NewMarket (NEU) 10-Q 25 Apr 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2019shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Emerging Growth Company	false
Small Business Company	false
Entity Registrant Name	NEWMARKET CORP
Entity Central Index Key	0001282637
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	11,188,126

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Net sales	$ 536,616	$ 589,245
Cost of Goods Sold	383,747	432,462
Gross profit	152,869	156,783
Selling, general, and administrative expenses	36,773	40,913
Research, development, and testing expenses	33,224	34,295
Operating profit	82,872	81,575
Interest and financing expenses, net	8,012	5,164
Other income (expense), net	5,948	4,900
Income before income tax expense	80,808	81,311
Income tax expense	18,603	20,746
Net income	$ 62,205	$ 60,565
Earnings per share - basic and diluted (in dollars per share)	$ 5.57	$ 5.14
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, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 62,205	$ 60,565
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 $(185) in 2019 and $(180) in 2018	(601)	(591)
Amortization of actuarial net loss (gain) included in net periodic benefit cost, net of income tax expense (benefit) of $254 in 2019 and $360 in 2018	841	1,136
Total pension plans and other postretirement benefits	240	545
Foreign currency translation adjustments, net of income tax expense (benefit) of $(107) in 2019 and $(40) in 2018	4,946	12,758
Other comprehensive income (loss)	5,186	13,303
Comprehensive income	$ 67,391	$ 73,868

Consolidated Statements Of Co_2

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Amortization of prior service cost (credit) included in net periodic benefit cost (income), income tax expense (benefit)	$ (185)	$ (180)
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), income tax expense (benefit)	254	360
Foreign currency translation adjustments, income tax expense (benefit)	$ (107)	$ (40)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 78,247	$ 73,040
Trade and other accounts receivable, less allowance for doubtful accounts	351,405	314,860
Inventories	395,660	396,341
Prepaid expenses and other current assets	30,834	29,179
Total current assets	856,146	813,420
Property, plant, and equipment, net	633,009	644,138
Intangibles (net of amortization) and goodwill	135,059	136,039
Prepaid pension cost	92,208	88,705
Operating lease right-of-use assets	57,758	0
Deferred income taxes	5,044	5,094
Deferred charges and other assets	18,967	9,878
Total assets	1,798,191	1,697,274
Current liabilities:
Accounts payable	135,473	151,631
Accrued expenses	78,231	91,202
Dividends payable	17,880	17,923
Income taxes payable	10,382	6,431
Operating lease liabilities	13,484	0
Other current liabilities	4,523	4,114
Total current liabilities	259,973	271,301
Long-term debt	782,024	770,999
Operating lease liabilities-noncurrent	43,931	0
Other noncurrent liabilities	174,067	165,067
Total liabilities	1,259,995	1,207,367
Commitments and contingencies
Shareholders’ equity:
Common stock and paid-in capital (without par value; authorized shares - 80,000,000; issued and outstanding shares - 11,188,126 at March 31, 2019 and 11,184,482 at December 31, 2018)	431	0
Accumulated other comprehensive loss	(176,130)	(181,316)
Retained earnings	713,895	671,223
Total shareholders' equity	538,196	489,907
Total liabilities and shareholders’ equity	$ 1,798,191	$ 1,697,274

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, no par value
Common stock, authorized shares	80,000,000	80,000,000
Common stock, issued shares	11,188,126	11,184,482
Common stock, outstanding shares	11,188,126	11,184,482

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, 2017		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
Balance at Mar. 31, 2018	$ 654,785	$ 36	(132,691)	787,440
Balance (in shares) at Dec. 31, 2018	11,184,482	11,184,482
Balance at Dec. 31, 2018	$ 489,907	$ 0	(181,316)	671,223
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	62,205			62,205
Other comprehensive income (loss)	5,186		5,186
Cash dividends	(19,579)			(19,579)
Stock-based compensation (in shares)		3,644
Stock-based compensation	$ 477	$ 431		46
Balance (in shares) at Mar. 31, 2019	11,188,126	11,188,126
Balance at Mar. 31, 2019	$ 538,196	$ 431	$ (176,130)	$ 713,895

Consolidated Statements Of Sh_2

Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
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, 2019	Mar. 31, 2018
Statement of Cash Flows [Abstract]
Cash and cash equivalents at beginning of year	$ 73,040	$ 84,166
Cash flows from operating activities:
Net income	62,205	60,565
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	21,939	17,665
Deferred income tax expense	2,156	2,714
Working capital changes	(63,426)	(63,655)
Cash pension and postretirement contributions	(2,425)	(6,713)
Other, net	(1,317)	(536)
Net Cash Provided by (Used in) Operating Activities	19,132	10,040
Cash flows from investing activities:
Capital expenditures	(10,353)	(22,797)
Net Cash Provided by (Used in) Investing Activities	(10,353)	(22,797)
Cash flows from financing activities:
Net borrowings under revolving credit facility	16,072	22,000
Dividends paid	(19,579)	(20,629)
Repurchases of common stock	0	(632)
Other, net	(613)	(98)
Net Cash Provided by (Used in) Financing Activities	(4,120)	641
Effect of foreign exchange on cash and cash equivalents	548	780
Increase (decrease) in cash and cash equivalents	5,207	(11,336)
Cash and cash equivalents at end of period	$ 78,247	$ 72,830

Financial Statement Presentatio

Financial Statement Presentation	3 Months Ended
	Mar. 31, 2019
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, 2019 and December 31, 2018 , and our consolidated results of operations and comprehensive income, changes in shareholders' equity, and cash flows for the three months ended March 31, 2019 and March 31, 2018 . 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, 2018 ( 2018 Annual Report), as filed with the Securities and Exchange Commission (SEC). The results of operations for the three month period ended March 31, 2019 are not necessarily indicative of the results to be expected for the full year ending December 31, 2019 . The December 31, 2018 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. We adopted Accounting Standard Update No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" (ASU 2018-02) on January 1, 2019. 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 enactment of U.S. tax legislation commonly known as the Tax Cuts and Jobs Acts (Tax Reform Act) at the end of 2017. We elected not to reclassify those tax effects from accumulated other comprehensive income upon adoption of ASU 2018-02. We typically remove the tax impact in accumulated other comprehensive income when the underlying circumstance which gave rise to the tax impact no longer exists.

Net Sales

Net Sales	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Net Sales	Net Sales Our revenues are primarily derived from the manufacture and sale of petroleum additives products. We sell petroleum additives products across the world to customers located in the United States, Europe, Asia Pacific (including China), Latin America, Canada, India, and the Middle East. Our customers primarily consist of global, national, and independent oil companies. Our contracts generally include one performance obligation, which is providing petroleum additives 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. 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. Some of our contracts include variable consideration in the form of rebates or business development funds. 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. The following table provides information on our net sales by geographic area. Information on net sales by segment is in Note 3. Three Months Ended Three Months Ended (in thousands) 2019 2018 Net sales United States $ 172,014 $ 181,638 China 59,293 64,211 Europe, Middle East, Africa, India 168,319 198,660 Asia Pacific, except China 82,529 82,506 Other foreign 54,461 62,230 Net sales $ 536,616 $ 589,245

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information The tables below show our consolidated segment results. The “All other” category includes the operations of the antiknock compounds business, as well as certain contracted manufacturing and services associated with Ethyl Corporation (Ethyl). Net Sales by Segment Three Months Ended (in thousands) 2019 2018 Petroleum additives Lubricant additives $ 437,220 $ 485,049 Fuel additives 95,459 101,859 Total 532,679 586,908 All other 3,937 2,337 Net sales $ 536,616 $ 589,245 Segment Operating Profit Three Months Ended (in thousands) 2019 2018 Petroleum additives $ 87,863 $ 84,140 All other 511 (77 ) Segment operating profit 88,374 84,063 Corporate, general, and administrative expenses (5,094 ) (5,664 ) Interest and financing expenses, net (8,012 ) (5,164 ) Other income (expense), net 5,540 8,076 Income before income tax expense $ 80,808 $ 81,311

Pension Plans and Other Postret

Pension Plans and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2019
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, 2019 , as well as the remaining cash contributions we expect to make during the year ending December 31, 2019 , for our domestic and foreign pension plans and domestic postretirement benefit plan. (in thousands) Actual Cash Contributions for Three Months Ended March 31, 2019 Expected Remaining Cash Contributions for Year Ending December 31, 2019 Domestic plans Pension benefits $ 717 $ 2,151 Postretirement benefits 329 986 Foreign plans Pension benefits 1,379 4,306 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 reflected in cost of goods sold; selling, general, and administrative expenses; or research, development, and testing expenses, to reflect where other compensation costs arising from services rendered by the pertinent employee are recorded on the Consolidated Statements of Income. The remaining components of net periodic benefit cost (income) are recorded in other income (expense), net on the Consolidated Statements of Income. Domestic Pension Benefits Postretirement Benefits Three Months Ended March 31, (in thousands) 2019 2018 2019 2018 Service cost $ 3,623 $ 3,972 $ 194 $ 216 Interest cost 3,685 3,343 389 370 Expected return on plan assets (8,657 ) (7,445 ) (244 ) (249 ) Amortization of prior service cost (credit) (19 ) 7 (757 ) (757 ) Amortization of actuarial net (gain) loss 853 1,341 0 0 Net periodic benefit cost (income) $ (515 ) $ 1,218 $ (418 ) $ (420 ) Foreign Pension Benefits Three Months Ended March 31, (in thousands) 2019 2018 Service cost $ 1,640 $ 2,079 Interest cost 1,221 1,164 Expected return on plan assets (2,353 ) (2,557 ) Amortization of prior service cost (credit) (11 ) (21 ) Amortization of actuarial net (gain) loss 239 155 Net periodic benefit cost (income) $ 736 $ 820

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We had 22,536 shares of nonvested restricted stock at March 31, 2019 and 25,384 shares of nonvested restricted stock at March 31, 2018 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 (in thousands, except per-share amounts) 2019 2018 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 62,205 $ 60,565 Earnings allocated to participating securities 64 103 Net income attributable to common shareholders after allocation of earnings to participating securities $ 62,141 $ 60,462 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 11,166 11,762 Earnings per share - basic and diluted $ 5.57 $ 5.14

Inventories

Inventories	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories March 31, December 31, (in thousands) 2019 2018 Finished goods and work-in-process $ 317,776 $ 319,120 Raw materials 63,805 63,403 Stores, supplies, and other 14,079 13,818 $ 395,660 $ 396,341

Intangibles (Net of Amortizatio

Intangibles (Net of Amortization) and Goodwill	3 Months Ended
	Mar. 31, 2019
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 $135 million at March 31, 2019 and $136 million at December 31, 2018 . The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below. March 31, 2019 December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 9,600 $ 3,791 $ 9,600 $ 3,250 Contract 2,000 450 2,000 400 Customer bases 14,240 9,551 14,240 9,091 Goodwill 123,011 122,940 $ 148,851 $ 13,792 $ 148,780 $ 12,741 All of the intangibles relate to the petroleum additives segment. The change in the gross carrying amount between December 31, 2018 and March 31, 2019 is due to foreign currency fluctuation. There is no accumulated goodwill impairment. Amortization expense was (in thousands): Three months ended March 31, 2019 $ 1,051 Three months ended March 31, 2018 2,906 Estimated amortization expense for the remainder of 2019 , as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): 2019 $ 3,155 2020 2,907 2021 2,156 2022 1,423 2023 907 2024 390 We amortize the contract over 10 years; customer bases over 4 to 20 years; and formulas and technology over 3 to 6 years.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases On January 1, 2019, we adopted Accounting Standards Update No. 2016-02, "Leases (Topic 842)" (ASU 2016-02) using the modified retrospective transition method allowing us to apply the new standard at the adoption date and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Under this transition method, the prior comparative period continues to be reported under the accounting standards in effect for that period. We elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry-forward the historical lease classification of existing leases. In addition, we elected the hindsight practical expedient to determine the lease term for existing leases and also elected the practical expedient related to land easements, allowing us to carry-forward our accounting treatment for land easements on existing agreements. Except for the railcar lease class, we made an accounting policy election to adopt the short-term lease exception which allows us to not recognize on the balance sheet those leases with terms of 12 months or less resulting in short-term lease payments being recognized in the consolidated statements of income on a straight-line basis over the lease term. We also elected a practical expedient to not separate lease and nonlease components in determining the right-of-use assets and lease liabilities for all lease classes. Adoption of the new standard resulted in recognition of both right-of-use assets and lease liabilities of approximately $70 million as of January 1, 2019. As the right-of-use assets and lease liabilities were substantially the same at adoption, we did not record a cumulative effect adjustment to the opening balance of retained earnings. We have both operating and finance leases with remaining terms ranging from less than one year to 52 years . Our leases are for land, real estate, railcars, vehicles, pipelines, plant equipment, and office equipment. We determine if an arrangement includes a lease at the inception of the agreement. The right-of-use asset and lease liability is determined at the lease commencement date and is based on the present value of estimated lease payments. Our lease agreements contain both fixed and variable lease payments. In some cases, variable lease payments are based on a rate or an index. Fixed lease payments, as well as variable lease payments which are based on a rate or index, are included in the determination of the right-of-use asset and lease liability. Variable lease payments that are not based on a rate or index are expensed when incurred. The present value of estimated lease payments is determined utilizing the rate implicit in the lease agreement if that rate can be determined. If the implicit rate cannot be determined, the present value of estimated lease payments is determined utilizing our incremental borrowing rate. The incremental borrowing rate is determined at the lease commencement date and is developed utilizing a readily available market interest rate curve adjusted for our credit quality. Some of our leases include an option to renew that can extend the lease term. For those leases which are reasonably certain to be renewed, we included the renewal term in the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows: Three Months Ended March 31, (in thousands) 2019 Operating lease cost $ 4,229 Finance lease cost: Amortization of assets 633 Interest on lease liabilities 98 Short-term lease cost 1,175 Variable lease cost 392 Total lease cost $ 6,527 Variable lease costs also include leases that do not have a right-of-use asset or lease liability, but are capitalized as part of inventory. Supplemental balance sheet information related to leases was as follows: (in thousands) Balance Sheet Classification March 31, Operating leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 57,758 Current liability Operating lease liabilities $ 13,484 Noncurrent liability Operating lease liabilities-noncurrent 43,931 Total operating lease liabilities $ 57,415 Finance leases: Finance lease right-of-use assets Deferred charges and other assets $ 9,509 Current liability Other current liabilities $ 2,512 Noncurrent liability Other noncurrent liabilities 8,115 Total finance lease liabilities $ 10,627 March 31, Weighted average remaining lease term (in years): Operating leases 14 Finance leases 7 Weighted average incremental borrowing rate: Operating leases 4.08 % Finance leases 3.68 % Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, (in thousands) 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,279 Operating cash flows from finance leases 98 Financing cash flows from finance leases 613 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 4,202 Finance leases 5,134 Maturities of lease liabilities as of March 31, 2019 were as follows: (in thousands) Operating Leases Finance Leases 2019 (remainder) $ 11,491 $ 2,142 2020 13,598 2,856 2021 9,248 1,837 2022 6,851 806 2023 5,567 601 Thereafter 31,860 3,767 Total lease payments 78,615 12,009 Less: imputed interest 21,200 1,382 Total lease obligations $ 57,415 $ 10,627 Operating lease payments in the table above include approximately $16 million related to options to extend lease terms that are reasonably certain of being exercised. At March 31, 2019 , we have commitments of approximately $17 million related to leases that have not yet commenced and are not included in the above table. Future lease payments for all noncancelable operating leases as of December 31, 2018 were (in thousands): 2019 $ 17,223 2020 15,035 2021 10,502 2022 7,957 2023 6,810 After 2023 24,490

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2019
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) $ 347,823 $ 347,677 Senior notes - 3.78% due 2029 250,000 250,000 Revolving credit facility 184,201 168,129 Capital lease obligations 0 5,193 $ 782,024 $ 770,999 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 both issuances of the senior notes as of March 31, 2019 and December 31, 2018 . The revolving credit facility (the Credit Agreement) has a term of five years and matures on September 22, 2022 . The obligations under the Credit Agreement are unsecured and are fully and unconditionally guaranteed by NewMarket. The average interest rate for borrowings under the Credit Agreement was 3.3% during the first three months of 2019 and 3.0% during the full year of 2018 . We were in compliance with all covenants under the Credit Agreement as of March 31, 2019 and December 31, 2018 . The outstanding borrowings under the Credit Agreement amounted to $184 million at March 31, 2019 and $168 million at December 31, 2018 . Outstanding letters of credit amounted to $3 million at both March 31, 2019 and December 31, 2018 resulting in the unused portion of the credit facility amounting to $663 million at March 31, 2019 and $679 million at December 31, 2018 . The capital lease obligations were related to the Singapore manufacturing facility and were reclassified to finance lease liabilities on the Consolidated Balance Sheets with the adoption of ASU 2016-02 on January 1, 2019. See Note 8.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
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. 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 consolidated financial position, results of operations, and cash flows. Our total accruals for environmental remediation, dismantling, and decontamination were approximately $11 million at March 31, 2019 and $12 million at December 31, 2018 . 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 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 both March 31, 2019 and December 31, 2018 , using discount rates ranging from 3% to 9% for both periods. The aggregate undiscounted amount for these sites was $10 million at March 31, 2019 and $11 million at December 31, 2018 . 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 March 31, 2019 and December 31, 2018 . The amount related to remediation of groundwater and soil for the Texas site was $4 million at both March 31, 2019 and December 31, 2018 .

Other Comprehensive Income (Los

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2019
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, 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 ) Balance at December 31, 2018 $ (86,555 ) $ (94,761 ) $ (181,316 ) Other comprehensive income (loss) before reclassifications 0 4,946 4,946 Amounts reclassified from accumulated other comprehensive loss (a) 240 0 240 Other comprehensive income (loss) 240 4,946 5,186 Balance at March 31, 2019 $ (86,315 ) $ (89,815 ) $ (176,130 ) (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 Quarterly Report on Form 10-Q and Note 18 in our 2018 Annual Report for further information.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 $78 million at March 31, 2019 and $73 million at December 31, 2018 . The fair value is categorized in Level 1 of the fair value hierarchy. No material events occurred during the three months ended March 31, 2019 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 based on the last quoted price closest to March 31, 2019 . The fair value of our debt instruments is categorized as Level 2. March 31, 2019 December 31, 2018 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (excluding capital lease obligations) $ 782,024 $ 788,357 $ 765,806 $ 757,414

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements On January 1, 2019, we adopted ASU 2016-02, "Leases." Further information on the adoption is in Note 8. Also on January 1, 2019, we adopted ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". Further information on the adoption is in Note 1.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
New Accounting Pronouncements Policy	We adopted Accounting Standard Update No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" (ASU 2018-02) on January 1, 2019. 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 enactment of U.S. tax legislation commonly known as the Tax Cuts and Jobs Acts (Tax Reform Act) at the end of 2017. We elected not to reclassify those tax effects from accumulated other comprehensive income upon adoption of ASU 2018-02. We typically remove the tax impact in accumulated other comprehensive income when the underlying circumstance which gave rise to the tax impact no longer exists.
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.
Leases	Except for the railcar lease class, we made an accounting policy election to adopt the short-term lease exception which allows us to not recognize on the balance sheet those leases with terms of 12 months or less resulting in short-term lease payments being recognized in the consolidated statements of income on a straight-line basis over the lease term. We also elected a practical expedient to not separate lease and nonlease components in determining the right-of-use assets and lease liabilities for all lease classes. Adoption of the new standard resulted in recognition of both right-of-use assets and lease liabilities of approximately $70 million as of January 1, 2019. As the right-of-use assets and lease liabilities were substantially the same at adoption, we did not record a cumulative effect adjustment to the opening balance of retained earnings. We have both operating and finance leases with remaining terms ranging from less than one year to 52 years . Our leases are for land, real estate, railcars, vehicles, pipelines, plant equipment, and office equipment. We determine if an arrangement includes a lease at the inception of the agreement. The right-of-use asset and lease liability is determined at the lease commencement date and is based on the present value of estimated lease payments. Our lease agreements contain both fixed and variable lease payments. In some cases, variable lease payments are based on a rate or an index. Fixed lease payments, as well as variable lease payments which are based on a rate or index, are included in the determination of the right-of-use asset and lease liability. Variable lease payments that are not based on a rate or index are expensed when incurred. The present value of estimated lease payments is determined utilizing the rate implicit in the lease agreement if that rate can be determined. If the implicit rate cannot be determined, the present value of estimated lease payments is determined utilizing our incremental borrowing rate. The incremental borrowing rate is determined at the lease commencement date and is developed utilizing a readily available market interest rate curve adjusted for our credit quality. Some of our leases include an option to renew that can extend the lease term. For those leases which are reasonably certain to be renewed, we included the renewal term in the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Net Sales (Tables)

Net Sales (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Net Sales by Geographic Area	The following table provides information on our net sales by geographic area. Information on net sales by segment is in Note 3. Three Months Ended Three Months Ended (in thousands) 2019 2018 Net sales United States $ 172,014 $ 181,638 China 59,293 64,211 Europe, Middle East, Africa, India 168,319 198,660 Asia Pacific, except China 82,529 82,506 Other foreign 54,461 62,230 Net sales $ 536,616 $ 589,245

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Net Sales by Segment	Net Sales by Segment Three Months Ended (in thousands) 2019 2018 Petroleum additives Lubricant additives $ 437,220 $ 485,049 Fuel additives 95,459 101,859 Total 532,679 586,908 All other 3,937 2,337 Net sales $ 536,616 $ 589,245
Segment Operating Profit	Segment Operating Profit Three Months Ended (in thousands) 2019 2018 Petroleum additives $ 87,863 $ 84,140 All other 511 (77 ) Segment operating profit 88,374 84,063 Corporate, general, and administrative expenses (5,094 ) (5,664 ) Interest and financing expenses, net (8,012 ) (5,164 ) Other income (expense), net 5,540 8,076 Income before income tax expense $ 80,808 $ 81,311

Pension Plans and Other Postr_2

Pension Plans and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 , as well as the remaining cash contributions we expect to make during the year ending December 31, 2019 , for our domestic and foreign pension plans and domestic postretirement benefit plan. (in thousands) Actual Cash Contributions for Three Months Ended March 31, 2019 Expected Remaining Cash Contributions for Year Ending December 31, 2019 Domestic plans Pension benefits $ 717 $ 2,151 Postretirement benefits 329 986 Foreign plans Pension benefits 1,379 4,306
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 reflected in cost of goods sold; selling, general, and administrative expenses; or research, development, and testing expenses, to reflect where other compensation costs arising from services rendered by the pertinent employee are recorded on the Consolidated Statements of Income. The remaining components of net periodic benefit cost (income) are recorded in other income (expense), net on the Consolidated Statements of Income. Domestic Pension Benefits Postretirement Benefits Three Months Ended March 31, (in thousands) 2019 2018 2019 2018 Service cost $ 3,623 $ 3,972 $ 194 $ 216 Interest cost 3,685 3,343 389 370 Expected return on plan assets (8,657 ) (7,445 ) (244 ) (249 ) Amortization of prior service cost (credit) (19 ) 7 (757 ) (757 ) Amortization of actuarial net (gain) loss 853 1,341 0 0 Net periodic benefit cost (income) $ (515 ) $ 1,218 $ (418 ) $ (420 ) Foreign Pension Benefits Three Months Ended March 31, (in thousands) 2019 2018 Service cost $ 1,640 $ 2,079 Interest cost 1,221 1,164 Expected return on plan assets (2,353 ) (2,557 ) Amortization of prior service cost (credit) (11 ) (21 ) Amortization of actuarial net (gain) loss 239 155 Net periodic benefit cost (income) $ 736 $ 820

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. Three Months Ended (in thousands, except per-share amounts) 2019 2018 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 62,205 $ 60,565 Earnings allocated to participating securities 64 103 Net income attributable to common shareholders after allocation of earnings to participating securities $ 62,141 $ 60,462 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 11,166 11,762 Earnings per share - basic and diluted $ 5.57 $ 5.14

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Schedule of Inventories	March 31, December 31, (in thousands) 2019 2018 Finished goods and work-in-process $ 317,776 $ 319,120 Raw materials 63,805 63,403 Stores, supplies, and other 14,079 13,818 $ 395,660 $ 396,341

Intangibles (Net of Amortizat_2

Intangibles (Net of Amortization) and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 9,600 $ 3,791 $ 9,600 $ 3,250 Contract 2,000 450 2,000 400 Customer bases 14,240 9,551 14,240 9,091 Goodwill 123,011 122,940 $ 148,851 $ 13,792 $ 148,780 $ 12,741
Schedule Of Amortization Expense	Amortization expense was (in thousands): Three months ended March 31, 2019 $ 1,051 Three months ended March 31, 2018 2,906
Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets	Estimated amortization expense for the remainder of 2019 , as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): 2019 $ 3,155 2020 2,907 2021 2,156 2022 1,423 2023 907 2024 390

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended March 31, (in thousands) 2019 Operating lease cost $ 4,229 Finance lease cost: Amortization of assets 633 Interest on lease liabilities 98 Short-term lease cost 1,175 Variable lease cost 392 Total lease cost $ 6,527
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases was as follows: (in thousands) Balance Sheet Classification March 31, Operating leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 57,758 Current liability Operating lease liabilities $ 13,484 Noncurrent liability Operating lease liabilities-noncurrent 43,931 Total operating lease liabilities $ 57,415 Finance leases: Finance lease right-of-use assets Deferred charges and other assets $ 9,509 Current liability Other current liabilities $ 2,512 Noncurrent liability Other noncurrent liabilities 8,115 Total finance lease liabilities $ 10,627 March 31, Weighted average remaining lease term (in years): Operating leases 14 Finance leases 7 Weighted average incremental borrowing rate: Operating leases 4.08 % Finance leases 3.68 %
Supplemental Cash Flow and Other Information	Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, (in thousands) 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,279 Operating cash flows from finance leases 98 Financing cash flows from finance leases 613 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 4,202 Finance leases 5,134
Maturities of Operating And Finance Lease Liabilities	Maturities of lease liabilities as of March 31, 2019 were as follows: (in thousands) Operating Leases Finance Leases 2019 (remainder) $ 11,491 $ 2,142 2020 13,598 2,856 2021 9,248 1,837 2022 6,851 806 2023 5,567 601 Thereafter 31,860 3,767 Total lease payments 78,615 12,009 Less: imputed interest 21,200 1,382 Total lease obligations $ 57,415 $ 10,627
Schedule of Future Lease Payments for Noncancelable Operating Leases	Future lease payments for all noncancelable operating leases as of December 31, 2018 were (in thousands): 2019 $ 17,223 2020 15,035 2021 10,502 2022 7,957 2023 6,810 After 2023 24,490

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
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) $ 347,823 $ 347,677 Senior notes - 3.78% due 2029 250,000 250,000 Revolving credit facility 184,201 168,129 Capital lease obligations 0 5,193 $ 782,024 $ 770,999

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2019
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, 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 ) Balance at December 31, 2018 $ (86,555 ) $ (94,761 ) $ (181,316 ) Other comprehensive income (loss) before reclassifications 0 4,946 4,946 Amounts reclassified from accumulated other comprehensive loss (a) 240 0 240 Other comprehensive income (loss) 240 4,946 5,186 Balance at March 31, 2019 $ (86,315 ) $ (89,815 ) $ (176,130 ) (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 Quarterly Report on Form 10-Q and Note 18 in our 2018 Annual Report for further information.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Estimated Fair Value Of Long-Term Debt	March 31, 2019 December 31, 2018 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (excluding capital lease obligations) $ 782,024 $ 788,357 $ 765,806 $ 757,414

Net Sales (Schedule of Net Sale

Net Sales (Schedule of Net Sales by Geographical Area) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 536,616	$ 589,245
United States
Disaggregation of Revenue [Line Items]
Net sales	172,014	181,638
China
Disaggregation of Revenue [Line Items]
Net sales	59,293	64,211
Europe, Middle East, Africa, India [Member]
Disaggregation of Revenue [Line Items]
Net sales	168,319	198,660
Asia Pacfic excl China [Member]
Disaggregation of Revenue [Line Items]
Net sales	82,529	82,506
Other Foreign [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 54,461	$ 62,230

Segment Information (Net Sales

Segment Information (Net Sales By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Information [Line Items]
Net sales	$ 536,616	$ 589,245
Operating Segments [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Net sales	532,679	586,908
Operating Segments [Member] | All Other [Member]
Segment Information [Line Items]
Net sales	3,937	2,337
Operating Segments [Member] | Lubricant Additives [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Net sales	437,220	485,049
Operating Segments [Member] | Fuel Additives [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Net sales	$ 95,459	$ 101,859

Segment Information (Segment Op

Segment Information (Segment Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Information [Line Items]
Segment operating profit	$ 82,872	$ 81,575
Corporate, general, and administrative expenses	(36,773)	(40,913)
Interest and financing expenses, net	(8,012)	(5,164)
Other income (expense), net	5,948	4,900
Income before income tax expense	80,808	81,311
Operating Segments [Member]
Segment Information [Line Items]
Segment operating profit	88,374	84,063
Operating Segments [Member] | Petroleum Additives [Member]
Segment Information [Line Items]
Segment operating profit	87,863	84,140
Operating Segments [Member] | All Other [Member]
Segment Information [Line Items]
Segment operating profit	511	(77)
Corporate, Non-Segment [Member]
Segment Information [Line Items]
Corporate, general, and administrative expenses	(5,094)	(5,664)
Other income (expense), net	$ 5,540	$ 8,076

Pension Plans and Other Postr_3

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, 2019USD ($)
Pension Plan [Member] | Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions	$ 717
Expected Remaining Cash Contributions	2,151
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions	1,379
Expected Remaining Cash Contributions	4,306
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions	329
Expected Remaining Cash Contributions	$ 986

Pension Plans and Other Postr_4

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, 2019	Mar. 31, 2018
Pension Plan [Member] | Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3,623	$ 3,972
Interest cost	3,685	3,343
Expected return on plan assets	(8,657)	(7,445)
Amortization of prior service cost (credit)	(19)	7
Amortization of actuarial net (gain) loss	853	1,341
Net periodic benefit cost (income)	(515)	1,218
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,640	2,079
Interest cost	1,221	1,164
Expected return on plan assets	(2,353)	(2,557)
Amortization of prior service cost (credit)	(11)	(21)
Amortization of actuarial net (gain) loss	239	155
Net periodic benefit cost (income)	736	820
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	194	216
Interest cost	389	370
Expected return on plan assets	(244)	(249)
Amortization of prior service cost (credit)	(757)	(757)
Amortization of actuarial net (gain) loss	0	0
Net periodic benefit cost (income)	$ (418)	$ (420)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Anti-dilutive shares of nonvested restricted stock that were excluded from the calculation of diluted earnings per share (in shares)	22,536	25,384
Earnings per share numerator:
Net income attributable to common shareholders before allocation of earnings to participating securities	$ 62,205	$ 60,565
Earnings allocated to participating securities	64	103
Net income attributable to common shareholders after allocation of earnings to participating securities	$ 62,141	$ 60,462
Earnings per share denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares)	11,166,000	11,762,000
Earnings per share - basic and diluted (in dollars per share)	$ 5.57	$ 5.14

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods and work-in-process	$ 317,776	$ 319,120
Raw materials	63,805	63,403
Stores, supplies, and other	14,079	13,818
Inventories	$ 395,660	$ 396,341

Intangibles (Net of Amortizat_3

Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Net carrying amount of intangibles and goodwill	$ 135,059,000	$ 136,039,000
Accumulated goodwill impairment	$ 0	$ 0
Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	10 years
Minimum [Member] | Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	4 years
Minimum [Member] | Formulas And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	3 years
Maximum [Member] | Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	20 years
Maximum [Member] | Formulas And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	6 years

Intangibles (Net of Amortizat_4

Intangibles (Net of Amortization) and Goodwill (Schedule Of Information Related To Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Accumulated Amortization	$ 13,792	$ 12,741
Goodwill, Gross Carrying Amount	123,011	122,940
Amortizing intangible assets and Goodwill, Gross Carrying Amount	148,851	148,780
Formulas And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	9,600	9,600
Amortizing intangible assets, Accumulated Amortization	3,791	3,250
Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	2,000	2,000
Amortizing intangible assets, Accumulated Amortization	450	400
Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	14,240	14,240
Amortizing intangible assets, Accumulated Amortization	$ 9,551	$ 9,091

Intangibles (Net of Amortizat_5

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, 2019	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,051	$ 2,906
2019	3,155
2020	2,907
2021	2,156
2022	1,423
2023	907
2024	$ 390

Leases Narrative (Details)

Leases Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
ROU assets recorded		$ 70
Lease liabilities recorded		$ 70
Lessee Operating Lease Option to Extend Reasonably Certain	$ 16
Lease commitments that have not yet commenced	$ 17
Lessee, Operating Lease, Existence of Option to Extend	true
Lease, Practical Expedients, Package	true
Lease, Practical Expedient, Use of Hindsight	true
Short-term Lease, Commitment	false
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating and finance leases remaining terms	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating and finance leases remaining terms	52 years

Leases Components of Lease Expe

Leases Components of Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 4,229
Finance lease cost:
Amortization of assets	633
Interest on lease liabilities	98
Short-term lease cost	1,175
Variable lease cost	392
Total lease cost	$ 6,527

Leases Supplemental Balance She

Leases Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Operating leases:
Operating lease right-of-use assets	$ 57,758	$ 0
Current liability	13,484	0
Noncurrent liability	43,931	$ 0
Total operating lease liabilities	57,415
Finance leases:
Finance lease right-of-use assets	9,509
Current liability	2,512
Noncurrent liability	8,115
Total finance lease liabilities	$ 10,627
Weighted average remaining lease term (in years)
Operating leases	14 years
Finance leases	7 years
Weighted average discount rate
Operating leases	4.08%
Finance leases	3.68%

Leases Supplemental Cash Flow a

Leases Supplemental Cash Flow and Other Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 4,279
Operating cash flows from finance leases	98
Financing cash flows from finance leases	613
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	4,202
Finance leases	$ 5,134

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating Leases
2019 (remainder)	$ 11,491
2020	13,598
2021	9,248
2022	6,851
2023	5,567
Thereafter	31,860
Total lease payments	78,615
Less: imputed interest	21,200
Total lease obligations	57,415
Finance Leases
2019 (remainder)	2,142
2020	2,856
2021	1,837
2022	806
2023	601
Thereafter	3,767
Total lease payments	12,009
Less: imputed interest	1,382
Total lease obligations	$ 10,627

Leases Future Operating Lease P

Leases Future Operating Lease Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 17,223
2020	15,035
2021	10,502
2022	7,957
2023	6,810
After 2023	$ 24,490

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Outstanding borrowings	$ 782,024,000	$ 770,999,000
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	3.30%	3.00%
Outstanding borrowings	$ 184,201,000	$ 168,129,000
Outstanding letters of credit	3,000,000	3,000,000
Unused portion of revolving credit facility	663,000,000	$ 679,000,000
4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 350,000,000
Senior notes, interest rate	4.10%	4.10%
Outstanding borrowings	$ 347,823,000	$ 347,677,000
3.78% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, interest rate	3.78%	3.78%
Outstanding borrowings	$ 250,000,000	$ 250,000,000

Long-term Debt (Schedule Of Lon

Long-term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 782,024	$ 770,999
4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 347,823	$ 347,677
Senior notes, interest rate	4.10%	4.10%
Debt instruments maturity date	2022	2022
3.78% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 250,000	$ 250,000
Senior notes, interest rate	3.78%	3.78%
Debt instruments maturity date	2029	2029
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 184,201	$ 168,129
Capital Lease Obligation [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 0	$ 5,193

Commitments and Contingencies (

Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Site Contingency [Line Items]
Accruals for environmental remediation, dismantling, and decontamination	$ 11	$ 12
Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member]
Site Contingency [Line Items]
Accruals for environmental remediation, dismantling, and decontamination	8	8
Accruals for environmental remediation, dismantling, and decontamination, undiscounted	10	11
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	$ 4
Minimum [Member] | Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member]
Site Contingency [Line Items]
Discount rate	3.00%	3.00%
Maximum [Member] | Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member]
Site Contingency [Line Items]
Discount rate	9.00%	9.00%

Other Comprehensive Income (L_3

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, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Pension Plans and Other Postretirement Benefits, Beginning Balance		$ (86,555)	$ (63,520)
Foreign Currency Translation Adjustments, Beginning Balance		(94,761)	(82,474)
Accumulated Other Comprehensive (Loss) Income, Beginning Balance		(181,316)	(145,994)
Other comprehensive income (loss) before reclassifications, Pension Plans and Other Postretirement Benefits		0	0
Other comprehensive income (loss) before reclassifications, Foreign Currency Translation Adjustments		4,946	12,758
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive (Loss) Income		4,946	12,758
Amounts reclassified from accumulated other comprehensive loss, Pension Plans and Other Postretirement Benefits	[1]	240	545
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		240	545
Total pension plans and other postretirement benefits		240	545
Other comprehensive income (loss), Foreign Currency Translation Adjustments		4,946	12,758
Other comprehensive income (loss)		5,186	13,303
Pension Plans and Other Postretirement Benefits, Ending Balance		(86,315)	(62,975)
Foreign Currency Translation Adjustments, Ending Balance		(89,815)	(69,716)
Accumulated Other Comprehensive (Loss) Income, Ending Balance		$ (176,130)	$ (132,691)
[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 Quarterly Report on Form 10-Q and Note 18 in our 2018 Annual Report for further information.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 78,247	$ 73,040	$ 72,830	$ 84,166
4.10% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes, interest rate	4.10%	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	$ 78,247	$ 73,040
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	$ 78,247	$ 73,040

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt (excluding capital lease obligations)	$ 782,024	$ 765,806
Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Long-term debt (excluding capital lease obligations), Fair Value	$ 788,357	$ 757,414