Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2022shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Fiscal Period Focus | Q1 |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2022 |
Document Transition Report | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 1-32190 |
Entity Registrant Name | NEWMARKET CORPORATION |
Entity Central Index Key | 0001282637 |
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, with no 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 | 10,254,703 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net sales | $ 662,552 | $ 566,615 |
Cost of goods sold | 507,389 | 404,862 |
Gross profit | 155,163 | 161,753 |
Selling, general, and administrative expenses | 35,622 | 36,915 |
Research, development, and testing expenses | 36,251 | 36,337 |
Operating profit | 83,290 | 88,501 |
Interest and financing expenses, net | 9,406 | 6,343 |
Loss on early extinguishment of debt | 7,545 | 0 |
Other income (expense), net | 7,168 | 7,212 |
Income before income tax expense | 73,507 | 89,370 |
Income tax expense | 14,189 | 19,658 |
Net income | $ 59,318 | $ 69,712 |
Earnings per share - basic and diluted (in dollars per share) | $ 5.75 | $ 6.38 |
Cash dividends declared per share (in dollars per share) | $ 2.10 | $ 1.90 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 59,318 | $ 69,712 |
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 $(156) in 2022, and $(159) in 2021 | (496) | (491) |
Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of $7 in 2022, and $(219) in 2021 | 16 | (657) |
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), net of income tax expense (benefit) of $175 in 2022, and $529 in 2021 | 539 | 1,790 |
Total pension plans and other postretirement benefits | 59 | 642 |
Foreign currency translation adjustments, net of income tax expense (benefit) of $1,131 in 2022, and $(464) in 2021 | (3,102) | 467 |
Other comprehensive income (loss) | (3,043) | 1,109 |
Comprehensive income | $ 56,275 | $ 70,821 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Amortization of prior service cost (credit) included in net periodic benefit cost (income), income tax expense (benefit) | $ (156) | $ (159) |
Actuarial net gain (loss) arising during the period, income tax expense (benefit) | 7 | (219) |
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), income tax expense (benefit) | 175 | 529 |
Foreign currency translation adjustments, income tax expense (benefit) | $ 1,131 | $ (464) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 84,550 | $ 83,304 |
Marketable securities | 0 | 375,918 |
Trade and other accounts receivable, less allowance for credit losses | 464,510 | 391,779 |
Inventories | 524,091 | 498,539 |
Prepaid expenses and other current assets | 41,183 | 38,633 |
Total current assets | 1,114,334 | 1,388,173 |
Property, plant, and equipment, net | 671,327 | 676,770 |
Intangibles (net of amortization) and goodwill | 127,356 | 127,752 |
Prepaid pension cost | 245,751 | 242,604 |
Operating lease right-of-use assets | 69,294 | 68,402 |
Deferred charges and other assets | 53,491 | 54,735 |
Total assets | 2,281,553 | 2,558,436 |
Current liabilities: | ||
Accounts payable | 290,846 | 246,097 |
Accrued expenses | 73,401 | 85,103 |
Dividends payable | 16,418 | 16,648 |
Income taxes payable | 7,781 | 4,442 |
Operating lease liabilities | 16,174 | 15,709 |
Current portion of long-term debt | 0 | 349,434 |
Other current liabilities | 7,079 | 7,654 |
Total current liabilities | 411,699 | 725,087 |
Long-term debt | 841,074 | 789,853 |
Operating lease liabilities-noncurrent | 53,096 | 52,591 |
Other noncurrent liabilities | 215,594 | 228,776 |
Total liabilities | 1,521,463 | 1,796,307 |
Commitments and contingencies (Note 10) | ||
Shareholders’ equity: | ||
Common stock and paid-in capital (with no par value; authorized shares - 80,000,000; issued and outstanding shares - 10,254,703 at March 31, 2022 and 10,362,722 at December 31, 2021) | 0 | 0 |
Accumulated other comprehensive loss | (85,270) | (82,227) |
Retained earnings | 845,360 | 844,356 |
Total shareholders' equity | 760,090 | 762,129 |
Total liabilities and shareholders’ equity | $ 2,281,553 | $ 2,558,436 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 80,000,000 | 80,000,000 |
Common Stock, Shares, Issued | 10,254,703 | 10,362,722 |
Common Stock, Shares, Outstanding | 10,254,703 | 10,362,722 |
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, 2020 | 10,921,377 | |||
Balance at Dec. 31, 2020 | $ 759,824 | $ 717 | $ (173,164) | $ 932,271 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 69,712 | 69,712 | ||
Other comprehensive income (loss) | 1,109 | 1,109 | ||
Cash dividends | (20,763) | (20,763) | ||
Stock-based compensation (in shares) | 6,777 | |||
Stock-based compensation | 473 | $ 473 | ||
Balance (in shares) at Mar. 31, 2021 | 10,928,154 | |||
Balance at Mar. 31, 2021 | $ 810,355 | $ 1,190 | (172,055) | 981,220 |
Balance (in shares) at Dec. 31, 2021 | 10,362,722 | 10,362,722 | ||
Balance at Dec. 31, 2021 | $ 762,129 | $ 0 | (82,227) | 844,356 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 59,318 | 59,318 | ||
Other comprehensive income (loss) | (3,043) | (3,043) | ||
Cash dividends | (21,570) | (21,570) | ||
Repurchases of common stock (in shares) | (115,796) | |||
Repurchases of common stock | (37,347) | $ (597) | (36,750) | |
Stock-based compensation dividend forfeitures | 6 | |||
Stock-based compensation (in shares) | 7,777 | |||
Stock-based compensation | $ 603 | $ 597 | ||
Balance (in shares) at Mar. 31, 2022 | 10,254,703 | 10,254,703 | ||
Balance at Mar. 31, 2022 | $ 760,090 | $ 0 | $ (85,270) | $ 845,360 |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 2.10 | $ 1.90 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents at beginning of year | $ 83,304 | $ 125,172 |
Cash flows from operating activities: | ||
Net income | 59,318 | 69,712 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation and amortization | 21,072 | 20,631 |
Deferred income tax (benefit) expense | (12,135) | 2,455 |
Loss on early extinguishment of debt | 7,545 | 0 |
Working capital changes | (66,987) | (41,421) |
Loss on marketable securities | 2,977 | 0 |
Cash pension and postretirement contributions | (2,099) | (2,577) |
Other, net | (2,910) | 571 |
Cash provided from (used in) operating activities | 6,781 | 49,371 |
Cash flows from investing activities: | ||
Capital expenditures | (12,612) | (20,524) |
Purchases of marketable securities | (787) | 0 |
Proceeds from sales and maturities of marketable securities | 372,846 | 0 |
Cash provided from (used in) investing activities | 359,447 | (20,524) |
Cash flows from financing activities: | ||
Redemption of 4.10% senior notes | (350,000) | 0 |
Net borrowings under revolving credit facility | 51,000 | 0 |
Issuance of 2.70% senior notes | 0 | 395,052 |
Dividends paid | (21,570) | (20,763) |
Repurchases of common stock | (37,347) | 0 |
Cash costs of 4.10% senior notes redemption | (7,099) | 0 |
Debt issuance costs | 0 | (2,932) |
Other, net | (833) | (1,915) |
Cash provided from (used in) financing activities | (365,849) | 369,442 |
Effect of foreign exchange on cash and cash equivalents | 867 | (1,056) |
Increase in cash and cash equivalents | 1,246 | 397,233 |
Cash and cash equivalents at end of period | $ 84,550 | $ 522,405 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Parenthetical) | Mar. 31, 2022 | Mar. 15, 2022 | Dec. 31, 2021 |
4.10% Senior Notes [Member] | |||
Senior notes, interest rate | 4.10% | 4.10% | |
2.70% Senior Notes [Member] | |||
Senior notes, interest rate | 2.70% | 2.70% |
Financial Statement Presentatio
Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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 presentation of, in all material respects, our consolidated financial position as of March 31, 2022 and December 31, 2021, and our consolidated results of operations, comprehensive income, and changes in shareholders' equity for the three months ended March 31, 2022 and March 31, 2021, and our cash flows for the three months ended March 31, 2022 and March 31, 2021. 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, 2021 (2021 Annual Report), as filed with the Securities and Exchange Commission (SEC). The results of operations for the three month period ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. The December 31, 2021 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 North America, Latin America, Asia Pacific, and Europe/Middle East/Africa/India (EMEAI) regions. 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 (in thousands) 2022 2021 Net sales United States $ 224,688 $ 170,324 China 52,703 73,988 Europe, Middle East, Africa, India 195,987 176,650 Asia Pacific, except China 104,841 82,597 Other foreign 84,333 63,056 Net sales $ 662,552 $ 566,615 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
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) 2022 2021 Petroleum additives Lubricant additives $ 570,042 $ 494,556 Fuel additives 90,262 70,342 Total 660,304 564,898 All other 2,248 1,717 Net sales $ 662,552 $ 566,615 Segment Operating Profit Three Months Ended (in thousands) 2022 2021 Petroleum additives $ 86,922 $ 94,071 All other 98 (664) Segment operating profit 87,020 93,407 Corporate, general, and administrative expenses (3,890) (4,312) Interest and financing expenses, net (9,406) (6,343) Loss on early extinguishment of debt (7,545) 0 Other income (expense), net 7,328 6,618 Income before income tax expense $ 73,507 $ 89,370 |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022, as well as the remaining cash contributions we expect to make during the year ending December 31, 2022, for our domestic and foreign pension plans and domestic postretirement benefit plan. (in thousands) Actual Cash Contributions for Three Months Ended March 31, 2022 Expected Remaining Cash Contributions for Year Ending December 31, 2022 Domestic plans Pension benefits $ 620 $ 1,859 Postretirement benefits 365 1,094 Foreign plans Pension benefits 1,114 5,123 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, according to 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) 2022 2021 2022 2021 Service cost $ 4,856 $ 4,814 $ 260 $ 250 Interest cost 3,389 3,241 289 292 Expected return on plan assets (10,940) (9,670) (204) (233) Amortization of prior service cost (credit) 68 68 (757) (757) Amortization of actuarial net (gain) loss 536 1,390 8 12 Net periodic benefit cost (income) $ (2,091) $ (157) $ (404) $ (436) Foreign Pension Benefits Three Months Ended March 31, (in thousands) 2022 2021 Service cost $ 2,360 $ 2,757 Interest cost 1,098 827 Expected return on plan assets (2,635) (2,666) Amortization of prior service cost (credit) 37 38 Amortization of actuarial net (gain) loss 169 901 Net periodic benefit cost (income) $ 1,029 $ 1,857 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareWe had 34,349 shares of nonvested restricted stock at March 31, 2022 and 26,728 shares of nonvested restricted stock at March 31, 2021 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 the most dilutive result. 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) 2022 2021 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 59,318 $ 69,712 Earnings allocated to participating securities 175 153 Net income attributable to common shareholders after allocation of earnings to participating securities $ 59,143 $ 69,559 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 10,290 10,901 Earnings per share - basic and diluted $ 5.75 $ 6.38 |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities During 2021, NewMarket invested in both debt, which was designated as trading, and equity marketable securities. Subsequently, during the first three months of 2022, we sold all of the marketable securities. While held, the marketable securities were recorded on a settlement date basis at estimated fair value and were classified as current assets in the Consolidated Balance Sheets. Gains and losses, as well as the investment income attributable to the debt and equity securities, are reported in Other income (expense), net in the Consolidated Statements of Income. The debt securities had a cost basis of $50 million and the equity securities had a cost basis of $334 million at December 31, 2021. At March 31, 2022 the cost basis for all marketable securities was zero. The following table provides information on the fair value of the marketable securities, as well as the related level within the fair value hierarchy. The estimated fair value of debt securities was based on reported trades of the debt security adjusted for other observable market data including, but not limited to, benchmark yield curves, market-based quotes of similar assets, and other market-corroborated inputs. The estimated fair value of equity securities was based on actively quoted market prices. December 31, 2021 Fair Value Measurements Using (in thousands) Fair Value Level 1 Level 2 Level 3 Debt securities Corporate bonds $ 48,727 $ 0 $ 48,727 $ 0 Equity securities U.S. government income mutual fund 327,191 327,191 0 0 Total marketable securities $ 375,918 $ 327,191 $ 48,727 $ 0 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories March 31, December 31, (in thousands) 2022 2021 Finished goods and work-in-process $ 420,356 $ 393,778 Raw materials 85,357 86,856 Stores, supplies, and other 18,378 17,905 $ 524,091 $ 498,539 |
Intangibles (Net of Amortizatio
Intangibles (Net of Amortization) and Goodwill | 3 Months Ended |
Mar. 31, 2022 | |
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 $127 million at March 31, 2022 and $128 million at December 31, 2021. The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below. March 31, 2022 December 31, 2021 (in thousands) Gross Accumulated Gross Accumulated Amortizing intangible assets Formulas and technology $ 6,200 $ 4,908 $ 6,200 $ 4,650 Contract 2,000 1,050 2,000 1,000 Customer bases 5,440 4,207 5,440 4,160 Goodwill 123,881 123,922 $ 137,521 $ 10,165 $ 137,562 $ 9,810 All of the intangibles relate to the petroleum additives segment. The change in the gross carrying amount between December 31, 2021 and March 31, 2022 is due to foreign currency fluctuation. There is no accumulated goodwill impairment. Amortization expense was (in thousands): Three months ended March 31, 2022 355 Three months ended March 31, 2021 721 Estimated amortization expense for the remainder of 2022, as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): 2022 $ 1,068 2023 907 2024 390 2025 390 2026 390 2027 190 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Long-term Debt, Unclassified [Abstract] | |
Long-term Debt | Long-term Debt (in thousands) March 31, December 31, Senior notes - 2.70% due 2031 (net of related deferred financing costs) $ 392,074 $ 391,853 Senior notes - 3.78% due 2029 250,000 250,000 Senior notes - 4.10% due 2022 (net of related deferred financing costs) 0 349,434 Revolving credit facility 199,000 148,000 841,074 1,139,287 Less: Current maturity of 4.10% senior notes 0 349,434 $ 841,074 $ 789,853 Senior Notes - The outstanding 2.70% senior notes, which were issued in 2021, are unsecured with an aggregate principal amount of $400 million. The offer and sale of the notes were registered under the Securities Act of 1933, as amended. 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. On March 15, 2022 we redeemed the 4.10% senior notes at a redemption price of 100% of the principal amount of $350 million plus the accrued and unpaid interest on the notes and the applicable premium as outlined in the Indenture dated December 20, 2012. The 4.10% senior notes were due December 2022. We recognized a loss of $7.5 million on the early extinguishment including cash paid of $7.1 million for the premium on the early redemption and a write-off of $0.4 million of unamortized deferred financing costs. We were in compliance with all covenants under all issuances of outstanding senior notes as of March 31, 2022 and December 31, 2021. Revolving Credit Facility - The revolving credit facility has a borrowing capacity of $900 million, a term of five years, and matures on March 5, 2025. The obligations under the revolving credit facility are unsecured and are fully and unconditionally guaranteed by NewMarket. The average interest rate for borrowings under the credit agreement was 1.8% during the first three months of 2022 and 1.6% during the full year of 2021. We were in compliance with all covenants under the revolving credit facility as of March 31, 2022 and December 31, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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 $10 million at March 31, 2022 and $11 million at December 31, 2021. 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 and a Houston, Texas plant 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, 2022 and December 31, 2021, using discount rates ranging from 3% to 9% for both periods. The aggregate undiscounted amount for these sites was $10 million at both March 31, 2022 and December 31, 2021. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
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 Foreign Currency Translation Adjustments Accumulated Other Balance at December 31, 2020 $ (92,771) $ (80,393) $ (173,164) Other comprehensive income (loss) before reclassifications (657) 467 (190) Amounts reclassified from accumulated other comprehensive loss (a) 1,299 0 1,299 Other comprehensive income (loss) 642 467 1,109 Balance at March 31, 2021 $ (92,129) $ (79,926) $ (172,055) Balance at December 31, 2021 $ 1,522 $ (83,749) $ (82,227) Other comprehensive income (loss) before reclassifications 16 (3,102) (3,086) Amounts reclassified from accumulated other comprehensive loss (a) 43 0 43 Other comprehensive income (loss) 59 (3,102) (3,043) Balance at March 31, 2022 $ 1,581 $ (86,851) $ (85,270) (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 2021 Annual Report for further information. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying amount of cash and cash equivalents in the Consolidated Balance Sheets, as well as the fair value, was $85 million at March 31, 2022 and $83 million at December 31, 2021. The fair value is classified as Level 1 in the fair value hierarchy. No material events occurred during the three months ended March 31, 2022 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 our publicly traded senior notes. The estimated fair value of our long-term debt is shown in the table below and is based primarily on estimated current rates available to us for debt of the same remaining duration and adjusted for nonperformance risk and credit risk. The estimated fair value of our publicly-traded senior notes included in the table below is based on the last quoted price closest to March 31, 2022. The fair value of our debt instruments are classified as Level 2. March 31, 2022 December 31, 2021 (in thousands) Carrying Fair Carrying Fair Long-term debt, including current maturities $ 841,074 $ 817,137 $ 1,139,287 $ 1,178,066 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Long-Term Debt | We record the carrying amount of our long-term debt at historical cost, less deferred financing costs related to our publicly traded senior notes. |
Net Sales (Tables)
Net Sales (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 (in thousands) 2022 2021 Net sales United States $ 224,688 $ 170,324 China 52,703 73,988 Europe, Middle East, Africa, India 195,987 176,650 Asia Pacific, except China 104,841 82,597 Other foreign 84,333 63,056 Net sales $ 662,552 $ 566,615 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Net Sales by Segment | Net Sales by Segment Three Months Ended (in thousands) 2022 2021 Petroleum additives Lubricant additives $ 570,042 $ 494,556 Fuel additives 90,262 70,342 Total 660,304 564,898 All other 2,248 1,717 Net sales $ 662,552 $ 566,615 |
Segment Operating Profit | Segment Operating Profit Three Months Ended (in thousands) 2022 2021 Petroleum additives $ 86,922 $ 94,071 All other 98 (664) Segment operating profit 87,020 93,407 Corporate, general, and administrative expenses (3,890) (4,312) Interest and financing expenses, net (9,406) (6,343) Loss on early extinguishment of debt (7,545) 0 Other income (expense), net 7,328 6,618 Income before income tax expense $ 73,507 $ 89,370 |
Pension Plans and Other Postr_2
Pension Plans and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022, as well as the remaining cash contributions we expect to make during the year ending December 31, 2022, for our domestic and foreign pension plans and domestic postretirement benefit plan. (in thousands) Actual Cash Contributions for Three Months Ended March 31, 2022 Expected Remaining Cash Contributions for Year Ending December 31, 2022 Domestic plans Pension benefits $ 620 $ 1,859 Postretirement benefits 365 1,094 Foreign plans Pension benefits 1,114 5,123 |
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, according to 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) 2022 2021 2022 2021 Service cost $ 4,856 $ 4,814 $ 260 $ 250 Interest cost 3,389 3,241 289 292 Expected return on plan assets (10,940) (9,670) (204) (233) Amortization of prior service cost (credit) 68 68 (757) (757) Amortization of actuarial net (gain) loss 536 1,390 8 12 Net periodic benefit cost (income) $ (2,091) $ (157) $ (404) $ (436) Foreign Pension Benefits Three Months Ended March 31, (in thousands) 2022 2021 Service cost $ 2,360 $ 2,757 Interest cost 1,098 827 Expected return on plan assets (2,635) (2,666) Amortization of prior service cost (credit) 37 38 Amortization of actuarial net (gain) loss 169 901 Net periodic benefit cost (income) $ 1,029 $ 1,857 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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) 2022 2021 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 59,318 $ 69,712 Earnings allocated to participating securities 175 153 Net income attributable to common shareholders after allocation of earnings to participating securities $ 59,143 $ 69,559 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 10,290 10,901 Earnings per share - basic and diluted $ 5.75 $ 6.38 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following table provides information on the fair value of the marketable securities, as well as the related level within the fair value hierarchy. The estimated fair value of debt securities was based on reported trades of the debt security adjusted for other observable market data including, but not limited to, benchmark yield curves, market-based quotes of similar assets, and other market-corroborated inputs. The estimated fair value of equity securities was based on actively quoted market prices. December 31, 2021 Fair Value Measurements Using (in thousands) Fair Value Level 1 Level 2 Level 3 Debt securities Corporate bonds $ 48,727 $ 0 $ 48,727 $ 0 Equity securities U.S. government income mutual fund 327,191 327,191 0 0 Total marketable securities $ 375,918 $ 327,191 $ 48,727 $ 0 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | March 31, December 31, (in thousands) 2022 2021 Finished goods and work-in-process $ 420,356 $ 393,778 Raw materials 85,357 86,856 Stores, supplies, and other 18,378 17,905 $ 524,091 $ 498,539 |
Intangibles (Net of Amortizat_2
Intangibles (Net of Amortization) and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 December 31, 2021 (in thousands) Gross Accumulated Gross Accumulated Amortizing intangible assets Formulas and technology $ 6,200 $ 4,908 $ 6,200 $ 4,650 Contract 2,000 1,050 2,000 1,000 Customer bases 5,440 4,207 5,440 4,160 Goodwill 123,881 123,922 $ 137,521 $ 10,165 $ 137,562 $ 9,810 |
Schedule Of Amortization Expense | Amortization expense was (in thousands): Three months ended March 31, 2022 355 Three months ended March 31, 2021 721 |
Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets | Estimated amortization expense for the remainder of 2022, as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): 2022 $ 1,068 2023 907 2024 390 2025 390 2026 390 2027 190 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule Of Long-Term Debt | (in thousands) March 31, December 31, Senior notes - 2.70% due 2031 (net of related deferred financing costs) $ 392,074 $ 391,853 Senior notes - 3.78% due 2029 250,000 250,000 Senior notes - 4.10% due 2022 (net of related deferred financing costs) 0 349,434 Revolving credit facility 199,000 148,000 841,074 1,139,287 Less: Current maturity of 4.10% senior notes 0 349,434 $ 841,074 $ 789,853 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 Foreign Currency Translation Adjustments Accumulated Other Balance at December 31, 2020 $ (92,771) $ (80,393) $ (173,164) Other comprehensive income (loss) before reclassifications (657) 467 (190) Amounts reclassified from accumulated other comprehensive loss (a) 1,299 0 1,299 Other comprehensive income (loss) 642 467 1,109 Balance at March 31, 2021 $ (92,129) $ (79,926) $ (172,055) Balance at December 31, 2021 $ 1,522 $ (83,749) $ (82,227) Other comprehensive income (loss) before reclassifications 16 (3,102) (3,086) Amounts reclassified from accumulated other comprehensive loss (a) 43 0 43 Other comprehensive income (loss) 59 (3,102) (3,043) Balance at March 31, 2022 $ 1,581 $ (86,851) $ (85,270) (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 2021 Annual Report for further information. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value Of Long-Term Debt | March 31, 2022 December 31, 2021 (in thousands) Carrying Fair Carrying Fair Long-term debt, including current maturities $ 841,074 $ 817,137 $ 1,139,287 $ 1,178,066 |
Net Sales (Schedule of Net Sale
Net Sales (Schedule of Net Sales by Geographical Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 662,552 | $ 566,615 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 224,688 | 170,324 |
China | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 52,703 | 73,988 |
Europe, Middle East, Africa, India [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 195,987 | 176,650 |
Asia Pacfic excl China [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 104,841 | 82,597 |
Other Foreign [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 84,333 | $ 63,056 |
Segment Information (Net Sales
Segment Information (Net Sales By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Information [Line Items] | ||
Net sales | $ 662,552 | $ 566,615 |
Operating Segments [Member] | Petroleum Additives [Member] | ||
Segment Information [Line Items] | ||
Net sales | 660,304 | 564,898 |
Operating Segments [Member] | All Other [Member] | ||
Segment Information [Line Items] | ||
Net sales | 2,248 | 1,717 |
Operating Segments [Member] | Lubricant Additives [Member] | Petroleum Additives [Member] | ||
Segment Information [Line Items] | ||
Net sales | 570,042 | 494,556 |
Operating Segments [Member] | Fuel Additives [Member] | Petroleum Additives [Member] | ||
Segment Information [Line Items] | ||
Net sales | $ 90,262 | $ 70,342 |
Segment Information (Segment Op
Segment Information (Segment Operating Profit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Information [Line Items] | ||
Segment operating profit | $ 83,290 | $ 88,501 |
Corporate, general, and administrative expenses | (35,622) | (36,915) |
Interest and financing expenses, net | (9,406) | (6,343) |
Loss on early extinguishment of debt | (7,545) | 0 |
Other income (expense), net | 7,168 | 7,212 |
Income before income tax expense | 73,507 | 89,370 |
Operating Segments [Member] | ||
Segment Information [Line Items] | ||
Segment operating profit | 87,020 | 93,407 |
Operating Segments [Member] | Petroleum Additives [Member] | ||
Segment Information [Line Items] | ||
Segment operating profit | 86,922 | 94,071 |
Operating Segments [Member] | All Other [Member] | ||
Segment Information [Line Items] | ||
Segment operating profit | 98 | (664) |
Corporate, Non-Segment [Member] | ||
Segment Information [Line Items] | ||
Corporate, general, and administrative expenses | (3,890) | (4,312) |
Interest and financing expenses, net | (9,406) | (6,343) |
Loss on early extinguishment of debt | (7,545) | 0 |
Other income (expense), net | $ 7,328 | $ 6,618 |
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, 2022USD ($) | |
Pension Plan [Member] | Domestic Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions | $ 620 |
Expected Remaining Cash Contributions | 1,859 |
Pension Plan [Member] | Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions | 1,114 |
Expected Remaining Cash Contributions | 5,123 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual Cash Contributions | 365 |
Expected Remaining Cash Contributions | $ 1,094 |
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, 2022 | Mar. 31, 2021 | |
Pension Plan [Member] | Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 4,856 | $ 4,814 |
Interest cost | 3,389 | 3,241 |
Expected return on plan assets | (10,940) | (9,670) |
Amortization of prior service cost (credit) | 68 | 68 |
Amortization of actuarial net (gain) loss | 536 | 1,390 |
Net periodic benefit cost (income) | (2,091) | (157) |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2,360 | 2,757 |
Interest cost | 1,098 | 827 |
Expected return on plan assets | (2,635) | (2,666) |
Amortization of prior service cost (credit) | 37 | 38 |
Amortization of actuarial net (gain) loss | 169 | 901 |
Net periodic benefit cost (income) | 1,029 | 1,857 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 260 | 250 |
Interest cost | 289 | 292 |
Expected return on plan assets | (204) | (233) |
Amortization of prior service cost (credit) | (757) | (757) |
Amortization of actuarial net (gain) loss | 8 | 12 |
Net periodic benefit cost (income) | $ (404) | $ (436) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive shares of nonvested restricted stock that were excluded from the calculation of diluted earnings per share (in shares) | 34,349 | 26,728 |
Earnings per share numerator: | ||
Net income attributable to common shareholders before allocation of earnings to participating securities | $ 59,318 | $ 69,712 |
Earnings allocated to participating securities | 175 | 153 |
Net income attributable to common shareholders after allocation of earnings to participating securities | $ 59,143 | $ 69,559 |
Earnings per share denominator: | ||
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares) | 10,290,000 | 10,901,000 |
Earnings per share - basic and diluted (in dollars per share) | $ 5.75 | $ 6.38 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract] | ||
Debt Securities | $ 50 | |
Equity Securities | $ 334 | |
Debt Securities, Trading, and Equity Securities, FV-NI, Cost | $ 0 |
Marketable Securities Fair valu
Marketable Securities Fair value measurement (Details) - Fair Value, Recurring [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | |
Debt and Equity Securities | |
Total marketable securities | $ 375,918 |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Corporate Debt Securities [Member] | |
Debt and Equity Securities | |
Corporate bonds | 48,727 |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Exchange Traded Funds [Member] | |
Debt and Equity Securities | |
U.S. government income mutual fund | 327,191 |
Fair Value, Inputs, Level 1 [Member] | |
Debt and Equity Securities | |
Total marketable securities | 327,191 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |
Debt and Equity Securities | |
Corporate bonds | 0 |
Fair Value, Inputs, Level 1 [Member] | Exchange Traded Funds [Member] | |
Debt and Equity Securities | |
U.S. government income mutual fund | 327,191 |
Fair Value, Inputs, Level 2 [Member] | |
Debt and Equity Securities | |
Total marketable securities | 48,727 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |
Debt and Equity Securities | |
Corporate bonds | 48,727 |
Fair Value, Inputs, Level 2 [Member] | Exchange Traded Funds [Member] | |
Debt and Equity Securities | |
U.S. government income mutual fund | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Debt and Equity Securities | |
Total marketable securities | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |
Debt and Equity Securities | |
Corporate bonds | 0 |
Fair Value, Inputs, Level 3 [Member] | Exchange Traded Funds [Member] | |
Debt and Equity Securities | |
U.S. government income mutual fund | $ 0 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods and work-in-process | $ 420,356 | $ 393,778 |
Raw materials | 85,357 | 86,856 |
Stores, supplies, and other | 18,378 | 17,905 |
Inventories | $ 524,091 | $ 498,539 |
Intangibles (Net of Amortizat_3
Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount of intangibles and goodwill | $ 127,356,000 | $ 127,752,000 |
Accumulated goodwill impairment | $ 0 | $ 0 |
Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated economic life, in years | 10 years | |
Customer Bases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated economic life, in years | 20 years | |
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, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Accumulated Amortization | $ 10,165 | $ 9,810 |
Goodwill, Gross Carrying Amount | 123,881 | 123,922 |
Amortizing intangible assets and Goodwill, Gross Carrying Amount | 137,521 | 137,562 |
Formulas And Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 6,200 | 6,200 |
Amortizing intangible assets, Accumulated Amortization | 4,908 | 4,650 |
Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 2,000 | 2,000 |
Amortizing intangible assets, Accumulated Amortization | 1,050 | 1,000 |
Customer Bases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 5,440 | 5,440 |
Amortizing intangible assets, Accumulated Amortization | $ 4,207 | $ 4,160 |
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, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 355 | $ 721 |
2022 | 1,068 | |
2023 | 907 | |
2024 | 390 | |
2025 | 390 | |
2026 | 390 | |
2027 | $ 190 |
Long-term Debt (Schedule Of Lon
Long-term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 15, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 841,074 | $ 1,139,287 | |
Current portion of long-term debt | 0 | 349,434 | |
Long-term Debt, Noncurrent | $ 841,074 | $ 789,853 | |
2.70% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes, interest rate | 2.70% | 2.70% | |
Long-term Debt | $ 392,074 | $ 391,853 | |
3.78% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes, interest rate | 3.78% | 3.78% | |
Long-term Debt | $ 250,000 | $ 250,000 | |
4.10% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes, interest rate | 4.10% | 4.10% | |
Long-term Debt | 0 | $ 349,434 | |
Current portion of long-term debt | 0 | 349,434 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 199,000 | $ 148,000 |
Long-term Debt (Narrative) (Det
Long-term Debt (Narrative) (Details) - USD ($) | Mar. 15, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||||
Loss on early extinguishment of Debt | $ 7,545,000 | $ 0 | ||
Cash costs of 4.10% senior notes redemption | 7,099,000 | $ 0 | ||
Long-term Debt, Noncurrent | 841,074,000 | $ 789,853,000 | ||
Long-term Debt | $ 841,074,000 | $ 1,139,287,000 | ||
2.70% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes, interest rate | 2.70% | 2.70% | ||
Principal amount of debt | $ 400,000,000 | |||
Long-term Debt | $ 392,074,000 | $ 391,853,000 | ||
3.78% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes, interest rate | 3.78% | 3.78% | ||
Long-term Debt | $ 250,000,000 | $ 250,000,000 | ||
4.10% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes, interest rate | 4.10% | 4.10% | ||
Principal amount of debt | $ 350,000,000 | |||
Redemption price percentage | 100.00% | |||
Loss on early extinguishment of Debt | 7,500,000 | |||
Cash costs of 4.10% senior notes redemption | 7,100,000 | |||
Write off of Deferred Debt Issuance Cost | 400,000 | |||
Long-term Debt | 0 | $ 349,434,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 900,000,000 | |||
Debt Instrument, Term | 5 years | |||
Average interest rate during the period | 1.80% | 1.60% | ||
Outstanding letters of credit | $ 2,000,000 | $ 2,000,000 | ||
Unused portion of revolving credit facility | 699,000,000 | 750,000,000 | ||
Long-term Debt | $ 199,000,000 | $ 148,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Site Contingency [Line Items] | ||
Accruals for environmental remediation, dismantling, and decontamination | $ 10 | $ 11 |
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 | $ 10 |
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, 2022 | Mar. 31, 2021 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Pension Plans and Other Postretirement Benefits, Beginning Balance | $ 1,522 | $ (92,771) | |
Foreign Currency Translation Adjustments, Beginning Balance | (83,749) | (80,393) | |
Accumulated Other Comprehensive (Loss) Income, Beginning Balance | (82,227) | (173,164) | |
Other comprehensive income (loss) before reclassifications, Pension Plans and Other Postretirement Benefits | 16 | (657) | |
Other comprehensive income (loss) before reclassifications, Foreign Currency Translation Adjustments | (3,102) | 467 | |
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive (Loss) Income | (3,086) | (190) | |
Amounts reclassified from accumulated other comprehensive loss, Pension Plans and Other Postretirement Benefits | [1] | 43 | 1,299 |
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 | 43 | 1,299 | |
Total pension plans and other postretirement benefits | 59 | 642 | |
Other comprehensive income (loss), Foreign Currency Translation Adjustments | (3,102) | 467 | |
Other comprehensive income (loss) | (3,043) | 1,109 | |
Pension Plans and Other Postretirement Benefits, Ending Balance | 1,581 | (92,129) | |
Foreign Currency Translation Adjustments, Ending Balance | (86,851) | (79,926) | |
Accumulated Other Comprehensive (Loss) Income, Ending Balance | $ (85,270) | $ (172,055) | |
[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 2021 Annual Report for further information. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 84,550 | $ 83,304 |
Carrying Amount in Consolidated Balance Sheets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 85,000 | 83,000 |
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 | $ 85,000 | $ 83,000 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 841,074 | $ 1,139,287 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt (excluding capital lease obligations), Fair Value | $ 817,137 | $ 1,178,066 |