Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 | 11,849,579 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 4,069,027,770 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Income Statement [Abstract] | |||||
Net sales | $ 2,140,830 | $ 2,335,405 | [1] | $ 2,280,355 | [1] |
Cost of goods sold | 1,461,774 | 1,669,982 | 1,627,059 | ||
Gross profit | 679,056 | 665,423 | 653,296 | ||
Selling, general, and administrative expenses | 164,082 | 163,520 | 164,878 | ||
Research, development, and testing expenses | 158,254 | 139,183 | 136,573 | ||
Operating profit | 356,720 | 362,720 | 351,845 | ||
Interest and financing expenses, net | 14,652 | 16,567 | 17,796 | ||
Other income (expense), net | (3,097) | (7,054) | 7,262 | ||
Income from continuing operations before income tax expense | 338,971 | 339,099 | 341,311 | ||
Income tax expense | 100,368 | 105,844 | 98,964 | ||
Income from continuing operations | 238,603 | 233,255 | 242,347 | ||
Discontinued operations: | |||||
Gain on sale of discontinued business, net of tax | 0 | 0 | 21,855 | ||
Income from operations of discontinued business, net of tax | 0 | 0 | 540 | ||
Net income | $ 238,603 | $ 233,255 | $ 264,742 | ||
Earnings per share - basic and diluted | |||||
Income from continuing operations (in dollars per share) | $ 19.45 | $ 18.38 | $ 18.21 | ||
Income from discontinued operations (in dollars per share) | 0 | 0 | 1.69 | ||
Net income (in dollars per share) | $ 19.45 | $ 18.38 | $ 19.90 | ||
[1] | Net sales to one customer of our petroleum additives segment exceeded 10% of consolidated revenue in 2014 and 2013. Sales to Shell amounted to $261 million (11% of consolidated revenue) in 2014 and $253 million (11% of consolidated revenue) in 2013. These sales represent a wide range of products sold to multiple Shell affiliates around the world. No customer exceeded 10% of net sales in 2015. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 238,603 | $ 233,255 | $ 264,742 | |
Pension plans and other postretirement benefits: | ||||
Prior service credit (cost) arising during the period, net of income tax expense (benefit) of $13,913 in 2015 and $(367) in 2013 | 21,855 | 0 | (605) | |
Amortization of prior service cost (credit) included in net periodic benefit cost, net of income tax expense (benefit) of $(375) in 2015, $17 in 2014 and $65 in 2013 | [1] | (629) | (11) | 97 |
Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of $(2,477) in 2015, $(31,282) in 2014 and $29,083 in 2013 | (1,331) | (54,473) | 45,932 | |
Amortization of actuarial net loss (gain) included in net periodic benefit cost, net of income tax expense (benefit) of $3,052 in 2015, $1,484 in 2014 and $3,127 in 2013 | [1] | 5,426 | 2,728 | 5,404 |
Settlements and curtailments, net of income tax expense (benefit) of $608 in 2014 and $272 in 2013 | [1] | 0 | 1,126 | 785 |
Amortization of transition obligation (asset) included in net periodic benefit cost, net of income tax expense (benefit) of $1 in 2014 and $11 in 2013 | [1] | 0 | 4 | 33 |
Total pension plans and other postretirement benefits | 25,321 | (50,626) | 51,646 | |
Reclassification adjustments for losses (gains) on derivative instruments included in net income, net of income tax expense (benefit) of $2,622 in 2013 | 0 | 0 | 4,173 | |
Foreign currency translation adjustments, net of income tax expense (benefit) of $(71) in 2015, $(2,220) in 2014 and $(2,919) in 2013 | (30,687) | (28,448) | (5,216) | |
Other comprehensive income (loss) | (5,366) | (79,074) | 50,603 | |
Comprehensive income | $ 233,237 | $ 154,181 | $ 315,345 | |
[1] | These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 18 for further information. |
Consolidated Statements Of Com4
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Prior service credit (cost) arising during the period, income tax expense (benefit) | $ 13,913 | $ (367) | |
Amortization of prior service cost (credit) included in net periodic benefit cost, income tax expense (benefit) | (375) | $ 17 | 65 |
Actuarial net gain (loss) arising during the period, income tax expense (benefit) | (2,477) | (31,282) | 29,083 |
Amortization of actuarial net loss (gain) included in net periodic benefit cost, income tax expense (benefit) | 3,052 | 1,484 | 3,127 |
Settlements and curtailments, income tax expense (benefit) | 608 | 272 | |
Amortization of transition obligation (asset) included in net periodic benefit cost, income tax expense (benefit) | 1 | 11 | |
Reclassification adjustments for losses (gains) on derivative instruments included in net income, income tax expense (benefit) | 2,622 | ||
Foreign currency translation adjustments, income tax expense (benefit) | $ (71) | $ (2,220) | $ (2,919) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 93,424 | $ 103,003 |
Trade and other accounts receivable, net | 287,967 | 302,803 |
Inventories | 351,631 | 348,420 |
Deferred income taxes | 6,375 | 7,837 |
Prepaid expenses and other current assets | 35,370 | 35,128 |
Total current assets | 774,767 | 797,191 |
Property, plant, and equipment, at cost | 1,128,989 | 1,016,868 |
Less accumulated depreciation and amortization | 726,543 | 709,009 |
Net property, plant, and equipment | 402,446 | 307,859 |
Prepaid pension cost | 20,430 | 16,082 |
Deferred income taxes | 38,354 | 48,499 |
Intangibles (net of amortization) and goodwill | 10,907 | 16,859 |
Deferred charges and other assets | 43,011 | 45,435 |
Total assets | 1,289,915 | 1,231,925 |
Current liabilities: | ||
Accounts payable | 128,745 | 137,688 |
Accrued expenses | 99,511 | 86,539 |
Dividends payable | 17,594 | 15,721 |
Income taxes payable | 12,773 | 6,462 |
Other current liabilities | 5,057 | 13,264 |
Total current liabilities | 263,680 | 259,674 |
Long-term debt | 494,586 | 363,526 |
Other noncurrent liabilities | 144,085 | 187,684 |
Total liabilities | $ 902,351 | $ 810,884 |
Commitments and contingencies | ||
Shareholdersā equity: | ||
Common stock and paid-in capital (without par value; authorized shares - 80,000,000; issued and outstanding - 11,948,446 at December 31, 2015 and 12,446,365 at December 31, 2014) | $ 0 | $ 0 |
Accumulated other comprehensive loss | (144,526) | (139,160) |
Retained earnings | 532,090 | 560,201 |
Total shareholders' equity | 387,564 | 421,041 |
Total liabilities and shareholders' equity | $ 1,289,915 | $ 1,231,925 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 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 | 11,948,446 | 12,446,365 |
Common stock, outstanding shares | 11,948,446 | 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, 2012 | 13,417,877 | |||
Balance at Dec. 31, 2012 | $ 402,205 | $ 721 | $ (110,689) | $ 512,173 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 264,742 | 264,742 | ||
Other comprehensive income (loss) | 50,603 | 50,603 | ||
Cash dividends | (50,368) | (50,368) | ||
Repurchases of common stock (in shares) | (327,600) | |||
Repurchases of common stock | (96,037) | $ (2,013) | (94,024) | |
Stock-based compensation (in shares) | 9,079 | |||
Stock-based compensation | 1,303 | $ 1,292 | 11 | |
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 | 233,255 | 233,255 | ||
Other comprehensive income (loss) | (79,074) | (79,074) | ||
Cash dividends | (59,400) | (59,400) | ||
Repurchases of common stock (in shares) | (664,254) | |||
Repurchases of common stock | (248,509) | $ (2,312) | (246,197) | |
Stock-based compensation (in shares) | 11,263 | |||
Stock-based compensation | $ 2,321 | $ 2,312 | 9 | |
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 | 238,603 | 238,603 | ||
Other comprehensive income (loss) | (5,366) | (5,366) | ||
Cash dividends | (70,763) | (70,763) | ||
Repurchases of common stock (in shares) | (501,261) | |||
Repurchases of common stock | (197,851) | $ (3,070) | (194,781) | |
Tax benefit from stock-based compensation | 374 | $ 374 | ||
Tax withholdings related to stock-based compensation (in shares) | (3,135) | |||
Tax withholdings related to stock-based compensation | (1,199) | $ (3) | (1,196) | |
Stock-based compensation (in shares) | 6,477 | |||
Stock-based compensation | $ 2,725 | $ 2,699 | 26 | |
Balance (in shares) at Dec. 31, 2015 | 11,948,446 | 11,948,446 | ||
Balance at Dec. 31, 2015 | $ 387,564 | $ 0 | $ (144,526) | $ 532,090 |
Consolidated Statements Of Sha8
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends (in dollars per share) | $ 5.80 | $ 4.7 | $ 3.8 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents at beginning of year | $ 103,003 | $ 238,703 | $ 89,129 |
Cash flows from operating activities: | |||
Net income | 238,603 | 233,255 | 264,742 |
Adjustments to reconcile net income to cash flows from operating activities: | |||
Depreciation and amortization | 42,265 | 41,538 | 46,144 |
Noncash pension and postretirement expense | 22,037 | 16,751 | 23,083 |
Deferred income tax expense | 150 | 8,208 | 1,026 |
Gain on sale of discontinued business | 0 | 0 | (35,770) |
Unrealized (gain) loss on derivative instruments, net | (1,656) | 2,179 | (11,550) |
Change in assets and liabilities: | |||
Trade and other accounts receivable, net | 7,215 | (6,891) | (8,606) |
Inventories | (21,747) | (51,827) | 3,133 |
Prepaid expenses | 1,464 | 404 | (1,897) |
Accounts payable and accrued expenses | (8,809) | 8,059 | 5,834 |
Income taxes payable | 6,856 | (4,727) | 1,347 |
Cash pension and postretirement contributions | (26,813) | (26,505) | (32,483) |
Proceeds from legal settlements | 0 | 5,150 | 5,100 |
Other, net | 8,462 | 9,364 | 17,831 |
Cash provided from (used in) operating activities | 268,027 | 234,958 | 277,934 |
Cash flows from investing activities: | |||
Capital expenditures | (126,499) | (59,716) | (58,476) |
Proceeds from sale of discontinued business | 0 | 0 | 140,011 |
Deposits for interest rate swap | (16,487) | (10,844) | (12,514) |
Return of deposits for interest rate swap | 18,140 | 8,900 | 24,370 |
Other, net | (4,877) | (4,946) | (4,927) |
Cash provided from (used in) investing activities | (129,723) | (66,606) | 88,464 |
Cash flows from financing activities: | |||
Net borrowings (repayments) under revolving credit facility | 131,000 | 14,000 | (75,000) |
Dividends paid | (70,763) | (59,400) | (50,368) |
Repurchases of common stock | (194,924) | (248,509) | (92,195) |
Other, net | (791) | (1,461) | (2,280) |
Cash provided from (used in) financing activities | (135,478) | (295,370) | (219,843) |
Effect of foreign exchange on cash and cash equivalents | (12,405) | (8,682) | 3,019 |
(Decrease) increase in cash and cash equivalents | (9,579) | (135,700) | 149,574 |
Cash and cash equivalents at end of year | $ 93,424 | $ 103,003 | $ 238,703 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Consolidation āOur consolidated financial statements include the accounts of NewMarket Corporation and its subsidiaries. All intercompany transactions are eliminated upon consolidation. References to "we," "us," "our," the "company," and "NewMarket" are to NewMarket Corporation and its consolidated subsidiaries, unless the context indicates otherwise. NewMarket is the parent company of three operating companies, each managing its own assets and liabilities. Those companies are Afton, which focuses on petroleum additive products; Ethyl, representing certain manufacturing operations and the TEL business; and NewMarket Development, which manages the property and improvements that we own in Virginia. NewMarket is also the parent company of NewMarket Services, which provides various administrative services to NewMarket, Afton, Ethyl, and NewMarket Development. Certain reclassifications have been made to the accompanying consolidated financial statements and the related notes to conform to the current presentation. Foreign Currency Translation āWe translate the balance sheets of our foreign subsidiaries into U.S. Dollars based on the current exchange rate at the end of each period. We translate the statements of income using the weighted-average exchange rates for the period. NewMarket includes translation adjustments in the Consolidated Balance Sheets as part of accumulated other comprehensive loss and transaction adjustments in the Consolidated Statements of Income as part of cost of goods sold. Foreign currency transaction adjustments resulted in a net loss of $11 million in 2015 , $4 million in 2014 , and $5 million in 2013 . Revenue Recognition āOur policy is to recognize revenue from the sale of products when title and risk of loss have transferred to the buyer, the price is fixed and determinable, and collectability is reasonably assured. Revenues are reported at the gross amount billed, including amounts related to shipping that are charged to the customer. Provisions for rebates to customers are recorded in the same period that the related sales are recorded. Freight costs incurred on the delivery of products are included in the Consolidated Statements of Income in cost of goods sold. Our standard terms of delivery are included in our contracts, sales order confirmation documents, and invoices. Taxes assessed by a governmental authority concurrent with sales to our customers, including sales, use, value-added, and revenue-related excise taxes, are not included as revenue, but are reflected in accrued expenses until remitted to the appropriate governmental authority. We recognized rental revenue in our discontinued real estate development segment on a straight-line basis over the lease term. The cumulative difference between lease revenue recognized under this method and the contractual lease payment terms was recorded in deferred charges and other assets on our Consolidated Balance Sheets. Rental revenue is reflected as a component of income from operations of discontinued business, net of tax. Cash and Cash Equivalents āOur cash equivalents consist of government obligations and commercial paper with original maturities of 90 days or less. Throughout the year, we have cash balances in excess of federally insured amounts on deposit with various financial institutions. We state cash and cash equivalents at cost, which approximates fair value. Accounts Receivable āWe record our accounts receivable at net realizable value. We maintain an allowance for doubtful accounts for estimated losses resulting from our customers not making required payments. We determine the adequacy of the allowance by periodically evaluating each customerās receivable balance, considering our customersā financial condition and credit history, and considering current economic conditions. The allowance for doubtful accounts was not material at December 31, 2015 or December 31, 2014 . Inventories āNewMarket values its petroleum additives and TEL inventories at the lower of cost or market, with cost in the U.S. determined on the last-in, first-out (LIFO) basis. In all other countries, we determine cost using the weighted-average method. Inventory cost includes raw materials, direct labor, and manufacturing overhead. Property, Plant, and Equipment āWe state property, plant, and equipment at cost and compute depreciation by the straight-line method based on the estimated useful lives of the assets. We capitalize expenditures for significant improvements that extend the useful life of the related property. We expense repairs and maintenance, including plant turnaround costs, as incurred. When property is sold or retired, we remove the cost and accumulated depreciation from the accounts and any related gain or loss is included in earnings. Intangibles (Net of Amortization) and Goodwill āIdentifiable intangibles include the cost of acquired contracts, formulas and technology, trademarks and trade names, and customer bases. We assign a value to identifiable intangibles based on independent third-party appraisals and management's assessment at the time of acquisition. NewMarket amortizes the cost of the customer bases by an accelerated method and the cost of the remaining identifiable intangibles by the straight-line method over the estimated economic life of the intangible. Goodwill arises from the excess of cost over net assets of businesses acquired. Goodwill represents the residual purchase price after allocation to all identifiable net assets. We test goodwill for impairment each year, as well as whenever a significant event or circumstance occurs which could reduce the fair value of the reporting unit to which the goodwill applies below the carrying amount of the reporting unit. Impairment of Long-Lived Assets āWhen significant events or circumstances occur that might impair the value of long-lived assets, we evaluate recoverability of the recorded cost of these assets. Assets are considered to be impaired if their carrying amount is not recoverable from the estimated undiscounted future cash flows associated with the assets. If we determine an asset is impaired and its recorded cost is higher than estimated fair market value based on the estimated present value of future cash flows, we adjust the asset to estimated fair market value. Environmental Costs āNewMarket capitalizes environmental compliance costs if they extend the useful life of the related property or prevent future contamination. Environmental compliance costs also include maintenance and operation of pollution prevention and control facilities. We expense these compliance costs in cost of goods sold as incurred. Accrued environmental remediation and monitoring costs relate to an existing condition caused by past operations. NewMarket accrues these costs in current operations within cost of goods sold in the Consolidated Statements of Income when it is probable that we have incurred a liability and the amount can be reasonably estimated. These estimates are based on an assessment of the site, available clean-up methods, and prior experience in handling remediation. When we can reliably determine the amount and timing of future cash flows, we discount these liabilities, incorporating an inflation factor. Legal Costs āWe expense legal costs in the period incurred. Employee Savings Plan āMost of our full-time salaried and hourly employees may participate in defined contribution savings plans. Employees who are covered by collective bargaining agreements may also participate in a savings plan according to the terms of their bargaining agreements. Employees, as well as NewMarket, contribute to the plans. We made contributions of $6 million in 2015 , $6 million in 2014 , and $5 million in 2013 related to these plans. Research, Development, and Testing Expenses āNewMarket expenses all research, development, and testing costs as incurred. R&D costs include personnel-related costs, as well as internal and external testing of our products. Income Taxes āWe recognize deferred income taxes for temporary differences between the financial reporting basis and the income tax basis of assets and liabilities. We also adjust for changes in tax rates and laws at the time the changes are enacted. A valuation allowance is recorded when it is more likely than not that a deferred tax asset will not be realized. We recognize accrued interest and penalties associated with uncertain tax positions as part of income tax expense on our Consolidated Statements of Income. We generally provide for additional U.S. taxes that would be incurred if a foreign subsidiary returns its earnings in cash to the United States. Undistributed earnings of certain foreign subsidiaries for which U.S. taxes have not been provided totaled approximately $436 million at December 31, 2015 , $363 million at December 31, 2014 , and $301 million at December 31, 2013 . Deferred income taxes have not been provided on these earnings since we expect them to be indefinitely reinvested abroad. Accordingly, no provision has been made for taxes that may be payable on the remittance of these earnings. The determination of the amount of such unrecognized deferred tax liability is not practicable because of the complexities with its hypothetical calculation. Derivative Financial Instruments and Hedging Activities āWe record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. We do not enter into derivative instruments for speculative purposes. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Stock-based Compensation āWe calculate fair value of restricted stock and restricted stock units based on the closing price of our common stock on the date of grant. If award recipients are entitled to receive dividends during the vesting period, we make no adjustment to the fair value of the award for dividends. If the award does not entitle recipients to dividends during the vesting period, we reduce the grant-date price of our common stock by the present value of the dividends expected to be paid on the underlying shares during the vesting period, discounted at the risk-free interest rate. We recognize stock-based compensation expense on a straight-line basis over the requisite service period. Estimates and Risks Due to Concentration of Business āThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, our financial results can be influenced by certain risk factors. Some of our significant concentrations of risk include the following: ā¢ reliance on a small number of significant customers; ā¢ customers concentrated in the fuel and lubricant industries; and ā¢ production of several of our products solely at one facility. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On July 2, 2013, Foundry Park I completed the sale of its real estate assets for $144 million in cash, which comprised our entire real estate development segment. The operations of the real estate development segment for the period presented are reported in income from operations of discontinued business, net of tax, in the Consolidated Statements of Income. We recognized a gain of $36 million ( $22 million after tax) in 2013 related to this transaction. The components of income from operations of discontinued business, net of tax, were as follows: (in thousands) Year Ended December 31, 2013 Rental revenue $ 5,747 Cost of rental 2,136 Interest, financing, and other expenses, net 2,728 Income before income tax expense 883 Income tax expense 343 Income from operations of discontinued business, net of tax $ 540 Interest, financing, and other expenses, net include only amounts directly related to the Foundry Park I mortgage loan and related interest rate swap. Other interest and financing expenses have not been allocated to discontinued operations. The Consolidated Statements of Cash Flows summarize the activity of discontinued operations and continuing operations together. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We had 27,434 shares in 2015 , 30,521 shares in 2014 , and 20,270 shares in 2013 of nonvested restricted stock and restricted stock units 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 from continuing operations. Years Ended December 31, (in thousands, except per-share amounts) 2015 2014 2013 Earnings per share from continuing operations numerator: Income from continuing operations attributable to common shareholders before allocation of earnings to participating securities $ 238,603 $ 233,255 $ 242,347 Income from continuing operations allocated to participating securities 482 391 339 Income from continuing operations attributable to common shareholders after allocation of earnings to participating securities $ 238,121 $ 232,864 $ 242,008 Earnings per share from continuing operations denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 12,241 12,671 13,286 Earnings per share from continuing operations - basic and diluted $ 19.45 $ 18.38 $ 18.21 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Years Ended December 31, (in thousands) 2015 2014 2013 Cash paid during the year for Interest and financing expenses (net of capitalization) $ 16,193 $ 16,223 $ 17,172 Income taxes 99,006 112,289 96,273 Non-cash additions to property, plant, and equipment amounted to $14 million for 2015 and $6 million for 2014 , and are included in current liabilities. |
Trade and Other Accounts Receiv
Trade and Other Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Trade and Other Accounts Receivable, Net | Trade and Other Accounts Receivable, Net December 31, (in thousands) 2015 2014 Trade receivables $ 252,699 $ 275,176 Income tax receivables 20,141 10,531 Other 15,127 17,096 $ 287,967 $ 302,803 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories December 31, (in thousands) 2015 2014 Finished goods and work-in-process $ 292,978 $ 292,214 Raw materials 48,728 46,673 Stores, supplies, and other 9,925 9,533 $ 351,631 $ 348,420 Our U.S. inventories, which are stated on the LIFO basis, amounted to $147 million at December 31, 2015 , which was below replacement cost by approximately $36 million . At December 31, 2014 , LIFO basis inventories were $134 million , which was approximately $55 million below replacement cost. Our foreign inventories amounted to $196 million at December 31, 2015 and $206 million at December 31, 2014 . Reserves for obsolete and slow-moving inventory included in the table above were not material at December 31, 2015 or December 31, 2014 . |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets December 31, (in thousands) 2015 2014 Dividend funding $ 17,594 $ 15,721 Income taxes on intercompany profit 12,310 13,545 Other 5,466 5,862 $ 35,370 $ 35,128 |
Property, Plant, and Equipment,
Property, Plant, and Equipment, at Cost | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment, at Cost | Property, Plant, and Equipment, at Cost December 31, (in thousands) 2015 2014 Land $ 41,101 $ 41,447 Land improvements 32,074 31,555 Leasehold improvements 1,516 1,433 Buildings 156,555 143,327 Machinery and equipment 774,857 752,005 Construction in progress 122,886 47,101 $ 1,128,989 $ 1,016,868 We depreciate the cost of property, plant, and equipment by the straight-line method over the following estimated useful lives: Land improvements 5 - 30 years Buildings 10 - 48 years Machinery and equipment 3 - 15 years Depreciation expense was $35 million in 2015 , $34 million in 2014 , and $35 million in 2013 . |
Intangibles (Net of Amortizatio
Intangibles (Net of Amortization) and Goodwill | 12 Months Ended |
Dec. 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 $11 million at December 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. December 31, 2015 2014 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 88,763 $ 86,861 $ 88,824 $ 82,050 Contracts 4,476 4,103 4,476 3,655 Customer bases 6,977 3,627 6,994 3,336 Trademarks and trade names 1,549 923 1,571 769 Goodwill 4,656 4,804 $ 106,421 $ 95,514 $ 106,669 $ 89,810 Aggregate amortization expense $ 5,704 $ 6,188 Aggregate amortization expense was $7 million in 2013 . 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. Estimated annual amortization expense related to our intangible assets for the next five years is expected to be (in thousands): 2016 $ 1,888 2017 728 2018 698 2019 676 2020 315 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 . |
Deferred Charges and Other Asse
Deferred Charges and Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets, Noncurrent [Abstract] | |
Deferred Charges and Other Assets | Deferred Charges and Other Assets December 31, (in thousands) 2015 2014 Interest rate swap deposits $ 26,130 $ 27,783 Deferred financing costs, net of amortization 5,580 6,607 Asbestos insurance receivables 5,244 5,677 Other 6,057 5,368 $ 43,011 $ 45,435 See Note 12 for further information on our long-term debt and Note 15 for further information on interest rate swaps. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | Accrued Expenses December 31, (in thousands) 2015 2014 Employee benefits, payroll, and related taxes $ 30,562 $ 29,284 Customer rebates 21,290 21,759 Capital projects 13,927 5,450 Taxes other than income and payroll 7,216 6,292 Other 26,516 23,754 $ 99,511 $ 86,539 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Long-term Debt | Long-term Debt December 31, (in thousands) 2015 2014 Senior notes - 4.10% due 2022 $ 349,586 $ 349,526 Revolving credit facility 145,000 14,000 $ 494,586 $ 363,526 4.10% Senior Notes - In 2012, we issued $350 million aggregate principal amount of 4.10% senior notes due 2022 at an issue price of 99.83% . The 4.10% senior notes are our senior unsecured obligations and are registered under the Securities Act of 1933. We incurred financing costs totaling approximately $5 million related to the 4.10% senior notes, which are being amortized over the term of the agreement. The 4.10% senior notes rank: ā¢ equal in right of payment with all of our existing and future senior unsecured indebtedness; and ā¢ senior in right of payment to any of our future subordinated indebtedness. The indenture governing the 4.10% senior notes contains covenants that, among other things, limit our ability and the ability of our subsidiaries to: ā¢ create or permit to exist liens; ā¢ enter into sale-leaseback transactions; ā¢ incur additional guarantees; and ā¢ sell all or substantially all of our assets or consolidate or merge with or into other companies. We were in compliance with all covenants under the indenture governing the 4.10% senior notes as of December 31, 2015 and December 31, 2014 . Revolving Credit Facility ā On October 28, 2014, we entered into a Credit Agreement with a term of five years . The Credit Agreement provides for a $650 million , multicurrency revolving credit facility, with a $100 million sublimit for multicurrency borrowings, a $75 million sublimit for letters of credit, and a $20 million sublimit for swingline loans. The Credit Agreement includes an expansion feature which allows us, subject to certain conditions, to request an increase to the aggregate amount of the revolving credit facility or obtain incremental term loans in an amount up to $150 million . We have recorded deferred financing costs of $2.5 million related to the credit facility, which we are amortizing over the term of the Credit Agreement. The obligations under the Credit Agreement are unsecured and fully guaranteed by NewMarket. The revolving credit facility matures on October 28, 2019 . Borrowings made under the revolving credit facility bear interest at an annual rate equal to, at our election, either (1) the ABR plus the Applicable Rate (solely in the case of loans denominated in U.S. dollars to NewMarket) or (2) the Adjusted LIBO Rate plus the Applicable Rate. ABR is the greatest of (i) the rate of interest publicly announced by the Administrative Agent as its prime rate, (ii) the federal funds effective rate plus 0.5% , or (iii) the Adjusted LIBO Rate for a one month interest period plus 1% . The Adjusted LIBO Rate means the rate at which Eurocurrency deposits in the London interbank market for certain periods (as selected by NewMarket) are quoted, as adjusted for statutory reserve requirements. Depending on our consolidated Leverage Ratio, the Applicable Rate ranges from 0.00% to 0.50% for loans bearing interest based on the ABR and from 1.00% to 1.50% for loans bearing interest based on the Adjusted LIBO Rate. At December 31, 2015 , the Applicable Rate was 0.25% for loans bearing interest based on the ABR and 1.25% for loans bearing interest based on the Adjusted LIBO Rate. The Credit Agreement contains financial covenants that require NewMarket to maintain a consolidated Leverage Ratio (as defined in the Credit Agreement) of no more than 3.50 to 1.00 and a consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of no less than 3.00 to 1.00 , calculated on a rolling four quarter basis, as of the end of each fiscal quarter ending on and after December 31, 2014. We were in compliance with all covenants under the revolving credit facility at December 31, 2015 and December 31, 2014 . The following table provides information related to the unused portion of our revolving credit facility in effect at December 31, 2015 and December 31, 2014 : December 31, (in thousands) 2015 2014 Maximum borrowing capacity under the revolving credit facility $ 650,000 $ 650,000 Outstanding borrowings under the revolving credit facility 145,000 14,000 Outstanding letters of credit 2,895 3,271 Unused portion of revolving credit facility $ 502,105 $ 632,729 The average interest rate for borrowings under our revolving credit facilities was 1.9% during 2015 and 2.9% during 2014 . The average interest rate on outstanding borrowings was 2.1% at December 31, 2015 and 3.4% at December 31, 2014. Outstanding borrowings for the revolving credit facility are due in 2019. None of our remaining outstanding borrowings at December 31, 2015 are due in the next five years. |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Noncurrent Liabilities | Other Noncurrent Liabilities December 31, (in thousands) 2015 2014 Employee benefits $ 77,413 $ 120,165 Interest rate swaps 19,494 21,147 Environmental remediation 14,907 15,170 Deferred income taxes 9,656 7,599 Asbestos litigation reserve 9,571 10,152 Other 13,044 13,451 $ 144,085 $ 187,684 The decrease in employee benefits primarily reflects the change in the funded status of our pension and postretirement plans due to an amendment to the domestic postretirement plan, as well as a higher discount rate. See Note 18 for further information on these employee benefit plans. Further information on the interest rate swaps is in Note 15 . |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock-based Compensation | Stock-based Compensation The 2014 Incentive Compensation and Stock Plan (the Plan) was approved on April 24, 2014 and replaced the 2004 Incentive Compensation and Stock Plan (the Prior Plan). No new awards may be granted under the Prior Plan, but the terms of the Prior Plan continue to govern awards that were issued under the Prior Plan and remain outstanding. Awards outstanding under the Prior Plan will remain in effect until vested or forfeited under their terms. Any employee of our company or an affiliate or a person who is a member of our Board of Directors or the board of directors of an affiliate is eligible to participate in the Plan if the Compensation Committee of the Board of Directors (the Administrator), in its sole discretion, determines that such person has contributed or can be expected to contribute to the profits or growth of our company or its affiliates (each, a participant). Under the terms of the Plan, we may grant participants stock awards, incentive awards, stock units, or options (which may be either incentive stock options or nonqualified stock options), or stock appreciation rights (SARs), which may be granted with a related option. Stock options entitle the participant to purchase a specified number of shares of our common stock at a price that is fixed by the Administrator at the time the option is granted; provided, however, that the price cannot be less than the sharesā fair market value on the date of grant. The maximum period in which an option may be exercised is fixed by the Administrator at the time the option is granted but, in the case of an incentive stock option, cannot exceed ten years. No participant may be granted or awarded, in any calendar year, shares, options, SARs, or stock units covering more than 200,000 shares of our common stock in the aggregate. For purposes of this limitation and the individual limitation on the grant of options, an option and corresponding SAR are treated as a single award. The maximum aggregate number of shares of our common stock that may be issued under the Plan is 1,000,000 . At December 31, 2015 , 980,817 shares were available for grant. During 2015 , we granted 8,441 share-based awards under the Plan. Of those awards, 7,993 were issued to employees as restricted stock or restricted stock units subject to a three -year vesting period and 448 shares were issued to four of our non-employee directors and vested immediately. A summary of activity during 2015 related to NewMarketās restricted stock and restricted stock units is presented below in whole shares: Number of Shares Weighted Average Grant-Date Fair Value Nonvested restricted stock and restricted stock units at January 1, 2015 30,521 $ 315.06 Granted in 2015 7,993 375.57 Vested in 2015 10,100 246.93 Forfeited in 2015 980 267.18 Nonvested restricted stock and restricted stock units at December 31, 2015 27,434 359.48 The fair value of shares vested was $4 million in 2015 . We recognized compensation expense of $2 million in 2015 , $2 million in 2014 , and $1 million in 2013 related to restricted stock and restricted stock units. At December 31, 2015 , total unrecognized compensation expense related to nonvested restricted stock and restricted stock units was $6 million , which is expected to be recognized over a period of 2.1 years . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 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 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 in the future may 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 December 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). 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 December 31, 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 Consolidated Balance Sheets. Liability Derivatives December 31, 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 $ 21,734 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 Not 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 Years Ended December 31, 2015 2014 2013 Goldman Sachs interest rate swap Other income (expense), net $ (3,221 ) $ (7,125 ) $ 6,690 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 December 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 $22 million . We have minimum collateral posting thresholds with the counterparty and have posted cash collateral of $26 million as of December 31, 2015 . If required, we could have settled our obligations under the agreement at the termination value of $22 million at December 31, 2015 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 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 Fair Value Measurements Using Level 1 Level 2 Level 3 (in thousands) December 31, 2015 Cash and cash equivalents $ 93,424 $ 93,424 $ 93,424 $ 0 $ 0 Cash deposit for collateralized interest rate swap 26,130 26,130 26,130 0 0 Interest rate swap liability 21,734 21,734 0 21,734 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 counterpartiesā nonperformance risk. Although we have determined that the majority of the inputs used to value our derivative falls 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 December 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. December 31, 2015 December 31, 2014 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt $ 494,586 $ 515,302 $ 363,526 $ 388,581 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contractual Commitments āNewMarket has operating lease agreements primarily for office space, land, transportation equipment, and storage facilities. Rental expense was $34 million in 2015 , $30 million in 2014 , and $27 million in 2013 . Future lease payments for all noncancelable operating leases as of December 31, 2015 are (in millions): 2016 $ 14 2017 11 2018 9 2019 7 2020 6 After 2020 31 We have contractual obligations for the construction of assets, as well as purchases of property and equipment, of approximately $44 million at December 31, 2015 , all of which are due within five years . Purchase Obligations āWe have purchase obligations for goods or services that are enforceable, legally binding, and specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable without penalty. Purchase orders made in the ordinary course of business are excluded from this amount. Any amounts for which we are liable under purchase orders are reflected in our Consolidated Balance Sheets as accounts payable or accrued expenses. Future payments for purchase obligations as of December 31, 2015 are (in millions): 2016 $ 29 2017 18 2018 19 2019 18 2020 2 After 2020 18 Litigation āWe are involved in legal proceedings that are incidental to our business and include administrative or judicial actions seeking remediation under environmental laws, such as CERCLA or Superfund. Some of these legal proceedings relate to environmental matters and involve governmental authorities. For further information see āEnvironmentalā below and Item 1 of this Form 10-K. 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 late 2013, Afton initiated a voluntary self-audit of its compliance with certain sections of the Toxic Substances Control Act (TSCA) under the EPAās 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 EPAās 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. Asbestos We are a defendant in personal injury lawsuits involving exposure to asbestos. These cases involve exposure to asbestos in premises owned or operated, or formerly owned or operated, by subsidiaries of NewMarket. We have never manufactured, sold, or distributed products that contain asbestos. Nearly all of these cases are pending in Texas, Louisiana, or Illinois and involve multiple defendants. We maintain an accrual for these proceedings, as well as a receivable for expected insurance recoveries. The accrual for our premises asbestos liability related to currently asserted claims is based on the following assumptions and factors: ā¢ We are often one of many defendants. This factor influences both the number of claims settled against us and the indemnity cost associated with such resolutions. ā¢ The estimated percent of claimants in each case that will actually, after discovery, make a claim against us, out of the total number of claimants in a case, is based on a level consistent with past experience and current trends. ā¢ We utilize average comparable plaintiff cost history as the basis for estimating pending premises asbestos related claims. These claims are filed by both former contractorsā employees and former employees who worked at past and present company locations. We also include an estimated inflation factor in the calculation. ā¢ No estimate is made for unasserted claims. ā¢ The estimated recoveries from insurance and Albemarle Corporation (a former operation of our company) for these cases are based on, and are consistent with, the 2005 settlement agreements with Travelers Indemnity Company. Based on the above assumptions, we have provided an undiscounted liability related to premises asbestos claims of $11 million at December 31, 2015 and $12 million at December 31, 2014 . The liabilities related to asbestos claims are included in accrued expenses (current portion) and other noncurrent liabilities on the Consolidated Balance Sheets. Certain of these costs are recoverable through our insurance coverage and an agreement with Albemarle Corporation. The receivable for these recoveries related to premises asbestos liabilities was $6 million at December 31, 2015 and $7 million at December 31, 2014 . These receivables are included in trade and other accounts receivable, net on the Consolidated Balance Sheets for the current portion. The noncurrent portion is included in deferred charges and other assets. Environmental āWe 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 December 31, 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 represent approximately $10 million of the total accrual above at December 31, 2015 and $11 million of the total accrual above 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 $4 million for the Louisiana site and $6 million for the Texas site at December 31, 2015 and $5 million for the Louisiana site and $6 million for the Texas site at December 31, 2014 . The aggregate undiscounted amount for these sites was $14 million at December 31, 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 December 31, 2015 . The amount accrued for this site is not material. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits NewMarket uses a December 31 measurement date for all of our plans. U.S. Retirement Plans NewMarket sponsors four pension plans for all full-time U.S. employees that offer a benefit based primarily on years of service and compensation. Employees do not contribute to these pension plans. The plans are as follows: ā¢ Salaried employees pension plan; ā¢ Afton pension plan for union employees (the Sauget plan); ā¢ NewMarket retirement income plan for union employees in Houston, Texas (the Houston plan); and ā¢ Afton Chemical Additives pension plan for union employees in Port Arthur, Texas (the Port Arthur plan). In addition, we offer an unfunded, nonqualified supplemental pension plan. This plan restores the pension benefits from our regular pension plans that would have been payable to designated participants if it were not for limitations imposed by U.S. federal income tax regulations. We also provide postretirement health care benefits and life insurance to eligible retired employees. NewMarket pays the premium for the insurance contract that holds plan assets for retiree life insurance benefits. A plan amendment, with an effective date of January 1, 2016, was made in 2015 to provide post-65 medical and prescription drug benefits to retirees through a private healthcare exchange with fixed subsidies to eligible retirees through a health reimbursement account. As a result, the postretirement plan liabilities were remeasured at September 1, 2015 resulting in a non-cash improvement in the funded position. The adjustment to accumulated other comprehensive loss is reflected in prior service cost (credit) and will be amortized into expense. The components of net periodic pension and postretirement benefit costs, as well as other amounts recognized in other comprehensive income (loss), are shown below. Years Ended December 31, Pension Benefits Postretirement Benefits (in thousands) 2015 2014 2013 2015 2014 2013 Net periodic benefit cost Service cost $ 13,034 $ 9,608 $ 11,087 $ 2,244 $ 1,849 $ 2,130 Interest cost 11,938 10,936 9,571 2,548 2,739 2,598 Expected return on plan assets (20,467 ) (17,524 ) (14,519 ) (1,288 ) (1,311 ) (1,452 ) Amortization of prior service cost (credit) 99 99 176 (1,008 ) 9 9 Amortization of actuarial net (gain) loss 6,891 3,825 7,080 0 (713 ) (8 ) Net periodic benefit cost 11,495 6,944 13,395 2,496 2,573 3,277 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial net (gain) loss 11,095 56,364 (61,710 ) (1,826 ) 16,264 (12,902 ) Prior service cost (credit) 0 0 972 (35,768 ) 0 0 Amortization of actuarial net gain (loss) (6,891 ) (3,825 ) (7,080 ) 0 713 8 Amortization of prior service (cost) credit (99 ) (99 ) (176 ) 1,008 (9 ) (9 ) Total recognized in other comprehensive income (loss) 4,105 52,440 (67,994 ) (36,586 ) 16,968 (12,903 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 15,600 $ 59,384 $ (54,599 ) $ (34,090 ) $ 19,541 $ (9,626 ) The estimated actuarial net loss to be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2016 is expected to be $5 million for pension plans. The estimated prior service credit to be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2016 is expected to be $62 thousand for pension plans. The estimated prior service credit to be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2016 related to postretirement benefits is expected to be $3 million . Changes in the plansā benefit obligations and assets follow. Years Ended December 31, Pension Benefits Postretirement Benefits (in thousands) 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 291,119 $ 220,770 $ 74,203 $ 56,526 Service cost 13,034 9,608 2,244 1,849 Interest cost 11,938 10,936 2,548 2,739 Actuarial net (gain) loss (14,718 ) 57,449 (1,884 ) 16,092 Plan amendment 0 0 (35,770 ) 0 Benefits paid (8,645 ) (7,644 ) (2,824 ) (3,003 ) Benefit obligation at end of year 292,728 291,119 38,517 74,203 Change in plan assets Fair value of plan assets at beginning of year 255,571 228,173 24,270 24,851 Actual return on plan assets (5,346 ) 18,609 1,228 1,139 Employer contributions 19,331 16,433 1,298 1,283 Benefits paid (8,645 ) (7,644 ) (2,824 ) (3,003 ) Fair value of plan assets at end of year 260,911 255,571 23,972 24,270 Funded status $ (31,817 ) $ (35,548 ) $ (14,545 ) $ (49,933 ) Amounts recognized in the Consolidated Balance Sheets Noncurrent assets $ 7,297 $ 7,641 $ 0 $ 0 Current liabilities (2,735 ) (2,770 ) (1,396 ) (1,492 ) Noncurrent liabilities (36,379 ) (40,419 ) (13,149 ) (48,441 ) $ (31,817 ) $ (35,548 ) $ (14,545 ) $ (49,933 ) Amounts recognized in accumulated other comprehensive loss Actuarial net (gain) loss $ 103,164 $ 98,960 $ (1,081 ) $ 745 Prior service cost (credit) (504 ) (405 ) (34,760 ) 0 $ 102,660 $ 98,555 $ (35,841 ) $ 745 The accumulated benefit obligation for all domestic defined benefit pension plans was $251 million at December 31, 2015 and $247 million at December 31, 2014 . The fair market value of plan assets exceeded the accumulated benefit obligation for all domestic plans, except the nonqualified plan, at December 31, 2015 and December 31, 2014 . The fair market value of plan assets exceeded the projected benefit obligation for all domestic plans, except the Salaried and the nonqualified plan, at December 31, 2015 and December 31, 2014 . The net asset position for plans in which assets exceed the projected benefit obligation is included in prepaid pension cost on the Consolidated Balance Sheets. The net liability position of plans in which the projected benefit obligation exceeds assets is included in other noncurrent liabilities on the Consolidated Balance Sheets. A portion of the accrued benefit cost for the nonqualified plan is included in current liabilities at both December 31, 2015 and December 31, 2014 . As the nonqualified plan is unfunded, the amount reflected in current liabilities represents the expected benefit payments related to the nonqualified plan during 2016 . The first table below shows information on domestic pension plans with the accumulated benefit obligation in excess of plan assets. The second table presents information on domestic pension plans with the projected benefit obligation in excess of plan assets. December 31, (in thousands) 2015 2014 Plans with the accumulated benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 37,637 $ 38,971 Accumulated benefit obligation 34,526 35,704 Fair market value of plan assets 0 0 December 31, (in thousands) 2015 2014 Plans with the projected benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 232,849 $ 230,699 Fair market value of plan assets 193,736 187,511 There are no assets held by the trustee for the retired beneficiaries of the nonqualified plan. Payments to retired beneficiaries of the nonqualified plan are made with cash from operations. Assumptions āWe used the following assumptions to calculate the results of our retirement plans: Pension Benefits Postretirement Benefits 2015 2014 2013 2015 2014 2013 Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, Discount rate 4.125 % 5.000 % 4.125 % 4.125 % 5.000 % 4.125 % Expected long-term rate of return on plan assets 8.50 % 8.50 % 8.50 % 5.50 % 5.50 % 6.00 % Rate of projected compensation increase 3.50 % 3.50 % 3.50 % Weighted-average assumptions used to determine benefit obligations at December 31, Discount rate 4.500 % 4.125 % 5.000 % 4.500 % 4.125 % 5.000 % Rate of projected compensation increase 3.50 % 3.50 % 3.50 % For pension plans, we base the assumed expected long-term rate of return for plan assets on an analysis of our actual investments, including our asset allocation, as well as an analysis of expected returns. This analysis reflects the expected long-term rates of return for each significant asset class and economic indicator. As of January 1, 2016 , the expected rates were 8.5% for U.S. large cap stocks, 4.5% for fixed income, and 2.9% for inflation. The range of returns relies both on forecasts and on broad-market historical benchmarks for expected return, correlation, and volatility for each asset class. Our asset allocation is predominantly weighted toward equities. Through our ongoing monitoring of our investments and review of market data, we have determined that we should maintain the expected long-term rate of return for our U.S. plans at 8.5% at December 31, 2015 . For the postretirement plan, we based the assumed expected long-term rate of return for plan assets on an evaluation of projected interest rates, as well as the guaranteed interest rate for our insurance contract. Assumed health care cost trend rates for 2014 are shown in the table below. Due to the postretirement plan amendment outlined above, health care cost trend rates will not have an effect on the accumulated postretirement benefit obligation and net periodic postretirement benefit cost in 2015 and future years. December 31, 2014 Health care cost trend rate assumed for next year 7.5 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.0 % Year that the rate reaches the ultimate trend rate 2020 The Patient Protection and Affordable Care Act (PPACA), as amended by the Health Care and Education Reconciliation Act of 2010, was signed into law in March 2010. The PPACA mandates health care reforms with effective dates from 2010 to 2018, including an excise tax on high cost health care plans effective in 2018. The postretirement plan amendment outlined above limited NewMarketās exposure to the excise tax provision of PPACA, so no adjustment was incorporated into the benefit obligation at December 31, 2015 . Plan Assets āPension plan assets are held and distributed by trusts and consist principally of equity securities and investment-grade fixed income securities. We invest directly in equity securities, as well as in funds which primarily hold equity and debt securities. Our target allocation is 90% to 97% in equities and 3% to 10% in debt securities or cash. The pension obligation is long-term in nature and the investment philosophy followed by the Pension Investment Committee is likewise long-term in its approach. The majority of the pension funds are invested in equity securities as historically, equity securities have outperformed debt securities and cash investments, resulting in a higher investment return over the long-term. While in the short-term, equity securities may underperform other investment classes, we are less concerned with short-term results and more concerned with long-term improvement. The pension funds are managed by six different investment companies who predominantly invest in U.S. and international equities. Each investment companyās performance is reviewed quarterly. A small portion of the funds is in investments such as cash or short-term bonds, which historically has been less vulnerable to short-term market swings. These funds are used to provide the cash needed to meet our monthly obligations. There are no significant concentrations of risk within plan assets, nor do the equity securities include any NewMarket common stock for any year presented. The assets of the postretirement benefit plan are invested completely in an insurance contract held by Metropolitan Life. No NewMarket common stock is included in these assets. The following table provides information on the fair value of our pension and postretirement benefit plans assets, as well as the related level within the fair value hierarchy. December 31, 2015 December 31, 2014 Fair Value Measurements Using Fair Value Measurements Using (in thousands) Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Pension Plans Equity securities: U. S. companies $ 211,471 $ 211,471 $ 0 $ 0 $ 199,597 $ 199,597 $ 0 $ 0 International companies 9,512 9,512 0 0 12,097 12,097 0 0 Real estate investment trusts 3,339 3,339 0 0 2,432 2,432 0 0 Common collective trust 19,329 0 19,329 0 19,222 0 19,222 0 Money market instruments 5,854 5,854 0 0 7,467 7,467 0 0 Mutual fundsāfixed income 8,560 8,560 0 0 9,802 9,802 0 0 Cash and cash equivalents 1,927 1,927 0 0 3,862 3,862 0 0 Insurance contract 919 0 919 0 1,092 0 1,092 0 $ 260,911 $ 240,663 $ 20,248 $ 0 $ 255,571 $ 235,257 $ 20,314 $ 0 Postretirement Plans Insurance contract $ 23,972 $ 0 $ 23,972 $ 0 $ 24,270 $ 0 $ 24,270 $ 0 The valuation methodologies used to develop the fair value measurements for the investments in the table above is outlined below. There have been no changes in the valuation techniques used to value the investments. ā¢ Equity securities, including common stock and real estate investment trusts, are valued at the closing price reported on a national exchange. ā¢ The common collective trust (the trust) is valued at the net asset value of units held by the Plan based on the quoted market value of the underlying investments held by the fund. The trust invests primarily in a diversified portfolio of equity securities of companies located outside of the United States and Canada, as determined by a company's jurisdiction of incorporation. We may make withdrawals from the trust on the first business day of each month with at least ten business days' notice. There are no restrictions on redemption as of December 31, 2015 or December 31, 2014 . ā¢ Money market instruments are valued at cost, which approximates fair value. ā¢ Mutual funds are valued at the closing price reported on a national exchange. ā¢ Cash and cash equivalents are valued at cost. ā¢ The insurance contracts are unallocated funds deposited with an insurance company and are stated at an amount equal to the sum of all amounts deposited less the sum of all amounts withdrawn, adjusted for investment return. Cash Flows āFor U.S. plans, NewMarket expects to contribute $19 million to our pension plans in 2016 . Contributions to our postretirement benefit plans are not expected to be material. The expected benefit payments for the next ten years are as follows. (in thousands) Expected Pension Benefit Payments Expected Postretirement Benefit Payments 2016 $ 9,703 $ 3,035 2017 10,825 2,913 2018 11,587 2,759 2019 12,486 2,626 2020 13,180 2,492 2021 through 2025 79,969 11,065 Foreign Retirement Plans For most employees of our foreign subsidiaries, NewMarket has defined benefit pension plans that offer benefits based primarily on years of service and compensation. These defined benefit plans provide benefits for employees of our foreign subsidiaries located in Belgium, the United Kingdom, Germany, Canada, and Mexico. NewMarket generally contributes to investment trusts and insurance policies to provide for these plans. Prior to 2014, our subsidiary in Canada sponsored a defined postretirement plan. This postretirement plan provided certain health care benefit payments and life insurance to eligible retired employees. We paid the entire premium for these benefits. The postretirement plan was terminated and settled during 2014. The components of net periodic pension, as well as other amounts recognized in other comprehensive income (loss), for these foreign defined benefit pension plans are shown below. Years Ended December 31, (in thousands) 2015 2014 2013 Net periodic benefit cost Service cost $ 8,150 $ 6,213 $ 5,518 Interest cost 4,932 5,993 5,405 Expected return on plan assets (7,077 ) (8,012 ) (6,900 ) Amortization of prior service cost (credit) (95 ) (102 ) (23 ) Amortization of actuarial net (gain) loss 1,587 1,092 1,425 Settlements and curtailments 0 1,817 205 Net periodic benefit cost 7,497 7,001 5,630 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial net (gain) loss (5,461 ) 13,004 (404 ) Settlements and curtailments 0 (1,069 ) (710 ) Amortization of actuarial net gain (loss) (1,587 ) (1,092 ) (1,425 ) Amortization of prior service (cost) credit 95 102 23 Total recognized in other comprehensive income (loss) (6,953 ) 10,945 (2,516 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 544 $ 17,946 $ 3,114 The settlements and curtailments amounts for 2014 in the table above reflect the termination of the Canadian Hourly pension plan and the settlement of the Canadian Salary pension plan. The settlements and curtailments amounts for 2013 reflect the workforce reduction at our Ethyl Canada facility as a result of the decision to sell this facility and terminate the workforce. The estimated actuarial net loss to be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2016 is expected to be $1 million . The estimated prior service credit to be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2016 is expected to be $90 thousand . Changes in the benefit obligations and assets of the foreign defined benefit pension plans follow. Years Ended December 31, (in thousands) 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 158,279 $ 149,683 Service cost 8,150 6,213 Interest cost 4,932 5,993 Employee contributions 917 902 Actuarial net (gain) loss (10,736 ) 21,133 Benefits paid (5,203 ) (5,530 ) Settlements and curtailments 0 (7,646 ) Foreign currency translation (9,591 ) (12,469 ) Benefit obligation at end of year 146,748 158,279 Change in plan assets Fair value of plan assets at beginning of year 142,986 144,783 Actual return on plan assets 1,923 15,323 Employer contributions 5,981 6,664 Employee contributions 917 902 Benefits paid (5,203 ) (5,530 ) Settlements 0 (9,098 ) Foreign currency translation (7,958 ) (10,058 ) Fair value of plan assets at end of year 138,646 142,986 Funded status $ (8,102 ) $ (15,293 ) Amounts recognized in the Consolidated Balance Sheets Noncurrent assets $ 13,133 $ 8,441 Current liabilities (302 ) (276 ) Noncurrent liabilities (20,933 ) (23,458 ) $ (8,102 ) $ (15,293 ) Amounts recognized in accumulated other comprehensive loss Actuarial net (gain) loss $ 40,615 $ 47,663 Prior service cost (credit) (44 ) (139 ) Transition obligation 10 10 $ 40,581 $ 47,534 The settlements and curtailments amounts in the table above include $8 million in cash settlement payments relating to the termination of the Canadian Hourly pension plan and the settlement of the Canadian Salary plan. The accumulated benefit obligation for all foreign defined benefit pension plans was $125 million at December 31, 2015 and $134 million at December 31, 2014 . The fair market value of plan assets exceeded both the accumulated benefit obligation and projected benefit obligation for the United Kingdom and the Canadian Salary plans at both year-end 2015 and 2014. The net asset position of the United Kingdom and Canadian Salary plans are included in prepaid pension cost on the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014. The accumulated benefit obligation and projected benefit obligation exceeded the fair market value of plan assets for the German, Belgian, and Mexican plans at December 31, 2015 and December 31, 2014. The accrued benefit cost of these plans is included in other noncurrent liabilities on the Consolidated Balance Sheets. As the German plan is unfunded, a portion of the accrued benefit cost for the German plan is included in current liabilities at year-end 2015 and 2014, reflecting the expected benefit payments related to the plan for the following year. The first table below shows information on foreign pension plans with the accumulated benefit obligation in excess of plan assets. The second table shows information on foreign pension plans with the projected benefit obligation in excess of plan assets. December 31, (in thousands) 2015 2014 Plans with the accumulated benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 30,521 $ 33,935 Accumulated benefit obligation 20,005 22,426 Fair market value of plan assets 9,286 10,201 December 31, (in thousands) 2015 2014 Plans with the projected benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 30,521 $ 33,935 Fair market value of plan assets 9,286 10,201 Assumptions āThe information in the table below provides the weighted-average assumptions used to calculate the results of our foreign defined benefit pension plans. 2015 2014 2013 Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, Discount rate 3.11 % 4.01 % 4.03 % Expected long-term rate of return on plan assets 5.03 % 5.66 % 5.56 % Rate of projected compensation increase 4.27 % 4.25 % 4.26 % Weighted-average assumptions used to determine benefit obligations at December 31, Discount rate 3.58 % 3.11 % 4.01 % Rate of projected compensation increase 4.28 % 4.27 % 4.25 % The actuarial assumptions used by the various foreign locations are based upon the circumstances of each particular country and pension plan. The factors impacting the determination of the long-term rate of return for a particular foreign pension plan include the market conditions within a particular country, as well as the investment strategy and asset allocation of the specific plan. Plan Assets āPension plan assets vary by foreign location and plan. Assets are held and distributed by trusts and, depending upon the foreign location and plan, consist primarily of equity securities, corporate and government debt securities, cash, and insurance contracts. The combined weighted-average target allocation of our foreign pension plans is 52% in equities, 36% in debt securities, 7% in insurance contracts, and 5% in a pooled investment property fund. While the pension obligation is long-term in nature for each of our foreign plans, the investment strategies followed by each plan vary to some degree based upon the laws of a particular country, as well as the provisions of the specific pension trust. The United Kingdom and Canadian plans are invested predominantly in equity securities and debt securities. The funds of these plans are managed by various trustees and investment companies whose performance is reviewed throughout the year. The Belgian plan is invested in an insurance contract. The Mexican plan is invested in various mutual funds. The German plan has no assets. There are no significant concentrations of risk within plan assets, nor do the equity securities include any NewMarket common stock for any year presented. The following table provides information on the fair value of our foreign pension plans assets, as well as the related level within the fair value hierarchy. December 31, 2015 December 31, 2014 Fair Value Measurements Using Fair Value Measurements Using (in thousands) Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Equity securities: U.S. companies $ 9,191 $ 9,191 $ 0 $ 0 $ 9,158 $ 9,158 $ 0 $ 0 International companies 58,727 58,727 0 0 58,036 58,036 0 0 Debt securitiesācorporate 22,678 22,678 0 0 23,779 23,779 0 0 Debt securitiesāgovernment 28,426 28,426 0 0 29,956 29,956 0 0 Mutual funds 146 146 0 0 126 126 0 0 Cash and cash equivalents 321 321 0 0 1,461 1,461 0 0 Pooled investment funds: Equity securitiesāU.S. companies 331 0 331 0 333 0 333 0 Equity securitiesāinternational companies 2,861 0 2,861 0 3,722 0 3,722 0 Debt securitiesācorporate 212 0 212 0 265 0 265 0 Debt securitiesāgovernment 270 0 270 0 276 0 276 0 Cash and cash equivalents 405 0 405 0 290 0 290 0 Property 5,939 0 5,939 0 5,509 0 5,509 0 Insurance contract 9,139 0 9,139 0 10,075 0 10,075 0 $ 138,646 $ 119,489 $ 19,157 $ 0 $ 142,986 $ 122,516 $ 20,470 $ 0 The valuation methodologies used to develop the fair value measurements for the investments in the table above are outlined below. There have been no changes in the valuation techniques used to value the investments. ā¢ Equity securities are valued at the closing price reported on a national exchange. ā¢ Corporate and government debt securities are composed of bond funds that are priced daily. ā¢ Mutual funds are valued at the closing price reported on a national exchange. ā¢ Cash and cash equivalents are valued at cost. ā¢ The pooled investment funds are priced daily. The underlying assets that are invested in equity securities, as well as corporate and government debt securities, are listed on a recognized exchange. The underlying assets that are invested in property are valued monthly by an independent property management firm. ā¢ The insurance contracts are funds deposited with an insurance company and are stated at an amount equal to the sum of all amounts deposited less the sum of all amounts withdrawn, adjusted for investment return. Cash Flows āFor foreign pension plans, NewMarket expects to contribute $6 million to the plans in 2016 . The expected benefit payments for the next ten years for our foreign pension plans are shown in the table below. (in thousands) Expected Pension Benefit Payments 2016 $ 3,944 2017 4,085 2018 4,967 2019 4,344 2020 5,787 2021 through 2025 28,638 |
Other Income (Expense), Net
Other Income (Expense), Net | 12 Months Ended |
Dec. 31, 2015 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income (Expense), Net | Other Income (Expense), Net Other income (expense), net was expense of $3 million in 2015 , expense of $7 million in 2014 , and income of $7 million in 2013 , primarily representing a loss in 2015 and 2014 and a gain in 2013 on the Goldman Sachs interest rate swap derivative instrument recorded at fair value. See Note 15 for additional information on the interest rate swap. |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income Tax Expense Our income from continuing operations before income tax expense, as well as our provision for income taxes from continuing operations is shown in the table below. Years Ended December 31, (in thousands) 2015 2014 2013 Income from continuing operations before income tax expense Domestic $ 229,561 $ 226,777 $ 236,114 Foreign 109,410 112,322 105,197 $ 338,971 $ 339,099 $ 341,311 Income tax expense from continuing operations Current income taxes Federal $ 62,491 $ 61,866 $ 62,547 State 11,216 13,763 8,782 Foreign 26,511 22,007 22,016 100,218 97,636 93,345 Deferred income taxes Federal 1,287 5,199 3,374 State (936 ) 774 771 Foreign (201 ) 2,235 1,474 150 8,208 5,619 Total income tax expense from continuing operations $ 100,368 $ 105,844 $ 98,964 The reconciliation of the U.S. federal statutory rate to the effective income tax rate follows: % of Income from Continuing Operations Before Income Tax Expense 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal tax 2.0 2.8 1.8 Foreign operations (4.3 ) (4.3 ) (3.6 ) Research tax credit (1.2 ) (1.0 ) (2.1 ) Domestic manufacturing tax benefit (1.9 ) (2.0 ) (2.5 ) Other items and adjustments 0.0 0.7 0.4 Effective income tax rate 29.6 % 31.2 % 29.0 % The 2013 effective rate included the effect of the R&D tax credit for 2012 and 2013, as the legislation to extend such tax credits was retroactively signed into law in January 2013. Certain foreign operations have a U.S. tax impact due to our election to include their earnings in our federal income tax return. Our deferred income tax assets and liabilities follow. December 31, (in thousands) 2015 2014 Deferred income tax assets Future employee benefits $ 31,932 $ 47,054 Environmental and future shutdown reserves 6,051 6,433 Loss on derivatives 8,454 9,098 Trademark expenses 5,747 5,663 Foreign currency translation adjustments 7,489 4,676 Other 6,720 5,210 66,393 78,134 Deferred income tax liabilities Depreciation and amortization 25,119 23,515 Other 6,201 5,882 31,320 29,397 Net deferred income tax assets $ 35,073 $ 48,737 Reconciliation to financial statements Deferred income tax assetsācurrent $ 6,375 $ 7,837 Deferred income tax assetsānoncurrent 38,354 48,499 Deferred income tax liabilitiesānoncurrent 9,656 7,599 Net deferred income tax assets $ 35,073 $ 48,737 Deferred income tax liabilities - noncurrent is included in other noncurrent liabilities on our Consolidated Balance Sheets. Our deferred taxes are in a net asset position at December 31, 2015 . Based on current forecast operating plans and historical profitability, we believe that we will recover nearly the full benefit of our deferred tax assets. We have recorded an immaterial valuation allowance at certain foreign subsidiaries. The balance of unrecognized tax benefits totaled approximately $2 million at December 31, 2015 , $1 million at December 31, 2014 , and $3 million at December 31, 2013 . The primary reason for the decrease in unrecognized tax benefits during 2014 was the conclusion of the Internal Revenue Service examination of the 2011 and 2012 tax years. The additions and decreases in 2013 and 2015 were not material. The full amount at December 31, 2015 , if recognized, would affect our effective tax rate. We expect the amount of unrecognized tax benefits to change in the next twelve months; however, we do not expect the change to have a material impact on our financial statements. Our U.S. subsidiaries file a U.S. federal consolidated income tax return. We are currently under examination by various U.S. state and foreign jurisdictions and remain subject to examination until the statute of limitations expires for the respective tax jurisdiction. We have concluded all U.S. federal tax matters through 2012. Foreign and U.S. state jurisdictions have statutes of limitations generally ranging from three to five years. Years still open to examination by foreign tax authorities in major jurisdictions include: the United Kingdom (2012 and forward); Singapore (2011 and forward); Belgium (2015 and forward); and Brazil (2011 and forward). |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 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 Derivative Instruments Foreign Currency Translation Adjustments Accumulated Other Balance at December 31, 2012 $ (96,139 ) $ (4,173 ) $ (10,377 ) $ (110,689 ) Other comprehensive income (loss) before reclassifications 45,327 0 (5,216 ) 40,111 Amounts reclassified from accumulated other comprehensive loss 6,319 4,173 0 10,492 Other comprehensive income (loss) 51,646 4,173 (5,216 ) 50,603 Balance at December 31, 2013 (44,493 ) 0 (15,593 ) (60,086 ) Other comprehensive income (loss) before reclassifications (54,473 ) 0 (28,448 ) (82,921 ) Amounts reclassified from accumulated other comprehensive loss 3,847 0 0 3,847 Other comprehensive income (loss) (50,626 ) 0 (28,448 ) (79,074 ) Balance at December 31, 2014 (95,119 ) 0 (44,041 ) (139,160 ) Other comprehensive income (loss) before reclassifications 20,524 0 (30,687 ) (10,163 ) Amounts reclassified from accumulated other comprehensive loss 4,797 0 0 4,797 Other comprehensive income (loss) 25,321 0 (30,687 ) (5,366 ) Balance at December 31, 2015 $ (69,798 ) $ 0 $ (74,728 ) $ (144,526 ) The following table illustrates the amounts, net of tax, reclassified out of each component of accumulated other comprehensive loss and their location within the respective line items on the Consolidated Statements of Income. (in thousands) Amount Reclassified from Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss Component Years Ended December 31, Affected Line Item on the Consolidated Statements of Income 2015 2014 2013 Pension plans and other postretirement benefits: Amortization of prior service (credit) cost $ (629 ) $ (11 ) $ 97 (a) Amortization of actuarial net (gain) loss 5,426 2,728 5,404 (a) Settlements and curtailments 0 1,126 785 (a) Amortization of transition obligation 0 4 33 (a) Total pension plans and other postretirement benefits 4,797 3,847 6,319 Derivative instruments: Amortization of mortgage loan interest rate swap 0 0 1,666 Income from operations of discontinued business, net of tax (b) Amortization of construction loan interest rate swap 0 0 2,507 Discontinued operations (b) Total derivative instruments 0 0 4,173 Total reclassifications for the period $ 4,797 $ 3,847 $ 10,492 (a) These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 18 for further information. (b) Amounts relate to the Foundry Park I mortgage loan interest rate swap and the construction loan interest rate swap. Amounts are presented net of income tax expense of $1.1 million for the mortgage loan interest rate swap and $1.6 million for the construction loan interest rate swap for 2013 . Due to the sale of the real estate assets of Foundry Park I in July 2013, the amounts recorded in accumulated other comprehensive loss for both interest rate swaps were completely recognized in the Consolidated Statements of Income in 2013 . In 2013, $2.5 million of the amount reported in the table above for the amortization of construction loan interest rate swap was a component of gain on sale of discontinued business, net of tax. The remaining amounts related to derivative instruments for all periods were components of income from operations of discontinued business, net of tax. |
Segment and Geographic Area Inf
Segment and Geographic Area Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment and Geographic Area Information | Segment and Geographic Area Information Segment Information āThe tables below show our consolidated segment results. The āAll otherā category includes the operations of the TEL business, as well as certain contracted manufacturing and services associated with Ethyl. The accounting policies of the segments are the same as those described in Note 1. We evaluate the performance of the petroleum additives business based on segment operating profit. NewMarket Services departments and other expenses are billed to Afton and Ethyl based on the services provided under the holding company structure. Depreciation on segment property, plant, and equipment, as well as amortization of segment intangible assets, are included in segment operating profit. No transfers occurred between the petroleum additives segment and the āAll otherā category during the periods presented. The table below reports revenue and operating profit by segment, as well as a reconciliation to income from continuing operations before income tax expense, for the last three years. Years Ended December 31, (in thousands) 2015 2014 2013 Consolidated revenue Petroleum additives Lubricant additives $ 1,740,956 $ 1,901,279 $ 1,829,681 Fuel additives 384,039 423,803 441,578 Total 2,124,995 2,325,082 2,271,259 All other 15,835 10,323 9,096 Consolidated revenue (a) $ 2,140,830 $ 2,335,405 $ 2,280,355 Segment operating profit Petroleum additives $ 374,934 $ 385,084 $ 375,291 All other 4,372 1,279 (1,150 ) Segment operating profit 379,306 386,363 374,141 Corporate, general, and administrative expenses (22,779 ) (23,397 ) (22,508 ) Interest and financing expenses, net (14,652 ) (16,567 ) (17,796 ) Gain (loss) on interest rate swap agreement (b) (3,221 ) (7,125 ) 6,690 Other income (expense), net 317 (175 ) 784 Income from continuing operations before income tax expense $ 338,971 $ 339,099 $ 341,311 (a) Net sales to one customer of our petroleum additives segment exceeded 10% of consolidated revenue in 2014 and 2013 . Sales to Shell amounted to $261 million ( 11% of consolidated revenue) in 2014 and $253 million ( 11% of consolidated revenue) in 2013 . These sales represent a wide range of products sold to multiple Shell affiliates around the world. No customer exceeded 10% of net sales in 2015. (b) 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. The following tables show asset information by segment and the reconciliation to consolidated assets. Segment assets consist of accounts receivable, inventory, and long-lived assets. Long-lived assets included in the petroleum additives segment amounts in the table below include property, plant, and equipment, net of depreciation, as well as intangibles (net of amortization) and goodwill. The additions to long-lived assets include only property, plant, and equipment, net of depreciation for each year presented. December 31, (in thousands) 2015 2014 Segment assets Petroleum additives $ 1,011,047 $ 931,133 All other 14,324 17,422 1,025,371 948,555 Cash and cash equivalents 93,424 103,003 Other accounts receivable 4,184 4,492 Deferred income taxes 44,729 56,336 Prepaid expenses and other current assets 35,370 35,128 Non-segment property, plant, and equipment, net 29,640 29,570 Prepaid pension cost 20,430 16,082 Deferred charges and other assets 36,767 38,759 Total assets $ 1,289,915 $ 1,231,925 Years Ended December 31, (in thousands) 2015 2014 2013 Additions to long-lived assets Petroleum additives $ 124,605 $ 57,065 $ 54,187 All other 22 0 7 Corporate 1,872 2,651 4,282 Total additions to long-lived assets $ 126,499 $ 59,716 $ 58,476 Depreciation and amortization Petroleum additives $ 39,365 $ 38,844 $ 38,750 All other (a) 12 27 4,683 Corporate 2,888 2,667 2,711 Total depreciation and amortization $ 42,265 $ 41,538 $ 46,144 (a) The amount for 2013 includes depreciation and amortization expense of Foundry Park I, which was $5 million for 2013 . This amount is included in income from operations of discontinued business, net of tax in the Consolidated Statements of Income. Geographic Area Information - The tables below report revenue, total assets, and long-lived assets by geographic area, as well as by country for those countries with significant revenues or long-lived assets. Since our foreign operations are significant to our overall business, we are also presenting revenue in the table below by the major regions in which we operate. NewMarket assigns revenues to geographic areas based on the location to which the product was shipped to a third party. Long-lived assets in the table below include property, plant, and equipment, net of depreciation. Years Ended December 31, (in thousands) 2015 2014 2013 Consolidated revenue United States $ 775,591 $ 810,766 $ 806,462 Europe, Middle East, Africa, India 669,198 783,988 759,918 Asia Pacific 436,396 471,508 462,080 Other foreign 259,645 269,143 251,895 Consolidated revenue $ 2,140,830 $ 2,335,405 $ 2,280,355 December 31, (in thousands) 2015 2014 Total assets United States $ 585,215 $ 575,962 Foreign 704,700 655,963 Total assets $ 1,289,915 $ 1,231,925 Long-lived assets United States $ 197,724 $ 173,903 Singapore 113,219 36,809 Other foreign 91,503 97,147 Total long-lived assets $ 402,446 $ 307,859 |
Selected Quarterly Consolidated
Selected Quarterly Consolidated Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Consolidated Financial Data (unaudited) | Selected Quarterly Consolidated Financial Data (unaudited) (in thousands, except per-share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Net sales $ 559,566 $ 560,709 $ 540,933 $ 479,622 Gross profit 181,272 169,708 174,771 153,305 Net income 63,947 58,733 62,009 53,914 Earnings per share - basic and diluted 5.14 4.72 5.08 4.50 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 576,422 $ 620,438 $ 589,667 $ 548,878 Gross profit 161,930 180,746 165,219 157,528 Net income 57,523 66,764 56,913 52,055 Earnings per share - basic and diluted 4.43 5.24 4.53 4.17 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 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, āRevenue from Contracts with Customers (Topic 606)ā (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 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. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, "Balance Sheet Classification of Deferred Taxes" (ASU 2015-17). Current guidance requires an entity to separate deferred income tax assets and liabilities into current and noncurrent amounts in a classified statement of financial position. To simplify the presentation of deferred income taxes, ASU 2015-17 requires that all deferred tax assets and liabilities be classified as noncurrent in our Consolidated Balance Sheets. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by ASU 2015-17. ASU 2015-17 is effective for our annual reporting period beginning January 1, 2017 and earlier adoption is permitted. The amendments in ASU 2015-17 may be applied either prospectively or retrospectively. We do not expect ASU 2015-17 to have a significant impact on our consolidated financial statements or to impact our compliance with covenants in our debt agreements. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation āOur consolidated financial statements include the accounts of NewMarket Corporation and its subsidiaries. All intercompany transactions are eliminated upon consolidation. References to "we," "us," "our," the "company," and "NewMarket" are to NewMarket Corporation and its consolidated subsidiaries, unless the context indicates otherwise. NewMarket is the parent company of three operating companies, each managing its own assets and liabilities. Those companies are Afton, which focuses on petroleum additive products; Ethyl, representing certain manufacturing operations and the TEL business; and NewMarket Development, which manages the property and improvements that we own in Virginia. NewMarket is also the parent company of NewMarket Services, which provides various administrative services to NewMarket, Afton, Ethyl, and NewMarket Development. Certain reclassifications have been made to the accompanying consolidated financial statements and the related notes to conform to the current presentation. |
Foreign Currency Translation | Foreign Currency Translation āWe translate the balance sheets of our foreign subsidiaries into U.S. Dollars based on the current exchange rate at the end of each period. We translate the statements of income using the weighted-average exchange rates for the period. NewMarket includes translation adjustments in the Consolidated Balance Sheets as part of accumulated other comprehensive loss and transaction adjustments in the Consolidated Statements of Income as part of cost of goods sold. |
Revenue Recognition | Revenue Recognition āOur policy is to recognize revenue from the sale of products when title and risk of loss have transferred to the buyer, the price is fixed and determinable, and collectability is reasonably assured. Revenues are reported at the gross amount billed, including amounts related to shipping that are charged to the customer. Provisions for rebates to customers are recorded in the same period that the related sales are recorded. Freight costs incurred on the delivery of products are included in the Consolidated Statements of Income in cost of goods sold. Our standard terms of delivery are included in our contracts, sales order confirmation documents, and invoices. Taxes assessed by a governmental authority concurrent with sales to our customers, including sales, use, value-added, and revenue-related excise taxes, are not included as revenue, but are reflected in accrued expenses until remitted to the appropriate governmental authority. We recognized rental revenue in our discontinued real estate development segment on a straight-line basis over the lease term. The cumulative difference between lease revenue recognized under this method and the contractual lease payment terms was recorded in deferred charges and other assets on our Consolidated Balance Sheets. Rental revenue is reflected as a component of income from operations of discontinued business, net of tax. |
Cash and Cash Equivalents | Cash and Cash Equivalents āOur cash equivalents consist of government obligations and commercial paper with original maturities of 90 days or less. Throughout the year, we have cash balances in excess of federally insured amounts on deposit with various financial institutions. We state cash and cash equivalents at cost, which approximates fair value. |
Accounts Receivable | Accounts Receivable āWe record our accounts receivable at net realizable value. We maintain an allowance for doubtful accounts for estimated losses resulting from our customers not making required payments. We determine the adequacy of the allowance by periodically evaluating each customerās receivable balance, considering our customersā financial condition and credit history, and considering current economic conditions. |
Inventories | Inventories āNewMarket values its petroleum additives and TEL inventories at the lower of cost or market, with cost in the U.S. determined on the last-in, first-out (LIFO) basis. In all other countries, we determine cost using the weighted-average method. Inventory cost includes raw materials, direct labor, and manufacturing overhead. |
Property, Plant, and Equipment | Property, Plant, and Equipment āWe state property, plant, and equipment at cost and compute depreciation by the straight-line method based on the estimated useful lives of the assets. We capitalize expenditures for significant improvements that extend the useful life of the related property. We expense repairs and maintenance, including plant turnaround costs, as incurred. When property is sold or retired, we remove the cost and accumulated depreciation from the accounts and any related gain or loss is included in earnings. |
Intangibles (Net of Amortization) and Goodwill | Intangibles (Net of Amortization) and Goodwill āIdentifiable intangibles include the cost of acquired contracts, formulas and technology, trademarks and trade names, and customer bases. We assign a value to identifiable intangibles based on independent third-party appraisals and management's assessment at the time of acquisition. NewMarket amortizes the cost of the customer bases by an accelerated method and the cost of the remaining identifiable intangibles by the straight-line method over the estimated economic life of the intangible. Goodwill arises from the excess of cost over net assets of businesses acquired. Goodwill represents the residual purchase price after allocation to all identifiable net assets. We test goodwill for impairment each year, as well as whenever a significant event or circumstance occurs which could reduce the fair value of the reporting unit to which the goodwill applies below the carrying amount of the reporting unit. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets āWhen significant events or circumstances occur that might impair the value of long-lived assets, we evaluate recoverability of the recorded cost of these assets. Assets are considered to be impaired if their carrying amount is not recoverable from the estimated undiscounted future cash flows associated with the assets. If we determine an asset is impaired and its recorded cost is higher than estimated fair market value based on the estimated present value of future cash flows, we adjust the asset to estimated fair market value. |
Environmental Costs | Environmental Costs āNewMarket capitalizes environmental compliance costs if they extend the useful life of the related property or prevent future contamination. Environmental compliance costs also include maintenance and operation of pollution prevention and control facilities. We expense these compliance costs in cost of goods sold as incurred. Accrued environmental remediation and monitoring costs relate to an existing condition caused by past operations. NewMarket accrues these costs in current operations within cost of goods sold in the Consolidated Statements of Income when it is probable that we have incurred a liability and the amount can be reasonably estimated. These estimates are based on an assessment of the site, available clean-up methods, and prior experience in handling remediation. When we can reliably determine the amount and timing of future cash flows, we discount these liabilities, incorporating an inflation factor. |
Legal Costs | Legal Costs āWe expense legal costs in the period incurred. |
Employee Savings Plan | Employee Savings Plan āMost of our full-time salaried and hourly employees may participate in defined contribution savings plans. Employees who are covered by collective bargaining agreements may also participate in a savings plan according to the terms of their bargaining agreements. Employees, as well as NewMarket, contribute to the plans. |
Research, Development, and Testing Expenses | Research, Development, and Testing Expenses āNewMarket expenses all research, development, and testing costs as incurred. |
Income Taxes | Income Taxes āWe recognize deferred income taxes for temporary differences between the financial reporting basis and the income tax basis of assets and liabilities. We also adjust for changes in tax rates and laws at the time the changes are enacted. A valuation allowance is recorded when it is more likely than not that a deferred tax asset will not be realized. We recognize accrued interest and penalties associated with uncertain tax positions as part of income tax expense on our Consolidated Statements of Income. We generally provide for additional U.S. taxes that would be incurred if a foreign subsidiary returns its earnings in cash to the United States. |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities āWe record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. We do not enter into derivative instruments for speculative purposes. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. |
Stock-based Compensation | Stock-based Compensation āWe calculate fair value of restricted stock and restricted stock units based on the closing price of our common stock on the date of grant. If award recipients are entitled to receive dividends during the vesting period, we make no adjustment to the fair value of the award for dividends. If the award does not entitle recipients to dividends during the vesting period, we reduce the grant-date price of our common stock by the present value of the dividends expected to be paid on the underlying shares during the vesting period, discounted at the risk-free interest rate. We recognize stock-based compensation expense on a straight-line basis over the requisite service period. |
Estimates and Risks Due to Concentration of Business | Estimates and Risks Due to Concentration of Business āThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Derivatives Offsetting Fair Value Amounts Policy | We have made an accounting policy election to not offset derivative fair value amounts with the fair value amounts for the right to reclaim cash collateral under our master netting arrangement. |
Fair Value Measurements | 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 counterpartiesā nonperformance risk. Although we have determined that the majority of the inputs used to value our derivative falls 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 December 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 have made an accounting policy election to measure credit risk of any deriv |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Components of Income From Operations of Discontinued Business | The components of income from operations of discontinued business, net of tax, were as follows: (in thousands) Year Ended December 31, 2013 Rental revenue $ 5,747 Cost of rental 2,136 Interest, financing, and other expenses, net 2,728 Income before income tax expense 883 Income tax expense 343 Income from operations of discontinued business, net of tax $ 540 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share From Continuing Operations | The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share from continuing operations. Years Ended December 31, (in thousands, except per-share amounts) 2015 2014 2013 Earnings per share from continuing operations numerator: Income from continuing operations attributable to common shareholders before allocation of earnings to participating securities $ 238,603 $ 233,255 $ 242,347 Income from continuing operations allocated to participating securities 482 391 339 Income from continuing operations attributable to common shareholders after allocation of earnings to participating securities $ 238,121 $ 232,864 $ 242,008 Earnings per share from continuing operations denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 12,241 12,671 13,286 Earnings per share from continuing operations - basic and diluted $ 19.45 $ 18.38 $ 18.21 |
Supplemental Cash Flow Inform37
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Information | Years Ended December 31, (in thousands) 2015 2014 2013 Cash paid during the year for Interest and financing expenses (net of capitalization) $ 16,193 $ 16,223 $ 17,172 Income taxes 99,006 112,289 96,273 |
Trade and Other Accounts Rece38
Trade and Other Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Trade and Other Accounts Receivable, Net | December 31, (in thousands) 2015 2014 Trade receivables $ 252,699 $ 275,176 Income tax receivables 20,141 10,531 Other 15,127 17,096 $ 287,967 $ 302,803 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | December 31, (in thousands) 2015 2014 Finished goods and work-in-process $ 292,978 $ 292,214 Raw materials 48,728 46,673 Stores, supplies, and other 9,925 9,533 $ 351,631 $ 348,420 |
Prepaid Expenses and Other Cu40
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | December 31, (in thousands) 2015 2014 Dividend funding $ 17,594 $ 15,721 Income taxes on intercompany profit 12,310 13,545 Other 5,466 5,862 $ 35,370 $ 35,128 |
Property, Plant, and Equipmen41
Property, Plant, and Equipment, at Cost (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant, And Equipment, At Cost | December 31, (in thousands) 2015 2014 Land $ 41,101 $ 41,447 Land improvements 32,074 31,555 Leasehold improvements 1,516 1,433 Buildings 156,555 143,327 Machinery and equipment 774,857 752,005 Construction in progress 122,886 47,101 $ 1,128,989 $ 1,016,868 |
Schedule Of Useful Lives Of Property, Plant, And Equipment | We depreciate the cost of property, plant, and equipment by the straight-line method over the following estimated useful lives: Land improvements 5 - 30 years Buildings 10 - 48 years Machinery and equipment 3 - 15 years |
Intangibles (Net of Amortizat42
Intangibles (Net of Amortization) and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of 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. December 31, 2015 2014 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 88,763 $ 86,861 $ 88,824 $ 82,050 Contracts 4,476 4,103 4,476 3,655 Customer bases 6,977 3,627 6,994 3,336 Trademarks and trade names 1,549 923 1,571 769 Goodwill 4,656 4,804 $ 106,421 $ 95,514 $ 106,669 $ 89,810 Aggregate amortization expense $ 5,704 $ 6,188 |
Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets | Estimated annual amortization expense related to our intangible assets for the next five years is expected to be (in thousands): 2016 $ 1,888 2017 728 2018 698 2019 676 2020 315 |
Deferred Charges and Other As43
Deferred Charges and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets, Noncurrent [Abstract] | |
Schedule Of Deferred Charges and Other Assets | December 31, (in thousands) 2015 2014 Interest rate swap deposits $ 26,130 $ 27,783 Deferred financing costs, net of amortization 5,580 6,607 Asbestos insurance receivables 5,244 5,677 Other 6,057 5,368 $ 43,011 $ 45,435 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities, Current [Abstract] | |
Schedule Of Accrued Expenses | December 31, (in thousands) 2015 2014 Employee benefits, payroll, and related taxes $ 30,562 $ 29,284 Customer rebates 21,290 21,759 Capital projects 13,927 5,450 Taxes other than income and payroll 7,216 6,292 Other 26,516 23,754 $ 99,511 $ 86,539 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Schedule Of Long-Term Debt | December 31, (in thousands) 2015 2014 Senior notes - 4.10% due 2022 $ 349,586 $ 349,526 Revolving credit facility 145,000 14,000 $ 494,586 $ 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 effect at December 31, 2015 and December 31, 2014 : December 31, (in thousands) 2015 2014 Maximum borrowing capacity under the revolving credit facility $ 650,000 $ 650,000 Outstanding borrowings under the revolving credit facility 145,000 14,000 Outstanding letters of credit 2,895 3,271 Unused portion of revolving credit facility $ 502,105 $ 632,729 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule Of Other Noncurrent Liabilities | December 31, (in thousands) 2015 2014 Employee benefits $ 77,413 $ 120,165 Interest rate swaps 19,494 21,147 Environmental remediation 14,907 15,170 Deferred income taxes 9,656 7,599 Asbestos litigation reserve 9,571 10,152 Other 13,044 13,451 $ 144,085 $ 187,684 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Restricted Stock and Restricted Stock Unit Activity | A summary of activity during 2015 related to NewMarketās restricted stock and restricted stock units is presented below in whole shares: Number of Shares Weighted Average Grant-Date Fair Value Nonvested restricted stock and restricted stock units at January 1, 2015 30,521 $ 315.06 Granted in 2015 7,993 375.57 Vested in 2015 10,100 246.93 Forfeited in 2015 980 267.18 Nonvested restricted stock and restricted stock units at December 31, 2015 27,434 359.48 |
Derivatives and Hedging Activ48
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 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 December 31, 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 $ 21,734 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 Not 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 Years Ended December 31, 2015 2014 2013 Goldman Sachs interest rate swap Other income (expense), net $ (3,221 ) $ (7,125 ) $ 6,690 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table provides information on assets and liabilities measured at fair value on a recurring basis. No material events occurred during 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 Fair Value Measurements Using Level 1 Level 2 Level 3 (in thousands) December 31, 2015 Cash and cash equivalents $ 93,424 $ 93,424 $ 93,424 $ 0 $ 0 Cash deposit for collateralized interest rate swap 26,130 26,130 26,130 0 0 Interest rate swap liability 21,734 21,734 0 21,734 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 | December 31, 2015 December 31, 2014 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt $ 494,586 $ 515,302 $ 363,526 $ 388,581 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Lease Payments For Noncancelable Operating Leases | Future lease payments for all noncancelable operating leases as of December 31, 2015 are (in millions): 2016 $ 14 2017 11 2018 9 2019 7 2020 6 After 2020 31 |
Future Payments for Purchase Obligations | Future payments for purchase obligations as of December 31, 2015 are (in millions): 2016 $ 29 2017 18 2018 19 2019 18 2020 2 After 2020 18 |
Pension Plans and Other Postr51
Pension Plans and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
U.S. Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Periodic Benefit Costs | The components of net periodic pension and postretirement benefit costs, as well as other amounts recognized in other comprehensive income (loss), are shown below. Years Ended December 31, Pension Benefits Postretirement Benefits (in thousands) 2015 2014 2013 2015 2014 2013 Net periodic benefit cost Service cost $ 13,034 $ 9,608 $ 11,087 $ 2,244 $ 1,849 $ 2,130 Interest cost 11,938 10,936 9,571 2,548 2,739 2,598 Expected return on plan assets (20,467 ) (17,524 ) (14,519 ) (1,288 ) (1,311 ) (1,452 ) Amortization of prior service cost (credit) 99 99 176 (1,008 ) 9 9 Amortization of actuarial net (gain) loss 6,891 3,825 7,080 0 (713 ) (8 ) Net periodic benefit cost 11,495 6,944 13,395 2,496 2,573 3,277 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial net (gain) loss 11,095 56,364 (61,710 ) (1,826 ) 16,264 (12,902 ) Prior service cost (credit) 0 0 972 (35,768 ) 0 0 Amortization of actuarial net gain (loss) (6,891 ) (3,825 ) (7,080 ) 0 713 8 Amortization of prior service (cost) credit (99 ) (99 ) (176 ) 1,008 (9 ) (9 ) Total recognized in other comprehensive income (loss) 4,105 52,440 (67,994 ) (36,586 ) 16,968 (12,903 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 15,600 $ 59,384 $ (54,599 ) $ (34,090 ) $ 19,541 $ (9,626 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The components of net periodic pension and postretirement benefit costs, as well as other amounts recognized in other comprehensive income (loss), are shown below. Years Ended December 31, Pension Benefits Postretirement Benefits (in thousands) 2015 2014 2013 2015 2014 2013 Net periodic benefit cost Service cost $ 13,034 $ 9,608 $ 11,087 $ 2,244 $ 1,849 $ 2,130 Interest cost 11,938 10,936 9,571 2,548 2,739 2,598 Expected return on plan assets (20,467 ) (17,524 ) (14,519 ) (1,288 ) (1,311 ) (1,452 ) Amortization of prior service cost (credit) 99 99 176 (1,008 ) 9 9 Amortization of actuarial net (gain) loss 6,891 3,825 7,080 0 (713 ) (8 ) Net periodic benefit cost 11,495 6,944 13,395 2,496 2,573 3,277 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial net (gain) loss 11,095 56,364 (61,710 ) (1,826 ) 16,264 (12,902 ) Prior service cost (credit) 0 0 972 (35,768 ) 0 0 Amortization of actuarial net gain (loss) (6,891 ) (3,825 ) (7,080 ) 0 713 8 Amortization of prior service (cost) credit (99 ) (99 ) (176 ) 1,008 (9 ) (9 ) Total recognized in other comprehensive income (loss) 4,105 52,440 (67,994 ) (36,586 ) 16,968 (12,903 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 15,600 $ 59,384 $ (54,599 ) $ (34,090 ) $ 19,541 $ (9,626 ) |
Schedule of Changes in the Plans' Benefit Obligations and Assets | Changes in the plansā benefit obligations and assets follow. Years Ended December 31, Pension Benefits Postretirement Benefits (in thousands) 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 291,119 $ 220,770 $ 74,203 $ 56,526 Service cost 13,034 9,608 2,244 1,849 Interest cost 11,938 10,936 2,548 2,739 Actuarial net (gain) loss (14,718 ) 57,449 (1,884 ) 16,092 Plan amendment 0 0 (35,770 ) 0 Benefits paid (8,645 ) (7,644 ) (2,824 ) (3,003 ) Benefit obligation at end of year 292,728 291,119 38,517 74,203 Change in plan assets Fair value of plan assets at beginning of year 255,571 228,173 24,270 24,851 Actual return on plan assets (5,346 ) 18,609 1,228 1,139 Employer contributions 19,331 16,433 1,298 1,283 Benefits paid (8,645 ) (7,644 ) (2,824 ) (3,003 ) Fair value of plan assets at end of year 260,911 255,571 23,972 24,270 Funded status $ (31,817 ) $ (35,548 ) $ (14,545 ) $ (49,933 ) Amounts recognized in the Consolidated Balance Sheets Noncurrent assets $ 7,297 $ 7,641 $ 0 $ 0 Current liabilities (2,735 ) (2,770 ) (1,396 ) (1,492 ) Noncurrent liabilities (36,379 ) (40,419 ) (13,149 ) (48,441 ) $ (31,817 ) $ (35,548 ) $ (14,545 ) $ (49,933 ) Amounts recognized in accumulated other comprehensive loss Actuarial net (gain) loss $ 103,164 $ 98,960 $ (1,081 ) $ 745 Prior service cost (credit) (504 ) (405 ) (34,760 ) 0 $ 102,660 $ 98,555 $ (35,841 ) $ 745 |
Schedule of Amounts Recognized in the Consolidated Balance Sheets | Changes in the plansā benefit obligations and assets follow. Years Ended December 31, Pension Benefits Postretirement Benefits (in thousands) 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 291,119 $ 220,770 $ 74,203 $ 56,526 Service cost 13,034 9,608 2,244 1,849 Interest cost 11,938 10,936 2,548 2,739 Actuarial net (gain) loss (14,718 ) 57,449 (1,884 ) 16,092 Plan amendment 0 0 (35,770 ) 0 Benefits paid (8,645 ) (7,644 ) (2,824 ) (3,003 ) Benefit obligation at end of year 292,728 291,119 38,517 74,203 Change in plan assets Fair value of plan assets at beginning of year 255,571 228,173 24,270 24,851 Actual return on plan assets (5,346 ) 18,609 1,228 1,139 Employer contributions 19,331 16,433 1,298 1,283 Benefits paid (8,645 ) (7,644 ) (2,824 ) (3,003 ) Fair value of plan assets at end of year 260,911 255,571 23,972 24,270 Funded status $ (31,817 ) $ (35,548 ) $ (14,545 ) $ (49,933 ) Amounts recognized in the Consolidated Balance Sheets Noncurrent assets $ 7,297 $ 7,641 $ 0 $ 0 Current liabilities (2,735 ) (2,770 ) (1,396 ) (1,492 ) Noncurrent liabilities (36,379 ) (40,419 ) (13,149 ) (48,441 ) $ (31,817 ) $ (35,548 ) $ (14,545 ) $ (49,933 ) Amounts recognized in accumulated other comprehensive loss Actuarial net (gain) loss $ 103,164 $ 98,960 $ (1,081 ) $ 745 Prior service cost (credit) (504 ) (405 ) (34,760 ) 0 $ 102,660 $ 98,555 $ (35,841 ) $ 745 |
Schedule of Assumptions to Calculate the Results of Our Retirement Plans | We used the following assumptions to calculate the results of our retirement plans: Pension Benefits Postretirement Benefits 2015 2014 2013 2015 2014 2013 Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, Discount rate 4.125 % 5.000 % 4.125 % 4.125 % 5.000 % 4.125 % Expected long-term rate of return on plan assets 8.50 % 8.50 % 8.50 % 5.50 % 5.50 % 6.00 % Rate of projected compensation increase 3.50 % 3.50 % 3.50 % Weighted-average assumptions used to determine benefit obligations at December 31, Discount rate 4.500 % 4.125 % 5.000 % 4.500 % 4.125 % 5.000 % Rate of projected compensation increase 3.50 % 3.50 % 3.50 % |
Schedule of Fair Value of Pension and Postretirement Benefit Plans Assets | The following table provides information on the fair value of our pension and postretirement benefit plans assets, as well as the related level within the fair value hierarchy. December 31, 2015 December 31, 2014 Fair Value Measurements Using Fair Value Measurements Using (in thousands) Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Pension Plans Equity securities: U. S. companies $ 211,471 $ 211,471 $ 0 $ 0 $ 199,597 $ 199,597 $ 0 $ 0 International companies 9,512 9,512 0 0 12,097 12,097 0 0 Real estate investment trusts 3,339 3,339 0 0 2,432 2,432 0 0 Common collective trust 19,329 0 19,329 0 19,222 0 19,222 0 Money market instruments 5,854 5,854 0 0 7,467 7,467 0 0 Mutual fundsāfixed income 8,560 8,560 0 0 9,802 9,802 0 0 Cash and cash equivalents 1,927 1,927 0 0 3,862 3,862 0 0 Insurance contract 919 0 919 0 1,092 0 1,092 0 $ 260,911 $ 240,663 $ 20,248 $ 0 $ 255,571 $ 235,257 $ 20,314 $ 0 Postretirement Plans Insurance contract $ 23,972 $ 0 $ 23,972 $ 0 $ 24,270 $ 0 $ 24,270 $ 0 |
Schedule of Expected Benefit Payments | The expected benefit payments for the next ten years are as follows. (in thousands) Expected Pension Benefit Payments Expected Postretirement Benefit Payments 2016 $ 9,703 $ 3,035 2017 10,825 2,913 2018 11,587 2,759 2019 12,486 2,626 2020 13,180 2,492 2021 through 2025 79,969 11,065 |
U.S. Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Plans With the Benefit Obligation in Excess of the Fair Market Value of Plan Assets | The first table below shows information on domestic pension plans with the accumulated benefit obligation in excess of plan assets. The second table presents information on domestic pension plans with the projected benefit obligation in excess of plan assets. December 31, (in thousands) 2015 2014 Plans with the accumulated benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 37,637 $ 38,971 Accumulated benefit obligation 34,526 35,704 Fair market value of plan assets 0 0 December 31, (in thousands) 2015 2014 Plans with the projected benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 232,849 $ 230,699 Fair market value of plan assets 193,736 187,511 |
U.S. Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates for 2014 are shown in the table below. Due to the postretirement plan amendment outlined above, health care cost trend rates will not have an effect on the accumulated postretirement benefit obligation and net periodic postretirement benefit cost in 2015 and future years. December 31, 2014 Health care cost trend rate assumed for next year 7.5 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.0 % Year that the rate reaches the ultimate trend rate 2020 |
Foreign Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Periodic Benefit Costs | The components of net periodic pension, as well as other amounts recognized in other comprehensive income (loss), for these foreign defined benefit pension plans are shown below. Years Ended December 31, (in thousands) 2015 2014 2013 Net periodic benefit cost Service cost $ 8,150 $ 6,213 $ 5,518 Interest cost 4,932 5,993 5,405 Expected return on plan assets (7,077 ) (8,012 ) (6,900 ) Amortization of prior service cost (credit) (95 ) (102 ) (23 ) Amortization of actuarial net (gain) loss 1,587 1,092 1,425 Settlements and curtailments 0 1,817 205 Net periodic benefit cost 7,497 7,001 5,630 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial net (gain) loss (5,461 ) 13,004 (404 ) Settlements and curtailments 0 (1,069 ) (710 ) Amortization of actuarial net gain (loss) (1,587 ) (1,092 ) (1,425 ) Amortization of prior service (cost) credit 95 102 23 Total recognized in other comprehensive income (loss) (6,953 ) 10,945 (2,516 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 544 $ 17,946 $ 3,114 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The components of net periodic pension, as well as other amounts recognized in other comprehensive income (loss), for these foreign defined benefit pension plans are shown below. Years Ended December 31, (in thousands) 2015 2014 2013 Net periodic benefit cost Service cost $ 8,150 $ 6,213 $ 5,518 Interest cost 4,932 5,993 5,405 Expected return on plan assets (7,077 ) (8,012 ) (6,900 ) Amortization of prior service cost (credit) (95 ) (102 ) (23 ) Amortization of actuarial net (gain) loss 1,587 1,092 1,425 Settlements and curtailments 0 1,817 205 Net periodic benefit cost 7,497 7,001 5,630 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial net (gain) loss (5,461 ) 13,004 (404 ) Settlements and curtailments 0 (1,069 ) (710 ) Amortization of actuarial net gain (loss) (1,587 ) (1,092 ) (1,425 ) Amortization of prior service (cost) credit 95 102 23 Total recognized in other comprehensive income (loss) (6,953 ) 10,945 (2,516 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 544 $ 17,946 $ 3,114 |
Schedule of Changes in the Plans' Benefit Obligations and Assets | Changes in the benefit obligations and assets of the foreign defined benefit pension plans follow. Years Ended December 31, (in thousands) 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 158,279 $ 149,683 Service cost 8,150 6,213 Interest cost 4,932 5,993 Employee contributions 917 902 Actuarial net (gain) loss (10,736 ) 21,133 Benefits paid (5,203 ) (5,530 ) Settlements and curtailments 0 (7,646 ) Foreign currency translation (9,591 ) (12,469 ) Benefit obligation at end of year 146,748 158,279 Change in plan assets Fair value of plan assets at beginning of year 142,986 144,783 Actual return on plan assets 1,923 15,323 Employer contributions 5,981 6,664 Employee contributions 917 902 Benefits paid (5,203 ) (5,530 ) Settlements 0 (9,098 ) Foreign currency translation (7,958 ) (10,058 ) Fair value of plan assets at end of year 138,646 142,986 Funded status $ (8,102 ) $ (15,293 ) Amounts recognized in the Consolidated Balance Sheets Noncurrent assets $ 13,133 $ 8,441 Current liabilities (302 ) (276 ) Noncurrent liabilities (20,933 ) (23,458 ) $ (8,102 ) $ (15,293 ) Amounts recognized in accumulated other comprehensive loss Actuarial net (gain) loss $ 40,615 $ 47,663 Prior service cost (credit) (44 ) (139 ) Transition obligation 10 10 $ 40,581 $ 47,534 |
Schedule of Amounts Recognized in the Consolidated Balance Sheets | Changes in the benefit obligations and assets of the foreign defined benefit pension plans follow. Years Ended December 31, (in thousands) 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 158,279 $ 149,683 Service cost 8,150 6,213 Interest cost 4,932 5,993 Employee contributions 917 902 Actuarial net (gain) loss (10,736 ) 21,133 Benefits paid (5,203 ) (5,530 ) Settlements and curtailments 0 (7,646 ) Foreign currency translation (9,591 ) (12,469 ) Benefit obligation at end of year 146,748 158,279 Change in plan assets Fair value of plan assets at beginning of year 142,986 144,783 Actual return on plan assets 1,923 15,323 Employer contributions 5,981 6,664 Employee contributions 917 902 Benefits paid (5,203 ) (5,530 ) Settlements 0 (9,098 ) Foreign currency translation (7,958 ) (10,058 ) Fair value of plan assets at end of year 138,646 142,986 Funded status $ (8,102 ) $ (15,293 ) Amounts recognized in the Consolidated Balance Sheets Noncurrent assets $ 13,133 $ 8,441 Current liabilities (302 ) (276 ) Noncurrent liabilities (20,933 ) (23,458 ) $ (8,102 ) $ (15,293 ) Amounts recognized in accumulated other comprehensive loss Actuarial net (gain) loss $ 40,615 $ 47,663 Prior service cost (credit) (44 ) (139 ) Transition obligation 10 10 $ 40,581 $ 47,534 |
Schedule of Plans With the Benefit Obligation in Excess of the Fair Market Value of Plan Assets | The first table below shows information on foreign pension plans with the accumulated benefit obligation in excess of plan assets. The second table shows information on foreign pension plans with the projected benefit obligation in excess of plan assets. December 31, (in thousands) 2015 2014 Plans with the accumulated benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 30,521 $ 33,935 Accumulated benefit obligation 20,005 22,426 Fair market value of plan assets 9,286 10,201 December 31, (in thousands) 2015 2014 Plans with the projected benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 30,521 $ 33,935 Fair market value of plan assets 9,286 10,201 |
Schedule of Assumptions to Calculate the Results of Our Retirement Plans | The information in the table below provides the weighted-average assumptions used to calculate the results of our foreign defined benefit pension plans. 2015 2014 2013 Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, Discount rate 3.11 % 4.01 % 4.03 % Expected long-term rate of return on plan assets 5.03 % 5.66 % 5.56 % Rate of projected compensation increase 4.27 % 4.25 % 4.26 % Weighted-average assumptions used to determine benefit obligations at December 31, Discount rate 3.58 % 3.11 % 4.01 % Rate of projected compensation increase 4.28 % 4.27 % 4.25 % |
Schedule of Fair Value of Pension and Postretirement Benefit Plans Assets | The following table provides information on the fair value of our foreign pension plans assets, as well as the related level within the fair value hierarchy. December 31, 2015 December 31, 2014 Fair Value Measurements Using Fair Value Measurements Using (in thousands) Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Equity securities: U.S. companies $ 9,191 $ 9,191 $ 0 $ 0 $ 9,158 $ 9,158 $ 0 $ 0 International companies 58,727 58,727 0 0 58,036 58,036 0 0 Debt securitiesācorporate 22,678 22,678 0 0 23,779 23,779 0 0 Debt securitiesāgovernment 28,426 28,426 0 0 29,956 29,956 0 0 Mutual funds 146 146 0 0 126 126 0 0 Cash and cash equivalents 321 321 0 0 1,461 1,461 0 0 Pooled investment funds: Equity securitiesāU.S. companies 331 0 331 0 333 0 333 0 Equity securitiesāinternational companies 2,861 0 2,861 0 3,722 0 3,722 0 Debt securitiesācorporate 212 0 212 0 265 0 265 0 Debt securitiesāgovernment 270 0 270 0 276 0 276 0 Cash and cash equivalents 405 0 405 0 290 0 290 0 Property 5,939 0 5,939 0 5,509 0 5,509 0 Insurance contract 9,139 0 9,139 0 10,075 0 10,075 0 $ 138,646 $ 119,489 $ 19,157 $ 0 $ 142,986 $ 122,516 $ 20,470 $ 0 |
Schedule of Expected Benefit Payments | The expected benefit payments for the next ten years for our foreign pension plans are shown in the table below. (in thousands) Expected Pension Benefit Payments 2016 $ 3,944 2017 4,085 2018 4,967 2019 4,344 2020 5,787 2021 through 2025 28,638 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income From Continuing Operations Before Income Taxes | Our income from continuing operations before income tax expense, as well as our provision for income taxes from continuing operations is shown in the table below. Years Ended December 31, (in thousands) 2015 2014 2013 Income from continuing operations before income tax expense Domestic $ 229,561 $ 226,777 $ 236,114 Foreign 109,410 112,322 105,197 $ 338,971 $ 339,099 $ 341,311 Income tax expense from continuing operations Current income taxes Federal $ 62,491 $ 61,866 $ 62,547 State 11,216 13,763 8,782 Foreign 26,511 22,007 22,016 100,218 97,636 93,345 Deferred income taxes Federal 1,287 5,199 3,374 State (936 ) 774 771 Foreign (201 ) 2,235 1,474 150 8,208 5,619 Total income tax expense from continuing operations $ 100,368 $ 105,844 $ 98,964 |
Schedule of Provision for Income Taxes From Continuing Operations | Our income from continuing operations before income tax expense, as well as our provision for income taxes from continuing operations is shown in the table below. Years Ended December 31, (in thousands) 2015 2014 2013 Income from continuing operations before income tax expense Domestic $ 229,561 $ 226,777 $ 236,114 Foreign 109,410 112,322 105,197 $ 338,971 $ 339,099 $ 341,311 Income tax expense from continuing operations Current income taxes Federal $ 62,491 $ 61,866 $ 62,547 State 11,216 13,763 8,782 Foreign 26,511 22,007 22,016 100,218 97,636 93,345 Deferred income taxes Federal 1,287 5,199 3,374 State (936 ) 774 771 Foreign (201 ) 2,235 1,474 150 8,208 5,619 Total income tax expense from continuing operations $ 100,368 $ 105,844 $ 98,964 |
Reconciliation Of U.S. Federal Statutory Rate To Effective Income Tax Rate | The reconciliation of the U.S. federal statutory rate to the effective income tax rate follows: % of Income from Continuing Operations Before Income Tax Expense 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal tax 2.0 2.8 1.8 Foreign operations (4.3 ) (4.3 ) (3.6 ) Research tax credit (1.2 ) (1.0 ) (2.1 ) Domestic manufacturing tax benefit (1.9 ) (2.0 ) (2.5 ) Other items and adjustments 0.0 0.7 0.4 Effective income tax rate 29.6 % 31.2 % 29.0 % |
Schedule of Deferred Income Tax Assets and Liabilities | Our deferred income tax assets and liabilities follow. December 31, (in thousands) 2015 2014 Deferred income tax assets Future employee benefits $ 31,932 $ 47,054 Environmental and future shutdown reserves 6,051 6,433 Loss on derivatives 8,454 9,098 Trademark expenses 5,747 5,663 Foreign currency translation adjustments 7,489 4,676 Other 6,720 5,210 66,393 78,134 Deferred income tax liabilities Depreciation and amortization 25,119 23,515 Other 6,201 5,882 31,320 29,397 Net deferred income tax assets $ 35,073 $ 48,737 Reconciliation to financial statements Deferred income tax assetsācurrent $ 6,375 $ 7,837 Deferred income tax assetsānoncurrent 38,354 48,499 Deferred income tax liabilitiesānoncurrent 9,656 7,599 Net deferred income tax assets $ 35,073 $ 48,737 |
Other Comprehensive Income (L53
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 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 Derivative Instruments Foreign Currency Translation Adjustments Accumulated Other Balance at December 31, 2012 $ (96,139 ) $ (4,173 ) $ (10,377 ) $ (110,689 ) Other comprehensive income (loss) before reclassifications 45,327 0 (5,216 ) 40,111 Amounts reclassified from accumulated other comprehensive loss 6,319 4,173 0 10,492 Other comprehensive income (loss) 51,646 4,173 (5,216 ) 50,603 Balance at December 31, 2013 (44,493 ) 0 (15,593 ) (60,086 ) Other comprehensive income (loss) before reclassifications (54,473 ) 0 (28,448 ) (82,921 ) Amounts reclassified from accumulated other comprehensive loss 3,847 0 0 3,847 Other comprehensive income (loss) (50,626 ) 0 (28,448 ) (79,074 ) Balance at December 31, 2014 (95,119 ) 0 (44,041 ) (139,160 ) Other comprehensive income (loss) before reclassifications 20,524 0 (30,687 ) (10,163 ) Amounts reclassified from accumulated other comprehensive loss 4,797 0 0 4,797 Other comprehensive income (loss) 25,321 0 (30,687 ) (5,366 ) Balance at December 31, 2015 $ (69,798 ) $ 0 $ (74,728 ) $ (144,526 ) |
Schedule of Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Loss | The following table illustrates the amounts, net of tax, reclassified out of each component of accumulated other comprehensive loss and their location within the respective line items on the Consolidated Statements of Income. (in thousands) Amount Reclassified from Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss Component Years Ended December 31, Affected Line Item on the Consolidated Statements of Income 2015 2014 2013 Pension plans and other postretirement benefits: Amortization of prior service (credit) cost $ (629 ) $ (11 ) $ 97 (a) Amortization of actuarial net (gain) loss 5,426 2,728 5,404 (a) Settlements and curtailments 0 1,126 785 (a) Amortization of transition obligation 0 4 33 (a) Total pension plans and other postretirement benefits 4,797 3,847 6,319 Derivative instruments: Amortization of mortgage loan interest rate swap 0 0 1,666 Income from operations of discontinued business, net of tax (b) Amortization of construction loan interest rate swap 0 0 2,507 Discontinued operations (b) Total derivative instruments 0 0 4,173 Total reclassifications for the period $ 4,797 $ 3,847 $ 10,492 (a) These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 18 for further information. (b) Amounts relate to the Foundry Park I mortgage loan interest rate swap and the construction loan interest rate swap. Amounts are presented net of income tax expense of $1.1 million for the mortgage loan interest rate swap and $1.6 million for the construction loan interest rate swap for 2013 . Due to the sale of the real estate assets of Foundry Park I in July 2013, the amounts recorded in accumulated other comprehensive loss for both interest rate swaps were completely recognized in the Consolidated Statements of Income in 2013 . |
Segment and Geographic Area I54
Segment and Geographic Area Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Segment | The table below reports revenue and operating profit by segment, as well as a reconciliation to income from continuing operations before income tax expense, for the last three years. Years Ended December 31, (in thousands) 2015 2014 2013 Consolidated revenue Petroleum additives Lubricant additives $ 1,740,956 $ 1,901,279 $ 1,829,681 Fuel additives 384,039 423,803 441,578 Total 2,124,995 2,325,082 2,271,259 All other 15,835 10,323 9,096 Consolidated revenue (a) $ 2,140,830 $ 2,335,405 $ 2,280,355 Segment operating profit Petroleum additives $ 374,934 $ 385,084 $ 375,291 All other 4,372 1,279 (1,150 ) Segment operating profit 379,306 386,363 374,141 Corporate, general, and administrative expenses (22,779 ) (23,397 ) (22,508 ) Interest and financing expenses, net (14,652 ) (16,567 ) (17,796 ) Gain (loss) on interest rate swap agreement (b) (3,221 ) (7,125 ) 6,690 Other income (expense), net 317 (175 ) 784 Income from continuing operations before income tax expense $ 338,971 $ 339,099 $ 341,311 (a) Net sales to one customer of our petroleum additives segment exceeded 10% of consolidated revenue in 2014 and 2013 . Sales to Shell amounted to $261 million ( 11% of consolidated revenue) in 2014 and $253 million ( 11% of consolidated revenue) in 2013 . These sales represent a wide range of products sold to multiple Shell affiliates around the world. No customer exceeded 10% of net sales in 2015. |
Schedule Of Operating Profit By Segment | The table below reports revenue and operating profit by segment, as well as a reconciliation to income from continuing operations before income tax expense, for the last three years. Years Ended December 31, (in thousands) 2015 2014 2013 Consolidated revenue Petroleum additives Lubricant additives $ 1,740,956 $ 1,901,279 $ 1,829,681 Fuel additives 384,039 423,803 441,578 Total 2,124,995 2,325,082 2,271,259 All other 15,835 10,323 9,096 Consolidated revenue (a) $ 2,140,830 $ 2,335,405 $ 2,280,355 Segment operating profit Petroleum additives $ 374,934 $ 385,084 $ 375,291 All other 4,372 1,279 (1,150 ) Segment operating profit 379,306 386,363 374,141 Corporate, general, and administrative expenses (22,779 ) (23,397 ) (22,508 ) Interest and financing expenses, net (14,652 ) (16,567 ) (17,796 ) Gain (loss) on interest rate swap agreement (b) (3,221 ) (7,125 ) 6,690 Other income (expense), net 317 (175 ) 784 Income from continuing operations before income tax expense $ 338,971 $ 339,099 $ 341,311 (a) Net sales to one customer of our petroleum additives segment exceeded 10% of consolidated revenue in 2014 and 2013 . Sales to Shell amounted to $261 million ( 11% of consolidated revenue) in 2014 and $253 million ( 11% of consolidated revenue) in 2013 . These sales represent a wide range of products sold to multiple Shell affiliates around the world. No customer exceeded 10% of net sales in 2015. (b) 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. |
Schedule Of Asset Information By Segment | The following tables show asset information by segment and the reconciliation to consolidated assets. Segment assets consist of accounts receivable, inventory, and long-lived assets. Long-lived assets included in the petroleum additives segment amounts in the table below include property, plant, and equipment, net of depreciation, as well as intangibles (net of amortization) and goodwill. The additions to long-lived assets include only property, plant, and equipment, net of depreciation for each year presented. December 31, (in thousands) 2015 2014 Segment assets Petroleum additives $ 1,011,047 $ 931,133 All other 14,324 17,422 1,025,371 948,555 Cash and cash equivalents 93,424 103,003 Other accounts receivable 4,184 4,492 Deferred income taxes 44,729 56,336 Prepaid expenses and other current assets 35,370 35,128 Non-segment property, plant, and equipment, net 29,640 29,570 Prepaid pension cost 20,430 16,082 Deferred charges and other assets 36,767 38,759 Total assets $ 1,289,915 $ 1,231,925 |
Additions To Long-lived Assets And Depreciation And Amortization By Segment | Years Ended December 31, (in thousands) 2015 2014 2013 Additions to long-lived assets Petroleum additives $ 124,605 $ 57,065 $ 54,187 All other 22 0 7 Corporate 1,872 2,651 4,282 Total additions to long-lived assets $ 126,499 $ 59,716 $ 58,476 Depreciation and amortization Petroleum additives $ 39,365 $ 38,844 $ 38,750 All other (a) 12 27 4,683 Corporate 2,888 2,667 2,711 Total depreciation and amortization $ 42,265 $ 41,538 $ 46,144 (a) The amount for 2013 includes depreciation and amortization expense of Foundry Park I, which was $5 million for 2013 . This amount is included in income from operations of discontinued business, net of tax in the Consolidated Statements of Income. |
Schedule Of Revenue, Total Assets, And Long-Lived Assets By Geographic Area | The tables below report revenue, total assets, and long-lived assets by geographic area, as well as by country for those countries with significant revenues or long-lived assets. Since our foreign operations are significant to our overall business, we are also presenting revenue in the table below by the major regions in which we operate. NewMarket assigns revenues to geographic areas based on the location to which the product was shipped to a third party. Long-lived assets in the table below include property, plant, and equipment, net of depreciation. Years Ended December 31, (in thousands) 2015 2014 2013 Consolidated revenue United States $ 775,591 $ 810,766 $ 806,462 Europe, Middle East, Africa, India 669,198 783,988 759,918 Asia Pacific 436,396 471,508 462,080 Other foreign 259,645 269,143 251,895 Consolidated revenue $ 2,140,830 $ 2,335,405 $ 2,280,355 December 31, (in thousands) 2015 2014 Total assets United States $ 585,215 $ 575,962 Foreign 704,700 655,963 Total assets $ 1,289,915 $ 1,231,925 Long-lived assets United States $ 197,724 $ 173,903 Singapore 113,219 36,809 Other foreign 91,503 97,147 Total long-lived assets $ 402,446 $ 307,859 |
Selected Quarterly Consolidat55
Selected Quarterly Consolidated Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule Of Selected Quarterly Consolidated Financial Data (unaudited) | (in thousands, except per-share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Net sales $ 559,566 $ 560,709 $ 540,933 $ 479,622 Gross profit 181,272 169,708 174,771 153,305 Net income 63,947 58,733 62,009 53,914 Earnings per share - basic and diluted 5.14 4.72 5.08 4.50 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 576,422 $ 620,438 $ 589,667 $ 548,878 Gross profit 161,930 180,746 165,219 157,528 Net income 57,523 66,764 56,913 52,055 Earnings per share - basic and diluted 4.43 5.24 4.53 4.17 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)company | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Foreign currency transaction adjustments | $ (11) | $ (4) | $ (5) |
Number of operating companies under parent company | company | 3 | ||
Contributions by employer for employee savings plans | $ 6 | 6 | 5 |
Undistributed earnings of foreign subsidiaries | $ 436 | $ 363 | $ 301 |
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents maturity, days | 90 days |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 02, 2013 | |
Discontinued Operations [Line Items] | ||||
Gain on sale of discontinued operation | $ 0 | $ 0 | $ 35,770 | |
Gain on sale of discontinued business, net of tax | $ 0 | $ 0 | 21,855 | |
Real Estate Assets Of Foundry Park I [Member] | ||||
Discontinued Operations [Line Items] | ||||
Sales price of discontinued operation | $ 144,000 | |||
Gain on sale of discontinued operation | 36,000 | |||
Gain on sale of discontinued business, net of tax | $ 22,000 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Components of Income From Operations of Discontinued Business) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations [Line Items] | |||
Rental revenue | $ 5,747 | ||
Cost of rental | 2,136 | ||
Interest, financing, and other expenses, net | 2,728 | ||
Income before income tax expense | 883 | ||
Income tax expense | 343 | ||
Income from operations of discontinued business, net of tax | $ 0 | $ 0 | $ 540 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive shares that were excluded from the calculation of diluted earnings per share (in shares) | 27,434 | 30,521 | 20,270 |
Earnings per share from continuing operations numerator: | |||
Income from continuing operations attributable to common shareholders before allocation of earnings to participating securities | $ 238,603 | $ 233,255 | $ 242,347 |
Income from continuing operations allocated to participating securities | 482 | 391 | 339 |
Income from continuing operations attributable to common shareholders after allocation of earnings to participating securities | $ 238,121 | $ 232,864 | $ 242,008 |
Earnings per share from continuing operations denominator: | |||
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares) | 12,241,000 | 12,671,000 | 13,286,000 |
Earnings per share from continuing operations - basic and diluted (in dollars per share) | $ 19.45 | $ 18.38 | $ 18.21 |
Supplemental Cash Flow Inform60
Supplemental Cash Flow Information (Schedule Of Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash paid during the year for | |||
Interest and financing expenses (net of capitalization) | $ 16,193 | $ 16,223 | $ 17,172 |
Income taxes | 99,006 | 112,289 | $ 96,273 |
Non-cash additions to property, plant, and equipment | $ 14,000 | $ 6,000 |
Trade and Other Accounts Rece61
Trade and Other Accounts Receivable, Net (Schedule Of Trade And Other Accounts Receivable, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Trade receivables | $ 252,699 | $ 275,176 |
Income tax receivables | 20,141 | 10,531 |
Other | 15,127 | 17,096 |
Trade and other accounts receivable, net | $ 287,967 | $ 302,803 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
U.S. inventories, LIFO basis | $ 147,000 | $ 134,000 |
LIFO inventories amount below replacement cost | 36,000 | 55,000 |
Inventories | 351,631 | 348,420 |
Foreign [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 196,000 | $ 206,000 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Finished goods and work-in-process | $ 292,978 | $ 292,214 |
Raw materials | 48,728 | 46,673 |
Stores, supplies, and other | 9,925 | 9,533 |
Inventories | $ 351,631 | $ 348,420 |
Prepaid Expenses and Other Cu64
Prepaid Expenses and Other Current Assets (Schedule Of Prepaid Expenses And Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Dividend funding | $ 17,594 | $ 15,721 |
Income taxes on intercompany profit | 12,310 | 13,545 |
Other | 5,466 | 5,862 |
Prepaid expenses and other current assets | $ 35,370 | $ 35,128 |
Property, Plant, and Equipmen65
Property, Plant, and Equipment, at Cost (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 35 | $ 34 | $ 35 |
Property, Plant, and Equipmen66
Property, Plant, and Equipment, at Cost (Schedule Of Property, Plant, And Equipment, At Cost) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 41,101 | $ 41,447 |
Land improvements | 32,074 | 31,555 |
Leasehold improvements | 1,516 | 1,433 |
Buildings | 156,555 | 143,327 |
Machinery and equipment | 774,857 | 752,005 |
Construction in progress | 122,886 | 47,101 |
Property, plant, and equipment, at cost | $ 1,128,989 | $ 1,016,868 |
Property, Plant, and Equipmen67
Property, Plant, and Equipment, at Cost (Schedule Of Useful Lives Of Property, Plant, And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Land Improvements [Member] | |
Property, Plant and Equipment, at Cost [Line Items] | |
Property, plant, and equipment, useful lives (in years) | 5 years |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment, at Cost [Line Items] | |
Property, plant, and equipment, useful lives (in years) | 10 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment, at Cost [Line Items] | |
Property, plant, and equipment, useful lives (in years) | 3 years |
Maximum [Member] | Land Improvements [Member] | |
Property, Plant and Equipment, at Cost [Line Items] | |
Property, plant, and equipment, useful lives (in years) | 30 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment, at Cost [Line Items] | |
Property, plant, and equipment, useful lives (in years) | 48 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment, at Cost [Line Items] | |
Property, plant, and equipment, useful lives (in years) | 15 years |
Intangibles (Net of Amortizat68
Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Intangibles (net of amortization) and Goodwill [Line Items] | ||
Intangibles (net of amortization) and goodwill | $ 10,907,000 | $ 16,859,000 |
Accumulated goodwill impairment | $ 0 | $ 0 |
Contracts [Member] | ||
Intangibles (net of amortization) and Goodwill [Line Items] | ||
Estimated economic life, in years | 10 years | |
Customer Bases [Member] | ||
Intangibles (net of amortization) and Goodwill [Line Items] | ||
Estimated economic life, in years | 20 years | |
Trademarks and Trade Names [Member] | ||
Intangibles (net of amortization) and Goodwill [Line Items] | ||
Estimated economic life, in years | 10 years | |
Minimum [Member] | Formulas and Technology [Member] | ||
Intangibles (net of amortization) and Goodwill [Line Items] | ||
Estimated economic life, in years | 10 years | |
Maximum [Member] | Formulas and Technology [Member] | ||
Intangibles (net of amortization) and Goodwill [Line Items] | ||
Estimated economic life, in years | 20 years |
Intangibles (Net of Amortizat69
Intangibles (Net of Amortization) and Goodwill (Schedule Of Information Related To Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Amortizing intangible assets, Accumulated Amortization | $ 95,514 | $ 89,810 | |
Goodwill, Gross Carrying Amount | 4,656 | 4,804 | |
Amortizing intangible assets and Goodwill, Gross Carrying Amount | 106,421 | 106,669 | |
Aggregate amortization expense | 5,704 | 6,188 | $ 7,000 |
Formulas and Technology [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Amortizing intangible assets, Gross Carrying Amount | 88,763 | 88,824 | |
Amortizing intangible assets, Accumulated Amortization | 86,861 | 82,050 | |
Contracts [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Amortizing intangible assets, Gross Carrying Amount | 4,476 | 4,476 | |
Amortizing intangible assets, Accumulated Amortization | 4,103 | 3,655 | |
Customer Bases [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Amortizing intangible assets, Gross Carrying Amount | 6,977 | 6,994 | |
Amortizing intangible assets, Accumulated Amortization | 3,627 | 3,336 | |
Trademarks and Trade Names [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Amortizing intangible assets, Gross Carrying Amount | 1,549 | 1,571 | |
Amortizing intangible assets, Accumulated Amortization | $ 923 | $ 769 |
Intangibles (Net of Amortizat70
Intangibles (Net of Amortization) and Goodwill (Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 1,888 |
2,017 | 728 |
2,018 | 698 |
2,019 | 676 |
2,020 | $ 315 |
Deferred Charges and Other As71
Deferred Charges and Other Assets (Schedule Of Deferred Charges And Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets, Noncurrent [Abstract] | ||
Interest rate swap deposits | $ 26,130 | $ 27,783 |
Deferred financing costs, net of amortization | 5,580 | 6,607 |
Asbestos insurance receivables | 5,244 | 5,677 |
Other | 6,057 | 5,368 |
Deferred charges and other assets | $ 43,011 | $ 45,435 |
Accrued Expenses (Schedule Of A
Accrued Expenses (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities, Current [Abstract] | ||
Employee benefits, payroll, and related taxes | $ 30,562 | $ 29,284 |
Customer rebates | 21,290 | 21,759 |
Capital projects | 13,927 | 5,450 |
Taxes other than income and payroll | 7,216 | 6,292 |
Other | 26,516 | 23,754 |
Accrued expenses | $ 99,511 | $ 86,539 |
Long-term Debt (Narrative) (Det
Long-term Debt (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | Dec. 20, 2012 | |
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes, interest rate | 4.10% | 4.10% | ||
Principal amount of debt issued | $ 350,000,000 | |||
Debt instrument, maturity date | 2,022 | 2,022 | ||
Senior notes issue price | 99.83% | |||
Financing costs incurred | $ 5,000,000 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Financing costs incurred | $ 2,500,000 | |||
Term of credit facility, years | 5 years | |||
Maximum borrowing capacity | $ 650,000,000 | $ 650,000,000 | ||
Increase in aggregate amount of revolving credit facility allowed | $ 150,000,000 | |||
Revolving credit facility, maturity date | Oct. 28, 2019 | |||
Basis spread on federal funds effective rate | 0.50% | |||
Basis spread on adjusted LIBO rate | 1.00% | |||
Maximum Consolidated Leverage Ratio | 3.50 | |||
Minimum Consolidated Interest Coverage Ratio | 3 | |||
Average interest rate during period | 1.90% | 2.90% | ||
Average interest rate at period end | 2.10% | 3.40% | ||
Revolving Credit Facility [Member] | Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 75,000,000 | |||
Revolving Credit Facility [Member] | Multicurrency Borrowings [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 100,000,000 | |||
Revolving Credit Facility [Member] | Swingline Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 20,000,000 | |||
Revolving Credit Facility [Member] | Loans Bearing Interest Based On ABR [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable Rate | 0.25% | |||
Revolving Credit Facility [Member] | Loans Bearing Interest Based On ABR [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable Rate | 0.00% | |||
Revolving Credit Facility [Member] | Loans Bearing Interest Based On ABR [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable Rate | 0.50% | |||
Revolving Credit Facility [Member] | Loans Bearing Interest Based On Adjusted LIBO Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable Rate | 1.25% | |||
Revolving Credit Facility [Member] | Loans Bearing Interest Based On Adjusted LIBO Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable Rate | 1.00% | |||
Revolving Credit Facility [Member] | Loans Bearing Interest Based On Adjusted LIBO Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable Rate | 1.50% |
Long-term Debt (Schedule Of Lon
Long-term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 494,586 | $ 363,526 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 349,586 | $ 349,526 |
Senior notes, interest rate | 4.10% | 4.10% |
Debt instrument, maturity date | 2,022 | 2,022 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 145,000 | $ 14,000 |
Long-term Debt (Schedule Of Unu
Long-term Debt (Schedule Of Unused Portion Of Revolving Credit Facility) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 494,586,000 | $ 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 | 145,000,000 | 14,000,000 |
Outstanding letters of credit | 2,895,000 | 3,271,000 |
Unused portion of revolving credit facility | $ 502,105,000 | $ 632,729,000 |
Other Noncurrent Liabilities (S
Other Noncurrent Liabilities (Schedule Of Other Noncurrent Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities, Noncurrent [Abstract] | ||
Employee benefits | $ 77,413 | $ 120,165 |
Interest rate swaps | 19,494 | 21,147 |
Environmental remediation | 14,907 | 15,170 |
Deferred income taxes | 9,656 | 7,599 |
Asbestos litigation reserve | 9,571 | 10,152 |
Other | 13,044 | 13,451 |
Other noncurrent liabilities | $ 144,085 | $ 187,684 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)directorshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive stock option, exercise period, maximum, in years | 10 years | ||
Maximum number of shares, options, SARs, or stock units granted or awarded in calendar year per participant | 200,000 | ||
Maximum aggregate number of shares of common stock that may be issued under the Plan | 1,000,000 | ||
Shares available for grant | 980,817 | ||
Share-based awards granted | 8,441 | ||
Restricted Stock And Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards granted | 7,993 | ||
Vesting period, in years | 3 years | ||
Fair value of shares vested | $ | $ 4 | ||
Compensation expense | $ | 2 | $ 2 | $ 1 |
Unrecognized compensation expense | $ | $ 6 | ||
Period for recognition of unrecognized compensation expense, in years | 2 years 1 month | ||
Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards granted | 448 | ||
Number of non-employee directors | director | 4 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of Restricted Stock And Restricted Stock Unit Activity) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of Shares | |
Granted in 2015 | 8,441 |
Restricted Stock And Restricted Stock Units [Member] | |
Number of Shares | |
Nonvested restricted stock and restricted stock units awards at beginning of year | 30,521 |
Granted in 2015 | 7,993 |
Vested in 2015 | 10,100 |
Forfeited in 2015 | 980 |
Nonvested restricted stock and restricted stock units at end of year | 27,434 |
Weighted Average Grant-Date Fair Value | |
Nonvested restricted stock and restricted stock units at beginning of year | $ / shares | $ 315.06 |
Granted in 2015 | $ / shares | 375.57 |
Vested in 2015 | $ / shares | 246.93 |
Forfeited in 2015 | $ / shares | 267.18 |
Nonvested restricted stock and restricted stock units at end of year | $ / shares | $ 359.48 |
Derivatives and Hedging Activ79
Derivatives and Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash collateral deposit | $ 26,130 | $ 27,783 |
Termination value of obligations | 22,000 | |
Goldman Sachs [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash collateral deposit | 26,130 | 27,783 |
Interest Rate Swap [Member] | Goldman Sachs [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of non-designated hedges of interest rate swap | $ 97,000 | |
Rate of fixed-rate payments for interest rate swap | 5.3075% | |
Cash collateral deposit | $ 26,130 | $ 27,783 |
Derivatives and Hedging Activ80
Derivatives and Hedging Activities (Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goldman Sachs [Member] | Interest Rate Swap [Member] | Accrued Expenses And Oher Noncurrent Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of interest rate swap liability derivatives, not designated as hedging instruments | $ 21,734 | $ 23,389 |
Derivatives and Hedging Activ81
Derivatives and Hedging Activities (Effect Of Derivative Instruments On The Consolidated Statements Of Income Non-Designated Derivatives)(Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (3,221) | $ (7,125) | $ 6,690 |
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 | $ (3,221) | $ (7,125) | $ 6,690 | |
[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 JuneĀ 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. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Carrying Amount in Consolidated Balance Sheets | $ 93,424 | $ 103,003 | $ 238,703 | $ 89,129 |
Cash deposit for collateralized interest rate swap, Carrying Amount in Consolidated Balance Sheets | 26,130 | 27,783 | ||
Goldman Sachs [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash deposit for collateralized interest rate swap, Carrying Amount in Consolidated Balance Sheets | 26,130 | 27,783 | ||
Carrying Amount in Consolidated Balance Sheets [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Carrying Amount in Consolidated Balance Sheets | 93,424 | 103,003 | ||
Interest rate swap liability, Carrying Amount in Consolidated Balance Sheets | 21,734 | 23,389 | ||
Fair Value [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | 93,424 | 103,003 | ||
Interest rate swap liability, Fair Value | 21,734 | 23,389 | ||
Fair Value [Member] | Goldman Sachs [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash deposit for collateralized interest rate swap, Fair Value | 26,130 | 27,783 | ||
Fair Value, Level 1 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | 93,424 | 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 | 26,130 | 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 | 21,734 | 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Long-term debt, Carrying Amount | $ 494,586 | $ 363,526 |
Long-term debt, Fair Value | $ 515,302 | $ 388,581 |
Commitments and Contingencies84
Commitments and Contingencies (Contractual Commitments and Purchase Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Contractual Commitments [Abstract] | |||
Operating lease rental expense | $ 34 | $ 30 | $ 27 |
2,016 | 14 | ||
2,017 | 11 | ||
2,018 | 9 | ||
2,019 | 7 | ||
2,020 | 6 | ||
After 2,020 | 31 | ||
Inventories [Member] | |||
Purchase Obligations [Abstract] | |||
2,016 | 29 | ||
2,017 | 18 | ||
2,018 | 19 | ||
2,019 | 18 | ||
2,020 | 2 | ||
After 2,020 | 18 | ||
Construction of Assets and Purchases of Property and Equipment [Member] | |||
Contractual Commitments [Abstract] | |||
Contractual purchase obligations | $ 44 | ||
Period of obligations for construction of assets and purchases of property and equipment | 5 years |
Commitments and Contingencies85
Commitments and Contingencies (Litigation) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Undiscounted liability related to premises asbestos claims | $ 11 | $ 12 |
Receivable for recoveries related to premises asbestos liabilities | $ 6 | $ 7 |
Commitments and Contingencies86
Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions | Dec. 31, 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 |
Accrual 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 | 4 | 5 |
Houston, Texas Plant Site [Member] | ||
Site Contingency [Line Items] | ||
Accrual for remediation of groundwater and soil | $ 6 | $ 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% |
Pension Plans and Other Postr87
Pension Plans and Other Postretirement Benefits (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Dec. 31, 2015USD ($)plansinvestmentmanagers | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
U.S. Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of pension plans | plans | 4 | |||
Actuarial net loss to be amortized from accumulated other comprehensive loss into net periodic benefit cost in next fiscal year | $ (5,000) | |||
Prior service credit to be amortized from accumulated other comprehensive loss into net periodic benefit cost in next fiscal year | (62) | |||
Accumulated benefit obligation | $ 251,000 | $ 247,000 | ||
Expected long-term rate of return on plan assets | 8.50% | 8.50% | 8.50% | |
Number of investment companies managing pension funds | investmentmanagers | 6 | |||
Number of business days notice required to make withdrawals from common collective trust | 10 days | |||
Estimated contributions to pension plans in next fiscal year | $ 19,000 | |||
U.S. Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Prior service credit to be amortized from accumulated other comprehensive loss into net periodic benefit cost in next fiscal year | $ (3,000) | |||
Expected long-term rate of return on plan assets | 5.50% | 5.50% | 6.00% | |
Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial net loss to be amortized from accumulated other comprehensive loss into net periodic benefit cost in next fiscal year | $ (1,000) | |||
Prior service credit to be amortized from accumulated other comprehensive loss into net periodic benefit cost in next fiscal year | (90) | |||
Cash settlement payments | $ 8,000 | |||
Accumulated benefit obligation | $ 125,000 | $ 134,000 | ||
Expected long-term rate of return on plan assets | 5.03% | 5.66% | 5.56% | |
Estimated contributions to pension plans in next fiscal year | $ 6,000 | |||
Equities [Member] | U.S. Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Minimum target allocation percentage for plan assets | 90.00% | |||
Maximum target allocation percentage for plan assets | 97.00% | |||
Equities [Member] | Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation percentage for plan assets | 52.00% | |||
Debt Securities [Member] | U.S. Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Minimum target allocation percentage for plan assets | 3.00% | |||
Maximum target allocation percentage for plan assets | 10.00% | |||
Debt Securities [Member] | Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation percentage for plan assets | 36.00% | |||
Insurance Contract [Member] | Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation percentage for plan assets | 7.00% | |||
Pooled Investment Property Fund [Member] | Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation percentage for plan assets | 5.00% | |||
Scenario, Forecast [Member] | U.S. Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected long-term rate of return on plan assets | 8.50% | |||
Expected long-term rate for inflation | 2.90% | |||
Scenario, Forecast [Member] | Debt Securities [Member] | U.S. Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected long-term rate of return on plan assets | 4.50% | |||
US Companies [Member] | Scenario, Forecast [Member] | Equities [Member] | U.S. Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected long-term rate of return on plan assets | 8.50% |
Pension Plans and Other Postr88
Pension Plans and Other Postretirement Benefits (Summary Of Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Pension Benefits [Member] | |||
Net periodic benefit cost | |||
Service cost | $ 13,034 | $ 9,608 | $ 11,087 |
Interest cost | 11,938 | 10,936 | 9,571 |
Expected return on plan assets | (20,467) | (17,524) | (14,519) |
Amortization of prior service cost (credit) | 99 | 99 | 176 |
Amortization of actuarial net (gain) loss | 6,891 | 3,825 | 7,080 |
Net periodic benefit cost | 11,495 | 6,944 | 13,395 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||
Actuarial net (gain) loss | 11,095 | 56,364 | (61,710) |
Prior service cost (credit) | 0 | 0 | 972 |
Amortization of actuarial net gain (loss) | (6,891) | (3,825) | (7,080) |
Amortization of prior service (cost) credit | (99) | (99) | (176) |
Total recognized in other comprehensive income (loss) | 4,105 | 52,440 | (67,994) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 15,600 | 59,384 | (54,599) |
U.S. Postretirement Benefits [Member] | |||
Net periodic benefit cost | |||
Service cost | 2,244 | 1,849 | 2,130 |
Interest cost | 2,548 | 2,739 | 2,598 |
Expected return on plan assets | (1,288) | (1,311) | (1,452) |
Amortization of prior service cost (credit) | (1,008) | 9 | 9 |
Amortization of actuarial net (gain) loss | 0 | (713) | (8) |
Net periodic benefit cost | 2,496 | 2,573 | 3,277 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||
Actuarial net (gain) loss | (1,826) | 16,264 | (12,902) |
Prior service cost (credit) | (35,768) | 0 | 0 |
Amortization of actuarial net gain (loss) | 0 | 713 | 8 |
Amortization of prior service (cost) credit | 1,008 | (9) | (9) |
Total recognized in other comprehensive income (loss) | (36,586) | 16,968 | (12,903) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (34,090) | 19,541 | (9,626) |
Foreign Pension Benefits [Member] | |||
Net periodic benefit cost | |||
Service cost | 8,150 | 6,213 | 5,518 |
Interest cost | 4,932 | 5,993 | 5,405 |
Expected return on plan assets | (7,077) | (8,012) | (6,900) |
Amortization of prior service cost (credit) | (95) | (102) | (23) |
Amortization of actuarial net (gain) loss | 1,587 | 1,092 | 1,425 |
Settlements and curtailments | 0 | 1,817 | 205 |
Net periodic benefit cost | 7,497 | 7,001 | 5,630 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||
Actuarial net (gain) loss | (5,461) | 13,004 | (404) |
Settlements and curtailments | 0 | (1,069) | (710) |
Amortization of actuarial net gain (loss) | (1,587) | (1,092) | (1,425) |
Amortization of prior service (cost) credit | 95 | 102 | 23 |
Total recognized in other comprehensive income (loss) | (6,953) | 10,945 | (2,516) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 544 | $ 17,946 | $ 3,114 |
Pension Plans and Other Postr89
Pension Plans and Other Postretirement Benefits (Changes In The Plans' Benefit Obligations And Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amounts recognized in the Consolidated Balance Sheets | |||
Noncurrent assets | $ 20,430 | $ 16,082 | |
U.S. Pension Benefits [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 291,119 | 220,770 | |
Service cost | 13,034 | 9,608 | $ 11,087 |
Interest cost | 11,938 | 10,936 | 9,571 |
Actuarial net (gain) loss | (14,718) | 57,449 | |
Plan amendment | 0 | 0 | |
Benefits paid | (8,645) | (7,644) | |
Benefit obligation at end of year | 292,728 | 291,119 | 220,770 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 255,571 | 228,173 | |
Actual return on plan assets | (5,346) | 18,609 | |
Employer contributions | 19,331 | 16,433 | |
Benefits paid | (8,645) | (7,644) | |
Fair value of plan assets at end of year | 260,911 | 255,571 | 228,173 |
Funded status | (31,817) | (35,548) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Noncurrent assets | 7,297 | 7,641 | |
Current liabilities | (2,735) | (2,770) | |
Noncurrent liabilities | (36,379) | (40,419) | |
Amounts recognized in the Consolidated Balance Sheets | (31,817) | (35,548) | |
Amounts recognized in accumulated other comprehensive loss | |||
Actuarial net (gain) loss | 103,164 | 98,960 | |
Prior service cost (credit) | (504) | (405) | |
Amounts recognized in accumulated other comprehensive loss | 102,660 | 98,555 | |
U.S. Postretirement Benefits [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 74,203 | 56,526 | |
Service cost | 2,244 | 1,849 | 2,130 |
Interest cost | 2,548 | 2,739 | 2,598 |
Actuarial net (gain) loss | (1,884) | 16,092 | |
Plan amendment | (35,770) | 0 | |
Benefits paid | (2,824) | (3,003) | |
Benefit obligation at end of year | 38,517 | 74,203 | 56,526 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 24,270 | 24,851 | |
Actual return on plan assets | 1,228 | 1,139 | |
Employer contributions | 1,298 | 1,283 | |
Benefits paid | (2,824) | (3,003) | |
Fair value of plan assets at end of year | 23,972 | 24,270 | 24,851 |
Funded status | (14,545) | (49,933) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Noncurrent assets | 0 | 0 | |
Current liabilities | (1,396) | (1,492) | |
Noncurrent liabilities | (13,149) | (48,441) | |
Amounts recognized in the Consolidated Balance Sheets | (14,545) | (49,933) | |
Amounts recognized in accumulated other comprehensive loss | |||
Actuarial net (gain) loss | (1,081) | 745 | |
Prior service cost (credit) | (34,760) | 0 | |
Amounts recognized in accumulated other comprehensive loss | (35,841) | 745 | |
Foreign Pension Benefits [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 158,279 | 149,683 | |
Service cost | 8,150 | 6,213 | 5,518 |
Interest cost | 4,932 | 5,993 | 5,405 |
Employee contributions | 917 | 902 | |
Actuarial net (gain) loss | (10,736) | 21,133 | |
Benefits paid | (5,203) | (5,530) | |
Settlements and curtailments | 0 | (7,646) | |
Foreign currency translation | (9,591) | (12,469) | |
Benefit obligation at end of year | 146,748 | 158,279 | 149,683 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 142,986 | 144,783 | |
Actual return on plan assets | 1,923 | 15,323 | |
Employer contributions | 5,981 | 6,664 | |
Employee contributions | 917 | 902 | |
Benefits paid | (5,203) | (5,530) | |
Settlements | 0 | (9,098) | |
Foreign currency translation | (7,958) | (10,058) | |
Fair value of plan assets at end of year | 138,646 | 142,986 | $ 144,783 |
Funded status | (8,102) | (15,293) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Noncurrent assets | 13,133 | 8,441 | |
Current liabilities | (302) | (276) | |
Noncurrent liabilities | (20,933) | (23,458) | |
Amounts recognized in the Consolidated Balance Sheets | (8,102) | (15,293) | |
Amounts recognized in accumulated other comprehensive loss | |||
Actuarial net (gain) loss | 40,615 | 47,663 | |
Prior service cost (credit) | (44) | (139) | |
Transition obligation | 10 | 10 | |
Amounts recognized in accumulated other comprehensive loss | $ 40,581 | $ 47,534 |
Pension Plans and Other Postr90
Pension Plans and Other Postretirement Benefits (Pension Plans With The Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Pension Benefits [Member] | ||
Plans with the accumulated benefit obligation in excess of the fair market value of plan assets | ||
Projected benefit obligation | $ 37,637 | $ 38,971 |
Accumulated benefit obligation | 34,526 | 35,704 |
Fair market value of plan assets | 0 | 0 |
Plans with the projected benefit obligation in excess of the fair market value of plan assets | ||
Projected benefit obligation | 232,849 | 230,699 |
Fair market value of plan assets | 193,736 | 187,511 |
Foreign Pension Benefits [Member] | ||
Plans with the accumulated benefit obligation in excess of the fair market value of plan assets | ||
Projected benefit obligation | 30,521 | 33,935 |
Accumulated benefit obligation | 20,005 | 22,426 |
Fair market value of plan assets | 9,286 | 10,201 |
Plans with the projected benefit obligation in excess of the fair market value of plan assets | ||
Projected benefit obligation | 30,521 | 33,935 |
Fair market value of plan assets | $ 9,286 | $ 10,201 |
Pension Plans and Other Postr91
Pension Plans and Other Postretirement Benefits (Assumptions To Calculate The Results Of Our Retirement Plans) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Pension Benefits [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate | 4.125% | 5.00% | 4.125% |
Expected long-term rate of return on plan assets | 8.50% | 8.50% | 8.50% |
Rate of projected compensation increase | 3.50% | 3.50% | 3.50% |
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate | 4.50% | 4.125% | 5.00% |
Rate of projected compensation increase | 3.50% | 3.50% | 3.50% |
U.S. Postretirement Benefits [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate | 4.125% | 5.00% | 4.125% |
Expected long-term rate of return on plan assets | 5.50% | 5.50% | 6.00% |
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate | 4.50% | 4.125% | 5.00% |
Foreign Pension Benefits [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate | 3.11% | 4.01% | 4.03% |
Expected long-term rate of return on plan assets | 5.03% | 5.66% | 5.56% |
Rate of projected compensation increase | 4.27% | 4.25% | 4.26% |
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate | 3.58% | 3.11% | 4.01% |
Rate of projected compensation increase | 4.28% | 4.27% | 4.25% |
Pension Plans and Other Postr92
Pension Plans and Other Postretirement Benefits (Assumed Health Care Cost Trend Rates) (Details) - U.S. Postretirement Benefits [Member] | 12 Months Ended |
Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |
Health care cost trend rate assumed for next year | 7.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,020 |
Pension Plans and Other Postr93
Pension Plans and Other Postretirement Benefits (Fair Value Of The Pension And Postretirement Benefit Plans Assets By Asset Category) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 260,911 | $ 255,571 | $ 228,173 |
U.S. Pension Benefits [Member] | Fair Value, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 240,663 | 235,257 | |
U.S. Pension Benefits [Member] | Fair Value, Level 1 [Member] | Common Collective Trust [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Benefits [Member] | Fair Value, Level 1 [Member] | Money Market Instruments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,854 | 7,467 | |
U.S. Pension Benefits [Member] | Fair Value, Level 1 [Member] | Mutual Funds - Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,560 | 9,802 | |
U.S. Pension Benefits [Member] | Fair Value, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,927 | 3,862 | |
U.S. Pension Benefits [Member] | Fair Value, Level 1 [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Benefits [Member] | Fair Value, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,248 | 20,314 | |
U.S. Pension Benefits [Member] | Fair Value, Level 2 [Member] | Common Collective Trust [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,329 | 19,222 | |
U.S. Pension Benefits [Member] | Fair Value, Level 2 [Member] | Money Market Instruments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Benefits [Member] | Fair Value, Level 2 [Member] | Mutual Funds - Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Benefits [Member] | Fair Value, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Benefits [Member] | Fair Value, Level 2 [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 919 | 1,092 | |
U.S. Pension Benefits [Member] | Fair Value, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Benefits [Member] | Fair Value, Level 3 [Member] | Common Collective Trust [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Benefits [Member] | Fair Value, Level 3 [Member] | Money Market Instruments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Benefits [Member] | Fair Value, Level 3 [Member] | Mutual Funds - Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Benefits [Member] | Fair Value, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Benefits [Member] | Fair Value, Level 3 [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Benefits [Member] | Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 260,911 | 255,571 | |
U.S. Pension Benefits [Member] | Fair Value [Member] | Common Collective Trust [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,329 | 19,222 | |
U.S. Pension Benefits [Member] | Fair Value [Member] | Money Market Instruments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,854 | 7,467 | |
U.S. Pension Benefits [Member] | Fair Value [Member] | Mutual Funds - Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,560 | 9,802 | |
U.S. Pension Benefits [Member] | Fair Value [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,927 | 3,862 | |
U.S. Pension Benefits [Member] | Fair Value [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 919 | 1,092 | |
U.S. Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,972 | 24,270 | 24,851 |
U.S. Postretirement Benefits [Member] | Fair Value, Level 1 [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Postretirement Benefits [Member] | Fair Value, Level 2 [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,972 | 24,270 | |
U.S. Postretirement Benefits [Member] | Fair Value, Level 3 [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Postretirement Benefits [Member] | Fair Value [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,972 | 24,270 | |
Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 138,646 | 142,986 | $ 144,783 |
Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 119,489 | 122,516 | |
Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Mutual Funds - Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 146 | 126 | |
Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 321 | 1,461 | |
Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Debt Securities - Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22,678 | 23,779 | |
Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Debt Securities - Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28,426 | 29,956 | |
Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,157 | 20,470 | |
Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Mutual Funds - Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,139 | 10,075 | |
Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Debt Securities - Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Debt Securities - Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Mutual Funds - Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Debt Securities - Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Debt Securities - Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Pension Benefits [Member] | Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 138,646 | 142,986 | |
Foreign Pension Benefits [Member] | Fair Value [Member] | Mutual Funds - Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 146 | 126 | |
Foreign Pension Benefits [Member] | Fair Value [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 321 | 1,461 | |
Foreign Pension Benefits [Member] | Fair Value [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,139 | 10,075 | |
Foreign Pension Benefits [Member] | Fair Value [Member] | Debt Securities - Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22,678 | 23,779 | |
Foreign Pension Benefits [Member] | Fair Value [Member] | Debt Securities - Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28,426 | 29,956 | |
US Companies [Member] | U.S. Pension Benefits [Member] | Fair Value, Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 211,471 | 199,597 | |
US Companies [Member] | U.S. Pension Benefits [Member] | Fair Value, Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
US Companies [Member] | U.S. Pension Benefits [Member] | Fair Value, Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
US Companies [Member] | U.S. Pension Benefits [Member] | Fair Value [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 211,471 | 199,597 | |
US Companies [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,191 | 9,158 | |
US Companies [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
US Companies [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
US Companies [Member] | Foreign Pension Benefits [Member] | Fair Value [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,191 | 9,158 | |
International Companies [Member] | U.S. Pension Benefits [Member] | Fair Value, Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,512 | 12,097 | |
International Companies [Member] | U.S. Pension Benefits [Member] | Fair Value, Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International Companies [Member] | U.S. Pension Benefits [Member] | Fair Value, Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International Companies [Member] | U.S. Pension Benefits [Member] | Fair Value [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,512 | 12,097 | |
International Companies [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 58,727 | 58,036 | |
International Companies [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International Companies [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International Companies [Member] | Foreign Pension Benefits [Member] | Fair Value [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 58,727 | 58,036 | |
Real Estate Investment Trusts [Member] | U.S. Pension Benefits [Member] | Fair Value, Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,339 | 2,432 | |
Real Estate Investment Trusts [Member] | U.S. Pension Benefits [Member] | Fair Value, Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Real Estate Investment Trusts [Member] | U.S. Pension Benefits [Member] | Fair Value, Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Real Estate Investment Trusts [Member] | U.S. Pension Benefits [Member] | Fair Value [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,339 | 2,432 | |
Equity Securities - U.S. Companies [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities - U.S. Companies [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 331 | 333 | |
Equity Securities - U.S. Companies [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities - U.S. Companies [Member] | Foreign Pension Benefits [Member] | Fair Value [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 331 | 333 | |
Equity Securities - International Companies [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities - International Companies [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,861 | 3,722 | |
Equity Securities - International Companies [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities - International Companies [Member] | Foreign Pension Benefits [Member] | Fair Value [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,861 | 3,722 | |
Debt Securities - Corporate [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Debt Securities - Corporate [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 212 | 265 | |
Debt Securities - Corporate [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Debt Securities - Corporate [Member] | Foreign Pension Benefits [Member] | Fair Value [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 212 | 265 | |
Debt Securities - Government [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Debt Securities - Government [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 270 | 276 | |
Debt Securities - Government [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Debt Securities - Government [Member] | Foreign Pension Benefits [Member] | Fair Value [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 270 | 276 | |
Cash and Cash Equivalents [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 405 | 290 | |
Cash and Cash Equivalents [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents [Member] | Foreign Pension Benefits [Member] | Fair Value [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 405 | 290 | |
Property [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 1 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Property [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 2 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,939 | 5,509 | |
Property [Member] | Foreign Pension Benefits [Member] | Fair Value, Level 3 [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Property [Member] | Foreign Pension Benefits [Member] | Fair Value [Member] | Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 5,939 | $ 5,509 |
Pension Plans and Other Postr94
Pension Plans and Other Postretirement Benefits (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
U.S. Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 9,703 |
2,017 | 10,825 |
2,018 | 11,587 |
2,019 | 12,486 |
2,020 | 13,180 |
2021 through 2025 | 79,969 |
U.S. Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 3,035 |
2,017 | 2,913 |
2,018 | 2,759 |
2,019 | 2,626 |
2,020 | 2,492 |
2021 through 2025 | 11,065 |
Foreign Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 3,944 |
2,017 | 4,085 |
2,018 | 4,967 |
2,019 | 4,344 |
2,020 | 5,787 |
2021 through 2025 | $ 28,638 |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Other income (expense), net | $ (3,097) | $ (7,054) | $ 7,262 |
Income Tax Expense (Narrative)
Income Tax Expense (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Balance of unrecognized tax benefits | $ 2 | $ 1 | $ 3 |
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Foreign and United States jurisdictions, period of statutes of limitations, years | 3 years | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Foreign and United States jurisdictions, period of statutes of limitations, years | 5 years |
Income Tax Expense (Schedule Of
Income Tax Expense (Schedule Of Income From Continuing Operations Before Income Taxes and Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income from continuing operations before income tax expense | |||
Domestic | $ 229,561 | $ 226,777 | $ 236,114 |
Foreign | 109,410 | 112,322 | 105,197 |
Income from continuing operations before income tax expense | 338,971 | 339,099 | 341,311 |
Current income taxes | |||
Federal | 62,491 | 61,866 | 62,547 |
State | 11,216 | 13,763 | 8,782 |
Foreign | 26,511 | 22,007 | 22,016 |
Current income taxes | 100,218 | 97,636 | 93,345 |
Deferred income taxes | |||
Federal | 1,287 | 5,199 | 3,374 |
State | (936) | 774 | 771 |
Foreign | (201) | 2,235 | 1,474 |
Deferred income taxes | 150 | 8,208 | 5,619 |
Total income tax expense from continuing operations | $ 100,368 | $ 105,844 | $ 98,964 |
Income Tax Expense (Reconciliat
Income Tax Expense (Reconciliation Of U.S. Federal Statutory Rate To Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax | 2.00% | 2.80% | 1.80% |
Foreign operations | (4.30%) | (4.30%) | (3.60%) |
Research tax credit | (1.20%) | (1.00%) | (2.10%) |
Domestic manufacturing tax benefit | (1.90%) | (2.00%) | (2.50%) |
Other items and adjustments | 0.00% | 0.70% | 0.40% |
Effective income tax rate | 29.60% | 31.20% | 29.00% |
Income Tax Expense (Deferred In
Income Tax Expense (Deferred Income Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax assets | ||
Future employee benefits | $ 31,932 | $ 47,054 |
Environmental and future shutdown reserves | 6,051 | 6,433 |
Loss on derivatives | 8,454 | 9,098 |
Trademark expenses | 5,747 | 5,663 |
Foreign currency translation adjustments | 7,489 | 4,676 |
Other | 6,720 | 5,210 |
Deferred income tax assets | 66,393 | 78,134 |
Deferred income tax liabilities | ||
Depreciation and amortization | 25,119 | 23,515 |
Other | 6,201 | 5,882 |
Deferred income tax liabilities | 31,320 | 29,397 |
Net deferred income tax assets | 35,073 | 48,737 |
Deferred income tax assetsācurrent | 6,375 | 7,837 |
Deferred income tax assetsānoncurrent | 38,354 | 48,499 |
Deferred income tax liabilitiesānoncurrent | $ 9,656 | $ 7,599 |
Other Comprehensive Income (100
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Pension Plans and Other Postretirement Benefits, Beginning Balance | $ (95,119) | $ (44,493) | $ (96,139) |
Derivative Instruments, Beginning Balance | 0 | 0 | (4,173) |
Foreign Currency Translation Adjustments, Beginning Balance | (44,041) | (15,593) | (10,377) |
Accumulated Other Comprehensive (Loss) Income, Beginning Balance | (139,160) | (60,086) | (110,689) |
Other comprehensive income (loss) before reclassifications, Pension Plans and Other Postretirement Benefits | 20,524 | (54,473) | 45,327 |
Other comprehensive income (loss) before reclassifications, Derivative Instruments | 0 | 0 | 0 |
Other comprehensive income (loss) before reclassifications, Foreign Currency Translation Adjustments | (30,687) | (28,448) | (5,216) |
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive (Loss) Income | (10,163) | (82,921) | 40,111 |
Amounts reclassified from accumulated other comprehensive loss, Pension Plans and Other Postretirement Benefits | 4,797 | 3,847 | 6,319 |
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | 0 | 0 | 4,173 |
Amounts reclassified from accumulated other comprehensive loss, Foreign Currency Translation Adjustments | 0 | 0 | 0 |
Total reclassifications for the period | 4,797 | 3,847 | 10,492 |
Total pension plans and other postretirement benefits | 25,321 | (50,626) | 51,646 |
Derivative Instruments, Other comprehensive income (loss) | 0 | 0 | 4,173 |
Foreign Currency Translation Adjustments, Other comprehensive income (loss) | (30,687) | (28,448) | (5,216) |
Other comprehensive income (loss) | (5,366) | (79,074) | 50,603 |
Pension Plans and Other Postretirement Benefits, Ending Balance | (69,798) | (95,119) | (44,493) |
Derivative Instruments, Ending Balance | 0 | 0 | 0 |
Foreign Currency Translation Adjustments, Ending Balance | (74,728) | (44,041) | (15,593) |
Accumulated Other Comprehensive (Loss) Income, Ending Balance | $ (144,526) | $ (139,160) | $ (60,086) |
Other Comprehensive Income (101
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Amounts Reclassified from Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Pension plans and other postretirement benefits: | ||||
Amortization of prior service (credit) cost | [1] | $ (629) | $ (11) | $ 97 |
Amortization of actuarial net (gain) loss | [1] | 5,426 | 2,728 | 5,404 |
Settlements and curtailments | [1] | 0 | 1,126 | 785 |
Amortization of transition obligation | [1] | 0 | 4 | 33 |
Total pension plans and other postretirement benefits | 4,797 | 3,847 | 6,319 | |
Derivative instruments: | ||||
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | 0 | 0 | 4,173 | |
Amortization of interest rate swap, income tax expense | 2,622 | |||
Total reclassifications for the period | 4,797 | 3,847 | 10,492 | |
Income From Operations of Discontinued Business, Net of Tax [Member] | Mortgage Loan Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||
Derivative instruments: | ||||
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | [2] | 0 | 0 | 1,666 |
Amortization of interest rate swap, income tax expense | 1,100 | |||
Income From Operations of Discontinued Business, Net of Tax [Member] | Construction Loan Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||
Derivative instruments: | ||||
Amortization of interest rate swap, income tax expense | 1,600 | |||
Discontinued Operations [Member] | Construction Loan Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||
Derivative instruments: | ||||
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | [2] | $ 0 | $ 0 | 2,507 |
Gain on Sale of Discontinued Business, Net of Tax [Member] | Construction Loan Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||
Derivative instruments: | ||||
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | $ 2,500 | |||
[1] | These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 18 for further information. | |||
[2] | (b) Amounts relate to the Foundry Park I mortgage loan interest rate swap and the construction loan interest rate swap. Amounts are presented net of income tax expense of $1.1 million for the mortgage loan interest rate swap and $1.6 million for the construction loan interest rate swap for 2013. Due to the sale of the real estate assets of Foundry Park I in July 2013, the amounts recorded in accumulated other comprehensive loss for both interest rate swaps were completely recognized in the Consolidated Statements of Income in 2013. |
Segment and Geographic Area 102
Segment and Geographic Area Information (Schedule Of Revenue And Operating Profit By Segment) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)customer | Dec. 31, 2013USD ($)customer | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Consolidated revenue | $ 479,622 | $ 540,933 | $ 560,709 | $ 559,566 | $ 548,878 | $ 589,667 | $ 620,438 | $ 576,422 | $ 2,140,830 | $ 2,335,405 | [1] | $ 2,280,355 | [1] | |
Segment operating profit | 356,720 | 362,720 | 351,845 | |||||||||||
Corporate, general, and administrative expenses | (164,082) | (163,520) | (164,878) | |||||||||||
Interest and financing expenses, net | (14,652) | (16,567) | (17,796) | |||||||||||
Gain (loss) on interest rate swap agreement | [2] | (3,221) | (7,125) | 6,690 | ||||||||||
Other income (expense), net | 317 | (175) | 784 | |||||||||||
Income from continuing operations before income tax expense | 338,971 | $ 339,099 | $ 341,311 | |||||||||||
Number of customers that exceeded threshold percentage | customer | 1 | 1 | ||||||||||||
Shell [Member] | Petroleum Additives [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Consolidated revenue | $ 261,000 | $ 253,000 | ||||||||||||
Sales [Member] | Shell [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Percentage of consolidated revenue | 11.00% | 11.00% | ||||||||||||
Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Segment operating profit | 379,306 | $ 386,363 | $ 374,141 | |||||||||||
Operating Segments [Member] | Petroleum Additives [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Consolidated revenue | 2,124,995 | 2,325,082 | 2,271,259 | |||||||||||
Segment operating profit | 374,934 | 385,084 | 375,291 | |||||||||||
Operating Segments [Member] | All Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Consolidated revenue | 15,835 | 10,323 | 9,096 | |||||||||||
Segment operating profit | 4,372 | 1,279 | (1,150) | |||||||||||
Operating Segments [Member] | Lubricant additives [Member] | Petroleum Additives [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Consolidated revenue | 1,740,956 | 1,901,279 | 1,829,681 | |||||||||||
Operating Segments [Member] | Fuel additives [Member] | Petroleum Additives [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Consolidated revenue | 384,039 | 423,803 | 441,578 | |||||||||||
Corporate [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Corporate, general, and administrative expenses | $ (22,779) | $ (23,397) | $ (22,508) | |||||||||||
[1] | Net sales to one customer of our petroleum additives segment exceeded 10% of consolidated revenue in 2014 and 2013. Sales to Shell amounted to $261 million (11% of consolidated revenue) in 2014 and $253 million (11% of consolidated revenue) in 2013. These sales represent a wide range of products sold to multiple Shell affiliates around the world. No customer exceeded 10% of net sales in 2015. | |||||||||||||
[2] | The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on JuneĀ 25, 2009. We are not using hedge accounting to record the interest rate swap, and accordingly, any change in the fair value is immediately recognized in earnings. |
Segment and Geographic Area 103
Segment and Geographic Area Information (Schedule Of Asset Information By Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 1,289,915 | $ 1,231,925 | ||
Cash and cash equivalents | 93,424 | 103,003 | $ 238,703 | $ 89,129 |
Trade and other accounts receivable, net | 287,967 | 302,803 | ||
Deferred income taxes | 44,729 | 56,336 | ||
Net property, plant, and equipment | 402,446 | 307,859 | ||
Prepaid pension cost | 20,430 | 16,082 | ||
Deferred charges and other assets | 43,011 | 45,435 | ||
Petroleum Additives [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,011,047 | 931,133 | ||
All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 14,324 | 17,422 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,025,371 | 948,555 | ||
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Trade and other accounts receivable, net | 4,184 | 4,492 | ||
Prepaid expenses and other current assets | 35,370 | 35,128 | ||
Net property, plant, and equipment | 29,640 | 29,570 | ||
Deferred charges and other assets | $ 36,767 | $ 38,759 |
Segment and Geographic Area 104
Segment and Geographic Area Information (Schedule of Additions to Long-lived Assets and Depreciation and Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||
Additions to long-lived assets | $ 126,499 | $ 59,716 | $ 58,476 | |
Depreciation and amortization | 42,265 | 41,538 | 46,144 | |
Petroleum Additives [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Additions to long-lived assets | 124,605 | 57,065 | 54,187 | |
Depreciation and amortization | 39,365 | 38,844 | 38,750 | |
All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Additions to long-lived assets | 22 | 0 | 7 | |
Depreciation and amortization | 12 | 27 | 4,683 | [1] |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Additions to long-lived assets | 1,872 | 2,651 | 4,282 | |
Depreciation and amortization | $ 2,888 | $ 2,667 | 2,711 | |
Income From Operations of Discontinued Business, Net of Tax [Member] | All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 5,000 | |||
[1] | The amount for 2013 includes depreciation and amortization expense of Foundry Park I, which was $5 million for 2013. This amount is included in income from operations of discontinued business, net of tax in the Consolidated Statements of Income. |
Segment and Geographic Area 105
Segment and Geographic Area Information (Schedule of Revenue by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated revenue | $ 479,622 | $ 540,933 | $ 560,709 | $ 559,566 | $ 548,878 | $ 589,667 | $ 620,438 | $ 576,422 | $ 2,140,830 | $ 2,335,405 | [1] | $ 2,280,355 | [1] |
Total assets | 1,289,915 | 1,231,925 | 1,289,915 | 1,231,925 | |||||||||
Long-lived assets | 402,446 | 307,859 | 402,446 | 307,859 | |||||||||
United States [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated revenue | 775,591 | 810,766 | 806,462 | ||||||||||
Total assets | 585,215 | 575,962 | 585,215 | 575,962 | |||||||||
Long-lived assets | 197,724 | 173,903 | 197,724 | 173,903 | |||||||||
Singapore [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Long-lived assets | 113,219 | 36,809 | 113,219 | 36,809 | |||||||||
Foreign [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total assets | 704,700 | 655,963 | 704,700 | 655,963 | |||||||||
Europe, Middle East, Africa, India [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated revenue | 669,198 | 783,988 | 759,918 | ||||||||||
Asia Pacific [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated revenue | 436,396 | 471,508 | 462,080 | ||||||||||
Other foreign [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated revenue | 259,645 | 269,143 | $ 251,895 | ||||||||||
Long-lived assets | $ 91,503 | $ 97,147 | $ 91,503 | $ 97,147 | |||||||||
[1] | Net sales to one customer of our petroleum additives segment exceeded 10% of consolidated revenue in 2014 and 2013. Sales to Shell amounted to $261 million (11% of consolidated revenue) in 2014 and $253 million (11% of consolidated revenue) in 2013. These sales represent a wide range of products sold to multiple Shell affiliates around the world. No customer exceeded 10% of net sales in 2015. |
Selected Quarterly Consolida106
Selected Quarterly Consolidated Financial Data (unaudited) (Schedule Of Selected Quarterly Consolidated Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Selected Quarterly Financial Information [Abstract] | |||||||||||||
Net sales | $ 479,622 | $ 540,933 | $ 560,709 | $ 559,566 | $ 548,878 | $ 589,667 | $ 620,438 | $ 576,422 | $ 2,140,830 | $ 2,335,405 | [1] | $ 2,280,355 | [1] |
Gross profit | 153,305 | 174,771 | 169,708 | 181,272 | 157,528 | 165,219 | 180,746 | 161,930 | 679,056 | 665,423 | 653,296 | ||
Net income | $ 53,914 | $ 62,009 | $ 58,733 | $ 63,947 | $ 52,055 | $ 56,913 | $ 66,764 | $ 57,523 | $ 238,603 | $ 233,255 | $ 264,742 | ||
Earnings per share - basic and diluted | $ 4.50 | $ 5.08 | $ 4.72 | $ 5.14 | $ 4.17 | $ 4.53 | $ 5.24 | $ 4.43 | $ 19.45 | $ 18.38 | $ 19.90 | ||
[1] | Net sales to one customer of our petroleum additives segment exceeded 10% of consolidated revenue in 2014 and 2013. Sales to Shell amounted to $261 million (11% of consolidated revenue) in 2014 and $253 million (11% of consolidated revenue) in 2013. These sales represent a wide range of products sold to multiple Shell affiliates around the world. No customer exceeded 10% of net sales in 2015. |