x | 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 RICHMOND, VIRGINIA | 23219-4350 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Page Number | |
(in thousands, except per-share amounts) | Three Months Ended March 31, | |||||||
2013 | 2012 | |||||||
Revenue: | ||||||||
Net sales - product | $ | 559,750 | $ | 559,821 | ||||
Rental revenue | 2,858 | 2,858 | ||||||
562,608 | 562,679 | |||||||
Costs: | ||||||||
Cost of goods sold - product | 391,343 | 392,075 | ||||||
Cost of rental | 1,068 | 1,068 | ||||||
392,411 | 393,143 | |||||||
Gross profit | 170,197 | 169,536 | ||||||
Selling, general, and administrative expenses | 40,941 | 36,908 | ||||||
Research, development, and testing expenses | 31,021 | 27,895 | ||||||
Operating profit | 98,235 | 104,733 | ||||||
Interest and financing expenses, net | 5,109 | 4,482 | ||||||
Loss on early extinguishment of debt | 0 | 3,221 | ||||||
Other income, net | 747 | 1,773 | ||||||
Income before income tax expense | 93,873 | 98,803 | ||||||
Income tax expense | 26,038 | 32,256 | ||||||
Net income | $ | 67,835 | $ | 66,547 | ||||
Earnings per share - basic and diluted | $ | 5.07 | $ | 4.96 | ||||
Cash dividends declared per common share | $ | 0.90 | $ | 0.75 |
(in thousands) | Three Months Ended March 31, | |||||||
2013 | 2012 | |||||||
Net income | $ | 67,835 | $ | 66,547 | ||||
Other comprehensive (loss) income: | ||||||||
Pension plans and other postretirement benefits: | ||||||||
Amortization of prior service cost included in net periodic benefit cost, net of income tax expense of $2 in 2013 and $10 in 2012 | 2 | 5 | ||||||
Amortization of actuarial net loss included in net periodic benefit cost, net of income tax expense of $794 in 2013 and $545 in 2012 | 1,363 | 1,031 | ||||||
Amortization of transition obligation included in net periodic benefit cost, net of income tax expense of $3 in 2013 and 2012 | 10 | 10 | ||||||
Total pension plans and other postretirement benefits | 1,375 | 1,046 | ||||||
Derivative instruments: | ||||||||
Unrealized loss on derivative instruments, net of income tax benefit of $89 in 2012 | 0 | (139 | ) | |||||
Reclassification adjustments for losses on derivative instruments included in net income, net of income tax expense of $135 in 2013 and $155 in 2012 | 213 | 244 | ||||||
Total derivative instruments | 213 | 105 | ||||||
Foreign currency translation adjustments, net of income tax (benefit) expense of ($674) in 2013 and $472 in 2012 | (18,280 | ) | 6,669 | |||||
Unrealized gain on marketable securities, net of income tax expense of $164 in 2012 | 0 | 265 | ||||||
Other comprehensive (loss) income | (16,692 | ) | 8,085 | |||||
Comprehensive income | $ | 51,143 | $ | 74,632 |
(in thousands, except share amounts) | March 31, 2013 | December 31, 2012 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 64,013 | $ | 89,129 | ||||
Trade and other accounts receivable, less allowance for doubtful accounts ($502 in 2013 and $319 in 2012) | 331,155 | 297,055 | ||||||
Inventories: | ||||||||
Finished goods and work-in-process | 260,682 | 265,017 | ||||||
Raw materials | 51,970 | 48,881 | ||||||
Stores, supplies, and other | 8,687 | 8,776 | ||||||
321,339 | 322,674 | |||||||
Deferred income taxes | 7,451 | 8,452 | ||||||
Prepaid expenses and other current assets | 34,256 | 18,185 | ||||||
Total current assets | 758,214 | 735,495 | ||||||
Property, plant, and equipment, at cost | 1,078,658 | 1,070,967 | ||||||
Less accumulated depreciation and amortization | 718,064 | 712,596 | ||||||
Net property, plant, and equipment | 360,594 | 358,371 | ||||||
Prepaid pension cost | 12,800 | 12,710 | ||||||
Deferred income taxes | 53,960 | 55,123 | ||||||
Other assets and deferred charges | 67,443 | 72,007 | ||||||
Intangibles (net of amortization) and goodwill | 28,378 | 30,542 | ||||||
Total assets | $ | 1,281,389 | $ | 1,264,248 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 115,675 | $ | 119,298 | ||||
Accrued expenses | 65,549 | 79,061 | ||||||
Dividends payable | 10,282 | 0 | ||||||
Book overdraft | 5,149 | 3,906 | ||||||
Long-term debt, current portion | 5,193 | 4,382 | ||||||
Income taxes payable | 25,294 | 10,024 | ||||||
Total current liabilities | 227,142 | 216,671 | ||||||
Long-term debt | 425,422 | 424,407 | ||||||
Other noncurrent liabilities | 210,256 | 220,965 | ||||||
Total liabilities | 862,820 | 862,043 | ||||||
Commitments and contingencies (Note 8) | ||||||||
Shareholders’ equity: | ||||||||
Common stock and paid-in capital (without par value; authorized shares - 80,000,000; issued and outstanding shares - 13,327,077 at March 31, 2013 and 13,417,877 at December 31, 2012) | 0 | 721 | ||||||
Accumulated other comprehensive loss | (127,381 | ) | (110,689 | ) | ||||
Retained earnings | 545,950 | 512,173 | ||||||
418,569 | 402,205 | |||||||
Total liabilities and shareholders’ equity | $ | 1,281,389 | $ | 1,264,248 |
(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 December 31, 2011 | 13,404,831 | $ | 64 | $ | (98,732 | ) | $ | 648,261 | $ | 549,593 | |||||||||
Net income | 239,593 | 239,593 | |||||||||||||||||
Other comprehensive loss | (11,957 | ) | (11,957 | ) | |||||||||||||||
Ordinary cash dividends ($3.00 per share) | (40,234 | ) | (40,234 | ) | |||||||||||||||
Special cash dividend ($25.00 per share) | (335,447 | ) | (335,447 | ) | |||||||||||||||
Stock-based compensation | 13,046 | 657 | 657 | ||||||||||||||||
Balance at December 31, 2012 | 13,417,877 | 721 | (110,689 | ) | 512,173 | 402,205 | |||||||||||||
Net income | 67,835 | 67,835 | |||||||||||||||||
Other comprehensive loss | (16,692 | ) | (16,692 | ) | |||||||||||||||
Ordinary cash dividends ($0.90 per share) | (11,998 | ) | (11,998 | ) | |||||||||||||||
Repurchases of common stock | (90,800 | ) | (969 | ) | (22,060 | ) | (23,029 | ) | |||||||||||
Stock-based compensation | 248 | 248 | |||||||||||||||||
Balance at March 31, 2013 | 13,327,077 | $ | 0 | $ | (127,381 | ) | $ | 545,950 | $ | 418,569 |
(in thousands) | Three Months Ended March 31, | |||||||
2013 | 2012 | |||||||
Cash and cash equivalents at beginning of year | $ | 89,129 | $ | 50,370 | ||||
Cash flows from operating activities: | ||||||||
Net income | 67,835 | 66,547 | ||||||
Adjustments to reconcile net income to cash flows from operating activities: | ||||||||
Depreciation and amortization | 11,796 | 10,482 | ||||||
Noncash environmental remediation and dismantling | 281 | 251 | ||||||
Noncash pension benefits expense | 4,569 | 3,792 | ||||||
Noncash postretirement benefits expense | 877 | 993 | ||||||
Noncash foreign exchange (gain) loss | (86 | ) | 1,215 | |||||
Deferred income tax expense | 1,742 | 3,077 | ||||||
Loss on early extinguishment of debt | 0 | 3,221 | ||||||
Restricted stock award | 244 | 0 | ||||||
Unrealized gain on derivative instruments, net | (3,212 | ) | (4,208 | ) | ||||
Working capital changes | (55,707 | ) | (22,877 | ) | ||||
Realized loss on derivative instruments, net | 2,535 | 2,474 | ||||||
Cash pension benefits contributions | (7,573 | ) | (7,355 | ) | ||||
Cash postretirement benefits contributions | (458 | ) | (628 | ) | ||||
Change in book overdraft | 1,243 | 6,032 | ||||||
Other, net | 3,042 | 74 | ||||||
Cash provided from (used in) operating activities | 27,128 | 63,090 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (16,109 | ) | (7,432 | ) | ||||
Deposits for interest rate swap | (2,982 | ) | (5,079 | ) | ||||
Return of deposits for interest rate swap | 6,850 | 8,340 | ||||||
Payments on settlement of interest rate swap | (2,617 | ) | (2,574 | ) | ||||
Receipts from settlement of interest rate swap | 82 | 100 | ||||||
Cash provided from (used in) investing activities | (14,776 | ) | (6,645 | ) | ||||
Cash flows from financing activities: | ||||||||
Net borrowings (repayments) under revolving credit facility | 1,000 | (22,000 | ) | |||||
Repayment of Foundry Park I mortgage loan | 0 | (715 | ) | |||||
Net borrowings (repayments) under lines of credit | 811 | (223 | ) | |||||
Dividends paid | (11,998 | ) | (10,054 | ) | ||||
Debt issuance costs | (1,115 | ) | (2,351 | ) | ||||
Repurchases of common stock | (22,508 | ) | 0 | |||||
Cash provided from (used in) financing activities | (33,810 | ) | (35,343 | ) | ||||
Effect of foreign exchange on cash and cash equivalents | (3,658 | ) | 1,274 | |||||
(Decrease) increase in cash and cash equivalents | (25,116 | ) | 22,376 | |||||
Cash and cash equivalents at end of period | $ | 64,013 | $ | 72,746 |
Year | Date Declared | Date Paid | Per Share Amount | |||||
2013 | February 28, 2013 | April 1, 2013 | $ | 0.90 | ||||
2012 | February 23, 2012 | April 2, 2012 | 0.75 |
(in thousands) | 2013 | 2012 | ||||||
Asset retirement obligations, January 1 | $ | 2,800 | $ | 3,297 | ||||
Accretion expense | 30 | 43 | ||||||
Liabilities settled | (297 | ) | (128 | ) | ||||
Changes in expected cash flows and timing | 185 | 98 | ||||||
Asset retirement obligations, March 31 | $ | 2,718 | $ | 3,310 |
Three Months Ended March 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Petroleum additives | ||||||||
Lubricant additives | $ | 452,672 | $ | 444,545 | ||||
Fuel additives | 105,728 | 113,147 | ||||||
Total | 558,400 | 557,692 | ||||||
Real estate development | 2,858 | 2,858 | ||||||
All other | 1,350 | 2,129 | ||||||
Consolidated revenue | $ | 562,608 | $ | 562,679 |
Three Months Ended March 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Petroleum additives | $ | 102,028 | $ | 107,154 | ||||
Real estate development | 1,790 | 1,789 | ||||||
All other | (401 | ) | 519 | |||||
Segment operating profit | 103,417 | 109,462 | ||||||
Corporate, general, and administrative expenses | (5,216 | ) | (5,505 | ) | ||||
Interest and financing expenses, net | (5,109 | ) | (4,482 | ) | ||||
Gain on interest rate swap agreement (a) | 678 | 1,735 | ||||||
Loss on early extinguishment of debt (b) | 0 | (3,221 | ) | |||||
Other income, net | 103 | 814 | ||||||
Income before income tax expense | $ | 93,873 | $ | 98,803 |
(a) | The gain on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap, and accordingly, any change in the fair value is immediately recognized in earnings. |
(b) | In March 2012, we entered into a $650 million five-year unsecured revolving credit facility which replaced our previous $300 million unsecured revolving credit facility. During 2012, we used a portion of the $650 million revolving credit facility to fund the early redemption of all of our then outstanding 7.125% senior notes (7.125% senior notes), as well as to repay the outstanding principal amount on the Foundry Park I mortgage loan. As a result, during the three months ended March 31, 2012, we recognized a loss on early extinguishment of debt of $3.2 million from accelerated amortization of financing fees associated with the prior revolving credit facility and costs associated with redeeming the 7.125% senior notes prior to maturity. |
Three Months Ended March 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Petroleum additives | $ | 9,829 | $ | 8,797 | ||||
Real estate development | 1,295 | 946 | ||||||
All other and corporate | 672 | 739 | ||||||
Total depreciation and amortization | $ | 11,796 | $ | 10,482 |
(in thousands) | Actual Cash Contributions for Three Months Ended March 31, 2013 | Expected Remaining Cash Contributions for Year Ending December 31, 2013 | ||||||
Domestic plans | ||||||||
Pension benefits | $ | 5,635 | $ | 16,915 | ||||
Postretirement benefits | 409 | 1,228 | ||||||
Foreign plans | ||||||||
Pension benefits | 1,938 | 4,930 | ||||||
Postretirement benefits | 49 | 147 |
Domestic | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost | $ | 2,663 | $ | 2,157 | $ | 499 | $ | 522 | ||||||||
Interest cost | 2,384 | 2,359 | 682 | 787 | ||||||||||||
Expected return on plan assets | (3,617 | ) | (3,301 | ) | (364 | ) | (373 | ) | ||||||||
Amortization of prior service cost | 4 | 53 | 2 | 2 | ||||||||||||
Amortization of actuarial net loss | 1,801 | 1,292 | 0 | 0 | ||||||||||||
Net periodic benefit cost | $ | 3,235 | $ | 2,560 | $ | 819 | $ | 938 |
Foreign | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost | $ | 1,354 | $ | 1,167 | $ | 8 | $ | 7 | ||||||||
Interest cost | 1,357 | 1,333 | 27 | 27 | ||||||||||||
Expected return on plan assets | (1,729 | ) | (1,506 | ) | 0 | 0 | ||||||||||
Amortization of prior service credit | (2 | ) | (38 | ) | 0 | 0 | ||||||||||
Amortization of transition obligation | 0 | 0 | 13 | 13 | ||||||||||||
Amortization of actuarial net loss | 354 | 276 | 10 | 8 | ||||||||||||
Net periodic benefit cost | $ | 1,334 | $ | 1,232 | $ | 58 | $ | 55 |
Three Months Ended March 31, | ||||||||
(in thousands, except per-share amounts) | 2013 | 2012 | ||||||
Earnings per share numerator: | ||||||||
Net income attributable to common shareholders before allocation of earnings to participating securities | $ | 67,835 | $ | 66,547 | ||||
Earnings allocated to participating securities | 61 | 0 | ||||||
Net income attributable to common shareholders after allocation of earnings to participating securities | $ | 67,774 | $ | 66,547 | ||||
Earnings per share denominator: | ||||||||
Weighted-average number of shares of common stock outstanding - basic and diluted | 13,376 | 13,405 | ||||||
Earnings per share - basic and diluted | $ | 5.07 | $ | 4.96 |
Identifiable Intangibles | ||||||||||||||||
March 31, 2013 | December 31, 2012 | |||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Amortizing intangible assets | ||||||||||||||||
Formulas and technology | $ | 91,526 | $ | 76,106 | $ | 91,662 | $ | 74,762 | ||||||||
Contracts | 9,593 | 7,079 | 9,593 | 6,734 | ||||||||||||
Customer bases | 7,006 | 2,509 | 7,021 | 2,400 | ||||||||||||
Trademarks and trade names | 1,560 | 492 | 1,586 | 426 | ||||||||||||
Goodwill | 4,879 | 5,002 | ||||||||||||||
$ | 114,564 | $ | 86,186 | $ | 114,864 | $ | 84,322 |
Three months ended March 31, 2013 | $ | 1.9 | |
Three months ended March 31, 2012 | 1.9 |
2013 | $ | 5.2 | |
2014 | 6.2 | ||
2015 | 5.8 | ||
2016 | 1.9 | ||
2017 | 0.7 | ||
2018 | 0.7 |
(in thousands) | March 31, 2013 | December 31, 2012 | ||||||
Senior notes - 4.10% due 2022 | $ | 349,422 | $ | 349,407 | ||||
Revolving credit facility | 76,000 | 75,000 | ||||||
Lines of credit | 5,193 | 4,382 | ||||||
430,615 | 428,789 | |||||||
Current maturities of long-term debt | (5,193 | ) | (4,382 | ) | ||||
$ | 425,422 | $ | 424,407 |
(in millions) | March 31, 2013 | December 31, 2012 | ||||||
Maximum borrowing capacity under the revolving credit facility | $ | 650.0 | $ | 650.0 | ||||
Outstanding borrowings under the revolving credit facility | 76.0 | 75.0 | ||||||
Outstanding letters of credit | 3.1 | 3.1 | ||||||
Unused portion of revolving credit facility | $ | 570.9 | $ | 571.9 |
March 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
(in millions) | Former TEL Plant Site, Louisiana | Houston, Texas Plant Site | Superfund Site, Louisiana | Former TEL Plant Site, Louisiana | Houston, Texas Plant Site | Superfund Site, Louisiana | ||||||||||||||||||
Accrual, discounted | $ | 5.5 | $ | 6.0 | $ | 3.2 | $ | 5.6 | $ | 6.1 | $ | 3.2 | ||||||||||||
Accrual, undiscounted | 6.8 | 9.1 | 4.4 | 6.9 | 9.3 | 4.4 | ||||||||||||||||||
Discount rate for accrual | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | ||||||||||||
Expected future payments: | ||||||||||||||||||||||||
2013 | $ | 0.6 | $ | 0.7 | $ | 0.0 | ||||||||||||||||||
2014 | 0.8 | 0.2 | 0.0 | |||||||||||||||||||||
2015 | 0.6 | 0.2 | 0.2 | |||||||||||||||||||||
2016 | 0.5 | 0.2 | 0.3 | |||||||||||||||||||||
2017 | 0.6 | 0.2 | 0.3 | |||||||||||||||||||||
Thereafter | 3.7 | 7.6 | 3.6 |
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
March 31, 2013 | December 31, 2012 | March 31, 2013 | December 31, 2012 | |||||||||||||||||||||
(in thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||
Goldman Sachs interest rate swap | $ | 0 | $ | 0 | Accrued expenses and Other noncurrent liabilities | $ | 29,548 | Accrued expenses and Other noncurrent liabilities | $ | 32,761 |
Derivatives in Cash Flow Hedging Relationship | Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Mortgage loan interest rate swap | $ | 0 | $ | (228 | ) | Interest and financing expenses | $ | (327 | ) | $ | (378 | ) | $ | 0 | $ | 0 | |||||||||||
Construction loan interest rate swap | $ | 0 | $ | 0 | Cost of rental | $ | (21 | ) | $ | (21 | ) | $ | 0 | $ | 0 |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||
Three Months Ended March 31, | ||||||||||
2013 | 2012 | |||||||||
Goldman Sachs interest rate swap | Other income, net | $ | 678 | $ | 1,735 |
(in thousands) | Pension Plans and Other Postretirement Benefits | Derivative Instruments | Foreign Currency Translation Adjustments | Marketable Securities | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Balance at December 31, 2011 | $ | (76,416 | ) | $ | (4,736 | ) | $ | (17,944 | ) | $ | 364 | $ | (98,732 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (24,291 | ) | (330 | ) | 7,567 | 676 | (16,378 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 4,568 | 893 | 0 | (1,040 | ) | 4,421 | ||||||||||||||
Other comprehensive income (loss) | (19,723 | ) | 563 | 7,567 | (364 | ) | (11,957 | ) | ||||||||||||
Balance at December 31, 2012 | (96,139 | ) | (4,173 | ) | (10,377 | ) | 0 | (110,689 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications | 0 | 0 | (18,280 | ) | 0 | (18,280 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 1,375 | 213 | 0 | 0 | 1,588 | |||||||||||||||
Other comprehensive income (loss) | 1,375 | 213 | (18,280 | ) | 0 | (16,692 | ) | |||||||||||||
Balance at March 31, 2013 | $ | (94,764 | ) | $ | (3,960 | ) | $ | (28,657 | ) | $ | 0 | $ | (127,381 | ) |
(in thousands) | Amount Reclassified from Accumulated Other Comprehensive Loss | |||||||||
Accumulated Other Comprehensive Loss Component | Three Months Ended March 31, | Affected Line Item on the Consolidated Statements of Income | ||||||||
2013 | 2012 | |||||||||
Pension plans and other postretirement benefits: | ||||||||||
Amortization of prior service cost | $ | 2 | $ | 5 | (a) | |||||
Amortization of actuarial net loss | 1,363 | 1,031 | (a) | |||||||
Amortization of transition obligation | 10 | 10 | (a) | |||||||
Total pension plans and other postretirement benefits | 1,375 | 1,046 | ||||||||
Derivative instruments: | ||||||||||
Amortization of mortgage loan interest rate swap | 200 | 231 | Interest and financing expenses, net | |||||||
Amortization of construction loan interest rate swap | 13 | 13 | Cost of rental | |||||||
Total derivative instruments | 213 | 244 | ||||||||
Total reclassifications for the period | $ | 1,588 | $ | 1,290 |
Carrying Amount in Consolidated Balance Sheets | Fair Value Measurements Using | |||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(in thousands) | March 31, 2013 | |||||||||||||||||||
Cash and cash equivalents | $ | 64,013 | $ | 64,013 | $ | 64,013 | $ | 0 | $ | 0 | ||||||||||
Cash deposit for collateralized interest rate swap | 33,827 | 33,827 | 33,827 | 0 | 0 | |||||||||||||||
Interest rate swap liability | 29,548 | 29,548 | 0 | 29,548 | 0 | |||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Cash and cash equivalents | $ | 89,129 | $ | 89,129 | $ | 89,129 | $ | 0 | $ | 0 | ||||||||||
Cash deposit for collateralized interest rate swap | 37,694 | 37,694 | 37,694 | 0 | 0 | |||||||||||||||
Interest rate swap liability | 32,761 | 32,761 | 0 | 32,761 | 0 |
March 31, 2013 | December 31, 2012 | |||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt, including current maturities | $ | 430,615 | $ | 442,150 | $ | 428,789 | $ | 436,777 |
Ethyl Corporation | Afton Chemical Corporation |
Ethyl Asia Pacific LLC | Afton Chemical Asia Pacific LLC |
Ethyl Canada Holdings, Inc. | Afton Chemical Canada Holdings, Inc. |
Ethyl Export Corporation | Afton Chemical Japan Holdings, Inc. |
Ethyl Interamerica Corporation | Afton Chemical Additives Corporation |
Ethyl Ventures, Inc. | NewMarket Services Corporation |
Interamerica Terminals Corporation | The Edwin Cooper Corporation |
Afton Chemical Intangibles LLC | Old Town LLC |
NewMarket Investment Company | NewMarket Development Corporation |
Foundry Park I, LLC | Foundry Park II, LLC |
Gamble's Hill, LLC | Gamble's Hill Lab, LLC |
Gamble's Hill Landing, LLC | Gamble's Hill Third Street, LLC |
Gamble's Hill Tredegar, LLC |
NewMarket Corporation and Subsidiaries | ||||||||||||||||||||
Consolidating Statements of Income and Comprehensive Income | ||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | |||||||||||||||
Revenue: | ||||||||||||||||||||
Net sales - product | $ | 0 | $ | 211,694 | $ | 348,056 | $ | 0 | $ | 559,750 | ||||||||||
Rental revenue | 0 | 2,858 | 0 | 0 | 2,858 | |||||||||||||||
0 | 214,552 | 348,056 | 0 | 562,608 | ||||||||||||||||
Costs: | ||||||||||||||||||||
Cost of goods sold - product | 0 | 102,006 | 289,337 | 0 | 391,343 | |||||||||||||||
Cost of rental | 0 | 1,068 | 0 | 0 | 1,068 | |||||||||||||||
0 | 103,074 | 289,337 | 0 | 392,411 | ||||||||||||||||
Gross profit | 0 | 111,478 | 58,719 | 0 | 170,197 | |||||||||||||||
Selling, general, and administrative expenses | 1,684 | 21,792 | 17,465 | 0 | 40,941 | |||||||||||||||
Research, development, and testing expenses | 0 | 21,952 | 9,069 | 0 | 31,021 | |||||||||||||||
Operating (loss) profit | (1,684 | ) | 67,734 | 32,185 | 0 | 98,235 | ||||||||||||||
Interest and financing expenses, net | 4,810 | (610 | ) | 909 | 0 | 5,109 | ||||||||||||||
Other income (expense), net | 700 | 3 | 44 | 0 | 747 | |||||||||||||||
(Loss) income before income taxes and equity income of subsidiaries | (5,794 | ) | 68,347 | 31,320 | 0 | 93,873 | ||||||||||||||
Income tax (benefit) expense | (2,013 | ) | 19,819 | 8,232 | 0 | 26,038 | ||||||||||||||
Equity income of subsidiaries | 71,616 | 0 | 0 | (71,616 | ) | 0 | ||||||||||||||
Net income | 67,835 | 48,528 | 23,088 | (71,616 | ) | 67,835 | ||||||||||||||
Other comprehensive (loss) income | (16,692 | ) | (3,514 | ) | (14,001 | ) | 17,515 | (16,692 | ) | |||||||||||
Comprehensive income | $ | 51,143 | $ | 45,014 | $ | 9,087 | $ | (54,101 | ) | $ | 51,143 |
NewMarket Corporation and Subsidiaries | ||||||||||||||||||||
Consolidating Statements of Income and Comprehensive Income | ||||||||||||||||||||
Three Months Ended March 31, 2012 | ||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | |||||||||||||||
Revenue: | ||||||||||||||||||||
Net sales - product | $ | 0 | $ | 225,709 | $ | 334,112 | $ | 0 | $ | 559,821 | ||||||||||
Rental revenue | 0 | 2,858 | 0 | 0 | 2,858 | |||||||||||||||
0 | 228,567 | 334,112 | 0 | 562,679 | ||||||||||||||||
Costs: | ||||||||||||||||||||
Cost of goods sold - product | 0 | 99,176 | 292,899 | 0 | 392,075 | |||||||||||||||
Cost of rental | 0 | 1,068 | 0 | 0 | 1,068 | |||||||||||||||
0 | 100,244 | 292,899 | 0 | 393,143 | ||||||||||||||||
Gross profit | 0 | 128,323 | 41,213 | 0 | 169,536 | |||||||||||||||
Selling, general, and administrative expenses | 1,450 | 27,819 | 7,639 | 0 | 36,908 | |||||||||||||||
Research, development, and testing expenses | 0 | 21,120 | 6,775 | 0 | 27,895 | |||||||||||||||
Operating (loss) profit | (1,450 | ) | 79,384 | 26,799 | 0 | 104,733 | ||||||||||||||
Interest and financing expenses, net | 3,377 | 87 | 1,018 | 0 | 4,482 | |||||||||||||||
Loss on early extinguishment of debt | 3,221 | 0 | 0 | 0 | 3,221 | |||||||||||||||
Other income (expense), net | 1,744 | (31 | ) | 60 | 0 | 1,773 | ||||||||||||||
(Loss) income before income taxes and equity income of subsidiaries | (6,304 | ) | 79,266 | 25,841 | 0 | 98,803 | ||||||||||||||
Income tax (benefit) expense | (2,584 | ) | 29,124 | 5,716 | 0 | 32,256 | ||||||||||||||
Equity income of subsidiaries | 70,267 | 0 | 0 | (70,267 | ) | 0 | ||||||||||||||
Net income | 66,547 | 50,142 | 20,125 | (70,267 | ) | 66,547 | ||||||||||||||
Other comprehensive (loss) income | 8,085 | 2,778 | 4,730 | (7,508 | ) | 8,085 | ||||||||||||||
Comprehensive income | $ | 74,632 | $ | 52,920 | $ | 24,855 | $ | (77,775 | ) | $ | 74,632 |
NewMarket Corporation and Subsidiaries | ||||||||||||||||||||
Consolidating Balance Sheets | ||||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 3 | $ | 4,141 | $ | 59,869 | $ | 0 | $ | 64,013 | ||||||||||
Trade and other accounts receivable, net | 3,562 | 121,399 | 206,194 | 0 | 331,155 | |||||||||||||||
Amounts due from affiliated companies | 21,824 | 78,413 | 16,809 | (117,046 | ) | 0 | ||||||||||||||
Inventories | 0 | 124,731 | 196,608 | 0 | 321,339 | |||||||||||||||
Deferred income taxes | 2,079 | 4,690 | 682 | 0 | 7,451 | |||||||||||||||
Prepaid expenses and other current assets | 10,591 | 21,447 | 2,218 | 0 | 34,256 | |||||||||||||||
Total current assets | 38,059 | 354,821 | 482,380 | (117,046 | ) | 758,214 | ||||||||||||||
Amounts due from affiliated companies | 55,928 | 111,833 | 0 | (167,761 | ) | 0 | ||||||||||||||
Property, plant, and equipment, at cost | 0 | 840,821 | 237,837 | 0 | 1,078,658 | |||||||||||||||
Less accumulated depreciation and amortization | 0 | 584,102 | 133,962 | 0 | 718,064 | |||||||||||||||
Net property, plant, and equipment | 0 | 256,719 | 103,875 | 0 | 360,594 | |||||||||||||||
Investment in consolidated subsidiaries | 862,545 | 0 | 0 | (862,545 | ) | 0 | ||||||||||||||
Prepaid pension cost | 0 | 0 | 12,800 | 0 | 12,800 | |||||||||||||||
Deferred income taxes | 51,155 | 0 | 6,909 | (4,104 | ) | 53,960 | ||||||||||||||
Other assets and deferred charges | 42,285 | 23,863 | 1,295 | 0 | 67,443 | |||||||||||||||
Intangibles (net of amortization) and goodwill | 0 | 22,031 | 6,347 | 0 | 28,378 | |||||||||||||||
Total assets | $ | 1,049,972 | $ | 769,267 | $ | 613,606 | $ | (1,151,456 | ) | $ | 1,281,389 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Accounts payable | $ | 25 | $ | 72,851 | $ | 42,799 | $ | 0 | $ | 115,675 | ||||||||||
Accrued expenses | 10,579 | 37,399 | 17,571 | 0 | 65,549 | |||||||||||||||
Dividends payable | 10,282 | 0 | 0 | 0 | 10,282 | |||||||||||||||
Book overdraft | 0 | 5,149 | 0 | 0 | 5,149 | |||||||||||||||
Amounts due to affiliated companies | 45,626 | 46,097 | 25,323 | (117,046 | ) | 0 | ||||||||||||||
Long-term debt, current portion | 0 | 0 | 5,193 | 0 | 5,193 | |||||||||||||||
Income taxes payable | 4,955 | 5,789 | 14,550 | 0 | 25,294 | |||||||||||||||
Total current liabilities | 71,467 | 167,285 | 105,436 | (117,046 | ) | 227,142 | ||||||||||||||
Long-term debt | 425,422 | 0 | 0 | 0 | 425,422 | |||||||||||||||
Amounts due to affiliated companies | 0 | 63,954 | 103,807 | (167,761 | ) | 0 | ||||||||||||||
Other noncurrent liabilities | 134,514 | 41,706 | 38,140 | (4,104 | ) | 210,256 | ||||||||||||||
Total liabilities | 631,403 | 272,945 | 247,383 | (288,911 | ) | 862,820 | ||||||||||||||
Shareholders' equity: | ||||||||||||||||||||
Common stock and paid-in capital | 0 | 388,282 | 71,322 | (459,604 | ) | 0 | ||||||||||||||
Accumulated other comprehensive loss | (127,381 | ) | (22,281 | ) | (50,056 | ) | 72,337 | (127,381 | ) | |||||||||||
Retained earnings | 545,950 | 130,321 | 344,957 | (475,278 | ) | 545,950 | ||||||||||||||
Total shareholders' equity | 418,569 | 496,322 | 366,223 | (862,545 | ) | 418,569 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 1,049,972 | $ | 769,267 | $ | 613,606 | $ | (1,151,456 | ) | $ | 1,281,389 |
NewMarket Corporation and Subsidiaries | ||||||||||||||||||||
Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 5,001 | $ | 7,202 | $ | 76,926 | $ | 0 | $ | 89,129 | ||||||||||
Trade and other accounts receivable, net | 4,346 | 116,865 | 175,844 | 0 | 297,055 | |||||||||||||||
Amounts due from affiliated companies | 0 | 142,277 | 33,282 | (175,559 | ) | 0 | ||||||||||||||
Inventories | 0 | 125,171 | 197,503 | 0 | 322,674 | |||||||||||||||
Deferred income taxes | 2,555 | 5,204 | 693 | 0 | 8,452 | |||||||||||||||
Prepaid expenses and other current assets | 66 | 16,253 | 1,866 | 0 | 18,185 | |||||||||||||||
Total current assets | 11,968 | 412,972 | 486,114 | (175,559 | ) | 735,495 | ||||||||||||||
Amounts due from affiliated companies | 58,935 | 56,326 | 0 | (115,261 | ) | 0 | ||||||||||||||
Property, plant, and equipment, at cost | 0 | 833,352 | 237,615 | 0 | 1,070,967 | |||||||||||||||
Less accumulated depreciation and amortization | 0 | 578,183 | 134,413 | 0 | 712,596 | |||||||||||||||
Net property, plant, and equipment | 0 | 255,169 | 103,202 | 0 | 358,371 | |||||||||||||||
Investment in consolidated subsidiaries | 895,029 | 0 | 0 | (895,029 | ) | 0 | ||||||||||||||
Prepaid pension cost | 0 | 0 | 12,710 | 0 | 12,710 | |||||||||||||||
Deferred income taxes | 53,087 | 0 | 8,451 | (6,415 | ) | 55,123 | ||||||||||||||
Other assets and deferred charges | 46,286 | 23,670 | 2,051 | 0 | 72,007 | |||||||||||||||
Intangibles (net of amortization) and goodwill | 0 | 23,784 | 6,758 | 0 | 30,542 | |||||||||||||||
Total assets | $ | 1,065,305 | $ | 771,921 | $ | 619,286 | $ | (1,192,264 | ) | $ | 1,264,248 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Accounts payable | $ | 206 | $ | 75,483 | $ | 43,609 | $ | 0 | $ | 119,298 | ||||||||||
Accrued expenses | 8,367 | 51,577 | 19,117 | 0 | 79,061 | |||||||||||||||
Book overdraft | 0 | 3,906 | 0 | 0 | 3,906 | |||||||||||||||
Amounts due to affiliated companies | 91,403 | 55,437 | 28,719 | (175,559 | ) | 0 | ||||||||||||||
Long-term debt, current portion | 0 | 0 | 4,382 | 0 | 4,382 | |||||||||||||||
Income taxes payable | 0 | 55 | 9,969 | 0 | 10,024 | |||||||||||||||
Total current liabilities | 99,976 | 186,458 | 105,796 | (175,559 | ) | 216,671 | ||||||||||||||
Long-term debt | 424,407 | 0 | 0 | 0 | 424,407 | |||||||||||||||
Amounts due to affiliated companies | 0 | 8,024 | 107,237 | (115,261 | ) | 0 | ||||||||||||||
Other noncurrent liabilities | 138,717 | 49,280 | 39,383 | (6,415 | ) | 220,965 | ||||||||||||||
Total liabilities | 663,100 | 243,762 | 252,416 | (297,235 | ) | 862,043 | ||||||||||||||
Shareholders' equity: | ||||||||||||||||||||
Common stock and paid-in capital | 721 | 388,282 | 71,322 | (459,604 | ) | 721 | ||||||||||||||
Accumulated other comprehensive loss | (110,689 | ) | (18,767 | ) | (36,055 | ) | 54,822 | (110,689 | ) | |||||||||||
Retained earnings | 512,173 | 158,644 | 331,603 | (490,247 | ) | 512,173 | ||||||||||||||
Total shareholders' equity | 402,205 | 528,159 | 366,870 | (895,029 | ) | 402,205 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 1,065,305 | $ | 771,921 | $ | 619,286 | $ | (1,192,264 | ) | $ | 1,264,248 |
NewMarket Corporation and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | |||||||||||||||
Cash provided from (used in) operating activities | $ | 92,885 | $ | 76,432 | $ | (174 | ) | $ | (142,015 | ) | $ | 27,128 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | 0 | (8,383 | ) | (7,726 | ) | 0 | (16,109 | ) | ||||||||||||
Deposits for interest rate swap | (2,982 | ) | 0 | 0 | 0 | (2,982 | ) | |||||||||||||
Return of deposits for interest rate swap | 6,850 | 0 | 0 | 0 | 6,850 | |||||||||||||||
Payments on settlement of interest rate swap | (2,617 | ) | 0 | 0 | 0 | (2,617 | ) | |||||||||||||
Receipts from settlement of interest rate swap | 82 | 0 | 0 | 0 | 82 | |||||||||||||||
Cash provided from (used in) investing activities | 1,333 | (8,383 | ) | (7,726 | ) | 0 | (14,776 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net borrowings (repayments) under revolving credit facility | 1,000 | 0 | 0 | 0 | 1,000 | |||||||||||||||
Net borrowings (repayments) under lines of credit | 0 | 0 | 811 | 0 | 811 | |||||||||||||||
Dividends paid | (11,998 | ) | (86,585 | ) | (9,916 | ) | 96,501 | (11,998 | ) | |||||||||||
Debt issuance costs | (1,115 | ) | 0 | 0 | 0 | (1,115 | ) | |||||||||||||
Repurchases of common stock | (22,508 | ) | 0 | 0 | 0 | (22,508 | ) | |||||||||||||
Issuance of intercompany note payable, net | 0 | (3,135 | ) | 3,135 | 0 | 0 | ||||||||||||||
Repayment of intercompany note payable, net | 3,006 | (3,006 | ) | 0 | 0 | 0 | ||||||||||||||
Financing from affiliated companies | (67,601 | ) | 22,087 | 0 | 45,514 | 0 | ||||||||||||||
Cash provided from (used in) financing activities | (99,216 | ) | (70,639 | ) | (5,970 | ) | 142,015 | (33,810 | ) | |||||||||||
Effect of foreign exchange on cash and cash equivalents | 0 | (471 | ) | (3,187 | ) | 0 | (3,658 | ) | ||||||||||||
(Decrease) increase in cash and cash equivalents | (4,998 | ) | (3,061 | ) | (17,057 | ) | 0 | (25,116 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 5,001 | 7,202 | 76,926 | 0 | 89,129 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 3 | $ | 4,141 | $ | 59,869 | $ | 0 | $ | 64,013 |
NewMarket Corporation and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2012 | ||||||||||||||||||||
(in thousands) | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Consolidating Adjustments | Consolidated | |||||||||||||||
Cash provided from (used in) operating activities | $ | (19,495 | ) | $ | 75,997 | $ | 12,483 | $ | (5,895 | ) | $ | 63,090 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | 0 | (5,044 | ) | (2,388 | ) | 0 | (7,432 | ) | ||||||||||||
Deposits for interest rate swap | (5,079 | ) | 0 | 0 | 0 | (5,079 | ) | |||||||||||||
Return of deposits for interest rate swap | 8,340 | 0 | 0 | 0 | 8,340 | |||||||||||||||
Payments on settlement of interest rate swap | (2,574 | ) | 0 | 0 | 0 | (2,574 | ) | |||||||||||||
Receipts from settlement of interest rate swap | 100 | 0 | 0 | 0 | 100 | |||||||||||||||
Cash provided from (used in) investing activities | 787 | (5,044 | ) | (2,388 | ) | 0 | (6,645 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net borrowings (repayments) under revolving credit facility | (22,000 | ) | 0 | 0 | 0 | (22,000 | ) | |||||||||||||
Repayment of Foundry Park I mortgage loan | 0 | (715 | ) | 0 | 0 | (715 | ) | |||||||||||||
Net borrowings (repayments) under lines of credit | 0 | 0 | (223 | ) | 0 | (223 | ) | |||||||||||||
Dividends paid | (10,054 | ) | (38 | ) | (5,857 | ) | 5,895 | (10,054 | ) | |||||||||||
Debt issuance costs | (2,351 | ) | 0 | 0 | 0 | (2,351 | ) | |||||||||||||
Financing from affiliated companies | 53,113 | (53,113 | ) | 0 | 0 | 0 | ||||||||||||||
Cash provided from (used in) financing activities | 18,708 | (53,866 | ) | (6,080 | ) | 5,895 | (35,343 | ) | ||||||||||||
Effect of foreign exchange on cash and cash equivalents | 0 | 555 | 719 | 0 | 1,274 | |||||||||||||||
(Decrease) increase in cash and cash equivalents | 0 | 17,642 | 4,734 | 0 | 22,376 | |||||||||||||||
Cash and cash equivalents at beginning of year | 17 | 9,653 | 40,700 | 0 | 50,370 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 17 | $ | 27,295 | $ | 45,434 | $ | 0 | $ | 72,746 |
Three Months Ended March 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Petroleum additives | ||||||||
Lubricant additives | $ | 452.7 | $ | 444.6 | ||||
Fuel additives | 105.7 | 113.1 | ||||||
Total | 558.4 | 557.7 | ||||||
Real estate development | 2.9 | 2.9 | ||||||
All other | 1.3 | 2.1 | ||||||
Consolidated revenue | $ | 562.6 | $ | 562.7 |
(in millions) | Three Months | |||
Period ended March 31, 2012 | $ | 557.7 | ||
Lubricant additives shipments | 15.9 | |||
Fuel additive shipments | (5.3 | ) | ||
Selling prices, including changes in customer mix | (8.5 | ) | ||
Foreign currency impact, net | (1.4 | ) | ||
Period ended March 31, 2013 | $ | 558.4 |
Three Months Ended March 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Petroleum additives | $ | 102.0 | $ | 107.2 | ||||
Real estate development | $ | 1.8 | $ | 1.8 | ||||
All other | $ | (0.4 | ) | $ | 0.5 |
(in millions) | March 31, 2013 | December 31, 2012 | ||||||
Maximum borrowing capacity under the revolving credit facility | $ | 650.0 | $ | 650.0 | ||||
Outstanding borrowings under the revolving credit facility | 76.0 | 75.0 | ||||||
Outstanding letters of credit | 3.1 | 3.1 | ||||||
Unused portion of revolving credit facility | $ | 570.9 | $ | 571.9 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||
January 1 to January 31 | 0 | $ | 0.00 | 0 | $ | 250,000,000 | ||||||
February 1 to February 28 | 41,400 | 249.84 | 41,400 | 239,656,760 | ||||||||
March 1 to March 31 | 49,400 | 256.78 | 49,400 | 226,971,959 | ||||||||
Total | 90,800 | $ | 253.61 | 90,800 | $ | 226,971,959 |
Exhibit 3.1 | Articles of Incorporation Amended and Restated effective April 27, 2012 (incorporated by reference to Exhibit 3.1 to Form 8-K (File No. 1-32190) filed April 30, 2012) |
Exhibit 3.2 | NewMarket Corporation Bylaws Amended and Restated effective April 27, 2012 (incorporated by reference to Exhibit 3.2 to Form 8-K (File No. 1- 32190) filed April 30, 2012) |
Exhibit 10.1 | Consulting Agreement, dated March 28, 2013, between NewMarket Corporation and C.S. Warren Huang (incorporated by reference to Exhibit 10.1 to Form 8-K (File No. 1-32190) filed April 9, 2013)* |
Exhibit 31(a) | Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Thomas E. Gottwald |
Exhibit 31(b) | Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by David A. Fiorenza |
Exhibit 32(a) | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Thomas E. Gottwald |
Exhibit 32(b) | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by David A. Fiorenza |
Exhibit 101 | XBRL Instance Document and Related Items |
NEWMARKET CORPORATION | |
(Registrant) | |
Date: April 29, 2013 | By: /s/ D. A. Fiorenza |
David A. Fiorenza | |
Vice President and | |
Chief Financial Officer | |
(Principal Financial Officer) | |
Date: April 29, 2013 | By: /s/ Wayne C. Drinkwater |
Wayne C. Drinkwater | |
Controller | |
(Principal Accounting Officer) |
Exhibit 31(a) | Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Thomas E. Gottwald |
Exhibit 31(b) | Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by David A. Fiorenza |
Exhibit 32(a) | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Thomas E. Gottwald |
Exhibit 32(b) | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by David A. Fiorenza |
Exhibit 101 | XBRL Instance Document and Related Items |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 of NewMarket Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: April 29, 2013 | ||
By: | /s/ Thomas E. Gottwald | |
Thomas E. Gottwald | ||
President and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 of NewMarket Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: April 29, 2013 | ||
By: | /s/ D.A. Fiorenza | |
David A. Fiorenza | ||
Vice President and Chief Financial Officer |
By: | /s/ Thomas E. Gottwald |
Thomas E. Gottwald | |
President and Chief Executive Officer | |
April 29, 2013 |
By: | /s/ D.A. Fiorenza |
David A. Fiorenza | |
Vice President and Chief Financial Officer | |
April 29, 2013 |
Segment Information (Segment Operating Profit) (Details) (USD $)
|
3 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
Petroleum Additives [Member]
|
Mar. 31, 2012
Petroleum Additives [Member]
|
Mar. 31, 2013
Real Estate Development [Member]
|
Mar. 31, 2012
Real Estate Development [Member]
|
Mar. 31, 2013
All Other [Member]
|
Mar. 31, 2012
All Other [Member]
|
Mar. 31, 2013
Unallocated Amount to Segment [Member]
|
Mar. 31, 2012
Unallocated Amount to Segment [Member]
|
Mar. 31, 2013
Revolving Credit Facility [Member]
|
Dec. 31, 2012
Revolving Credit Facility [Member]
|
Mar. 14, 2012
Revolving Credit Facility [Member]
|
Dec. 31, 2011
Revolving Credit Facility [Member]
|
Apr. 16, 2012
7.125% Senior Notes [Member]
Senior Notes [Member]
|
|||||||
Segment Information [Line Items] | |||||||||||||||||||||
Segment operating profit | $ 103,417,000 | $ 109,462,000 | $ 102,028,000 | $ 107,154,000 | $ 1,790,000 | $ 1,789,000 | $ (401,000) | $ 519,000 | |||||||||||||
Corporate, general, and administrative expenses | (40,941,000) | (36,908,000) | (5,216,000) | (5,505,000) | |||||||||||||||||
Interest and financing expenses, net | (5,109,000) | (4,482,000) | |||||||||||||||||||
Gain on interest rate swap agreement | 678,000 | [1] | 1,735,000 | [1] | |||||||||||||||||
Loss on early extinguishment of debt | 0 | [2] | (3,221,000) | [2] | |||||||||||||||||
Other income, net | 103,000 | 814,000 | |||||||||||||||||||
Income before income tax expense | 93,873,000 | 98,803,000 | |||||||||||||||||||
Maximum borrowing capacity under the revolving credit facility | $ 650,000,000 | $ 650,000,000.0 | $ 650,000,000 | $ 300,000,000 | |||||||||||||||||
Term of credit facility, years | 5 years | ||||||||||||||||||||
Senior notes, interest rate | 7.125% | ||||||||||||||||||||
|
Long-term Debt (Schedule Of Long-Term Debt) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
|
Debt Instrument [Line Items] | ||
Long-term debt and current maturities | $ 430,615 | $ 428,789 |
Current maturities of long-term debt | (5,193) | (4,382) |
Total long-term debt | 425,422 | 424,407 |
Foreign Lines of Credit [Member]
|
||
Debt Instrument [Line Items] | ||
Long-term debt and current maturities | 5,193 | 4,382 |
Revolving Credit Facility [Member]
|
||
Debt Instrument [Line Items] | ||
Long-term debt and current maturities | 76,000 | 75,000 |
Senior Notes [Member] | 4.10% Senior Notes [Member]
|
||
Debt Instrument [Line Items] | ||
Long-term debt and current maturities | $ 349,422 | $ 349,407 |
Senior notes, interest rate | 4.10% | |
Debt instrument, maturity date | 2022 |
Derivatives and Hedging Activities (Effect Of Derivative Instruments On The Consolidated Statements Of Income Non-Designated Derivatives)(Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 678 | [1] | $ 1,735 | [1] | ||
Goldman Sachs [Member] | Interest Rate Swap [Member] | Other income, net [Member]
|
||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 678 | $ 1,735 | ||||
|
Intangibles (Net of Amortization) and Goodwill (Schedule Of Amortization Expense And Estimated Annual Amortization Expense Related To Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 1.9 | $ 1.9 |
2013 | 5.2 | |
2014 | 6.2 | |
2015 | 5.8 | |
2016 | 1.9 | |
2017 | 0.7 | |
2018 | $ 0.7 |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
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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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Loss | The following table illustrates the amounts, net of tax, reclassified out of each component of accumulated other comprehensive loss and their location within the respective line items on the Consolidated Statements of Income.
(a) These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 4 in this Form 10-Q and Note 19 in our 2012 Annual Report for further information. |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Schedule of Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Loss) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Dec. 31, 2012
|
|||||
Pension plans and other postretirement benefits: | |||||||
Amortization of prior service cost | $ 2 | [1] | $ 5 | [1] | |||
Amortization of actuarial net loss | 1,363 | [1] | 1,031 | [1] | |||
Amortization of transition obligation | 10 | [1] | 10 | [1] | |||
Total pension plans and other postretirement benefits | 1,375 | 1,046 | 4,568 | ||||
Derivative instruments: | |||||||
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | 213 | 244 | 893 | ||||
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive Income (Loss) | 1,588 | 1,290 | 4,421 | ||||
Interest and financing expenses, net [Member]
|
|||||||
Derivative instruments: | |||||||
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | 200 | 231 | |||||
Cost of rental [Member]
|
|||||||
Derivative instruments: | |||||||
Amounts reclassified from accumulated other comprehensive loss, Derivative Instruments | $ 13 | $ 13 | |||||
|
Asset Retirement Obligations (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
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Asset Retirement Obligation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity Associated With Asset Retirement Obligations | The following table illustrates the activity associated with our asset retirement obligations for the three months ended March 31, 2013 and March 31, 2012.
|
Asset Retirement Obligations (Activity Associated With Asset Retirement Obligations) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Asset Retirement Obligations, Roll Forward Analysis [Roll Forward] | ||
Asset retirement obligations, January 1 | $ 2,800 | $ 3,297 |
Accretion expense | 30 | 43 |
Liabilities settled | (297) | (128) |
Changes in expected cash flows and timing | 185 | 98 |
Asset retirement obligations, March 31 | $ 2,718 | $ 3,310 |
Derivatives and Hedging Activities (Narrative) (Details) (USD $)
|
3 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Mar. 31, 2013
Goldman Sachs [Member]
|
Dec. 31, 2012
Goldman Sachs [Member]
|
Mar. 31, 2013
Interest Rate Swap [Member]
Mortgage Loan Interest Rate Swap [Member]
|
Dec. 31, 2012
Interest Rate Swap [Member]
Mortgage Loan Interest Rate Swap [Member]
|
Mar. 31, 2013
Interest Rate Swap [Member]
Construction Loan Interest Rate Swap [Member]
|
Dec. 31, 2012
Interest Rate Swap [Member]
Construction Loan Interest Rate Swap [Member]
|
Mar. 31, 2013
Interest Rate Swap [Member]
Goldman Sachs [Member]
|
Dec. 31, 2012
Interest Rate Swap [Member]
Goldman Sachs [Member]
|
Jun. 25, 2009
Interest Rate Swap [Member]
Goldman Sachs [Member]
|
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Unrealized loss net of tax related to the fair value of the interest rate swap recorded in accumulated other comprehensive loss | $ (3,960,000) | $ (4,173,000) | $ (4,736,000) | $ (1,500,000) | $ (1,700,000) | $ (2,500,000) | $ (2,500,000) | |||||
Interest rate swaps, accumulated other comprehensive loss expected to be reclassified into earnings in next twelve months | (900,000) | |||||||||||
Notional amount | 97,000,000 | |||||||||||
Rate of fixed-rate payments for interest rate swap | 5.3075% | |||||||||||
Cash collateral deposit | 33,827,000 | 37,694,000 | 33,827,000 | 37,694,000 | ||||||||
Total amount of fair value recorded in accrued expenses | 900,000 | 2,300,000 | ||||||||||
Termination value of obligations | $ 29,400,000 |
Long-term Debt (Narrative) (Details) (USD $)
|
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
|
Revolving Credit Facility [Member]
|
||
Debt Instrument [Line Items] | ||
Average interest rate during the period | 2.16% | 1.84% |
4.10% Senior Notes [Member] | Senior Notes [Member]
|
||
Debt Instrument [Line Items] | ||
Principal amount of debt issued | 350,000,000 | |
Senior notes, interest rate | 4.10% | |
Debt instrument, maturity date | 2022 |
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|||||
Statement of Cash Flows [Abstract] | ||||||
Cash and cash equivalents at beginning of year | $ 89,129 | $ 50,370 | ||||
Cash flows from operating activities: | ||||||
Net income | 67,835 | 66,547 | ||||
Adjustments to reconcile net income to cash flows from operating activities: | ||||||
Depreciation and amortization | 11,796 | 10,482 | ||||
Noncash environmental remediation and dismantling | 281 | 251 | ||||
Noncash pension benefits expense | 4,569 | 3,792 | ||||
Noncash postretirement benefits expense | 877 | 993 | ||||
Noncash foreign exchange (gain) loss | (86) | 1,215 | ||||
Deferred income tax expense | 1,742 | 3,077 | ||||
Loss on early extinguishment of debt | 0 | [1] | 3,221 | [1] | ||
Restricted stock award | 244 | 0 | ||||
Unrealized gain on derivative instruments, net | (3,212) | (4,208) | ||||
Working capital changes | (55,707) | (22,877) | ||||
Realized loss on derivative instruments, net | 2,535 | 2,474 | ||||
Cash pension benefits contributions | (7,573) | (7,355) | ||||
Cash postretirement benefits contributions | (458) | (628) | ||||
Change in book overdraft | 1,243 | 6,032 | ||||
Other, net | 3,042 | 74 | ||||
Cash provided from (used in) operating activities | 27,128 | 63,090 | ||||
Cash flows from investing activities: | ||||||
Capital expenditures | (16,109) | (7,432) | ||||
Deposits for interest rate swap | (2,982) | (5,079) | ||||
Return of deposits for interest rate swap | 6,850 | 8,340 | ||||
Payments on settlement of interest rate swap | (2,617) | (2,574) | ||||
Receipts from settlement of interest rate swap | 82 | 100 | ||||
Cash provided from (used in) investing activities | (14,776) | (6,645) | ||||
Cash flows from financing activities: | ||||||
Net borrowings (repayments) under revolving credit facility | 1,000 | (22,000) | ||||
Repayment of Foundry Park I mortgage loan | 0 | (715) | ||||
Net borrowings (repayments) under lines of credit | 811 | (223) | ||||
Dividends paid | (11,998) | (10,054) | ||||
Debt issuance costs | (1,115) | (2,351) | ||||
Repurchases of common stock | (22,508) | 0 | ||||
Cash provided from (used in) financing activities | (33,810) | (35,343) | ||||
Effect of foreign exchange on cash and cash equivalents | (3,658) | 1,274 | ||||
(Decrease) increase in cash and cash equivalents | (25,116) | 22,376 | ||||
Cash and cash equivalents at end of period | $ 64,013 | $ 72,746 | ||||
|
Consolidating Financial Information (Consolidating Balance Sheets) (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|---|---|
ASSETS | ||||
Cash and cash equivalents | $ 64,013 | $ 89,129 | $ 72,746 | $ 50,370 |
Trade and other accounts receivable, net | 331,155 | 297,055 | ||
Amounts due from affiliated companies | 0 | 0 | ||
Inventories | 321,339 | 322,674 | ||
Deferred income taxes | 7,451 | 8,452 | ||
Prepaid expenses and other current assets | 34,256 | 18,185 | ||
Total current assets | 758,214 | 735,495 | ||
Amounts due from affiliated companies | 0 | 0 | ||
Property, plant, and equipment, at cost | 1,078,658 | 1,070,967 | ||
Less accumulated depreciation and amortization | 718,064 | 712,596 | ||
Net property, plant, and equipment | 360,594 | 358,371 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Prepaid pension cost | 12,800 | 12,710 | ||
Deferred income taxes | 53,960 | 55,123 | ||
Other assets and deferred charges | 67,443 | 72,007 | ||
Intangibles (net of amortization) and goodwill | 28,378 | 30,542 | ||
Total assets | 1,281,389 | 1,264,248 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Accounts payable | 115,675 | 119,298 | ||
Accrued expenses | 65,549 | 79,061 | ||
Dividends payable | 10,282 | 0 | ||
Book overdraft | 5,149 | 3,906 | ||
Amounts due to affiliated companies | 0 | 0 | ||
Long-term debt, current portion | 5,193 | 4,382 | ||
Income taxes payable | 25,294 | 10,024 | ||
Total current liabilities | 227,142 | 216,671 | ||
Long-term debt | 425,422 | 424,407 | ||
Amounts due to affiliated companies | 0 | 0 | ||
Other noncurrent liabilities | 210,256 | 220,965 | ||
Total liabilities | 862,820 | 862,043 | ||
Shareholders’ equity: | ||||
Common stock and paid-in capital | 0 | 721 | ||
Accumulated other comprehensive loss | (127,381) | (110,689) | (98,732) | |
Retained earnings | 545,950 | 512,173 | ||
Total shareholders' equity | 418,569 | 402,205 | 549,593 | |
Total liabilities and shareholders’ equity | 1,281,389 | 1,264,248 | ||
Parent Company [Member]
|
||||
ASSETS | ||||
Cash and cash equivalents | 3 | 5,001 | 17 | 17 |
Trade and other accounts receivable, net | 3,562 | 4,346 | ||
Amounts due from affiliated companies | 21,824 | 0 | ||
Inventories | 0 | 0 | ||
Deferred income taxes | 2,079 | 2,555 | ||
Prepaid expenses and other current assets | 10,591 | 66 | ||
Total current assets | 38,059 | 11,968 | ||
Amounts due from affiliated companies | 55,928 | 58,935 | ||
Property, plant, and equipment, at cost | 0 | 0 | ||
Less accumulated depreciation and amortization | 0 | 0 | ||
Net property, plant, and equipment | 0 | 0 | ||
Investment in consolidated subsidiaries | 862,545 | 895,029 | ||
Prepaid pension cost | 0 | 0 | ||
Deferred income taxes | 51,155 | 53,087 | ||
Other assets and deferred charges | 42,285 | 46,286 | ||
Intangibles (net of amortization) and goodwill | 0 | 0 | ||
Total assets | 1,049,972 | 1,065,305 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Accounts payable | 25 | 206 | ||
Accrued expenses | 10,579 | 8,367 | ||
Dividends payable | 10,282 | |||
Book overdraft | 0 | 0 | ||
Amounts due to affiliated companies | 45,626 | 91,403 | ||
Long-term debt, current portion | 0 | 0 | ||
Income taxes payable | 4,955 | 0 | ||
Total current liabilities | 71,467 | 99,976 | ||
Long-term debt | 425,422 | 424,407 | ||
Amounts due to affiliated companies | 0 | 0 | ||
Other noncurrent liabilities | 134,514 | 138,717 | ||
Total liabilities | 631,403 | 663,100 | ||
Shareholders’ equity: | ||||
Common stock and paid-in capital | 0 | 721 | ||
Accumulated other comprehensive loss | (127,381) | (110,689) | ||
Retained earnings | 545,950 | 512,173 | ||
Total shareholders' equity | 418,569 | 402,205 | ||
Total liabilities and shareholders’ equity | 1,049,972 | 1,065,305 | ||
Guarantor Subsidiaries [Member]
|
||||
ASSETS | ||||
Cash and cash equivalents | 4,141 | 7,202 | 27,295 | 9,653 |
Trade and other accounts receivable, net | 121,399 | 116,865 | ||
Amounts due from affiliated companies | 78,413 | 142,277 | ||
Inventories | 124,731 | 125,171 | ||
Deferred income taxes | 4,690 | 5,204 | ||
Prepaid expenses and other current assets | 21,447 | 16,253 | ||
Total current assets | 354,821 | 412,972 | ||
Amounts due from affiliated companies | 111,833 | 56,326 | ||
Property, plant, and equipment, at cost | 840,821 | 833,352 | ||
Less accumulated depreciation and amortization | 584,102 | 578,183 | ||
Net property, plant, and equipment | 256,719 | 255,169 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Prepaid pension cost | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other assets and deferred charges | 23,863 | 23,670 | ||
Intangibles (net of amortization) and goodwill | 22,031 | 23,784 | ||
Total assets | 769,267 | 771,921 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Accounts payable | 72,851 | 75,483 | ||
Accrued expenses | 37,399 | 51,577 | ||
Dividends payable | 0 | |||
Book overdraft | 5,149 | 3,906 | ||
Amounts due to affiliated companies | 46,097 | 55,437 | ||
Long-term debt, current portion | 0 | 0 | ||
Income taxes payable | 5,789 | 55 | ||
Total current liabilities | 167,285 | 186,458 | ||
Long-term debt | 0 | 0 | ||
Amounts due to affiliated companies | 63,954 | 8,024 | ||
Other noncurrent liabilities | 41,706 | 49,280 | ||
Total liabilities | 272,945 | 243,762 | ||
Shareholders’ equity: | ||||
Common stock and paid-in capital | 388,282 | 388,282 | ||
Accumulated other comprehensive loss | (22,281) | (18,767) | ||
Retained earnings | 130,321 | 158,644 | ||
Total shareholders' equity | 496,322 | 528,159 | ||
Total liabilities and shareholders’ equity | 769,267 | 771,921 | ||
Non-Guarantor Subsidiaries [Member]
|
||||
ASSETS | ||||
Cash and cash equivalents | 59,869 | 76,926 | 45,434 | 40,700 |
Trade and other accounts receivable, net | 206,194 | 175,844 | ||
Amounts due from affiliated companies | 16,809 | 33,282 | ||
Inventories | 196,608 | 197,503 | ||
Deferred income taxes | 682 | 693 | ||
Prepaid expenses and other current assets | 2,218 | 1,866 | ||
Total current assets | 482,380 | 486,114 | ||
Amounts due from affiliated companies | 0 | 0 | ||
Property, plant, and equipment, at cost | 237,837 | 237,615 | ||
Less accumulated depreciation and amortization | 133,962 | 134,413 | ||
Net property, plant, and equipment | 103,875 | 103,202 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Prepaid pension cost | 12,800 | 12,710 | ||
Deferred income taxes | 6,909 | 8,451 | ||
Other assets and deferred charges | 1,295 | 2,051 | ||
Intangibles (net of amortization) and goodwill | 6,347 | 6,758 | ||
Total assets | 613,606 | 619,286 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Accounts payable | 42,799 | 43,609 | ||
Accrued expenses | 17,571 | 19,117 | ||
Dividends payable | 0 | |||
Book overdraft | 0 | 0 | ||
Amounts due to affiliated companies | 25,323 | 28,719 | ||
Long-term debt, current portion | 5,193 | 4,382 | ||
Income taxes payable | 14,550 | 9,969 | ||
Total current liabilities | 105,436 | 105,796 | ||
Long-term debt | 0 | 0 | ||
Amounts due to affiliated companies | 103,807 | 107,237 | ||
Other noncurrent liabilities | 38,140 | 39,383 | ||
Total liabilities | 247,383 | 252,416 | ||
Shareholders’ equity: | ||||
Common stock and paid-in capital | 71,322 | 71,322 | ||
Accumulated other comprehensive loss | (50,056) | (36,055) | ||
Retained earnings | 344,957 | 331,603 | ||
Total shareholders' equity | 366,223 | 366,870 | ||
Total liabilities and shareholders’ equity | 613,606 | 619,286 | ||
Total Consolidating Adjustments [Member]
|
||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and other accounts receivable, net | 0 | 0 | ||
Amounts due from affiliated companies | (117,046) | (175,559) | ||
Inventories | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (117,046) | (175,559) | ||
Amounts due from affiliated companies | (167,761) | (115,261) | ||
Property, plant, and equipment, at cost | 0 | 0 | ||
Less accumulated depreciation and amortization | 0 | 0 | ||
Net property, plant, and equipment | 0 | 0 | ||
Investment in consolidated subsidiaries | (862,545) | (895,029) | ||
Prepaid pension cost | 0 | 0 | ||
Deferred income taxes | (4,104) | (6,415) | ||
Other assets and deferred charges | 0 | 0 | ||
Intangibles (net of amortization) and goodwill | 0 | 0 | ||
Total assets | (1,151,456) | (1,192,264) | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Accounts payable | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Dividends payable | 0 | |||
Book overdraft | 0 | 0 | ||
Amounts due to affiliated companies | (117,046) | (175,559) | ||
Long-term debt, current portion | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | (117,046) | (175,559) | ||
Long-term debt | 0 | 0 | ||
Amounts due to affiliated companies | (167,761) | (115,261) | ||
Other noncurrent liabilities | (4,104) | (6,415) | ||
Total liabilities | (288,911) | (297,235) | ||
Shareholders’ equity: | ||||
Common stock and paid-in capital | (459,604) | (459,604) | ||
Accumulated other comprehensive loss | 72,337 | 54,822 | ||
Retained earnings | (475,278) | (490,247) | ||
Total shareholders' equity | (862,545) | (895,029) | ||
Total liabilities and shareholders’ equity | $ (1,151,456) | $ (1,192,264) |