Document And Entity Information
Document And Entity Information - Jun. 30, 2015 - shares | Total |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | NEWMARKET CORP |
Entity Central Index Key | 1,282,637 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 12,424,302 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 560,709 | $ 620,438 | $ 1,120,275 | $ 1,196,860 |
Cost of goods sold | 391,001 | 439,692 | 769,295 | 854,184 |
Gross profit | 169,708 | 180,746 | 350,980 | 342,676 |
Selling, general, and administrative expenses | 40,655 | 40,913 | 82,464 | 80,461 |
Research, development, and testing expenses | 40,118 | 35,367 | 79,803 | 67,574 |
Operating profit | 88,935 | 104,466 | 188,713 | 194,641 |
Interest and financing expenses, net | 3,582 | 4,346 | 7,398 | 8,510 |
Other income (expense), net | 1,683 | (2,203) | (642) | (4,419) |
Income before income tax expense | 87,036 | 97,917 | 180,673 | 181,712 |
Income tax expense | 28,303 | 31,153 | 57,993 | 57,425 |
Net income | $ 58,733 | $ 66,764 | $ 122,680 | $ 124,287 |
Earnings per share - basic and diluted (in dollars per share) | $ 4.72 | $ 5.24 | $ 9.86 | $ 9.66 |
Cash dividends declared per share (in dollars per share) | $ 1.40 | $ 1.10 | $ 2.80 | $ 2.20 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 58,733 | $ 66,764 | $ 122,680 | $ 124,287 |
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 second quarter 2015 and 2014 and $8 in six months 2015 and 2014 | (3) | (3) | (6) | (6) |
Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of ($33) in second quarter and six months 2014 | 0 | (90) | 0 | (90) |
Amortization of actuarial net loss (gain) included in net periodic benefit cost, net of income tax expense (benefit) of $766 in second quarter 2015, $383 in second quarter 2014, $1,534 in six months 2015 and $767 in six months 2014 | 1,352 | 705 | 2,712 | 1,412 |
Settlements and curtailments, net of income tax expense (benefit) of $262 in second quarter and six months 2014 | 0 | 399 | 0 | 399 |
Amortization of transition obligation (asset) included in net periodic benefit cost, net of income tax expense (benefit) of $0 in second quarter 2014 and $1 in six months 2014 | 0 | 2 | 0 | 4 |
Total pension plans and other postretirement benefits | 1,349 | 1,013 | 2,706 | 1,719 |
Foreign currency translation adjustments, net of income tax expense (benefit) of ($268) in second quarter 2015, ($679) in second quarter 2014, ($1,366) in six months 2015 and $306 in six months 2014 | 18,520 | 8,535 | (7,144) | 9,560 |
Other comprehensive income (loss) | 19,869 | 9,548 | (4,438) | 11,279 |
Comprehensive income | $ 78,602 | $ 76,312 | $ 118,242 | $ 135,566 |
Consolidated Statements Of Com4
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Amortization of prior service cost (credit) included in net periodic benefit cost, income tax expense (benefit) | $ 4 | $ 4 | $ 8 | $ 8 |
Actuarial net gain (loss) arising during the period, income tax expense (benefit) | (33) | (33) | ||
Amortization of actuarial net loss (gain) included in net periodic benefit cost, income tax expense (benefit) | 766 | 383 | 1,534 | 767 |
Settlements and curtailments, income tax expense (benefit) | 262 | 262 | ||
Amortization of transition obligation (asset) included in net periodic benefit cost, income tax expense (benefit) | 0 | 1 | ||
Foreign currency translation adjustments, income tax expense (benefit) | $ (268) | $ (679) | $ (1,366) | $ 306 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 126,172 | $ 103,003 |
Trade and other accounts receivable, less allowance for doubtful accounts | 312,433 | 302,803 |
Inventories: | ||
Finished goods and work-in-process | 283,933 | 292,214 |
Raw materials | 41,877 | 46,673 |
Stores, supplies, and other | 9,988 | 9,533 |
Inventories, total | 335,798 | 348,420 |
Deferred income taxes | 6,713 | 7,837 |
Prepaid expenses and other current assets | 36,329 | 35,128 |
Total current assets | 817,445 | 797,191 |
Property, plant, and equipment, at cost | 1,061,745 | 1,016,868 |
Less accumulated depreciation and amortization | 713,487 | 709,009 |
Net property, plant, and equipment | 348,258 | 307,859 |
Prepaid pension cost | 19,355 | 16,082 |
Deferred income taxes | 49,215 | 48,499 |
Intangibles (net of amortization) and goodwill | 14,035 | 16,859 |
Deferred charges and other assets | 42,809 | 45,435 |
Total assets | 1,291,117 | 1,231,925 |
Current liabilities: | ||
Accounts payable | 132,204 | 137,688 |
Accrued expenses | 89,761 | 86,539 |
Dividends payable | 16,013 | 15,721 |
Income taxes payable | 9,561 | 6,462 |
Other current liabilities | 5,715 | 13,264 |
Total current liabilities | 253,254 | 259,674 |
Long-term debt | 361,556 | 363,526 |
Other noncurrent liabilities | 179,918 | 187,684 |
Total liabilities | $ 794,728 | $ 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 - 12,424,302 at June 30, 2015 and 12,446,365 at December 31, 2014) | $ 0 | $ 0 |
Accumulated other comprehensive loss | (143,598) | (139,160) |
Retained earnings | 639,987 | 560,201 |
Total shareholders' equity | 496,389 | 421,041 |
Total liabilities and shareholders’ equity | $ 1,291,117 | $ 1,231,925 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares None in scaling factor is -9223372036854775296 | Jun. 30, 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 | 12,424,302 | 12,446,365 |
Common stock, outstanding shares | 12,424,302 | 12,446,365 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock and Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
Balance (in shares) at Dec. 31, 2013 | 13,099,356 | |||
Balance at Dec. 31, 2013 | $ 572,448 | $ 0 | $ (60,086) | $ 632,534 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 124,287 | 124,287 | ||
Other comprehensive income (loss) | 11,279 | 11,279 | ||
Cash dividends | (28,155) | (28,155) | ||
Repurchases of common stock (in shares) | (454,400) | |||
Repurchases of common stock | (167,329) | $ (964) | (166,365) | |
Stock-based compensation (in shares) | (166) | |||
Stock-based compensation | 967 | $ 964 | 3 | |
Balance (in shares) at Jun. 30, 2014 | 12,644,790 | |||
Balance at Jun. 30, 2014 | $ 513,497 | $ 0 | (48,807) | 562,304 |
Balance (in shares) at Dec. 31, 2014 | 12,446,365 | 12,446,365 | ||
Balance at Dec. 31, 2014 | $ 421,041 | $ 0 | (139,160) | 560,201 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 122,680 | 122,680 | ||
Other comprehensive income (loss) | (4,438) | (4,438) | ||
Cash dividends | (34,824) | (34,824) | ||
Repurchases of common stock (in shares) | (21,083) | |||
Repurchases of common stock | (9,400) | $ (1,304) | (8,096) | |
Stock-based compensation (in shares) | (980) | |||
Stock-based compensation | $ 1,330 | $ 1,304 | 26 | |
Balance (in shares) at Jun. 30, 2015 | 12,424,302 | 12,424,302 | ||
Balance at Jun. 30, 2015 | $ 496,389 | $ 0 | $ (143,598) | $ 639,987 |
Consolidated Statements Of Sha8
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 1.40 | $ 1.10 | $ 2.80 | $ 2.20 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 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 | 122,680 | 124,287 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation and amortization | 20,566 | 20,719 |
Noncash pension and postretirement expense | 11,626 | 7,183 |
Deferred income tax expense | 305 | 411 |
Unrealized (gain) loss on derivative instruments, net | (1,554) | 2,018 |
Working capital changes | (18,365) | (65,654) |
Cash pension and postretirement contributions | (13,354) | (10,407) |
Other, net | 1,277 | 5,959 |
Cash provided from (used in) operating activities | 123,181 | 84,516 |
Cash flows from investing activities: | ||
Capital expenditures | (50,047) | (20,654) |
Deposits for interest rate swap | (8,527) | (4,861) |
Return of deposits for interest rate swap | 10,430 | 2,930 |
Other, net | (2,441) | (2,485) |
Cash provided from (used in) investing activities | (50,585) | (25,070) |
Cash flows from financing activities: | ||
Net (repayments) borrowings under revolving credit facility | (2,000) | 4,000 |
Dividends paid | (34,824) | (28,155) |
Repurchases of common stock | (8,000) | (162,867) |
Other, net | (3,022) | (151) |
Cash provided from (used in) financing activities | (47,846) | (187,173) |
Effect of foreign exchange on cash and cash equivalents | (1,581) | 2,668 |
Increase (decrease) in cash and cash equivalents | 23,169 | (125,059) |
Cash and cash equivalents at end of period | 126,172 | 113,644 |
Supplemental disclosure of non-cash transactions: | ||
Additions to property, plant, and equipment included in current liabilities | $ 11,070 | $ 1,533 |
Financial Statement Presentatio
Financial Statement Presentation | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 , our consolidated results of operations and comprehensive income for the second quarter and six months ended June 30, 2015 and June 30, 2014 , and our changes in shareholders' equity and cash flows for the six months ended June 30, 2015 and June 30, 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 six month period ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year ending December 31, 2015 . The December 31, 2014 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Unless the context otherwise indicates, all references to “we,” “us,” “our,” the “company,” and “NewMarket” are to NewMarket Corporation and its consolidated subsidiaries. Certain reclassifications have been made to the accompanying consolidated financial statements to conform to the current presentation. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 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 Second Quarter Ended Six Months Ended (in thousands) 2015 2014 2015 2014 Petroleum additives Lubricant additives $ 467,072 $ 513,421 $ 920,794 $ 986,770 Fuel additives 90,291 104,084 191,334 204,780 Total 557,363 617,505 1,112,128 1,191,550 All other 3,346 2,933 8,147 5,310 Consolidated revenue $ 560,709 $ 620,438 $ 1,120,275 $ 1,196,860 Segment Operating Profit Second Quarter Ended Six Months Ended (in thousands) 2015 2014 2015 2014 Petroleum additives $ 94,052 $ 109,089 $ 199,077 $ 205,268 All other 216 858 2,315 1,393 Segment operating profit 94,268 109,947 201,392 206,661 Corporate, general, and administrative expenses (5,540 ) (5,575 ) (12,555 ) (12,128 ) Interest and financing expenses, net (3,582 ) (4,346 ) (7,398 ) (8,510 ) Gain (loss) on interest rate swap agreement (a) 1,522 (2,270 ) (886 ) (4,503 ) Other income, net 368 161 120 192 Income before income tax expense $ 87,036 $ 97,917 $ 180,673 $ 181,712 (a) The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap and, accordingly, any change in the fair value is immediately recognized in earnings. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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 plan. (in thousands) Actual Cash Contributions for Six Months Ended June 30, 2015 Expected Remaining Cash Contributions for Year Ending December 31, 2015 Domestic plans Pension benefits $ 9,642 $ 9,642 Postretirement benefits 650 650 Foreign plans Pension benefits 3,062 2,885 The tables below present information on net periodic benefit cost (income) for our pension and postretirement benefit plans. Domestic Pension Benefits Postretirement Benefits Second Quarter Ended June 30, (in thousands) 2015 2014 2015 2014 Service cost $ 3,240 $ 2,388 $ 711 $ 405 Interest cost 2,982 2,737 756 690 Expected return on plan assets (5,091 ) (4,331 ) (323 ) (328 ) Amortization of prior service cost 25 25 1 3 Amortization of actuarial net loss (gain) 1,735 978 0 (176 ) Net periodic benefit cost (income) $ 2,891 $ 1,797 $ 1,145 $ 594 Domestic Pension Benefits Postretirement Benefits Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Service cost $ 6,480 $ 4,775 $ 1,422 $ 810 Interest cost 5,965 5,475 1,513 1,382 Expected return on plan assets (10,183 ) (8,661 ) (645 ) (656 ) Amortization of prior service cost 50 50 1 5 Amortization of actuarial net loss (gain) 3,470 1,955 0 (353 ) Net periodic benefit cost (income) $ 5,782 $ 3,594 $ 2,291 $ 1,188 Foreign Pension Benefits Postretirement Benefits Second Quarter Ended June 30, (in thousands) 2015 2014 2015 2014 Service cost $ 1,905 $ 1,506 $ 0 $ 1 Interest cost 1,250 1,569 0 17 Expected return on plan assets (1,765 ) (2,098 ) 0 0 Amortization of prior service credit (24 ) (26 ) 0 0 Amortization of transition obligation 0 0 0 2 Amortization of actuarial net loss 387 286 0 3 Settlements and curtailments 0 0 0 (122 ) Net periodic benefit cost (income) $ 1,753 $ 1,237 $ 0 $ (99 ) Foreign Pension Benefits Postretirement Benefits Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Service cost $ 3,850 $ 3,001 $ 0 $ 3 Interest cost 2,519 3,124 0 41 Expected return on plan assets (3,553 ) (4,177 ) 0 0 Amortization of prior service credit (48 ) (52 ) 0 0 Amortization of transition obligation 0 0 0 5 Amortization of actuarial net loss 785 570 0 8 Settlements and curtailments 0 0 0 (122 ) Net periodic benefit cost (income) $ 3,553 $ 2,466 $ 0 $ (65 ) The 2014 settlements and curtailments amounts in the tables above reflect the termination of the Ethyl Canada postretirement plan. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We had 29,541 shares of nonvested restricted stock at June 30, 2015 and 19,865 shares of nonvested restricted stock at June 30, 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. Second Quarter Ended Six Months Ended (in thousands, except per-share amounts) 2015 2014 2015 2014 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 58,733 $ 66,764 $ 122,680 $ 124,287 Earnings allocated to participating securities 127 102 269 192 Net income attributable to common shareholders after allocation of earnings to participating securities $ 58,606 $ 66,662 $ 122,411 $ 124,095 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 12,407 12,732 12,410 12,842 Earnings per share - basic and diluted $ 4.72 $ 5.24 $ 9.86 $ 9.66 |
Intangibles (Net of Amortizatio
Intangibles (Net of Amortization) and Goodwill | 6 Months Ended |
Jun. 30, 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 $14 million at June 30, 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. June 30, 2015 December 31, 2014 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 88,837 $ 84,454 $ 88,824 $ 82,050 Contracts 4,476 3,879 4,476 3,655 Customer bases 6,995 3,482 6,994 3,336 Trademarks and trade names 1,572 846 1,571 769 Goodwill 4,816 4,804 $ 106,696 $ 92,661 $ 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): Second quarter ended June 30, 2015 $ 1,424 Six months ended June 30, 2015 2,851 Second quarter ended June 30, 2014 1,576 Six months ended June 30, 2014 3,151 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 $ 2,859 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. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Long-term Debt | Long-term Debt (in thousands) June 30, December 31, Senior notes - 4.10% due 2022 $ 349,556 $ 349,526 Revolving credit facility 12,000 14,000 $ 361,556 $ 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) June 30, December 31, Maximum borrowing capacity under the revolving credit facility $ 650,000 $ 650,000 Outstanding borrowings under the revolving credit facility 12,000 14,000 Outstanding letters of credit 2,724 3,271 Unused portion of revolving credit facility $ 635,276 $ 632,729 The average interest rate for borrowings under our revolving credit facility was 2.4% during the first six months of 2015 and 2.9% during 2014 . We were in compliance with all covenants under our debt agreements at June 30, 2015 and at December 31, 2014 . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 $17 million at June 30, 2015 and $18 million at 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 represented approximately $10 million of the total accrual at June 30, 2015 and $11 million of the total accrual at 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 June 30, 2015 and December 31, 2014 . The amount related to remediation of groundwater and soil for the Texas site was $5 million at June 30, 2015 and $6 million at December 31, 2014 . The aggregate undiscounted amount for these sites was $14 million at June 30, 2015 and $15 million at 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 June 30, 2015 . The amount accrued for this site is not material. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 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 into, and may in the future enter 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 June 30, 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 (a subsidiary of the company) 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 assumed Principal’s position with the third party and entered into an offsetting interest rate swap with NewMarket. Under the terms of this interest rate swap, NewMarket is making fixed rate payments at 5.3075% and Goldman Sachs makes variable rate payments based on three-month LIBOR. We have collateralized this exposure through cash deposits posted with Goldman Sachs amounting to $26 million at June 30, 2015 and $28 million at 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 Condensed Consolidated Balance Sheets. Liability Derivatives June 30, 2015 December 31, 2014 (in thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Not Designated as Hedging Instruments Goldman Sachs interest rate swap Accrued expenses and Other noncurrent liabilities $ 21,835 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 Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives Second Quarter Ended Six Months Ended 2015 2014 2015 2014 Goldman Sachs interest rate swap Other income (expense), net $ 1,522 $ (2,270 ) $ (886 ) $ (4,503 ) 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 June 30, 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 $22 million . We have minimum collateral posting thresholds with the counterparty and have posted cash collateral of $26 million as of June 30, 2015 . If required, we could have settled our obligations under the agreement at the termination value of $22 million at June 30, 2015 . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 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 and Other Postretirement Benefits Foreign Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2013 $ (44,493 ) $ (15,593 ) $ (60,086 ) Other comprehensive income (loss) before reclassifications (90 ) 9,560 9,470 Amounts reclassified from accumulated other comprehensive loss (a) 1,809 0 1,809 Other comprehensive income (loss) 1,719 9,560 11,279 Balance at June 30, 2014 $ (42,774 ) $ (6,033 ) $ (48,807 ) Balance at December 31, 2014 $ (95,119 ) $ (44,041 ) $ (139,160 ) Other comprehensive income (loss) before reclassifications 0 (7,144 ) (7,144 ) Amounts reclassified from accumulated other comprehensive loss (a) 2,706 0 2,706 Other comprehensive income (loss) 2,706 (7,144 ) (4,438 ) Balance at June 30, 2015 $ (92,413 ) $ (51,185 ) $ (143,598 ) (a) The pension plan and other postretirement benefit components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 3 in this Form 10-Q and Note 18 in our 2014 Annual Report for further information. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2015 requiring adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis. Carrying Amount in Condensed Consolidated Balance Sheets Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (in thousands) June 30, 2015 Cash and cash equivalents $ 126,172 $ 126,172 $ 126,172 $ 0 $ 0 Cash deposit for collateralized interest rate swap 25,880 25,880 25,880 0 0 Interest rate swap liability 21,835 21,835 0 21,835 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 a 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 June 30, 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. June 30, 2015 December 31, 2014 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt $ 361,556 $ 394,318 $ 363,526 $ 388,581 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 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. After the FASB voted in July 2015 to approve a one-year deferral, ASU 2014-09 is effective for our reporting period beginning January 1, 2018. Entities are permitted to adopt one year early. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently assessing the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 a 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 June 30, 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) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Consolidated Revenue by Segment | Consolidated Revenue by Segment Second Quarter Ended Six Months Ended (in thousands) 2015 2014 2015 2014 Petroleum additives Lubricant additives $ 467,072 $ 513,421 $ 920,794 $ 986,770 Fuel additives 90,291 104,084 191,334 204,780 Total 557,363 617,505 1,112,128 1,191,550 All other 3,346 2,933 8,147 5,310 Consolidated revenue $ 560,709 $ 620,438 $ 1,120,275 $ 1,196,860 |
Segment Operating Profit | Segment Operating Profit Second Quarter Ended Six Months Ended (in thousands) 2015 2014 2015 2014 Petroleum additives $ 94,052 $ 109,089 $ 199,077 $ 205,268 All other 216 858 2,315 1,393 Segment operating profit 94,268 109,947 201,392 206,661 Corporate, general, and administrative expenses (5,540 ) (5,575 ) (12,555 ) (12,128 ) Interest and financing expenses, net (3,582 ) (4,346 ) (7,398 ) (8,510 ) Gain (loss) on interest rate swap agreement (a) 1,522 (2,270 ) (886 ) (4,503 ) Other income, net 368 161 120 192 Income before income tax expense $ 87,036 $ 97,917 $ 180,673 $ 181,712 (a) The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap and, accordingly, any change in the fair value is immediately recognized in earnings. |
Pension Plans and Other Postr23
Pension Plans and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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 plan. (in thousands) Actual Cash Contributions for Six Months Ended June 30, 2015 Expected Remaining Cash Contributions for Year Ending December 31, 2015 Domestic plans Pension benefits $ 9,642 $ 9,642 Postretirement benefits 650 650 Foreign plans Pension benefits 3,062 2,885 |
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 Second Quarter Ended June 30, (in thousands) 2015 2014 2015 2014 Service cost $ 3,240 $ 2,388 $ 711 $ 405 Interest cost 2,982 2,737 756 690 Expected return on plan assets (5,091 ) (4,331 ) (323 ) (328 ) Amortization of prior service cost 25 25 1 3 Amortization of actuarial net loss (gain) 1,735 978 0 (176 ) Net periodic benefit cost (income) $ 2,891 $ 1,797 $ 1,145 $ 594 Domestic Pension Benefits Postretirement Benefits Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Service cost $ 6,480 $ 4,775 $ 1,422 $ 810 Interest cost 5,965 5,475 1,513 1,382 Expected return on plan assets (10,183 ) (8,661 ) (645 ) (656 ) Amortization of prior service cost 50 50 1 5 Amortization of actuarial net loss (gain) 3,470 1,955 0 (353 ) Net periodic benefit cost (income) $ 5,782 $ 3,594 $ 2,291 $ 1,188 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans | Foreign Pension Benefits Postretirement Benefits Second Quarter Ended June 30, (in thousands) 2015 2014 2015 2014 Service cost $ 1,905 $ 1,506 $ 0 $ 1 Interest cost 1,250 1,569 0 17 Expected return on plan assets (1,765 ) (2,098 ) 0 0 Amortization of prior service credit (24 ) (26 ) 0 0 Amortization of transition obligation 0 0 0 2 Amortization of actuarial net loss 387 286 0 3 Settlements and curtailments 0 0 0 (122 ) Net periodic benefit cost (income) $ 1,753 $ 1,237 $ 0 $ (99 ) Foreign Pension Benefits Postretirement Benefits Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Service cost $ 3,850 $ 3,001 $ 0 $ 3 Interest cost 2,519 3,124 0 41 Expected return on plan assets (3,553 ) (4,177 ) 0 0 Amortization of prior service credit (48 ) (52 ) 0 0 Amortization of transition obligation 0 0 0 5 Amortization of actuarial net loss 785 570 0 8 Settlements and curtailments 0 0 0 (122 ) Net periodic benefit cost (income) $ 3,553 $ 2,466 $ 0 $ (65 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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. Second Quarter Ended Six Months Ended (in thousands, except per-share amounts) 2015 2014 2015 2014 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 58,733 $ 66,764 $ 122,680 $ 124,287 Earnings allocated to participating securities 127 102 269 192 Net income attributable to common shareholders after allocation of earnings to participating securities $ 58,606 $ 66,662 $ 122,411 $ 124,095 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 12,407 12,732 12,410 12,842 Earnings per share - basic and diluted $ 4.72 $ 5.24 $ 9.86 $ 9.66 |
Intangibles (Net of Amortizat25
Intangibles (Net of Amortization) and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 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. June 30, 2015 December 31, 2014 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 88,837 $ 84,454 $ 88,824 $ 82,050 Contracts 4,476 3,879 4,476 3,655 Customer bases 6,995 3,482 6,994 3,336 Trademarks and trade names 1,572 846 1,571 769 Goodwill 4,816 4,804 $ 106,696 $ 92,661 $ 106,669 $ 89,810 |
Schedule Of Amortization Expense | Amortization expense was (in thousands): Second quarter ended June 30, 2015 $ 1,424 Six months ended June 30, 2015 2,851 Second quarter ended June 30, 2014 1,576 Six months ended June 30, 2014 3,151 |
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 $ 2,859 2016 1,891 2017 730 2018 700 2019 678 2020 319 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Schedule Of Long-Term Debt | (in thousands) June 30, December 31, Senior notes - 4.10% due 2022 $ 349,556 $ 349,526 Revolving credit facility 12,000 14,000 $ 361,556 $ 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) June 30, December 31, Maximum borrowing capacity under the revolving credit facility $ 650,000 $ 650,000 Outstanding borrowings under the revolving credit facility 12,000 14,000 Outstanding letters of credit 2,724 3,271 Unused portion of revolving credit facility $ 635,276 $ 632,729 |
Derivatives and Hedging Activ27
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 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 Condensed Consolidated Balance Sheets. Liability Derivatives June 30, 2015 December 31, 2014 (in thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Not Designated as Hedging Instruments Goldman Sachs interest rate swap Accrued expenses and Other noncurrent liabilities $ 21,835 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 Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives Second Quarter Ended Six Months Ended 2015 2014 2015 2014 Goldman Sachs interest rate swap Other income (expense), net $ 1,522 $ (2,270 ) $ (886 ) $ (4,503 ) |
Other Comprehensive Income (L28
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 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 and Other Postretirement Benefits Foreign Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2013 $ (44,493 ) $ (15,593 ) $ (60,086 ) Other comprehensive income (loss) before reclassifications (90 ) 9,560 9,470 Amounts reclassified from accumulated other comprehensive loss (a) 1,809 0 1,809 Other comprehensive income (loss) 1,719 9,560 11,279 Balance at June 30, 2014 $ (42,774 ) $ (6,033 ) $ (48,807 ) Balance at December 31, 2014 $ (95,119 ) $ (44,041 ) $ (139,160 ) Other comprehensive income (loss) before reclassifications 0 (7,144 ) (7,144 ) Amounts reclassified from accumulated other comprehensive loss (a) 2,706 0 2,706 Other comprehensive income (loss) 2,706 (7,144 ) (4,438 ) Balance at June 30, 2015 $ (92,413 ) $ (51,185 ) $ (143,598 ) (a) The pension plan and other postretirement benefit components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 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) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | Carrying Amount in Condensed Consolidated Balance Sheets Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (in thousands) June 30, 2015 Cash and cash equivalents $ 126,172 $ 126,172 $ 126,172 $ 0 $ 0 Cash deposit for collateralized interest rate swap 25,880 25,880 25,880 0 0 Interest rate swap liability 21,835 21,835 0 21,835 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 | June 30, 2015 December 31, 2014 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt $ 361,556 $ 394,318 $ 363,526 $ 388,581 |
Segment Information (Consolidat
Segment Information (Consolidated Revenue By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Information [Line Items] | ||||
Consolidated revenue | $ 560,709 | $ 620,438 | $ 1,120,275 | $ 1,196,860 |
Operating Segments [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Consolidated revenue | 557,363 | 617,505 | 1,112,128 | 1,191,550 |
Operating Segments [Member] | All Other [Member] | ||||
Segment Information [Line Items] | ||||
Consolidated revenue | 3,346 | 2,933 | 8,147 | 5,310 |
Operating Segments [Member] | Lubricant Additives [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Consolidated revenue | 467,072 | 513,421 | 920,794 | 986,770 |
Operating Segments [Member] | Fuel Additives [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Consolidated revenue | $ 90,291 | $ 104,084 | $ 191,334 | $ 204,780 |
Segment Information (Segment Op
Segment Information (Segment Operating Profit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Segment Information [Line Items] | |||||
Segment operating profit | $ 88,935 | $ 104,466 | $ 188,713 | $ 194,641 | |
Corporate, general, and administrative expenses | (40,655) | (40,913) | (82,464) | (80,461) | |
Interest and financing expenses, net | (3,582) | (4,346) | (7,398) | (8,510) | |
Gain (loss) on interest rate swap agreement (a) | [1] | 1,522 | (2,270) | (886) | (4,503) |
Other income, net | 368 | 161 | 120 | 192 | |
Income before income tax expense | 87,036 | 97,917 | 180,673 | 181,712 | |
Operating Segments [Member] | |||||
Segment Information [Line Items] | |||||
Segment operating profit | 94,268 | 109,947 | 201,392 | 206,661 | |
Operating Segments [Member] | Petroleum Additives [Member] | |||||
Segment Information [Line Items] | |||||
Segment operating profit | 94,052 | 109,089 | 199,077 | 205,268 | |
Operating Segments [Member] | All Other [Member] | |||||
Segment Information [Line Items] | |||||
Segment operating profit | 216 | 858 | 2,315 | 1,393 | |
Corporate, Non-Segment [Member] | |||||
Segment Information [Line Items] | |||||
Corporate, general, and administrative expenses | $ (5,540) | $ (5,575) | $ (12,555) | $ (12,128) | |
[1] | The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap and, accordingly, any change in the fair value is immediately recognized in earnings. |
Pension Plans and Other Postr32
Pension Plans and Other Postretirement Benefits (Cash Contributions Made And Expected Remaining Contributions For Domestic And Foreign Pension And Postretirement Benefit Plans) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Domestic Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions, Pension benefits | $ 9,642 |
Expected Remaining Cash Contributions | 9,642 |
Domestic Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions, Postretirement benefits | 650 |
Expected Remaining Cash Contributions | 650 |
Foreign Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions, Pension benefits | 3,062 |
Expected Remaining Cash Contributions | $ 2,885 |
Pension Plans and Other Postr33
Pension Plans and Other Postretirement Benefits (Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Domestic Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 3,240 | $ 2,388 | $ 6,480 | $ 4,775 |
Interest cost | 2,982 | 2,737 | 5,965 | 5,475 |
Expected return on plan assets | (5,091) | (4,331) | (10,183) | (8,661) |
Amortization of prior service (credit) cost | 25 | 25 | 50 | 50 |
Amortization of actuarial net loss (gain) | 1,735 | 978 | 3,470 | 1,955 |
Net periodic benefit cost (income) | 2,891 | 1,797 | 5,782 | 3,594 |
Domestic Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 711 | 405 | 1,422 | 810 |
Interest cost | 756 | 690 | 1,513 | 1,382 |
Expected return on plan assets | (323) | (328) | (645) | (656) |
Amortization of prior service (credit) cost | 1 | 3 | 1 | 5 |
Amortization of actuarial net loss (gain) | 0 | (176) | 0 | (353) |
Net periodic benefit cost (income) | 1,145 | 594 | 2,291 | 1,188 |
Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1,905 | 1,506 | 3,850 | 3,001 |
Interest cost | 1,250 | 1,569 | 2,519 | 3,124 |
Expected return on plan assets | (1,765) | (2,098) | (3,553) | (4,177) |
Amortization of prior service (credit) cost | (24) | (26) | (48) | (52) |
Amortization of transition obligation | 0 | 0 | 0 | 0 |
Amortization of actuarial net loss (gain) | 387 | 286 | 785 | 570 |
Settlements and curtailments | 0 | 0 | 0 | 0 |
Net periodic benefit cost (income) | 1,753 | 1,237 | 3,553 | 2,466 |
Foreign Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 1 | 0 | 3 |
Interest cost | 0 | 17 | 0 | 41 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service (credit) cost | 0 | 0 | 0 | 0 |
Amortization of transition obligation | 0 | 2 | 0 | 5 |
Amortization of actuarial net loss (gain) | 0 | 3 | 0 | 8 |
Settlements and curtailments | 0 | (122) | 0 | (122) |
Net periodic benefit cost (income) | $ 0 | $ (99) | $ 0 | $ (65) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares of nonvested restricted stock that were excluded from the calculation of earnings per share (in shares) | 29,541 | 19,865 | ||
Earnings per share numerator: | ||||
Net income attributable to common shareholders before allocation of earnings to participating securities | $ 58,733 | $ 66,764 | $ 122,680 | $ 124,287 |
Earnings allocated to participating securities | 127 | 102 | 269 | 192 |
Net income attributable to common shareholders after allocation of earnings to participating securities | $ 58,606 | $ 66,662 | $ 122,411 | $ 124,095 |
Earnings per share denominator: | ||||
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares) | 12,407,000 | 12,732,000 | 12,410,000 | 12,842,000 |
Earnings per share - basic and diluted (in dollars per share) | $ 4.72 | $ 5.24 | $ 9.86 | $ 9.66 |
Intangibles (Net of Amortizat35
Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount of intangibles and goodwill | $ 14,035,000 | $ 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 Amortizat36
Intangibles (Net of Amortization) and Goodwill (Schedule Of Information Related To Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Accumulated Amortization | $ 92,661 | $ 89,810 |
Goodwill, Gross Carrying Amount | 4,816 | 4,804 |
Amortizing intangible assets and Goodwill, Gross Carrying Amount | 106,696 | 106,669 |
Formulas And Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 88,837 | 88,824 |
Amortizing intangible assets, Accumulated Amortization | 84,454 | 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 | 3,879 | 3,655 |
Customer Bases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 6,995 | 6,994 |
Amortizing intangible assets, Accumulated Amortization | 3,482 | 3,336 |
Trademarks And Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 1,572 | 1,571 |
Amortizing intangible assets, Accumulated Amortization | $ 846 | $ 769 |
Intangibles (Net of Amortizat37
Intangibles (Net of Amortization) and Goodwill (Schedule Of Amortization Expense And Estimated Annual Amortization Expense Related To Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 1,424 | $ 1,576 | $ 2,851 | $ 3,151 |
2,015 | 2,859 | 2,859 | ||
2,016 | 1,891 | 1,891 | ||
2,017 | 730 | 730 | ||
2,018 | 700 | 700 | ||
2,019 | 678 | 678 | ||
2,020 | $ 319 | $ 319 |
Long-term Debt (Narrative) (Det
Long-term Debt (Narrative) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 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% |
Long-term Debt (Schedule Of Lon
Long-term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 361,556 | $ 363,526 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | 12,000 | 14,000 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 349,556 | $ 349,526 |
Senior notes, interest rate | 4.10% | |
Senior notes, maturity date | 2,022 |
Long-term Debt (Schedule Of Unu
Long-term Debt (Schedule Of Unused Portion Of Revolving Credit Facility) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 361,556,000 | $ 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 | 12,000,000 | 14,000,000 |
Outstanding letters of credit | 2,724,000 | 3,271,000 |
Unused portion of revolving credit facility | $ 635,276,000 | $ 632,729,000 |
Commitments and Contingencies (
Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Site Contingency [Line Items] | ||
Accruals for environmental remediation, dismantling, and decontamination | $ 17 | $ 18 |
Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member] | ||
Site Contingency [Line Items] | ||
Accruals for environmental remediation, dismantling, and decontamination | 10 | 11 |
Accruals for environmental remediation, dismantling, and decontamination, undiscounted | 14 | 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 Activ42
Derivatives and Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Termination value of obligations | $ 22,000 | |
Goldman Sachs [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash collateral deposit | 25,880 | $ 27,783 |
Interest Rate Swap [Member] | Goldman Sachs [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 97,000 | |
Rate of fixed-rate payments for interest rate swap | 5.3075% | |
Cash collateral deposit | $ 25,880 | $ 27,783 |
Derivatives and Hedging Activ43
Derivatives and Hedging Activities (Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
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 | $ 21,835 | $ 23,389 |
Derivatives and Hedging Activ44
Derivatives and Hedging Activities (Effect Of Derivative Instruments On The Consolidated Statements Of Income Non-Designated Derivatives)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ 1,522 | $ (2,270) | $ (886) | $ (4,503) |
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 | $ 1,522 | $ (2,270) | $ (886) | $ (4,503) | |
[1] | The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap and, accordingly, any change in the fair value is immediately recognized in earnings. |
Other Comprehensive Income (L45
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Schedule of Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 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 | (90) | |||
Other comprehensive income (loss) before reclassifications, Foreign Currency Translation Adjustments | $ 18,520 | $ 8,535 | (7,144) | 9,560 | |
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive (Loss) Income | (7,144) | 9,470 | |||
Amounts reclassified from accumulated other comprehensive loss, Pension Plans and Other Postretirement Benefits | [1] | 2,706 | 1,809 | ||
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 | 2,706 | 1,809 | |||
Total pension plans and other postretirement benefits | 1,349 | 1,013 | 2,706 | 1,719 | |
Other comprehensive income (loss), Foreign Currency Translation Adjustments | (7,144) | 9,560 | |||
Other comprehensive income (loss) | 19,869 | 9,548 | (4,438) | 11,279 | |
Pension Plans and Other Postretirement Benefits, Ending Balance | (92,413) | (42,774) | (92,413) | (42,774) | |
Foreign Currency Translation Adjustments, Ending Balance | (51,185) | (6,033) | (51,185) | (6,033) | |
Accumulated Other Comprehensive (Loss) Income, Ending Balance | $ (143,598) | $ (48,807) | $ (143,598) | $ (48,807) | |
[1] | The pension plan and other postretirement benefit components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Carrying Amount in Consolidated Balance Sheets | $ 126,172 | $ 103,003 | $ 113,644 | $ 238,703 |
Goldman Sachs [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash deposit for collateralized interest rate swap, Carrying Amount in Consolidated Balance Sheets | 25,880 | 27,783 | ||
Carrying Amount in Consolidated Balance Sheets [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Carrying Amount in Consolidated Balance Sheets | 126,172 | 103,003 | ||
Interest rate swap liability, Carrying Amount in Consolidated Balance Sheets | 21,835 | 23,389 | ||
Fair Value [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | 126,172 | 103,003 | ||
Interest rate swap liability, Fair Value | 21,835 | 23,389 | ||
Fair Value [Member] | Goldman Sachs [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash deposit for collateralized interest rate swap, Fair Value | 25,880 | 27,783 | ||
Fair Value, Level 1 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | 126,172 | 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 | 25,880 | 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 | 21,835 | 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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Long-term debt, Carrying Amount | $ 361,556 | $ 363,526 |
Long-term debt, Fair Value | $ 394,318 | $ 388,581 |