an aggregate principal amount of $350 million and are registered under the Securities Act of 1933. | |||||||||
The following table provides information related to the unused portion of our revolving credit facility: | |||||||||
(in thousands) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Maximum borrowing capacity under the revolving credit facility | $ | 650,000 | $ | 650,000 | |||||
Outstanding borrowings under the revolving credit facility | 24,000 | 14,000 | |||||||
Outstanding letters of credit | 2,706 | 3,271 | |||||||
Unused portion of revolving credit facility | $ | 623,294 | $ | 632,729 | |||||
The average interest rate for borrowings under our revolving credit facility was 2.4% during the first three months of 2015 and 2.9% during 2014. | |||||||||
We were in compliance with all covenants under our debt agreements at March 31, 2015 and at December 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Information on certain 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 the federal Comprehensive Environmental Response, Compensation and Liability Act, commonly known as CERCLA or 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 operations, financial condition, or cash flows. | |
In 2013, Afton Chemical Corporation (Afton) initiated a voluntary self-audit of its compliance with certain sections of the Toxic Substances Control Act (TSCA) under the Environmental Protection Agency's (EPA) audit policy (Audit Policy). If any potential TSCA violations are discovered during the audit, we would voluntarily disclose them to the EPA under the Audit Policy. In August 2014, the EPA TSCA staff began its own TSCA inspection of both Afton and Ethyl. While it is not possible to predict or determine with certainty the outcome, we do not believe that any findings identified as a result of our audit or the EPA’s TSCA inspection will have a material adverse effect on our consolidated results of operations, financial condition, or cash flows. | |
As we previously disclosed, the United States Department of Justice advised us that it was 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 have cooperated with the investigation. In connection with such cooperation, we voluntarily provided certain information and have conducted an internal review for that purpose. | |
Environmental | |
We are involved in environmental proceedings and potential proceedings relating to soil and groundwater contamination, disposal of hazardous waste, and other environmental matters at several of our current or former facilities, or at third-party sites where we have been designated as a potentially responsible party (PRP). While we believe we are currently adequately accrued for known environmental issues, it is possible that unexpected future costs could have a significant impact on our financial position, results of operations, and cash flows. Our total accruals for environmental remediation, dismantling, and decontamination were approximately $18 million at both March 31, 2015 and December 31, 2014. | |
Our more significant environmental sites include a former TEL plant site in Louisiana (the Louisiana site) and a former Houston, Texas plant site (the Texas site). Together, the amounts accrued on a discounted basis related to these sites represent approximately $11 million of the total accrual above at both March 31, 2015 and December 31, 2014, using discount rates ranging from 3% to 9%. Of the total accrued for these two sites, the amount related to remediation of groundwater and soil was $5 million for the Louisiana site at both March 31, 2015 and December 31, 2014. The amount related to remediation of groundwater and soil for the Texas site was $5 million at March 31, 2015 and $6 million at December 31, 2014. The aggregate undiscounted amount for these sites was $15 million at both March 31, 2015 and December 31, 2014. | |
In 2000, the EPA named us as a 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. In December 2013, the EPA issued its Record of Decision confirming its remedies for the selected Sauget Area 2 sites. We have accrued our estimated proportional share of the remedial costs and expenses addressed in the Record of Decision. We do not believe there is any additional information available as a basis for revision of the liability that we have established at March 31, 2015. The amount accrued for this site is not material. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 risk, 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, and may enter in the future, 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 our results of operations, financial position, and cash flows. 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 March 31, 2015 or December 31, 2014. | |||||||||||||
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 $28 million at both March 31, 2015 and December 31, 2014. | |||||||||||||
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. | |||||||||||||
Liability Derivatives | |||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||
(in thousands) | Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||
Location | Location | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||
Goldman Sachs interest rate swap | Accrued expenses and Other noncurrent liabilities | $ | 23,294 | Accrued expenses and Other noncurrent liabilities | $ | 23,389 | |||||||
The following table presents the effect of our derivative financial instruments on the Consolidated Statements of Income. | |||||||||||||
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 | ||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Goldman Sachs interest rate swap | Other income (expense), net | $ | (2,408 | ) | $ | (2,233 | ) | ||||||
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 March 31, 2015, 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 $23 million. We have minimum collateral posting thresholds with the counterparty and have posted cash collateral of $28 million as of March 31, 2015. If required, we could have settled our obligations under the agreement at the termination value of $23 million at March 31, 2015. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 | Foreign Currency Translation Adjustments | Accumulated Other | ||||||||||
and Other Postretirement Benefits | Comprehensive (Loss) Income | ||||||||||||
Balance at December 31, 2013 | $ | (44,493 | ) | $ | (15,593 | ) | $ | (60,086 | ) | ||||
Other comprehensive income (loss) before reclassifications | 0 | 1,025 | 1,025 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss (a) | 706 | 0 | 706 | ||||||||||
Other comprehensive income (loss) | 706 | 1,025 | 1,731 | ||||||||||
Balance at March 31, 2014 | $ | (43,787 | ) | $ | (14,568 | ) | $ | (58,355 | ) | ||||
Balance at December 31, 2014 | $ | (95,119 | ) | $ | (44,041 | ) | $ | (139,160 | ) | ||||
Other comprehensive income (loss) before reclassifications | 0 | (25,664 | ) | (25,664 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss (a) | 1,357 | 0 | 1,357 | ||||||||||
Other comprehensive income (loss) | 1,357 | (25,664 | ) | (24,307 | ) | ||||||||
Balance at March 31, 2015 | $ | (93,762 | ) | $ | (69,705 | ) | $ | (163,467 | ) | ||||
(a) These pension plans and other postretirement benefits components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 3 in this Form 10-Q and Note 18 in our 2014 Annual Report for further information. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 three months ended March 31, 2015 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) | March 31, 2015 | ||||||||||||||||||||
Cash and cash equivalents | $ | 119,243 | $ | 119,243 | $ | 119,243 | $ | 0 | $ | 0 | |||||||||||
Cash deposit for collateralized interest rate swap | 28,151 | 28,151 | 28,151 | 0 | 0 | ||||||||||||||||
Interest rate swap liability | 23,294 | 23,294 | 0 | 23,294 | 0 | ||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Cash and cash equivalents | $ | 103,003 | $ | 103,003 | $ | 103,003 | $ | 0 | $ | 0 | |||||||||||
Cash deposit for collateralized interest rate swap | 27,783 | 27,783 | 27,783 | 0 | 0 | ||||||||||||||||
Interest rate swap liability | 23,389 | 23,389 | 0 | 23,389 | 0 | ||||||||||||||||
We determine the fair value of the derivative instrument shown in the table above by using widely-accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the instrument. The analysis reflects the contractual term of the derivative, 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 derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustment associated with the derivative 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 derivative. As of March 31, 2015 and December 31, 2014, we have assessed the significance of the impact of the credit valuation adjustment on the overall valuation of our derivative and have determined that the credit valuation adjustment is not significant to the overall valuation of the derivative. Accordingly, we have determined that our derivative valuation 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. | |||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||
(in thousands) | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||
Long-term debt | $ | 373,541 | $ | 417,582 | $ | 363,526 | $ | 388,581 | |||||||||||||
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09). ASU 2014-09 replaces the previous guidance and clarifies the principles for revenue recognition. It requires a five-step process for revenue recognition that represents the transfer of goods or services to customers in an amount that reflects the consideration expected to be received by a company. ASU 2014-09 also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 is currently effective for our reporting period beginning January 1, 2017, and early adoption is prohibited. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. During April 2015, the FASB voted to propose a delay of one year in the effective date of ASU 2014-09. A final decision on the effective date is expected during the second quarter of 2015. We are currently assessing the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Fair Value Measurements | We determine the fair value of the derivative instrument shown in the table above by using widely-accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the instrument. The analysis reflects the contractual term of the derivative, 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 derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustment associated with the derivative 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 derivative. As of March 31, 2015 and December 31, 2014, we have assessed the significance of the impact of the credit valuation adjustment on the overall valuation of our derivative and have determined that the credit valuation adjustment is not significant to the overall valuation of the derivative. Accordingly, we have determined that our derivative valuation 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. | |
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. |
Long-Term Debt | We record the value of our long-term debt at historical cost. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Consolidated Revenue by Segment | Consolidated Revenue by Segment | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Petroleum additives | |||||||||
Lubricant additives | $ | 453,722 | $ | 473,349 | |||||
Fuel additives | 101,043 | 100,696 | |||||||
Total | 554,765 | 574,045 | |||||||
All other | 4,801 | 2,377 | |||||||
Consolidated revenue | $ | 559,566 | $ | 576,422 | |||||
Segment Operating Profit | Segment Operating Profit | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Petroleum additives | $ | 105,025 | $ | 96,179 | |||||
All other | 2,099 | 535 | |||||||
Segment operating profit | 107,124 | 96,714 | |||||||
Corporate, general, and administrative expenses | (7,015 | ) | (6,553 | ) | |||||
Interest and financing expenses, net | (3,816 | ) | (4,164 | ) | |||||
Loss on interest rate swap agreement (a) | (2,408 | ) | (2,233 | ) | |||||
Other (expense) income, net | (248 | ) | 31 | ||||||
Income before income tax expense | $ | 93,637 | $ | 83,795 | |||||
(a) | The 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. |
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefits (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 three months ended March 31, 2015, as well as the remaining cash contributions we expect to make during the year ending December 31, 2015, for our domestic and foreign pension plans and domestic postretirement benefit plans. | ||||||||||||||||
(in thousands) | Actual Cash Contributions for Three Months Ended March 31, 2015 | Expected Remaining Cash Contributions for Year Ending December 31, 2015 | |||||||||||||||
Domestic plans | |||||||||||||||||
Pension benefits | $ | 4,830 | $ | 14,490 | |||||||||||||
Postretirement benefits | 340 | 1,019 | |||||||||||||||
Foreign plans | |||||||||||||||||
Pension benefits | 1,560 | 4,234 | |||||||||||||||
Domestic [Member] | |||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||
Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans | The tables below present information on net periodic benefit cost (income) for our pension and postretirement benefit plans. | ||||||||||||||||
Domestic | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 3,240 | $ | 2,387 | $ | 711 | $ | 405 | |||||||||
Interest cost | 2,983 | 2,738 | 757 | 692 | |||||||||||||
Expected return on plan assets | (5,092 | ) | (4,330 | ) | (322 | ) | (328 | ) | |||||||||
Amortization of prior service cost | 25 | 25 | 0 | 2 | |||||||||||||
Amortization of actuarial net loss (gain) | 1,735 | 977 | 0 | (177 | ) | ||||||||||||
Net periodic benefit cost (income) | $ | 2,891 | $ | 1,797 | $ | 1,146 | $ | 594 | |||||||||
Non-US [Member] | |||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||
Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans | |||||||||||||||||
Foreign | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 1,945 | $ | 1,495 | $ | 0 | $ | 2 | |||||||||
Interest cost | 1,269 | 1,555 | 0 | 24 | |||||||||||||
Expected return on plan assets | (1,788 | ) | (2,079 | ) | 0 | 0 | |||||||||||
Amortization of prior service credit | (24 | ) | (26 | ) | 0 | 0 | |||||||||||
Amortization of transition obligation | 0 | 0 | 0 | 3 | |||||||||||||
Amortization of actuarial net loss | 398 | 284 | 0 | 5 | |||||||||||||
Net periodic benefit cost (income) | $ | 1,800 | $ | 1,229 | $ | 0 | $ | 34 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Basic and Diluted Earnings Per Share | The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands, except per-share amounts) | 2015 | 2014 | |||||||
Earnings per share numerator: | |||||||||
Net income attributable to common shareholders before allocation of earnings to participating securities | $ | 63,947 | $ | 57,523 | |||||
Earnings allocated to participating securities | 142 | 90 | |||||||
Net income attributable to common shareholders after allocation of earnings to participating securities | $ | 63,805 | $ | 57,433 | |||||
Earnings per share denominator: | |||||||||
Weighted-average number of shares of common stock outstanding - basic and diluted | 12,413 | 12,953 | |||||||
Earnings per share - basic and diluted | $ | 5.14 | $ | 4.43 | |||||
Intangibles_Net_of_Amortizatio1
Intangibles (Net of Amortization) and Goodwill (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Information Related to Intangible Assets and Goodwill | The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below. | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
(in thousands) | Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
Amortizing intangible assets | |||||||||||||||||
Formulas and technology | $ | 88,754 | $ | 83,252 | $ | 88,824 | $ | 82,050 | |||||||||
Contracts | 4,476 | 3,768 | 4,476 | 3,655 | |||||||||||||
Customer bases | 6,983 | 3,409 | 6,994 | 3,336 | |||||||||||||
Trademarks and trade names | 1,562 | 808 | 1,571 | 769 | |||||||||||||
Goodwill | 4,722 | 4,804 | |||||||||||||||
$ | 106,497 | $ | 91,237 | $ | 106,669 | $ | 89,810 | ||||||||||
Schedule Of Amortization Expense | Amortization expense was (in thousands): | ||||||||||||||||
Three months ended March 31, 2015 | $ | 1,427 | |||||||||||||||
Three months ended March 31, 2014 | 1,575 | ||||||||||||||||
Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets | Estimated amortization expense for the remainder of 2015, as well as annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): | ||||||||||||||||
2015 | $ | 4,270 | |||||||||||||||
2016 | 1,891 | ||||||||||||||||
2017 | 730 | ||||||||||||||||
2018 | 700 | ||||||||||||||||
2019 | 678 | ||||||||||||||||
2020 | 319 | ||||||||||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||||||
Schedule Of Long-Term Debt | |||||||||
(in thousands) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Senior notes - 4.10% due 2022 | $ | 349,541 | $ | 349,526 | |||||
Revolving credit facility | 24,000 | 14,000 | |||||||
$ | 373,541 | $ | 363,526 | ||||||
Schedule Of Unused Portion Of Revolving Credit Facility | The following table provides information related to the unused portion of our revolving credit facility: | ||||||||
(in thousands) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Maximum borrowing capacity under the revolving credit facility | $ | 650,000 | $ | 650,000 | |||||
Outstanding borrowings under the revolving credit facility | 24,000 | 14,000 | |||||||
Outstanding letters of credit | 2,706 | 3,271 | |||||||
Unused portion of revolving credit facility | $ | 623,294 | $ | 632,729 | |||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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. | ||||||||||||
Liability Derivatives | |||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||
(in thousands) | Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||
Location | Location | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||
Goldman Sachs interest rate swap | Accrued expenses and Other noncurrent liabilities | $ | 23,294 | Accrued expenses and Other noncurrent liabilities | $ | 23,389 | |||||||
Effect of Derivative Instruments on the Consolidated Statements of Income Non-Designated Derivatives | The following table presents the effect of our derivative financial instruments on the Consolidated Statements of Income. | ||||||||||||
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 | ||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Goldman Sachs interest rate swap | Other income (expense), net | $ | (2,408 | ) | $ | (2,233 | ) |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 | Foreign Currency Translation Adjustments | Accumulated Other | ||||||||||
and Other Postretirement Benefits | Comprehensive (Loss) Income | ||||||||||||
Balance at December 31, 2013 | $ | (44,493 | ) | $ | (15,593 | ) | $ | (60,086 | ) | ||||
Other comprehensive income (loss) before reclassifications | 0 | 1,025 | 1,025 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss (a) | 706 | 0 | 706 | ||||||||||
Other comprehensive income (loss) | 706 | 1,025 | 1,731 | ||||||||||
Balance at March 31, 2014 | $ | (43,787 | ) | $ | (14,568 | ) | $ | (58,355 | ) | ||||
Balance at December 31, 2014 | $ | (95,119 | ) | $ | (44,041 | ) | $ | (139,160 | ) | ||||
Other comprehensive income (loss) before reclassifications | 0 | (25,664 | ) | (25,664 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss (a) | 1,357 | 0 | 1,357 | ||||||||||
Other comprehensive income (loss) | 1,357 | (25,664 | ) | (24,307 | ) | ||||||||
Balance at March 31, 2015 | $ | (93,762 | ) | $ | (69,705 | ) | $ | (163,467 | ) | ||||
(a) These pension plans and other postretirement benefits components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 3 in this Form 10-Q and Note 18 in our 2014 Annual Report for further information. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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) | March 31, 2015 | ||||||||||||||||||||
Cash and cash equivalents | $ | 119,243 | $ | 119,243 | $ | 119,243 | $ | 0 | $ | 0 | |||||||||||
Cash deposit for collateralized interest rate swap | 28,151 | 28,151 | 28,151 | 0 | 0 | ||||||||||||||||
Interest rate swap liability | 23,294 | 23,294 | 0 | 23,294 | 0 | ||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Cash and cash equivalents | $ | 103,003 | $ | 103,003 | $ | 103,003 | $ | 0 | $ | 0 | |||||||||||
Cash deposit for collateralized interest rate swap | 27,783 | 27,783 | 27,783 | 0 | 0 | ||||||||||||||||
Interest rate swap liability | 23,389 | 23,389 | 0 | 23,389 | 0 | ||||||||||||||||
Estimated Fair Value Of Long-Term Debt | |||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||
(in thousands) | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||
Long-term debt | $ | 373,541 | $ | 417,582 | $ | 363,526 | $ | 388,581 | |||||||||||||
Segment_Information_Consolidat
Segment Information (Consolidated Revenue By Segment) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Information [Line Items] | ||
Consolidated revenue | $559,566 | $576,422 |
Operating Segments [Member] | Petroleum Additives [Member] | ||
Segment Information [Line Items] | ||
Consolidated revenue | 554,765 | 574,045 |
Operating Segments [Member] | All Other [Member] | ||
Segment Information [Line Items] | ||
Consolidated revenue | 4,801 | 2,377 |
Operating Segments [Member] | Lubricant Additives [Member] | Petroleum Additives [Member] | ||
Segment Information [Line Items] | ||
Consolidated revenue | 453,722 | 473,349 |
Operating Segments [Member] | Fuel Additives [Member] | Petroleum Additives [Member] | ||
Segment Information [Line Items] | ||
Consolidated revenue | $101,043 | $100,696 |
Segment_Information_Segment_Op
Segment Information (Segment Operating Profit) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Information [Line Items] | ||||
Segment operating profit | $99,778 | $90,175 | ||
Corporate, general, and administrative expenses | -41,809 | -39,548 | ||
Interest and financing expenses, net | -3,816 | -4,164 | ||
Loss on interest rate swap agreement | -2,408 | [1] | -2,233 | [1] |
Other (expense) income, net | -248 | 31 | ||
Income before income tax expense | 93,637 | 83,795 | ||
Operating Segments [Member] | ||||
Segment Information [Line Items] | ||||
Segment operating profit | 107,124 | 96,714 | ||
Operating Segments [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Segment operating profit | 105,025 | 96,179 | ||
Operating Segments [Member] | All Other [Member] | ||||
Segment Information [Line Items] | ||||
Segment operating profit | 2,099 | 535 | ||
Corporate, Non-Segment [Member] | ||||
Segment Information [Line Items] | ||||
Corporate, general, and administrative expenses | ($7,015) | ($6,553) | ||
[1] | The 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. |
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 $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Domestic Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions, Pension benefits | $4,830 |
Expected Remaining Cash Contributions | 14,490 |
Domestic Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions, Postretirement benefits | 340 |
Expected Remaining Cash Contributions | 1,019 |
Foreign Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions, Pension benefits | 1,560 |
Expected Remaining Cash Contributions | $4,234 |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Domestic Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $3,240 | $2,387 |
Interest cost | 2,983 | 2,738 |
Expected return on plan assets | -5,092 | -4,330 |
Amortization of prior service (credit) cost | 25 | 25 |
Amortization of actuarial net loss (gain) | 1,735 | 977 |
Net periodic benefit cost (income) | 2,891 | 1,797 |
Domestic Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 711 | 405 |
Interest cost | 757 | 692 |
Expected return on plan assets | -322 | -328 |
Amortization of prior service (credit) cost | 0 | 2 |
Amortization of actuarial net loss (gain) | 0 | -177 |
Net periodic benefit cost (income) | 1,146 | 594 |
Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1,945 | 1,495 |
Interest cost | 1,269 | 1,555 |
Expected return on plan assets | -1,788 | -2,079 |
Amortization of prior service (credit) cost | -24 | -26 |
Amortization of transition obligation | 0 | 0 |
Amortization of actuarial net loss (gain) | 398 | 284 |
Net periodic benefit cost (income) | 1,800 | 1,229 |
Foreign Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 2 |
Interest cost | 0 | 24 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service (credit) cost | 0 | 0 |
Amortization of transition obligation | 0 | 3 |
Amortization of actuarial net loss (gain) | 0 | 5 |
Net periodic benefit cost (income) | $0 | $34 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Anti-dilutive shares of nonvested restricted stock that were excluded from the calculation of earnings per share (in shares) | 30,026 | 20,100 |
Earnings per share numerator: | ||
Net income attributable to common shareholders before allocation of earnings to participating securities | $63,947 | $57,523 |
Earnings allocated to participating securities | 142 | 90 |
Net income attributable to common shareholders after allocation of earnings to participating securities | $63,805 | $57,433 |
Earnings per share denominator: | ||
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares) | 12,413,000 | 12,953,000 |
Earnings per share - basic and diluted (in dollars per share) | $5.14 | $4.43 |
Intangibles_Net_of_Amortizatio2
Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount of intangibles and goodwill | 15,260,000 | $16,859,000 |
Accumulated goodwill impairment | 0 | $0 |
Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated economic life, in years | 10 years | |
Customer Bases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated economic life, in years | 20 years | |
Trademarks And Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated economic life, in years | 10 years | |
Minimum [Member] | Formulas And Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated economic life, in years | 10 years | |
Maximum [Member] | Formulas And Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated economic life, in years | 20 years |
Intangibles_Net_of_Amortizatio3
Intangibles (Net of Amortization) and Goodwill (Schedule Of Information Related To Intangible Assets and Goodwill (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Accumulated Amortization | $91,237 | $89,810 |
Goodwill, Gross Carrying Amount | 4,722 | 4,804 |
Amortizing intangible assets and Goodwill, Gross Carrying Amount | 106,497 | 106,669 |
Formulas And Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 88,754 | 88,824 |
Amortizing intangible assets, Accumulated Amortization | 83,252 | 82,050 |
Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 4,476 | 4,476 |
Amortizing intangible assets, Accumulated Amortization | 3,768 | 3,655 |
Customer Bases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 6,983 | 6,994 |
Amortizing intangible assets, Accumulated Amortization | 3,409 | 3,336 |
Trademarks And Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 1,562 | 1,571 |
Amortizing intangible assets, Accumulated Amortization | $808 | $769 |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $1,427 | $1,575 |
2015 | 4,270 | |
2016 | 1,891 | |
2017 | 730 | |
2018 | 700 | |
2019 | 678 | |
2020 | $319 |
Longterm_Debt_Narrative_Detail
Long-term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 350,000,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Average interest rate during the period | 2.40% | 2.90% |
Longterm_Debt_Schedule_Of_Long
Long-term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $373,541 | $363,526 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | 24,000 | 14,000 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | $349,541 | $349,526 |
Senior notes, interest rate | 4.10% | |
Debt instruments, maturity date | 2022 |
Longterm_Debt_Schedule_Of_Unus
Long-term Debt (Schedule Of Unused Portion Of Revolving Credit Facility) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $373,541,000 | $363,526,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity under the revolving credit facility | 650,000,000 | 650,000,000 |
Outstanding borrowings | 24,000,000 | 14,000,000 |
Outstanding letters of credit | 2,706,000 | 3,271,000 |
Unused portion of revolving credit facility | $623,294,000 | $632,729,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Environmental) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Site Contingency [Line Items] | ||
Accruals for environmental remediation, dismantling, and decontamination | $18 | $18 |
Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member] | ||
Site Contingency [Line Items] | ||
Accruals for environmental remediation, dismantling, and decontamination | 11 | 11 |
Accruals for environmental remediation, dismantling, and decontamination, undiscounted | 15 | 15 |
Former TEL Plant Site, Louisiana [Member] | ||
Site Contingency [Line Items] | ||
Accrual for remediation of groundwater and soil | 5 | 5 |
Houston, Texas Plant Site [Member] | ||
Site Contingency [Line Items] | ||
Accrual for remediation of groundwater and soil | $5 | $6 |
Minimum [Member] | Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member] | ||
Site Contingency [Line Items] | ||
Discount rate | 3.00% | 3.00% |
Maximum [Member] | Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member] | ||
Site Contingency [Line Items] | ||
Discount rate | 9.00% | 9.00% |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Termination value of obligations | $23,000,000 | |
Goldman Sachs [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash collateral deposit | 28,151,000 | 27,783,000 |
Interest Rate Swap [Member] | Goldman Sachs [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 97,000,000 | |
Rate of fixed-rate payments for interest rate swap | 5.31% | |
Cash collateral deposit | $28,151,000 | $27,783,000 |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Fair Value Of Derivative Instruments) (Details) (Goldman Sachs [Member], Interest Rate Swap [Member], Accrued Expenses And Other Noncurrent Liabilities [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Goldman Sachs [Member] | Interest Rate Swap [Member] | Accrued Expenses And Other Noncurrent Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of liability derivatives, not designated as hedging instruments | $23,294 | $23,389 |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities (Effect Of Derivative Instruments On The Consolidated Statements Of Income Non-Designated Derivatives)(Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | ($2,408) | [1] | ($2,233) | [1] |
Goldman Sachs [Member] | Interest Rate Swap [Member] | Other Income (Expense), Net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | ($2,408) | ($2,233) | ||
[1] | The 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 | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Pension Plans and Other Postretirement Benefits, Beginning Balance | ($95,119) | ($44,493) | ||
Foreign Currency Translation Adjustments, Beginning Balance | -44,041 | -15,593 | ||
Accumulated Other Comprehensive (Loss) Income, Beginning Balance | -139,160 | -60,086 | ||
Other comprehensive income (loss) before reclassifications, Pension Plans and Other Postretirement Benefits | 0 | 0 | ||
Other comprehensive income (loss) before reclassifications, Foreign Currency Translation Adjustments | -25,664 | 1,025 | ||
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive (Loss) Income | -25,664 | 1,025 | ||
Amounts reclassified from accumulated other comprehensive loss, Pension Plans and Other Postretirement Benefits | 1,357 | [1] | 706 | [1] |
Amounts reclassified from accumulated other comprehensive loss, Foreign Currency Translation Adjustments | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive (Loss) Income | 1,357 | 706 | ||
Total pension plans and other postretirement benefits | 1,357 | 706 | ||
Other comprehensive income (loss), Foreign Currency Translation Adjustments | -25,664 | 1,025 | ||
Other comprehensive income (loss) | -24,307 | 1,731 | ||
Pension Plans and Other Postretirement Benefits, Ending Balance | -93,762 | -43,787 | ||
Foreign Currency Translation Adjustments, Ending Balance | -69,705 | -14,568 | ||
Accumulated Other Comprehensive (Loss) Income, Ending Balance | ($163,467) | ($58,355) | ||
[1] | These pension plans and other postretirement benefits components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 3 in this Form 10-Q and Note 18 in our 2014 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 $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Carrying Amount in Consolidated Balance Sheets | $119,243 | $103,003 | $146,657 | $238,703 |
Goldman Sachs [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash deposit for collateralized interest rate swap, Carrying Amount in Consolidated Balance Sheets | 28,151 | 27,783 | ||
Carrying Amount in Consolidated Balance Sheets [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Carrying Amount in Consolidated Balance Sheets | 119,243 | 103,003 | ||
Interest rate swap liability, Carrying Amount in Consolidated Balance Sheets | 23,294 | 23,389 | ||
Fair Value [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | 119,243 | 103,003 | ||
Interest rate swap liability, Fair Value | 23,294 | 23,389 | ||
Fair Value [Member] | Goldman Sachs [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash deposit for collateralized interest rate swap, Fair Value | 28,151 | 27,783 | ||
Fair Value, Level 1 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | 119,243 | 103,003 | ||
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 | 28,151 | 27,783 | ||
Fair Value, Level 2 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | 0 | 0 | ||
Interest rate swap liability, Fair Value | 23,294 | 23,389 | ||
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Long-term debt, Carrying Amount | $373,541 | $363,526 |
Long-term debt, Fair Value | $417,582 | $388,581 |