We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
NewMarket Corporation | NYSE:NEU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
7.37 | 1.37% | 546.89 | 549.07 | 541.53 | 543.42 | 30,562 | 22:38:40 |
|
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Virginia
|
|
20-0812170
|
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
|
|
330 South Fourth Street
|
|
23219-4350
|
|
Richmond,
|
Virginia
|
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, without par value
|
NEU
|
New York Stock Exchange
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
|
Smaller reporting company
|
☐
|
|
|
|
Emerging growth company
|
☐
|
|
Page
Number
|
|
|
|
|
|
|
(in thousands, except per-share amounts)
|
|
Third Quarter Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
|
$
|
555,817
|
|
|
$
|
563,166
|
|
|
$
|
1,655,850
|
|
|
$
|
1,751,363
|
|
Cost of goods sold
|
|
393,090
|
|
|
422,283
|
|
|
1,169,421
|
|
|
1,307,838
|
|
||||
Gross profit
|
|
162,727
|
|
|
140,883
|
|
|
486,429
|
|
|
443,525
|
|
||||
Selling, general, and administrative expenses
|
|
38,122
|
|
|
37,741
|
|
|
109,916
|
|
|
120,653
|
|
||||
Research, development, and testing expenses
|
|
36,387
|
|
|
34,994
|
|
|
106,748
|
|
|
106,018
|
|
||||
Operating profit
|
|
88,218
|
|
|
68,148
|
|
|
269,765
|
|
|
216,854
|
|
||||
Interest and financing expenses, net
|
|
6,987
|
|
|
7,807
|
|
|
22,740
|
|
|
18,536
|
|
||||
Other income (expense), net
|
|
6,227
|
|
|
7,973
|
|
|
17,932
|
|
|
20,872
|
|
||||
Income before income tax expense
|
|
87,458
|
|
|
68,314
|
|
|
264,957
|
|
|
219,190
|
|
||||
Income tax expense
|
|
19,653
|
|
|
9,833
|
|
|
60,773
|
|
|
47,259
|
|
||||
Net income
|
|
$
|
67,805
|
|
|
$
|
58,481
|
|
|
$
|
204,184
|
|
|
$
|
171,931
|
|
Earnings per share - basic and diluted
|
|
$
|
6.06
|
|
|
$
|
5.12
|
|
|
$
|
18.26
|
|
|
$
|
14.78
|
|
Cash dividends declared per share
|
|
$
|
1.90
|
|
|
$
|
1.75
|
|
|
$
|
5.40
|
|
|
$
|
5.25
|
|
(in thousands)
|
|
Third Quarter Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
|
$
|
67,805
|
|
|
$
|
58,481
|
|
|
$
|
204,184
|
|
|
$
|
171,931
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Pension plans and other postretirement benefits:
|
|
|
|
|
|
|
|
|
||||||||
Amortization of prior service cost (credit) included in net periodic benefit cost (income), net of income tax expense (benefit) of $(185) in third quarter 2019, $(180) in third quarter 2018, $(556) in nine months 2019 and $(541) in nine months 2018
|
|
(600
|
)
|
|
(591
|
)
|
|
(1,802
|
)
|
|
(1,773
|
)
|
||||
Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of $771 in third quarter and nine months 2019 and $(51) in third quarter and nine months 2018
|
|
2,501
|
|
|
(163
|
)
|
|
2,501
|
|
|
(163
|
)
|
||||
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), net of income tax expense (benefit) of $169 in third quarter 2019, $318 in third quarter 2018, $674 in nine months 2019 and $1,037 in nine months 2018
|
|
570
|
|
|
1,003
|
|
|
2,245
|
|
|
3,270
|
|
||||
Total pension plans and other postretirement benefits
|
|
2,471
|
|
|
249
|
|
|
2,944
|
|
|
1,334
|
|
||||
Foreign currency translation adjustments, net of income tax expense (benefit) of $(324) in third quarter 2019, $(109) in third quarter 2018, $(317) in nine months 2019 and $(653) in nine months 2018
|
|
(9,819
|
)
|
|
(3,760
|
)
|
|
(9,239
|
)
|
|
(3,793
|
)
|
||||
Other comprehensive income (loss)
|
|
(7,348
|
)
|
|
(3,511
|
)
|
|
(6,295
|
)
|
|
(2,459
|
)
|
||||
Comprehensive income
|
|
$
|
60,457
|
|
|
$
|
54,970
|
|
|
$
|
197,889
|
|
|
$
|
169,472
|
|
(in thousands, except share amounts)
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
79,971
|
|
|
$
|
73,040
|
|
Trade and other accounts receivable, less allowance for doubtful accounts
|
|
340,752
|
|
|
314,860
|
|
||
Inventories
|
|
370,934
|
|
|
396,341
|
|
||
Prepaid expenses and other current assets
|
|
35,276
|
|
|
29,179
|
|
||
Total current assets
|
|
826,933
|
|
|
813,420
|
|
||
Property, plant, and equipment, net
|
|
623,961
|
|
|
644,138
|
|
||
Intangibles (net of amortization) and goodwill
|
|
132,822
|
|
|
136,039
|
|
||
Prepaid pension cost
|
|
100,758
|
|
|
88,705
|
|
||
Operating lease right-of-use assets
|
|
58,377
|
|
|
0
|
|
||
Deferred income taxes
|
|
4,973
|
|
|
5,094
|
|
||
Deferred charges and other assets
|
|
23,171
|
|
|
9,878
|
|
||
Total assets
|
|
$
|
1,770,995
|
|
|
$
|
1,697,274
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
154,650
|
|
|
$
|
151,631
|
|
Accrued expenses
|
|
75,928
|
|
|
91,202
|
|
||
Dividends payable
|
|
19,441
|
|
|
17,923
|
|
||
Income taxes payable
|
|
12,348
|
|
|
6,431
|
|
||
Operating lease liabilities
|
|
13,811
|
|
|
0
|
|
||
Other current liabilities
|
|
4,300
|
|
|
4,114
|
|
||
Total current liabilities
|
|
280,478
|
|
|
271,301
|
|
||
Long-term debt
|
|
639,983
|
|
|
770,999
|
|
||
Operating lease liabilities-noncurrent
|
|
44,398
|
|
|
0
|
|
||
Other noncurrent liabilities
|
|
176,798
|
|
|
165,067
|
|
||
Total liabilities
|
|
1,141,657
|
|
|
1,207,367
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
|
||||
Common stock and paid-in capital (without par value; authorized shares - 80,000,000; issued and outstanding shares - 11,189,222 at September 30, 2019 and 11,184,482 at December 31, 2018)
|
|
1,914
|
|
|
0
|
|
||
Accumulated other comprehensive loss
|
|
(187,611
|
)
|
|
(181,316
|
)
|
||
Retained earnings
|
|
815,035
|
|
|
671,223
|
|
||
Total shareholders' equity
|
|
629,338
|
|
|
489,907
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
1,770,995
|
|
|
$
|
1,697,274
|
|
(in thousands, except share and per-share amounts)
|
|
Common Stock and
Paid-in Capital
|
|
Accumulated Other Comprehensive Loss
|
|
Retained Earnings
|
|
Total
Shareholders’ Equity
|
|||||||||||
|
Shares
|
|
Amount
|
|
|
|
|||||||||||||
Balance at June 30, 2018
|
|
11,465,814
|
|
|
$
|
0
|
|
|
$
|
(144,942
|
)
|
|
$
|
697,423
|
|
|
$
|
552,481
|
|
Net income
|
|
|
|
|
|
|
|
58,481
|
|
|
58,481
|
|
|||||||
Other comprehensive income (loss)
|
|
|
|
|
|
(3,511
|
)
|
|
|
|
(3,511
|
)
|
|||||||
Cash dividends ($1.75 per share)
|
|
|
|
|
|
|
|
(19,957
|
)
|
|
(19,957
|
)
|
|||||||
Repurchases of common stock
|
|
(62,428
|
)
|
|
(1,141
|
)
|
|
|
|
(23,429
|
)
|
|
(24,570
|
)
|
|||||
Stock-based compensation
|
|
645
|
|
|
1,141
|
|
|
|
|
7
|
|
|
1,148
|
|
|||||
Balance at September 30, 2018
|
|
11,404,031
|
|
|
$
|
0
|
|
|
$
|
(148,453
|
)
|
|
$
|
712,525
|
|
|
$
|
564,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at June 30, 2019
|
|
11,188,126
|
|
|
$
|
949
|
|
|
$
|
(180,263
|
)
|
|
$
|
768,490
|
|
|
$
|
589,176
|
|
Net income
|
|
|
|
|
|
|
|
67,805
|
|
|
67,805
|
|
|||||||
Other comprehensive income (loss)
|
|
|
|
|
|
(7,348
|
)
|
|
|
|
(7,348
|
)
|
|||||||
Cash dividends ($1.90 per share)
|
|
|
|
|
|
|
|
(21,260
|
)
|
|
(21,260
|
)
|
|||||||
Stock-based compensation
|
|
1,096
|
|
|
965
|
|
|
|
|
|
|
965
|
|
||||||
Balance at September 30, 2019
|
|
11,189,222
|
|
|
$
|
1,914
|
|
|
$
|
(187,611
|
)
|
|
$
|
815,035
|
|
|
$
|
629,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2017
|
|
11,779,978
|
|
|
$
|
0
|
|
|
$
|
(145,994
|
)
|
|
$
|
747,643
|
|
|
$
|
601,649
|
|
Net income
|
|
|
|
|
|
|
|
171,931
|
|
|
171,931
|
|
|||||||
Other comprehensive income (loss)
|
|
|
|
|
|
(2,459
|
)
|
|
|
|
(2,459
|
)
|
|||||||
Cash dividends ($5.25 per share)
|
|
|
|
|
|
|
|
(60,778
|
)
|
|
(60,778
|
)
|
|||||||
Repurchases of common stock
|
|
(385,181
|
)
|
|
(2,366
|
)
|
|
|
|
(146,283
|
)
|
|
(148,649
|
)
|
|||||
Stock-based compensation
|
|
9,234
|
|
|
2,366
|
|
|
|
|
|
12
|
|
|
2,378
|
|
||||
Balance at September 30, 2018
|
|
11,404,031
|
|
|
$
|
0
|
|
|
$
|
(148,453
|
)
|
|
$
|
712,525
|
|
|
$
|
564,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2018
|
|
11,184,482
|
|
|
$
|
0
|
|
|
$
|
(181,316
|
)
|
|
$
|
671,223
|
|
|
$
|
489,907
|
|
Net income
|
|
|
|
|
|
|
|
204,184
|
|
|
204,184
|
|
|||||||
Other comprehensive income (loss)
|
|
|
|
|
|
(6,295
|
)
|
|
|
|
(6,295
|
)
|
|||||||
Cash dividends ($5.40 per share)
|
|
|
|
|
|
|
|
(60,418
|
)
|
|
(60,418
|
)
|
|||||||
Stock-based compensation
|
|
4,740
|
|
|
1,914
|
|
|
|
|
46
|
|
|
1,960
|
|
|||||
Balance at September 30, 2019
|
|
11,189,222
|
|
|
$
|
1,914
|
|
|
$
|
(187,611
|
)
|
|
$
|
815,035
|
|
|
$
|
629,338
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
Nine Months Ended
September 30, |
||||||
|
|
2019
|
|
2018
|
||||
Cash and cash equivalents at beginning of year
|
|
$
|
73,040
|
|
|
$
|
84,166
|
|
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
204,184
|
|
|
171,931
|
|
||
Adjustments to reconcile net income to cash flows from operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
65,500
|
|
|
53,463
|
|
||
Deferred income tax expense
|
|
3,982
|
|
|
10,257
|
|
||
Working capital changes
|
|
(35,997
|
)
|
|
(69,190
|
)
|
||
Cash pension and postretirement contributions
|
|
(7,308
|
)
|
|
(61,860
|
)
|
||
Other, net
|
|
2,886
|
|
|
(3,456
|
)
|
||
Cash provided from (used in) operating activities
|
|
233,247
|
|
|
101,145
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Capital expenditures
|
|
(37,132
|
)
|
|
(55,136
|
)
|
||
Other, net
|
|
0
|
|
|
14,573
|
|
||
Cash provided from (used in) investing activities
|
|
(37,132
|
)
|
|
(40,563
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Net (repayments) borrowings under revolving credit facility
|
|
(126,262
|
)
|
|
215,619
|
|
||
Dividends paid
|
|
(60,418
|
)
|
|
(60,778
|
)
|
||
Repurchases of common stock
|
|
0
|
|
|
(148,649
|
)
|
||
Other, net
|
|
(1,899
|
)
|
|
(242
|
)
|
||
Cash provided from (used in) financing activities
|
|
(188,579
|
)
|
|
5,950
|
|
||
Effect of foreign exchange on cash and cash equivalents
|
|
(605
|
)
|
|
(2,763
|
)
|
||
Increase in cash and cash equivalents
|
|
6,931
|
|
|
63,769
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
79,971
|
|
|
$
|
147,935
|
|
|
|
|
|
|
|
Third Quarter Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
191,830
|
|
|
$
|
180,142
|
|
|
$
|
551,875
|
|
|
$
|
547,005
|
|
China
|
49,219
|
|
|
57,891
|
|
|
170,627
|
|
|
183,980
|
|
||||
Europe, Middle East, Africa, India
|
179,685
|
|
|
180,850
|
|
|
526,597
|
|
|
588,248
|
|
||||
Asia Pacific, except China
|
77,823
|
|
|
87,661
|
|
|
240,653
|
|
|
254,350
|
|
||||
Other foreign
|
57,260
|
|
|
56,622
|
|
|
166,098
|
|
|
177,780
|
|
||||
Net sales
|
$
|
555,817
|
|
|
$
|
563,166
|
|
|
$
|
1,655,850
|
|
|
$
|
1,751,363
|
|
|
|
Third Quarter Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Petroleum additives
|
|
|
|
|
|
|
|
|
||||||||
Lubricant additives
|
|
$
|
448,629
|
|
|
$
|
462,865
|
|
|
$
|
1,348,508
|
|
|
$
|
1,440,227
|
|
Fuel additives
|
|
101,997
|
|
|
97,657
|
|
|
295,621
|
|
|
303,405
|
|
||||
Total
|
|
550,626
|
|
|
560,522
|
|
|
1,644,129
|
|
|
1,743,632
|
|
||||
All other
|
|
5,191
|
|
|
2,644
|
|
|
11,721
|
|
|
7,731
|
|
||||
Net sales
|
|
$
|
555,817
|
|
|
$
|
563,166
|
|
|
$
|
1,655,850
|
|
|
$
|
1,751,363
|
|
|
|
Third Quarter Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Petroleum additives
|
|
$
|
94,765
|
|
|
$
|
75,824
|
|
|
$
|
285,620
|
|
|
$
|
231,494
|
|
All other
|
|
(77
|
)
|
|
(2,295
|
)
|
|
92
|
|
|
(1,966
|
)
|
||||
Segment operating profit
|
|
94,688
|
|
|
73,529
|
|
|
285,712
|
|
|
229,528
|
|
||||
Corporate, general, and administrative expenses
|
|
(6,473
|
)
|
|
(5,402
|
)
|
|
(15,842
|
)
|
|
(16,033
|
)
|
||||
Interest and financing expenses, net
|
|
(6,987
|
)
|
|
(7,807
|
)
|
|
(22,740
|
)
|
|
(18,536
|
)
|
||||
Other income (expense), net
|
|
6,230
|
|
|
7,994
|
|
|
17,827
|
|
|
24,231
|
|
||||
Income before income tax expense
|
|
$
|
87,458
|
|
|
$
|
68,314
|
|
|
$
|
264,957
|
|
|
$
|
219,190
|
|
(in thousands)
|
|
Actual Cash Contributions for Nine Months Ended September 30, 2019
|
|
Expected Remaining Cash Contributions for Year Ending December 31, 2019
|
||||
Domestic plans
|
|
|
|
|
||||
Pension benefits
|
|
$
|
2,227
|
|
|
$
|
742
|
|
Postretirement benefits
|
|
934
|
|
|
311
|
|
||
Foreign plans
|
|
|
|
|
||||
Pension benefits
|
|
4,147
|
|
|
1,505
|
|
|
|
Domestic
|
||||||||||||||
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
|
Third Quarter Ended September 30,
|
||||||||||||||
(in thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Service cost
|
|
$
|
2,809
|
|
|
$
|
3,599
|
|
|
$
|
150
|
|
|
$
|
239
|
|
Interest cost
|
|
3,478
|
|
|
3,257
|
|
|
358
|
|
|
355
|
|
||||
Expected return on plan assets
|
|
(8,661
|
)
|
|
(7,523
|
)
|
|
(223
|
)
|
|
(228
|
)
|
||||
Amortization of prior service cost (credit)
|
|
(19
|
)
|
|
7
|
|
|
(757
|
)
|
|
(757
|
)
|
||||
Amortization of actuarial net (gain) loss
|
|
507
|
|
|
1,172
|
|
|
0
|
|
|
0
|
|
||||
Net periodic benefit cost (income)
|
|
$
|
(1,886
|
)
|
|
$
|
512
|
|
|
$
|
(472
|
)
|
|
$
|
(391
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
||||||||||||||
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
|
Nine Months Ended September 30,
|
||||||||||||||
(in thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Service cost
|
|
$
|
10,056
|
|
|
$
|
11,543
|
|
|
$
|
538
|
|
|
$
|
672
|
|
Interest cost
|
|
10,849
|
|
|
9,942
|
|
|
1,136
|
|
|
1,094
|
|
||||
Expected return on plan assets
|
|
(25,975
|
)
|
|
(22,413
|
)
|
|
(711
|
)
|
|
(726
|
)
|
||||
Amortization of prior service cost (credit)
|
|
(57
|
)
|
|
20
|
|
|
(2,271
|
)
|
|
(2,271
|
)
|
||||
Amortization of actuarial net (gain) loss
|
|
2,214
|
|
|
3,854
|
|
|
0
|
|
|
0
|
|
||||
Net periodic benefit cost (income)
|
|
$
|
(2,913
|
)
|
|
$
|
2,946
|
|
|
$
|
(1,308
|
)
|
|
$
|
(1,231
|
)
|
|
|
Foreign
|
||||||||||||||
|
|
Pension Benefits
|
||||||||||||||
|
|
Third Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Service cost
|
|
$
|
1,575
|
|
|
$
|
1,975
|
|
|
$
|
4,833
|
|
|
$
|
6,114
|
|
Interest cost
|
|
1,166
|
|
|
1,105
|
|
|
3,593
|
|
|
3,425
|
|
||||
Expected return on plan assets
|
|
(2,238
|
)
|
|
(2,423
|
)
|
|
(6,918
|
)
|
|
(7,519
|
)
|
||||
Amortization of prior service cost (credit)
|
|
(11
|
)
|
|
(20
|
)
|
|
(32
|
)
|
|
(62
|
)
|
||||
Amortization of actuarial net (gain) loss
|
|
230
|
|
|
148
|
|
|
704
|
|
|
456
|
|
||||
Net periodic benefit cost (income)
|
|
$
|
722
|
|
|
$
|
785
|
|
|
$
|
2,180
|
|
|
$
|
2,414
|
|
|
|
Third Quarter Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in thousands, except per-share amounts)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Earnings per share numerator:
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common shareholders before allocation of earnings to participating securities
|
|
$
|
67,805
|
|
|
$
|
58,481
|
|
|
$
|
204,184
|
|
|
$
|
171,931
|
|
Earnings allocated to participating securities
|
|
137
|
|
|
121
|
|
|
348
|
|
|
340
|
|
||||
Net income attributable to common shareholders after allocation of earnings to participating securities
|
|
$
|
67,668
|
|
|
$
|
58,360
|
|
|
$
|
203,836
|
|
|
$
|
171,591
|
|
Earnings per share denominator:
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of shares of common stock outstanding - basic and diluted
|
|
11,167
|
|
|
11,409
|
|
|
11,166
|
|
|
11,606
|
|
||||
Earnings per share - basic and diluted
|
|
$
|
6.06
|
|
|
$
|
5.12
|
|
|
$
|
18.26
|
|
|
$
|
14.78
|
|
6.
|
Inventories
|
|
|
September 30,
|
|
December 31,
|
||||
(in thousands)
|
|
2019
|
|
2018
|
||||
Finished goods and work-in-process
|
|
$
|
297,515
|
|
|
$
|
319,120
|
|
Raw materials
|
|
58,982
|
|
|
63,403
|
|
||
Stores, supplies, and other
|
|
14,437
|
|
|
13,818
|
|
||
|
|
$
|
370,934
|
|
|
$
|
396,341
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
(in thousands)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
||||||||
Amortizing intangible assets
|
|
|
|
|
|
|
|
|
||||||||
Formulas and technology
|
|
$
|
9,600
|
|
|
$
|
4,875
|
|
|
$
|
9,600
|
|
|
$
|
3,250
|
|
Contract
|
|
2,000
|
|
|
550
|
|
|
2,000
|
|
|
400
|
|
||||
Customer bases
|
|
14,240
|
|
|
10,470
|
|
|
14,240
|
|
|
9,091
|
|
||||
Goodwill
|
|
122,877
|
|
|
|
|
122,940
|
|
|
|
||||||
|
|
$
|
148,717
|
|
|
$
|
15,895
|
|
|
$
|
148,780
|
|
|
$
|
12,741
|
|
Third quarter ended September 30, 2019
|
$
|
1,051
|
|
Nine months ended September 30, 2019
|
3,154
|
|
|
Third quarter ended September 30, 2018
|
1,470
|
|
|
Nine months ended September 30, 2018
|
5,944
|
|
2019
|
$
|
1,052
|
|
2020
|
2,907
|
|
|
2021
|
2,156
|
|
|
2022
|
1,423
|
|
|
2023
|
907
|
|
|
2024
|
390
|
|
|
|
Third Quarter Ended September 30,
|
Nine Months Ended September 30,
|
|||||
(in thousands)
|
|
2019
|
|
2019
|
||||
Operating lease cost
|
|
$
|
4,293
|
|
|
$
|
12,821
|
|
Finance lease cost:
|
|
|
|
|
||||
Amortization of assets
|
|
684
|
|
|
1,953
|
|
||
Interest on lease liabilities
|
|
108
|
|
|
300
|
|
||
Short-term lease cost
|
|
812
|
|
|
2,776
|
|
||
Variable lease cost
|
|
611
|
|
|
1,653
|
|
||
Total lease cost
|
|
$
|
6,508
|
|
|
$
|
19,503
|
|
(in thousands)
|
Balance Sheet Classification
|
|
September 30,
2019 |
||
Operating leases:
|
|
|
|
||
Operating lease right-of-use assets
|
Operating lease right-of-use assets
|
|
$
|
58,377
|
|
|
|
|
|
||
Current liability
|
Operating lease liabilities
|
|
$
|
13,811
|
|
Noncurrent liability
|
Operating lease liabilities-noncurrent
|
|
44,398
|
|
|
Total operating lease liabilities
|
|
|
$
|
58,209
|
|
|
|
|
|
||
Finance leases:
|
|
|
|
||
Finance lease right-of-use assets
|
Deferred charges and other assets
|
|
$
|
12,401
|
|
|
|
|
|
||
Current liability
|
Other current liabilities
|
|
$
|
2,814
|
|
Noncurrent liability
|
Other noncurrent liabilities
|
|
10,667
|
|
|
Total finance lease liabilities
|
|
|
$
|
13,481
|
|
|
|
September 30,
2019 |
|
Weighted average remaining lease term (in years):
|
|
|
|
Operating leases
|
|
14
|
|
Finance leases
|
|
9
|
|
|
|
|
|
Weighted average incremental borrowing rate:
|
|
|
|
Operating leases
|
|
3.97
|
%
|
Finance leases
|
|
3.47
|
%
|
|
|
Nine Months Ended September 30,
|
||
(in thousands)
|
|
2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
12,374
|
|
Operating cash flows from finance leases
|
|
300
|
|
|
Financing cash flows from finance leases
|
|
1,899
|
|
|
|
|
|
||
Right-of-use assets obtained in exchange for lease obligations:
|
|
|
||
Operating leases
|
|
$
|
12,820
|
|
Finance leases
|
|
9,345
|
|
(in thousands)
|
|
Operating Leases
|
|
Finance Leases
|
||||
2019 (remainder)
|
|
$
|
4,099
|
|
|
$
|
807
|
|
2020
|
|
14,891
|
|
|
3,228
|
|
||
2021
|
|
10,580
|
|
|
2,208
|
|
||
2022
|
|
8,012
|
|
|
1,175
|
|
||
2023
|
|
6,490
|
|
|
965
|
|
||
Thereafter
|
|
34,819
|
|
|
7,226
|
|
||
Total lease payments
|
|
78,891
|
|
|
15,609
|
|
||
Less: imputed interest
|
|
20,682
|
|
|
2,128
|
|
||
Total lease obligations
|
|
$
|
58,209
|
|
|
$
|
13,481
|
|
2019
|
$
|
17,223
|
|
2020
|
15,035
|
|
|
2021
|
10,502
|
|
|
2022
|
7,957
|
|
|
2023
|
6,810
|
|
|
After 2023
|
24,490
|
|
(in thousands)
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
Senior notes - 4.10% due 2022 (net of related deferred financing costs)
|
|
$
|
348,116
|
|
|
$
|
347,677
|
|
Senior notes - 3.78% due 2029
|
|
250,000
|
|
|
250,000
|
|
||
Revolving credit facility
|
|
41,867
|
|
|
168,129
|
|
||
Capital lease obligations
|
|
0
|
|
|
5,193
|
|
||
|
|
$
|
639,983
|
|
|
$
|
770,999
|
|
(in thousands)
|
|
Pension Plans
and Other Postretirement Benefits
|
|
Foreign Currency Translation Adjustments
|
|
Accumulated Other
Comprehensive (Loss) Income
|
||||||
Balance at December 31, 2017
|
|
$
|
(63,520
|
)
|
|
$
|
(82,474
|
)
|
|
$
|
(145,994
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(163
|
)
|
|
(3,793
|
)
|
|
(3,956
|
)
|
|||
Amounts reclassified from accumulated other comprehensive loss (a)
|
|
1,497
|
|
|
0
|
|
|
1,497
|
|
|||
Other comprehensive income (loss)
|
|
1,334
|
|
|
(3,793
|
)
|
|
(2,459
|
)
|
|||
Balance at September 30, 2018
|
|
$
|
(62,186
|
)
|
|
$
|
(86,267
|
)
|
|
$
|
(148,453
|
)
|
|
|
|
|
|
|
|
||||||
Balance at December 31, 2018
|
|
$
|
(86,555
|
)
|
|
$
|
(94,761
|
)
|
|
$
|
(181,316
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
2,501
|
|
|
(9,239
|
)
|
|
(6,738
|
)
|
|||
Amounts reclassified from accumulated other comprehensive loss (a)
|
|
443
|
|
|
0
|
|
|
443
|
|
|||
Other comprehensive income (loss)
|
|
2,944
|
|
|
(9,239
|
)
|
|
(6,295
|
)
|
|||
Balance at September 30, 2019
|
|
$
|
(83,611
|
)
|
|
$
|
(104,000
|
)
|
|
$
|
(187,611
|
)
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
(in thousands)
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
Long-term debt (excluding capital lease obligations)
|
|
$
|
639,983
|
|
|
$
|
675,398
|
|
|
$
|
765,806
|
|
|
$
|
757,414
|
|
|
|
Third Quarter Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Petroleum additives
|
|
|
|
|
|
|
|
|
||||||||
Lubricant additives
|
|
$
|
448.6
|
|
|
$
|
462.9
|
|
|
$
|
1,348.5
|
|
|
$
|
1,440.2
|
|
Fuel additives
|
|
102.0
|
|
|
97.6
|
|
|
295.6
|
|
|
303.4
|
|
||||
Total
|
|
550.6
|
|
|
560.5
|
|
|
1,644.1
|
|
|
1,743.6
|
|
||||
All other
|
|
5.2
|
|
|
2.7
|
|
|
11.8
|
|
|
7.8
|
|
||||
Net sales
|
|
$
|
555.8
|
|
|
$
|
563.2
|
|
|
$
|
1,655.9
|
|
|
$
|
1,751.4
|
|
(in millions)
|
|
Third Quarter
|
|
Nine Months
|
||||
Period ended September 30, 2018
|
|
$
|
560.5
|
|
|
$
|
1,743.6
|
|
Lubricant additives shipments
|
|
(13.3
|
)
|
|
(119.7
|
)
|
||
Fuel additives shipments
|
|
(2.6
|
)
|
|
(21.6
|
)
|
||
Selling prices
|
|
10.2
|
|
|
65.3
|
|
||
Foreign currency impact, net
|
|
(4.2
|
)
|
|
(23.5
|
)
|
||
Period ended September 30, 2019
|
|
$
|
550.6
|
|
|
$
|
1,644.1
|
|
|
|
Third Quarter Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Petroleum additives
|
|
$
|
94.8
|
|
|
$
|
75.8
|
|
|
$
|
285.6
|
|
|
$
|
231.5
|
|
All other
|
|
$
|
(0.1
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
0.1
|
|
|
$
|
(2.0
|
)
|
•
|
A consolidated Leverage Ratio (as defined in the agreement) of no more than 3.50 to 1.00, except during an Increased Leverage Period (as defined in the agreement) at the end of each fiscal quarter; and
|
•
|
A consolidated Interest Coverage Ratio (as defined in the agreement) of no less than 3.00 to 1.00, calculated on a rolling four quarter basis, as of the end of each quarter.
|
|
NEWMARKET CORPORATION
|
|
(Registrant)
|
|
|
Date: October 24, 2019
|
By: /s/ Brian D. Paliotti
|
|
Brian D. Paliotti
|
|
Vice President and
|
|
Chief Financial Officer
|
|
(Principal Financial Officer)
|
|
|
Date: October 24, 2019
|
By: /s/ William J. Skrobacz
|
|
William J. Skrobacz
|
|
Controller
|
|
(Principal Accounting Officer)
|
1 Year NewMarket Chart |
1 Month NewMarket Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions