Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | NEWMARKET CORP | ||
Entity Central Index Key | 1,282,637 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 11,779,143 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,969,585,799 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Income Statement [Abstract] | ||||
Net sales | [1] | $ 2,198,404 | $ 2,049,451 | $ 2,140,830 |
Cost of goods sold | 1,556,386 | 1,368,690 | 1,461,774 | |
Gross profit | 642,018 | 680,761 | 679,056 | |
Selling, general, and administrative expenses | 165,056 | 161,112 | 164,082 | |
Research, development, and testing expenses | 140,193 | 156,959 | 158,254 | |
Operating profit | 336,769 | 362,690 | 356,720 | |
Interest and financing expenses, net | 21,856 | 16,785 | 14,652 | |
Other income (expense), net | 529 | (2,697) | (3,097) | |
Income before income tax expense | 315,442 | 343,208 | 338,971 | |
Income tax expense | 124,933 | 99,767 | 100,368 | |
Net income | $ 190,509 | $ 243,441 | $ 238,603 | |
Earnings per share - basic and diluted (in dollars per share) | $ 16.08 | $ 20.54 | $ 19.45 | |
[1] | No single customer accounted for 10% or more of our total net sales in 2017, 2016, or 2015. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 190,509 | $ 243,441 | $ 238,603 |
Pension plans and other postretirement benefits: | |||
Prior service credit (cost) arising during the period, net of income tax expense (benefit) of $(286) in 2016 and $13,913 in 2015 | 0 | (463) | 21,855 |
Amortization of prior service cost (credit) included in net periodic benefit cost (income), net of income tax expense (benefit) of $(1,127) in 2017, $(1,123) in 2016 and $(375) in 2015 | (1,955) | (1,801) | (629) |
Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of $2,814 in 2017, $(4,409) in 2016 and $(2,477) in 2015 | 10,966 | (8,102) | (1,331) |
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), net of income tax expense (benefit) of $2,028 in 2017, $2,287 in 2016 and $3,052 in 2015 | 3,656 | 3,977 | 5,426 |
Total pension plans and other postretirement benefits | 12,667 | (6,389) | 25,321 |
Foreign currency translation adjustments, net of income tax expense (benefit) of $703 in 2017, $(895) in 2016 and $(71) in 2015 | 23,849 | (31,595) | (30,687) |
Other comprehensive income (loss) | 36,516 | (37,984) | (5,366) |
Comprehensive income | $ 227,025 | $ 205,457 | $ 233,237 |
Consolidated Statements Of Com4
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Prior service credit (cost) arising during the period, income tax expense (benefit) | $ 0 | $ (286) | $ 13,913 |
Amortization of prior service cost (credit) included in net periodic benefit cost, income tax expense (benefit) | (1,127) | (1,123) | (375) |
Actuarial net gain (loss) arising during the period, income tax expense (benefit) | 2,814 | (4,409) | (2,477) |
Amortization of actuarial net loss (gain) included in net periodic benefit cost, income tax expense (benefit) | 2,028 | 2,287 | 3,052 |
Foreign currency translation adjustments, income tax expense (benefit) | $ 703 | $ (895) | $ (71) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 84,166 | $ 192,154 |
Trade and other accounts receivable, net | 335,317 | 306,916 |
Inventories | 383,097 | 311,512 |
Prepaid expenses and other current assets | 31,074 | 26,301 |
Total current assets | 833,654 | 836,883 |
Property, plant, and equipment, at cost | 1,474,962 | 1,264,957 |
Less accumulated depreciation and amortization | 822,681 | 761,212 |
Net property, plant, and equipment | 652,281 | 503,745 |
Intangibles (net of amortization) and goodwill | 144,337 | 10,436 |
Prepaid pension cost | 66,495 | 25,800 |
Deferred income taxes | 4,349 | 29,063 |
Deferred charges and other assets | 11,038 | 10,509 |
Total assets | 1,712,154 | 1,416,436 |
Current liabilities: | ||
Accounts payable | 159,408 | 141,869 |
Accrued expenses | 107,999 | 104,082 |
Dividends payable | 19,055 | 17,478 |
Income taxes payable | 16,340 | 17,573 |
Other current liabilities | 13,991 | 13,588 |
Total current liabilities | 316,793 | 294,590 |
Long-term debt | 602,900 | 507,275 |
Other noncurrent liabilities | 190,812 | 131,320 |
Total liabilities | 1,110,505 | 933,185 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock and paid-in capital (without par value; authorized shares - 80,000,000; issued and outstanding - 11,779,978 at December 31, 2017 and 11,845,972 at December 31, 2016) | 0 | 1,603 |
Accumulated other comprehensive loss | (145,994) | (182,510) |
Retained earnings | 747,643 | 664,158 |
Total shareholders' equity | 601,649 | 483,251 |
Total liabilities and shareholders' equity | $ 1,712,154 | $ 1,416,436 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, no par value | ||
Common stock, authorized shares | 80,000,000 | 80,000,000 |
Common stock, issued shares | 11,779,978 | 11,845,972 |
Common stock, outstanding shares | 11,779,978 | 11,845,972 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock and Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
Balance (in shares) at Dec. 31, 2014 | 12,446,365 | |||
Balance at Dec. 31, 2014 | $ 421,041 | $ 0 | $ (139,160) | $ 560,201 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 238,603 | 238,603 | ||
Other comprehensive income (loss) | (5,366) | (5,366) | ||
Cash dividends | (70,763) | (70,763) | ||
Repurchases of common stock (in shares) | (501,261) | |||
Repurchases of common stock | (197,851) | $ (3,070) | (194,781) | |
Tax benefit from stock-based compensation | 374 | $ 374 | ||
Tax withholdings related to stock-based compensation (in shares) | (3,135) | |||
Tax withholdings related to stock-based compensation | (1,199) | $ (3) | (1,196) | |
Stock-based compensation (in shares) | 6,477 | |||
Stock-based compensation | 2,725 | $ 2,699 | 26 | |
Balance (in shares) at Dec. 31, 2015 | 11,948,446 | |||
Balance at Dec. 31, 2015 | 387,564 | $ 0 | (144,526) | 532,090 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 243,441 | 243,441 | ||
Other comprehensive income (loss) | (37,984) | (37,984) | ||
Cash dividends | (75,829) | (75,829) | ||
Repurchases of common stock (in shares) | (98,867) | |||
Repurchases of common stock | (35,815) | $ (252) | (35,563) | |
Tax withholdings related to stock-based compensation (in shares) | (2,582) | |||
Tax withholdings related to stock-based compensation | (1,076) | $ (1,076) | 0 | |
Stock-based compensation (in shares) | (1,025) | |||
Stock-based compensation | $ 2,950 | $ 2,931 | 19 | |
Balance (in shares) at Dec. 31, 2016 | 11,845,972 | 11,845,972 | ||
Balance at Dec. 31, 2016 | $ 483,251 | $ 1,603 | (182,510) | 664,158 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 190,509 | 190,509 | ||
Other comprehensive income (loss) | 36,516 | 36,516 | ||
Cash dividends | (82,885) | (82,885) | ||
Repurchases of common stock (in shares) | (70,689) | |||
Repurchases of common stock | (27,757) | $ (3,607) | (24,150) | |
Tax withholdings related to stock-based compensation (in shares) | (2,328) | |||
Tax withholdings related to stock-based compensation | (915) | $ (915) | 0 | |
Stock-based compensation (in shares) | 7,023 | |||
Stock-based compensation | $ 2,930 | $ 2,919 | 11 | |
Balance (in shares) at Dec. 31, 2017 | 11,779,978 | 11,779,978 | ||
Balance at Dec. 31, 2017 | $ 601,649 | $ 0 | $ (145,994) | $ 747,643 |
Consolidated Statements Of Sha8
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends (in dollars per share) | $ 7 | $ 6.40 | $ 5.80 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents at beginning of year | $ 192,154 | $ 93,424 | $ 103,003 |
Cash flows from operating activities: | |||
Net income | 190,509 | 243,441 | 238,603 |
Adjustments to reconcile net income to cash flows from operating activities: | |||
Depreciation and amortization | 55,340 | 44,893 | 42,265 |
Noncash pension and postretirement expense | 7,959 | 12,829 | 22,037 |
Deferred income tax expense | 27,375 | 19,185 | 150 |
Tax Reform Act expense | 31,375 | 0 | 0 |
Unrealized gain on derivative instruments, net | 0 | 0 | (1,656) |
Change in assets and liabilities: | |||
Trade and other accounts receivable, net | 250 | (38,231) | 7,215 |
Inventories | (44,936) | 14,480 | (21,747) |
Prepaid expenses | (2,715) | 8,790 | 1,464 |
Accounts payable and accrued expenses | 17,955 | 18,455 | (8,809) |
Book overdrafts | 1,595 | 10,149 | (8,241) |
Income taxes payable | (8,475) | 7,172 | 6,856 |
Cash pension and postretirement contributions | (26,264) | (25,898) | (26,813) |
Realized loss on derivative instruments, net | 0 | 4,825 | 4,877 |
Other, net | (7,173) | 33,344 | 11,826 |
Cash provided from (used in) operating activities | 242,795 | 353,434 | 268,027 |
Cash flows from investing activities: | |||
Capital expenditures | (148,713) | (142,874) | (126,499) |
Acquisition of business (net of $1,131 cash acquired) | (183,930) | 0 | 0 |
Deposits for interest rate swap | 0 | (7,570) | (16,487) |
Return of deposits for interest rate swap | 0 | 11,832 | 18,140 |
Other, net | (2,000) | (4,749) | (4,877) |
Cash provided from (used in) investing activities | (334,643) | (143,361) | (129,723) |
Cash flows from financing activities: | |||
Net (repayments) borrowings under revolving credit facility | (156,000) | 11,000 | 131,000 |
Issuance of 3.78% senior notes | 250,000 | 0 | 0 |
Dividends paid | (82,885) | (75,829) | (70,763) |
Repurchases of common stock | (25,998) | (35,815) | (194,924) |
Other, net | (4,093) | (2,733) | (791) |
Cash provided from (used in) financing activities | (18,976) | (103,377) | (135,478) |
Effect of foreign exchange on cash and cash equivalents | 2,836 | (7,966) | (12,405) |
(Decrease) increase in cash and cash equivalents | (107,988) | 98,730 | (9,579) |
Cash and cash equivalents at end of year | $ 84,166 | $ 192,154 | $ 93,424 |
Consolidated Statements Of Ca10
Consolidated Statements Of Cash Flows Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Cash Acquired from Acquisition | $ 1,131 |
3.78% Senior Notes [Member] | |
Senior notes, interest rate | 3.78% |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Consolidation —Our consolidated financial statements include the accounts of NewMarket Corporation and its subsidiaries. All intercompany transactions are eliminated upon consolidation. References to "we," "us," "our," the "company," and "NewMarket" are to NewMarket Corporation and its consolidated subsidiaries, unless the context indicates otherwise. NewMarket is the parent company of three operating companies, each managing its own assets and liabilities. Those companies are Afton, which focuses on petroleum additive products; Ethyl, representing certain contracted manufacturing and services, as well as the TEL business; and NewMarket Development, which manages the property and improvements that we own in Virginia. NewMarket is also the parent company of NewMarket Services, which provides various administrative services to NewMarket, Afton, Ethyl, and NewMarket Development. Certain reclassifications have been made to the accompanying consolidated financial statements and the related notes to conform to the current presentation. Foreign Currency Translation —We translate the balance sheets of our foreign subsidiaries into U.S. Dollars based on the current exchange rate at the end of each period. We translate the statements of income using the weighted-average exchange rates for the period. NewMarket includes translation adjustments in the Consolidated Balance Sheets as part of accumulated other comprehensive loss and transaction adjustments in the Consolidated Statements of Income as part of cost of goods sold. Foreign currency transaction adjustments resulted in a net gain of $5 million in both 2017 and 2016 , and a net loss of $11 million in 2015 . Revenue Recognition —Our policy is to recognize revenue from the sale of products when title and risk of loss have transferred to the buyer, the price is fixed and determinable, and collectability is reasonably assured. Net sales (revenues) are reported at the gross amount billed, including amounts related to shipping that are charged to the customer. Provisions for rebates to customers are recorded in the same period that the related sales are recorded. Freight costs incurred on the delivery of products are included in the Consolidated Statements of Income in cost of goods sold. Our standard terms of delivery are included in our contracts, sales order confirmation documents, and invoices. Taxes assessed by a governmental authority concurrent with sales to our customers, including sales, use, value-added, and revenue-related excise taxes, are not included as net sales, but are reflected in accrued expenses until remitted to the appropriate governmental authority. Cash and Cash Equivalents —Our cash equivalents consist of government obligations and commercial paper with original maturities of 90 days or less. Throughout the year, we have cash balances in excess of federally insured amounts on deposit with various financial institutions. We state cash and cash equivalents at cost, which approximates fair value. Accounts Receivable —We record our accounts receivable at net realizable value. We maintain an allowance for doubtful accounts for estimated losses resulting from our customers not making required payments. We determine the adequacy of the allowance by periodically evaluating each customer’s receivable balance, considering their financial condition and credit history, and considering current economic conditions. The allowance for doubtful accounts was not material at December 31, 2017 or December 31, 2016 . Inventories —NewMarket values its petroleum additives and TEL inventories at the lower of cost or net realizable value. In the United States, cost is determined on the last-in, first-out (LIFO) basis. In all other countries, we determine cost using the weighted-average method. Inventory cost includes raw materials, direct labor, and manufacturing overhead. Property, Plant, and Equipment —We state property, plant, and equipment at cost and compute depreciation by the straight-line method based on the estimated useful lives of the assets. We capitalize expenditures for significant improvements that extend the useful life of the related property. We expense repairs and maintenance, including plant turnaround costs, as incurred. When property is sold or retired, we remove the cost and accumulated depreciation from the accounts and any related gain or loss is included in earnings. Intangibles (Net of Amortization) and Goodwill —Identifiable intangibles include the cost of acquired contracts, formulas and technology, trademarks and trade names, and customer bases. We assign a value to identifiable intangibles based on independent third-party appraisals and management's assessment at the time of acquisition. NewMarket amortizes the cost of the customer bases by an accelerated method and the cost of the remaining identifiable intangibles by the straight-line method over the estimated economic life of the intangible. Goodwill arises from the excess of cost over net assets of businesses acquired. Goodwill represents the residual purchase price after allocation to all identifiable net assets. We test goodwill for impairment each year, as well as whenever a significant event or circumstance occurs which could reduce the fair value of the reporting unit to which the goodwill applies below the carrying amount of the reporting unit. We have historically tested goodwill for impairment as of December 31. This year, we voluntarily changed the annual impairment assessment date from December 31 to December 1. We determined this measurement date, which represents a change in the method of applying an accounting principle, to be preferable as it better aligns with our business planning and forecasting process, which is a key component of the annual impairment testing. The change in the measurement date did not delay, accelerate, or prevent an impairment charge. Impairment of Long-Lived Assets —When significant events or circumstances occur that might impair the value of long-lived assets, we evaluate recoverability of the recorded cost of these assets. Assets are considered to be impaired if their carrying amount is not recoverable from the estimated undiscounted future cash flows associated with the assets. If we determine an asset is impaired and its recorded cost is higher than estimated fair market value based on the estimated present value of future cash flows, we adjust the asset to estimated fair market value. Environmental Costs —NewMarket capitalizes environmental compliance costs if they extend the useful life of the related property or prevent future contamination. Environmental compliance costs also include maintenance and operation of pollution prevention and control facilities. We expense these compliance costs in cost of goods sold as incurred. Accrued environmental remediation and monitoring costs relate to an existing condition caused by past operations. NewMarket accrues these costs in current operations within cost of goods sold in the Consolidated Statements of Income when it is probable that we have incurred a liability and the amount can be reasonably estimated. These estimates are based on an assessment of the site, available clean-up methods, and prior experience in handling remediation. When we can reliably determine the amount and timing of future cash flows, we discount these liabilities, incorporating an inflation factor. Legal Costs —We expense legal costs in the period incurred. Employee Savings Plan —Most of our full-time salaried and hourly employees may participate in defined contribution savings plans. Employees who are covered by collective bargaining agreements may also participate in a savings plan according to the terms of their bargaining agreements. Employees, as well as NewMarket, contribute to the plans. We made contributions of $6 million in 2017 , $7 million in 2016 , and $6 million in 2015 related to these plans. Research, Development, and Testing Expenses —NewMarket expenses all research, development, and testing costs as incurred. R&D costs include personnel-related costs, as well as internal and external testing of our products. Income Taxes —We recognize deferred income taxes for temporary differences between the financial reporting basis and the income tax basis of assets and liabilities. We also adjust for changes in tax rates and laws at the time the changes are enacted. A valuation allowance is recorded when it is more likely than not that a deferred tax asset will not be realized. We recognize accrued interest and penalties associated with uncertain tax positions as part of income tax expense on our Consolidated Statements of Income. We generally provide for additional U.S. taxes that would be incurred if a foreign subsidiary returns its earnings in cash to the United States. Undistributed earnings of certain foreign subsidiaries for which U.S. taxes have not been provided were zero at December 31, 2017 , and totaled approximately at $537 million at December 31, 2016 , and $436 million at December 31, 2015 . The decrease from 2016 to 2017 is due to the deemed repatriation of foreign earnings resulting from the enactment of the Tax Reform Act. Deferred income taxes were not provided on the undistributed earnings in 2016 and 2015 since we expected them to be indefinitely reinvested abroad. Deferred income taxes were not recorded for undistributed earnings in 2017 because such earnings would either not be subject to U.S. tax when remitted as a result of the enactment the Tax Reform Act or they are considered permanently reinvested. As a result of this new legislation, we are continuing to evaluate the unrecognized deferred tax liability associated with our investment in foreign subsidiaries, but we do not anticipate the amount to be significant. Capital Lease Obligation —We record our capital lease obligations at the lower of fair market value of the related asset at the inception of the lease or the present value of the total minimum lease payments. Derivative Financial Instruments and Hedging Activities —We are exposed to certain risks arising from both our business operations and economic conditions. We manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage certain economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of our debt funding, as well as through the use of derivative financial instruments. Specifically, we have entered, and in the future may enter, into interest rate swaps to manage our exposure to interest rate movements. In addition, our foreign operations expose us to fluctuations of foreign exchange rates. These fluctuations may impact our results of operations, financial position, and cash flows. To manage this exposure, we sometimes enter into foreign currency forward contracts to minimize currency exposure due to cash flows from foreign operations. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. We do not enter into derivative instruments for speculative purposes. We had no derivative financial instruments outstanding at December 31, 2017 or December 31, 2016. In 2009, we entered into an interest rate swap with Goldman Sachs in the notional amount of $97 million and with a maturity date of January 19, 2022 (Goldman Sachs interest rate swap). While outstanding, this exposure was fully collateralized through cash deposits posted with Goldman Sachs. We terminated this swap on September 7, 2016 and settled the liability using approximately $22 million of the cash deposit with Goldman Sachs. Under the terms of this interest rate swap, NewMarket made fixed rate payments at 5.3075% and Goldman Sachs made variable rate payments based on three-month LIBOR. Stock-based Compensation —We calculate the fair value of restricted stock and restricted stock units based on the closing price of our common stock on the date of grant. If award recipients are entitled to receive dividends during the vesting period, we make no adjustment to the fair value of the award for dividends. If the award does not entitle recipients to dividends during the vesting period, we reduce the grant-date price of our common stock by the present value of the dividends expected to be paid on the underlying shares during the vesting period, discounted at the risk-free interest rate. We recognize stock-based compensation expense for the number of awards expected to vest on a straight-line basis over the requisite service period. Estimates and Risks Due to Concentration of Business —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, our financial results can be influenced by certain risk factors. Some of our significant concentrations of risk include the following: • reliance on a small number of significant customers; • customers concentrated in the fuel and lubricant industries; and • production of several of our products solely at one facility. |
Acquisition of Business
Acquisition of Business | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. Acquisition of Business On July 3, 2017, Afton Chemical de Mexico, S.A. de C.V., an indirect, wholly-owned subsidiary of NewMarket Corporation, acquired approximately 99.5% of the outstanding capital stock of Aditivos Mexicanos, S.A. de C.V. (AMSA) for $185 million in cash. AMSA is a petroleum additives manufacturing, sales and distribution company based in Mexico City, Mexico. The results of AMSA's operations have been included in our consolidated financial statements since the date of acquisition and are not material. The noncontrolling interest is also not material. The acquisition agreement included all physical assets of AMSA. We have initiated a purchase price valuation to determine the fair values of the tangible and intangible assets acquired and liabilities assumed and the amount of goodwill to be recognized as of the acquisition date. The amounts recorded for certain assets and liabilities are preliminary and are subject to adjustment if additional information is obtained about facts that existed as of the acquisition date. The final determination of the fair values of certain assets and liabilities will be completed within the measurement period of up to one year from the acquisition date. A preliminary allocation of the purchase price is as follows (in millions): Cash $ 1 Trade accounts receivable 16 Inventory 7 Property, plant, and equipment 53 Goodwill 118 Intangible assets 18 Other long-term assets 2 Other current liabilities (8 ) Other long-term liabilities (3 ) Deferred taxes (19 ) Fair value of net assets acquired $ 185 Identified intangible assets acquired consisted of the following: Fair Value (in millions) Estimated Useful Lives (in years) Formulas and technology $ 9 3-6 Customer base 9 4 Total identified intangible assets $ 18 As part of the acquisition, we recorded $118 million of goodwill. The goodwill recognized is attributable to expected synergies, including a secure supply source for certain raw materials, as well as the skilled assembled workforce of AMSA. All of the goodwill recognized is part of the petroleum additives segment, and none is deductible for Mexican tax purposes. Pro forma results of operations are not presented as the acquisition was not considered material to our consolidated results. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We had 16,708 shares in 2017 , 17,130 shares in 2016 , and 26,450 shares in 2015 of nonvested restricted stock 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 yielded 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. Years Ended December 31, (in thousands, except per-share amounts) 2017 2016 2015 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 190,509 $ 243,441 $ 238,603 Earnings allocated to participating securities 356 477 482 Net income attributable to common shareholders after allocation of earnings to participating securities $ 190,153 $ 242,964 $ 238,121 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 11,824 11,828 12,241 Earnings per share - basic and diluted $ 16.08 $ 20.54 $ 19.45 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Years Ended December 31, (in thousands) 2017 2016 2015 Cash paid during the year for Interest and financing expenses (net of capitalization) $ 20,376 $ 18,775 $ 16,193 Income taxes 59,010 60,998 99,006 Supplemental disclosure of non-cash transactions: Release of deposit account funds to terminate interest rate swap $ 0 $ 21,868 $ 0 Non-cash additions to property, plant, and equipment 11,209 8,762 13,959 Non-cash obligation under capital lease 1,341 4,810 0 |
Trade and Other Accounts Receiv
Trade and Other Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Trade and Other Accounts Receivable, Net | Trade and Other Accounts Receivable, Net December 31, (in thousands) 2017 2016 Trade receivables $ 310,941 $ 265,991 Income tax receivables 7,455 26,189 Other 16,921 14,736 $ 335,317 $ 306,916 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories December 31, (in thousands) 2017 2016 Finished goods and work-in-process $ 319,036 $ 254,068 Raw materials 51,485 45,581 Stores, supplies, and other 12,576 11,863 $ 383,097 $ 311,512 Our U.S. finished goods, work-in-process, and raw materials inventories, which are stated on the LIFO basis, amounted to $128 million at December 31, 2017 , which was below replacement cost by approximately $49 million . At December 31, 2016 , LIFO basis inventories were $130 million , which was approximately $39 million below replacement cost. Our foreign inventories amounted to $244 million at December 31, 2017 and $176 million at December 31, 2016 . Reserves for obsolete and slow-moving inventory included in the table above were not material at December 31, 2017 or December 31, 2016 . |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets December 31, (in thousands) 2017 2016 Dividend funding $ 19,055 $ 17,478 Income taxes on intercompany profit 6,866 3,954 Other 5,153 4,869 $ 31,074 $ 26,301 |
Property, Plant, and Equipment,
Property, Plant, and Equipment, at Cost | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment, at Cost | Property, Plant, and Equipment, at Cost December 31, (in thousands) 2017 2016 Land $ 42,067 $ 40,190 Land improvements 45,144 44,048 Leasehold improvements 1,636 1,510 Buildings 170,624 161,512 Machinery and equipment 1,043,194 915,423 Construction in progress 172,297 102,274 $ 1,474,962 $ 1,264,957 We depreciate the cost of property, plant, and equipment by the straight-line method over the following estimated useful lives: Land improvements 5 - 30 years Buildings 10 - 48 years Machinery and equipment 3 - 20 years Depreciation expense was $51 million in 2017 , $42 million in 2016 , and $35 million in 2015 . |
Intangibles (Net of Amortizatio
Intangibles (Net of Amortization) and Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles (Net of Amortization) and Goodwill | Intangibles (Net of Amortization) and Goodwill The net carrying amount of intangibles and goodwill was $144 million at December 31, 2017 and $10 million at December 31, 2016 . The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below. December 31, 2017 2016 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 12,339 $ 3,280 $ 2,678 $ 1,958 Contract 2,000 200 2,000 0 Customer bases 15,759 5,140 6,938 3,961 Trademarks and trade names 1,531 1,213 1,513 1,069 Goodwill 122,541 4,295 $ 154,170 $ 9,833 $ 17,424 $ 6,988 Aggregate amortization expense $ 2,845 $ 1,860 Aggregate amortization expense was $6 million in 2015 . All of the intangibles relate to the petroleum additives segment. The change in the gross carrying amount between 2016 and 2017 is primarily due to additional goodwill and identifiable intangibles from the acquisition of AMSA, as well as foreign currency fluctuations. The additional goodwill and identifiable intangibles from the acquisition of AMSA are preliminary and are subject to adjustment if additional information is obtained about facts that existed as of the acquisition date. The final determination of the fair values will be completed within the measurement period of up to one year from the acquisition date. See Note 2 for further information. There is no accumulated goodwill impairment. Estimated annual amortization expense related to our intangible assets for the next five years is expected to be (in thousands): 2018 $ 7,651 2019 4,660 2020 3,024 2021 2,206 2022 1,473 We amortize the contract over 10 years ; customer bases over 4 years to 20 years ; formulas and technology over 3 years to 10 years ; and trademarks and trade names over 10 years . |
Deferred Charges and Other Asse
Deferred Charges and Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets, Noncurrent [Abstract] | |
Deferred Charges and Other Assets | Deferred Charges and Other Assets December 31, (in thousands) 2017 2016 Asbestos insurance receivables $ 3,767 4,147 Deferred financing costs, net of amortization 2,614 1,414 Other 4,657 4,948 $ 11,038 $ 10,509 Deferred financing costs, net of amortization in the table above include only those costs associated with the revolving credit facility. The amount of deferred financing costs, net of amortization related to the 4.10% senior notes is reported as a component of long-term debt. See Note 12 for further information on our long-term debt. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | Accrued Expenses December 31, (in thousands) 2017 2016 Employee benefits, payroll, and related taxes $ 36,252 $ 33,019 Customer rebates 20,703 20,944 Taxes other than income and payroll 5,398 6,046 Capital projects 6,316 18,779 Other 39,330 25,294 $ 107,999 $ 104,082 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Long-term Debt | Long-term Debt December 31, (in thousands) 2017 2016 Senior notes - 4.10% due 2022 (net of related deferred financing costs) $ 347,091 $ 346,505 Senior notes - 3.78% due 2029 250,000 0 Revolving credit facility 0 156,000 Capital lease obligations 5,809 4,770 $ 602,900 $ 507,275 4.10% Senior Notes – In 2012, we issued $350 million aggregate principal amount of 4.10% senior notes due 2022 at an issue price of 99.83% . The notes are senior unsecured obligations and are registered under the Securities Act of 1933. We incurred financing costs totaling approximately $5 million related to the 4.10% senior notes, which are being amortized over the term of the agreement. The 4.10% senior notes rank: • equal in right of payment with all of our existing and future senior unsecured indebtedness; and • senior in right of payment to any of our future subordinated indebtedness. The indenture governing the 4.10% senior notes contains covenants that, among other things, limit our ability and the ability of our subsidiaries to: • create or permit to exist liens; • enter into sale-leaseback transactions; • incur additional guarantees; and • sell all or substantially all of our assets or consolidate or merge with or into other companies. We were in compliance with all covenants under the indenture governing the 4.10% senior notes as of December 31, 2017 and December 31, 2016 . 3.78% Senior Notes – On January 4, 2017, we issued $250 million in senior unsecured notes in a private placement with The Prudential Insurance Company of America and certain other purchasers. These notes bear interest at 3.78% and mature on January 4, 2029 . Interest is payable semiannually and principal payments of $50 million are payable annually beginning on January 4, 2025. We have the right to make optional prepayments on the notes at any time, subject to certain limitations. The note purchase agreement contains representations, warranties, terms and conditions customary for transactions of this type. These include negative covenants, certain financial covenants and events of default which are substantially similar to the covenants and events of default in our revolving credit facility. We were in compliance with all covenants under the 3.78% senior notes as of December 31, 2017 . Revolving Credit Facility – On September 22, 2017, we entered into a Credit Agreement (Credit Agreement) with a term of five years . The Credit Agreement provides for an $850 million , multicurrency revolving credit facility, with a $150 million sublimit for multicurrency borrowings, a $75 million sublimit for letters of credit, and a $20 million sublimit for swingline loans. The Credit Agreement includes an expansion feature which allows us, subject to certain conditions, to request an increase to the aggregate amount of the revolving credit facility or obtain incremental term loans in an amount up to $425 million . In addition, the Credit Agreement includes provisions that allow certain of our foreign subsidiaries to borrow under the agreement. Concurrent with entering into the Credit Agreement, we terminated our former revolving credit facility that we had entered into in 2014. There were no outstanding borrowings under the Credit Agreement at December 31, 2017 . At December 31, 2016 , the outstanding borrowings under our former revolving credit facility amounted to $156 million . We paid financing costs in 2017 of approximately $ 1.9 million related to this revolving credit facility and carried over deferred financing costs from our previous revolving credit facility of approximately $ 0.9 million , resulting in total deferred financing costs of $2.8 million as of December 31, 2017 , which we are amortizing over the term of the Credit Agreement. Deferred financing costs from our former revolving credit facility of approximately $0.2 million were written off when we entered into our current revolving credit facility. The obligations under the Credit Agreement are unsecured and fully guaranteed by NewMarket. The revolving credit facility matures on September 22, 2022 . Borrowings made under the revolving credit facility bear interest, at our option, at an annual rate equal to either (1) the Alternate Base Rate (ABR) plus the Applicable Rate (as defined in the Credit Agreement) (solely in the case of loans denominated in U.S. dollars to NewMarket) or (2) the Adjusted LIBO Rate plus the Applicable Rate. ABR is the greater of (i) the rate of interest publicly announced by the Administrative Agent as its prime rate, (ii) the NYFRB Rate (as defined in the credit Agreement) from time to time plus 0.5% , and (iii) the Adjusted LIBO Rate for a one month interest period plus 1% . The Adjusted LIBO Rate means the rate at which Eurocurrency deposits in the London interbank market for certain periods (as selected by NewMarket) are quoted, as adjusted for statutory reserve requirements for Eurocurrency liabilities and other applicable mandatory costs. The Applicable Rate ranges from 0.0% to 0.625% (depending on our consolidated Leverage Ratio or Credit Ratings) for loans bearing interest based on the ABR. The Applicable Rate ranges from 1.00% to 1.625% (depending on our Leverage Ratio or Credit Ratings) for loans bearing interest based on the Adjusted LIBO Rate. At December 31, 2017, the Applicable Rate was 0.125% for loans bearing interest based on the ABR and 1.125% for loans bearing interest based on the Adjusted LIBO Rate. The Credit Agreement contains financial covenants that require NewMarket to maintain a consolidated Leverage Ratio (as defined in the Credit Agreement) of no more than 3.50 to 1.00 except during an Increased Leverage Period (as defined in the Credit Agreement) at the end of each quarter, and a consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of no less than 3.00 to 1.00 , calculated on a rolling four quarter basis, as of the end of each fiscal quarter. We were in compliance with all covenants under the revolving credit facility at December 31, 2017 and the former revolving credit facility at December 31, 2016 . The following table provides information related to the unused portion of our revolving credit facility in effect at December 31, 2017 and December 31, 2016 : December 31, (in thousands) 2017 2016 Maximum borrowing capacity under the revolving credit facility $ 850,000 $ 650,000 Outstanding borrowings under the revolving credit facility 0 156,000 Outstanding letters of credit 2,830 3,483 Unused portion of revolving credit facility $ 847,170 $ 490,517 The average interest rate for borrowings under our revolving credit facilities was 2.5% during 2017 and 1.9% during 2016 . The average interest rate on outstanding borrowings was 2.1% at December 31, 2016 . Capital Lease Obligations – The capital lease obligations are related to the Singapore manufacturing facility. |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Noncurrent Liabilities | Other Noncurrent Liabilities December 31, (in thousands) 2017 2016 Employee benefits $ 89,116 $ 81,377 Deferred income taxes 35,303 9,234 Deemed repatriation of earnings 26,901 0 Environmental remediation 11,753 13,796 Asbestos litigation reserve 8,251 9,710 Other 19,488 17,203 $ 190,812 $ 131,320 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Stock-based Compensation | Stock-based Compensation The 2014 Incentive Compensation and Stock Plan (the Plan) was approved on April 24, 2014. Any employee of our company or an affiliate or a person who is a member of our Board of Directors or the board of directors of an affiliate is eligible to participate in the Plan if the Compensation Committee of the Board of Directors (the Administrator), in its sole discretion, determines that such person has contributed or can be expected to contribute to the profits or growth of our company or its affiliates (each, a participant). Under the terms of the Plan, we may grant participants stock awards, incentive awards, stock units, or options (which may be either incentive stock options or nonqualified stock options), or stock appreciation rights (SARs), which may be granted with a related option. Stock options entitle the participant to purchase a specified number of shares of our common stock at a price that is fixed by the Administrator at the time the option is granted; provided, however, that the price cannot be less than the shares’ fair market value on the date of grant. The maximum period in which an option may be exercised is fixed by the Administrator at the time the option is granted but, in the case of an incentive stock option, cannot exceed ten years. No participant may be granted or awarded, in any calendar year, shares, options, SARs, or stock units covering more than 200,000 shares of our common stock in the aggregate. For purposes of this limitation and the individual limitation on the grant of options, an option and corresponding SAR are treated as a single award. The maximum aggregate number of shares of our common stock that may be issued under the Plan is 1,000,000 . At December 31, 2017 , 974,044 shares were available for grant. During 2017 , we granted 650 shares to five of our non-employee directors, which vested immediately. A summary of activity during 2017 related to NewMarket’s restricted stock and restricted stock units (stock awards) is presented below in whole shares: Number of Shares Weighted Average Grant-Date Fair Value Unvested stock awards at January 1, 2017 18,114 $ 379.22 Granted in 2017 6,785 428.61 Vested in 2017 6,795 381.99 Forfeited in 2017 467 378.09 Unvested stock awards at December 31, 2017 17,637 397.18 The weighted average grant-date fair value was $375.57 for stock awards granted in 2015 . No awards were granted in 2016 . The fair value of shares vested was $3 million in 2017 , $3 million in 2016 , and $4 million in 2015 . We recognized compensation expense of $3 million in 2017 , $3 million in 2016 , and $2 million in 2015 related to stock awards. At December 31, 2017 , total unrecognized compensation expense related to stock awards was $3 million , which is expected to be recognized over a period of 1.5 years . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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 $84 million at December 31, 2017 and $192 million at December 31, 2016 . The fair value is categorized in Level 1 of the fair value hierarchy. Except for the acquisition of AMSA, no events occurred during 2017 requiring adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis. See Note 2 for information on the acquisition of AMSA. 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 December 31, 2017 . The fair value of our debt instruments is categorized as Level 2. December 31, 2017 December 31, 2016 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (excluding capital lease obligation) $ 597,091 $ 623,557 $ 502,505 $ 507,925 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contractual Commitments —NewMarket has operating lease agreements primarily for office space, land, transportation equipment, and storage facilities. Rental expense was $33 million in 2017 , $33 million in 2016 , and $34 million in 2015 . Future lease payments for all noncancelable operating leases as of December 31, 2017 are (in thousands): 2018 $ 14,520 2019 11,328 2020 8,000 2021 5,169 2022 3,461 After 2022 19,206 We have contractual obligations for the construction of assets, as well as purchases of property and equipment, of approximately $26 million at December 31, 2017 , all of which are due within five years . Purchase Obligations —We have purchase obligations for goods or services that are enforceable, legally binding, and specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable without penalty. Purchase orders made in the ordinary course of business are excluded from this amount. Any amounts for which we are liable under purchase orders are reflected in our Consolidated Balance Sheets as accounts payable or accrued expenses. Future payments for purchase obligations as of December 31, 2017 are (in thousands): 2018 $ 193,821 2019 197,235 2020 200,115 2021 196,849 2022 185,956 After 2022 113,310 Litigation —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 and Item 1 of this Form 10-K. While it is not possible to predict or determine with certainty the outcome of any legal proceeding, we believe the outcome of any of these proceedings, or all of them combined, will not result in a material adverse effect on our consolidated results of operations, financial condition, or cash flows. In late 2013, Afton initiated a voluntary self-audit of its compliance with certain sections of the TSCA under the EPA’s Audit Policy. If any potential TSCA violations are discovered during the audit, we would voluntarily disclose them to the EPA under the Audit Policy. In August 2014, the EPA staff began its own TSCA inspection of both Afton and Ethyl. While it is not possible to predict or determine with certainty the outcome, we do not believe that any findings identified as a result of our audit or the EPA’s TSCA inspection will have a material adverse effect on our consolidated results of operations, financial condition, or cash flows. Asbestos We are a defendant in personal injury lawsuits involving exposure to asbestos. These cases involve exposure to asbestos in premises owned or operated, or formerly owned or operated, by subsidiaries of NewMarket. We have never manufactured, sold, or distributed products that contain asbestos. Nearly all of these cases are pending in Texas, Louisiana, or Illinois and involve multiple defendants. We maintain an accrual for these proceedings, as well as a receivable for expected insurance recoveries. The accrual for our premises asbestos liability related to currently asserted claims is based on the following assumptions and factors: • We are often one of many defendants. This factor influences both the number of claims settled against us and the indemnity cost associated with such resolutions. • The estimated percent of claimants in each case that, after discovery, will actually make a claim against us, out of the total number of claimants in a case, is based on a level consistent with past experience and current trends. • We utilize average comparable plaintiff cost history as the basis for estimating pending premises asbestos related claims. These claims are filed by both former contractors and former employees who worked at past and present company locations. We also include an estimated inflation factor in the calculation. • No estimate is made for unasserted claims. • The estimated recoveries from insurance and Albemarle Corporation (a former operation of our company) for these cases are based on, and are consistent with, the 2005 settlement agreements with Travelers Indemnity Company. Based on the above assumptions, we have provided an undiscounted liability related to premises asbestos claims of $10 million at December 31, 2017 and $11 million December 31, 2016 . The liabilities related to asbestos claims are included in accrued expenses (current portion) and other noncurrent liabilities on the Consolidated Balance Sheets. Certain of these costs are recoverable through the settlement agreement with The Travelers Indemnity Company, as well as an agreement with Albemarle Corporation. The receivable for these recoveries related to premises asbestos liabilities was $5 million at both December 31, 2017 and December 31, 2016 . These receivables are included in trade and other accounts receivable, net on the Consolidated Balance Sheets for the current portion. The noncurrent portion is included in deferred charges and other assets. Environmental —We are involved in environmental proceedings and potential proceedings relating to soil and groundwater contamination, disposal of hazardous waste, and other environmental matters at several of our current or former facilities, or at third-party sites where we have been designated as a potentially responsible party (PRP). While we believe we are currently adequately accrued for known environmental issues, it is possible that unexpected future costs could have a significant impact on our financial position, results of operations, and cash flows. Our total accruals for environmental remediation, dismantling, and decontamination were approximately $14 million at December 31, 2017 and $16 million at December 31, 2016 . Of the total accrual, the current portion is included in accrued expenses and the noncurrent portion is included in other noncurrent liabilities on the Consolidated Balance Sheets. Our more significant environmental sites include a former TEL plant site in Louisiana (the Louisiana site) and a Houston, Texas plant site (the Texas site). Together, the amounts accrued on a discounted basis related to these sites represented approximately $7 million of the total accrual above at December 31, 2017 , using discount rates ranging from 4% to 9% , and $10 million of the total accrual above at December 31, 2016 , using discount rates ranging from 4% to 9% . The aggregate undiscounted amount for these sites was $10 million at December 31, 2017 and $13 million at December 31, 2016 . Of the total accrued for these two sites, the amount related to remediation of groundwater and soil was $3 million for the Louisiana site and $4 million for the Texas site at December 31, 2017 and $4 million for the Louisiana site and $5 million for the Texas site at December 31, 2016 . In 2000, the EPA named us as a PRP under Superfund law for the clean-up of soil and groundwater contamination at the five grouped disposal sites known as "Sauget Area 2 Sites" in Sauget, Illinois. Without admitting any fact, responsibility, fault, or liability in connection with this site, we are participating with other PRPs in site investigations and feasibility studies. In December 2013, the EPA issued its ROD confirming its remedies for the selected Sauget Area 2 sites. In August 2017, the EPA issued a Special Notice Letter to over 75 PRPs notifying them of potential liability and encouraging the PRPs to voluntarily perform or finance the response actions detailed in the ROD. We have accrued our estimated proportional share of the remedial costs and expenses addressed in the ROD. We do not believe there is any additional information available as a basis for revision of the liability that we have established at December 31, 2017 . The amount accrued for this site is not material. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits NewMarket uses a December 31 measurement date for all of our plans. U.S. Retirement Plans NewMarket sponsors four pension plans for all full-time U.S. employees that offer a benefit based primarily on years of service and compensation. Employees do not contribute to these pension plans. The plans are as follows: • Salaried employees pension plan; • Afton pension plan for union employees (the Sauget plan); • NewMarket retirement income plan for union employees in Houston, Texas (the Houston plan); and • Afton Chemical Additives pension plan for union employees in Port Arthur, Texas (the Port Arthur plan). In addition, we offer an unfunded, nonqualified supplemental pension plan. This plan restores the pension benefits from our regular pension plans that would have been payable to designated participants if it were not for limitations imposed by U.S. federal income tax regulations. We also provide postretirement health care benefits and life insurance to eligible retired employees. A plan amendment, with an effective date of January 1, 2016, was made in 2015 to provide post-65 medical and prescription drug benefits to retirees through a private healthcare exchange with fixed subsidies to eligible retirees through a health reimbursement account. As a result, the postretirement plan liabilities were remeasured at September 1, 2015 resulting in a non-cash improvement in the funded position. The adjustment to accumulated other comprehensive loss is reflected in prior service cost (credit) and is being amortized into expense. The components of net periodic pension and postretirement benefit cost (income), as well as other amounts recognized in other comprehensive income (loss), are shown below. Years Ended December 31, Pension Benefits Postretirement Benefits (in thousands) 2017 2016 2015 2017 2016 2015 Net periodic benefit cost (income) Service cost $ 13,679 $ 12,860 $ 13,034 $ 774 $ 705 $ 2,244 Interest cost 13,289 13,175 11,938 1,582 1,653 2,548 Expected return on plan assets (26,146 ) (23,137 ) (20,467 ) (1,197 ) (1,239 ) (1,288 ) Amortization of prior service cost (credit) 26 187 99 (3,029 ) (3,028 ) (1,008 ) Amortization of actuarial net (gain) loss 4,725 5,243 6,891 0 0 0 Net periodic benefit cost (income) 5,573 8,328 11,495 (1,870 ) (1,909 ) 2,496 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial net (gain) loss (13,386 ) 9,140 11,095 2,635 156 (1,826 ) Prior service cost (credit) 0 749 0 0 0 (35,768 ) Amortization of actuarial net gain (loss) (4,725 ) (5,243 ) (6,891 ) 0 0 0 Amortization of prior service (cost) credit (26 ) (187 ) (99 ) 3,029 3,028 1,008 Total recognized in other comprehensive income (loss) (18,137 ) 4,459 4,105 5,664 3,184 (36,586 ) Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) $ (12,564 ) $ 12,787 $ 15,600 $ 3,794 $ 1,275 $ (34,090 ) The estimated actuarial net loss to be amortized from accumulated other comprehensive loss into net periodic benefit cost (income) during 2018 is expected to be $5 million for pension plans. The estimated prior service cost to be amortized from accumulated other comprehensive loss into net periodic benefit cost (income) during 2018 is not expected to be material for pension plans. The estimated prior service credit to be amortized from accumulated other comprehensive loss into net periodic benefit cost (income) during 2018 related to postretirement benefits is expected to be $3 million . Changes in the plans’ benefit obligations and assets follow. December 31, Pension Benefits Postretirement Benefits (in thousands) 2017 2016 2017 2016 Change in benefit obligation Benefit obligation at beginning of year $ 316,366 $ 292,728 $ 38,110 $ 38,517 Service cost 13,679 12,860 774 705 Interest cost 13,289 13,175 1,582 1,653 Actuarial net (gain) loss 25,828 6,087 2,506 (322 ) Plan amendment 0 748 0 0 Benefits paid (10,350 ) (9,232 ) (2,534 ) (2,443 ) Benefit obligation at end of year 358,812 316,366 40,438 38,110 Change in plan assets Fair value of plan assets at beginning of year 291,092 260,911 23,238 23,972 Actual return on plan assets 65,360 20,083 1,067 761 Employer contributions 19,319 19,330 1,133 948 Benefits paid (10,350 ) (9,232 ) (2,534 ) (2,443 ) Fair value of plan assets at end of year 365,421 291,092 22,904 23,238 Funded status $ 6,609 $ (25,274 ) $ (17,534 ) $ (14,872 ) Amounts recognized in the Consolidated Balance Sheets Noncurrent assets $ 48,515 $ 15,188 $ 0 $ 0 Current liabilities (2,793 ) (2,781 ) (1,278 ) (1,313 ) Noncurrent liabilities (39,113 ) (37,681 ) (16,256 ) (13,559 ) $ 6,609 $ (25,274 ) $ (17,534 ) $ (14,872 ) Amounts recognized in accumulated other comprehensive loss Actuarial net (gain) loss $ 88,950 $ 107,061 $ 1,710 $ (925 ) Prior service cost (credit) 32 58 (28,703 ) (31,732 ) $ 88,982 $ 107,119 $ (26,993 ) $ (32,657 ) The accumulated benefit obligation for all domestic defined benefit pension plans was $307 million at December 31, 2017 and $272 million at December 31, 2016 . The fair market value of plan assets exceeded the accumulated benefit obligation for all domestic plans, except the nonqualified plan, at December 31, 2017 and December 31, 2016 . The fair market value of plan assets exceeded the projected benefit obligation for all domestic plans, except the nonqualified plan, at December 31, 2017 and December 31, 2016 . The net asset position for plans in which assets exceed the projected benefit obligation is included in prepaid pension cost on the Consolidated Balance Sheets. The net liability position of plans in which the projected benefit obligation exceeds assets is included in other noncurrent liabilities on the Consolidated Balance Sheets. A portion of the accrued benefit cost for the nonqualified plan is included in current liabilities at both December 31, 2017 and December 31, 2016 . As the nonqualified plan is unfunded, the amount reflected in current liabilities represents the expected benefit payments related to the nonqualified plan during 2018 . The first table below shows information on domestic pension plans with the accumulated benefit obligation in excess of plan assets. The second table presents information on domestic pension plans with the projected benefit obligation in excess of plan assets. December 31, (in thousands) 2017 2016 Plans with the accumulated benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 41,906 $ 40,462 Accumulated benefit obligation 38,105 35,939 Fair market value of plan assets 0 0 December 31, (in thousands) 2017 2016 Plans with the projected benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 41,906 $ 40,462 Fair market value of plan assets 0 0 There are no assets held by the trustee for the retired beneficiaries of the nonqualified plan. Payments to retired beneficiaries of the nonqualified plan are made with cash from operations. Assumptions —We used the following assumptions to calculate the results of our retirement plans: Pension Benefits Postretirement Benefits 2017 2016 2015 2017 2016 2015 Weighted-average assumptions used to determine net periodic benefit cost (income) for years ended December 31, Discount rate 4.250 % 4.500 % 4.125 % 4.250 % 4.500 % 4.125 % Expected long-term rate of return on plan assets 8.50 % 8.50 % 8.50 % 5.50 % 5.50 % 5.50 % Rate of projected compensation increase 3.50 % 3.50 % 3.50 % Weighted-average assumptions used to determine benefit obligations at December 31, Discount rate 3.750 % 4.250 % 4.500 % 3.750 % 4.250 % 4.500 % Rate of projected compensation increase 3.50 % 3.50 % 3.50 % For pension plans, we base the assumed expected long-term rate of return for plan assets on an analysis of our actual investments, including our asset allocation, as well as an analysis of expected returns. This analysis reflects the expected long-term rates of return for each significant asset class and economic indicator. As of January 1, 2018 , the expected rates were 8.5% for U.S. large cap stocks, 4.1% for fixed income, and 3.1% for inflation. The range of returns relies both on forecasts and on broad-market historical benchmarks for expected return, correlation, and volatility for each asset class. Our asset allocation is predominantly weighted toward equities. Through our ongoing monitoring of our investments and review of market data, we have determined that we should maintain the expected long-term rate of return for our U.S. plans at 8.5% at December 31, 2017 . For the postretirement plan, we based the assumed expected long-term rate of return for plan assets on an evaluation of projected interest rates, as well as the guaranteed interest rate for our insurance contract. Plan Assets —Pension plan assets are held and distributed by trusts and consist principally of equity securities and investment-grade fixed income securities. We invest directly in equity securities, as well as in funds which primarily hold equity and debt securities. Our target allocation is 90% to 97% in equities, 3% to 10% in debt securities and 1% to 5% in cash. The pension obligation is long-term in nature and the investment philosophy followed by the Pension Investment Committee is likewise long-term in its approach. The majority of the pension funds are invested in equity securities as historically, equity securities have outperformed debt securities and cash investments, resulting in a higher investment return over the long-term. While in the short-term, equity securities may underperform other investment classes, we are less concerned with short-term results and more concerned with long-term improvement. The pension funds are managed by five different investment companies who predominantly invest in U.S. and international equities. Each investment company’s performance is reviewed quarterly. A small portion of the funds is in investments such as cash or short-term bonds, which historically has been less vulnerable to short-term market swings. These funds are used to provide the cash needed to meet our monthly obligations. There are no significant concentrations of risk within plan assets, nor do the equity securities include any NewMarket common stock for any year presented. The assets of the postretirement benefit plan are invested completely in an insurance contract held by Metropolitan Life. No NewMarket common stock is included in these assets. The following table provides information on the fair value of our pension and postretirement benefit plans assets, as well as the related level within the fair value hierarchy. Investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified by level in the fair value hierarchy. December 31, 2017 December 31, 2016 Fair Value Measurements Using Fair Value Measurements Using (in thousands) Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Pension Plans Equity securities: U. S. companies $ 286,103 $ 286,103 $ 0 $ 0 $ 232,895 $ 232,895 $ 0 $ 0 International companies 2,074 2,074 0 0 1,757 1,757 0 0 Real estate investment trusts 3,487 3,487 0 0 2,653 2,653 0 0 Money market instruments 18,395 18,395 0 0 11,120 11,120 0 0 Pooled investment funds: Fixed income securities—mutual funds 8,958 8,958 0 0 8,799 8,799 0 0 International equities—mutual fund 16,715 16,715 0 0 13,104 13,104 0 0 Common collective trusts measured at net asset value 26,084 19,780 Insurance contract 3,605 0 3,605 0 984 0 984 0 $ 365,421 $ 335,732 $ 3,605 $ 0 $ 291,092 $ 270,328 $ 984 $ 0 Postretirement Plans Insurance contract $ 22,904 $ 0 $ 22,904 $ 0 $ 23,238 $ 0 $ 23,238 $ 0 The valuation methodologies used to develop the fair value measurements for the investments in the table above is outlined below. There have been no changes in the valuation techniques used to value the investments. • Equity securities, including common stock and real estate investment trusts, are valued at the closing price reported on a national exchange. • Money market instruments are valued at cost, which approximates fair value. • Pooled investment funds—Mutual funds are valued at the closing price reported on a national exchange. • The common collective trusts (the trusts) are valued at the net asset value of units held based on the quoted market value of the underlying investments held by the funds. One of the trusts invests primarily in a diversified portfolio of equity securities of companies located outside of the United States and Canada, as determined by a company's jurisdiction of incorporation. We may make withdrawals from this trust on the first business day of each month with at least ten business days' notice. The other trust invests primarily in a diversified portfolio of equity securities included in the S&P 500 index. There are no restrictions on redemption for the trusts and there were no unfunded commitments. • Cash and cash equivalents are valued at cost. • The insurance contracts are unallocated funds deposited with an insurance company and are stated at an amount equal to the sum of all amounts deposited less the sum of all amounts withdrawn, adjusted for investment return. Cash Flows —For U.S. plans, NewMarket expects to contribute $19 million to our pension plans in 2018 . Contributions to our postretirement benefit plans are not expected to be material. The expected benefit payments for the next ten years are as follows. (in thousands) Expected Pension Benefit Payments Expected Postretirement Benefit Payments 2018 $ 11,404 $ 2,815 2019 12,426 2,659 2020 13,227 2,511 2021 14,256 2,391 2022 15,154 2,278 2023 through 2027 92,183 10,277 Foreign Retirement Plans For most employees of our foreign subsidiaries, NewMarket has defined benefit pension plans that offer benefits based primarily on years of service and compensation. These defined benefit plans provide benefits for employees of our foreign subsidiaries located in Belgium, the United Kingdom, Germany, Canada, and Mexico. NewMarket generally contributes to investment trusts and insurance accounts to provide for these plans. The components of net periodic pension cost (income), as well as other amounts recognized in other comprehensive income (loss), for these foreign defined benefit pension plans are shown below. Years Ended December 31, (in thousands) 2017 2016 2015 Net periodic benefit cost (income) Service cost $ 7,437 $ 6,926 $ 8,150 Interest cost 4,314 4,915 4,932 Expected return on plan assets (8,479 ) (6,638 ) (7,077 ) Amortization of prior service cost (credit) (79 ) (83 ) (95 ) Amortization of actuarial net (gain) loss 959 1,021 1,587 Net periodic benefit cost (income) 4,152 6,141 7,497 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial net (gain) loss (3,029 ) 3,215 (5,461 ) Amortization of actuarial net gain (loss) (959 ) (1,021 ) (1,587 ) Amortization of prior service (cost) credit 79 83 95 Total recognized in other comprehensive income (loss) (3,909 ) 2,277 (6,953 ) Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) $ 243 $ 8,418 $ 544 The estimated actuarial net loss to be amortized from accumulated other comprehensive loss into net periodic benefit cost (income) during 2018 is expected to be $1 million . The estimated prior service credit to be amortized from accumulated other comprehensive loss into net periodic benefit cost (income) during 2018 is not expected to be material. Changes in the benefit obligations and assets of the foreign defined benefit pension plans follow. December 31, (in thousands) 2017 2016 Change in benefit obligation Benefit obligation at beginning of year $ 157,101 $ 146,748 Service cost 7,437 6,926 Interest cost 4,314 4,915 Acquisition 1,888 0 Employee contributions 766 832 Actuarial net (gain) loss 2,417 25,794 Benefits paid (5,157 ) (3,501 ) Foreign currency translation 17,049 (24,613 ) Benefit obligation at end of year 185,815 157,101 Change in plan assets Fair value of plan assets at beginning of year 144,877 138,646 Actual return on plan assets 13,778 29,026 Employer contributions 5,646 5,441 Employee contributions 766 832 Benefits paid (5,157 ) (3,501 ) Acquisition 1,910 0 Foreign currency translation 15,148 (25,567 ) Fair value of plan assets at end of year 176,968 144,877 Funded status $ (8,847 ) $ (12,224 ) Amounts recognized in the Consolidated Balance Sheets Noncurrent assets $ 17,980 $ 10,612 Current liabilities (346 ) (295 ) Noncurrent liabilities (26,481 ) (22,541 ) $ (8,847 ) $ (12,224 ) Amounts recognized in accumulated other comprehensive loss Actuarial net (gain) loss $ 38,831 $ 42,809 Prior service cost (credit) 118 39 Transition obligation 0 10 $ 38,949 $ 42,858 The accumulated benefit obligation for all foreign defined benefit pension plans was $155 million at December 31, 2017 and $132 million at December 31, 2016 . The fair market value of plan assets exceeded both the accumulated benefit obligation and projected benefit obligation for the United Kingdom and the Canadian Salary plans at both year-end 2017 and 2016. The net asset position of the United Kingdom and Canadian Salary plans are included in prepaid pension cost on the Consolidated Balance Sheets at December 31, 2017 and December 31, 2016. The accumulated benefit obligation and projected benefit obligation exceeded the fair market value of plan assets for the German and Belgian plans at December 31, 2017 and for the German, Belgian, and Mexican plans at December 31, 2016. For the two Mexican plans, the fair market value of plan assets exceeded the accumulated benefit obligation but not the projected benefit obligation at December 31, 2017. The accrued benefit cost of these plans is included in other noncurrent liabilities on the Consolidated Balance Sheets. As the German plan is unfunded, a portion of the accrued benefit cost for the German plan is included in current liabilities at year-end 2017 and 2016, reflecting the expected benefit payments related to the plan for the following year. The first table below shows information on foreign pension plans with the accumulated benefit obligation in excess of plan assets. The second table shows information on foreign pension plans with the projected benefit obligation in excess of plan assets. December 31, (in thousands) 2017 2016 Plans with the accumulated benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 36,687 $ 32,407 Accumulated benefit obligation 23,704 21,310 Fair market value of plan assets 10,151 9,568 December 31, (in thousands) 2017 2016 Plans with the projected benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 39,074 $ 32,407 Fair market value of plan assets 12,247 9,568 Assumptions —The information in the table below provides the weighted-average assumptions used to calculate the results of our foreign defined benefit pension plans. 2017 2016 2015 Weighted-average assumptions used to determine net periodic benefit cost (income) for the years ended December 31, Discount rate 2.53 % 3.58 % 3.11 % Expected long-term rate of return on plan assets 5.50 % 5.10 % 5.03 % Rate of projected compensation increase 4.20 % 4.28 % 4.27 % Weighted-average assumptions used to determine benefit obligations at December 31, Discount rate 2.36 % 2.53 % 3.58 % Rate of projected compensation increase 4.14 % 4.20 % 4.28 % The actuarial assumptions used by the various foreign locations are based upon the circumstances of each particular country and pension plan. The factors impacting the determination of the long-term rate of return for a particular foreign pension plan include the market conditions within a particular country, as well as the investment strategy and asset allocation of the specific plan. Plan Assets —Pension plan assets vary by foreign location and plan. Assets are held and distributed by trusts and, depending upon the foreign location and plan, consist primarily of pooled equity funds, pooled debt securities funds, pooled diversified funds, equity securities, debt securities, cash, and insurance contracts. The combined weighted-average target allocation of our foreign pension plans is 38% in equities (including pooled funds), 37% in debt securities (including pooled funds), 6% in insurance contracts, and 19% in pooled diversified funds. While the pension obligation is long-term in nature for each of our foreign plans, the investment strategies followed by each plan vary to some degree based upon the laws of a particular country, as well as the provisions of the specific pension trust. The United Kingdom and Canadian plans are invested predominantly in equity securities funds, diversified funds, and debt securities funds. The funds of these plans are managed by various trustees and investment companies whose performance is reviewed throughout the year. The Belgian plan is invested in an insurance contract. The Mexican plans are invested in various mutual funds, equities, and debt securities. The German plan has no assets. There are no significant concentrations of risk within plan assets, nor do the equity securities include any NewMarket common stock for any year presented. The following table provides information on the fair value of our foreign pension plans assets, as well as the related level within the fair value hierarchy. Investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified by level in the fair value hierarchy. December 31, 2017 December 31, 2016 Fair Value Measurements Using Fair Value Measurements Using (in thousands) Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Insurance contract $ 10,151 $ 0 $ 10,151 $ 0 $ 9,399 $ 0 $ 9,399 $ 0 Equity securities—international companies 755 755 0 0 0 0 0 0 Debt securities 872 801 71 0 0 0 0 0 Pooled investment funds—mutual funds 469 469 0 0 169 169 0 0 Cash and cash equivalents 825 825 0 0 427 427 0 0 Pooled investment funds (measured at net asset value): Equity securities—U.S. companies 10,621 9,341 Equity securities—international companies 56,803 64,903 Debt securities 63,007 55,557 Diversified growth funds 33,465 0 Cash and cash equivalents 0 349 Property 0 4,732 $ 176,968 $ 2,850 $ 10,222 $ 0 $ 144,877 $ 596 $ 9,399 $ 0 The valuation methodologies used to develop the fair value measurements for the investments in the table above are outlined below. There have been no changes in the valuation techniques used to value the investments. • The insurance contract represents funds deposited with an insurance company and is stated at an amount equal to the sum of all amounts deposited less the sum of all amounts withdrawn, adjusted for investment return. • Equity securities are valued at the closing price reported on a national exchange. • Debt securities are valued by quoted market prices or valued based on yields currently available on comparable securities of issuers with similar credit ratings. • Pooled investment funds that are mutual funds are valued at the closing price reported on a national exchange. • Cash and cash equivalents are valued at cost. • The pooled investment funds are valued at the net asset value of units held by the plans based on the quoted market value of the underlying investments held by the fund. The United Kingdom pension plan is invested in units of life insurance policies that are linked to equity securities funds, government bond funds and diversified growth funds. The underlying assets of the equity funds, bond funds, and diversified growth funds are traded on a national exchange and are based on tracking various indices of the London Stock Exchange. There are no redemption restrictions on these funds. There were no unfunded commitments for the United Kingdom pension plan funds. The Canadian pension plan is invested in a pooled Canadian equity fund and a pooled diversified fund. The Canadian equity fund invests in a diversification (sector and industry) of equities listed on a recognized Canadian exchange. The diversified fund invests in a balanced portfolio of marketable securities and controls short-term risk by diversification in equities, bonds and cash. There are no redemption restrictions on the pooled Canadian funds and there were no unfunded commitments. Cash Flows —For foreign pension plans, NewMarket expects to contribute $6 million to the plans in 2018 . The expected benefit payments for the next ten years for our foreign pension plans are shown in the table below. (in thousands) Expected Pension Benefit Payments 2018 $ 4,061 2019 4,087 2020 4,540 2021 4,637 2022 3,773 2023 through 2027 28,938 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income Taxes On December 22, 2017, the U.S. enacted tax legislation commonly known as the Tax Cuts and Jobs Act (Tax Reform Act), which required a one-time transition tax in 2017 on the deemed repatriation of previously deferred foreign earnings and reduces the U.S. corporate tax rate to 21% beginning in 2018. As of December 31, 2017 , we have not fully completed our analysis of the impacts of the Tax Reform Act. However, we have recorded the effects of the reduced tax rate on our existing deferred tax balances and have estimated the one-time tax on deferred foreign earnings. We recognized $31 million of income tax expense in the year ended December 31, 2017 , as a result of the Tax Reform Act. This expense includes $32 million relating to the one-time tax on deferred foreign earnings, which we will elect to pay over an eight-year period, partially offset by $1 million of reductions to deferred tax liabilities. The amount recorded for the transition tax on foreign earnings that is due within the next 12 months has been recorded as an offset to trade and other accounts receivable, net in our Consolidated Balance Sheet at December 31, 2017. The remainder has been recorded in other noncurrent liabilities. Our estimate of the transition tax expense is based on currently available information and interpretations regarding the application of the new tax provisions. The U.S. Treasury, the Internal Revenue Service, and other standard-setting bodies could interpret or issue guidance regarding the provisions of the Tax Reform Act that differ from our interpretation, which could impact our provisional expense. Additional work is necessary to further analyze our historical foreign earnings and other items that affect the calculations. Adjustments to the provisional amounts recorded as of December 31, 2017 , will affect our tax expense or benefit from continuing operations in the period that adjustments are determined, which will be no later than the fourth quarter of 2018. Our income before income tax expense, as well as our provision for income taxes is shown in the table below. Years Ended December 31, (in thousands) 2017 2016 2015 Income before income tax expense Domestic $ 140,779 $ 161,687 $ 229,561 Foreign 174,663 181,521 109,410 $ 315,442 $ 343,208 $ 338,971 Income tax expense Current income taxes Federal $ 61,188 $ 34,213 $ 62,491 State 3,942 9,020 11,216 Foreign 32,428 37,349 26,511 97,558 80,582 100,218 Deferred income taxes Federal 15,901 13,876 1,287 State 3,633 3,095 (936 ) Foreign 7,841 2,214 (201 ) 27,375 19,185 150 Total income tax expense $ 124,933 $ 99,767 $ 100,368 The reconciliation of the U.S. federal statutory rate to the effective income tax rate follows: % of Income Before Income Tax Expense 2017 2016 2015 Federal statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal tax 1.6 2.3 2.0 Foreign operations (4.4 ) (5.8 ) (4.3 ) Domestic research tax credit (1.1 ) (1.2 ) (1.2 ) Domestic manufacturing tax benefit (0.8 ) (0.8 ) (1.9 ) Deemed repatriation of foreign earnings 10.1 0.0 0.0 Other items and adjustments (0.8 ) (0.4 ) 0.0 Effective income tax rate 39.6 % 29.1 % 29.6 % Our deferred income tax assets and liabilities follow. December 31, (in thousands) 2017 2016 Deferred income tax assets Future employee benefits $ 8,039 $ 30,178 Environmental and future shutdown reserves 3,327 5,737 Operating loss and credit carryforwards 6,312 2,935 Trademark expenses 3,852 5,810 Foreign currency translation adjustments 3,993 6,687 Other 3,248 7,458 Gross deferred income tax assets 28,771 58,805 Valuation allowance (5,768 ) (2,935 ) Total deferred income tax assets 23,003 55,870 Deferred income tax liabilities Depreciation and amortization 45,128 29,736 Other 8,829 6,305 Total deferred tax liabilities 53,957 36,041 Net deferred income tax (liabilities) assets $ (30,954 ) $ 19,829 Reconciliation to financial statements Deferred income tax assets $ 4,349 $ 29,063 Deferred income tax liabilities 35,303 9,234 Net deferred income tax (liabilities) assets $ (30,954 ) $ 19,829 Deferred income tax liabilities are included in other noncurrent liabilities in our Consolidated Balance Sheets. Our deferred taxes are in a net liability position at December 31, 2017 . Our deferred tax assets include $6 million of foreign operating loss carryforwards and foreign and state tax credits. The loss carryforwards expire in 2019 through 2022 and certain tax credits expire in 2026. Based on current forecasted operating plans and historical profitability, we believe that we will recover the full benefit of our deferred tax assets with the exception of $6 million of certain credits and operating loss carryforwards. Therefore, as of December 31, 2017, we have recorded an offsetting valuation allowance against these items, as we do not believe we will be able to utilize these credits and operating loss carryforwards before expiration. The $3 million increase in operating loss and credit carryforwards, and the offsetting valuation allowance, during 2017 is primarily due to recording foreign tax credits as a result of the deemed repatriation of foreign earnings under the Tax Reform Act. A reconciliation of the beginning and ending balances of the unrecognized tax benefits from uncertain positions is as follows: December 31, (in thousands) 2017 2016 2015 Balance at beginning of year $ 8,810 $ 2,322 $ 1,465 Increases for tax positions of prior years 865 773 1,035 Decreases for tax positions of prior years 0 0 0 Increases for tax positions of the current year 453 5,826 533 Settlements (260 ) (111 ) (497 ) Lapses of statutes (766 ) 0 (214 ) Balance at end of year $ 9,102 $ 8,810 $ 2,322 At December 31, 2017 , $9 million of the amount of unrecognized tax benefits, if recognized, would affect our effective tax rate. We expect the amount of unrecognized tax benefits to change in the next twelve months; however, we do not expect the change to have a material impact on our financial statements. Our U.S. subsidiaries file a U.S. federal consolidated income tax return. We are currently under examination by various U.S. state and foreign jurisdictions and remain subject to examination until the statute of limitations expires for the respective tax jurisdiction. We are no longer subject to U.S. federal income examination for years before 2014. Foreign and U.S. state jurisdictions have statutes of limitations generally ranging from three to five years. Years still open to examination by foreign tax authorities in major jurisdictions include: the United Kingdom (2015 and forward); Singapore (2013 and forward); Belgium (2016 and forward); and Brazil (2013 and forward). |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The balances of, and changes in, the components of accumulated other comprehensive loss, net of tax, consist of the following: (in thousands) Pension Plans Foreign Currency Translation Adjustments Accumulated Other Balance at December 31, 2014 $ (95,119 ) $ (44,041 ) $ (139,160 ) Other comprehensive income (loss) before reclassifications 20,524 (30,687 ) (10,163 ) Amounts reclassified from accumulated other comprehensive loss (a) 4,797 0 4,797 Other comprehensive income (loss) 25,321 (30,687 ) (5,366 ) Balance at December 31, 2015 (69,798 ) (74,728 ) (144,526 ) Other comprehensive income (loss) before reclassifications (8,565 ) (31,595 ) (40,160 ) Amounts reclassified from accumulated other comprehensive loss (a) 2,176 0 2,176 Other comprehensive income (loss) (6,389 ) (31,595 ) (37,984 ) Balance at December 31, 2016 (76,187 ) (106,323 ) (182,510 ) Other comprehensive income (loss) before reclassifications 10,966 23,849 34,815 Amounts reclassified from accumulated other comprehensive loss (a) 1,701 0 1,701 Other comprehensive income (loss) 12,667 23,849 36,516 Balance at December 31, 2017 $ (63,520 ) $ (82,474 ) $ (145,994 ) (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 17 for further information. |
Segment and Geographic Area Inf
Segment and Geographic Area Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment and Geographic Area Information | Segment and Geographic Area Information Segment Information —The tables below show our consolidated segment results. The “All other” category includes the operations of the TEL business, as well as certain contracted manufacturing and services associated with Ethyl. The segment accounting policies are the same as those described in Note 1. We evaluate the performance of the petroleum additives business based on segment operating profit. NewMarket Services departments and other expenses are billed to Afton and Ethyl based on the services provided under the holding company structure. Depreciation on segment property, plant, and equipment, as well as amortization of segment intangible assets, are included in segment operating profit. No transfers occurred between the petroleum additives segment and the “All other” category during the periods presented. The table below reports net sales and operating profit by segment, as well as a reconciliation to income before income tax expense, for the last three years. Years Ended December 31, (in thousands) 2017 2016 2015 Net sales Petroleum additives Lubricant additives $ 1,790,254 $ 1,672,523 $ 1,740,956 Fuel additives 397,029 362,122 384,039 Total 2,187,283 2,034,645 2,124,995 All other 11,121 14,806 15,835 Net sales (a) $ 2,198,404 $ 2,049,451 $ 2,140,830 Segment operating profit Petroleum additives $ 359,832 $ 384,906 $ 374,934 All other 4,318 530 4,372 Segment operating profit 364,150 385,436 379,306 Corporate, general, and administrative expenses (27,604 ) (21,783 ) (22,779 ) Interest and financing expenses, net (21,856 ) (16,785 ) (14,652 ) Other income (expense), net 752 (3,660 ) (2,904 ) Income before income tax expense $ 315,442 $ 343,208 $ 338,971 (a) No single customer accounted for 10% or more of our total net sales in 2017, 2016, or 2015. The following tables show asset information by segment and the reconciliation to consolidated assets. Segment assets consist of accounts receivable, inventory, and long-lived assets. Long-lived assets included in the petroleum additives segment amounts in the table below include property, plant, and equipment, net of depreciation, as well as intangibles (net of amortization) and goodwill. The additions to long-lived assets include only property, plant, and equipment for each year presented. December 31, (in thousands) 2017 2016 Segment assets Petroleum additives $ 1,461,013 $ 1,083,585 All other 14,089 16,019 1,475,102 1,099,604 Cash and cash equivalents 84,166 192,154 Other accounts receivable 11,026 7,547 Deferred income taxes 4,349 29,063 Prepaid expenses and other current assets 31,074 26,301 Non-segment property, plant, and equipment, net 32,939 29,870 Prepaid pension cost 66,495 25,800 Deferred charges and other assets 7,003 6,097 Total assets $ 1,712,154 $ 1,416,436 Years Ended December 31, (in thousands) 2017 2016 2015 Additions to long-lived assets Petroleum additives $ 196,951 $ 145,768 $ 124,605 All other 0 21 22 Corporate 6,266 1,895 1,872 Total additions to long-lived assets $ 203,217 $ 147,684 $ 126,499 Depreciation and amortization Petroleum additives $ 52,266 $ 42,128 $ 39,365 All other 13 15 12 Corporate 3,061 2,750 2,888 Total depreciation and amortization $ 55,340 $ 44,893 $ 42,265 Geographic Area Information - The tables below report net sales, total assets, and long-lived assets by geographic area, as well as by country for those countries with significant net sales or long-lived assets. Since our foreign operations are significant to our overall business, we are also presenting net sales in the table below by the major regions in which we operate. NewMarket assigns net sales to geographic areas based on the location to which the product was shipped to a third party. Long-lived assets in the table below include property, plant, and equipment, net of depreciation. Years Ended December 31, (in thousands) 2017 2016 2015 Net sales United States $ 696,138 $ 701,209 $ 775,591 China 224,409 203,031 184,175 Europe, Middle East, Africa, India 742,337 653,341 669,198 Asia Pacific, except China 293,137 267,585 252,221 Other foreign 242,383 224,285 259,645 Net sales $ 2,198,404 $ 2,049,451 $ 2,140,830 December 31, (in thousands) 2017 2016 Total assets United States $ 557,488 $ 539,792 Foreign 1,154,666 876,644 Total assets $ 1,712,154 $ 1,416,436 Long-lived assets United States $ 230,049 $ 224,790 Singapore 271,516 189,485 Other foreign 150,716 89,470 Total long-lived assets $ 652,281 $ 503,745 |
Selected Quarterly Consolidated
Selected Quarterly Consolidated Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Consolidated Financial Data (unaudited) | Selected Quarterly Consolidated Financial Data (unaudited) (in thousands, except per-share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Net sales $ 542,818 $ 547,188 $ 548,416 $ 559,982 Gross profit 170,245 164,876 160,305 146,592 Net income 63,937 62,728 59,772 4,072 Earnings per share - basic and diluted 5.39 5.29 5.04 0.35 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 509,927 $ 521,807 $ 516,090 $ 501,627 Gross profit 175,550 178,400 177,401 149,410 Net income 61,931 64,389 71,449 45,672 Earnings per share - basic and diluted 5.22 5.43 6.03 3.86 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09). ASU 2014-09 replaces the previous guidance and clarifies the principles for revenue recognition. It requires a five-step process for revenue recognition that represents the transfer of goods or services to customers in an amount that reflects the consideration expected to be received by a company. ASU 2014-09 also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 is effective for our reporting period beginning January 1, 2018. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We will adopt the standard as a cumulative-effect adjustment. We have substantially completed the evaluation, analysis, and documentation of our adoption of ASU 2014-09 (including those subsequently issued updates that clarify its provisions) and do not believe the adoption will have a material impact on the timing or amount of revenue recognized in our consolidated financial statements, although there will be expanded footnote disclosures. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" (ASU 2016-02). The FASB issued ASU 2016-02 to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requiring disclosures related to certain information about leasing arrangements. Under the new guidance, operating leases are, in most cases, required to be recognized on the balance sheet as a lease asset and liability. A modified retrospective approach is required for the adoption of ASU 2016-02, which is effective for our reporting period beginning January 1, 2019. Early adoption is permitted. We are currently assessing the impact that the adoption of ASU 2016-02 will have on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" (ASU 2017-07), which requires that an employer report the service cost component of net benefit cost in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement outside of operating profit. ASU 2017-07 also allows only the service cost component to be eligible for capitalization in assets. There will be no change to net income as a result of ASU 2017-07, which is effective for our reporting period beginning January 1, 2018. Retrospective application is required for the income statement presentation and prospective application is required for the capitalization of the service cost component in assets. The adoption of ASU 2017-07 will result in a change within operating profit with a corresponding change in other income (expense), net to reflect the impact of presenting all components of net benefit cost, except for service cost, outside of operating income. See Note 17 for the components of our net benefit costs. We do not expect a material impact to our consolidated financial statements. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation —Our consolidated financial statements include the accounts of NewMarket Corporation and its subsidiaries. All intercompany transactions are eliminated upon consolidation. References to "we," "us," "our," the "company," and "NewMarket" are to NewMarket Corporation and its consolidated subsidiaries, unless the context indicates otherwise. NewMarket is the parent company of three operating companies, each managing its own assets and liabilities. Those companies are Afton, which focuses on petroleum additive products; Ethyl, representing certain contracted manufacturing and services, as well as the TEL business; and NewMarket Development, which manages the property and improvements that we own in Virginia. NewMarket is also the parent company of NewMarket Services, which provides various administrative services to NewMarket, Afton, Ethyl, and NewMarket Development. Certain reclassifications have been made to the accompanying consolidated financial statements and the related notes to conform to the current presentation. |
Foreign Currency Translation | Foreign Currency Translation —We translate the balance sheets of our foreign subsidiaries into U.S. Dollars based on the current exchange rate at the end of each period. We translate the statements of income using the weighted-average exchange rates for the period. NewMarket includes translation adjustments in the Consolidated Balance Sheets as part of accumulated other comprehensive loss and transaction adjustments in the Consolidated Statements of Income as part of cost of goods sold. |
Revenue Recognition | Revenue Recognition —Our policy is to recognize revenue from the sale of products when title and risk of loss have transferred to the buyer, the price is fixed and determinable, and collectability is reasonably assured. Net sales (revenues) are reported at the gross amount billed, including amounts related to shipping that are charged to the customer. Provisions for rebates to customers are recorded in the same period that the related sales are recorded. Freight costs incurred on the delivery of products are included in the Consolidated Statements of Income in cost of goods sold. Our standard terms of delivery are included in our contracts, sales order confirmation documents, and invoices. Taxes assessed by a governmental authority concurrent with sales to our customers, including sales, use, value-added, and revenue-related excise taxes, are not included as net sales, but are reflected in accrued expenses until remitted to the appropriate governmental authority. |
Cash and Cash Equivalents | Cash and Cash Equivalents —Our cash equivalents consist of government obligations and commercial paper with original maturities of 90 days or less. Throughout the year, we have cash balances in excess of federally insured amounts on deposit with various financial institutions. We state cash and cash equivalents at cost, which approximates fair value. |
Accounts Receivable | Accounts Receivable —We record our accounts receivable at net realizable value. We maintain an allowance for doubtful accounts for estimated losses resulting from our customers not making required payments. We determine the adequacy of the allowance by periodically evaluating each customer’s receivable balance, considering their financial condition and credit history, and considering current economic conditions. |
Inventories | Inventories —NewMarket values its petroleum additives and TEL inventories at the lower of cost or net realizable value. In the United States, cost is determined on the last-in, first-out (LIFO) basis. In all other countries, we determine cost using the weighted-average method. Inventory cost includes raw materials, direct labor, and manufacturing overhead. |
Property, Plant, and Equipment | Property, Plant, and Equipment —We state property, plant, and equipment at cost and compute depreciation by the straight-line method based on the estimated useful lives of the assets. We capitalize expenditures for significant improvements that extend the useful life of the related property. We expense repairs and maintenance, including plant turnaround costs, as incurred. When property is sold or retired, we remove the cost and accumulated depreciation from the accounts and any related gain or loss is included in earnings. |
Intangibles (Net of Amortization) and Goodwill | Intangibles (Net of Amortization) and Goodwill —Identifiable intangibles include the cost of acquired contracts, formulas and technology, trademarks and trade names, and customer bases. We assign a value to identifiable intangibles based on independent third-party appraisals and management's assessment at the time of acquisition. NewMarket amortizes the cost of the customer bases by an accelerated method and the cost of the remaining identifiable intangibles by the straight-line method over the estimated economic life of the intangible. Goodwill arises from the excess of cost over net assets of businesses acquired. Goodwill represents the residual purchase price after allocation to all identifiable net assets. We test goodwill for impairment each year, as well as whenever a significant event or circumstance occurs which could reduce the fair value of the reporting unit to which the goodwill applies below the carrying amount of the reporting unit. We have historically tested goodwill for impairment as of December 31. This year, we voluntarily changed the annual impairment assessment date from December 31 to December 1. We determined this measurement date, which represents a change in the method of applying an accounting principle, to be preferable as it better aligns with our business planning and forecasting process, which is a key component of the annual impairment testing. The change in the measurement date did not delay, accelerate, or prevent an impairment charge. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets —When significant events or circumstances occur that might impair the value of long-lived assets, we evaluate recoverability of the recorded cost of these assets. Assets are considered to be impaired if their carrying amount is not recoverable from the estimated undiscounted future cash flows associated with the assets. If we determine an asset is impaired and its recorded cost is higher than estimated fair market value based on the estimated present value of future cash flows, we adjust the asset to estimated fair market value. |
Environmental Costs | Environmental Costs —NewMarket capitalizes environmental compliance costs if they extend the useful life of the related property or prevent future contamination. Environmental compliance costs also include maintenance and operation of pollution prevention and control facilities. We expense these compliance costs in cost of goods sold as incurred. Accrued environmental remediation and monitoring costs relate to an existing condition caused by past operations. NewMarket accrues these costs in current operations within cost of goods sold in the Consolidated Statements of Income when it is probable that we have incurred a liability and the amount can be reasonably estimated. These estimates are based on an assessment of the site, available clean-up methods, and prior experience in handling remediation. When we can reliably determine the amount and timing of future cash flows, we discount these liabilities, incorporating an inflation factor. |
Legal Costs | Legal Costs —We expense legal costs in the period incurred. |
Employee Savings Plan | Employee Savings Plan —Most of our full-time salaried and hourly employees may participate in defined contribution savings plans. Employees who are covered by collective bargaining agreements may also participate in a savings plan according to the terms of their bargaining agreements. Employees, as well as NewMarket, contribute to the plans. |
Research, Development, and Testing Expenses | Research, Development, and Testing Expenses —NewMarket expenses all research, development, and testing costs as incurred. R&D costs include personnel-related costs, as well as internal and external testing of our products. |
Income Taxes | Income Taxes —We recognize deferred income taxes for temporary differences between the financial reporting basis and the income tax basis of assets and liabilities. We also adjust for changes in tax rates and laws at the time the changes are enacted. A valuation allowance is recorded when it is more likely than not that a deferred tax asset will not be realized. We recognize accrued interest and penalties associated with uncertain tax positions as part of income tax expense on our Consolidated Statements of Income. We generally provide for additional U.S. taxes that would be incurred if a foreign subsidiary returns its earnings in cash to the United States. |
Capital Lease Obligation | Capital Lease Obligation —We record our capital lease obligations at the lower of fair market value of the related asset at the inception of the lease or the present value of the total minimum lease payments. |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities —We are exposed to certain risks arising from both our business operations and economic conditions. We manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage certain economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of our debt funding, as well as through the use of derivative financial instruments. Specifically, we have entered, and in the future may enter, into interest rate swaps to manage our exposure to interest rate movements. In addition, our foreign operations expose us to fluctuations of foreign exchange rates. These fluctuations may impact our results of operations, financial position, and cash flows. To manage this exposure, we sometimes enter into foreign currency forward contracts to minimize currency exposure due to cash flows from foreign operations. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. We do not enter into derivative instruments for speculative purposes. We had no derivative financial instruments outstanding at December 31, 2017 or December 31, 2016. |
Stock-based Compensation | Stock-based Compensation —We calculate the fair value of restricted stock and restricted stock units based on the closing price of our common stock on the date of grant. If award recipients are entitled to receive dividends during the vesting period, we make no adjustment to the fair value of the award for dividends. If the award does not entitle recipients to dividends during the vesting period, we reduce the grant-date price of our common stock by the present value of the dividends expected to be paid on the underlying shares during the vesting period, discounted at the risk-free interest rate. We recognize stock-based compensation expense for the number of awards expected to vest on a straight-line basis over the requisite service period. |
Estimates and Risks Due to Concentration of Business | Estimates and Risks Due to Concentration of Business —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Long-term Debt | 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. |
Acquisition of Business (Tables
Acquisition of Business (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | A preliminary allocation of the purchase price is as follows (in millions): Cash $ 1 Trade accounts receivable 16 Inventory 7 Property, plant, and equipment 53 Goodwill 118 Intangible assets 18 Other long-term assets 2 Other current liabilities (8 ) Other long-term liabilities (3 ) Deferred taxes (19 ) Fair value of net assets acquired $ 185 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Identified intangible assets acquired consisted of the following: Fair Value (in millions) Estimated Useful Lives (in years) Formulas and technology $ 9 3-6 Customer base 9 4 Total identified intangible assets $ 18 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. Years Ended December 31, (in thousands, except per-share amounts) 2017 2016 2015 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 190,509 $ 243,441 $ 238,603 Earnings allocated to participating securities 356 477 482 Net income attributable to common shareholders after allocation of earnings to participating securities $ 190,153 $ 242,964 $ 238,121 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 11,824 11,828 12,241 Earnings per share - basic and diluted $ 16.08 $ 20.54 $ 19.45 |
Supplemental Cash Flow Inform36
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Information | Years Ended December 31, (in thousands) 2017 2016 2015 Cash paid during the year for Interest and financing expenses (net of capitalization) $ 20,376 $ 18,775 $ 16,193 Income taxes 59,010 60,998 99,006 Supplemental disclosure of non-cash transactions: Release of deposit account funds to terminate interest rate swap $ 0 $ 21,868 $ 0 Non-cash additions to property, plant, and equipment 11,209 8,762 13,959 Non-cash obligation under capital lease 1,341 4,810 0 |
Trade and Other Accounts Rece37
Trade and Other Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Trade and Other Accounts Receivable, Net | December 31, (in thousands) 2017 2016 Trade receivables $ 310,941 $ 265,991 Income tax receivables 7,455 26,189 Other 16,921 14,736 $ 335,317 $ 306,916 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | December 31, (in thousands) 2017 2016 Finished goods and work-in-process $ 319,036 $ 254,068 Raw materials 51,485 45,581 Stores, supplies, and other 12,576 11,863 $ 383,097 $ 311,512 |
Prepaid Expenses and Other Cu39
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | December 31, (in thousands) 2017 2016 Dividend funding $ 19,055 $ 17,478 Income taxes on intercompany profit 6,866 3,954 Other 5,153 4,869 $ 31,074 $ 26,301 |
Property, Plant, and Equipmen40
Property, Plant, and Equipment, at Cost (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant, And Equipment, At Cost | December 31, (in thousands) 2017 2016 Land $ 42,067 $ 40,190 Land improvements 45,144 44,048 Leasehold improvements 1,636 1,510 Buildings 170,624 161,512 Machinery and equipment 1,043,194 915,423 Construction in progress 172,297 102,274 $ 1,474,962 $ 1,264,957 |
Schedule Of Useful Lives Of Property, Plant, And Equipment | We depreciate the cost of property, plant, and equipment by the straight-line method over the following estimated useful lives: Land improvements 5 - 30 years Buildings 10 - 48 years Machinery and equipment 3 - 20 years |
Intangibles (Net of Amortizat41
Intangibles (Net of Amortization) and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of 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. December 31, 2017 2016 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Formulas and technology $ 12,339 $ 3,280 $ 2,678 $ 1,958 Contract 2,000 200 2,000 0 Customer bases 15,759 5,140 6,938 3,961 Trademarks and trade names 1,531 1,213 1,513 1,069 Goodwill 122,541 4,295 $ 154,170 $ 9,833 $ 17,424 $ 6,988 Aggregate amortization expense $ 2,845 $ 1,860 |
Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets | Estimated annual amortization expense related to our intangible assets for the next five years is expected to be (in thousands): 2018 $ 7,651 2019 4,660 2020 3,024 2021 2,206 2022 1,473 |
Deferred Charges and Other As42
Deferred Charges and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets, Noncurrent [Abstract] | |
Schedule Of Deferred Charges and Other Assets | December 31, (in thousands) 2017 2016 Asbestos insurance receivables $ 3,767 4,147 Deferred financing costs, net of amortization 2,614 1,414 Other 4,657 4,948 $ 11,038 $ 10,509 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities, Current [Abstract] | |
Schedule Of Accrued Expenses | December 31, (in thousands) 2017 2016 Employee benefits, payroll, and related taxes $ 36,252 $ 33,019 Customer rebates 20,703 20,944 Taxes other than income and payroll 5,398 6,046 Capital projects 6,316 18,779 Other 39,330 25,294 $ 107,999 $ 104,082 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Schedule Of Long-Term Debt | December 31, (in thousands) 2017 2016 Senior notes - 4.10% due 2022 (net of related deferred financing costs) $ 347,091 $ 346,505 Senior notes - 3.78% due 2029 250,000 0 Revolving credit facility 0 156,000 Capital lease obligations 5,809 4,770 $ 602,900 $ 507,275 |
Schedule of Unused Portion of Revolving Credit Facility | The following table provides information related to the unused portion of our revolving credit facility in effect at December 31, 2017 and December 31, 2016 : December 31, (in thousands) 2017 2016 Maximum borrowing capacity under the revolving credit facility $ 850,000 $ 650,000 Outstanding borrowings under the revolving credit facility 0 156,000 Outstanding letters of credit 2,830 3,483 Unused portion of revolving credit facility $ 847,170 $ 490,517 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule Of Other Noncurrent Liabilities | December 31, (in thousands) 2017 2016 Employee benefits $ 89,116 $ 81,377 Deferred income taxes 35,303 9,234 Deemed repatriation of earnings 26,901 0 Environmental remediation 11,753 13,796 Asbestos litigation reserve 8,251 9,710 Other 19,488 17,203 $ 190,812 $ 131,320 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Schedule of Restricted Stock and Restricted Stock Unit Activity | A summary of activity during 2017 related to NewMarket’s restricted stock and restricted stock units (stock awards) is presented below in whole shares: Number of Shares Weighted Average Grant-Date Fair Value Unvested stock awards at January 1, 2017 18,114 $ 379.22 Granted in 2017 6,785 428.61 Vested in 2017 6,795 381.99 Forfeited in 2017 467 378.09 Unvested stock awards at December 31, 2017 17,637 397.18 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value Of Long-Term Debt | December 31, 2017 December 31, 2016 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (excluding capital lease obligation) $ 597,091 $ 623,557 $ 502,505 $ 507,925 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Lease Payments For Noncancelable Operating Leases | Future lease payments for all noncancelable operating leases as of December 31, 2017 are (in thousands): 2018 $ 14,520 2019 11,328 2020 8,000 2021 5,169 2022 3,461 After 2022 19,206 |
Future Payments for Purchase Obligations | Future payments for purchase obligations as of December 31, 2017 are (in thousands): 2018 $ 193,821 2019 197,235 2020 200,115 2021 196,849 2022 185,956 After 2022 113,310 |
Pension Plans and Other Postr49
Pension Plans and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Cost (Income) | The components of net periodic pension and postretirement benefit cost (income), as well as other amounts recognized in other comprehensive income (loss), are shown below. Years Ended December 31, Pension Benefits Postretirement Benefits (in thousands) 2017 2016 2015 2017 2016 2015 Net periodic benefit cost (income) Service cost $ 13,679 $ 12,860 $ 13,034 $ 774 $ 705 $ 2,244 Interest cost 13,289 13,175 11,938 1,582 1,653 2,548 Expected return on plan assets (26,146 ) (23,137 ) (20,467 ) (1,197 ) (1,239 ) (1,288 ) Amortization of prior service cost (credit) 26 187 99 (3,029 ) (3,028 ) (1,008 ) Amortization of actuarial net (gain) loss 4,725 5,243 6,891 0 0 0 Net periodic benefit cost (income) 5,573 8,328 11,495 (1,870 ) (1,909 ) 2,496 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial net (gain) loss (13,386 ) 9,140 11,095 2,635 156 (1,826 ) Prior service cost (credit) 0 749 0 0 0 (35,768 ) Amortization of actuarial net gain (loss) (4,725 ) (5,243 ) (6,891 ) 0 0 0 Amortization of prior service (cost) credit (26 ) (187 ) (99 ) 3,029 3,028 1,008 Total recognized in other comprehensive income (loss) (18,137 ) 4,459 4,105 5,664 3,184 (36,586 ) Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) $ (12,564 ) $ 12,787 $ 15,600 $ 3,794 $ 1,275 $ (34,090 ) The components of net periodic pension cost (income), as well as other amounts recognized in other comprehensive income (loss), for these foreign defined benefit pension plans are shown below. Years Ended December 31, (in thousands) 2017 2016 2015 Net periodic benefit cost (income) Service cost $ 7,437 $ 6,926 $ 8,150 Interest cost 4,314 4,915 4,932 Expected return on plan assets (8,479 ) (6,638 ) (7,077 ) Amortization of prior service cost (credit) (79 ) (83 ) (95 ) Amortization of actuarial net (gain) loss 959 1,021 1,587 Net periodic benefit cost (income) 4,152 6,141 7,497 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial net (gain) loss (3,029 ) 3,215 (5,461 ) Amortization of actuarial net gain (loss) (959 ) (1,021 ) (1,587 ) Amortization of prior service (cost) credit 79 83 95 Total recognized in other comprehensive income (loss) (3,909 ) 2,277 (6,953 ) Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) $ 243 $ 8,418 $ 544 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The components of net periodic pension and postretirement benefit cost (income), as well as other amounts recognized in other comprehensive income (loss), are shown below. Years Ended December 31, Pension Benefits Postretirement Benefits (in thousands) 2017 2016 2015 2017 2016 2015 Net periodic benefit cost (income) Service cost $ 13,679 $ 12,860 $ 13,034 $ 774 $ 705 $ 2,244 Interest cost 13,289 13,175 11,938 1,582 1,653 2,548 Expected return on plan assets (26,146 ) (23,137 ) (20,467 ) (1,197 ) (1,239 ) (1,288 ) Amortization of prior service cost (credit) 26 187 99 (3,029 ) (3,028 ) (1,008 ) Amortization of actuarial net (gain) loss 4,725 5,243 6,891 0 0 0 Net periodic benefit cost (income) 5,573 8,328 11,495 (1,870 ) (1,909 ) 2,496 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial net (gain) loss (13,386 ) 9,140 11,095 2,635 156 (1,826 ) Prior service cost (credit) 0 749 0 0 0 (35,768 ) Amortization of actuarial net gain (loss) (4,725 ) (5,243 ) (6,891 ) 0 0 0 Amortization of prior service (cost) credit (26 ) (187 ) (99 ) 3,029 3,028 1,008 Total recognized in other comprehensive income (loss) (18,137 ) 4,459 4,105 5,664 3,184 (36,586 ) Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) $ (12,564 ) $ 12,787 $ 15,600 $ 3,794 $ 1,275 $ (34,090 ) The components of net periodic pension cost (income), as well as other amounts recognized in other comprehensive income (loss), for these foreign defined benefit pension plans are shown below. Years Ended December 31, (in thousands) 2017 2016 2015 Net periodic benefit cost (income) Service cost $ 7,437 $ 6,926 $ 8,150 Interest cost 4,314 4,915 4,932 Expected return on plan assets (8,479 ) (6,638 ) (7,077 ) Amortization of prior service cost (credit) (79 ) (83 ) (95 ) Amortization of actuarial net (gain) loss 959 1,021 1,587 Net periodic benefit cost (income) 4,152 6,141 7,497 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial net (gain) loss (3,029 ) 3,215 (5,461 ) Amortization of actuarial net gain (loss) (959 ) (1,021 ) (1,587 ) Amortization of prior service (cost) credit 79 83 95 Total recognized in other comprehensive income (loss) (3,909 ) 2,277 (6,953 ) Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) $ 243 $ 8,418 $ 544 |
Schedule of Changes in the Plans' Benefit Obligations and Assets | Changes in the benefit obligations and assets of the foreign defined benefit pension plans follow. December 31, (in thousands) 2017 2016 Change in benefit obligation Benefit obligation at beginning of year $ 157,101 $ 146,748 Service cost 7,437 6,926 Interest cost 4,314 4,915 Acquisition 1,888 0 Employee contributions 766 832 Actuarial net (gain) loss 2,417 25,794 Benefits paid (5,157 ) (3,501 ) Foreign currency translation 17,049 (24,613 ) Benefit obligation at end of year 185,815 157,101 Change in plan assets Fair value of plan assets at beginning of year 144,877 138,646 Actual return on plan assets 13,778 29,026 Employer contributions 5,646 5,441 Employee contributions 766 832 Benefits paid (5,157 ) (3,501 ) Acquisition 1,910 0 Foreign currency translation 15,148 (25,567 ) Fair value of plan assets at end of year 176,968 144,877 Funded status $ (8,847 ) $ (12,224 ) Amounts recognized in the Consolidated Balance Sheets Noncurrent assets $ 17,980 $ 10,612 Current liabilities (346 ) (295 ) Noncurrent liabilities (26,481 ) (22,541 ) $ (8,847 ) $ (12,224 ) Amounts recognized in accumulated other comprehensive loss Actuarial net (gain) loss $ 38,831 $ 42,809 Prior service cost (credit) 118 39 Transition obligation 0 10 $ 38,949 $ 42,858 Changes in the plans’ benefit obligations and assets follow. December 31, Pension Benefits Postretirement Benefits (in thousands) 2017 2016 2017 2016 Change in benefit obligation Benefit obligation at beginning of year $ 316,366 $ 292,728 $ 38,110 $ 38,517 Service cost 13,679 12,860 774 705 Interest cost 13,289 13,175 1,582 1,653 Actuarial net (gain) loss 25,828 6,087 2,506 (322 ) Plan amendment 0 748 0 0 Benefits paid (10,350 ) (9,232 ) (2,534 ) (2,443 ) Benefit obligation at end of year 358,812 316,366 40,438 38,110 Change in plan assets Fair value of plan assets at beginning of year 291,092 260,911 23,238 23,972 Actual return on plan assets 65,360 20,083 1,067 761 Employer contributions 19,319 19,330 1,133 948 Benefits paid (10,350 ) (9,232 ) (2,534 ) (2,443 ) Fair value of plan assets at end of year 365,421 291,092 22,904 23,238 Funded status $ 6,609 $ (25,274 ) $ (17,534 ) $ (14,872 ) Amounts recognized in the Consolidated Balance Sheets Noncurrent assets $ 48,515 $ 15,188 $ 0 $ 0 Current liabilities (2,793 ) (2,781 ) (1,278 ) (1,313 ) Noncurrent liabilities (39,113 ) (37,681 ) (16,256 ) (13,559 ) $ 6,609 $ (25,274 ) $ (17,534 ) $ (14,872 ) Amounts recognized in accumulated other comprehensive loss Actuarial net (gain) loss $ 88,950 $ 107,061 $ 1,710 $ (925 ) Prior service cost (credit) 32 58 (28,703 ) (31,732 ) $ 88,982 $ 107,119 $ (26,993 ) $ (32,657 ) |
Schedule of Amounts Recognized in the Consolidated Balance Sheets | Changes in the benefit obligations and assets of the foreign defined benefit pension plans follow. December 31, (in thousands) 2017 2016 Change in benefit obligation Benefit obligation at beginning of year $ 157,101 $ 146,748 Service cost 7,437 6,926 Interest cost 4,314 4,915 Acquisition 1,888 0 Employee contributions 766 832 Actuarial net (gain) loss 2,417 25,794 Benefits paid (5,157 ) (3,501 ) Foreign currency translation 17,049 (24,613 ) Benefit obligation at end of year 185,815 157,101 Change in plan assets Fair value of plan assets at beginning of year 144,877 138,646 Actual return on plan assets 13,778 29,026 Employer contributions 5,646 5,441 Employee contributions 766 832 Benefits paid (5,157 ) (3,501 ) Acquisition 1,910 0 Foreign currency translation 15,148 (25,567 ) Fair value of plan assets at end of year 176,968 144,877 Funded status $ (8,847 ) $ (12,224 ) Amounts recognized in the Consolidated Balance Sheets Noncurrent assets $ 17,980 $ 10,612 Current liabilities (346 ) (295 ) Noncurrent liabilities (26,481 ) (22,541 ) $ (8,847 ) $ (12,224 ) Amounts recognized in accumulated other comprehensive loss Actuarial net (gain) loss $ 38,831 $ 42,809 Prior service cost (credit) 118 39 Transition obligation 0 10 $ 38,949 $ 42,858 Changes in the plans’ benefit obligations and assets follow. December 31, Pension Benefits Postretirement Benefits (in thousands) 2017 2016 2017 2016 Change in benefit obligation Benefit obligation at beginning of year $ 316,366 $ 292,728 $ 38,110 $ 38,517 Service cost 13,679 12,860 774 705 Interest cost 13,289 13,175 1,582 1,653 Actuarial net (gain) loss 25,828 6,087 2,506 (322 ) Plan amendment 0 748 0 0 Benefits paid (10,350 ) (9,232 ) (2,534 ) (2,443 ) Benefit obligation at end of year 358,812 316,366 40,438 38,110 Change in plan assets Fair value of plan assets at beginning of year 291,092 260,911 23,238 23,972 Actual return on plan assets 65,360 20,083 1,067 761 Employer contributions 19,319 19,330 1,133 948 Benefits paid (10,350 ) (9,232 ) (2,534 ) (2,443 ) Fair value of plan assets at end of year 365,421 291,092 22,904 23,238 Funded status $ 6,609 $ (25,274 ) $ (17,534 ) $ (14,872 ) Amounts recognized in the Consolidated Balance Sheets Noncurrent assets $ 48,515 $ 15,188 $ 0 $ 0 Current liabilities (2,793 ) (2,781 ) (1,278 ) (1,313 ) Noncurrent liabilities (39,113 ) (37,681 ) (16,256 ) (13,559 ) $ 6,609 $ (25,274 ) $ (17,534 ) $ (14,872 ) Amounts recognized in accumulated other comprehensive loss Actuarial net (gain) loss $ 88,950 $ 107,061 $ 1,710 $ (925 ) Prior service cost (credit) 32 58 (28,703 ) (31,732 ) $ 88,982 $ 107,119 $ (26,993 ) $ (32,657 ) |
Schedule of Plans With the Benefit Obligation in Excess of the Fair Market Value of Plan Assets | The first table below shows information on domestic pension plans with the accumulated benefit obligation in excess of plan assets. The second table presents information on domestic pension plans with the projected benefit obligation in excess of plan assets. December 31, (in thousands) 2017 2016 Plans with the accumulated benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 41,906 $ 40,462 Accumulated benefit obligation 38,105 35,939 Fair market value of plan assets 0 0 December 31, (in thousands) 2017 2016 Plans with the projected benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 41,906 $ 40,462 Fair market value of plan assets 0 0 The first table below shows information on foreign pension plans with the accumulated benefit obligation in excess of plan assets. The second table shows information on foreign pension plans with the projected benefit obligation in excess of plan assets. December 31, (in thousands) 2017 2016 Plans with the accumulated benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 36,687 $ 32,407 Accumulated benefit obligation 23,704 21,310 Fair market value of plan assets 10,151 9,568 December 31, (in thousands) 2017 2016 Plans with the projected benefit obligation in excess of the fair market value of plan assets Projected benefit obligation $ 39,074 $ 32,407 Fair market value of plan assets 12,247 9,568 |
Schedule of Assumptions to Calculate the Results of Our Retirement Plans | We used the following assumptions to calculate the results of our retirement plans: Pension Benefits Postretirement Benefits 2017 2016 2015 2017 2016 2015 Weighted-average assumptions used to determine net periodic benefit cost (income) for years ended December 31, Discount rate 4.250 % 4.500 % 4.125 % 4.250 % 4.500 % 4.125 % Expected long-term rate of return on plan assets 8.50 % 8.50 % 8.50 % 5.50 % 5.50 % 5.50 % Rate of projected compensation increase 3.50 % 3.50 % 3.50 % Weighted-average assumptions used to determine benefit obligations at December 31, Discount rate 3.750 % 4.250 % 4.500 % 3.750 % 4.250 % 4.500 % Rate of projected compensation increase 3.50 % 3.50 % 3.50 % The information in the table below provides the weighted-average assumptions used to calculate the results of our foreign defined benefit pension plans. 2017 2016 2015 Weighted-average assumptions used to determine net periodic benefit cost (income) for the years ended December 31, Discount rate 2.53 % 3.58 % 3.11 % Expected long-term rate of return on plan assets 5.50 % 5.10 % 5.03 % Rate of projected compensation increase 4.20 % 4.28 % 4.27 % Weighted-average assumptions used to determine benefit obligations at December 31, Discount rate 2.36 % 2.53 % 3.58 % Rate of projected compensation increase 4.14 % 4.20 % 4.28 % |
Schedule of Fair Value of Pension and Postretirement Benefit Plans Assets | The following table provides information on the fair value of our pension and postretirement benefit plans assets, as well as the related level within the fair value hierarchy. Investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified by level in the fair value hierarchy. December 31, 2017 December 31, 2016 Fair Value Measurements Using Fair Value Measurements Using (in thousands) Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Pension Plans Equity securities: U. S. companies $ 286,103 $ 286,103 $ 0 $ 0 $ 232,895 $ 232,895 $ 0 $ 0 International companies 2,074 2,074 0 0 1,757 1,757 0 0 Real estate investment trusts 3,487 3,487 0 0 2,653 2,653 0 0 Money market instruments 18,395 18,395 0 0 11,120 11,120 0 0 Pooled investment funds: Fixed income securities—mutual funds 8,958 8,958 0 0 8,799 8,799 0 0 International equities—mutual fund 16,715 16,715 0 0 13,104 13,104 0 0 Common collective trusts measured at net asset value 26,084 19,780 Insurance contract 3,605 0 3,605 0 984 0 984 0 $ 365,421 $ 335,732 $ 3,605 $ 0 $ 291,092 $ 270,328 $ 984 $ 0 Postretirement Plans Insurance contract $ 22,904 $ 0 $ 22,904 $ 0 $ 23,238 $ 0 $ 23,238 $ 0 The following table provides information on the fair value of our foreign pension plans assets, as well as the related level within the fair value hierarchy. Investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified by level in the fair value hierarchy. December 31, 2017 December 31, 2016 Fair Value Measurements Using Fair Value Measurements Using (in thousands) Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Insurance contract $ 10,151 $ 0 $ 10,151 $ 0 $ 9,399 $ 0 $ 9,399 $ 0 Equity securities—international companies 755 755 0 0 0 0 0 0 Debt securities 872 801 71 0 0 0 0 0 Pooled investment funds—mutual funds 469 469 0 0 169 169 0 0 Cash and cash equivalents 825 825 0 0 427 427 0 0 Pooled investment funds (measured at net asset value): Equity securities—U.S. companies 10,621 9,341 Equity securities—international companies 56,803 64,903 Debt securities 63,007 55,557 Diversified growth funds 33,465 0 Cash and cash equivalents 0 349 Property 0 4,732 $ 176,968 $ 2,850 $ 10,222 $ 0 $ 144,877 $ 596 $ 9,399 $ 0 |
Schedule of Expected Benefit Payments | The expected benefit payments for the next ten years for our foreign pension plans are shown in the table below. (in thousands) Expected Pension Benefit Payments 2018 $ 4,061 2019 4,087 2020 4,540 2021 4,637 2022 3,773 2023 through 2027 28,938 The expected benefit payments for the next ten years are as follows. (in thousands) Expected Pension Benefit Payments Expected Postretirement Benefit Payments 2018 $ 11,404 $ 2,815 2019 12,426 2,659 2020 13,227 2,511 2021 14,256 2,391 2022 15,154 2,278 2023 through 2027 92,183 10,277 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Before Income Tax Expense | Our income before income tax expense, as well as our provision for income taxes is shown in the table below. Years Ended December 31, (in thousands) 2017 2016 2015 Income before income tax expense Domestic $ 140,779 $ 161,687 $ 229,561 Foreign 174,663 181,521 109,410 $ 315,442 $ 343,208 $ 338,971 Income tax expense Current income taxes Federal $ 61,188 $ 34,213 $ 62,491 State 3,942 9,020 11,216 Foreign 32,428 37,349 26,511 97,558 80,582 100,218 Deferred income taxes Federal 15,901 13,876 1,287 State 3,633 3,095 (936 ) Foreign 7,841 2,214 (201 ) 27,375 19,185 150 Total income tax expense $ 124,933 $ 99,767 $ 100,368 |
Schedule of Provision for Income Taxes | Our income before income tax expense, as well as our provision for income taxes is shown in the table below. Years Ended December 31, (in thousands) 2017 2016 2015 Income before income tax expense Domestic $ 140,779 $ 161,687 $ 229,561 Foreign 174,663 181,521 109,410 $ 315,442 $ 343,208 $ 338,971 Income tax expense Current income taxes Federal $ 61,188 $ 34,213 $ 62,491 State 3,942 9,020 11,216 Foreign 32,428 37,349 26,511 97,558 80,582 100,218 Deferred income taxes Federal 15,901 13,876 1,287 State 3,633 3,095 (936 ) Foreign 7,841 2,214 (201 ) 27,375 19,185 150 Total income tax expense $ 124,933 $ 99,767 $ 100,368 |
Reconciliation Of U.S. Federal Statutory Rate To Effective Income Tax Rate | The reconciliation of the U.S. federal statutory rate to the effective income tax rate follows: % of Income Before Income Tax Expense 2017 2016 2015 Federal statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal tax 1.6 2.3 2.0 Foreign operations (4.4 ) (5.8 ) (4.3 ) Domestic research tax credit (1.1 ) (1.2 ) (1.2 ) Domestic manufacturing tax benefit (0.8 ) (0.8 ) (1.9 ) Deemed repatriation of foreign earnings 10.1 0.0 0.0 Other items and adjustments (0.8 ) (0.4 ) 0.0 Effective income tax rate 39.6 % 29.1 % 29.6 % |
Schedule of Deferred Income Tax Assets and Liabilities | Our deferred income tax assets and liabilities follow. December 31, (in thousands) 2017 2016 Deferred income tax assets Future employee benefits $ 8,039 $ 30,178 Environmental and future shutdown reserves 3,327 5,737 Operating loss and credit carryforwards 6,312 2,935 Trademark expenses 3,852 5,810 Foreign currency translation adjustments 3,993 6,687 Other 3,248 7,458 Gross deferred income tax assets 28,771 58,805 Valuation allowance (5,768 ) (2,935 ) Total deferred income tax assets 23,003 55,870 Deferred income tax liabilities Depreciation and amortization 45,128 29,736 Other 8,829 6,305 Total deferred tax liabilities 53,957 36,041 Net deferred income tax (liabilities) assets $ (30,954 ) $ 19,829 Reconciliation to financial statements Deferred income tax assets $ 4,349 $ 29,063 Deferred income tax liabilities 35,303 9,234 Net deferred income tax (liabilities) assets $ (30,954 ) $ 19,829 |
Schedule of Reconciliation Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the unrecognized tax benefits from uncertain positions is as follows: December 31, (in thousands) 2017 2016 2015 Balance at beginning of year $ 8,810 $ 2,322 $ 1,465 Increases for tax positions of prior years 865 773 1,035 Decreases for tax positions of prior years 0 0 0 Increases for tax positions of the current year 453 5,826 533 Settlements (260 ) (111 ) (497 ) Lapses of statutes (766 ) 0 (214 ) Balance at end of year $ 9,102 $ 8,810 $ 2,322 |
Other Comprehensive Income (L51
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Loss, Net of Tax | The balances of, and changes in, the components of accumulated other comprehensive loss, net of tax, consist of the following: (in thousands) Pension Plans Foreign Currency Translation Adjustments Accumulated Other Balance at December 31, 2014 $ (95,119 ) $ (44,041 ) $ (139,160 ) Other comprehensive income (loss) before reclassifications 20,524 (30,687 ) (10,163 ) Amounts reclassified from accumulated other comprehensive loss (a) 4,797 0 4,797 Other comprehensive income (loss) 25,321 (30,687 ) (5,366 ) Balance at December 31, 2015 (69,798 ) (74,728 ) (144,526 ) Other comprehensive income (loss) before reclassifications (8,565 ) (31,595 ) (40,160 ) Amounts reclassified from accumulated other comprehensive loss (a) 2,176 0 2,176 Other comprehensive income (loss) (6,389 ) (31,595 ) (37,984 ) Balance at December 31, 2016 (76,187 ) (106,323 ) (182,510 ) Other comprehensive income (loss) before reclassifications 10,966 23,849 34,815 Amounts reclassified from accumulated other comprehensive loss (a) 1,701 0 1,701 Other comprehensive income (loss) 12,667 23,849 36,516 Balance at December 31, 2017 $ (63,520 ) $ (82,474 ) $ (145,994 ) (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 17 for further information. |
Segment and Geographic Area I52
Segment and Geographic Area Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales by Segment | The table below reports net sales and operating profit by segment, as well as a reconciliation to income before income tax expense, for the last three years. Years Ended December 31, (in thousands) 2017 2016 2015 Net sales Petroleum additives Lubricant additives $ 1,790,254 $ 1,672,523 $ 1,740,956 Fuel additives 397,029 362,122 384,039 Total 2,187,283 2,034,645 2,124,995 All other 11,121 14,806 15,835 Net sales (a) $ 2,198,404 $ 2,049,451 $ 2,140,830 Segment operating profit Petroleum additives $ 359,832 $ 384,906 $ 374,934 All other 4,318 530 4,372 Segment operating profit 364,150 385,436 379,306 Corporate, general, and administrative expenses (27,604 ) (21,783 ) (22,779 ) Interest and financing expenses, net (21,856 ) (16,785 ) (14,652 ) Other income (expense), net 752 (3,660 ) (2,904 ) Income before income tax expense $ 315,442 $ 343,208 $ 338,971 (a) No single customer accounted for 10% or more of our total net sales in 2017, 2016, or 2015. |
Schedule Of Segment Operating Profit | The table below reports net sales and operating profit by segment, as well as a reconciliation to income before income tax expense, for the last three years. Years Ended December 31, (in thousands) 2017 2016 2015 Net sales Petroleum additives Lubricant additives $ 1,790,254 $ 1,672,523 $ 1,740,956 Fuel additives 397,029 362,122 384,039 Total 2,187,283 2,034,645 2,124,995 All other 11,121 14,806 15,835 Net sales (a) $ 2,198,404 $ 2,049,451 $ 2,140,830 Segment operating profit Petroleum additives $ 359,832 $ 384,906 $ 374,934 All other 4,318 530 4,372 Segment operating profit 364,150 385,436 379,306 Corporate, general, and administrative expenses (27,604 ) (21,783 ) (22,779 ) Interest and financing expenses, net (21,856 ) (16,785 ) (14,652 ) Other income (expense), net 752 (3,660 ) (2,904 ) Income before income tax expense $ 315,442 $ 343,208 $ 338,971 (a) No single customer accounted for 10% or more of our total net sales in 2017, 2016, or 2015. |
Schedule Of Asset Information By Segment | The following tables show asset information by segment and the reconciliation to consolidated assets. Segment assets consist of accounts receivable, inventory, and long-lived assets. Long-lived assets included in the petroleum additives segment amounts in the table below include property, plant, and equipment, net of depreciation, as well as intangibles (net of amortization) and goodwill. The additions to long-lived assets include only property, plant, and equipment for each year presented. December 31, (in thousands) 2017 2016 Segment assets Petroleum additives $ 1,461,013 $ 1,083,585 All other 14,089 16,019 1,475,102 1,099,604 Cash and cash equivalents 84,166 192,154 Other accounts receivable 11,026 7,547 Deferred income taxes 4,349 29,063 Prepaid expenses and other current assets 31,074 26,301 Non-segment property, plant, and equipment, net 32,939 29,870 Prepaid pension cost 66,495 25,800 Deferred charges and other assets 7,003 6,097 Total assets $ 1,712,154 $ 1,416,436 |
Additions To Long-lived Assets And Depreciation And Amortization By Segment | Years Ended December 31, (in thousands) 2017 2016 2015 Additions to long-lived assets Petroleum additives $ 196,951 $ 145,768 $ 124,605 All other 0 21 22 Corporate 6,266 1,895 1,872 Total additions to long-lived assets $ 203,217 $ 147,684 $ 126,499 Depreciation and amortization Petroleum additives $ 52,266 $ 42,128 $ 39,365 All other 13 15 12 Corporate 3,061 2,750 2,888 Total depreciation and amortization $ 55,340 $ 44,893 $ 42,265 |
Schedule Of Net Sales, Total Assets, And Long-Lived Assets By Geographic Area | The tables below report net sales, total assets, and long-lived assets by geographic area, as well as by country for those countries with significant net sales or long-lived assets. Since our foreign operations are significant to our overall business, we are also presenting net sales in the table below by the major regions in which we operate. NewMarket assigns net sales to geographic areas based on the location to which the product was shipped to a third party. Long-lived assets in the table below include property, plant, and equipment, net of depreciation. Years Ended December 31, (in thousands) 2017 2016 2015 Net sales United States $ 696,138 $ 701,209 $ 775,591 China 224,409 203,031 184,175 Europe, Middle East, Africa, India 742,337 653,341 669,198 Asia Pacific, except China 293,137 267,585 252,221 Other foreign 242,383 224,285 259,645 Net sales $ 2,198,404 $ 2,049,451 $ 2,140,830 December 31, (in thousands) 2017 2016 Total assets United States $ 557,488 $ 539,792 Foreign 1,154,666 876,644 Total assets $ 1,712,154 $ 1,416,436 Long-lived assets United States $ 230,049 $ 224,790 Singapore 271,516 189,485 Other foreign 150,716 89,470 Total long-lived assets $ 652,281 $ 503,745 |
Selected Quarterly Consolidat53
Selected Quarterly Consolidated Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule Of Selected Quarterly Consolidated Financial Data (unaudited) | (in thousands, except per-share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Net sales $ 542,818 $ 547,188 $ 548,416 $ 559,982 Gross profit 170,245 164,876 160,305 146,592 Net income 63,937 62,728 59,772 4,072 Earnings per share - basic and diluted 5.39 5.29 5.04 0.35 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 509,927 $ 521,807 $ 516,090 $ 501,627 Gross profit 175,550 178,400 177,401 149,410 Net income 61,931 64,389 71,449 45,672 Earnings per share - basic and diluted 5.22 5.43 6.03 3.86 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)company | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of operating companies under parent company | company | 3 | ||
Foreign currency transaction adjustments | $ 5,000 | $ 5,000 | $ (11,000) |
Contributions by employer for employee savings plans | 6,000 | 7,000 | 6,000 |
Undistributed earnings of foreign subsidiaries | 0 | 537,000 | 436,000 |
Derivative Liability, Notional Amount | $ 97,000 | ||
Derivative, Fixed Interest Rate | 5.3075% | ||
Release of deposit account funds to terminate interest rate swap | $ 0 | $ 21,868 | $ 0 |
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents maturity, days | 90 days |
Acquisition of Business (Narrat
Acquisition of Business (Narrative) (Details) $ in Millions | Jul. 03, 2017USD ($) |
Business Acquisition [Line Items] | |
Percentage of Business Acquired | 99.50% |
Cash Payment for Acquisition | $ 185 |
Goodwill | 118 |
MEXICO | |
Business Acquisition [Line Items] | |
Goodwill Deductible for Tax Purposes | $ 0 |
Acquisition of Business (Schedu
Acquisition of Business (Schedule of Business Acquisition, By Acquisition) (Details) $ in Millions | Jul. 03, 2017USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 1 |
Trade accounts receivable | 16 |
Inventory | 7 |
Property, plant, and equipment | 53 |
Goodwill | 118 |
Intangible assets | 18 |
Other long-term assets | 2 |
Other current liabilities | (8) |
Other long-term liabilities | (3) |
Deferred taxes | (19) |
Fair value of net assets acquired | $ 185 |
Acquisition of Business (Sche57
Acquisition of Business (Schedule Of Finite Lived Intangible Assets Acquired As Part Of Business Combination (Details) - USD ($) $ in Millions | Jul. 03, 2017 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||
Intangible assets | $ 18 | |
Formulas and Technology [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | 9 | |
Customer Bases [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 9 | |
Estimated economic life, in years | 4 years | |
Minimum [Member] | Formulas and Technology [Member] | ||
Business Acquisition [Line Items] | ||
Estimated economic life, in years | 3 years | 3 years |
Minimum [Member] | Customer Bases [Member] | ||
Business Acquisition [Line Items] | ||
Estimated economic life, in years | 4 years | |
Maximum [Member] | Formulas and Technology [Member] | ||
Business Acquisition [Line Items] | ||
Estimated economic life, in years | 6 years | 10 years |
Maximum [Member] | Customer Bases [Member] | ||
Business Acquisition [Line Items] | ||
Estimated economic life, in years | 20 years |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Anti-dilutive shares that were excluded from the calculation of diluted earnings per share (in shares) | 16,708 | 17,130 | 26,450 | ||||||||
Earnings per share numerator: | |||||||||||
Net income attributable to common shareholders before allocation of earnings to participating securities | $ 4,072 | $ 59,772 | $ 62,728 | $ 63,937 | $ 45,672 | $ 71,449 | $ 64,389 | $ 61,931 | $ 190,509 | $ 243,441 | $ 238,603 |
Earnings allocated to participating securities | 356 | 477 | 482 | ||||||||
Net income attributable to common shareholders after allocation of earnings to participating securities | $ 190,153 | $ 242,964 | $ 238,121 | ||||||||
Earnings per share denominator: | |||||||||||
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares) | 11,824,000 | 11,828,000 | 12,241,000 | ||||||||
Earnings per share - basic and diluted (in dollars per share) | $ 0.35 | $ 5.04 | $ 5.29 | $ 5.39 | $ 3.86 | $ 6.03 | $ 5.43 | $ 5.22 | $ 16.08 | $ 20.54 | $ 19.45 |
Supplemental Cash Flow Inform59
Supplemental Cash Flow Information (Schedule Of Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash paid during the year for | |||
Interest and financing expenses (net of capitalization) | $ 20,376 | $ 18,775 | $ 16,193 |
Income taxes | 59,010 | 60,998 | 99,006 |
Supplemental disclosure of non-cash transactions | |||
Release of deposit account funds to terminate interest rate swap | 0 | 21,868 | 0 |
Non-cash additions to property, plant, and equipment | 11,209 | 8,762 | 13,959 |
Non-cash obligation under capital lease | $ 1,341 | $ 4,810 | $ 0 |
Trade and Other Accounts Rece60
Trade and Other Accounts Receivable, Net (Schedule Of Trade And Other Accounts Receivable, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Trade receivables | $ 310,941 | $ 265,991 |
Income tax receivables | 7,455 | 26,189 |
Other | 16,921 | 14,736 |
Trade and other accounts receivable, net | $ 335,317 | $ 306,916 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
U.S. inventories, LIFO basis | $ 128,000 | $ 130,000 |
LIFO inventories amount below replacement cost | 49,000 | 39,000 |
Inventories | 383,097 | 311,512 |
International companies | ||
Inventory [Line Items] | ||
Inventories | $ 244,000 | $ 176,000 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Finished goods and work-in-process | $ 319,036 | $ 254,068 |
Raw materials | 51,485 | 45,581 |
Stores, supplies, and other | 12,576 | 11,863 |
Inventories | $ 383,097 | $ 311,512 |
Prepaid Expenses and Other Cu63
Prepaid Expenses and Other Current Assets (Schedule Of Prepaid Expenses And Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Dividend funding | $ 19,055 | $ 17,478 |
Income taxes on intercompany profit | 6,866 | 3,954 |
Other | 5,153 | 4,869 |
Prepaid expenses and other current assets | $ 31,074 | $ 26,301 |
Property, Plant, and Equipmen64
Property, Plant, and Equipment, at Cost (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 51 | $ 42 | $ 35 |
Property, Plant, and Equipmen65
Property, Plant, and Equipment, at Cost (Schedule Of Property, Plant, And Equipment, At Cost) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 42,067 | $ 40,190 |
Land improvements | 45,144 | 44,048 |
Leasehold improvements | 1,636 | 1,510 |
Buildings | 170,624 | 161,512 |
Machinery and equipment | 1,043,194 | 915,423 |
Construction in progress | 172,297 | 102,274 |
Property, plant, and equipment, at cost | $ 1,474,962 | $ 1,264,957 |
Property, Plant, and Equipmen66
Property, Plant, and Equipment, at Cost (Schedule Of Useful Lives Of Property, Plant, And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | Land Improvements [Member] | |
Property, Plant and Equipment, at Cost [Line Items] | |
Property, plant, and equipment, useful lives (in years) | 5 years |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment, at Cost [Line Items] | |
Property, plant, and equipment, useful lives (in years) | 10 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment, at Cost [Line Items] | |
Property, plant, and equipment, useful lives (in years) | 3 years |
Maximum [Member] | Land Improvements [Member] | |
Property, Plant and Equipment, at Cost [Line Items] | |
Property, plant, and equipment, useful lives (in years) | 30 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment, at Cost [Line Items] | |
Property, plant, and equipment, useful lives (in years) | 48 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment, at Cost [Line Items] | |
Property, plant, and equipment, useful lives (in years) | 20 years |
Intangibles (Net of Amortizat67
Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) - USD ($) | Jul. 03, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Accumulated Goodwill Impairment | $ 0 | $ 0 | |
Intangibles (net of amortization) and goodwill | $ 144,337,000 | $ 10,436,000 | |
Contracts [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Estimated economic life, in years | 10 years | ||
Customer Bases [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Estimated economic life, in years | 4 years | ||
Customer Bases [Member] | Minimum [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Estimated economic life, in years | 4 years | ||
Customer Bases [Member] | Maximum [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Estimated economic life, in years | 20 years | ||
Formulas and Technology [Member] | Minimum [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Estimated economic life, in years | 3 years | 3 years | |
Formulas and Technology [Member] | Maximum [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Estimated economic life, in years | 6 years | 10 years | |
Trademarks and Trade Names [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Estimated economic life, in years | 10 years |
Intangibles (Net of Amortizat68
Intangibles (Net of Amortization) and Goodwill (Schedule Of Information Related To Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Amortizing intangible assets, Accumulated Amortization | $ 9,833 | $ 6,988 | |
Goodwill, Gross Carrying Amount | 122,541 | 4,295 | |
Amortizing intangible assets and Goodwill, Gross Carrying Amount | 154,170 | 17,424 | |
Aggregate amortization expense | 2,845 | 1,860 | $ 6,000 |
Formulas and Technology [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Amortizing intangible assets, Gross Carrying Amount | 12,339 | 2,678 | |
Amortizing intangible assets, Accumulated Amortization | 3,280 | 1,958 | |
Contracts [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Amortizing intangible assets, Gross Carrying Amount | 2,000 | 2,000 | |
Amortizing intangible assets, Accumulated Amortization | 200 | 0 | |
Customer Bases [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Amortizing intangible assets, Gross Carrying Amount | 15,759 | 6,938 | |
Amortizing intangible assets, Accumulated Amortization | 5,140 | 3,961 | |
Trademarks and Trade Names [Member] | |||
Intangibles (net of amortization) and Goodwill [Line Items] | |||
Amortizing intangible assets, Gross Carrying Amount | 1,531 | 1,513 | |
Amortizing intangible assets, Accumulated Amortization | $ 1,213 | $ 1,069 |
Intangibles (Net of Amortizat69
Intangibles (Net of Amortization) and Goodwill (Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 7,651 |
2,019 | 4,660 |
2,020 | 3,024 |
2,021 | 2,206 |
2,022 | $ 1,473 |
Deferred Charges and Other As70
Deferred Charges and Other Assets (Schedule Of Deferred Charges And Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Charges and Other Assets [Line Items] | ||
Asbestos insurance receivables | $ 3,767 | $ 4,147 |
Deferred financing costs, net of amortization | 2,614 | 1,414 |
Other | 4,657 | 4,948 |
Deferred charges and other assets | $ 11,038 | $ 10,509 |
4.10% Senior Notes [Member] | ||
Deferred Charges and Other Assets [Line Items] | ||
Senior notes, interest rate | 4.10% | 4.10% |
Accrued Expenses (Schedule Of A
Accrued Expenses (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities, Current [Abstract] | ||
Employee benefits, payroll, and related taxes | $ 36,252 | $ 33,019 |
Customer rebates | 20,703 | 20,944 |
Taxes other than income and payroll | 5,398 | 6,046 |
Capital projects | 6,316 | 18,779 |
Other | 39,330 | 25,294 |
Accrued expenses | $ 107,999 | $ 104,082 |
Long-term Debt (Narrative) (Det
Long-term Debt (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2012USD ($) | Dec. 20, 2012 | |
Debt Instrument [Line Items] | ||||
Outstanding borrowings | $ 602,900,000 | $ 507,275,000 | ||
4.10% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings | $ 347,091,000 | $ 346,505,000 | ||
Senior notes, interest rate | 4.10% | 4.10% | ||
Debt instrument, maturity date | 2,022 | 2,022 | ||
Principal amount of debt issued | $ 350,000,000 | |||
4.10% senior notes issue price | 99.83% | |||
Financing costs incurred | $ 5,000,000 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings | 0 | $ 156,000,000 | ||
Financing costs incurred | $ 2,800,000 | |||
Term of credit facility | 5 years | |||
Maximum borrowing capacity | $ 850,000,000 | $ 650,000,000 | ||
Increase in aggregate amount of revolving credit facility allowed | 425,000,000 | |||
Payments of Financing Costs | 1,900,000 | |||
Line Of Credit Facility Financing Costs Carried Over | 900,000 | |||
Deferred financing costs written off | $ 200,000 | |||
Revolving credit facility, maturity date | Sep. 22, 2022 | |||
Basis spread on NYFRB rate | 0.50% | |||
Basis spread on adjusted LIBO rate | 1.00% | |||
Maximum Consolidated Leverage Ratio | 3.50 | |||
Minimum Consolidated Interest Coverage Ratio | 3 | |||
Average interest rate during period | 2.50% | 1.90% | ||
Average interest rate at period end | 2.10% | |||
Revolving Credit Facility [Member] | Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 75,000,000 | |||
Revolving Credit Facility [Member] | Multicurrency Borrowings [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 150,000,000 | |||
Revolving Credit Facility [Member] | Swingline Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 20,000,000 | |||
Revolving Credit Facility [Member] | Loans Bearing Interest Based On ABR [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable Rate | 0.125% | |||
Revolving Credit Facility [Member] | Loans Bearing Interest Based On ABR [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable Rate | 0.00% | |||
Revolving Credit Facility [Member] | Loans Bearing Interest Based On ABR [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable Rate | 0.625% | |||
Revolving Credit Facility [Member] | Loans Bearing Interest Based On Adjusted LIBO Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable Rate | 1.125% | |||
Revolving Credit Facility [Member] | Loans Bearing Interest Based On Adjusted LIBO Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable Rate | 1.00% | |||
Revolving Credit Facility [Member] | Loans Bearing Interest Based On Adjusted LIBO Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable Rate | 1.625% | |||
3.78% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings | $ 250,000,000 | $ 0 | ||
Senior notes, interest rate | 3.78% | |||
Debt Instrument, Maturity Date | Jan. 4, 2029 | |||
Annual principal payments beginning January 4, 2025 | $ 50,000,000 | |||
Principal amount of debt issued | $ 250,000,000 |
Long-term Debt (Schedule Of Lon
Long-term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 602,900 | $ 507,275 |
4.10% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 347,091 | $ 346,505 |
Senior notes, interest rate | 4.10% | 4.10% |
Debt instrument, maturity date | 2,022 | 2,022 |
3.78% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 250,000 | $ 0 |
Senior notes, interest rate | 3.78% | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 0 | 156,000 |
Capital Lease Obligation [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 5,809 | $ 4,770 |
Long-term Debt (Schedule Of Unu
Long-term Debt (Schedule Of Unused Portion Of Revolving Credit Facility) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 602,900,000 | $ 507,275,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity under the revolving credit facility | 850,000,000 | 650,000,000 |
Outstanding borrowings | 0 | 156,000,000 |
Outstanding letters of credit | 2,830,000 | 3,483,000 |
Unused portion of revolving credit facility | $ 847,170,000 | $ 490,517,000 |
Other Noncurrent Liabilities (S
Other Noncurrent Liabilities (Schedule Of Other Noncurrent Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities, Noncurrent [Abstract] | ||
Employee benefits | $ 89,116 | $ 81,377 |
Deferred income taxes | 35,303 | 9,234 |
Deemed repatriation of earnings | 26,901 | 0 |
Environmental remediation | 11,753 | 13,796 |
Asbestos litigation reserve | 8,251 | 9,710 |
Other | 19,488 | 17,203 |
Other noncurrent liabilities | $ 190,812 | $ 131,320 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)director$ / sharesshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive stock option, exercise period, maximum, in years | 10 years | ||
Maximum number of shares, options, SARs, or stock units granted or awarded in calendar year per participant | 200,000 | ||
Maximum aggregate number of shares of common stock that may be issued under the Plan | 1,000,000 | ||
Shares available for grant (in shares) | 974,044 | ||
Restricted Stock And Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards granted (in shares) | 6,785 | 0 | |
Stock awards weighted average grant date fair value (in dollars per share) | $ / shares | $ 428.61 | $ 375.57 | |
Fair value of shares vested | $ | $ 3 | $ 3 | $ 4 |
Compensation expense | $ | 3 | $ 3 | $ 2 |
Unrecognized compensation expense | $ | $ 3 | ||
Period for recognition of unrecognized compensation expense, in years | 1 year 6 months | ||
Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards granted (in shares) | 650 | ||
Number of non-employee directors | director | 5 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of Restricted Stock And Restricted Stock Unit Activity) (Details) - Restricted Stock And Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Shares | |||
Stock awards at beginning of year (in shares) | 18,114 | ||
Granted in 2017 (in shares) | 6,785 | 0 | |
Vested in 2017 (in shares) | 6,795 | ||
Forfeited in 2017 (in shares) | 467 | ||
Stock awards at end of year (in shares) | 17,637 | 18,114 | |
Weighted Average Grant-Date Fair Value | |||
Sock awards at beginning of year (in dollars per share) | $ 379.22 | ||
Granted in 2017 (in dollars per share) | 428.61 | $ 375.57 | |
Vested in 2017 (in dollars per share) | 381.99 | ||
Forfeited in 2017 (in dollars per share) | 378.09 | ||
Stock awards at end of year (in dollars per share) | $ 397.18 | $ 379.22 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Carrying Amount in Consolidated Balance Sheets | $ 84,166 | $ 192,154 | $ 93,424 | $ 103,003 |
Carrying Amount in Consolidated Balance Sheets [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Carrying Amount in Consolidated Balance Sheets | 84,166 | 192,154 | ||
Level 1 | Fair Value | ||||
Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | $ 84,166 | $ 192,154 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term debt, Carrying Amount | $ 597,091 | $ 502,505 |
4.10% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate | 4.10% | 4.10% |
Level 2 | ||
Debt Instrument [Line Items] | ||
Long-term debt, Fair Value | $ 623,557 | $ 507,925 |
Commitments and Contingencies80
Commitments and Contingencies (Contractual Commitments and Purchase Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Contractual Commitments [Abstract] | |||
Operating lease rental expense | $ 33,000 | $ 33,000 | $ 34,000 |
2,018 | 14,520 | ||
2,019 | 11,328 | ||
2,020 | 8,000 | ||
2,021 | 5,169 | ||
2,022 | 3,461 | ||
After 2,022 | 19,206 | ||
Inventories [Member] | |||
Purchase Obligations [Abstract] | |||
2,018 | 193,821 | ||
2,019 | 197,235 | ||
2,020 | 200,115 | ||
2,021 | 196,849 | ||
2,022 | 185,956 | ||
After 2,022 | 113,310 | ||
Construction of Assets and Purchases of Property and Equipment [Member] | |||
Contractual Commitments [Abstract] | |||
Contractual purchase obligations | $ 26,000 | ||
Period of obligations for construction of assets and purchases of property and equipment | 5 years |
Commitments and Contingencies81
Commitments and Contingencies (Litigation) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
Asbestos Litigation Reserve | $ 10 | $ 11 |
Insurance Settlements Receivable | $ 5 | $ 5 |
Commitments and Contingencies82
Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Site Contingency [Line Items] | ||
Accruals for environmental remediation, dismantling, and decontamination | $ 14 | $ 16 |
Former TEL Plant Site Louisiana and Houston, Texas Plant Site [Member] | ||
Site Contingency [Line Items] | ||
Accruals for environmental remediation, dismantling, and decontamination | 7 | 10 |
Accrual for environmental remediation, dismantling, and decontamination, undiscounted | 10 | 13 |
Former TEL Plant Site Louisiana [Member] | ||
Site Contingency [Line Items] | ||
Accrual for remediation of groundwater and soil | 3 | 4 |
Houston, Texas Plant Site [Member] | ||
Site Contingency [Line Items] | ||
Accrual for remediation of groundwater and soil | $ 4 | $ 5 |
Minimum [Member] | Former TEL Plant Site Louisiana and Houston, Texas Plant Site [Member] | ||
Site Contingency [Line Items] | ||
Discount rate | 4.00% | 4.00% |
Maximum [Member] | Former TEL Plant Site Louisiana and Houston, Texas Plant Site [Member] | ||
Site Contingency [Line Items] | ||
Discount rate | 9.00% | 9.00% |
Pension Plans and Other Postr83
Pension Plans and Other Postretirement Benefits (Narrative) (Details) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017USD ($)plansinvestmentmanagers | Dec. 31, 2017USD ($)plansinvestmentmanagers | Dec. 31, 2016USD ($) | Dec. 31, 2015 |
Pension Benefits | CANADA | Pooled investment funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Unfunded commitments - pooled investment funds | $ 0 | $ 0 | |||
Pension Benefits | UNITED KINGDOM | Pooled investment funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Unfunded commitments - pooled investment funds | $ 0 | $ 0 | |||
Pension Benefits | UNITED STATES | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of pension plans | plans | 4 | 4 | |||
Actuarial net loss to be amortized from accumulated other comprehensive loss into net periodic benefit cost (income) in next fiscal year | $ (5) | $ (5) | |||
Accumulated benefit obligation | $ 307 | $ 307 | $ 272 | ||
Expected long-term rate of return on plan assets | 8.50% | 8.50% | 8.50% | 8.50% | |
Number of investment companies managing pension funds | investmentmanagers | 5 | 5 | |||
Number of business days notice required to make withdrawals | 10 days | ||||
Estimated contributions to pension plans in next fiscal year | $ 19 | $ 19 | |||
Pension Benefits | UNITED STATES | Expected | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate for inflation | 3.10% | ||||
Pension Benefits | UNITED STATES | Equities | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation percentage for plan assets | 90.00% | 90.00% | |||
Pension Benefits | UNITED STATES | Equities | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation percentage for plan assets | 97.00% | 97.00% | |||
Pension Benefits | UNITED STATES | Equities | UNITED STATES | Expected | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return on plan assets | 8.50% | ||||
Pension Benefits | UNITED STATES | Debt Securities [Member] | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation percentage for plan assets | 3.00% | 3.00% | |||
Pension Benefits | UNITED STATES | Debt Securities [Member] | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation percentage for plan assets | 10.00% | 10.00% | |||
Pension Benefits | UNITED STATES | Debt Securities [Member] | Expected | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return on plan assets | 4.10% | ||||
Pension Benefits | UNITED STATES | Pooled investment funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Unfunded commitments - pooled investment funds | $ 0 | $ 0 | |||
Pension Benefits | UNITED STATES | Cash and cash equivalents | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation percentage for plan assets | 1.00% | 1.00% | |||
Pension Benefits | UNITED STATES | Cash and cash equivalents | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation percentage for plan assets | 5.00% | 5.00% | |||
Pension Benefits | Foreign Retirement Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actuarial net loss to be amortized from accumulated other comprehensive loss into net periodic benefit cost (income) in next fiscal year | $ (1) | $ (1) | |||
Accumulated benefit obligation | 155 | $ 155 | $ 132 | ||
Expected long-term rate of return on plan assets | 5.50% | 5.10% | 5.03% | ||
Estimated contributions to pension plans in next fiscal year | $ 6 | $ 6 | |||
Pension Benefits | Foreign Retirement Plans | Equities | Pooled investment funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation percentage for plan assets | 38.00% | 38.00% | |||
Pension Benefits | Foreign Retirement Plans | Debt Securities [Member] | Pooled investment funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation percentage for plan assets | 37.00% | 37.00% | |||
Pension Benefits | Foreign Retirement Plans | Insurance contract | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation percentage for plan assets | 6.00% | 6.00% | |||
Pension Benefits | Foreign Retirement Plans | Diversified growth funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation percentage for plan assets | 19.00% | 19.00% | |||
Postretirement Benefits | UNITED STATES | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Prior service cost (credit) to be amortized from accumulated other comprehensive loss into net periodic benefit cost (income) in next fiscal year | $ (3) | $ (3) | |||
Expected long-term rate of return on plan assets | 5.50% | 5.50% | 5.50% |
Pension Plans and Other Postr84
Pension Plans and Other Postretirement Benefits (Summary Of Components Of Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | UNITED STATES | |||
Net periodic benefit cost (income) | |||
Service cost | $ 13,679 | $ 12,860 | $ 13,034 |
Interest cost | 13,289 | 13,175 | 11,938 |
Expected return on plan assets | (26,146) | (23,137) | (20,467) |
Amortization of prior service cost (credit) | 26 | 187 | 99 |
Amortization of actuarial net (gain) loss | 4,725 | 5,243 | 6,891 |
Net periodic benefit cost (income) | 5,573 | 8,328 | 11,495 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||
Actuarial net (gain) loss | (13,386) | 9,140 | 11,095 |
Prior service cost (credit) | 0 | 749 | 0 |
Amortization of actuarial net gain (loss) | (4,725) | (5,243) | (6,891) |
Amortization of prior service (cost) credit | (26) | (187) | (99) |
Total recognized in other comprehensive income (loss) | (18,137) | 4,459 | 4,105 |
Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) | (12,564) | 12,787 | 15,600 |
Pension Benefits | Foreign Retirement Plans | |||
Net periodic benefit cost (income) | |||
Service cost | 7,437 | 6,926 | 8,150 |
Interest cost | 4,314 | 4,915 | 4,932 |
Expected return on plan assets | (8,479) | (6,638) | (7,077) |
Amortization of prior service cost (credit) | (79) | (83) | (95) |
Amortization of actuarial net (gain) loss | 959 | 1,021 | 1,587 |
Net periodic benefit cost (income) | 4,152 | 6,141 | 7,497 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||
Actuarial net (gain) loss | (3,029) | 3,215 | (5,461) |
Amortization of actuarial net gain (loss) | (959) | (1,021) | (1,587) |
Amortization of prior service (cost) credit | 79 | 83 | 95 |
Total recognized in other comprehensive income (loss) | (3,909) | 2,277 | (6,953) |
Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) | 243 | 8,418 | 544 |
Postretirement Benefits | UNITED STATES | |||
Net periodic benefit cost (income) | |||
Service cost | 774 | 705 | 2,244 |
Interest cost | 1,582 | 1,653 | 2,548 |
Expected return on plan assets | (1,197) | (1,239) | (1,288) |
Amortization of prior service cost (credit) | (3,029) | (3,028) | (1,008) |
Amortization of actuarial net (gain) loss | 0 | 0 | 0 |
Net periodic benefit cost (income) | (1,870) | (1,909) | 2,496 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||
Actuarial net (gain) loss | 2,635 | 156 | (1,826) |
Prior service cost (credit) | 0 | 0 | (35,768) |
Amortization of actuarial net gain (loss) | 0 | 0 | 0 |
Amortization of prior service (cost) credit | 3,029 | 3,028 | 1,008 |
Total recognized in other comprehensive income (loss) | 5,664 | 3,184 | (36,586) |
Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) | $ 3,794 | $ 1,275 | $ (34,090) |
Pension Plans and Other Postr85
Pension Plans and Other Postretirement Benefits (Changes In The Plans' Benefit Obligations And Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amounts recognized in the Consolidated Balance Sheets | |||
Noncurrent assets | $ 66,495 | $ 25,800 | |
Pension Benefits | UNITED STATES | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 316,366 | 292,728 | |
Service cost | 13,679 | 12,860 | $ 13,034 |
Interest cost | 13,289 | 13,175 | 11,938 |
Actuarial net (gain) loss | 25,828 | 6,087 | |
Plan amendment | 0 | 748 | |
Benefits paid | (10,350) | (9,232) | |
Benefit obligation at end of year | 358,812 | 316,366 | 292,728 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 291,092 | 260,911 | |
Actual return on plan assets | 65,360 | 20,083 | |
Employer contributions | 19,319 | 19,330 | |
Benefits paid | (10,350) | (9,232) | |
Fair value of plan assets at end of year | 365,421 | 291,092 | 260,911 |
Funded status | 6,609 | (25,274) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Noncurrent assets | 48,515 | 15,188 | |
Current liabilities | (2,793) | (2,781) | |
Noncurrent liabilities | (39,113) | (37,681) | |
Amounts recognized in the Consolidated Balance Sheets | 6,609 | (25,274) | |
Amounts recognized in accumulated other comprehensive loss | |||
Actuarial net (gain) loss | 88,950 | 107,061 | |
Prior service cost (credit) | 32 | 58 | |
Amounts recognized in accumulated other comprehensive loss | 88,982 | 107,119 | |
Pension Benefits | Foreign Retirement Plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 157,101 | 146,748 | |
Service cost | 7,437 | 6,926 | 8,150 |
Interest cost | 4,314 | 4,915 | 4,932 |
Acquisition | 1,888 | 0 | |
Employee contributions | 766 | 832 | |
Actuarial net (gain) loss | 2,417 | 25,794 | |
Benefits paid | (5,157) | (3,501) | |
Foreign currency translation | 17,049 | (24,613) | |
Benefit obligation at end of year | 185,815 | 157,101 | 146,748 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 144,877 | 138,646 | |
Actual return on plan assets | 13,778 | 29,026 | |
Employer contributions | 5,646 | 5,441 | |
Employee contributions | 766 | 832 | |
Benefits paid | (5,157) | (3,501) | |
Acquisition | 1,910 | 0 | |
Foreign currency translation | 15,148 | (25,567) | |
Fair value of plan assets at end of year | 176,968 | 144,877 | 138,646 |
Funded status | (8,847) | (12,224) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Noncurrent assets | 17,980 | 10,612 | |
Current liabilities | (346) | (295) | |
Noncurrent liabilities | (26,481) | (22,541) | |
Amounts recognized in the Consolidated Balance Sheets | (8,847) | (12,224) | |
Amounts recognized in accumulated other comprehensive loss | |||
Actuarial net (gain) loss | 38,831 | 42,809 | |
Prior service cost (credit) | 118 | 39 | |
Transition obligation | 0 | 10 | |
Amounts recognized in accumulated other comprehensive loss | 38,949 | 42,858 | |
Postretirement Benefits | UNITED STATES | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 38,110 | 38,517 | |
Service cost | 774 | 705 | 2,244 |
Interest cost | 1,582 | 1,653 | 2,548 |
Actuarial net (gain) loss | 2,506 | (322) | |
Plan amendment | 0 | 0 | |
Benefits paid | (2,534) | (2,443) | |
Benefit obligation at end of year | 40,438 | 38,110 | 38,517 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 23,238 | 23,972 | |
Actual return on plan assets | 1,067 | 761 | |
Employer contributions | 1,133 | 948 | |
Benefits paid | (2,534) | (2,443) | |
Fair value of plan assets at end of year | 22,904 | 23,238 | $ 23,972 |
Funded status | (17,534) | (14,872) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Noncurrent assets | 0 | 0 | |
Current liabilities | (1,278) | (1,313) | |
Noncurrent liabilities | (16,256) | (13,559) | |
Amounts recognized in the Consolidated Balance Sheets | (17,534) | (14,872) | |
Amounts recognized in accumulated other comprehensive loss | |||
Actuarial net (gain) loss | 1,710 | (925) | |
Prior service cost (credit) | (28,703) | (31,732) | |
Amounts recognized in accumulated other comprehensive loss | $ (26,993) | $ (32,657) |
Pension Plans and Other Postr86
Pension Plans and Other Postretirement Benefits (Pension Plans With The Benefit Obligation In Excess Of Plan Assets) (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
UNITED STATES | ||
Plans with the accumulated benefit obligation in excess of the fair market value of plan assets | ||
Projected benefit obligation | $ 41,906 | $ 40,462 |
Accumulated benefit obligation | 38,105 | 35,939 |
Fair market value of plan assets | 0 | 0 |
Plans with the projected benefit obligation in excess of the fair market value of plan assets | ||
Projected benefit obligation | 41,906 | 40,462 |
Fair market value of plan assets | 0 | 0 |
Foreign Retirement Plans | ||
Plans with the accumulated benefit obligation in excess of the fair market value of plan assets | ||
Projected benefit obligation | 36,687 | 32,407 |
Accumulated benefit obligation | 23,704 | 21,310 |
Fair market value of plan assets | 10,151 | 9,568 |
Plans with the projected benefit obligation in excess of the fair market value of plan assets | ||
Projected benefit obligation | 39,074 | 32,407 |
Fair market value of plan assets | $ 12,247 | $ 9,568 |
Pension Plans and Other Postr87
Pension Plans and Other Postretirement Benefits (Assumptions To Calculate The Results Of Our Retirement Plans) (Details) | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits | UNITED STATES | ||||
Weighted-average assumptions used to determine net periodic benefit cost (income) | ||||
Discount rate | 4.25% | 4.50% | 4.125% | |
Expected long-term rate of return on plan assets | 8.50% | 8.50% | 8.50% | 8.50% |
Rate of projected compensation increase | 3.50% | 3.50% | 3.50% | |
Weighted-average assumptions used to determine benefit obligations | ||||
Discount rate | 3.75% | 3.75% | 4.25% | 4.50% |
Rate of projected compensation increase | 3.50% | 3.50% | 3.50% | 3.50% |
Pension Benefits | Foreign Retirement Plans | ||||
Weighted-average assumptions used to determine net periodic benefit cost (income) | ||||
Discount rate | 2.53% | 3.58% | 3.11% | |
Expected long-term rate of return on plan assets | 5.50% | 5.10% | 5.03% | |
Rate of projected compensation increase | 4.20% | 4.28% | 4.27% | |
Weighted-average assumptions used to determine benefit obligations | ||||
Discount rate | 2.36% | 2.36% | 2.53% | 3.58% |
Rate of projected compensation increase | 4.14% | 4.14% | 4.20% | 4.28% |
Postretirement Benefits | UNITED STATES | ||||
Weighted-average assumptions used to determine net periodic benefit cost (income) | ||||
Discount rate | 4.25% | 4.50% | 4.125% | |
Expected long-term rate of return on plan assets | 5.50% | 5.50% | 5.50% | |
Weighted-average assumptions used to determine benefit obligations | ||||
Discount rate | 3.75% | 3.75% | 4.25% | 4.50% |
Pension Plans and Other Postr88
Pension Plans and Other Postretirement Benefits (Fair Value Of The Pension And Postretirement Benefit Plans Assets By Asset Category) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 365,421 | $ 291,092 | $ 260,911 |
Pension Benefits | UNITED STATES | Insurance contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,605 | 984 | |
Pension Benefits | UNITED STATES | Equity securities | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 286,103 | 232,895 | |
Pension Benefits | UNITED STATES | Equity securities | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,074 | 1,757 | |
Pension Benefits | UNITED STATES | Equity securities | Real estate investment trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,487 | 2,653 | |
Pension Benefits | UNITED STATES | Money market instruments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18,395 | 11,120 | |
Pension Benefits | UNITED STATES | Pooled investment funds | Fixed income securities—mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,958 | 8,799 | |
Pension Benefits | UNITED STATES | Pooled investment funds | International equities—mutual fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16,715 | 13,104 | |
Pension Benefits | UNITED STATES | Pooled investment funds | Common collective trusts measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,084 | 19,780 | |
Pension Benefits | UNITED STATES | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 335,732 | 270,328 | |
Pension Benefits | UNITED STATES | Level 1 | Insurance contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 1 | Equity securities | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 286,103 | 232,895 | |
Pension Benefits | UNITED STATES | Level 1 | Equity securities | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,074 | 1,757 | |
Pension Benefits | UNITED STATES | Level 1 | Equity securities | Real estate investment trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,487 | 2,653 | |
Pension Benefits | UNITED STATES | Level 1 | Money market instruments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18,395 | 11,120 | |
Pension Benefits | UNITED STATES | Level 1 | Pooled investment funds | Fixed income securities—mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,958 | 8,799 | |
Pension Benefits | UNITED STATES | Level 1 | Pooled investment funds | International equities—mutual fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16,715 | 13,104 | |
Pension Benefits | UNITED STATES | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,605 | 984 | |
Pension Benefits | UNITED STATES | Level 2 | Insurance contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,605 | 984 | |
Pension Benefits | UNITED STATES | Level 2 | Equity securities | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 2 | Equity securities | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 2 | Equity securities | Real estate investment trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 2 | Money market instruments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 2 | Pooled investment funds | Fixed income securities—mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 2 | Pooled investment funds | International equities—mutual fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 3 | Insurance contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 3 | Equity securities | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 3 | Equity securities | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 3 | Equity securities | Real estate investment trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 3 | Money market instruments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 3 | Pooled investment funds | Fixed income securities—mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | UNITED STATES | Level 3 | Pooled investment funds | International equities—mutual fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Foreign Retirement Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 176,968 | 144,877 | 138,646 |
Pension Benefits | Foreign Retirement Plans | Insurance contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,151 | 9,399 | |
Pension Benefits | Foreign Retirement Plans | Equity securities | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 755 | 0 | |
Pension Benefits | Foreign Retirement Plans | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 872 | 0 | |
Pension Benefits | Foreign Retirement Plans | Pooled investment funds | U. S. companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,621 | 9,341 | |
Pension Benefits | Foreign Retirement Plans | Pooled investment funds | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 56,803 | 64,903 | |
Pension Benefits | Foreign Retirement Plans | Pooled investment funds | Debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 63,007 | 55,557 | |
Pension Benefits | Foreign Retirement Plans | Pooled investment funds | Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 33,465 | 0 | |
Pension Benefits | Foreign Retirement Plans | Pooled investment funds | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 349 | |
Pension Benefits | Foreign Retirement Plans | Pooled investment funds | Real estate investment trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 4,732 | |
Pension Benefits | Foreign Retirement Plans | Pooled investment funds—mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 469 | 169 | |
Pension Benefits | Foreign Retirement Plans | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 825 | 427 | |
Pension Benefits | Foreign Retirement Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,850 | 596 | |
Pension Benefits | Foreign Retirement Plans | Level 1 | Insurance contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Foreign Retirement Plans | Level 1 | Equity securities | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 755 | 0 | |
Pension Benefits | Foreign Retirement Plans | Level 1 | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 801 | 0 | |
Pension Benefits | Foreign Retirement Plans | Level 1 | Pooled investment funds—mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 469 | 169 | |
Pension Benefits | Foreign Retirement Plans | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 825 | 427 | |
Pension Benefits | Foreign Retirement Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,222 | 9,399 | |
Pension Benefits | Foreign Retirement Plans | Level 2 | Insurance contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,151 | 9,399 | |
Pension Benefits | Foreign Retirement Plans | Level 2 | Equity securities | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Foreign Retirement Plans | Level 2 | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 71 | 0 | |
Pension Benefits | Foreign Retirement Plans | Level 2 | Pooled investment funds—mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Foreign Retirement Plans | Level 2 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Foreign Retirement Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Foreign Retirement Plans | Level 3 | Insurance contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Foreign Retirement Plans | Level 3 | Equity securities | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Foreign Retirement Plans | Level 3 | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Foreign Retirement Plans | Level 3 | Pooled investment funds—mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Foreign Retirement Plans | Level 3 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22,904 | 23,238 | $ 23,972 |
Postretirement Benefits | UNITED STATES | Insurance contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22,904 | 23,238 | |
Postretirement Benefits | UNITED STATES | Level 1 | Insurance contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits | UNITED STATES | Level 2 | Insurance contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22,904 | 23,238 | |
Postretirement Benefits | UNITED STATES | Level 3 | Insurance contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Pension Plans and Other Postr89
Pension Plans and Other Postretirement Benefits (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Benefits | UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 11,404 |
2,019 | 12,426 |
2,020 | 13,227 |
2,021 | 14,256 |
2,022 | 15,154 |
2023 through 2027 | 92,183 |
Pension Benefits | Foreign Retirement Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 4,061 |
2,019 | 4,087 |
2,020 | 4,540 |
2,021 | 4,637 |
2,022 | 3,773 |
2023 through 2027 | 28,938 |
Postretirement Benefits | UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 2,815 |
2,019 | 2,659 |
2,020 | 2,511 |
2,021 | 2,391 |
2,022 | 2,278 |
2023 through 2027 | $ 10,277 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Contingency [Line Items] | ||||
U.S. Corporate Tax Rate | 35.00% | 35.00% | 35.00% | |
Tax Reform Act expense | $ 31,375 | $ 0 | $ 0 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign And State Credits | 6,312 | $ 2,935 | ||
Tax Expense due to Deemed Repatriation of Deferred Foreign Earnings | 32,000 | |||
Unrecognized tax benefits that would impact effective tax rate if recognized | 9,000 | |||
Reduction to Deferred Tax Liabilities Related to Tax Reform Act | 1,000 | |||
Foreign Tax Credit due to Result of Deemed Repatriation of Foreign Earnings under the Tax Reform Act | $ 3,000 | |||
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Foreign and United States jurisdictions, period of statutes of limitations, years | 3 years | |||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Foreign and United States jurisdictions, period of statutes of limitations, years | 5 years | |||
Subsequent Event [Member] | ||||
Income Tax Contingency [Line Items] | ||||
U.S. Corporate Tax Rate | 21.00% |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Income Tax Expense and Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income before income tax expense | |||
Domestic | $ 140,779 | $ 161,687 | $ 229,561 |
Foreign | 174,663 | 181,521 | 109,410 |
Income before income tax expense | 315,442 | 343,208 | 338,971 |
Current income taxes | |||
Federal | 61,188 | 34,213 | 62,491 |
State | 3,942 | 9,020 | 11,216 |
Foreign | 32,428 | 37,349 | 26,511 |
Current income taxes | 97,558 | 80,582 | 100,218 |
Deferred income taxes | |||
Federal | 15,901 | 13,876 | 1,287 |
State | 3,633 | 3,095 | (936) |
Foreign | 7,841 | 2,214 | (201) |
Deferred income taxes | 27,375 | 19,185 | 150 |
Total income tax expense | $ 124,933 | $ 99,767 | $ 100,368 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of U.S. Federal Statutory Rate To Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax | 1.60% | 2.30% | 2.00% |
Foreign operations | (4.40%) | (5.80%) | (4.30%) |
Domestic research tax credit | (1.10%) | (1.20%) | (1.20%) |
Domestic manufacturing tax benefit | (0.80%) | (0.80%) | (1.90%) |
Deemed repatriation of foreign earnings | 10.10% | 0.00% | 0.00% |
Other items and adjustments | (0.80%) | (0.40%) | 0.00% |
Effective income tax rate | 39.60% | 29.10% | 29.60% |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred income tax assets | ||
Future employee benefits | $ 8,039 | $ 30,178 |
Environmental and future shutdown reserves | 3,327 | 5,737 |
Operating Loss and Credit Carryfowards | 6,312 | 2,935 |
Trademark expenses | 3,852 | 5,810 |
Foreign currency translation adjustments | 3,993 | 6,687 |
Other | 3,248 | 7,458 |
Gross Deferred Income Tax Assets | 28,771 | 58,805 |
Valuation allowance | (5,768) | (2,935) |
Total deferred income tax assets | 23,003 | 55,870 |
Deferred income tax liabilities | ||
Depreciation and amortization | 45,128 | 29,736 |
Other | 8,829 | 6,305 |
Total Deferred income tax liabilities | 53,957 | 36,041 |
Deferred Income Tax Liabilities, Net | (30,954) | |
Deferred Income Tax Assets, Net | 19,829 | |
Deferred income tax assets | 4,349 | 29,063 |
Deferred income tax liabilities | $ 35,303 | $ 9,234 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 8,810 | $ 2,322 | $ 1,465 |
Increases for tax positions of prior years | 865 | 773 | 1,035 |
Decreases for tax positions of prior years | 0 | 0 | 0 |
Increases for tax positions of the current year | 453 | 5,826 | 533 |
Settlements | (260) | (111) | (497) |
Lapses of statutes | (766) | 0 | (214) |
Balance at end of year | $ 9,102 | $ 8,810 | $ 2,322 |
Other Comprehensive Income (L95
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Pension Plans and Other Postretirement Benefits, Beginning Balance | $ (76,187) | $ (69,798) | $ (95,119) | |
Foreign Currency Translation Adjustments, Beginning Balance | (106,323) | (74,728) | (44,041) | |
Accumulated Other Comprehensive (Loss) Income, Beginning Balance | (182,510) | (144,526) | (139,160) | |
Other comprehensive income (loss) before reclassifications, Pension Plans and Other Postretirement Benefits | 10,966 | (8,565) | 20,524 | |
Other comprehensive income (loss) before reclassifications, Foreign Currency Translation Adjustments | 23,849 | (31,595) | (30,687) | |
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive (Loss) Income | 34,815 | (40,160) | (10,163) | |
Amounts reclassified from accumulated other comprehensive loss, Pension Plans and Other Postretirement Benefits | 1,701 | 2,176 | 4,797 | [1] |
Amounts reclassified from accumulated other comprehensive loss, Foreign Currency Translation Adjustments | 0 | 0 | 0 | |
Amounts reclassified from accumulated other compehensive loss, Accumulated Other Comprehensive (Loss) Income | 1,701 | 2,176 | 4,797 | |
Total pension plans and other postretirement benefits | 12,667 | (6,389) | 25,321 | |
Foreign Currency Translation Adjustments, Other comprehensive income (loss) | 23,849 | (31,595) | (30,687) | |
Other comprehensive income (loss) | 36,516 | (37,984) | (5,366) | |
Pension Plans and Other Postretirement Benefits, Ending Balance | (63,520) | (76,187) | (69,798) | |
Foreign Currency Translation Adjustments, Ending Balance | (82,474) | (106,323) | (74,728) | |
Accumulated Other Comprehensive (Loss) Income, Ending Balance | $ (145,994) | $ (182,510) | $ (144,526) | |
[1] | (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 17 for further information. |
Segment and Geographic Area I96
Segment and Geographic Area Information (Schedule Of Net Sales And Operating Profit By Segment) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)customer | Dec. 31, 2016USD ($)customer | Dec. 31, 2015USD ($)customer | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 559,982 | $ 548,416 | $ 547,188 | $ 542,818 | $ 501,627 | $ 516,090 | $ 521,807 | $ 509,927 | $ 2,198,404 | [1] | $ 2,049,451 | [1] | $ 2,140,830 | [1] |
Segment operating profit | 336,769 | 362,690 | 356,720 | |||||||||||
Corporate, general, and administrative expenses | (165,056) | (161,112) | (164,082) | |||||||||||
Interest and financing expenses, net | (21,856) | (16,785) | (14,652) | |||||||||||
Other income (expense), net | 529 | (2,697) | (3,097) | |||||||||||
Income before income tax expense | $ 315,442 | $ 343,208 | $ 338,971 | |||||||||||
Number of customers that exceeded threshold percentage | customer | 0 | 0 | 0 | |||||||||||
Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Segment operating profit | $ 364,150 | $ 385,436 | $ 379,306 | |||||||||||
Operating Segments [Member] | Petroleum Additives [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 2,187,283 | 2,034,645 | 2,124,995 | |||||||||||
Segment operating profit | 359,832 | 384,906 | 374,934 | |||||||||||
Operating Segments [Member] | All Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 11,121 | 14,806 | 15,835 | |||||||||||
Segment operating profit | 4,318 | 530 | 4,372 | |||||||||||
Operating Segments [Member] | Lubricant additives [Member] | Petroleum Additives [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 1,790,254 | 1,672,523 | 1,740,956 | |||||||||||
Operating Segments [Member] | Fuel additives [Member] | Petroleum Additives [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 397,029 | 362,122 | 384,039 | |||||||||||
Corporate [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Corporate, general, and administrative expenses | (27,604) | (21,783) | (22,779) | |||||||||||
Other income (expense), net | $ 752 | $ (3,660) | $ (2,904) | |||||||||||
[1] | No single customer accounted for 10% or more of our total net sales in 2017, 2016, or 2015. |
Segment and Geographic Area I97
Segment and Geographic Area Information (Schedule Of Asset Information By Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 1,712,154 | $ 1,416,436 | ||
Cash and cash equivalents | 84,166 | 192,154 | $ 93,424 | $ 103,003 |
Trade and other accounts receivable, net | 335,317 | 306,916 | ||
Deferred income taxes | 4,349 | 29,063 | ||
Net property, plant, and equipment | 652,281 | 503,745 | ||
Prepaid pension cost | 66,495 | 25,800 | ||
Deferred charges and other assets | 11,038 | 10,509 | ||
Petroleum Additives [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,461,013 | 1,083,585 | ||
All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 14,089 | 16,019 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,475,102 | 1,099,604 | ||
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Trade and other accounts receivable, net | 11,026 | 7,547 | ||
Prepaid expenses and other current assets | 31,074 | 26,301 | ||
Net property, plant, and equipment | 32,939 | 29,870 | ||
Deferred charges and other assets | $ 7,003 | $ 6,097 |
Segment and Geographic Area I98
Segment and Geographic Area Information (Schedule of Additions to Long-lived Assets and Depreciation and Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Additions to long-lived assets | $ 203,217 | $ 147,684 | $ 126,499 |
Depreciation and amortization | 55,340 | 44,893 | 42,265 |
Petroleum Additives [Member] | |||
Segment Reporting Information [Line Items] | |||
Additions to long-lived assets | 196,951 | 145,768 | 124,605 |
Depreciation and amortization | 52,266 | 42,128 | 39,365 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Additions to long-lived assets | 0 | 21 | 22 |
Depreciation and amortization | 13 | 15 | 12 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Additions to long-lived assets | 6,266 | 1,895 | 1,872 |
Depreciation and amortization | $ 3,061 | $ 2,750 | $ 2,888 |
Segment and Geographic Area I99
Segment and Geographic Area Information (Schedule of Net Sales by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 559,982 | $ 548,416 | $ 547,188 | $ 542,818 | $ 501,627 | $ 516,090 | $ 521,807 | $ 509,927 | $ 2,198,404 | [1] | $ 2,049,451 | [1] | $ 2,140,830 | [1] |
Total assets | 1,712,154 | 1,416,436 | 1,712,154 | 1,416,436 | ||||||||||
Long-lived assets | 652,281 | 503,745 | 652,281 | 503,745 | ||||||||||
UNITED STATES | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 696,138 | 701,209 | 775,591 | |||||||||||
Total assets | 557,488 | 539,792 | 557,488 | 539,792 | ||||||||||
Long-lived assets | 230,049 | 224,790 | 230,049 | 224,790 | ||||||||||
CHINA | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 224,409 | 203,031 | 184,175 | |||||||||||
Singapore [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Long-lived assets | 271,516 | 189,485 | 271,516 | 189,485 | ||||||||||
International companies | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total assets | 1,154,666 | 876,644 | 1,154,666 | 876,644 | ||||||||||
Europe, Middle East, Africa, India [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 742,337 | 653,341 | 669,198 | |||||||||||
Asia Pacific, except China | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 293,137 | 267,585 | 252,221 | |||||||||||
Other foreign [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 242,383 | 224,285 | $ 259,645 | |||||||||||
Long-lived assets | $ 150,716 | $ 89,470 | $ 150,716 | $ 89,470 | ||||||||||
[1] | No single customer accounted for 10% or more of our total net sales in 2017, 2016, or 2015. |
Selected Quarterly Consolida100
Selected Quarterly Consolidated Financial Data (unaudited) (Schedule Of Selected Quarterly Consolidated Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||
Net sales | $ 559,982 | $ 548,416 | $ 547,188 | $ 542,818 | $ 501,627 | $ 516,090 | $ 521,807 | $ 509,927 | $ 2,198,404 | [1] | $ 2,049,451 | [1] | $ 2,140,830 | [1] |
Gross profit | 146,592 | 160,305 | 164,876 | 170,245 | 149,410 | 177,401 | 178,400 | 175,550 | 642,018 | 680,761 | 679,056 | |||
Net income | $ 4,072 | $ 59,772 | $ 62,728 | $ 63,937 | $ 45,672 | $ 71,449 | $ 64,389 | $ 61,931 | $ 190,509 | $ 243,441 | $ 238,603 | |||
Earnings per share - basic and diluted (in dollars per share) | $ 0.35 | $ 5.04 | $ 5.29 | $ 5.39 | $ 3.86 | $ 6.03 | $ 5.43 | $ 5.22 | $ 16.08 | $ 20.54 | $ 19.45 | |||
[1] | No single customer accounted for 10% or more of our total net sales in 2017, 2016, or 2015. |