NewMarket (NEU) 10-Q 28 Apr 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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	11,848,949

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 509,927	$ 559,566
Cost of goods sold	334,377	378,294
Gross profit	175,550	181,272
Selling, general, and administrative expenses	40,940	41,809
Research, development, and testing expenses	39,216	39,685
Operating profit	95,394	99,778
Interest and financing expenses, net	4,188	3,816
Other income (expense), net	(2,260)	(2,325)
Income before income tax expense	88,946	93,637
Income tax expense	27,015	29,690
Net income	$ 61,931	$ 63,947
Earnings per share - basic and diluted (in dollars per share)	$ 5.22	$ 5.14
Cash dividends declared per share (in dollars per share)	$ 1.60	$ 1.40

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 61,931	$ 63,947
Pension plans and other postretirement benefits:
Amortization of prior service cost (credit) included in net periodic benefit cost, net of income tax expense (benefit) of $(305) in 2016 and $4 in 2015	(489)	(3)
Amortization of actuarial net loss (gain) included in net periodic benefit cost, net of income tax expense (benefit) of $570 in 2016 and $768 in 2015	991	1,360
Total pension plans and other postretirement benefits	502	1,357
Foreign currency translation adjustments, net of income tax expense (benefit) of $1,665 in 2016 and $(1,098) in 2015	(4,763)	(25,664)
Other comprehensive income (loss)	(4,261)	(24,307)
Comprehensive income	$ 57,670	$ 39,640

Consolidated Statements Of Com4

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Amortization of prior service cost (credit) included in net periodic benefit cost, income tax expense (benefit)	$ (305)	$ 4
Amortization of actuarial net loss (gain) included in net periodic benefit cost, income tax expense (benefit)	570	768
Foreign currency translation adjustments, income tax expense (benefit)	$ 1,665	$ (1,098)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 122,256	$ 93,424
Trade and other accounts receivable, less allowance for doubtful accounts	314,171	287,967
Inventories:
Finished goods and work-in-process	253,441	292,978
Raw materials	39,243	48,728
Stores, supplies, and other	10,187	9,925
Total inventories	302,871	351,631
Prepaid expenses and other current assets	34,493	35,370
Total current assets	773,791	768,392
Property, plant, and equipment, at cost	1,170,539	1,128,989
Less accumulated depreciation and amortization	738,726	726,543
Net property, plant, and equipment	431,813	402,446
Prepaid pension cost	23,025	20,430
Deferred income taxes	41,158	44,729
Intangibles (net of amortization) and goodwill	9,762	10,907
Deferred charges and other assets	37,891	39,345
Total assets	1,317,440	1,286,249
Current liabilities:
Accounts payable	112,966	128,745
Accrued expenses	88,907	99,511
Dividends payable	17,389	17,594
Income taxes payable	15,678	12,773
Other current liabilities	5,165	5,057
Total current liabilities	240,105	263,680
Long-term debt	541,124	490,920
Other noncurrent liabilities	145,063	144,085
Total liabilities	$ 926,292	$ 898,685
Commitments and contingencies
Shareholders’ equity:
Common stock and paid-in capital (without par value; authorized shares - 80,000,000; issued and outstanding shares - 11,848,949 at March 31, 2016 and 11,948,446 at December 31, 2015)	$ 428	$ 0
Accumulated other comprehensive loss	(148,787)	(144,526)
Retained earnings	539,507	532,090
Total shareholders' equity	391,148	387,564
Total liabilities and shareholders’ equity	$ 1,317,440	$ 1,286,249

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, no par value
Common stock, authorized shares	80,000,000	80,000,000
Common stock, issued shares	11,848,949	11,948,446
Common stock, outstanding shares	11,848,949	11,948,446

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, 2014		12,446,365
Balance at Dec. 31, 2014	$ 421,041	$ 0	$ (139,160)	$ 560,201
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	63,947			63,947
Other comprehensive income (loss)	(24,307)		(24,307)
Cash dividends	(17,421)			(17,421)
Repurchases of common stock (in shares)		(2,629)
Repurchases of common stock	(1,042)	$ (232)		(810)
Stock-based compensation (in shares)		(495)
Stock-based compensation	672	$ 658		14
Balance (in shares) at Mar. 31, 2015		12,443,241
Balance at Mar. 31, 2015	$ 442,890	$ 426	(163,467)	605,931
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,931			61,931
Other comprehensive income (loss)	(4,261)		(4,261)
Cash dividends	(18,959)			(18,959)
Repurchases of common stock (in shares)		(98,867)
Repurchases of common stock	(35,815)	$ (252)		(35,563)
Stock-based compensation (in shares)		(630)
Stock-based compensation	$ 688	$ 680		8
Balance (in shares) at Mar. 31, 2016	11,848,949	11,848,949
Balance at Mar. 31, 2016	$ 391,148	$ 428	$ (148,787)	$ 539,507

Consolidated Statements Of Sha8

Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 1.60	$ 1.40

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Cash Flows [Abstract]
Cash and cash equivalents at beginning of year	$ 93,424	$ 103,003
Cash flows from operating activities:
Net income	61,931	63,947
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	10,680	10,186
Noncash pension and postretirement expense	3,039	5,837
Deferred income tax expense	1,671	818
Unrealized loss (gain) on derivative instruments, net	1,372	(95)
Working capital changes	(7,901)	(13,806)
Cash pension and postretirement contributions	(6,383)	(6,730)
Other, net	9,858	(3,605)
Cash provided from (used in) operating activities	74,267	56,552
Cash flows from investing activities:
Capital expenditures	(28,446)	(20,424)
Deposits for interest rate swap	(4,965)	(7,118)
Return of deposits for interest rate swap	3,760	6,750
Other, net	(2,482)	(2,503)
Cash provided from (used in) investing activities	(32,133)	(23,295)
Cash flows from financing activities:
Net borrowings under revolving credit facility	45,000	10,000
Dividends paid	(18,959)	(17,421)
Repurchases of common stock	(35,815)	(1,042)
Other, net	(3,066)	(3,022)
Cash provided from (used in) financing activities	(12,840)	(11,485)
Effect of foreign exchange on cash and cash equivalents	(462)	(5,532)
Increase in cash and cash equivalents	28,832	16,240
Cash and cash equivalents at end of period	122,256	119,243
Supplemental disclosure of non-cash transactions:
Non-cash additions to property, plant, and equipment	9,975	5,433
Non-cash obligation under capital lease	$ 5,068	$ 0

Financial Statement Presentatio

Financial Statement Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Presentation	Financial Statement Presentation In the opinion of management, the accompanying consolidated financial statements of NewMarket Corporation and its subsidiaries contain all necessary adjustments for the fair statement of, in all material respects, our consolidated financial position as of March 31, 2016 and December 31, 2015 , and our consolidated results of operations, comprehensive income, changes in shareholders' equity, and cash flows for the three months ended March 31, 2016 and March 31, 2015 . All adjustments are of a normal, recurring nature, unless otherwise disclosed. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the NewMarket Corporation Annual Report on Form 10-K for the year ended December 31, 2015 ( 2015 Annual Report), as filed with the Securities and Exchange Commission. The results of operations for the three month period ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year ending December 31, 2016 . The December 31, 2015 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Unless the context otherwise indicates, all references to “we,” “us,” “our,” the “company,” and “NewMarket” are to NewMarket Corporation and its consolidated subsidiaries. Certain reclassifications have been made to the accompanying consolidated financial statements to conform to the current presentation.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The tables below show our consolidated segment results. The “All other” category includes the operations of the tetraethyl lead (TEL) business, as well as certain contracted manufacturing and services associated with Ethyl Corporation (Ethyl). Consolidated Revenue by Segment Three Months Ended (in thousands) 2016 2015 Petroleum additives Lubricant additives $ 418,852 $ 453,722 Fuel additives 87,291 101,043 Total 506,143 554,765 All other 3,784 4,801 Consolidated revenue $ 509,927 $ 559,566 Segment Operating Profit Three Months Ended (in thousands) 2016 2015 Petroleum additives $ 100,389 $ 105,025 All other 236 2,099 Segment operating profit 100,625 107,124 Corporate, general, and administrative expenses (5,270 ) (7,015 ) Interest and financing expenses, net (4,188 ) (3,816 ) Gain (loss) on interest rate swap agreement (a) (3,854 ) (2,408 ) Other income (expense), net 1,633 (248 ) Income before income tax expense $ 88,946 $ 93,637 (a) The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap, and accordingly, any change in the fair value is immediately recognized in earnings.

Pension Plans and Other Postret

Pension Plans and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Pension Plans and Other Postretirement Benefits	Pension Plans and Other Postretirement Benefits The table below shows cash contributions made during the three months ended March 31, 2016 , as well as the remaining cash contributions we expect to make during the year ending December 31, 2016 , for our domestic and foreign pension plans and domestic postretirement benefit plan. (in thousands) Actual Cash Contributions for Three Months Ended March 31, 2016 Expected Remaining Cash Contributions for Year Ending December 31, 2016 Domestic plans Pension benefits $ 4,817 $ 14,450 Postretirement benefits 230 689 Foreign plans Pension benefits 1,336 4,049 The tables below present information on net periodic benefit cost (income) for our domestic and foreign pension plans and domestic postretirement benefit plan. An amendment to the domestic postretirement plan was made in 2015 with an effective date of January 1, 2016 providing 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 domestic 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 is being amortized into expense. Domestic Pension Benefits Postretirement Benefits Three Months Ended March 31, (in thousands) 2016 2015 2016 2015 Service cost $ 3,107 $ 3,240 $ 161 $ 711 Interest cost 3,266 2,983 420 757 Expected return on plan assets (5,753 ) (5,092 ) (318 ) (322 ) Amortization of prior service cost (credit) (16 ) 25 (757 ) 0 Amortization of actuarial net (gain) loss 1,303 1,735 0 0 Net periodic benefit cost (income) $ 1,907 $ 2,891 $ (494 ) $ 1,146 Foreign Pension Benefits Three Months Ended March 31, (in thousands) 2016 2015 Service cost $ 1,843 $ 1,945 Interest cost 1,274 1,269 Expected return on plan assets (1,731 ) (1,788 ) Amortization of prior service cost (credit) (22 ) (24 ) Amortization of actuarial net (gain) loss 262 398 Net periodic benefit cost (income) $ 1,626 $ 1,800

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We had 26,804 shares of nonvested restricted stock and restricted stock units at March 31, 2016 and 30,026 shares of nonvested restricted stock at March 31, 2015 that were excluded from the calculation of diluted earnings per share, as their effect on earnings per share would be anti-dilutive. The nonvested restricted stock is considered a participating security since the restricted stock contains nonforfeitable rights to dividends. As such, we use the two-class method to compute basic and diluted earnings per share for all periods presented since this method yielded a more dilutive result than the treasury-stock method. The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. Three Months Ended (in thousands, except per-share amounts) 2016 2015 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 61,931 $ 63,947 Earnings allocated to participating securities 131 142 Net income attributable to common shareholders after allocation of earnings to participating securities $ 61,800 $ 63,805 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 11,839 12,413 Earnings per share - basic and diluted $ 5.22 $ 5.14

Intangibles (Net of Amortizatio

Intangibles (Net of Amortization) and Goodwill	3 Months Ended
	Mar. 31, 2016
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 $10 million at March 31, 2016 and $11 million at December 31, 2015 . The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below. March 31, 2016 December 31, 2015 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 2,823 $ 1,771 $ 88,763 $ 86,861 Contracts 4,476 4,215 4,476 4,103 Customer bases 6,971 3,711 6,977 3,627 Trademarks and trade names 1,544 960 1,549 923 Goodwill 4,605 4,656 $ 20,419 $ 10,657 $ 106,421 $ 95,514 All of the intangibles relate to the petroleum additives segment. The change in the gross carrying amount between 2015 and 2016 is due to certain intangible assets related to formulas and technology becoming fully amortized during 2016, which resulted in a decrease of the gross carrying amount and accumulated amortization, as well as foreign currency fluctuations. There is no accumulated goodwill impairment. Amortization expense was (in thousands): Three months ended March 31, 2016 $ 1,053 Three months ended March 31, 2015 1,427 Estimated amortization expense for the remainder of 2016 , as well as annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): 2016 $ 835 2017 728 2018 698 2019 676 2020 315 2021 243 We amortize contracts over 10 years; customer bases over 20 years; formulas and technology over 10 years; and trademarks and trade names over 10 years.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2016
Long-term Debt and Capital Lease Obligations [Abstract]
Long-term Debt	Long-term Debt (in thousands) March 31, December 31, Senior notes - 4.10% due 2022 (net of related deferred financing costs) $ 346,066 $ 345,920 Revolving credit facility 190,000 145,000 Capital lease obligation 5,058 0 $ 541,124 $ 490,920 The outstanding senior notes have an aggregate principal amount of $350 million and are registered under the Securities Act of 1933. The capital lease obligation in the table above is related to the Singapore manufacturing facility. We record our capital lease obligation at the lower of fair market value of the related asset at the inception of the lease or the present value of the total minimum lease payments. The following table provides information related to the unused portion of our revolving credit facility: (in thousands) March 31, December 31, Maximum borrowing capacity under the revolving credit facility $ 650,000 $ 650,000 Outstanding borrowings under the revolving credit facility 190,000 145,000 Outstanding letters of credit 3,685 2,895 Unused portion of revolving credit facility $ 456,315 $ 502,105 The average interest rate for borrowings under our revolving credit facility was 2.0% during the first three months of 2016 and 1.9% during the full year of 2015 . We were in compliance with all covenants under our debt agreements at March 31, 2016 and at December 31, 2015 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Information on certain commitments and contingencies follows. Legal Matters We are involved in legal proceedings that are incidental to our business and include administrative or judicial actions seeking remediation under environmental laws, such as the federal Comprehensive Environmental Response, Compensation and Liability Act, commonly known as CERCLA or Superfund. Some of these legal proceedings relate to environmental matters and involve governmental authorities. For further information, see Environmental below. While it is not possible to predict or determine with certainty the outcome of any legal proceeding, we believe the outcome of any of these proceedings, or all of them combined, will not result in a material adverse effect on our consolidated results of operations, financial condition, or cash flows. In late 2013, Afton Chemical Corporation (Afton) initiated a voluntary self-audit of its compliance with certain sections of the Toxic Substances Control Act (TSCA) under the Environmental Protection Agency's (EPA) audit policy (Audit Policy). If any potential TSCA violations are discovered during the audit, we would voluntarily disclose them to the EPA under the Audit Policy. In August 2014, the EPA TSCA staff began its own TSCA inspection of both Afton and Ethyl. While it is not possible to predict or determine with certainty the outcome, we do not believe that any findings identified as a result of our audit or the EPA’s TSCA inspection will have a material adverse effect on our consolidated results of operations, financial condition, or cash flows. As we previously disclosed, the United States Department of Justice (DOJ) advised us in early 2012 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 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. We have no indication at this time that the DOJ intends to take any action against the Company, and have made no provision with respect to these matters in our consolidated financial statements. Environmental We are involved in environmental proceedings and potential proceedings relating to soil and groundwater contamination, disposal of hazardous waste, and other environmental matters at several of our current or former facilities, or at third-party sites where we have been designated as a potentially responsible party (PRP). While we believe we are currently adequately accrued for known environmental issues, it is possible that unexpected future costs could have a significant impact on our financial position, results of operations, and cash flows. Our total accruals for environmental remediation, dismantling, and decontamination were approximately $17 million at both March 31, 2016 and December 31, 2015 . Our more significant environmental sites include a former TEL plant site in Louisiana (the Louisiana site) and a former Houston, Texas plant site (the Texas site). Together, the amounts accrued on a discounted basis related to these sites represented approximately $10 million of the total accrual at both March 31, 2016 and December 31, 2015 , 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 at both March 31, 2016 and December 31, 2015 . The amount related to remediation of groundwater and soil for the Texas site was $6 million at both March 31, 2016 and December 31, 2015 . The aggregate undiscounted amount for these sites was $14 million at both March 31, 2016 and December 31, 2015 . In 2000, the EPA named us as a PRP under Superfund law for the clean-up of soil and groundwater contamination at the five grouped disposal sites known as "Sauget Area 2 Sites" in Sauget, Illinois. Without admitting any fact, responsibility, fault, or liability in connection with this site, we are participating with other PRPs in site investigations and feasibility studies. In December 2013, the EPA issued its Record of Decision confirming its remedies for the selected Sauget Area 2 sites. We have accrued our estimated proportional share of the remedial costs and expenses addressed in the Record of Decision. We do not believe there is any additional information available as a basis for revision of the liability that we have established at March 31, 2016 . The amount accrued for this site is not material.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 or December 31, 2015 . 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 $27 million at March 31, 2016 and $26 million at December 31, 2015 . We have made an accounting policy election to not offset derivative fair value amounts with the fair value amounts for the right to reclaim cash collateral under our master netting arrangement. We do not use hedge accounting for the Goldman Sachs interest rate swap, and therefore, immediately recognize any change in the fair value of this derivative financial instrument directly in earnings. The table below presents the fair value of our derivative financial instruments, as well as their classification on the Condensed Consolidated Balance Sheets. Liability Derivatives March 31, 2016 December 31, 2015 (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 $ 23,106 Accrued expenses and Other noncurrent liabilities $ 21,734 The following table presents the effect of our derivative financial instruments on the Consolidated Statements of Income. Effect of Derivative Instruments on the Consolidated Statements of Income Non-Designated Derivatives (in thousands) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended 2016 2015 Goldman Sachs interest rate swap Other income (expense), net $ (3,854 ) $ (2,408 ) Credit-risk Related Contingent Features The agreement we have with our current derivative counterparty contains a provision where we could be declared in default on our derivative obligation if repayment of indebtedness is accelerated by our lender(s) due to our default on the indebtedness. As of March 31, 2016 , the fair value of the derivative in a net liability position related to this agreement, which includes accrued interest but excludes any adjustment for nonperformance risk, was $23 million . We have minimum collateral posting thresholds with the counterparty and have posted cash collateral of $27 million as of March 31, 2016 . If required, we could have settled our obligations under the agreement at the termination value of $23 million at March 31, 2016 .

Other Comprehensive Income (Los

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The balances of, and changes in, the components of accumulated other comprehensive loss, net of tax, consist of the following: (in thousands) Pension Plans and Other Postretirement Benefits Foreign Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2014 $ (95,119 ) $ (44,041 ) $ (139,160 ) Other comprehensive income (loss) before reclassifications 0 (25,664 ) (25,664 ) Amounts reclassified from accumulated other comprehensive loss (a) 1,357 0 1,357 Other comprehensive income (loss) 1,357 (25,664 ) (24,307 ) Balance at March 31, 2015 $ (93,762 ) $ (69,705 ) $ (163,467 ) Balance at December 31, 2015 $ (69,798 ) $ (74,728 ) $ (144,526 ) Other comprehensive income (loss) before reclassifications 0 (4,763 ) (4,763 ) Amounts reclassified from accumulated other comprehensive loss (a) 502 0 502 Other comprehensive income (loss) 502 (4,763 ) (4,261 ) Balance at March 31, 2016 $ (69,296 ) $ (79,491 ) $ (148,787 ) (a) The pension plan and other postretirement benefit components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 3 in this Form 10-Q and Note 18 in our 2015 Annual Report for further information.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table provides information on assets and liabilities measured at fair value on a recurring basis. No material events occurred during the three months ended March 31, 2016 requiring adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis. Carrying Amount in Condensed Consolidated Balance Sheets Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (in thousands) March 31, 2016 Cash and cash equivalents $ 122,256 $ 122,256 $ 122,256 $ 0 $ 0 Cash deposit for collateralized interest rate swap 27,335 27,335 27,335 0 0 Interest rate swap liability 23,106 23,106 0 23,106 0 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 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 analysis reflects the contractual term of the derivative, including the period to maturity. The variable cash payments are based on an expectation of future interest rates derived from observable market interest rate curves. In determining the fair value measurements, we incorporate credit valuation adjustments to appropriately reflect both our nonperformance risk and the counterparties’ nonperformance risk. Although we have determined that the majority of the inputs used to value our derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustment associated with the derivative utilizes Level 3 inputs. These Level 3 inputs include estimates of current credit spreads to evaluate the likelihood of default by both us and the counterparties to the derivative. As of March 31, 2016 and December 31, 2015 , 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 carrying amount of our long-term debt at historical cost, less deferred financing costs related to the senior notes. 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 of our publicly-traded senior notes included in long-term debt in the table below is based on quoted prices as of March 31, 2016. The fair value is categorized as Level 2. March 31, 2016 December 31, 2015 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (excluding capital lease obligation) $ 536,066 $ 551,512 $ 490,920 $ 515,302

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements On January 1, 2016, we retrospectively adopted Accounting Standards Update (ASU) No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (ASU 2015-03), which requires an entity to present debt issuance costs related to recognized debt liability in the balance sheet as a direct deduction from the carrying amount of the debt liability. The adoption of ASU 2015-03 resulted in a $3.6 million reduction of both “Deferred charges and other assets” and “Long-term debt” on the condensed consolidated balance sheet at December 31, 2015 . Also on January 1, 2016, we adopted ASU No. 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (ASU 2015-15), which allows a company to defer debt issuance costs associated with line-of-credit arrangements, including arrangements with no outstanding borrowings, classify them as an asset, and amortize them over the term of the arrangements. We adopted ASU 2015-15 concurrent with the adoption of ASU 2015-03, as required. Also on January 1, 2016, we early adopted ASU No. 2015-17, “Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes” (ASU 2015-17), which requires the reporting of deferred tax liabilities and deferred tax assets as noncurrent items on the classified balance sheet. We retrospectively adopted the provisions of ASU 2015-17 resulting in $6.4 million of current deferred income taxes being reclassified to non-current on the condensed consolidated balance sheet amounts at December 31, 2015 . Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09). ASU 2014-09 replaces the previous guidance and clarifies the principles for revenue recognition. It requires a five-step process for revenue recognition that represents the transfer of goods or services to customers in an amount that reflects the consideration expected to be received by a company. ASU 2014-09 also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 is effective for our reporting period beginning January 1, 2018. Entities are permitted to adopt this standard 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, as well as those subsequently issued updates that clarify the provisions of ASU 2014-09, will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" (ASU 2016-02). The FASB issued ASU 2016-02 to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requiring disclosures related to certain information about leasing arrangements. Under the new guidance, operating leases are, in most cases, required to be recognized on the balance sheet as a lease asset and liability. A modified retrospective approach is required for the adoption of ASU 2016-02, which is effective for our reporting period beginning January 1, 2019. Early adoption is permitted. We are currently assessing the impact that the adoption of ASU 2016-02 will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" (ASU 2016-09). The update involves several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for our reporting period beginning January 1, 2017. Early adoption is permitted in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period. We are currently assessing the impact that the adoption of ASU 2016-09 will have on our consolidated financial statements.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Fair Value Measurements	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 analysis reflects the contractual term of the derivative, including the period to maturity. The variable cash payments are based on an expectation of future interest rates derived from observable market interest rate curves. In determining the fair value measurements, we incorporate credit valuation adjustments to appropriately reflect both our nonperformance risk and the counterparties’ nonperformance risk. Although we have determined that the majority of the inputs used to value our derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustment associated with the derivative utilizes Level 3 inputs. These Level 3 inputs include estimates of current credit spreads to evaluate the likelihood of default by both us and the counterparties to the derivative. As of March 31, 2016 and December 31, 2015 , we have assessed the significance of the impact of the credit valuation adjustment on the overall valuation of our derivative and have determined that the credit valuation adjustment is not significant to the overall valuation of the derivative. Accordingly, we have determined that our derivative valuation should be classified in Level 2 of the fair value hierarchy. We have made an accounting policy election to measure credit risk of any derivative financial instruments subject to master netting agreements on a net basis by counterparty portfolio.
Derivatives Offsetting Fair Value Amounts Policy	We have made an accounting policy election to not offset derivative fair value amounts with the fair value amounts for the right to reclaim cash collateral under our master netting arrangement.
Long-Term Debt	We record the carrying amount of our long-term debt at historical cost, less deferred financing costs related to the senior notes.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Consolidated Revenue by Segment	Consolidated Revenue by Segment Three Months Ended (in thousands) 2016 2015 Petroleum additives Lubricant additives $ 418,852 $ 453,722 Fuel additives 87,291 101,043 Total 506,143 554,765 All other 3,784 4,801 Consolidated revenue $ 509,927 $ 559,566
Segment Operating Profit	Segment Operating Profit Three Months Ended (in thousands) 2016 2015 Petroleum additives $ 100,389 $ 105,025 All other 236 2,099 Segment operating profit 100,625 107,124 Corporate, general, and administrative expenses (5,270 ) (7,015 ) Interest and financing expenses, net (4,188 ) (3,816 ) Gain (loss) on interest rate swap agreement (a) (3,854 ) (2,408 ) Other income (expense), net 1,633 (248 ) Income before income tax expense $ 88,946 $ 93,637 (a) The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap, and accordingly, any change in the fair value is immediately recognized in earnings.

Pension Plans and Other Postr23

Pension Plans and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans	The table below shows cash contributions made during the three months ended March 31, 2016 , as well as the remaining cash contributions we expect to make during the year ending December 31, 2016 , for our domestic and foreign pension plans and domestic postretirement benefit plan. (in thousands) Actual Cash Contributions for Three Months Ended March 31, 2016 Expected Remaining Cash Contributions for Year Ending December 31, 2016 Domestic plans Pension benefits $ 4,817 $ 14,450 Postretirement benefits 230 689 Foreign plans Pension benefits 1,336 4,049
Domestic [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans	The tables below present information on net periodic benefit cost (income) for our domestic and foreign pension plans and domestic postretirement benefit plan. An amendment to the domestic postretirement plan was made in 2015 with an effective date of January 1, 2016 providing 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 domestic 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 is being amortized into expense. Domestic Pension Benefits Postretirement Benefits Three Months Ended March 31, (in thousands) 2016 2015 2016 2015 Service cost $ 3,107 $ 3,240 $ 161 $ 711 Interest cost 3,266 2,983 420 757 Expected return on plan assets (5,753 ) (5,092 ) (318 ) (322 ) Amortization of prior service cost (credit) (16 ) 25 (757 ) 0 Amortization of actuarial net (gain) loss 1,303 1,735 0 0 Net periodic benefit cost (income) $ 1,907 $ 2,891 $ (494 ) $ 1,146
Foreign [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans	Foreign Pension Benefits Three Months Ended March 31, (in thousands) 2016 2015 Service cost $ 1,843 $ 1,945 Interest cost 1,274 1,269 Expected return on plan assets (1,731 ) (1,788 ) Amortization of prior service cost (credit) (22 ) (24 ) Amortization of actuarial net (gain) loss 262 398 Net periodic benefit cost (income) $ 1,626 $ 1,800

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. Three Months Ended (in thousands, except per-share amounts) 2016 2015 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 61,931 $ 63,947 Earnings allocated to participating securities 131 142 Net income attributable to common shareholders after allocation of earnings to participating securities $ 61,800 $ 63,805 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 11,839 12,413 Earnings per share - basic and diluted $ 5.22 $ 5.14

Intangibles (Net of Amortizat25

Intangibles (Net of Amortization) and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Information Related to Intangible Assets and Goodwill	The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below. March 31, 2016 December 31, 2015 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 2,823 $ 1,771 $ 88,763 $ 86,861 Contracts 4,476 4,215 4,476 4,103 Customer bases 6,971 3,711 6,977 3,627 Trademarks and trade names 1,544 960 1,549 923 Goodwill 4,605 4,656 $ 20,419 $ 10,657 $ 106,421 $ 95,514
Schedule Of Amortization Expense	Amortization expense was (in thousands): Three months ended March 31, 2016 $ 1,053 Three months ended March 31, 2015 1,427
Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets	Estimated amortization expense for the remainder of 2016 , as well as annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): 2016 $ 835 2017 728 2018 698 2019 676 2020 315 2021 243

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Long-term Debt and Capital Lease Obligations [Abstract]
Schedule Of Long-Term Debt	(in thousands) March 31, December 31, Senior notes - 4.10% due 2022 (net of related deferred financing costs) $ 346,066 $ 345,920 Revolving credit facility 190,000 145,000 Capital lease obligation 5,058 0 $ 541,124 $ 490,920
Schedule Of Unused Portion Of Revolving Credit Facility	The following table provides information related to the unused portion of our revolving credit facility: (in thousands) March 31, December 31, Maximum borrowing capacity under the revolving credit facility $ 650,000 $ 650,000 Outstanding borrowings under the revolving credit facility 190,000 145,000 Outstanding letters of credit 3,685 2,895 Unused portion of revolving credit facility $ 456,315 $ 502,105

Derivatives and Hedging Activ27

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments	The table below presents the fair value of our derivative financial instruments, as well as their classification on the Condensed Consolidated Balance Sheets. Liability Derivatives March 31, 2016 December 31, 2015 (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 $ 23,106 Accrued expenses and Other noncurrent liabilities $ 21,734
Effect of Derivative Instruments on the Consolidated Statements of Income Non-Designated Derivatives	The following table presents the effect of our derivative financial instruments on the Consolidated Statements of Income. Effect of Derivative Instruments on the Consolidated Statements of Income Non-Designated Derivatives (in thousands) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended 2016 2015 Goldman Sachs interest rate swap Other income (expense), net $ (3,854 ) $ (2,408 )

Other Comprehensive Income (L28

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss, Net of Tax	The balances of, and changes in, the components of accumulated other comprehensive loss, net of tax, consist of the following: (in thousands) Pension Plans and Other Postretirement Benefits Foreign Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2014 $ (95,119 ) $ (44,041 ) $ (139,160 ) Other comprehensive income (loss) before reclassifications 0 (25,664 ) (25,664 ) Amounts reclassified from accumulated other comprehensive loss (a) 1,357 0 1,357 Other comprehensive income (loss) 1,357 (25,664 ) (24,307 ) Balance at March 31, 2015 $ (93,762 ) $ (69,705 ) $ (163,467 ) Balance at December 31, 2015 $ (69,798 ) $ (74,728 ) $ (144,526 ) Other comprehensive income (loss) before reclassifications 0 (4,763 ) (4,763 ) Amounts reclassified from accumulated other comprehensive loss (a) 502 0 502 Other comprehensive income (loss) 502 (4,763 ) (4,261 ) Balance at March 31, 2016 $ (69,296 ) $ (79,491 ) $ (148,787 ) (a) The pension plan and other postretirement benefit components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 3 in this Form 10-Q and Note 18 in our 2015 Annual Report for further information.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Assets And Liabilities Measured At Fair Value On A Recurring Basis	Carrying Amount in Condensed Consolidated Balance Sheets Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (in thousands) March 31, 2016 Cash and cash equivalents $ 122,256 $ 122,256 $ 122,256 $ 0 $ 0 Cash deposit for collateralized interest rate swap 27,335 27,335 27,335 0 0 Interest rate swap liability 23,106 23,106 0 23,106 0 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
Estimated Fair Value Of Long-Term Debt	March 31, 2016 December 31, 2015 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (excluding capital lease obligation) $ 536,066 $ 551,512 $ 490,920 $ 515,302

Segment Information (Consolidat

Segment Information (Consolidated Revenue By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Information [Line Items]
Consolidated revenue	$ 509,927	$ 559,566
Operating Segments [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Consolidated revenue	506,143	554,765
Operating Segments [Member] | All Other [Member]
Segment Information [Line Items]
Consolidated revenue	3,784	4,801
Operating Segments [Member] | Lubricant Additives [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Consolidated revenue	418,852	453,722
Operating Segments [Member] | Fuel Additives [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Consolidated revenue	$ 87,291	$ 101,043

Segment Information (Segment Op

Segment Information (Segment Operating Profit) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Segment Information [Line Items]
Segment operating profit		$ 95,394	$ 99,778
Corporate, general, and administrative expenses		(40,940)	(41,809)
Interest and financing expenses, net		(4,188)	(3,816)
Gain (loss) on interest rate swap agreement	[1]	(3,854)	(2,408)
Other income (expense), net		1,633	(248)
Income before income tax expense		88,946	93,637
Operating Segments [Member]
Segment Information [Line Items]
Segment operating profit		100,625	107,124
Operating Segments [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Segment operating profit		100,389	105,025
Operating Segments [Member] | All Other [Member]
Segment Information [Line Items]
Segment operating profit		236	2,099
Corporate, Non-Segment [Member]
Segment Information [Line Items]
Corporate, general, and administrative expenses		$ (5,270)	$ (7,015)
[1]	The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap, and accordingly, any change in the fair value is immediately recognized in earnings.

Pension Plans and Other Postr32

Pension Plans and Other Postretirement Benefits (Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Domestic Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions, Pension benefits	$ 4,817
Expected Remaining Cash Contributions	14,450
Domestic Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions, Postretirement benefits	230
Expected Remaining Cash Contributions	689
Foreign Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions, Pension benefits	1,336
Expected Remaining Cash Contributions	$ 4,049

Pension Plans and Other Postr33

Pension Plans and Other Postretirement Benefits (Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Domestic Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3,107	$ 3,240
Interest cost	3,266	2,983
Expected return on plan assets	(5,753)	(5,092)
Amortization of prior service cost (credit)	(16)	25
Amortization of actuarial net (gain) loss	1,303	1,735
Net periodic benefit cost (income)	1,907	2,891
Domestic Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	161	711
Interest cost	420	757
Expected return on plan assets	(318)	(322)
Amortization of prior service cost (credit)	(757)	0
Amortization of actuarial net (gain) loss	0	0
Net periodic benefit cost (income)	(494)	1,146
Foreign Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,843	1,945
Interest cost	1,274	1,269
Expected return on plan assets	(1,731)	(1,788)
Amortization of prior service cost (credit)	(22)	(24)
Amortization of actuarial net (gain) loss	262	398
Net periodic benefit cost (income)	$ 1,626	$ 1,800

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Anti-dilutive shares of nonvested restricted stock that were excluded from the calculation of earnings per share (in shares)	26,804	30,026
Earnings per share numerator:
Net income attributable to common shareholders before allocation of earnings to participating securities	$ 61,931	$ 63,947
Earnings allocated to participating securities	131	142
Net income attributable to common shareholders after allocation of earnings to participating securities	$ 61,800	$ 63,805
Earnings per share denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares)	11,839,000	12,413,000
Earnings per share - basic and diluted (in dollars per share)	$ 5.22	$ 5.14

Intangibles (Net of Amortizat35

Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Net carrying amount of intangibles and goodwill	$ 9,762,000	$ 10,907,000
Accumulated goodwill impairment	$ 0	$ 0
Formulas And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	10 years
Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	10 years
Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	20 years
Trademarks And Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	10 years

Intangibles (Net of Amortizat36

Intangibles (Net of Amortization) and Goodwill (Schedule Of Information Related To Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Accumulated Amortization	$ 10,657	$ 95,514
Goodwill, Gross Carrying Amount	4,605	4,656
Amortizing intangible assets and Goodwill, Gross Carrying Amount	20,419	106,421
Formulas And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	2,823	88,763
Amortizing intangible assets, Accumulated Amortization	1,771	86,861
Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	4,476	4,476
Amortizing intangible assets, Accumulated Amortization	4,215	4,103
Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	6,971	6,977
Amortizing intangible assets, Accumulated Amortization	3,711	3,627
Trademarks And Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	1,544	1,549
Amortizing intangible assets, Accumulated Amortization	$ 960	$ 923

Intangibles (Net of Amortizat37

Intangibles (Net of Amortization) and Goodwill (Schedule Of Amortization Expense And Estimated Annual Amortization Expense Related To Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,053	$ 1,427
2,016	835
2,017	728
2,018	698
2,019	676
2,020	315
2,021	$ 243

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 350,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Average interest rate during the period	2.00%	1.90%

Long-term Debt (Schedule Of Lon

Long-term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 541,124	$ 490,920
Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 346,066	345,920
Senior notes, interest rate	4.10%
Senior notes, maturity date	2,022
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 190,000	145,000
Capital Lease Obligation [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 5,058	$ 0

Long-term Debt (Schedule Of Unu

Long-term Debt (Schedule Of Unused Portion Of Revolving Credit Facility) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt	$ 541,124,000	$ 490,920,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under the revolving credit facility	650,000,000	650,000,000
Long-term debt	190,000,000	145,000,000
Outstanding letters of credit	3,685,000	2,895,000
Unused portion of revolving credit facility	$ 456,315,000	$ 502,105,000

Commitments and Contingencies (

Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Site Contingency [Line Items]
Accruals for environmental remediation, dismantling, and decontamination	$ 17	$ 17
Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member]
Site Contingency [Line Items]
Accruals for environmental remediation, dismantling, and decontamination	10	10
Accruals for environmental remediation, dismantling, and decontamination, undiscounted	14	14
Former TEL Plant Site, Louisiana [Member]
Site Contingency [Line Items]
Accrual for remediation of groundwater and soil	4	4
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%

Derivatives and Hedging Activ42

Derivatives and Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Termination value of obligations	$ 23,000
Goldman Sachs [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Cash collateral deposit		$ 26,130
Interest Rate Swap [Member] | Goldman Sachs [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 97,000
Rate of fixed-rate payments for interest rate swap	5.3075%
Cash collateral deposit	$ 27,335	$ 26,130

Derivatives and Hedging Activ43

Derivatives and Hedging Activities (Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Goldman Sachs [Member] | Interest Rate Swap [Member] | Accrued Expenses And Other Noncurrent Liabilities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of liability derivatives, not designated as hedging instruments	$ 23,106	$ 21,734

Derivatives and Hedging Activ44

Derivatives and Hedging Activities (Effect Of Derivative Instruments On The Consolidated Statements Of Income Non-Designated Derivatives)(Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	[1]	$ (3,854)	$ (2,408)
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		$ (3,854)	$ (2,408)
[1]	The gain (loss) on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap, and accordingly, any change in the fair value is immediately recognized in earnings.

Other Comprehensive Income (L45

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Schedule of Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Pension Plans and Other Postretirement Benefits, Beginning Balance		$ (69,798)	$ (95,119)
Foreign Currency Translation Adjustments, Beginning Balance		(74,728)	(44,041)
Accumulated Other Comprehensive (Loss) Income, Beginning Balance		(144,526)	(139,160)
Other comprehensive income (loss) before reclassifications, Pension Plans and Other Postretirement Benefits		0	0
Other comprehensive income (loss) before reclassifications, Foreign Currency Translation Adjustments		(4,763)	(25,664)
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive (Loss) Income		(4,763)	(25,664)
Amounts reclassified from accumulated other comprehensive loss, Pension Plans and Other Postretirement Benefits	[1]	502	1,357
Amounts reclassified from accumulated other comprehensive loss, Foreign Currency Translation Adjustments		0	0
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive (Loss) Income		502	1,357
Total pension plans and other postretirement benefits		502	1,357
Other comprehensive income (loss), Foreign Currency Translation Adjustments		(4,763)	(25,664)
Other comprehensive income (loss)		(4,261)	(24,307)
Pension Plans and Other Postretirement Benefits, Ending Balance		(69,296)	(93,762)
Foreign Currency Translation Adjustments, Ending Balance		(79,491)	(69,705)
Accumulated Other Comprehensive (Loss) Income, Ending Balance		$ (148,787)	$ (163,467)
[1]	The pension plan and other postretirement benefit components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 3 in this Form 10-Q and Note 18 in our 2015 Annual Report for further information.

Fair Value Measurements (Assets

Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Fair Value Measurements [Line Items]
Cash and cash equivalents, Carrying Amount in Consolidated Balance Sheets	$ 122,256	$ 93,424	$ 119,243	$ 103,003
Goldman Sachs [Member]
Fair Value Measurements [Line Items]
Cash deposit for collateralized interest rate swap, Carrying Amount in Consolidated Balance Sheets		26,130
Carrying Amount in Consolidated Balance Sheets [Member]
Fair Value Measurements [Line Items]
Cash and cash equivalents, Carrying Amount in Consolidated Balance Sheets	122,256	93,424
Interest rate swap liability, Carrying Amount in Consolidated Balance Sheets	23,106	21,734
Fair Value [Member]
Fair Value Measurements [Line Items]
Cash and cash equivalents, Fair Value	122,256	93,424
Interest rate swap liability, Fair Value	23,106	21,734
Fair Value [Member] | Goldman Sachs [Member]
Fair Value Measurements [Line Items]
Cash deposit for collateralized interest rate swap, Fair Value	27,335	26,130
Fair Value, Level 1 [Member]
Fair Value Measurements [Line Items]
Cash and cash equivalents, Fair Value	122,256	93,424
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	27,335	26,130
Fair Value, Level 2 [Member]
Fair Value Measurements [Line Items]
Cash and cash equivalents, Fair Value	0	0
Interest rate swap liability, Fair Value	23,106	21,734
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	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Long-term debt	$ 536,066	$ 490,920
Long-term debt, Fair Value	$ 551,512	$ 515,302

Recent Accounting Pronounceme48

Recent Accounting Pronouncements (Narrative) (Details) $ in Millions	Dec. 31, 2015USD ($)
ASU 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of ASU 2015-03 reduction of Deferred charges and other assets and Long-term debt	$ (3.6)
ASU 2015-17 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of ASU 2015-17 current deferred income taxes reclassified to non-current	$ 6.4