NewMarket (NEU) 10-Q27 Jul 232023 Q2 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	1-32190
Entity Registrant Name	NEWMARKET CORPORATION
Entity Central Index Key	0001282637
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	20-0812170
Entity Address, Address Line One	330 South Fourth Street
Entity Address, City or Town	Richmond,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23219-4350
City Area Code	804
Local Phone Number	788-5000
Title of 12(b) Security	Common Stock, with no par value
Trading Symbol	NEU
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	9,589,239

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements Of Income - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 685,130	$ 723,639	$ 1,387,919	$ 1,386,191
Cost of goods sold	489,492	566,163	994,237	1,073,552
Gross profit	195,638	157,476	393,682	312,639
Selling, general, and administrative expenses	37,438	38,489	77,285	74,111
Research, development, and testing expenses	33,958	35,396	67,114	71,647
Operating profit	124,242	83,591	249,283	166,881
Interest and financing expenses, net	10,255	7,084	21,028	16,490
Loss on early extinguishment of debt	0	0	0	7,545
Other income (expense), net	10,723	9,101	21,603	16,269
Income before income tax expense	124,710	85,608	249,858	159,115
Income tax expense	25,086	19,136	52,651	33,325
Net income	$ 99,624	$ 66,472	$ 197,207	$ 125,790
Earnings per share - basic (in dollars per share)	$ 10.36	$ 6.54	$ 20.45	$ 12.28
Earnings per share - diluted (in dollars per share)	10.36	6.54	20.45	12.28
Cash dividends declared per share (in dollars per share)	$ 2.25	$ 2.10	$ 4.35	$ 4.20

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 99,624	$ 66,472	$ 197,207	$ 125,790
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 $(170) in second quarter 2023, $(157) in second quarter 2022, $(341) in six months 2023, and $(313) in six months 2022	(546)	(498)	(1,093)	(994)
Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of $0 in second quarter 2023, $0 in second quarter 2022, $0 in six months 2023, and $7 in six months 2022	0	0	0	16
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), net of income tax expense (benefit) of $(119) in second quarter 2023, $173 in second quarter 2022, $(237) in six months 2023, and $348 in six months 2022.	(374)	531	(749)	1,070
Total pension plans and other postretirement benefits	(920)	33	(1,842)	92
Foreign currency translation adjustments, net of income tax expense (benefit) of $491 in second quarter 2023, $(658) in second quarter 2022, $698 in six months 2023, and $473 in six months 2022.	7,714	(29,176)	19,080	(32,278)
Other comprehensive income (loss)	6,794	(29,143)	17,238	(32,186)
Comprehensive income	$ 106,418	$ 37,329	$ 214,445	$ 93,604

Consolidated Statements Of Co_2

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Amortization of prior service cost (credit) included in net periodic benefit cost (income), income tax expense (benefit)	$ (170)	$ (157)	$ (341)	$ (313)
Actuarial net gain (loss) arising during the period, income tax expense (benefit)	0	0	0	7
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), income tax expense (benefit)	(119)	173	(237)	348
Foreign currency translation adjustments, income tax expense (benefit)	$ 491	$ (658)	$ 698	$ 473

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 130,923	$ 68,712
Trade and other accounts receivable, less allowance for credit losses	436,250	453,692
Inventories	537,380	631,383
Prepaid expenses and other current assets	35,550	38,338
Total current assets	1,140,103	1,192,125
Property, plant, and equipment, net	655,864	659,998
Intangibles (net of amortization) and goodwill	125,424	126,069
Prepaid pension cost	318,765	302,584
Operating lease right-of-use assets, net	62,381	62,417
Deferred charges and other assets	63,607	63,625
Total assets	2,366,144	2,406,818
Current liabilities:
Accounts payable	222,969	273,289
Accrued expenses	72,923	89,508
Dividends payable	18,898	17,850
Income taxes payable	8,522	16,109
Operating lease liabilities	14,525	15,569
Other current liabilities	11,201	11,562
Total current liabilities	349,038	423,887
Long-term debt	916,179	1,003,737
Operating lease liabilities-noncurrent	47,715	46,968
Other noncurrent liabilities	160,472	169,819
Total liabilities	1,473,404	1,644,411
Commitments and contingencies (Note 9)
Shareholders’ equity:
Common stock and paid-in capital (with no par value; authorized shares - 80,000,000; issued and outstanding shares - 9,589,239 at June 30, 2023 and 9,702,147 at December 31, 2022)	0	0
Accumulated other comprehensive loss	(54,757)	(71,995)
Retained earnings	947,497	834,402
Total shareholders' equity	892,740	762,407
Total liabilities and shareholders’ equity	$ 2,366,144	$ 2,406,818

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares issued (in shares)	9,589,239	9,702,147
Common stock, shares outstanding (in shares)	9,589,239	9,702,147

Consolidated Statements Of Shar

Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock and Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]
Balance (in shares) at Dec. 31, 2021		10,362,722
Balance at Dec. 31, 2021	$ 762,129	$ 0	$ (82,227)	$ 844,356
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	125,790			125,790
Other comprehensive income (loss)	(32,186)		(32,186)
Cash dividends	(42,860)			(42,860)
Repurchases of common stock (in shares)		(289,737)
Repurchases of common stock	(92,845)	$ (1,275)		(91,570)
Stock-based compensation (in shares)		6,658
Stock-based compensation dividend forfeitures				32
Stock-based compensation	1,307	$ 1,275
Balance (in shares) at Jun. 30, 2022		10,079,643
Balance at Jun. 30, 2022	721,335	$ 0	(114,413)	835,748
Balance (in shares) at Mar. 31, 2022		10,254,703
Balance at Mar. 31, 2022	760,090	$ 0	(85,270)	845,360
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	66,472			66,472
Other comprehensive income (loss)	(29,143)		(29,143)
Cash dividends	(21,290)			(21,290)
Repurchases of common stock (in shares)		(173,941)
Repurchases of common stock	(55,498)	$ (678)		(54,820)
Stock-based compensation Forfeited (in shares)		(1,119)
Stock-based compensation dividend forfeitures				26
Stock-based compensation	704	$ 678
Balance (in shares) at Jun. 30, 2022		10,079,643
Balance at Jun. 30, 2022	$ 721,335	$ 0	(114,413)	835,748
Balance (in shares) at Dec. 31, 2022	9,702,147	9,702,147
Balance at Dec. 31, 2022	$ 762,407	$ 0	(71,995)	834,402
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	197,207			197,207
Other comprehensive income (loss)	17,238		17,238
Cash dividends	(41,879)			(41,879)
Repurchases of common stock (in shares)		(119,075)
Repurchases of common stock	(43,276)	$ (1,857)		(41,419)
Tax withholdings related to stock-based compensation (in shares)		(2,417)
Tax withholdings related to stock-based compensation	(803)	$ 0		(803)
Restricted Stock Award, Forfeitures				(11)
Stock-based compensation (in shares)		8,584
Stock-based compensation	$ 1,846	$ 1,857
Balance (in shares) at Jun. 30, 2023	9,589,239	9,589,239
Balance at Jun. 30, 2023	$ 892,740	$ 0	(54,757)	947,497
Balance (in shares) at Mar. 31, 2023		9,625,959
Balance at Mar. 31, 2023	821,800	$ 0	(61,551)	883,351
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	99,624			99,624
Other comprehensive income (loss)	6,794		6,794
Cash dividends	(21,587)			(21,587)
Repurchases of common stock (in shares)		(36,589)
Repurchases of common stock	(14,528)	$ (634)		(13,894)
Stock-based compensation Forfeited (in shares)		(131)
Stock-based compensation dividend forfeitures				3
Stock-based compensation	$ 637	$ 634
Balance (in shares) at Jun. 30, 2023	9,589,239	9,589,239
Balance at Jun. 30, 2023	$ 892,740	$ 0	$ (54,757)	$ 947,497

Consolidated Statements Of Sh_2

Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 2.25	$ 2.10	$ 4.35	$ 4.20

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents at beginning of year	$ 68,712	$ 83,304
Cash flows from operating activities:
Net income	197,207	125,790
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	40,558	41,670
Deferred income tax benefit	(11,301)	(21,036)
Loss on early extinguishment of debt	0	7,545
Working capital changes	52,494	(114,665)
Loss on marketable securities	0	2,977
Cash pension and postretirement contributions	(5,020)	(4,863)
Other, net	(11,548)	(13,052)
Cash provided from (used in) operating activities	262,390	24,366
Cash flows from investing activities:
Capital expenditures	(26,006)	(27,807)
Purchases of marketable securities	0	(787)
Proceeds from sales and maturities of marketable securities	0	372,846
Cash provided from (used in) investing activities	(26,006)	344,252
Cash flows from financing activities:
Net (repayments) borrowings under revolving credit facility	(88,000)	121,000
Dividends paid	(41,879)	(42,860)
Repurchases of common stock	(42,864)	(90,782)
Redemption of 4.10% senior notes	0	(350,000)
Cash costs of 4.10% senior notes redemption	0	(7,099)
Other, net	(2,986)	(1,955)
Cash provided from (used in) financing activities	(175,729)	(371,696)
Effect of foreign exchange on cash and cash equivalents	1,556	(735)
Increase (decrease) in cash and cash equivalents	62,211	(3,813)
Cash and cash equivalents at end of period	$ 130,923	$ 79,491

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Parenthetical)	Mar. 15, 2022
4.10% Senior Notes [Member]
Senior notes, interest rate	4.10%

Financial Statement Presentatio

Financial Statement Presentation	6 Months Ended
Financial Statement Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Presentation	Financial Statement Presentation In the opinion of management, the accompanying consolidated financial statements of NewMarket Corporation and its subsidiaries contain all necessary adjustments for the fair presentation of, in all material respects, our consolidated financial position as of June 30, 2023 and December 31, 2022, and our consolidated results of operations, comprehensive income, and changes in shareholders' equity for the second quarter and six months ended June 30, 2023 and June 30, 2022, and our cash flows for the six months ended June 30, 2023 and June 30, 2022. All adjustments are of a normal, recurring nature, unless otherwise disclosed. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the NewMarket Corporation Annual Report on Form 10-K for the year ended December 31, 2022 (2022 Annual Report), as filed with the Securities and Exchange Commission (SEC). The results of operations for the six month period ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. The December 31, 2022 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. Unless the context otherwise indicates, all references to “we,” “us,” “our,” the “company,” and “NewMarket” are to NewMarket Corporation and its consolidated subsidiaries.
Supplier Finance Program	We offer our vendors a supplier finance program, which allows our vendors to receive payment from a third-party finance provider earlier than our normal payment terms would provide. NewMarket and its subsidiaries are not a party to the arrangement between our vendor and the finance provider, and there are no assets pledged as security or other forms of guarantees provided by NewMarket to the finance provider. For those vendors who opt to participate in the program, we pay the finance provider the full amount of the invoices on the normal due date.

Net Sales

Net Sales	6 Months Ended
Net Sales	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Net Sales	Net Sales Our revenues are primarily derived from the manufacture and sale of petroleum additives products. We sell petroleum additives products across the world to customers located in the North America (the United States and Canada), Latin America (Mexico, Central America, and South America), Asia Pacific, and EMEAI (Europe/Middle East/Africa/India) regions. Our customers primarily consist of global, national, and independent oil companies. Our contracts generally include one performance obligation, which is providing petroleum additives products. The performance obligation is satisfied at a point in time when products are shipped, delivered, or consumed by the customer, depending on the underlying contracts. In limited cases, we collect funds in advance of shipping product to our customers and recognizing the related revenue. These prepayments from customers are recorded as a contract liability to our customer until we ship the product and recognize the revenue. Some of our contracts include variable consideration in the form of rebates or business development funds. We regularly review both rebates and business development funds and make adjustments to estimated amounts when necessary, recognizing the full amount of any adjustment in the period identified. The following table provides information on our net sales by geographic area. Information on net sales by segment is presented in Note 3. Second Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Net sales United States $ 242,610 $ 249,594 $ 499,008 $ 474,282 Europe, Middle East, Africa, India 202,860 203,343 407,070 399,330 Asia Pacific 152,239 175,725 304,188 333,269 Other foreign 87,421 94,977 177,653 179,310 Net sales $ 685,130 $ 723,639 $ 1,387,919 $ 1,386,191

Segment Information

Segment Information	6 Months Ended
Segment Information	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The tables below show our consolidated segment results. The “All other” category includes the operations of the antiknock compounds business, as well as certain contracted manufacturing and related services associated with Ethyl Corporation (Ethyl). Net Sales by Segment Second Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Petroleum additives Lubricant additives $ 588,506 $ 622,973 $ 1,191,080 $ 1,193,015 Fuel additives 95,463 98,048 192,880 188,310 Total 683,969 721,021 1,383,960 1,381,325 All other 1,161 2,618 3,959 4,866 Net sales $ 685,130 $ 723,639 $ 1,387,919 $ 1,386,191 Segment Operating Profit Second Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Petroleum additives $ 132,138 $ 91,185 $ 264,206 $ 178,107 All other (1,022) (262) (1,997) (164) Segment operating profit 131,116 90,923 262,209 177,943 Corporate, general, and administrative expenses (6,810) (7,332) (13,301) (11,222) Interest and financing expenses, net (10,255) (7,084) (21,028) (16,490) Loss on early extinguishment of debt 0 0 0 (7,545) Other income (expense), net 10,659 9,101 21,978 16,429 Income before income tax expense $ 124,710 $ 85,608 $ 249,858 $ 159,115

Pension Plans and Other Postret

Pension Plans and Other Postretirement Benefits	6 Months Ended
Pension Plans and Other Postretirement Benefits	Jun. 30, 2023
Retirement Benefits [Abstract]
Pension Plans and Other Postretirement Benefits	Pension Plans and Other Postretirement Benefits The table below shows cash contributions made during the six months ended June 30, 2023, as well as the remaining cash contributions we expect to make during the year ending December 31, 2023, for our domestic and foreign pension plans and domestic postretirement benefit plan. (in thousands) Actual Cash Contributions for Six Months Ended June 30, 2023 Expected Remaining Cash Contributions for Year Ending December 31, 2023 Domestic plans Pension benefits $ 1,198 $ 1,198 Postretirement benefits 612 612 Foreign plans Pension benefits 3,210 3,463 The tables below present information on net periodic benefit cost (income) for our domestic and foreign pension plans and domestic postretirement benefit plan. The service cost component of net periodic benefit cost (income) is reflected in cost of goods sold; selling, general, and administrative expenses; or research, development, and testing expenses, according to where other compensation costs arising from services rendered by the pertinent employee are recorded on the Consolidated Statements of Income. The remaining components of net periodic benefit cost (income) are recorded in other income (expense), net on the Consolidated Statements of Income. Domestic Pension Benefits Postretirement Benefits Second Quarter Ended June 30, (in thousands) 2023 2022 2023 2022 Service cost $ 2,659 $ 4,856 $ 130 $ 261 Interest cost 4,536 3,388 391 289 Expected return on plan assets (11,510) (10,940) (201) (204) Amortization of prior service cost (credit) 6 68 (757) (757) Amortization of actuarial net (gain) loss (412) 536 (75) 9 Net periodic benefit cost (income) $ (4,721) $ (2,092) $ (512) $ (402) Domestic Pension Benefits Postretirement Benefits Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Service cost $ 5,317 $ 9,712 $ 260 $ 521 Interest cost 9,072 6,777 782 578 Expected return on plan assets (23,019) (21,880) (403) (408) Amortization of prior service cost (credit) 12 136 (1,514) (1,514) Amortization of actuarial net (gain) loss (823) 1,072 (151) 17 Net periodic benefit cost (income) $ (9,441) $ (4,183) $ (1,026) $ (806) Foreign Pension Benefits Second Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Service cost $ 1,074 $ 2,252 $ 2,128 $ 4,612 Interest cost 1,577 1,050 3,121 2,148 Expected return on plan assets (2,899) (2,509) (5,740) (5,144) Amortization of prior service cost (credit) 34 35 68 72 Amortization of actuarial net (gain) loss (6) 162 (12) 331 Net periodic benefit cost (income) $ (220) $ 990 $ (435) $ 2,019

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareWe had 34,448 shares of nonvested restricted stock at June 30, 2023 and 33,230 shares of nonvested restricted stock at June 30, 2022 that were excluded from the calculation of diluted earnings per share. The nonvested restricted stock is considered a participating security since the restricted stock contains nonforfeitable rights to dividends. As such, we use the two-class method to compute basic and diluted earnings per share for all periods presented since this method yields the most dilutive result. The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. Second Quarter Ended June 30, Six Months Ended June 30, (in thousands, except per-share amounts) 2023 2022 2023 2022 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 99,624 $ 66,472 $ 197,207 $ 125,790 Earnings allocated to participating securities (356) (193) (662) (368) Net income attributable to common shareholders after allocation of earnings to participating securities $ 99,268 $ 66,279 $ 196,545 $ 125,422 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 9,577 10,136 9,610 10,213 Earnings per share - basic and diluted $ 10.36 $ 6.54 $ 20.45 $ 12.28

Inventories

Inventories	6 Months Ended
Inventories	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories (in thousands) June 30, December 31, Finished goods and work-in-process $ 427,228 $ 497,652 Raw materials 89,136 113,484 Stores, supplies, and other 21,016 20,247 $ 537,380 $ 631,383

Intangibles (Net of Amortizatio

Intangibles (Net of Amortization) and Goodwill	6 Months Ended
Intangibles (Net of Amortization) and Goodwill	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles (Net of Amortization) and Goodwill	Intangibles (Net of Amortization) and Goodwill The net carrying amount of intangibles and goodwill was $125 million at June 30, 2023 and $126 million at December 31, 2022. The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below. June 30, 2023 December 31, 2022 (in thousands) Gross Accumulated Gross Accumulated Amortizing intangible assets Formulas and technology $ 6,200 $ 6,200 $ 6,200 $ 5,683 Contract 2,000 1,300 2,000 1,200 Customer base 5,440 4,444 5,440 4,350 Goodwill 123,728 123,662 $ 137,368 $ 11,944 $ 137,302 $ 11,233 All of the intangibles relate to the petroleum additives segment. The change in the gross carrying amount of goodwill between December 31, 2022 and June 30, 2023 is due to foreign currency fluctuation. There is no accumulated goodwill impairment. Amortization expense was (in thousands): Second quarter ended June 30, 2023 $ 355 Six months ended June 30, 2023 711 Second quarter ended June 30, 2022 356 Six months ended June 30, 2022 711 Estimated amortization expense for the remainder of 2023, as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): 2023 $ 196 2024 390 2025 390 2026 390 2027 190 2028 140 We amortize the formulas and technology over 6 years, the contract over 10 years, and the customer base over 20 years.

Long-term Debt

Long-term Debt	6 Months Ended
Long-term Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt (in thousands) June 30, December 31, Senior notes - 2.70% due 2031 (net of related deferred financing costs) $ 393,179 $ 392,737 Senior notes - 3.78% due 2029 250,000 250,000 Revolving credit facility 273,000 361,000 $ 916,179 $ 1,003,737 Senior Notes - The 2.70% senior notes, which were issued in 2021, are unsecured with an aggregate principal amount of $400 million. The offer and sale of the notes were registered under the Securities Act of 1933, as amended. The 3.78% senior notes are unsecured and were issued in a 2017 private placement with The Prudential Insurance Company of America and certain other purchasers. We were in compliance with all covenants under all issuances of senior notes as of June 30, 2023 and December 31, 2022. Revolving Credit Facility - The revolving credit facility has a borrowing capacity of $900 million, a term of five years, and matures on March 5, 2025. The obligations under the revolving credit facility are unsecured. The average interest rate for borrowings under the credit agreement was 6.0% during the first six months of 2023 and 3.5% during the year ended December 31, 2022. We were in compliance with all covenants under the revolving credit facility as of June 30, 2023 and December 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters We are involved in legal proceedings that are incidental to our business and may include administrative or judicial actions. Some of these legal proceedings involve governmental authorities and relate to environmental matters. For further information, see Environmental below. While it is not possible to predict or determine with certainty the outcome of any legal proceeding, we believe the outcome of any of these proceedings, or all of them combined, will not result in a material adverse effect on our consolidated results of operations, financial condition, or cash flows. Environmental We are involved in environmental proceedings and potential proceedings relating to soil and groundwater contamination, disposal of hazardous waste, and other environmental matters at several of our current or former facilities, or at third-party sites where we have been designated as a potentially responsible party. While we believe we are currently adequately accrued for known environmental issues, it is possible that unexpected future costs could have a significant impact on our consolidated financial position, results of operations, and cash flows. Our total accruals for environmental remediation, dismantling, and decontamination were approximately $10 million at both June 30, 2023 and December 31, 2022. Of the total accrual, the current portion is included in accrued expenses and the noncurrent portion is included in other noncurrent liabilities on the Condensed Consolidated Balance Sheets Our more significant environmental sites include a former plant site in Louisiana and a Houston, Texas plant site. Together, the amounts accrued on a discounted basis related to these sites represented approximately $7 million of the total accrual above at June 30, 2023 and $8 million at December 31, 2022, using discount rates ranging from 3% to 9% for both periods. The aggregate undiscounted amount for these sites were $10 million at both June 30, 2023 and December 31, 2022.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The balances of, and changes in, the components of accumulated other comprehensive loss, net of tax, consist of the following: (in thousands) Pension Plans Foreign Currency Translation Adjustments Accumulated Other Balance at December 31, 2021 $ 1,522 $ (83,749) $ (82,227) Other comprehensive income (loss) before reclassifications 16 (32,278) (32,262) Amounts reclassified from accumulated other comprehensive loss (a) 76 0 76 Other comprehensive income (loss) 92 (32,278) (32,186) Balance at June 30, 2022 $ 1,614 $ (116,027) $ (114,413) Balance at December 31, 2022 $ 54,562 $ (126,557) $ (71,995) Other comprehensive income (loss) before reclassifications 0 19,080 19,080 Amounts reclassified from accumulated other comprehensive loss (a) (1,842) 0 (1,842) Other comprehensive income (loss) (1,842) 19,080 17,238 Balance at June 30, 2023 $ 52,720 $ (107,477) $ (54,757) (a) The pension plan and other postretirement benefit components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 4 in this Quarterly Report on Form 10-Q and Note 18 in our 2022 Annual Report for further information.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The carrying amount of cash and cash equivalents in the Consolidated Balance Sheets, as well as the fair value, was $131 million at June 30, 2023 and $69 million at December 31, 2022. The fair value is classified as Level 1 in the fair value hierarchy. No material events occurred during the six months ended June 30, 2023 requiring adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis. Long-term debt – We record the carrying amount of our long-term debt at historical cost, less deferred financing costs related to our 2.70% senior notes. The estimated fair value of our long-term debt is shown in the table below and is based primarily on estimated current rates available to us for debt of the same remaining duration and adjusted for nonperformance risk and credit risk. The estimated fair value of our 2.70% senior notes included in the table below is based on the last quoted price closest to June 30, 2023. The fair value of our debt instruments is classified as Level 2. June 30, 2023 December 31, 2022 (in thousands) Carrying Fair Carrying Fair Long-term debt $ 916,179 $ 819,808 $ 1,003,737 $ 906,891

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 99,624	$ 66,472	$ 197,207	$ 125,790

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Long-Term Debt	We record the carrying amount of our long-term debt at historical cost, less deferred financing costs related to our 2.70% senior notes.

Net Sales (Tables)

Net Sales (Tables)	6 Months Ended
Net Sales (Tables)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Net Sales by Geographic Area	The following table provides information on our net sales by geographic area. Information on net sales by segment is presented in Note 3. Second Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Net sales United States $ 242,610 $ 249,594 $ 499,008 $ 474,282 Europe, Middle East, Africa, India 202,860 203,343 407,070 399,330 Asia Pacific 152,239 175,725 304,188 333,269 Other foreign 87,421 94,977 177,653 179,310 Net sales $ 685,130 $ 723,639 $ 1,387,919 $ 1,386,191

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Net Sales by Segment	Net Sales by Segment Second Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Petroleum additives Lubricant additives $ 588,506 $ 622,973 $ 1,191,080 $ 1,193,015 Fuel additives 95,463 98,048 192,880 188,310 Total 683,969 721,021 1,383,960 1,381,325 All other 1,161 2,618 3,959 4,866 Net sales $ 685,130 $ 723,639 $ 1,387,919 $ 1,386,191
Segment Operating Profit	Segment Operating Profit Second Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Petroleum additives $ 132,138 $ 91,185 $ 264,206 $ 178,107 All other (1,022) (262) (1,997) (164) Segment operating profit 131,116 90,923 262,209 177,943 Corporate, general, and administrative expenses (6,810) (7,332) (13,301) (11,222) Interest and financing expenses, net (10,255) (7,084) (21,028) (16,490) Loss on early extinguishment of debt 0 0 0 (7,545) Other income (expense), net 10,659 9,101 21,978 16,429 Income before income tax expense $ 124,710 $ 85,608 $ 249,858 $ 159,115

Pension Plans and Other Postr_2

Pension Plans and Other Postretirement Benefits (Tables)	6 Months Ended
Pension Plans and Other Postretirement Benefits (Tables)	Jun. 30, 2023
Retirement Benefits [Abstract]
Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans	The table below shows cash contributions made during the six months ended June 30, 2023, as well as the remaining cash contributions we expect to make during the year ending December 31, 2023, for our domestic and foreign pension plans and domestic postretirement benefit plan. (in thousands) Actual Cash Contributions for Six Months Ended June 30, 2023 Expected Remaining Cash Contributions for Year Ending December 31, 2023 Domestic plans Pension benefits $ 1,198 $ 1,198 Postretirement benefits 612 612 Foreign plans Pension benefits 3,210 3,463
Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans	The tables below present information on net periodic benefit cost (income) for our domestic and foreign pension plans and domestic postretirement benefit plan. The service cost component of net periodic benefit cost (income) is reflected in cost of goods sold; selling, general, and administrative expenses; or research, development, and testing expenses, according to where other compensation costs arising from services rendered by the pertinent employee are recorded on the Consolidated Statements of Income. The remaining components of net periodic benefit cost (income) are recorded in other income (expense), net on the Consolidated Statements of Income. Domestic Pension Benefits Postretirement Benefits Second Quarter Ended June 30, (in thousands) 2023 2022 2023 2022 Service cost $ 2,659 $ 4,856 $ 130 $ 261 Interest cost 4,536 3,388 391 289 Expected return on plan assets (11,510) (10,940) (201) (204) Amortization of prior service cost (credit) 6 68 (757) (757) Amortization of actuarial net (gain) loss (412) 536 (75) 9 Net periodic benefit cost (income) $ (4,721) $ (2,092) $ (512) $ (402) Domestic Pension Benefits Postretirement Benefits Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Service cost $ 5,317 $ 9,712 $ 260 $ 521 Interest cost 9,072 6,777 782 578 Expected return on plan assets (23,019) (21,880) (403) (408) Amortization of prior service cost (credit) 12 136 (1,514) (1,514) Amortization of actuarial net (gain) loss (823) 1,072 (151) 17 Net periodic benefit cost (income) $ (9,441) $ (4,183) $ (1,026) $ (806) Foreign Pension Benefits Second Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Service cost $ 1,074 $ 2,252 $ 2,128 $ 4,612 Interest cost 1,577 1,050 3,121 2,148 Expected return on plan assets (2,899) (2,509) (5,740) (5,144) Amortization of prior service cost (credit) 34 35 68 72 Amortization of actuarial net (gain) loss (6) 162 (12) 331 Net periodic benefit cost (income) $ (220) $ 990 $ (435) $ 2,019

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. Second Quarter Ended June 30, Six Months Ended June 30, (in thousands, except per-share amounts) 2023 2022 2023 2022 Earnings per share numerator: Net income attributable to common shareholders before allocation of earnings to participating securities $ 99,624 $ 66,472 $ 197,207 $ 125,790 Earnings allocated to participating securities (356) (193) (662) (368) Net income attributable to common shareholders after allocation of earnings to participating securities $ 99,268 $ 66,279 $ 196,545 $ 125,422 Earnings per share denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 9,577 10,136 9,610 10,213 Earnings per share - basic and diluted $ 10.36 $ 6.54 $ 20.45 $ 12.28

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	(in thousands) June 30, December 31, Finished goods and work-in-process $ 427,228 $ 497,652 Raw materials 89,136 113,484 Stores, supplies, and other 21,016 20,247 $ 537,380 $ 631,383

Intangibles (Net of Amortizat_2

Intangibles (Net of Amortization) and Goodwill (Tables)	6 Months Ended
Intangibles (Net of Amortization) and Goodwill (Tables)	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Information Related to Intangible Assets and Goodwill	The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below. June 30, 2023 December 31, 2022 (in thousands) Gross Accumulated Gross Accumulated Amortizing intangible assets Formulas and technology $ 6,200 $ 6,200 $ 6,200 $ 5,683 Contract 2,000 1,300 2,000 1,200 Customer base 5,440 4,444 5,440 4,350 Goodwill 123,728 123,662 $ 137,368 $ 11,944 $ 137,302 $ 11,233
Schedule Of Amortization Expense	Amortization expense was (in thousands): Second quarter ended June 30, 2023 $ 355 Six months ended June 30, 2023 711 Second quarter ended June 30, 2022 356 Six months ended June 30, 2022 711
Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets	Estimated amortization expense for the remainder of 2023, as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands): 2023 $ 196 2024 390 2025 390 2026 390 2027 190 2028 140

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
Long-term Debt (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	(in thousands) June 30, December 31, Senior notes - 2.70% due 2031 (net of related deferred financing costs) $ 393,179 $ 392,737 Senior notes - 3.78% due 2029 250,000 250,000 Revolving credit facility 273,000 361,000 $ 916,179 $ 1,003,737

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss, Net of Tax	The balances of, and changes in, the components of accumulated other comprehensive loss, net of tax, consist of the following: (in thousands) Pension Plans Foreign Currency Translation Adjustments Accumulated Other Balance at December 31, 2021 $ 1,522 $ (83,749) $ (82,227) Other comprehensive income (loss) before reclassifications 16 (32,278) (32,262) Amounts reclassified from accumulated other comprehensive loss (a) 76 0 76 Other comprehensive income (loss) 92 (32,278) (32,186) Balance at June 30, 2022 $ 1,614 $ (116,027) $ (114,413) Balance at December 31, 2022 $ 54,562 $ (126,557) $ (71,995) Other comprehensive income (loss) before reclassifications 0 19,080 19,080 Amounts reclassified from accumulated other comprehensive loss (a) (1,842) 0 (1,842) Other comprehensive income (loss) (1,842) 19,080 17,238 Balance at June 30, 2023 $ 52,720 $ (107,477) $ (54,757) (a) The pension plan and other postretirement benefit components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 4 in this Quarterly Report on Form 10-Q and Note 18 in our 2022 Annual Report for further information.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Estimated Fair Value Of Long-Term Debt	June 30, 2023 December 31, 2022 (in thousands) Carrying Fair Carrying Fair Long-term debt $ 916,179 $ 819,808 $ 1,003,737 $ 906,891

Net Sales (Schedule of Net Sale

Net Sales (Schedule of Net Sales by Geographical Area) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 685,130	$ 723,639	$ 1,387,919	$ 1,386,191
United States
Disaggregation of Revenue [Line Items]
Net sales	242,610	249,594	499,008	474,282
Europe, Middle East, Africa, India [Member]
Disaggregation of Revenue [Line Items]
Net sales	202,860	203,343	407,070	399,330
Asia Pacific
Disaggregation of Revenue [Line Items]
Net sales	152,239	175,725	304,188	333,269
Other Foreign [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 87,421	$ 94,977	$ 177,653	$ 179,310

Segment Information (Net Sales

Segment Information (Net Sales By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Information [Line Items]
Net sales	$ 685,130	$ 723,639	$ 1,387,919	$ 1,386,191
Operating Segments [Member] \| Petroleum Additives [Member]
Segment Information [Line Items]
Net sales	683,969	721,021	1,383,960	1,381,325
Operating Segments [Member] \| All Other [Member]
Segment Information [Line Items]
Net sales	1,161	2,618	3,959	4,866
Operating Segments [Member] \| Lubricant Additives [Member] \| Petroleum Additives [Member]
Segment Information [Line Items]
Net sales	588,506	622,973	1,191,080	1,193,015
Operating Segments [Member] \| Fuel Additives [Member] \| Petroleum Additives [Member]
Segment Information [Line Items]
Net sales	$ 95,463	$ 98,048	$ 192,880	$ 188,310

Segment Information (Segment Op

Segment Information (Segment Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Information [Line Items]
Segment operating profit	$ 124,242	$ 83,591	$ 249,283	$ 166,881
Corporate, general, and administrative expenses	(37,438)	(38,489)	(77,285)	(74,111)
Interest and financing expenses, net	(10,255)	(7,084)	(21,028)	(16,490)
Loss on early extinguishment of debt	0	0	0	(7,545)
Other income (expense), net	10,723	9,101	21,603	16,269
Income before income tax expense	124,710	85,608	249,858	159,115
Operating Segments [Member]
Segment Information [Line Items]
Segment operating profit	131,116	90,923	262,209	177,943
Operating Segments [Member] \| Petroleum Additives [Member]
Segment Information [Line Items]
Segment operating profit	132,138	91,185	264,206	178,107
Operating Segments [Member] \| All Other [Member]
Segment Information [Line Items]
Segment operating profit	(1,022)	(262)	(1,997)	(164)
Corporate, Non-Segment [Member]
Segment Information [Line Items]
Corporate, general, and administrative expenses	(6,810)	(7,332)	(13,301)	(11,222)
Interest and financing expenses, net	(10,255)	(7,084)	(21,028)	(16,490)
Loss on early extinguishment of debt	0	0	0	(7,545)
Other income (expense), net	$ 10,659	$ 9,101	$ 21,978	$ 16,429

Pension Plans and Other Postr_3

Pension Plans and Other Postretirement Benefits (Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Pension Plan [Member] \| Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions	$ 1,198
Expected Remaining Cash Contributions	1,198
Pension Plan [Member] \| Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions	3,210
Expected Remaining Cash Contributions	3,463
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual Cash Contributions	612
Expected Remaining Cash Contributions	$ 612

Pension Plans and Other Postr_4

Pension Plans and Other Postretirement Benefits (Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Plan [Member] \| Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,659	$ 4,856	$ 5,317	$ 9,712
Interest cost	4,536	3,388	9,072	6,777
Expected return on plan assets	(11,510)	(10,940)	(23,019)	(21,880)
Amortization of prior service cost (credit)	6	68	12	136
Amortization of actuarial net (gain) loss	(412)	536	(823)	1,072
Net periodic benefit cost (income)	(4,721)	(2,092)	(9,441)	(4,183)
Pension Plan [Member] \| Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,074	2,252	2,128	4,612
Interest cost	1,577	1,050	3,121	2,148
Expected return on plan assets	(2,899)	(2,509)	(5,740)	(5,144)
Amortization of prior service cost (credit)	34	35	68	72
Amortization of actuarial net (gain) loss	(6)	162	(12)	331
Net periodic benefit cost (income)	(220)	990	(435)	2,019
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	130	261	260	521
Interest cost	391	289	782	578
Expected return on plan assets	(201)	(204)	(403)	(408)
Amortization of prior service cost (credit)	(757)	(757)	(1,514)	(1,514)
Amortization of actuarial net (gain) loss	(75)	9	(151)	17
Net periodic benefit cost (income)	$ (512)	$ (402)	$ (1,026)	$ (806)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares of nonvested restricted stock that were excluded from the calculation of diluted earnings per share (in shares)			34,448	33,230
Earnings per share numerator:
Net income attributable to common shareholders before allocation of earnings to participating securities	$ 99,624	$ 66,472	$ 197,207	$ 125,790
Earnings allocated to participating securities	(356)	(193)	(662)	(368)
Net income attributable to common shareholders after allocation of earnings to participating securities	$ 99,268	$ 66,279	$ 196,545	$ 125,422
Earnings per share denominator:
Weighted-average number of shares of common stock outstanding - basic (in shares)	9,577,000	10,136,000	9,610,000	10,213,000
Weighted-average number of shares of common stock outstanding - diluted (in shares)	9,577,000	10,136,000	9,610,000	10,213,000
Earnings per share - basic (in dollars per share)	$ 10.36	$ 6.54	$ 20.45	$ 12.28
Earnings per share - diluted (in dollars per share)	$ 10.36	$ 6.54	$ 20.45	$ 12.28

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods and work-in-process	$ 427,228	$ 497,652
Raw materials	89,136	113,484
Stores, supplies, and other	21,016	20,247
Inventories	$ 537,380	$ 631,383

Intangibles (Net of Amortizat_3

Intangibles (Net of Amortization) and Goodwill (Narrative) (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Net carrying amount of intangibles and goodwill	$ 125,424,000	$ 126,069,000
Accumulated goodwill impairment	$ 0	$ 0
Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	10 years
Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	20 years
Formulas And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated economic life, in years	6 years

Intangibles (Net of Amortizat_4

Intangibles (Net of Amortization) and Goodwill (Schedule Of Information Related To Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Accumulated Amortization	$ 11,944	$ 11,233
Goodwill, Gross Carrying Amount	123,728	123,662
Amortizing intangible assets and Goodwill, Gross Carrying Amount	137,368	137,302
Formulas And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	6,200	6,200
Amortizing intangible assets, Accumulated Amortization	6,200	5,683
Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	2,000	2,000
Amortizing intangible assets, Accumulated Amortization	1,300	1,200
Customer Bases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, Gross Carrying Amount	5,440	5,440
Amortizing intangible assets, Accumulated Amortization	$ 4,444	$ 4,350

Intangibles (Net of Amortizat_5

Intangibles (Net of Amortization) and Goodwill (Schedule Of Amortization Expense And Estimated Annual Amortization Expense Related To Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 355	$ 356	$ 711	$ 711
2023	196		196
2024	390		390
2025	390		390
2026	390		390
2027	190		190
2028	$ 140		$ 140

Long-term Debt (Schedule Of Lon

Long-term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt, Noncurrent	$ 916,179	$ 1,003,737
2.70% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, interest rate	2.70%	2.70%
Long-term Debt, Noncurrent	$ 393,179	$ 392,737
3.78% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, interest rate	3.78%	3.78%
Long-term Debt, Noncurrent	$ 250,000	$ 250,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt, Noncurrent	$ 273,000	$ 361,000

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Mar. 18, 2021	Mar. 05, 2020
Debt Instrument [Line Items]
Long-term Debt, Noncurrent	$ 916,179	$ 1,003,737
2.70% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, interest rate	2.70%	2.70%
Principal amount of debt issued			$ 400,000
Long-term Debt, Noncurrent	$ 393,179	$ 392,737
3.78% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, interest rate	3.78%	3.78%
Long-term Debt, Noncurrent	$ 250,000	$ 250,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 900,000
Debt instrument, term	5 years
Average interest rate during the period	6%	3.50%
Outstanding letters of credit	$ 2,000	$ 2,000
Unused portion of revolving credit facility	625,000	537,000
Long-term Debt, Noncurrent	$ 273,000	$ 361,000

Commitments and Contingencies (

Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Site Contingency [Line Items]
Accruals for environmental remediation, dismantling, and decontamination	$ 10	$ 10
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accrued expenses, Other noncurrent liabilities	Accrued expenses, Other noncurrent liabilities
Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member]
Site Contingency [Line Items]
Accruals for environmental remediation, dismantling, and decontamination	$ 7	$ 8
Accruals for environmental remediation, dismantling, and decontamination, undiscounted	$ 10	$ 10
Minimum [Member] \| Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member]
Site Contingency [Line Items]
Discount rate	3%	3%
Maximum [Member] \| Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member]
Site Contingency [Line Items]
Discount rate	9%	9%

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Schedule of Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Pension Plans and Other Postretirement Benefits, Beginning Balance				$ 54,562	$ 1,522
Foreign Currency Translation Adjustments, Beginning Balance				(126,557)	(83,749)
Accumulated Other Comprehensive (Loss) Income, Beginning Balance				(71,995)	(82,227)
Other comprehensive income (loss) before reclassifications, Pension Plans and Other Postretirement Benefits				0	16
Other comprehensive income (loss) before reclassifications, Foreign Currency Translation Adjustments				19,080	(32,278)
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive (Loss) Income				19,080	(32,262)
Amounts reclassified from accumulated other comprehensive loss, Pension Plans and Other Postretirement Benefits	[1]			(1,842)	76
Amounts reclassified from accumulated other comprehensive loss, Foreign Currency Translation Adjustments				0	0
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive (Loss) Income				(1,842)	76
Total pension plans and other postretirement benefits		$ (920)	$ 33	(1,842)	92
Other comprehensive income (loss), Foreign Currency Translation Adjustments		7,714	(29,176)	19,080	(32,278)
Other comprehensive income (loss)		6,794	(29,143)	17,238	(32,186)
Pension Plans and Other Postretirement Benefits, Ending Balance		52,720	1,614	52,720	1,614
Foreign Currency Translation Adjustments, Ending Balance		(107,477)	(116,027)	(107,477)	(116,027)
Accumulated Other Comprehensive (Loss) Income, Ending Balance		$ (54,757)	$ (114,413)	$ (54,757)	$ (114,413)

[1]The pension plan and other postretirement benefit components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income). See Note 4 in this Quarterly Report on Form 10-Q and Note 18 in our 2022 Annual Report for further information.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of cash and cash equivalents in the Consolidated Balance Sheets	$ 130,923	$ 68,712
Carrying amount of cash and cash equivalents in the Consolidated Balance Sheets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of cash and cash equivalents in the Consolidated Balance Sheets	131,000	69,000
Fair Value, Inputs, Level 1 [Member] \| Fair value of cash and cash equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of cash and cash equivalents	$ 131,000	$ 69,000

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, including current maturities, Carrying amount	$ 916,179	$ 1,003,737
Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Long-term debt, including current maturities, Fair value	$ 819,808	$ 906,891