NewMarket (NEU) 10-Q 26 Apr 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2018shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
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	11,787,054

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Net sales	$ 589,245	$ 542,818
Cost of goods sold	432,462	374,007
Gross profit	156,783	168,811
Selling, general, and administrative expenses	40,913	40,449
Research, development, and testing expenses	34,295	38,130
Operating profit	81,575	90,232
Interest and financing expenses, net	5,164	5,572
Other income (expense), net	4,900	3,573
Income before income tax expense	81,311	88,233
Income tax expense	20,746	24,296
Net income	$ 60,565	$ 63,937
Earnings per share - basic and diluted (in dollars per share)	$ 5.14	$ 5.39
Cash dividends declared per share (in dollars per share)	$ 1.75	$ 1.75

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 60,565	$ 63,937
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 $(180) in 2018 and $(296) in 2017	(591)	(474)
Amortization of actuarial net loss (gain) included in net periodic benefit cost, net of income tax expense (benefit) of $360 in 2018 and $509 in 2017	1,136	783
Total pension plans and other postretirement benefits	545	309
Foreign currency translation adjustments, net of income tax expense (benefit) of $(40) in 2018 and $280 in 2017	12,758	3,642
Other comprehensive income (loss)	13,303	3,951
Comprehensive income	$ 73,868	$ 67,888

Consolidated Statements Of Com4

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Amortization of prior service cost (credit) included in net periodic benefit cost, income tax expense (benefit)	$ (180)	$ (296)
Amortization of actuarial net loss (gain) included in net periodic benefit cost, income tax expense (benefit)	360	509
Foreign currency translation adjustments, income tax expense (benefit)	$ (40)	$ 280

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 72,830	$ 84,166
Trade and other accounts receivable, less allowance for doubtful accounts	378,442	335,317
Inventories
Finished goods and work-in-process	328,782	319,036
Raw materials	61,229	51,485
Stores, supplies, and other	12,806	12,576
Total inventories	402,817	383,097
Prepaid expenses and other current assets	32,401	31,074
Total current assets	886,490	833,654
Property, plant, and equipment, at cost	1,502,591	1,474,962
Less accumulated depreciation and amortization	840,122	822,681
Net property, plant, and equipment	662,469	652,281
Intangibles (net of amortization) and goodwill	142,137	144,337
Prepaid pension cost	73,241	66,495
Deferred income taxes	4,316	4,349
Deferred charges and other assets	10,812	11,038
Total assets	1,779,465	1,712,154
Current liabilities:
Accounts payable	162,651	159,408
Accrued expenses	91,457	107,999
Dividends payable	18,997	19,055
Income taxes payable	17,207	16,340
Other current liabilities	12,715	13,991
Total current liabilities	303,027	316,793
Long-term debt	624,894	602,900
Other noncurrent liabilities	196,759	190,812
Total liabilities	1,124,680	1,110,505
Commitments and contingencies
Shareholders’ equity:
Common stock and paid-in capital (without par value; authorized shares - 80,000,000; issued and outstanding shares - 11,787,054 at March 31, 2018 and 11,779,978 at December 31, 2017)	36	0
Accumulated other comprehensive loss	(132,691)	(145,994)
Retained earnings	787,440	747,643
Total shareholders' equity	654,785	601,649
Total liabilities and shareholders’ equity	$ 1,779,465	$ 1,712,154

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, no par value
Common stock, authorized shares	80,000,000	80,000,000
Common stock, issued shares	11,787,054	11,779,978
Common stock, outstanding shares	11,787,054	11,779,978

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, 2016		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	63,937			63,937
Other comprehensive income (loss)	3,951		3,951
Cash dividends	(20,741)			(20,741)
Stock-based compensation (in shares)		6,645
Stock-based compensation	617	$ 617
Balance (in shares) at Mar. 31, 2017		11,852,617
Balance at Mar. 31, 2017	$ 531,015	$ 2,220	(178,559)	707,354
Balance (in shares) at Dec. 31, 2017	11,779,978	11,779,978
Balance at Dec. 31, 2017	$ 601,649	$ 0	(145,994)	747,643
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	60,565			60,565
Other comprehensive income (loss)	13,303		13,303
Cash dividends	(20,629)			(20,629)
Repurchases of common stock (in shares)		(1,600)
Repurchases of common stock	(632)	$ (489)		(143)
Stock-based compensation (in shares)		8,676
Stock-based compensation	$ 529	$ 525		4
Balance (in shares) at Mar. 31, 2018	11,787,054	11,787,054
Balance at Mar. 31, 2018	$ 654,785	$ 36	$ (132,691)	$ 787,440

Consolidated Statements Of Sha8

Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 1.75	$ 1.75

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Cash Flows [Abstract]
Cash and cash equivalents at beginning of year	$ 84,166	$ 192,154
Cash flows from operating activities:
Net income	60,565	63,937
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	17,665	12,306
Noncash pension and postretirement expense	1,618	2,007
Deferred income tax expense	2,714	5,283
Working capital changes	(63,655)	(39,836)
Cash pension and postretirement contributions	(6,713)	(6,326)
Other, net	(2,154)	(3,163)
Net Cash Provided by (Used in) Operating Activities	10,040	34,208
Cash flows from investing activities:
Capital expenditures	(22,797)	(46,346)
Other, net	0	(2,000)
Net Cash Provided by (Used in) Investing Activities	(22,797)	(48,346)
Cash flows from financing activities:
Net borrowings (repayments) under revolving credit facility	22,000	(156,000)
Issuance of 3.78% senior notes	0	250,000
Dividends paid	(20,629)	(20,741)
Repurchases of common stock	(632)	0
Other, net	(98)	(1,447)
Net Cash Provided by (Used in) Financing Activities	641	71,812
Effect of foreign exchange on cash and cash equivalents	780	1,416
(Decrease) increase in cash and cash equivalents	(11,336)	59,090
Cash and cash equivalents at end of period	$ 72,830	$ 251,244

Condensed Consolidated Statem10

Condensed Consolidated Statements of Cash Flows (Parenthetical)	Mar. 31, 2018	Mar. 31, 2017
3.78% Senior Notes [Member]
Senior notes, interest rate	3.78%	3.78%

Financial Statement Presentatio

Financial Statement Presentation	3 Months Ended
	Mar. 31, 2018
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, 2018 and December 31, 2017 , and our consolidated results of operations and comprehensive income, changes in shareholders' equity, and cash flows for the three months ended March 31, 2018 and March 31, 2017 . 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, 2017 ( 2017 Annual Report), as filed with the Securities and Exchange Commission (SEC). The results of operations for the three month period ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year ending December 31, 2018 . The December 31, 2017 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. Prior period amounts on the Consolidated Statements of Income have been reclassified to reflect the retroactive adoption of Accounting Standard Update No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". See Note 13 for further information.

Acquisition of Business

Acquisition of Business	3 Months Ended
	Mar. 31, 2018
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. A preliminary allocation of the purchase price is as follows (in millions): Cash $ 1 Trade accounts receivable 16 Inventory 6 Property, plant, and equipment 53 Goodwill 118 Intangible assets 18 Other long-term assets 2 Other current liabilities (7 ) Other long-term liabilities (3 ) Deferred taxes (19 ) Fair value of net assets acquired $ 185 Identified intangible assets acquired consisted of the following (in millions): Fair Value Estimated Useful Lives (in years) Formulas and technology $ 9 3-6 Customer base 9 4 Total identified intangible assets $ 18 As part of the acquisition, we recorded $118 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.

Net Sales Net Sales

Net Sales Net Sales	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	3. Net Sales On January 1, 2018, we adopted Accounting Standard Codification 606 (ASC 606), "Revenue from Contracts with Customers" using the modified retrospective method and applying the standard only to uncompleted contracts at the date of adoption. The impact of adopting ASC 606 did not result in a change to income, and therefore we are not reflecting a cumulative effect to the opening balance of retained earnings due to the adoption of ASC 606. The comparative period has not been adjusted and continues to be reported under the accounting standards in effect for that period. Our revenues are primarily derived from the manufacture and sale of petroleum additives products, as well as the sale in North America of tetraethyl lead (TEL). We sell petroleum additives products across the world including to customers located in the United States, Europe, Asia Pacific, Latin America, Canada, India, and the Middle East. Our customers primarily consist of global, national, and independent oil companies. While some of our customers have payment terms beyond 30 days, we do not provide extended payment terms of a year or more, nor do our contracts include a financing component. Our allowance for doubtful accounts is immaterial, as are any bad debts we incur. In limited cases, we collect funds in advance of shipping product to our customers and recognizing the related revenue. These prepayments from customers are recorded as a contract liability to our customer until we recognize the revenue. Prepayments from our customers totaled $7.9 million at March 31, 2018 and $3.3 million at December 31, 2017 . Revenue of $3.2 million was recognized in 2018 from funds collected in advance from customers in an earlier period. We recognize revenue when control of the product is transferred to our customer and for an amount that reflects the consideration that we expect to collect from the customer. Control is generally transferred to the customer when title transfers (which may include physical possession by the customer), we have a right to payment from the customer, the customer has accepted the product, and the customer has assumed the risks and rewards of ownership. We have supplier managed inventory arrangements with some of our customers to facilitate on-demand product availability. In some cases, the inventory resides at a customer site, although title has not transferred, we are not entitled to payment, and we have not invoiced for the product. We have evaluated the contract terms under these arrangements and have determined that control transfers when the customer uses the product, at which time revenue is recognized. Our contracts generally include one performance obligation, which is providing petroleum additives and TEL products. The performance obligation is satisfied at a point in time when products are shipped, delivered, or consumed by the customer, depending on the underlying contracts. Taxes assessed by a governmental authority which are concurrent with sales to our customers, including sales, use, value-added, and revenue-related excise taxes, are collected by us from the customer and are not included in net sales, but are reflected in accrued expenses until remitted to the appropriate governmental authority. When we are responsible for shipping and handling costs after title has transferred, we account for those as fulfillment costs and include them in cost of goods sold. Some of our contracts include variable consideration in the form of rebates or business development funds. We record rebates at the point of sale as contra-revenue when we can reasonably estimate the amount of the rebate. The estimates are based on our best judgment at the time of sale, which includes anticipated as well as historical performance. Depending upon the specific terms of a business development fund, amounts are accrued as contra-revenue at the point of sale or are expensed when costs are incurred by us. We regularly review both rebates and business development funds and make adjustments when necessary, recognizing the full amount of any adjustment in the period identified. For the first quarter of 2018 , we recognized an increase to net sales of $1.0 million related to adjustments to rebates or business development funds which were recognized in revenue in a prior period. At March 31, 2018 , accrued rebates were $11.3 million and accrued business development funds were $1.5 million . The following table provides information on our net sales by geographic area. Information on net sales by segment is in Note 4. Three Months Ended March 31 (in thousands) 2018 Net sales United States $ 181,638 China 64,211 Europe, Middle East, Africa, India 198,660 Asia Pacific, except China 82,506 Other foreign 62,230 Net sales $ 589,245

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information The tables below show our consolidated segment results. The “All other” category includes the operations of the 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 Three Months Ended March 31 (in thousands) 2018 2017 Petroleum additives Lubricant additives $ 485,049 $ 443,961 Fuel additives 101,859 96,072 Total 586,908 540,033 All other 2,337 2,785 Net sales $ 589,245 $ 542,818 Segment Operating Profit Three Months Ended March 31 (in thousands) 2018 2017 Petroleum additives $ 84,140 $ 95,413 All other (77 ) 1,035 Segment operating profit 84,063 96,448 Corporate, general, and administrative expenses (5,664 ) (6,346 ) Interest and financing expenses, net (5,164 ) (5,572 ) Other income (expense), net 8,076 3,703 Income before income tax expense $ 81,311 $ 88,233

Pension Plans and Other Postret

Pension Plans and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2018
Retirement Benefits [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, 2018 , as well as the remaining cash contributions we expect to make during the year ending December 31, 2018 , for our domestic and foreign pension plans and domestic postretirement benefit plan. (in thousands) Actual Cash Contributions for Three Months Ended March 31, 2018 Expected Remaining Cash Contributions for Year Ending December 31, 2018 Domestic plans Pension benefits $ 4,818 $ 14,455 Postretirement benefits 423 1,270 Foreign plans Pension benefits 1,472 4,472 The tables below present information on net periodic benefit cost (income) for our domestic and foreign pension plans and domestic postretirement benefit plan. The service cost component of net periodic benefit cost (income) is presented in operating profit in the same income statement line as the related employee compensation costs. The remaining components of net periodic benefit cost (income) are presented in other income (expense), net on the consolidated statements of income. Domestic Pension Benefits Postretirement Benefits Three Months Ended March 31, (in thousands) 2018 2017 2018 2017 Service cost $ 3,972 $ 3,379 $ 216 $ 186 Interest cost 3,343 3,360 370 394 Expected return on plan assets (7,445 ) (6,503 ) (249 ) (309 ) Amortization of prior service cost (credit) 7 7 (757 ) (757 ) Amortization of actuarial net (gain) loss 1,341 1,229 0 0 Net periodic benefit cost (income) $ 1,218 $ 1,472 $ (420 ) $ (486 ) Foreign Pension Benefits Three Months Ended March 31, (in thousands) 2018 2017 Service cost $ 2,079 $ 1,821 Interest cost 1,164 1,018 Expected return on plan assets (2,557 ) (2,024 ) Amortization of prior service cost (credit) (21 ) (19 ) Amortization of actuarial net (gain) loss 155 225 Net periodic benefit cost (income) $ 820 $ 1,021

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We had 25,384 shares of nonvested restricted stock at March 31, 2018 and 23,775 shares of nonvested restricted stock at March 31, 2017 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. Three Months Ended March 31 (in thousands, except per-share amounts) 2018 2017 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 60,565 $ 63,937 Earnings allocated to participating securities 103 127 Net income attributable to common shareholders after allocation of earnings to participating securities $ 60,462 $ 63,810 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 11,762 11,829 Earnings per share - basic and diluted $ 5.14 $ 5.39

Intangibles (Net of Amortizatio

Intangibles (Net of Amortization) and Goodwill	3 Months Ended
	Mar. 31, 2018
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 $142 million at March 31, 2018 and $144 million at December 31, 2017 . The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below. March 31, 2018 December 31, 2017 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 12,365 $ 3,887 $ 12,339 $ 3,280 Contract 2,000 250 2,000 200 Customer bases 15,766 7,352 15,759 5,140 Trademarks and trade names 1,537 1,250 1,531 1,213 Goodwill 123,208 122,541 $ 154,876 $ 12,739 $ 154,170 $ 9,833 All of the intangibles relate to the petroleum additives segment. The change in the gross carrying amount between December 31, 2017 and March 31, 2018 is due to an immaterial purchase adjustment to goodwill related to AMSA and foreign currency fluctuation. The 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): Three months ended March 31, 2018 $ 2,906 Three months ended March 31, 2017 218 Estimated amortization expense for the remainder of 2018 , as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): 2018 $ 4,760 2019 4,675 2020 3,026 2021 2,206 2022 1,473 2023 957 We amortize contracts over 10 years; customer bases over 4 to 20 years; formulas and technology over 3 to 10 years; and trademarks and trade names over 10 years.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2018
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) $ 347,238 $ 347,091 Senior notes - 3.78% due 2029 250,000 250,000 Revolving credit facility 22,000 0 Capital lease obligations 5,656 5,809 $ 624,894 $ 602,900 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). The outstanding 3.78% senior notes are unsecured and were issued in a 2017 private placement with The Prudential Insurance Company of America and certain other purchasers. We were in compliance with all covenants under the senior notes as of March 31, 2018 and December 31, 2017 . The revolving credit facility has a term of five years and matures on September 22, 2022 . The obligations under the revolving agreement are unsecured and are fully and unconditionally guaranteed by NewMarket. The average interest rate for borrowings under our revolving credit facility was 3.2% during the first three months of 2018 and 2.5% during the full year of 2017 . We were in compliance with all covenants under the senior notes as of March 31, 2018 and December 31, 2017 . 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 $ 850,000 $ 850,000 Outstanding borrowings under the revolving credit facility 22,000 0 Outstanding letters of credit 2,710 2,830 Unused portion of revolving credit facility $ 825,290 $ 847,170 The capital lease obligations are related to the Singapore manufacturing facility.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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 $13 million at March 31, 2018 and $14 million at December 31, 2017 . 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 $7 million of the total accrual above at both March 31, 2018 and December 31, 2017 , using discount rates ranging from 4% to 9% for both periods. The aggregate undiscounted amount for these sites was $9 million at March 31, 2018 and $10 million at December 31, 2017 . Of the total accrued for these two sites, the amount related to remediation of groundwater and soil for the Louisiana site was $3 million at both March 31, 2018 and December 31, 2017 . The amount related to remediation of groundwater and soil for the Texas site was $4 million at both March 31, 2018 and December 31, 2017 . 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 there is any additional information available as a basis for revision of the liability that we have established at March 31, 2018 . The amount accrued for this site is not material.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2018
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, 2016 $ (76,187 ) $ (106,323 ) $ (182,510 ) Other comprehensive income (loss) before reclassifications 0 3,642 3,642 Amounts reclassified from accumulated other comprehensive loss (a) 309 0 309 Other comprehensive income (loss) 309 3,642 3,951 Balance at March 31, 2017 $ (75,878 ) $ (102,681 ) $ (178,559 ) Balance at December 31, 2017 $ (63,520 ) $ (82,474 ) $ (145,994 ) Other comprehensive income (loss) before reclassifications 0 12,758 12,758 Amounts reclassified from accumulated other comprehensive loss (a) 545 0 545 Other comprehensive income (loss) 545 12,758 13,303 Balance at March 31, 2018 $ (62,975 ) $ (69,716 ) $ (132,691 ) (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 5 in this Form 10-Q and Note 17 in our 2017 Annual Report for further information.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
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 $73 million at March 31, 2018 and $84 million at December 31, 2017 . The fair value is categorized in Level 1 of the fair value hierarchy. No material events occurred during the three months ended March 31, 2018 requiring adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis. Long-term debt – We record the carrying amount of our long-term debt at historical cost, less deferred financing costs related to the 4.10% 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 4.10% senior notes included in long-term debt in the table below is also based on the last quoted price closest to March 31, 2018 . The fair value of our debt instruments is categorized as Level 2. March 31, 2018 December 31, 2017 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (excluding capital lease obligation) $ 619,238 $ 625,235 $ 597,091 $ 623,557

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	12. Income Taxes In December 2017, the United States enacted tax legislation commonly known as the Tax Cuts and Jobs Act (Tax Reform Act), which required a one-time transition tax expense in 2017 on the deemed repatriation of previously deferred foreign earnings and reduced the U.S. corporate tax rate to 21% effective January 1, 2018. As of March 31, 2018 , our estimate of the transition tax expense is based on currently available information and interpretations regarding the application of the new tax provisions. The U.S. Treasury, the Internal Revenue Service, and other standard-setting bodies could interpret or issue guidance regarding the provisions of the Tax Reform Act that differ from our interpretation, which could impact our provisional expense. Additional work is necessary to further analyze our historical earnings and other items that affect the calculations. Adjustments to the provisional amounts recorded as of December 31, 2017 and March 31, 2018 , will affect our tax expense or benefit from continuing operations in the period that the final adjustments are determined, which will be no later than the fourth quarter of 2018. During the first three months of 2018, we made immaterial adjustments to the calculations recorded as of December 31, 2017 . We are evaluating certain aspects of the Tax Reform Act which could impact our deferred tax balances and have not made a policy election with respect to the deferred tax effects of the global intangible low-taxed income (GILTI) provision of the Tax Reform Act. The policy decision will be made no later than the fourth quarter of 2018, and any impact of the decision will be recorded in continuing operations in the period the decision is made.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements On January 1, 2018, we adopted Accounting Standard Codification 606 (ASC 606), "Revenue from Contracts with Customers." Further information on the adoption is in Note 3. Also on January 1, 2018, we adopted Accounting Standards Update 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) on a retrospective basis for the consolidated statements of income and on a prospective basis for capitalization of the service cost component in assets. ASU 2017-07 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 consolidated statements of income outside of operating profit. There was no change to net income for the 2017 period as a result of adopting ASU 2017-07 on a retrospective basis for the consolidated statements of income, but there is 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 profit. As a result of the retrospective application for three months ended March 31, 2017, operating profit decreased by $3 million and other income (expense), net increased by $3 million in income. As allowed under ASU 2017-07, we utilized the amounts disclosed in the prior year for the various components of net benefit costs as the basis for the retrospective application. See Note 5 for the components of our net benefit costs. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 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 currently 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 February 2018, the FASB issued Accounting Standards Update No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" (ASU 2018-02). ASU 2018-02 allows, but does not require, reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects that resulted from the Tax Reform Act at the end of 2017. ASU 2018-02, which is effective for our reporting period beginning January 1, 2019, also requires additional disclosures surrounding stranded tax effects. Early adoption is permitted. We are currently assessing the impact that the adoption of ASU 2018-02 will have on our consolidated financial statements.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Long-Term Debt	We record the carrying amount of our long-term debt at historical cost, less deferred financing costs related to the 4.10% senior notes.
Revenue Recognition, Policy [Policy Text Block]	We recognize revenue when control of the product is transferred to our customer and for an amount that reflects the consideration that we expect to collect from the customer. Control is generally transferred to the customer when title transfers (which may include physical possession by the customer), we have a right to payment from the customer, the customer has accepted the product, and the customer has assumed the risks and rewards of ownership. We have supplier managed inventory arrangements with some of our customers to facilitate on-demand product availability. In some cases, the inventory resides at a customer site, although title has not transferred, we are not entitled to payment, and we have not invoiced for the product. We have evaluated the contract terms under these arrangements and have determined that control transfers when the customer uses the product, at which time revenue is recognized. Our contracts generally include one performance obligation, which is providing petroleum additives and TEL products. The performance obligation is satisfied at a point in time when products are shipped, delivered, or consumed by the customer, depending on the underlying contracts. Taxes assessed by a governmental authority which are concurrent with sales to our customers, including sales, use, value-added, and revenue-related excise taxes, are collected by us from the customer and are not included in net sales, but are reflected in accrued expenses until remitted to the appropriate governmental authority. When we are responsible for shipping and handling costs after title has transferred, we account for those as fulfillment costs and include them in cost of goods sold. Some of our contracts include variable consideration in the form of rebates or business development funds. We record rebates at the point of sale as contra-revenue when we can reasonably estimate the amount of the rebate. The estimates are based on our best judgment at the time of sale, which includes anticipated as well as historical performance. Depending upon the specific terms of a business development fund, amounts are accrued as contra-revenue at the point of sale or are expensed when costs are incurred by us. We regularly review both rebates and business development funds and make adjustments when necessary, recognizing the full amount of any adjustment in the period identified.

Acquisition of Business Acquisi

Acquisition of Business Acquisition of Business (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	A preliminary allocation of the purchase price is as follows (in millions): Cash $ 1 Trade accounts receivable 16 Inventory 6 Property, plant, and equipment 53 Goodwill 118 Intangible assets 18 Other long-term assets 2 Other current liabilities (7 ) Other long-term liabilities (3 ) Deferred taxes (19 ) Fair value of net assets acquired $ 185
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	Identified intangible assets acquired consisted of the following (in millions): Fair Value Estimated Useful Lives (in years) Formulas and technology $ 9 3-6 Customer base 9 4 Total identified intangible assets $ 18

Net Sales (Tables)

Net Sales (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table provides information on our net sales by geographic area. Information on net sales by segment is in Note 4. Three Months Ended March 31 (in thousands) 2018 Net sales United States $ 181,638 China 64,211 Europe, Middle East, Africa, India 198,660 Asia Pacific, except China 82,506 Other foreign 62,230 Net sales $ 589,245

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Net Sales by Segment	Net Sales by Segment Three Months Ended March 31 (in thousands) 2018 2017 Petroleum additives Lubricant additives $ 485,049 $ 443,961 Fuel additives 101,859 96,072 Total 586,908 540,033 All other 2,337 2,785 Net sales $ 589,245 $ 542,818
Segment Operating Profit	Segment Operating Profit Three Months Ended March 31 (in thousands) 2018 2017 Petroleum additives $ 84,140 $ 95,413 All other (77 ) 1,035 Segment operating profit 84,063 96,448 Corporate, general, and administrative expenses (5,664 ) (6,346 ) Interest and financing expenses, net (5,164 ) (5,572 ) Other income (expense), net 8,076 3,703 Income before income tax expense $ 81,311 $ 88,233

Pension Plans and Other Postr28

Pension Plans and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 , as well as the remaining cash contributions we expect to make during the year ending December 31, 2018 , for our domestic and foreign pension plans and domestic postretirement benefit plan. (in thousands) Actual Cash Contributions for Three Months Ended March 31, 2018 Expected Remaining Cash Contributions for Year Ending December 31, 2018 Domestic plans Pension benefits $ 4,818 $ 14,455 Postretirement benefits 423 1,270 Foreign plans Pension benefits 1,472 4,472
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. The service cost component of net periodic benefit cost (income) is presented in operating profit in the same income statement line as the related employee compensation costs. The remaining components of net periodic benefit cost (income) are presented in other income (expense), net on the consolidated statements of income. Domestic Pension Benefits Postretirement Benefits Three Months Ended March 31, (in thousands) 2018 2017 2018 2017 Service cost $ 3,972 $ 3,379 $ 216 $ 186 Interest cost 3,343 3,360 370 394 Expected return on plan assets (7,445 ) (6,503 ) (249 ) (309 ) Amortization of prior service cost (credit) 7 7 (757 ) (757 ) Amortization of actuarial net (gain) loss 1,341 1,229 0 0 Net periodic benefit cost (income) $ 1,218 $ 1,472 $ (420 ) $ (486 ) Foreign Pension Benefits Three Months Ended March 31, (in thousands) 2018 2017 Service cost $ 2,079 $ 1,821 Interest cost 1,164 1,018 Expected return on plan assets (2,557 ) (2,024 ) Amortization of prior service cost (credit) (21 ) (19 ) Amortization of actuarial net (gain) loss 155 225 Net periodic benefit cost (income) $ 820 $ 1,021

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. Three Months Ended March 31 (in thousands, except per-share amounts) 2018 2017 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 60,565 $ 63,937 Earnings allocated to participating securities 103 127 Net income attributable to common shareholders after allocation of earnings to participating securities $ 60,462 $ 63,810 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 11,762 11,829 Earnings per share - basic and diluted $ 5.14 $ 5.39

Intangibles (Net of Amortizat30

Intangibles (Net of Amortization) and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 December 31, 2017 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 12,365 $ 3,887 $ 12,339 $ 3,280 Contract 2,000 250 2,000 200 Customer bases 15,766 7,352 15,759 5,140 Trademarks and trade names 1,537 1,250 1,531 1,213 Goodwill 123,208 122,541 $ 154,876 $ 12,739 $ 154,170 $ 9,833
Schedule Of Amortization Expense	Amortization expense was (in thousands): Three months ended March 31, 2018 $ 2,906 Three months ended March 31, 2017 218
Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets	Estimated amortization expense for the remainder of 2018 , as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): 2018 $ 4,760 2019 4,675 2020 3,026 2021 2,206 2022 1,473 2023 957

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
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) $ 347,238 $ 347,091 Senior notes - 3.78% due 2029 250,000 250,000 Revolving credit facility 22,000 0 Capital lease obligations 5,656 5,809 $ 624,894 $ 602,900
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 $ 850,000 $ 850,000 Outstanding borrowings under the revolving credit facility 22,000 0 Outstanding letters of credit 2,710 2,830 Unused portion of revolving credit facility $ 825,290 $ 847,170

Other Comprehensive Income (L32

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2016 $ (76,187 ) $ (106,323 ) $ (182,510 ) Other comprehensive income (loss) before reclassifications 0 3,642 3,642 Amounts reclassified from accumulated other comprehensive loss (a) 309 0 309 Other comprehensive income (loss) 309 3,642 3,951 Balance at March 31, 2017 $ (75,878 ) $ (102,681 ) $ (178,559 ) Balance at December 31, 2017 $ (63,520 ) $ (82,474 ) $ (145,994 ) Other comprehensive income (loss) before reclassifications 0 12,758 12,758 Amounts reclassified from accumulated other comprehensive loss (a) 545 0 545 Other comprehensive income (loss) 545 12,758 13,303 Balance at March 31, 2018 $ (62,975 ) $ (69,716 ) $ (132,691 ) (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 5 in this Form 10-Q and Note 17 in our 2017 Annual Report for further information.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Estimated Fair Value Of Long-Term Debt	March 31, 2018 December 31, 2017 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (excluding capital lease obligation) $ 619,238 $ 625,235 $ 597,091 $ 623,557

Acquisition of Business (Narrat

Acquisition of Business (Narrative) (Details) $ in Thousands	Jul. 03, 2017USD ($)
Business Acquisition [Line Items]
Percentage of business acquired	99.50%
Payments to Acquire Businesses, Gross	$ 185,000
Goodwill	118,000
MEXICO
Business Acquisition [Line Items]
Business Acquisition, Goodwill, Expected Tax Deductible Amount	$ 0

Acquisition of Business (Schedu

Acquisition of Business (Schedule of Business Acquisition, By Acquistion) (Details) $ in Millions	Jul. 03, 2017USD ($)
Business Acquisition [Line Items]
Cash	$ 1
Trade accounts receivable	16
Inventory	6
Property, plant, and equipment	53
Goodwill	118
Intangible assets	18
Other long-term assets	2
Other current liabilities	(7)
Other long-term liabilities	(3)
Deferred taxes	(19)
Fair value of net assets acquired	$ 185

Acquisition of Business (Sche36

Acquisition of Business (Schedule of Finite Lived Intangible Assets Acquired As Part of Business Combination) (Details) - USD ($) $ in Millions	Jul. 03, 2017	Mar. 31, 2018
Business Acquisition [Line Items]
Intangible assets	$ 18
Formulas And Technology [Member]
Business Acquisition [Line Items]
Intangible assets	9
Customer Bases [Member]
Business Acquisition [Line Items]
Intangible assets	$ 9
Estimated economic life, in years	4 years
Minimum [Member] | Formulas And Technology [Member]
Business Acquisition [Line Items]
Estimated economic life, in years	3 years	3 years
Minimum [Member] | Customer Bases [Member]
Business Acquisition [Line Items]
Estimated economic life, in years		4 years
Maximum [Member] | Formulas And Technology [Member]
Business Acquisition [Line Items]
Estimated economic life, in years	6 years	10 years
Maximum [Member] | Customer Bases [Member]
Business Acquisition [Line Items]
Estimated economic life, in years		20 years

Net Sales (Narrative) (Details)

Net Sales (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Customer Advances, Current	$ 7.9	$ 3.3
Recognized Revenue in the Current Period From Funds Collected in Advance from Customers in Earlier Period	3.2
Change in Net Sales Related To Adjustments To Rebates Or Business Development Fund Recognized in Revenue in a Prior Period	1
Customer Rebates, Current	11.3
Business Development Fund Accrual	$ 1.5

Net Sales ( Schedule of Net Sal

Net Sales ( Schedule of Net Sales by Geographical Area) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Net sales	$ 589,245	$ 542,818
Domestic Plan [Member]
Disaggregation of Revenue [Line Items]
Net sales	181,638
China
Disaggregation of Revenue [Line Items]
Net sales	64,211
Europe, Middle East, Africa, India [Member]
Disaggregation of Revenue [Line Items]
Net sales	198,660
Asia Pacfic excl China [Member]
Disaggregation of Revenue [Line Items]
Net sales	82,506
Other Foreign [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 62,230

Segment Information (Net Sales

Segment Information (Net Sales By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Information [Line Items]
Net sales	$ 589,245	$ 542,818
Operating Segments [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Net sales	586,908	540,033
Operating Segments [Member] | All Other [Member]
Segment Information [Line Items]
Net sales	2,337	2,785
Operating Segments [Member] | Lubricant Additives [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Net sales	485,049	443,961
Operating Segments [Member] | Fuel Additives [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Net sales	$ 101,859	$ 96,072

Segment Information (Segment Op

Segment Information (Segment Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Information [Line Items]
Segment operating profit	$ 81,575	$ 90,232
Corporate, general, and administrative expenses	(40,913)	(40,449)
Interest and financing expenses, net	(5,164)	(5,572)
Other income (expense), net	4,900	3,573
Income before income tax expense	81,311	88,233
Operating Segments [Member]
Segment Information [Line Items]
Segment operating profit	84,063	96,448
Operating Segments [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Segment operating profit	84,140	95,413
Operating Segments [Member] | All Other [Member]
Segment Information [Line Items]
Segment operating profit	(77)	1,035
Corporate, Non-Segment [Member]
Segment Information [Line Items]
Corporate, general, and administrative expenses	(5,664)	(6,346)
Other income (expense), net	$ 8,076	$ 3,703

Pension Plans and Other Postr41

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, 2018USD ($)
Pension Plan [Member] | Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions	$ 4,818
Expected Remaining Cash Contributions	14,455
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions	1,472
Expected Remaining Cash Contributions	4,472
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions	423
Expected Remaining Cash Contributions	$ 1,270

Pension Plans and Other Postr42

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, 2018	Mar. 31, 2017
Pension Plan [Member] | Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3,972	$ 3,379
Interest cost	3,343	3,360
Expected return on plan assets	(7,445)	(6,503)
Amortization of prior service cost (credit)	7	7
Amortization of actuarial net (gain) loss	1,341	1,229
Net periodic benefit cost (income)	1,218	1,472
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	2,079	1,821
Interest cost	1,164	1,018
Expected return on plan assets	(2,557)	(2,024)
Amortization of prior service cost (credit)	(21)	(19)
Amortization of actuarial net (gain) loss	155	225
Net periodic benefit cost (income)	820	1,021
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	216	186
Interest cost	370	394
Expected return on plan assets	(249)	(309)
Amortization of prior service cost (credit)	(757)	(757)
Amortization of actuarial net (gain) loss	0	0
Net periodic benefit cost (income)	$ (420)	$ (486)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Anti-dilutive shares of nonvested restricted stock that were excluded from the calculation of diluted earnings per share (in shares)	25,384	23,775
Earnings per share numerator:
Net income attributable to common shareholders before allocation of earnings to participating securities	$ 60,565	$ 63,937
Earnings allocated to participating securities	103	127
Net income attributable to common shareholders after allocation of earnings to participating securities	$ 60,462	$ 63,810
Earnings per share denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares)	11,762,000	11,829,000
Earnings per share - basic and diluted (in dollars per share)	$ 5.14	$ 5.39

Intangibles (Net of Amortizat44

Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) - USD ($)	Jul. 03, 2017	Mar. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Net carrying amount of intangibles and goodwill		$ 142,137,000	$ 144,337,000
Accumulated goodwill impairment		$ 0	$ 0
Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years		10 years
Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	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	3 years	3 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	6 years	10 years
Maximum [Member] | Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years		20 years

Intangibles (Net of Amortizat45

Intangibles (Net of Amortization) and Goodwill (Schedule Of Information Related To Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Accumulated Amortization	$ 12,739	$ 9,833
Goodwill, Gross Carrying Amount	123,208	122,541
Amortizing intangible assets and Goodwill, Gross Carrying Amount	154,876	154,170
Formulas And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	12,365	12,339
Amortizing intangible assets, Accumulated Amortization	3,887	3,280
Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	2,000	2,000
Amortizing intangible assets, Accumulated Amortization	250	200
Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	15,766	15,759
Amortizing intangible assets, Accumulated Amortization	7,352	5,140
Trademarks And Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	1,537	1,531
Amortizing intangible assets, Accumulated Amortization	$ 1,250	$ 1,213

Intangibles (Net of Amortizat46

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, 2018	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2,906	$ 218
2,018	4,760
2,019	4,675
2,020	3,026
2,021	2,206
2,022	1,473
2,023	$ 957

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Term of credit facility, years	5 years
Revolving credit facility, maturity date	Sep. 22, 2022
Average interest rate during the period	3.20%	2.50%
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%		3.78%

Long-term Debt (Schedule Of Lon

Long-term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 624,894	$ 602,900
4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 347,238	347,091
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	250,000
Senior notes, interest rate	3.78%		3.78%
Debt instruments maturity date	2,029
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 22,000	0
Capital Lease Obligation [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligation	$ 5,656	$ 5,809

Long-term Debt (Schedule Of Unu

Long-term Debt (Schedule Of Unused Portion Of Revolving Credit Facility) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt	$ 624,894,000	$ 602,900,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under the revolving credit facility	850,000,000	850,000,000
Long-term debt	22,000,000	0
Outstanding letters of credit	2,710,000	2,830,000
Unused portion of revolving credit facility	$ 825,290,000	$ 847,170,000

Commitments and Contingencies (

Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Site Contingency [Line Items]
Accruals for environmental remediation, dismantling, and decontamination	$ 13	$ 14
Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member]
Site Contingency [Line Items]
Accruals for environmental remediation, dismantling, and decontamination	7	7
Accruals for environmental remediation, dismantling, and decontamination, undiscounted	9	10
Former TEL Plant Site, Louisiana [Member]
Site Contingency [Line Items]
Accrual for remediation of groundwater and soil	3	3
Houston, Texas Plant Site [Member]
Site Contingency [Line Items]
Accrual for remediation of groundwater and soil	$ 4	$ 4
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 (L51

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, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Pension Plans and Other Postretirement Benefits, Beginning Balance		$ (63,520)	$ (76,187)
Foreign Currency Translation Adjustments, Beginning Balance		(82,474)	(106,323)
Accumulated Other Comprehensive (Loss) Income, Beginning Balance		(145,994)	(182,510)
Other comprehensive income (loss) before reclassifications, Pension Plans and Other Postretirement Benefits		0	0
Other comprehensive income (loss) before reclassifications, Foreign Currency Translation Adjustments		12,758	3,642
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive (Loss) Income		12,758	3,642
Amounts reclassified from accumulated other comprehensive loss, Pension Plans and Other Postretirement Benefits	[1]	545	309
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		545	309
Total pension plans and other postretirement benefits		545	309
Other comprehensive income (loss), Foreign Currency Translation Adjustments		12,758	3,642
Other comprehensive income (loss)		13,303	3,951
Pension Plans and Other Postretirement Benefits, Ending Balance		(62,975)	(75,878)
Foreign Currency Translation Adjustments, Ending Balance		(69,716)	(102,681)
Accumulated Other Comprehensive (Loss) Income, Ending Balance		$ (132,691)	$ (178,559)
[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 5 in this Form 10-Q and Note 17 in our 2017 Annual Report for further information.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 72,830	$ 84,166	$ 251,244	$ 192,154
4.10% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes, interest rate	4.10%
Carrying Amount in Consolidated Balance Sheets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 72,830	84,166
Fair Value, Inputs, Level 1 [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 72,830	$ 84,166

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt (excluding capital lease obligation)	$ 619,238	$ 597,091
Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Long-term debt (excluding capital lease obligation), Fair Value	$ 625,235	$ 623,557

Income Taxes (Details)

Income Taxes (Details)	Jan. 01, 2018
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

Recent Accounting Pronounceme55

Recent Accounting Pronouncements (Narrative) (Details) - Accounting Standards Update 201707 [Member] $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results	$ (3)
New Accounting Pronouncement or Change in Accounting Principle Effect of Change on Other Income	$ 3