Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2019shares | |
Cover page. | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2019 |
Document Transition Report | false |
Entity File Number | 1-32190 |
Entity Registrant Name | NEWMARKET CORPORATION |
Entity Incorporation, State or Country Code | VA |
Entity Tax Identification Number | 20-0812170 |
Entity Address, Address Line One | 330 South Fourth Street |
Entity Address, City or Town | Richmond, |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 23219-4350 |
City Area Code | 804 |
Local Phone Number | 788-5000 |
Title of 12(b) Security | Common Stock, without par value |
Trading Symbol | NEU |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Small Business Company | false |
Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 11,189,222 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0001282637 |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 555,817 | $ 563,166 | $ 1,655,850 | $ 1,751,363 |
Cost of Goods Sold | 393,090 | 422,283 | 1,169,421 | 1,307,838 |
Gross profit | 162,727 | 140,883 | 486,429 | 443,525 |
Selling, general, and administrative expenses | 38,122 | 37,741 | 109,916 | 120,653 |
Research, development, and testing expenses | 36,387 | 34,994 | 106,748 | 106,018 |
Operating profit | 88,218 | 68,148 | 269,765 | 216,854 |
Interest and financing expenses, net | 6,987 | 7,807 | 22,740 | 18,536 |
Other income (expense), net | 6,227 | 7,973 | 17,932 | 20,872 |
Income before income tax expense | 87,458 | 68,314 | 264,957 | 219,190 |
Income tax expense | 19,653 | 9,833 | 60,773 | 47,259 |
Net income | $ 67,805 | $ 58,481 | $ 204,184 | $ 171,931 |
Earnings per share - basic and diluted (in dollars per share) | $ 6.06 | $ 5.12 | $ 18.26 | $ 14.78 |
Cash dividends declared per share (in dollars per share) | $ 1.90 | $ 1.75 | $ 5.40 | $ 5.25 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 67,805 | $ 58,481 | $ 204,184 | $ 171,931 |
Pension plans and other postretirement benefits: | ||||
Amortization of prior service cost (credit) included in net periodic benefit cost (income), net of income tax expense (benefit) of $(185) in third quarter 2019, $(180) in third quarter 2018, $(556) in nine months 2019 and $(541) in nine months 2018 | (600) | (591) | (1,802) | (1,773) |
Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of $771 in third quarter and nine months 2019 and $(51) in third quarter and nine months 2018 | 2,501 | (163) | 2,501 | (163) |
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), net of income tax expense (benefit) of $169 in third quarter 2019, $318 in third quarter 2018, $674 in nine months 2019 and $1,037 in nine months 2018 | 570 | 1,003 | 2,245 | 3,270 |
Total pension plans and other postretirement benefits | 2,471 | 249 | 2,944 | 1,334 |
Foreign currency translation adjustments, net of income tax expense (benefit) of $(324) in third quarter 2019, $(109) in third quarter 2018, $(317) in nine months 2019 and $(653) in nine months 2018 | (9,819) | (3,760) | (9,239) | (3,793) |
Other comprehensive income (loss) | (7,348) | (3,511) | (6,295) | (2,459) |
Comprehensive income | $ 60,457 | $ 54,970 | $ 197,889 | $ 169,472 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 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) | $ (556) | $ (541) |
Actuarial net gain (loss) arising during the period, income tax expense (benefit) | 771 | (51) | 771 | (51) |
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), income tax expense (benefit) | 169 | 318 | 674 | 1,037 |
Foreign currency translation adjustments, income tax expense (benefit) | $ (324) | $ (109) | $ (317) | $ (653) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 79,971 | $ 73,040 |
Trade and other accounts receivable, less allowance for doubtful accounts | 340,752 | 314,860 |
Inventories | 370,934 | 396,341 |
Prepaid expenses and other current assets | 35,276 | 29,179 |
Total current assets | 826,933 | 813,420 |
Property, plant, and equipment, net | 623,961 | 644,138 |
Intangibles (net of amortization) and goodwill | 132,822 | 136,039 |
Prepaid pension cost | 100,758 | 88,705 |
Operating lease right-of-use assets | 58,377 | 0 |
Deferred income taxes | 4,973 | 5,094 |
Deferred charges and other assets | 23,171 | 9,878 |
Total assets | 1,770,995 | 1,697,274 |
Current liabilities: | ||
Accounts payable | 154,650 | 151,631 |
Accrued expenses | 75,928 | 91,202 |
Dividends payable | 19,441 | 17,923 |
Income taxes payable | 12,348 | 6,431 |
Operating lease liabilities | 13,811 | 0 |
Other current liabilities | 4,300 | 4,114 |
Total current liabilities | 280,478 | 271,301 |
Long-term debt | 639,983 | 770,999 |
Operating lease liabilities-noncurrent | 44,398 | 0 |
Other noncurrent liabilities | 176,798 | 165,067 |
Total liabilities | 1,141,657 | 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 - 11,189,222 at September 30, 2019 and 11,184,482 at December 31, 2018) | 1,914 | 0 |
Accumulated other comprehensive loss | (187,611) | (181,316) |
Retained earnings | 815,035 | 671,223 |
Total shareholders' equity | 629,338 | 489,907 |
Total liabilities and shareholders’ equity | $ 1,770,995 | $ 1,697,274 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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 | 11,189,222 | 11,184,482 |
Common stock, outstanding shares | 11,189,222 | 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 | 171,931 | 171,931 | ||
Other comprehensive income (loss) | (2,459) | (2,459) | ||
Cash dividends | (60,778) | (60,778) | ||
Repurchases of common stock (in shares) | (385,181) | |||
Repurchases of common stock | (148,649) | $ (2,366) | (146,283) | |
Stock-based compensation (in shares) | 9,234 | |||
Stock-based compensation | 2,378 | $ 2,366 | 12 | |
Balance (in shares) at Sep. 30, 2018 | 11,404,031 | |||
Balance at Sep. 30, 2018 | 564,072 | $ 0 | (148,453) | 712,525 |
Balance (in shares) at Jun. 30, 2018 | 11,465,814 | |||
Balance at Jun. 30, 2018 | 552,481 | $ 0 | (144,942) | 697,423 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 58,481 | 58,481 | ||
Other comprehensive income (loss) | (3,511) | (3,511) | ||
Cash dividends | (19,957) | (19,957) | ||
Repurchases of common stock (in shares) | (62,428) | |||
Repurchases of common stock | (24,570) | $ (1,141) | (23,429) | |
Stock-based compensation (in shares) | 645 | |||
Stock-based compensation | 1,148 | $ 1,141 | 7 | |
Balance (in shares) at Sep. 30, 2018 | 11,404,031 | |||
Balance at Sep. 30, 2018 | $ 564,072 | $ 0 | (148,453) | 712,525 |
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 | 204,184 | 204,184 | ||
Other comprehensive income (loss) | (6,295) | (6,295) | ||
Cash dividends | (60,418) | (60,418) | ||
Stock-based compensation (in shares) | 4,740 | |||
Stock-based compensation | $ 1,960 | $ 1,914 | 46 | |
Balance (in shares) at Sep. 30, 2019 | 11,189,222 | 11,189,222 | ||
Balance at Sep. 30, 2019 | $ 629,338 | $ 1,914 | (187,611) | 815,035 |
Balance (in shares) at Jun. 30, 2019 | 11,188,126 | |||
Balance at Jun. 30, 2019 | 589,176 | $ 949 | (180,263) | 768,490 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 67,805 | 67,805 | ||
Other comprehensive income (loss) | (7,348) | (7,348) | ||
Cash dividends | (21,260) | (21,260) | ||
Stock-based compensation (in shares) | 1,096 | |||
Stock-based compensation | $ 965 | $ 965 | ||
Balance (in shares) at Sep. 30, 2019 | 11,189,222 | 11,189,222 | ||
Balance at Sep. 30, 2019 | $ 629,338 | $ 1,914 | $ (187,611) | $ 815,035 |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 1.90 | $ 1.75 | $ 5.40 | $ 5.25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 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 | 204,184 | 171,931 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation and amortization | 65,500 | 53,463 |
Deferred income tax expense | 3,982 | 10,257 |
Working capital changes | (35,997) | (69,190) |
Cash pension and postretirement contributions | (7,308) | (61,860) |
Other, net | 2,886 | (3,456) |
Net Cash Provided by (Used in) Operating Activities | 233,247 | 101,145 |
Cash flows from investing activities: | ||
Capital expenditures | (37,132) | (55,136) |
Other, net | 0 | 14,573 |
Net Cash Provided by (Used in) Investing Activities | (37,132) | (40,563) |
Cash flows from financing activities: | ||
Net (repayments) borrowings under revolving credit facility | (126,262) | 215,619 |
Dividends paid | (60,418) | (60,778) |
Repurchases of common stock | 0 | (148,649) |
Other, net | (1,899) | (242) |
Net Cash Provided by (Used in) Financing Activities | (188,579) | 5,950 |
Effect of foreign exchange on cash and cash equivalents | (605) | (2,763) |
Increase in cash and cash equivalents | 6,931 | 63,769 |
Cash and cash equivalents at end of period | $ 79,971 | $ 147,935 |
Financial Statement Presentatio
Financial Statement Presentation | 9 Months Ended |
Sep. 30, 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 September 30, 2019 and December 31, 2018 , our consolidated results of operations, comprehensive income, and changes in shareholders' equity for the third quarter and nine months ended September 30, 2019 and September 30, 2018 , and our cash flows for the nine months ended September 30, 2019 and September 30, 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 nine month period ended September 30, 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. |
Net Sales
Net Sales | 9 Months Ended |
Sep. 30, 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. Third Quarter Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Net sales United States $ 191,830 $ 180,142 $ 551,875 $ 547,005 China 49,219 57,891 170,627 183,980 Europe, Middle East, Africa, India 179,685 180,850 526,597 588,248 Asia Pacific, except China 77,823 87,661 240,653 254,350 Other foreign 57,260 56,622 166,098 177,780 Net sales $ 555,817 $ 563,166 $ 1,655,850 $ 1,751,363 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 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 Third Quarter Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Petroleum additives Lubricant additives $ 448,629 $ 462,865 $ 1,348,508 $ 1,440,227 Fuel additives 101,997 97,657 295,621 303,405 Total 550,626 560,522 1,644,129 1,743,632 All other 5,191 2,644 11,721 7,731 Net sales $ 555,817 $ 563,166 $ 1,655,850 $ 1,751,363 Segment Operating Profit Third Quarter Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Petroleum additives $ 94,765 $ 75,824 $ 285,620 $ 231,494 All other (77 ) (2,295 ) 92 (1,966 ) Segment operating profit 94,688 73,529 285,712 229,528 Corporate, general, and administrative expenses (6,473 ) (5,402 ) (15,842 ) (16,033 ) Interest and financing expenses, net (6,987 ) (7,807 ) (22,740 ) (18,536 ) Other income (expense), net 6,230 7,994 17,827 24,231 Income before income tax expense $ 87,458 $ 68,314 $ 264,957 $ 219,190 |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 Nine Months Ended September 30, 2019 Expected Remaining Cash Contributions for Year Ending December 31, 2019 Domestic plans Pension benefits $ 2,227 $ 742 Postretirement benefits 934 311 Foreign plans Pension benefits 4,147 1,505 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 Third Quarter Ended September 30, (in thousands) 2019 2018 2019 2018 Service cost $ 2,809 $ 3,599 $ 150 $ 239 Interest cost 3,478 3,257 358 355 Expected return on plan assets (8,661 ) (7,523 ) (223 ) (228 ) Amortization of prior service cost (credit) (19 ) 7 (757 ) (757 ) Amortization of actuarial net (gain) loss 507 1,172 0 0 Net periodic benefit cost (income) $ (1,886 ) $ 512 $ (472 ) $ (391 ) Domestic Pension Benefits Postretirement Benefits Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Service cost $ 10,056 $ 11,543 $ 538 $ 672 Interest cost 10,849 9,942 1,136 1,094 Expected return on plan assets (25,975 ) (22,413 ) (711 ) (726 ) Amortization of prior service cost (credit) (57 ) 20 (2,271 ) (2,271 ) Amortization of actuarial net (gain) loss 2,214 3,854 0 0 Net periodic benefit cost (income) $ (2,913 ) $ 2,946 $ (1,308 ) $ (1,231 ) Foreign Pension Benefits Third Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Service cost $ 1,575 $ 1,975 $ 4,833 $ 6,114 Interest cost 1,166 1,105 3,593 3,425 Expected return on plan assets (2,238 ) (2,423 ) (6,918 ) (7,519 ) Amortization of prior service cost (credit) (11 ) (20 ) (32 ) (62 ) Amortization of actuarial net (gain) loss 230 148 704 456 Net periodic benefit cost (income) $ 722 $ 785 $ 2,180 $ 2,414 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We had 22,512 shares of nonvested restricted stock at September 30, 2019 and 24,832 shares of nonvested restricted stock at September 30, 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. Third Quarter Ended Nine Months Ended (in thousands, except per-share amounts) 2019 2018 2019 2018 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 67,805 $ 58,481 $ 204,184 $ 171,931 Earnings allocated to participating securities 137 121 348 340 Net income attributable to common shareholders after allocation of earnings to participating securities $ 67,668 $ 58,360 $ 203,836 $ 171,591 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 11,167 11,409 11,166 11,606 Earnings per share - basic and diluted $ 6.06 $ 5.12 $ 18.26 $ 14.78 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories September 30, December 31, (in thousands) 2019 2018 Finished goods and work-in-process $ 297,515 $ 319,120 Raw materials 58,982 63,403 Stores, supplies, and other 14,437 13,818 $ 370,934 $ 396,341 |
Intangibles (Net of Amortizatio
Intangibles (Net of Amortization) and Goodwill | 9 Months Ended |
Sep. 30, 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 $133 million at September 30, 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. September 30, 2019 December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 9,600 $ 4,875 $ 9,600 $ 3,250 Contract 2,000 550 2,000 400 Customer bases 14,240 10,470 14,240 9,091 Goodwill 122,877 122,940 $ 148,717 $ 15,895 $ 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 September 30, 2019 is due to foreign currency fluctuation. There is no accumulated goodwill impairment. Amortization expense was (in thousands): Third quarter ended September 30, 2019 $ 1,051 Nine months ended September 30, 2019 3,154 Third quarter ended September 30, 2018 1,470 Nine months ended September 30, 2018 5,944 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 $ 1,052 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 |
Leases
Leases | 9 Months Ended |
Sep. 30, 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: Third Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2019 Operating lease cost $ 4,293 $ 12,821 Finance lease cost: Amortization of assets 684 1,953 Interest on lease liabilities 108 300 Short-term lease cost 812 2,776 Variable lease cost 611 1,653 Total lease cost $ 6,508 $ 19,503 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 September 30, Operating leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 58,377 Current liability Operating lease liabilities $ 13,811 Noncurrent liability Operating lease liabilities-noncurrent 44,398 Total operating lease liabilities $ 58,209 Finance leases: Finance lease right-of-use assets Deferred charges and other assets $ 12,401 Current liability Other current liabilities $ 2,814 Noncurrent liability Other noncurrent liabilities 10,667 Total finance lease liabilities $ 13,481 September 30, Weighted average remaining lease term (in years): Operating leases 14 Finance leases 9 Weighted average incremental borrowing rate: Operating leases 3.97 % Finance leases 3.47 % Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, (in thousands) 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,374 Operating cash flows from finance leases 300 Financing cash flows from finance leases 1,899 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 12,820 Finance leases 9,345 Maturities of lease liabilities as of September 30, 2019 were as follows: (in thousands) Operating Leases Finance Leases 2019 (remainder) $ 4,099 $ 807 2020 14,891 3,228 2021 10,580 2,208 2022 8,012 1,175 2023 6,490 965 Thereafter 34,819 7,226 Total lease payments 78,891 15,609 Less: imputed interest 20,682 2,128 Total lease obligations $ 58,209 $ 13,481 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 September 30, 2019 , we had commitments of approximately $40 million related to leases that have not yet commenced and are not included in the above table. Most of the commitments relate to plant and equipment that is being constructed or procured by the future lessors. These leases are expected to commence in 2020 and 2021. 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 | 9 Months Ended |
Sep. 30, 2019 | |
Long-term Debt and Lease Obligation [Abstract] | |
Long-term Debt | Long-term Debt (in thousands) September 30, December 31, Senior notes - 4.10% due 2022 (net of related deferred financing costs) $ 348,116 $ 347,677 Senior notes - 3.78% due 2029 250,000 250,000 Revolving credit facility 41,867 168,129 Capital lease obligations 0 5,193 $ 639,983 $ 770,999 The outstanding 4.10% senior notes are unsecured, with 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 September 30, 2019 and December 31, 2018 . The revolving credit facility (the Credit Agreement) has a borrowing capacity of $850 million , 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 3.2% during the first nine 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 September 30, 2019 and December 31, 2018 . The outstanding borrowings under the Credit Agreement amounted to $42 million at September 30, 2019 and $168 million at December 31, 2018 . Outstanding letters of credit approximate to $3 million at both September 30, 2019 and December 31, 2018 resulting in the unused portion of the credit facility amounting to $805 million at September 30, 2019 and $679 million at December 31, 2018 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 2019 and December 31, 2018 . The amount related to remediation of groundwater and soil for the Texas site was $4 million at both September 30, 2019 and December 31, 2018 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 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 (163 ) (3,793 ) (3,956 ) Amounts reclassified from accumulated other comprehensive loss (a) 1,497 0 1,497 Other comprehensive income (loss) 1,334 (3,793 ) (2,459 ) Balance at September 30, 2018 $ (62,186 ) $ (86,267 ) $ (148,453 ) Balance at December 31, 2018 $ (86,555 ) $ (94,761 ) $ (181,316 ) Other comprehensive income (loss) before reclassifications 2,501 (9,239 ) (6,738 ) Amounts reclassified from accumulated other comprehensive loss (a) 443 0 443 Other comprehensive income (loss) 2,944 (9,239 ) (6,295 ) Balance at September 30, 2019 $ (83,611 ) $ (104,000 ) $ (187,611 ) (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 | 9 Months Ended |
Sep. 30, 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 $80 million at September 30, 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 nine months ended September 30, 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 September 30, 2019 . The fair value of our debt instruments is categorized as Level 2. September 30, 2019 December 31, 2018 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (excluding capital lease obligations) $ 639,983 $ 675,398 $ 765,806 $ 757,414 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 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. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 from 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% |
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) | 9 Months Ended |
Sep. 30, 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. Third Quarter Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Net sales United States $ 191,830 $ 180,142 $ 551,875 $ 547,005 China 49,219 57,891 170,627 183,980 Europe, Middle East, Africa, India 179,685 180,850 526,597 588,248 Asia Pacific, except China 77,823 87,661 240,653 254,350 Other foreign 57,260 56,622 166,098 177,780 Net sales $ 555,817 $ 563,166 $ 1,655,850 $ 1,751,363 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Net Sales by Segment | Net Sales by Segment Third Quarter Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Petroleum additives Lubricant additives $ 448,629 $ 462,865 $ 1,348,508 $ 1,440,227 Fuel additives 101,997 97,657 295,621 303,405 Total 550,626 560,522 1,644,129 1,743,632 All other 5,191 2,644 11,721 7,731 Net sales $ 555,817 $ 563,166 $ 1,655,850 $ 1,751,363 |
Segment Operating Profit | Segment Operating Profit Third Quarter Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Petroleum additives $ 94,765 $ 75,824 $ 285,620 $ 231,494 All other (77 ) (2,295 ) 92 (1,966 ) Segment operating profit 94,688 73,529 285,712 229,528 Corporate, general, and administrative expenses (6,473 ) (5,402 ) (15,842 ) (16,033 ) Interest and financing expenses, net (6,987 ) (7,807 ) (22,740 ) (18,536 ) Other income (expense), net 6,230 7,994 17,827 24,231 Income before income tax expense $ 87,458 $ 68,314 $ 264,957 $ 219,190 |
Pension Plans and Other Postr_2
Pension Plans and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 Nine Months Ended September 30, 2019 Expected Remaining Cash Contributions for Year Ending December 31, 2019 Domestic plans Pension benefits $ 2,227 $ 742 Postretirement benefits 934 311 Foreign plans Pension benefits 4,147 1,505 |
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 Third Quarter Ended September 30, (in thousands) 2019 2018 2019 2018 Service cost $ 2,809 $ 3,599 $ 150 $ 239 Interest cost 3,478 3,257 358 355 Expected return on plan assets (8,661 ) (7,523 ) (223 ) (228 ) Amortization of prior service cost (credit) (19 ) 7 (757 ) (757 ) Amortization of actuarial net (gain) loss 507 1,172 0 0 Net periodic benefit cost (income) $ (1,886 ) $ 512 $ (472 ) $ (391 ) Domestic Pension Benefits Postretirement Benefits Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Service cost $ 10,056 $ 11,543 $ 538 $ 672 Interest cost 10,849 9,942 1,136 1,094 Expected return on plan assets (25,975 ) (22,413 ) (711 ) (726 ) Amortization of prior service cost (credit) (57 ) 20 (2,271 ) (2,271 ) Amortization of actuarial net (gain) loss 2,214 3,854 0 0 Net periodic benefit cost (income) $ (2,913 ) $ 2,946 $ (1,308 ) $ (1,231 ) Foreign Pension Benefits Third Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Service cost $ 1,575 $ 1,975 $ 4,833 $ 6,114 Interest cost 1,166 1,105 3,593 3,425 Expected return on plan assets (2,238 ) (2,423 ) (6,918 ) (7,519 ) Amortization of prior service cost (credit) (11 ) (20 ) (32 ) (62 ) Amortization of actuarial net (gain) loss 230 148 704 456 Net periodic benefit cost (income) $ 722 $ 785 $ 2,180 $ 2,414 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 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. Third Quarter Ended Nine Months Ended (in thousands, except per-share amounts) 2019 2018 2019 2018 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 67,805 $ 58,481 $ 204,184 $ 171,931 Earnings allocated to participating securities 137 121 348 340 Net income attributable to common shareholders after allocation of earnings to participating securities $ 67,668 $ 58,360 $ 203,836 $ 171,591 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 11,167 11,409 11,166 11,606 Earnings per share - basic and diluted $ 6.06 $ 5.12 $ 18.26 $ 14.78 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | September 30, December 31, (in thousands) 2019 2018 Finished goods and work-in-process $ 297,515 $ 319,120 Raw materials 58,982 63,403 Stores, supplies, and other 14,437 13,818 $ 370,934 $ 396,341 |
Intangibles (Net of Amortizat_2
Intangibles (Net of Amortization) and Goodwill (Tables) | 9 Months Ended |
Sep. 30, 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. September 30, 2019 December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 9,600 $ 4,875 $ 9,600 $ 3,250 Contract 2,000 550 2,000 400 Customer bases 14,240 10,470 14,240 9,091 Goodwill 122,877 122,940 $ 148,717 $ 15,895 $ 148,780 $ 12,741 |
Schedule Of Amortization Expense | Amortization expense was (in thousands): Third quarter ended September 30, 2019 $ 1,051 Nine months ended September 30, 2019 3,154 Third quarter ended September 30, 2018 1,470 Nine months ended September 30, 2018 5,944 |
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 $ 1,052 2020 2,907 2021 2,156 2022 1,423 2023 907 2024 390 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Third Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2019 Operating lease cost $ 4,293 $ 12,821 Finance lease cost: Amortization of assets 684 1,953 Interest on lease liabilities 108 300 Short-term lease cost 812 2,776 Variable lease cost 611 1,653 Total lease cost $ 6,508 $ 19,503 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: (in thousands) Balance Sheet Classification September 30, Operating leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 58,377 Current liability Operating lease liabilities $ 13,811 Noncurrent liability Operating lease liabilities-noncurrent 44,398 Total operating lease liabilities $ 58,209 Finance leases: Finance lease right-of-use assets Deferred charges and other assets $ 12,401 Current liability Other current liabilities $ 2,814 Noncurrent liability Other noncurrent liabilities 10,667 Total finance lease liabilities $ 13,481 September 30, Weighted average remaining lease term (in years): Operating leases 14 Finance leases 9 Weighted average incremental borrowing rate: Operating leases 3.97 % Finance leases 3.47 % |
Supplemental Cash Flow and Other Information | Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, (in thousands) 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,374 Operating cash flows from finance leases 300 Financing cash flows from finance leases 1,899 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 12,820 Finance leases 9,345 |
Maturities of Operating And Finance Lease Liabilities | Maturities of lease liabilities as of September 30, 2019 were as follows: (in thousands) Operating Leases Finance Leases 2019 (remainder) $ 4,099 $ 807 2020 14,891 3,228 2021 10,580 2,208 2022 8,012 1,175 2023 6,490 965 Thereafter 34,819 7,226 Total lease payments 78,891 15,609 Less: imputed interest 20,682 2,128 Total lease obligations $ 58,209 $ 13,481 |
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) | 9 Months Ended |
Sep. 30, 2019 | |
Long-term Debt and Lease Obligation [Abstract] | |
Schedule Of Long-Term Debt | (in thousands) September 30, December 31, Senior notes - 4.10% due 2022 (net of related deferred financing costs) $ 348,116 $ 347,677 Senior notes - 3.78% due 2029 250,000 250,000 Revolving credit facility 41,867 168,129 Capital lease obligations 0 5,193 $ 639,983 $ 770,999 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 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 (163 ) (3,793 ) (3,956 ) Amounts reclassified from accumulated other comprehensive loss (a) 1,497 0 1,497 Other comprehensive income (loss) 1,334 (3,793 ) (2,459 ) Balance at September 30, 2018 $ (62,186 ) $ (86,267 ) $ (148,453 ) Balance at December 31, 2018 $ (86,555 ) $ (94,761 ) $ (181,316 ) Other comprehensive income (loss) before reclassifications 2,501 (9,239 ) (6,738 ) Amounts reclassified from accumulated other comprehensive loss (a) 443 0 443 Other comprehensive income (loss) 2,944 (9,239 ) (6,295 ) Balance at September 30, 2019 $ (83,611 ) $ (104,000 ) $ (187,611 ) (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) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value Of Long-Term Debt | September 30, 2019 December 31, 2018 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (excluding capital lease obligations) $ 639,983 $ 675,398 $ 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 555,817 | $ 563,166 | $ 1,655,850 | $ 1,751,363 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 191,830 | 180,142 | 551,875 | 547,005 |
China | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 49,219 | 57,891 | 170,627 | 183,980 |
Europe, Middle East, Africa, India [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 179,685 | 180,850 | 526,597 | 588,248 |
Asia Pacfic excl China [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 77,823 | 87,661 | 240,653 | 254,350 |
Other Foreign [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 57,260 | $ 56,622 | $ 166,098 | $ 177,780 |
Segment Information (Net Sales
Segment Information (Net Sales By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Information [Line Items] | ||||
Net sales | $ 555,817 | $ 563,166 | $ 1,655,850 | $ 1,751,363 |
Operating Segments [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Net sales | 550,626 | 560,522 | 1,644,129 | 1,743,632 |
Operating Segments [Member] | All Other [Member] | ||||
Segment Information [Line Items] | ||||
Net sales | 5,191 | 2,644 | 11,721 | 7,731 |
Operating Segments [Member] | Lubricant Additives [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Net sales | 448,629 | 462,865 | 1,348,508 | 1,440,227 |
Operating Segments [Member] | Fuel Additives [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Net sales | $ 101,997 | $ 97,657 | $ 295,621 | $ 303,405 |
Segment Information (Segment Op
Segment Information (Segment Operating Profit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Information [Line Items] | ||||
Segment operating profit | $ 88,218 | $ 68,148 | $ 269,765 | $ 216,854 |
Corporate, general, and administrative expenses | (38,122) | (37,741) | (109,916) | (120,653) |
Interest and financing expenses, net | (6,987) | (7,807) | (22,740) | (18,536) |
Other income (expense), net | 6,227 | 7,973 | 17,932 | 20,872 |
Income before income tax expense | 87,458 | 68,314 | 264,957 | 219,190 |
Operating Segments [Member] | ||||
Segment Information [Line Items] | ||||
Segment operating profit | 94,688 | 73,529 | 285,712 | 229,528 |
Operating Segments [Member] | Petroleum Additives [Member] | ||||
Segment Information [Line Items] | ||||
Segment operating profit | 94,765 | 75,824 | 285,620 | 231,494 |
Operating Segments [Member] | All Other [Member] | ||||
Segment Information [Line Items] | ||||
Segment operating profit | (77) | (2,295) | 92 | (1,966) |
Corporate, Non-Segment [Member] | ||||
Segment Information [Line Items] | ||||
Corporate, general, and administrative expenses | (6,473) | (5,402) | (15,842) | (16,033) |
Other income (expense), net | $ 6,230 | $ 7,994 | $ 17,827 | $ 24,231 |
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 | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Pension Plan [Member] | Domestic Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions | $ 2,227 |
Expected Remaining Cash Contributions | 742 |
Pension Plan [Member] | Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions | 4,147 |
Expected Remaining Cash Contributions | 1,505 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions | 934 |
Expected Remaining Cash Contributions | $ 311 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension Plan [Member] | Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,809 | $ 3,599 | $ 10,056 | $ 11,543 |
Interest cost | 3,478 | 3,257 | 10,849 | 9,942 |
Expected return on plan assets | (8,661) | (7,523) | (25,975) | (22,413) |
Amortization of prior service cost (credit) | (19) | 7 | (57) | 20 |
Amortization of actuarial net (gain) loss | 507 | 1,172 | 2,214 | 3,854 |
Net periodic benefit cost (income) | (1,886) | 512 | (2,913) | 2,946 |
Pension Plan [Member] | Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1,575 | 1,975 | 4,833 | 6,114 |
Interest cost | 1,166 | 1,105 | 3,593 | 3,425 |
Expected return on plan assets | (2,238) | (2,423) | (6,918) | (7,519) |
Amortization of prior service cost (credit) | (11) | (20) | (32) | (62) |
Amortization of actuarial net (gain) loss | 230 | 148 | 704 | 456 |
Net periodic benefit cost (income) | 722 | 785 | 2,180 | 2,414 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 150 | 239 | 538 | 672 |
Interest cost | 358 | 355 | 1,136 | 1,094 |
Expected return on plan assets | (223) | (228) | (711) | (726) |
Amortization of prior service cost (credit) | (757) | (757) | (2,271) | (2,271) |
Amortization of actuarial net (gain) loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost (income) | $ (472) | $ (391) | $ (1,308) | $ (1,231) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 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) | 22,512 | 24,832 | ||
Earnings per share numerator: | ||||
Net income attributable to common shareholders before allocation of earnings to participating securities | $ 67,805 | $ 58,481 | $ 204,184 | $ 171,931 |
Earnings allocated to participating securities | 137 | 121 | 348 | 340 |
Net income attributable to common shareholders after allocation of earnings to participating securities | $ 67,668 | $ 58,360 | $ 203,836 | $ 171,591 |
Earnings per share denominator: | ||||
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares) | 11,167,000 | 11,409,000 | 11,166,000 | 11,606,000 |
Earnings per share - basic and diluted (in dollars per share) | $ 6.06 | $ 5.12 | $ 18.26 | $ 14.78 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods and work-in-process | $ 297,515 | $ 319,120 |
Raw materials | 58,982 | 63,403 |
Stores, supplies, and other | 14,437 | 13,818 |
Inventories | $ 370,934 | $ 396,341 |
Intangibles (Net of Amortizat_3
Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount of intangibles and goodwill | $ 132,822,000 | $ 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 | Sep. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Accumulated Amortization | $ 15,895 | $ 12,741 |
Goodwill, Gross Carrying Amount | 122,877 | 122,940 |
Amortizing intangible assets and Goodwill, Gross Carrying Amount | 148,717 | 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 | 4,875 | 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 | 550 | 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 | $ 10,470 | $ 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 1,051 | $ 1,470 | $ 3,154 | $ 5,944 |
2019 | 1,052 | 1,052 | ||
2020 | 2,907 | 2,907 | ||
2021 | 2,156 | 2,156 | ||
2022 | 1,423 | 1,423 | ||
2023 | 907 | 907 | ||
2024 | $ 390 | $ 390 |
Leases Narrative (Details)
Leases Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 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 | $ 40 | |
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) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 4,293 | $ 12,821 |
Finance lease cost: | ||
Amortization of assets | 684 | 1,953 |
Interest on lease liabilities | 108 | 300 |
Short-term lease cost | 812 | 2,776 |
Variable lease cost | 611 | 1,653 |
Total lease cost | $ 6,508 | $ 19,503 |
Leases Supplemental Balance She
Leases Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating leases: | ||
Operating lease right-of-use assets | $ 58,377 | $ 0 |
Current liability | 13,811 | 0 |
Noncurrent liability | 44,398 | $ 0 |
Total operating lease liabilities | 58,209 | |
Finance leases: | ||
Finance lease right-of-use assets | 12,401 | |
Current liability | 2,814 | |
Noncurrent liability | 10,667 | |
Total finance lease liabilities | $ 13,481 | |
Weighted average remaining lease term (in years): | ||
Operating leases | 14 years | |
Finance leases | 9 years | |
Weighted average incremental borrowing rate: | ||
Operating leases | 3.97% | |
Finance leases | 3.47% |
Leases Supplemental Cash Flow a
Leases Supplemental Cash Flow and Other Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 12,374 |
Operating cash flows from finance leases | 300 |
Financing cash flows from finance leases | 1,899 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | 12,820 |
Finance leases | $ 9,345 |
Leases Maturities of Lease Liab
Leases Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Leases | |
2019 (remainder) | $ 4,099 |
2020 | 14,891 |
2021 | 10,580 |
2022 | 8,012 |
2023 | 6,490 |
Thereafter | 34,819 |
Total lease payments | 78,891 |
Less: imputed interest | 20,682 |
Total lease obligations | 58,209 |
Finance Leases | |
2019 (remainder) | 807 |
2020 | 3,228 |
2021 | 2,208 |
2022 | 1,175 |
2023 | 965 |
Thereafter | 7,226 |
Total lease payments | 15,609 |
Less: imputed interest | 2,128 |
Total lease obligations | $ 13,481 |
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 ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 639,983,000 | $ 770,999,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 850,000,000 | |
Term of credit facility, years | 5 years | |
Revolving credit facility, maturity date | Sep. 22, 2022 | |
Average interest rate during the period | 3.20% | 3.00% |
Outstanding borrowings | $ 41,867,000 | $ 168,129,000 |
Outstanding letters of credit | 3,000,000 | 3,000,000 |
Unused portion of revolving credit facility | 805,000,000 | $ 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 | $ 348,116,000 | $ 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Long-term Debt and Lease Obligation | $ 639,983 | $ 770,999 |
4.10% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt and Lease Obligation | $ 348,116 | $ 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 Lease Obligation | $ 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 Lease Obligation | $ 41,867 | $ 168,129 |
Capital Lease Obligation [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt and Lease Obligation | $ 0 | $ 5,193 |
Commitments and Contingencies (
Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions | Sep. 30, 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 | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 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 | 2,501 | (163) | |||
Other comprehensive income (loss) before reclassifications, Foreign Currency Translation Adjustments | (9,239) | (3,793) | |||
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive (Loss) Income | (6,738) | (3,956) | |||
Amounts reclassified from accumulated other comprehensive loss, Pension Plans and Other Postretirement Benefits | [1] | 443 | 1,497 | ||
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 | 443 | 1,497 | |||
Total pension plans and other postretirement benefits | $ 2,471 | $ 249 | 2,944 | 1,334 | |
Other comprehensive income (loss), Foreign Currency Translation Adjustments | (9,819) | (3,760) | (9,239) | (3,793) | |
Other comprehensive income (loss) | (7,348) | (3,511) | (6,295) | (2,459) | |
Pension Plans and Other Postretirement Benefits, Ending Balance | (83,611) | (62,186) | (83,611) | (62,186) | |
Foreign Currency Translation Adjustments, Ending Balance | (104,000) | (86,267) | (104,000) | (86,267) | |
Accumulated Other Comprehensive (Loss) Income, Ending Balance | $ (187,611) | $ (148,453) | $ (187,611) | $ (148,453) | |
[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 | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 79,971 | $ 73,040 |
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 | $ 80,000 | $ 73,000 |
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 | $ 79,971 | $ 73,040 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt (excluding capital lease obligations) | $ 639,983 | $ 765,806 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt (excluding capital lease obligations), Fair Value | $ 675,398 | $ 757,414 |