NewMarket (NEU) 10-Q 26 Oct 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2017shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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	11,853,107

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net sales	$ 548,416	$ 516,090	$ 1,638,422	$ 1,547,824
Cost of goods sold	388,111	338,689	1,142,996	1,016,473
Gross profit	160,305	177,401	495,426	531,351
Selling, general, and administrative expenses	42,806	38,848	121,551	120,176
Research, development, and testing expenses	35,070	36,715	107,356	116,651
Operating profit	82,429	101,838	266,519	294,524
Interest and financing expenses, net	5,564	4,320	16,496	12,462
Other income (expense), net	112	698	477	(2,828)
Income before income tax expense	76,977	98,216	250,500	279,234
Income tax expense	17,205	26,767	64,063	81,465
Net income	$ 59,772	$ 71,449	$ 186,437	$ 197,769
Earnings per share - basic and diluted (in dollars per share)	$ 5.04	$ 6.03	$ 15.73	$ 16.68
Cash dividends declared per share (in dollars per share)	$ 1.75	$ 1.60	$ 5.25	$ 4.80

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 59,772	$ 71,449	$ 186,437	$ 197,769
Pension plans and other postretirement benefits:
Prior service credit (cost) arising during the period, net of income tax expense (benefit) of $0 in third quarter and nine months 2017 and $(287) in third quarter and nine months 2016	0	(463)	0	(463)
Amortization of prior service cost (credit) included in net periodic benefit cost, net of income tax expense (benefit) of $(296) in third quarter 2017, $(232) in third quarter 2016, $(888) in nine months 2017 and $(842) in nine months 2016	(475)	(373)	(1,423)	(1,352)
Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of $(841) in third quarter and nine months 2017 and $(1,448) in third quarter and nine months 2016	(1,335)	(2,300)	(1,335)	(2,300)
Amortization of actuarial net loss (gain) included in net periodic benefit cost, net of income tax expense (benefit) of $487 in third quarter 2017, $578 in third quarter 2016, $1,563 in nine months 2017 and $1,719 in nine months 2016	845	1,002	2,692	2,992
Total pension plans and other postretirement benefits	(965)	(2,134)	(66)	(1,123)
Foreign currency translation adjustments, net of income tax expense (benefit) of $712 in third quarter 2017, $197 in third quarter 2016, $632 in nine months 2017 and $1,797 in nine months 2016	5,642	(6,599)	18,656	(16,922)
Other comprehensive income (loss)	4,677	(8,733)	18,590	(18,045)
Comprehensive income	$ 64,449	$ 62,716	$ 205,027	$ 179,724

Consolidated Statements Of Com4

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Prior service credit (cost) arising during the period, income tax expense (benefit)	$ 0	$ (287)	$ 0	$ (287)
Amortization of prior service cost (credit) included in net periodic benefit cost, income tax expense (benefit)	(296)	(232)	(888)	(842)
Actuarial net gain (loss) arising during the period, income tax expense (benefit)	(841)	(1,448)	(841)	(1,448)
Amortization of actuarial net loss (gain) included in net periodic benefit cost, income tax expense (benefit)	487	578	1,563	1,719
Foreign currency translation adjustments, income tax expense (benefit)	$ 712	$ 197	$ 632	$ 1,797

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 104,996	$ 192,154
Trade and other accounts receivable, less allowance for doubtful accounts	325,216	306,916
Inventories:
Finished goods and work-in-process	311,817	254,068
Raw materials	59,994	45,581
Stores, supplies, and other	11,900	11,863
Total inventories	383,711	311,512
Prepaid expenses and other current assets	33,853	26,301
Total current assets	847,776	836,883
Property, plant, and equipment, at cost	1,444,885	1,264,957
Less accumulated depreciation and amortization	808,248	761,212
Net property, plant, and equipment	636,637	503,745
Prepaid pension cost	41,222	25,800
Deferred income taxes	21,102	29,063
Intangibles (net of amortization) and goodwill	147,094	10,436
Deferred charges and other assets	11,362	10,509
Total assets	1,705,193	1,416,436
Current liabilities:
Accounts payable	158,683	141,869
Accrued expenses	105,450	104,082
Dividends payable	19,129	17,478
Income taxes payable	18,336	17,573
Other current liabilities	7,832	13,588
Total current liabilities	309,430	294,590
Long-term debt	611,687	507,275
Other noncurrent liabilities	155,626	131,320
Total liabilities	1,076,743	933,185
Commitments and contingencies
Shareholders’ equity:
Common stock and paid-in capital (without par value; authorized shares - 80,000,000; issued and outstanding shares - 11,853,107 at September 30, 2017 and 11,845,972 at December 31, 2016)	3,999	1,603
Accumulated other comprehensive loss	(163,920)	(182,510)
Retained earnings	788,371	664,158
Total shareholders' equity	628,450	483,251
Total liabilities and shareholders’ equity	$ 1,705,193	$ 1,416,436

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, no par value
Common stock, authorized shares	80,000,000	80,000,000
Common stock, issued shares	11,853,107	11,845,972
Common stock, outstanding shares	11,853,107	11,845,972

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, 2015		11,948,446
Balance at Dec. 31, 2015	$ 387,564	$ 0	$ (144,526)	$ 532,090
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	197,769			197,769
Other comprehensive income (loss)	(18,045)		(18,045)
Cash dividends	(56,875)			(56,875)
Repurchases of common stock (in shares)		(98,867)
Repurchases of common stock	(35,815)	$ (252)		(35,563)
Stock-based compensation (in shares)		(925)
Stock-based compensation	2,365	$ 2,348		17
Balance (in shares) at Sep. 30, 2016		11,848,654
Balance at Sep. 30, 2016	$ 476,963	$ 2,096	(162,571)	637,438
Balance (in shares) at Dec. 31, 2016	11,845,972	11,845,972
Balance at Dec. 31, 2016	$ 483,251	$ 1,603	(182,510)	664,158
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	186,437			186,437
Other comprehensive income (loss)	18,590		18,590
Cash dividends	(62,227)			(62,227)
Stock-based compensation (in shares)		7,135
Stock-based compensation	$ 2,399	$ 2,396		3
Balance (in shares) at Sep. 30, 2017	11,853,107	11,853,107
Balance at Sep. 30, 2017	$ 628,450	$ 3,999	$ (163,920)	$ 788,371

Consolidated Statements Of Sha8

Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 1.75	$ 1.60	$ 5.25	$ 4.80

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Statement of Cash Flows [Abstract]
Cash and cash equivalents at beginning of year	$ 192,154	$ 93,424
Cash flows from operating activities:
Net income	186,437	197,769
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	39,196	32,739
Noncash pension and postretirement expense	5,976	9,609
Deferred income tax expense	8,639	14,661
Working capital changes	(34,945)	890
Cash pension and postretirement contributions	(19,566)	(19,432)
Realized loss on derivative instruments, net	0	4,825
Other, net	(7,986)	18,429
Net Cash Provided by (Used in) Operating Activities	177,751	259,490
Cash flows from investing activities:
Capital expenditures	(120,973)	(101,706)
Acquisition of business (net of $1,131 cash acquired)	(183,930)	0
Deposits for interest rate swap	0	(7,570)
Return of deposits for interest rate swap	0	11,832
Other, net	(2,000)	(4,749)
Net Cash Provided by (Used in) Investing Activities	(306,903)	(102,193)
Cash flows from financing activities:
Net (repayments) borrowings under revolving credit facility	(146,000)	35,000
Issuance of 3.78% senior notes	250,000	0
Dividends paid	(62,227)	(56,875)
Repurchases of common stock	0	(35,815)
Other, net	(3,048)	(3,079)
Net Cash Provided by (Used in) Financing Activities	38,725	(60,769)
Effect of foreign exchange on cash and cash equivalents	3,269	(2,044)
(Decrease) increase in cash and cash equivalents	(87,158)	94,484
Cash and cash equivalents at end of period	104,996	187,908
Supplemental disclosure of non-cash transactions:
Release of deposit account funds to terminate interest rate swap	0	21,868
Non-cash additions to property, plant, and equipment	6,443	20,732
Non-cash obligation under capital lease	$ 0	$ 5,068

Condensed Consolidated Statem10

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jul. 03, 2017	Sep. 30, 2017
Cash acquired from acquisition	$ 1,131	$ 1,131
3.78% Senior Notes [Member]
Senior notes, interest rate		3.78%

Financial Statement Presentatio

Financial Statement Presentation	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and December 31, 2016 , our consolidated results of operations and comprehensive income for the third quarter and nine months ended September 30, 2017 and September 30, 2016 , and our changes in shareholders' equity, and cash flows for the nine months ended September 30, 2017 and September 30, 2016 . 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, 2016 ( 2016 Annual Report), as filed with the Securities and Exchange Commission (SEC). The results of operations for the nine month period ended September 30, 2017 are not necessarily indicative of the results to be expected for the full year ending December 31, 2017 . The December 31, 2016 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. Non-cash additions to property, plant and equipment for the nine months ended September 30, 2016 were revised from $5 million to $21 million for comparative purposes in the supplemental disclosure of non-cash transactions for the nine months ended September 30, 2017 . We have concluded that this change is not material to our consolidated financial statements and that it is appropriate to revise the amount.

Acquisition of Business

Acquisition of Business	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	Acquisition of Business On July 3, 2017, Afton Chemical de Mexico, S.A. de C.V., an indirect, wholly-owned subsidiary of NewMarket Corporation, acquired approximately 99.5% of the outstanding capital stock of Aditivos Mexicanos, S.A. de C.V. (AMSA) for $185 million in cash. AMSA is a petroleum additives manufacturing, sales and distribution company based in Mexico City, Mexico. The results of AMSA's operations have been included in our consolidated financial statements since the date of acquisition and are not material. The noncontrolling interest is also not material. The acquisition agreement included all physical assets of AMSA. We have initiated a purchase price valuation to determine the fair values of the tangible and intangible assets acquired and liabilities assumed and the amount of goodwill to be recognized as of the acquisition date. The amounts recorded for certain assets and liabilities are preliminary and are subject to adjustment if additional information is obtained about facts that existed as of the acquisition date. The final determination of the fair values of certain assets and liabilities will be completed within the measurement period of up to one year from the acquisition date. The preliminary purchase price valuation resulted in the recognition of $22 million of identifiable intangible assets, of which $13 million related to formulas and technology and $9 million related to a customer base. The identifiable intangible assets are being amortized over their useful lives of 5 years for formulas and technology and 4 years for the customer base. We also acquired property, plant, and equipment of $53 million and working capital of $17 million , including accounts receivable of $16 million and inventory of $7 million , as well as cash of $1 million . We acquired a liability related to future employee payments of $5 million and set up a deferred tax liability of $19 million . As part of the acquisition, we recorded $115 million of goodwill. The goodwill recognized is attributable to expected synergies, including a secure supply source for certain raw materials, as well as the skilled assembled workforce of AMSA. All of the goodwill recognized is part of the petroleum additives segment, and none is deductible for Mexican tax purposes. Pro forma results of operations are not presented as the acquisition was not considered material to our consolidated results.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2017
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). The results of AMSA's operations are reflected in the petroleum additives segment. See Note 2 for further information on AMSA. Net Sales by Segment Third Quarter Ended Nine Months Ended (in thousands) 2017 2016 2017 2016 Petroleum additives Lubricant additives $ 443,355 $ 420,412 $ 1,340,693 $ 1,271,447 Fuel additives 102,804 91,993 289,652 263,213 Total 546,159 512,405 1,630,345 1,534,660 All other 2,257 3,685 8,077 13,164 Net sales $ 548,416 $ 516,090 $ 1,638,422 $ 1,547,824 Segment Operating Profit Third Quarter Ended Nine Months Ended (in thousands) 2017 2016 2017 2016 Petroleum additives $ 87,933 $ 106,385 $ 281,935 $ 309,305 All other 1,141 373 3,081 1,964 Segment operating profit 89,074 106,758 285,016 311,269 Corporate, general, and administrative expenses (6,612 ) (4,990 ) (18,284 ) (16,396 ) Interest and financing expenses, net (5,564 ) (4,320 ) (16,496 ) (12,462 ) Other income (expense), net 79 768 264 (3,177 ) Income before income tax expense $ 76,977 $ 98,216 $ 250,500 $ 279,234

Pension Plans and Other Postret

Pension Plans and Other Postretirement Benefits	9 Months Ended
	Sep. 30, 2017
Retirement Benefits [Abstract]
Pension Plans and Other Postretirement Benefits	Pension Plans and Other Postretirement Benefits The table below shows cash contributions made during the nine months ended September 30, 2017 , as well as the remaining cash contributions we expect to make during the year ending December 31, 2017 , for our domestic and foreign pension plans and domestic postretirement benefit plan. (in thousands) Actual Cash Contributions for Nine Months Ended September 30, 2017 Expected Remaining Cash Contributions for Year Ending December 31, 2017 Domestic plans Pension benefits $ 14,473 $ 4,825 Postretirement benefits 931 311 Foreign plans Pension benefits 4,162 1,417 The tables below present information on net periodic benefit cost (income) for our domestic and foreign pension plans and domestic postretirement benefit plan. Domestic Pension Benefits Postretirement Benefits Third Quarter Ended September 30, (in thousands) 2017 2016 2017 2016 Service cost $ 3,501 $ 3,432 $ 208 $ 208 Interest cost 3,248 3,347 400 398 Expected return on plan assets (6,604 ) (5,848 ) (281 ) (292 ) Amortization of prior service cost (credit) 7 173 (757 ) (757 ) Amortization of actuarial net (gain) loss 1,085 1,325 0 0 Net periodic benefit cost (income) $ 1,237 $ 2,429 $ (430 ) $ (443 ) Domestic Pension Benefits Postretirement Benefits Nine Months Ended September 30, (in thousands) 2017 2016 2017 2016 Service cost $ 10,259 $ 9,646 $ 581 $ 529 Interest cost 9,966 9,881 1,186 1,239 Expected return on plan assets (19,609 ) (17,354 ) (898 ) (929 ) Amortization of prior service cost (credit) 20 141 (2,271 ) (2,271 ) Amortization of actuarial net (gain) loss 3,544 3,932 0 0 Net periodic benefit cost (income) $ 4,180 $ 6,246 $ (1,402 ) $ (1,432 ) Foreign Pension Benefits Third Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2017 2016 2017 2016 Service cost $ 1,942 $ 1,612 $ 5,645 $ 5,332 Interest cost 1,076 1,110 3,141 3,678 Expected return on plan assets (2,127 ) (1,420 ) (6,229 ) (4,911 ) Amortization of prior service cost (credit) (20 ) (20 ) (58 ) (64 ) Amortization of actuarial net (gain) loss 243 230 699 760 Net periodic benefit cost (income) $ 1,114 $ 1,512 $ 3,198 $ 4,795

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We had 23,615 shares of nonvested restricted stock at September 30, 2017 and 24,805 shares of nonvested restricted stock at September 30, 2016 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 yields 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. Third Quarter Ended Nine Months Ended (in thousands, except per-share amounts) 2017 2016 2017 2016 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 59,772 $ 71,449 $ 186,437 $ 197,769 Earnings allocated to participating securities 118 146 370 411 Net income attributable to common shareholders after allocation of earnings to participating securities $ 59,654 $ 71,303 $ 186,067 $ 197,358 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 11,829 11,823 11,829 11,829 Earnings per share - basic and diluted $ 5.04 $ 6.03 $ 15.73 $ 16.68

Intangibles (Net of Amortizatio

Intangibles (Net of Amortization) and Goodwill	9 Months Ended
	Sep. 30, 2017
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 $147 million at September 30, 2017 and $10 million at December 31, 2016 . The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below. September 30, 2017 December 31, 2016 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 16,340 $ 2,290 $ 2,678 $ 1,958 Contracts 2,000 151 2,000 0 Customer bases 15,758 4,735 6,938 3,961 Trademarks and trade names 1,530 1,176 1,513 1,069 Goodwill 119,818 4,295 $ 155,446 $ 8,352 $ 17,424 $ 6,988 All of the intangibles relate to the petroleum additives segment. The change in the gross carrying amount between December 31, 2016 and September 30, 2017 is primarily due to additional goodwill and identifiable intangibles from the acquisition of AMSA, as well as foreign currency fluctuation. The additional goodwill and identifiable intangibles from the acquisition of AMSA are preliminary and are subject to adjustment if additional information is obtained about facts that existed as of the acquisition date. The final determination of the fair values will be completed within the measurement period of up to one year from the acquisition date. See Note 2 for more information. There is no accumulated goodwill impairment. Amortization expense was (in thousands): Third quarter ended September 30, 2017 $ 928 Nine months ended September 30, 2017 1,364 Third quarter ended September 30, 2016 291 Nine months ended September 30, 2016 1,645 Estimated amortization expense for the remainder of 2017 , as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): 2017 $ 1,777 2018 6,487 2019 6,008 2020 4,874 2021 3,985 2022 1,800 We amortize contracts over 10 years; customer bases over 4 to 20 years; formulas and technology over 5 to 10 years; and trademarks and trade names over 10 years.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2017
Long-term Debt and Capital Lease Obligations [Abstract]
Long-term Debt	Long-term Debt (in thousands) September 30, December 31, Senior notes - 4.10% due 2022 (net of related deferred financing costs) $ 346,945 $ 346,505 Senior notes - 3.78% due 2029 250,000 0 Revolving credit facility 10,000 156,000 Capital lease obligation 4,742 4,770 $ 611,687 $ 507,275 Senior Notes – The outstanding 4.10% senior notes have an aggregate principal amount of $350 million and are registered under the Securities Act of 1933, as amended (Securities Act). On January 4, 2017, we issued $250 million in senior unsecured notes in a private placement with The Prudential Insurance Company of America and certain other purchasers. These notes bear interest at 3.78% and mature on January 4, 2029 . Interest is payable semiannually and principal payments of $50 million are payable annually beginning on January 4, 2025. We have the right to make optional prepayments on the notes at any time, subject to certain limitations. The note purchase agreement contains representations, warranties, terms and conditions customary for transactions of this type. These include negative covenants, certain financial covenants, and events of default which are substantially similar to the covenants and events of default in our revolving credit facility. The proceeds from the 3.78% senior notes were used in part to pay off the outstanding amount on our revolving credit facility. We were in compliance with all covenants under the senior notes as of September 30, 2017 and December 31, 2016 . Revolving Credit Facility – On September 22, 2017, we entered into a Credit Agreement (Credit Agreement) with a term of five years . The Credit Agreement provides for an $850 million , multicurrency revolving credit facility, with a $150 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 in the aggregate amount of the revolving credit facility or obtain incremental term loans in an amount up to $425 million . In addition, the Credit Agreement includes provisions that allow certain of our foreign subsidiaries to borrow under the agreement. Concurrent with entering into the Credit Agreement, we terminated our former revolving credit facility that we had entered into in 2014. We paid financing costs in 2017 of approximately $1.8 million related to this revolving credit facility and carried over deferred financing costs from our previous revolving credit facility of approximately $0.9 million , resulting in total deferred financing costs of $2.7 million as of September 30, 2017, which we are amortizing over the term of the Credit Agreement. The obligations under the Credit Agreement are unsecured and are fully and unconditionally guaranteed by NewMarket. The revolving credit facility matures on September 22, 2022 . Borrowings made under the revolving credit facility bear interest, at our option, at an annual rate equal to either (1) the Alternate Base Rate (ABR) plus the Applicable Rate (as defined in the Credit Agreement) (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 NYFRB Rate (as defined in the Credit Agreement) from time to time plus 0.5% , and (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 for Eurocurrency liabilities and other applicable mandatory costs. The Applicable Rate ranges from 0.00% to 0.625% (depending on our consolidated Leverage Ratio or Credit Ratings) for loans bearing interest based on the ABR. The Applicable Rate ranges from 1.00% to 1.625% (depending on our Leverage Ratio or Credit Ratings) 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 except during an Increased Leverage Period (as defined in the Credit Agreement), 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 September 30, 2017 . We were in compliance with all covenants under the revolving credit facility in effect at September 30, 2017 and at December 31, 2016 . The following table provides information related to the unused portion of our then outstanding revolving credit facility: (in thousands) September 30, December 31, Maximum borrowing capacity under the revolving credit facility $ 850,000 $ 650,000 Outstanding borrowings under the revolving credit facility 10,000 156,000 Outstanding letters of credit 3,550 3,483 Unused portion of revolving credit facility $ 836,450 $ 490,517 The average interest rate for borrowings under our then existing revolving credit facility was 2.5% during the first nine months of 2017 and 1.9% during the full year of 2016 . Other Debt – The capital lease obligation is related to the Singapore manufacturing facility.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters We are involved in legal proceedings that are incidental to our business and may include administrative or judicial actions. Some of these legal proceedings involve governmental authorities and relate to environmental matters. 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 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. 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 $14 million at September 30, 2017 and $16 million at December 31, 2016 . Of the total accrual, the current portion is included in accrued expenses and the noncurrent portion is included in other noncurrent liabilities on the Condensed Consolidated Balance Sheets. Our more significant environmental sites include a former TEL plant site in Louisiana (the Louisiana site) and a Houston, Texas plant site (the Texas site). Together, the amounts accrued on a discounted basis related to these sites represented approximately $8 million of the total accrual above at September 30, 2017 and $10 million of the total accrual above at December 31, 2016 , using discount rates ranging from 4% to 9% for both periods. The aggregate undiscounted amount for these sites was $10 million at September 30, 2017 and $13 million at December 31, 2016 . Of the total accrued for these two sites, the amount related to remediation of groundwater and soil for the Louisiana site was $4 million at both September 30, 2017 and December 31, 2016 . The amount related to remediation of groundwater and soil for the Texas site was $4 million at September 30, 2017 and $5 million at December 31, 2016 . 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 (ROD) confirming its remedies for the selected Sauget Area 2 Sites. In August 2017, the EPA issued a Special Notice Letter to over 75 PRPs notifying them of potential liability and encouraging the PRPs to voluntarily perform or finance the response actions detailed in the ROD. We have accrued our estimated proportional share of the remedial costs and expenses addressed in the ROD. We do not believe any additional information is available that would require revision of the liability that we have established at September 30, 2017 . The amount accrued for this site is not material.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2017
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, 2015 $ (69,798 ) $ (74,728 ) $ (144,526 ) Other comprehensive income (loss) before reclassifications (2,763 ) (16,922 ) (19,685 ) Amounts reclassified from accumulated other comprehensive loss (a) 1,640 0 1,640 Other comprehensive income (loss) (1,123 ) (16,922 ) (18,045 ) Balance at September 30, 2016 $ (70,921 ) $ (91,650 ) $ (162,571 ) Balance at December 31, 2016 $ (76,187 ) $ (106,323 ) $ (182,510 ) Other comprehensive income (loss) before reclassifications (1,335 ) 18,656 17,321 Amounts reclassified from accumulated other comprehensive loss (a) 1,269 0 1,269 Other comprehensive income (loss) (66 ) 18,656 18,590 Balance at September 30, 2017 $ (76,253 ) $ (87,667 ) $ (163,920 ) (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 4 in this Form 10-Q and Note 17 in our 2016 Annual Report for further information.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The carrying amount of cash and cash equivalents in the Condensed Consolidated Balance Sheets, as well as the fair value, was $105 million at September 30, 2017 and $192 million at December 31, 2016 . The fair value is categorized in Level 1 of the fair value hierarchy. Except for the acquisition of AMSA, no material events occurred during the nine months ended September 30, 2017 requiring adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis. See Note 2 for further information on the preliminary impact of the AMSA acquisition on balances of assets and liabilities. Long-term debt – We record the carrying amount of our long-term debt related to the 4.10% senior notes at historical cost, less deferred financing costs. We record the carrying amount of our long-term debt related to the 3.78% senior notes 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 of our publicly-traded 4.10% senior notes included in long-term debt in the table below is also based on the last quoted price closest to September 30, 2017 . The fair value of our debt instruments is categorized as Level 2. September 30, 2017 December 31, 2016 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (excluding capital lease obligation) $ 606,945 $ 623,962 $ 502,505 $ 507,925

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We currently anticipate adopting the standard as a cumulative-effect adjustment. We expect to continue the evaluation, analysis, and documentation of our adoption of ASU 2014-09 (including those subsequently issued updates that clarify the provisions), throughout most of this year as we work towards implementation and finalize the impact the adoption 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 2017, the FASB issued ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" (ASU 2017-07), which requires that an employer report the service cost component of net benefit cost in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement outside of operating profit. ASU 2017-07 also allows only the service cost component to be eligible for capitalization in assets. There will be no change to net income as a result of ASU 2017-07, which is effective for our reporting period beginning January 1, 2018. Retrospective application is required for the income statement presentation and prospective application is required for the capitalization of the service cost component in assets. The adoption of ASU 2017-07 will result in a change within operating profit with a corresponding change in other income (expense), net to reflect the impact of presenting all components of net benefit cost, except for service cost, outside of operating income. See Note 4 for the components of our net benefit costs. We do not expect a material impact to our consolidated balance sheets or consolidated statements of cash flows.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Long-Term Debt	We record the carrying amount of our long-term debt related to the 4.10% senior notes at historical cost, less deferred financing costs. We record the carrying amount of our long-term debt related to the 3.78% senior notes at historical cost.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Net Sales by Segment	Net Sales by Segment Third Quarter Ended Nine Months Ended (in thousands) 2017 2016 2017 2016 Petroleum additives Lubricant additives $ 443,355 $ 420,412 $ 1,340,693 $ 1,271,447 Fuel additives 102,804 91,993 289,652 263,213 Total 546,159 512,405 1,630,345 1,534,660 All other 2,257 3,685 8,077 13,164 Net sales $ 548,416 $ 516,090 $ 1,638,422 $ 1,547,824
Segment Operating Profit	Segment Operating Profit Third Quarter Ended Nine Months Ended (in thousands) 2017 2016 2017 2016 Petroleum additives $ 87,933 $ 106,385 $ 281,935 $ 309,305 All other 1,141 373 3,081 1,964 Segment operating profit 89,074 106,758 285,016 311,269 Corporate, general, and administrative expenses (6,612 ) (4,990 ) (18,284 ) (16,396 ) Interest and financing expenses, net (5,564 ) (4,320 ) (16,496 ) (12,462 ) Other income (expense), net 79 768 264 (3,177 ) Income before income tax expense $ 76,977 $ 98,216 $ 250,500 $ 279,234

Pension Plans and Other Postr24

Pension Plans and Other Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2017
Retirement Benefits [Abstract]
Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans	The table below shows cash contributions made during the nine months ended September 30, 2017 , as well as the remaining cash contributions we expect to make during the year ending December 31, 2017 , for our domestic and foreign pension plans and domestic postretirement benefit plan. (in thousands) Actual Cash Contributions for Nine Months Ended September 30, 2017 Expected Remaining Cash Contributions for Year Ending December 31, 2017 Domestic plans Pension benefits $ 14,473 $ 4,825 Postretirement benefits 931 311 Foreign plans Pension benefits 4,162 1,417
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. Domestic Pension Benefits Postretirement Benefits Third Quarter Ended September 30, (in thousands) 2017 2016 2017 2016 Service cost $ 3,501 $ 3,432 $ 208 $ 208 Interest cost 3,248 3,347 400 398 Expected return on plan assets (6,604 ) (5,848 ) (281 ) (292 ) Amortization of prior service cost (credit) 7 173 (757 ) (757 ) Amortization of actuarial net (gain) loss 1,085 1,325 0 0 Net periodic benefit cost (income) $ 1,237 $ 2,429 $ (430 ) $ (443 ) Domestic Pension Benefits Postretirement Benefits Nine Months Ended September 30, (in thousands) 2017 2016 2017 2016 Service cost $ 10,259 $ 9,646 $ 581 $ 529 Interest cost 9,966 9,881 1,186 1,239 Expected return on plan assets (19,609 ) (17,354 ) (898 ) (929 ) Amortization of prior service cost (credit) 20 141 (2,271 ) (2,271 ) Amortization of actuarial net (gain) loss 3,544 3,932 0 0 Net periodic benefit cost (income) $ 4,180 $ 6,246 $ (1,402 ) $ (1,432 ) Foreign Pension Benefits Third Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2017 2016 2017 2016 Service cost $ 1,942 $ 1,612 $ 5,645 $ 5,332 Interest cost 1,076 1,110 3,141 3,678 Expected return on plan assets (2,127 ) (1,420 ) (6,229 ) (4,911 ) Amortization of prior service cost (credit) (20 ) (20 ) (58 ) (64 ) Amortization of actuarial net (gain) loss 243 230 699 760 Net periodic benefit cost (income) $ 1,114 $ 1,512 $ 3,198 $ 4,795

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
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. Third Quarter Ended Nine Months Ended (in thousands, except per-share amounts) 2017 2016 2017 2016 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 59,772 $ 71,449 $ 186,437 $ 197,769 Earnings allocated to participating securities 118 146 370 411 Net income attributable to common shareholders after allocation of earnings to participating securities $ 59,654 $ 71,303 $ 186,067 $ 197,358 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 11,829 11,823 11,829 11,829 Earnings per share - basic and diluted $ 5.04 $ 6.03 $ 15.73 $ 16.68

Intangibles (Net of Amortizat26

Intangibles (Net of Amortization) and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2017
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. September 30, 2017 December 31, 2016 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 16,340 $ 2,290 $ 2,678 $ 1,958 Contracts 2,000 151 2,000 0 Customer bases 15,758 4,735 6,938 3,961 Trademarks and trade names 1,530 1,176 1,513 1,069 Goodwill 119,818 4,295 $ 155,446 $ 8,352 $ 17,424 $ 6,988
Schedule Of Amortization Expense	Amortization expense was (in thousands): Third quarter ended September 30, 2017 $ 928 Nine months ended September 30, 2017 1,364 Third quarter ended September 30, 2016 291 Nine months ended September 30, 2016 1,645
Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets	Estimated amortization expense for the remainder of 2017 , as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): 2017 $ 1,777 2018 6,487 2019 6,008 2020 4,874 2021 3,985 2022 1,800

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Long-term Debt and Capital Lease Obligations [Abstract]
Schedule Of Long-Term Debt	(in thousands) September 30, December 31, Senior notes - 4.10% due 2022 (net of related deferred financing costs) $ 346,945 $ 346,505 Senior notes - 3.78% due 2029 250,000 0 Revolving credit facility 10,000 156,000 Capital lease obligation 4,742 4,770 $ 611,687 $ 507,275
Schedule Of Unused Portion Of Revolving Credit Facility	The following table provides information related to the unused portion of our then outstanding revolving credit facility: (in thousands) September 30, December 31, Maximum borrowing capacity under the revolving credit facility $ 850,000 $ 650,000 Outstanding borrowings under the revolving credit facility 10,000 156,000 Outstanding letters of credit 3,550 3,483 Unused portion of revolving credit facility $ 836,450 $ 490,517

Other Comprehensive Income (L28

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2015 $ (69,798 ) $ (74,728 ) $ (144,526 ) Other comprehensive income (loss) before reclassifications (2,763 ) (16,922 ) (19,685 ) Amounts reclassified from accumulated other comprehensive loss (a) 1,640 0 1,640 Other comprehensive income (loss) (1,123 ) (16,922 ) (18,045 ) Balance at September 30, 2016 $ (70,921 ) $ (91,650 ) $ (162,571 ) Balance at December 31, 2016 $ (76,187 ) $ (106,323 ) $ (182,510 ) Other comprehensive income (loss) before reclassifications (1,335 ) 18,656 17,321 Amounts reclassified from accumulated other comprehensive loss (a) 1,269 0 1,269 Other comprehensive income (loss) (66 ) 18,656 18,590 Balance at September 30, 2017 $ (76,253 ) $ (87,667 ) $ (163,920 ) (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 4 in this Form 10-Q and Note 17 in our 2016 Annual Report for further information.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Estimated Fair Value Of Long-Term Debt	September 30, 2017 December 31, 2016 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (excluding capital lease obligation) $ 606,945 $ 623,962 $ 502,505 $ 507,925

Financial Statement Presentat30

Financial Statement Presentation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-cash additions to property, plant, and equipment before revision		$ 4,550
Non-cash additions to property, plant, and equipment	$ 6,443	$ 20,732

Acquisition of Business (Detail

Acquisition of Business (Details) - USD ($) $ in Thousands	Jul. 03, 2017	Sep. 30, 2017
Business Acquisition [Line Items]
Percentage of business acquired	99.50%
Cash payment for acquisition	$ 185,000
Identifiable intangibles assets acquired	22,000
Property, plant, and equipment acquired	53,000
Working capital acquired	17,000
Accounts receivable acquired	16,000
Inventory acquired	7,000
Cash acquired from acquisition	1,131	$ 1,131
Acquired liability related to future employment payments	5,000
Deferred tax liabilities related to acquisition	19,000
Goodwill acquired	115,000
Formulas And Technology [Member]
Business Acquisition [Line Items]
Identifiable intangibles assets acquired	$ 13,000
Estimated economic life, in years	5 years
Customer Bases [Member]
Business Acquisition [Line Items]
Identifiable intangibles assets acquired	$ 9,000
Estimated economic life, in years	4 years
MEXICO
Business Acquisition [Line Items]
Goodwill deductible for tax purposes	$ 0

Segment Information (Net Sales

Segment Information (Net Sales By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Information [Line Items]
Net sales	$ 548,416	$ 516,090	$ 1,638,422	$ 1,547,824
Operating Segments [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Net sales	546,159	512,405	1,630,345	1,534,660
Operating Segments [Member] | All Other [Member]
Segment Information [Line Items]
Net sales	2,257	3,685	8,077	13,164
Operating Segments [Member] | Lubricant Additives [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Net sales	443,355	420,412	1,340,693	1,271,447
Operating Segments [Member] | Fuel Additives [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Net sales	$ 102,804	$ 91,993	$ 289,652	$ 263,213

Segment Information (Segment Op

Segment Information (Segment Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Information [Line Items]
Segment operating profit	$ 82,429	$ 101,838	$ 266,519	$ 294,524
Corporate, general, and administrative expenses	(42,806)	(38,848)	(121,551)	(120,176)
Interest and financing expenses, net	(5,564)	(4,320)	(16,496)	(12,462)
Other income (expense), net	112	698	477	(2,828)
Income before income tax expense	76,977	98,216	250,500	279,234
Operating Segments [Member]
Segment Information [Line Items]
Segment operating profit	89,074	106,758	285,016	311,269
Operating Segments [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Segment operating profit	87,933	106,385	281,935	309,305
Operating Segments [Member] | All Other [Member]
Segment Information [Line Items]
Segment operating profit	1,141	373	3,081	1,964
Corporate, Non-Segment [Member]
Segment Information [Line Items]
Corporate, general, and administrative expenses	(6,612)	(4,990)	(18,284)	(16,396)
Other income (expense), net	$ 79	$ 768	$ 264	$ (3,177)

Pension Plans and Other Postr34

Pension Plans and Other Postretirement Benefits (Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Pension Plan [Member] | Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions	$ 14,473
Expected Remaining Cash Contributions	4,825
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions	4,162
Expected Remaining Cash Contributions	1,417
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions	931
Expected Remaining Cash Contributions	$ 311

Pension Plans and Other Postr35

Pension Plans and Other Postretirement Benefits (Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Pension Plan [Member] | Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3,501	$ 3,432	$ 10,259	$ 9,646
Interest cost	3,248	3,347	9,966	9,881
Expected return on plan assets	(6,604)	(5,848)	(19,609)	(17,354)
Amortization of prior service cost (credit)	7	173	20	141
Amortization of actuarial net (gain) loss	1,085	1,325	3,544	3,932
Net periodic benefit cost (income)	1,237	2,429	4,180	6,246
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,942	1,612	5,645	5,332
Interest cost	1,076	1,110	3,141	3,678
Expected return on plan assets	(2,127)	(1,420)	(6,229)	(4,911)
Amortization of prior service cost (credit)	(20)	(20)	(58)	(64)
Amortization of actuarial net (gain) loss	243	230	699	760
Net periodic benefit cost (income)	1,114	1,512	3,198	4,795
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	208	208	581	529
Interest cost	400	398	1,186	1,239
Expected return on plan assets	(281)	(292)	(898)	(929)
Amortization of prior service cost (credit)	(757)	(757)	(2,271)	(2,271)
Amortization of actuarial net (gain) loss	0	0	0	0
Net periodic benefit cost (income)	$ (430)	$ (443)	$ (1,402)	$ (1,432)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Anti-dilutive shares of nonvested restricted stock that were excluded from the calculation of diluted earnings per share (in shares)			23,615	24,805
Earnings per share numerator:
Net income attributable to common shareholders before allocation of earnings to participating securities	$ 59,772	$ 71,449	$ 186,437	$ 197,769
Earnings allocated to participating securities	118	146	370	411
Net income attributable to common shareholders after allocation of earnings to participating securities	$ 59,654	$ 71,303	$ 186,067	$ 197,358
Earnings per share denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares)	11,829,000	11,823,000	11,829,000	11,829,000
Earnings per share - basic and diluted (in dollars per share)	$ 5.04	$ 6.03	$ 15.73	$ 16.68

Intangibles (Net of Amortizat37

Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) - USD ($)	Jul. 03, 2017	Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Net carrying amount of intangibles and goodwill		$ 147,094,000	$ 10,436,000
Accumulated goodwill impairment		$ 0	$ 0
Formulas And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	5 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	4 years
Trademarks And Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years		10 years
Minimum [Member] | Formulas And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years		5 years
Minimum [Member] | Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years		4 years
Maximum [Member] | Formulas And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years		10 years
Maximum [Member] | Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years		20 years

Intangibles (Net of Amortizat38

Intangibles (Net of Amortization) and Goodwill (Schedule Of Information Related To Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Accumulated Amortization	$ 8,352	$ 6,988
Goodwill, Gross Carrying Amount	119,818	4,295
Amortizing intangible assets and Goodwill, Gross Carrying Amount	155,446	17,424
Formulas And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	16,340	2,678
Amortizing intangible assets, Accumulated Amortization	2,290	1,958
Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	2,000	2,000
Amortizing intangible assets, Accumulated Amortization	151	0
Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	15,758	6,938
Amortizing intangible assets, Accumulated Amortization	4,735	3,961
Trademarks And Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	1,530	1,513
Amortizing intangible assets, Accumulated Amortization	$ 1,176	$ 1,069

Intangibles (Net of Amortizat39

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 928	$ 291	$ 1,364	$ 1,645
2,017	1,777		1,777
2,018	6,487		6,487
2,019	6,008		6,008
2,020	4,874		4,874
2,021	3,985		3,985
2,022	$ 1,800		$ 1,800

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Issuance of 3.78% senior notes	$ 250,000,000	$ 0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Term of credit facility, years	5 years
Maximum Borrowing Capacity	$ 850,000,000		$ 650,000,000
Increase in aggregate amount of revolving credit facility allowed	425,000,000
Financing costs paid	1,800,000
Line of Credit Facility Financing Costs Carried Over	900,000
Financing costs incurred	$ 2,700,000
Revolving credit facility, maturity date	Sep. 22, 2022
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 the period	2.50%		1.90%
Revolving Credit Facility [Member] | Letter 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	150,000,000
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 Alternate Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Applicable Rate	0.625%
Revolving Credit Facility [Member] | Loans Bearing Interest Based On Alternate Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Applicable Rate	0.00%
Revolving Credit Facility [Member] | Loans Bearing Interest Based On Adjusted Libo Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Applicable Rate	1.625%
Revolving Credit Facility [Member] | Loans Bearing Interest Based On Adjusted Libo Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Applicable Rate	1.00%
4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, interest rate	4.10%
Principal amount of debt	$ 350,000,000
3.78% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, interest rate	3.78%
Issuance of 3.78% senior notes	$ 250,000,000
Annual principal payments beginning January 4, 2025	$ 50,000,000

Long-term Debt (Schedule Of Lon

Long-term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 611,687	$ 507,275
4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 346,945	346,505
Senior notes, interest rate	4.10%
Debt instruments maturity date	2,022
3.78% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 250,000	0
Senior notes, interest rate	3.78%
Debt instruments maturity date	2,029
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 10,000	156,000
Capital Lease Obligation [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 4,742	$ 4,770

Long-term Debt (Schedule Of Unu

Long-term Debt (Schedule Of Unused Portion Of Revolving Credit Facility) (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt	$ 611,687,000	$ 507,275,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under the revolving credit facility	850,000,000	650,000,000
Long-term debt	10,000,000	156,000,000
Outstanding letters of credit	3,550,000	3,483,000
Unused portion of revolving credit facility	$ 836,450,000	$ 490,517,000

Commitments and Contingencies (

Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Site Contingency [Line Items]
Accruals for environmental remediation, dismantling, and decontamination	$ 14	$ 16
Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member]
Site Contingency [Line Items]
Accruals for environmental remediation, dismantling, and decontamination	8	10
Accruals for environmental remediation, dismantling, and decontamination, undiscounted	10	13
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	$ 4	$ 5
Minimum [Member] | Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member]
Site Contingency [Line Items]
Discount rate	4.00%	4.00%
Maximum [Member] | Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member]
Site Contingency [Line Items]
Discount rate	9.00%	9.00%

Other Comprehensive Income (L44

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Schedule of Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Pension Plans and Other Postretirement Benefits, Beginning Balance				$ (76,187)	$ (69,798)
Foreign Currency Translation Adjustments, Beginning Balance				(106,323)	(74,728)
Accumulated Other Comprehensive (Loss) Income, Beginning Balance				(182,510)	(144,526)
Other comprehensive income (loss) before reclassifications, Pension Plans and Other Postretirement Benefits				(1,335)	(2,763)
Other comprehensive income (loss) before reclassifications, Foreign Currency Translation Adjustments				18,656	(16,922)
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive (Loss) Income				17,321	(19,685)
Amounts reclassified from accumulated other comprehensive loss, Pension Plans and Other Postretirement Benefits	[1]			1,269	1,640
Amounts reclassified from accumulated other comprehensive loss, Foreign Currency Translation Adjustments				0	0
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive (Loss) Income				1,269	1,640
Total pension plans and other postretirement benefits		$ (965)	$ (2,134)	(66)	(1,123)
Other comprehensive income (loss), Foreign Currency Translation Adjustments		5,642	(6,599)	18,656	(16,922)
Other comprehensive income (loss)		4,677	(8,733)	18,590	(18,045)
Pension Plans and Other Postretirement Benefits, Ending Balance		(76,253)	(70,921)	(76,253)	(70,921)
Foreign Currency Translation Adjustments, Ending Balance		(87,667)	(91,650)	(87,667)	(91,650)
Accumulated Other Comprehensive (Loss) Income, Ending Balance		$ (163,920)	$ (162,571)	$ (163,920)	$ (162,571)
[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 4 in this Form 10-Q and Note 17 in our 2016 Annual Report for further information.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 104,996	$ 192,154	$ 187,908	$ 93,424
Carrying Amount in Consolidated Balance Sheets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	104,996	192,154
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 104,996	$ 192,154

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt (excluding capital lease obligation)	$ 606,945	$ 502,505
Long-term debt (excluding capital lease obligation), Fair Value	$ 623,962	$ 507,925
4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, interest rate	4.10%
3.78% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, interest rate	3.78%