Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-32190

NEWMARKET CORPORATION

(Exact name of registrant as specified in its charter)


Virginia		20-0812170
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

330 South Fourth Street		23219-4350
Richmond,	Virginia
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code - (804) 788-5000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, with no par value	NEU	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Table of Contents

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No x

Number of shares of common stock, with no par value, outstanding as of June 30, 2023: 9,589,239

Table of Contents

NEWMARKET CORPORATION

INDEX


			Page Number
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements (unaudited)
Consolidated Statements of Income - Second Quarter and Six Months Ended June 3 0 , 2023 and June 3 0 , 2022			4
Consolidated Statements of Comprehensive Income - Second Quarter and Six Months Ended June 3 0 , 2023 and June 3 0 , 2022			5
Condensed Consolidated Balance Sheets - June 3 0 , 2023 and December 31, 2022			6
Consolidated Statements of Shareholders' Equity - Second Quarter and Six Months Ended June 3 0 , 2023 and June 3 0 , 2022			7
Condensed Consolidated Statements of Cash Flows - Six Months Ended June 3 0 , 2023 and June 3 0 , 2022			8
Notes to Condensed Consolidated Financial Statements			9
Financial Statement Presentation			9
Net Sales			9
Segment Information			10
Pension Plans and Other Postretirement Benefits			10
Earnings Per Share			11
Inventories			12
Intangibles (Net of Amortization) and Goodwill			12
Long-term Debt			13
Commitments and Contingencies			13
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss			14
Fair Value Measurements			14
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			16
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk			21
ITEM 4. Controls and Procedures			21
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings			22
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds			22
ITEM 5. Other Information			22
ITEM 6. Exhibits			22
SIGNATURES			23

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

NEWMARKET CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


(in thousands, except per-share amounts)	Second Quarter Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
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 and diluted	$	10.36	$	6.54	$	20.45	$	12.28
Cash dividends declared per share	$	2.25	$	2.10	$	4.35	$	4.20

See accompanying Notes to Condensed Consolidated Financial Statements

Table of Contents

NEWMARKET CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


(in thousands)	Second Quarter Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income	$	99,624	$	66,472	$	197,207	$	125,790
Other comprehensive income (loss):
Pension plans and other postretirement benefits:

Amortization of prior service cost (credit) included in net periodic benefit cost (income), net of income tax expense (benefit) of $(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

See accompanying Notes to Condensed Consolidated Financial Statements

Table of Contents

NEWMARKET CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in thousands, except share amounts)	June 30, 2023		December 31, 2022
ASSETS
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
LIABILITIES AND SHAREHOLDERS’ EQUITY
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

See accompanying Notes to Condensed Consolidated Financial Statements

Table of Contents

NEWMARKET CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)


(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 March 31, 2022	10,254,703	$	0	$	(85,270)	$	845,360	$	760,090
Net income						66,472		66,472
Other comprehensive income (loss)				(29,143)				(29,143)
Cash dividends ($2.10 per share)						(21,290)		(21,290)
Repurchases of common stock	(173,941)	(678)				(54,820)		(55,498)

Stock-based compensation	(1,119)	678				26		704
Balance at June 30, 2022	10,079,643	$	0	$	(114,413)	$	835,748	$	721,335

Balance at March 31, 2023	9,625,959	$	0	$	(61,551)	$	883,351	$	821,800
Net income						99,624		99,624
Other comprehensive income (loss)				6,794				6,794
Cash dividends ($2.25 per share)						(21,587)		(21,587)
Repurchases of common stock	(36,589)	(634)				(13,894)		(14,528)

Stock-based compensation	(131)	634				3		637
Balance at June 30, 2023	9,589,239	$	0	$	(54,757)	$	947,497	$	892,740

Balance at December 31, 2021	10,362,722	$	0	$	(82,227)	$	844,356	$	762,129
Net income						125,790		125,790
Other comprehensive income (loss)				(32,186)				(32,186)
Cash dividends ($4.20 per share)						(42,860)		(42,860)
Repurchases of common stock	(289,737)	(1,275)				(91,570)		(92,845)


Stock-based compensation	6,658	1,275				32		1,307
Balance at June 30, 2022	10,079,643	$	0	$	(114,413)	$	835,748	$	721,335

Balance at December 31, 2022	9,702,147	$	0	$	(71,995)	$	834,402	$	762,407
Net income						197,207		197,207
Other comprehensive income (loss)				17,238				17,238
Cash dividends ($4.35 per share)						(41,879)		(41,879)
Repurchases of common stock	(119,075)	(1,857)				(41,419)		(43,276)

Tax withholdings related to stock-based compensation	(2,417)	0				(803)		(803)
Stock-based compensation	8,584	1,857				(11)		1,846
Balance at June 30, 2023	9,589,239	$	0	$	(54,757)	$	947,497	$	892,740

See accompanying Notes to Condensed Consolidated Financial Statements

Table of Contents

NEWMARKET CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


(in thousands)	Six Months Ended June 30,
	2023		2022
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

See accompanying Notes to Condensed Consolidated Financial Statements

Table of Contents

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. 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.

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. At June 30, 2023, the amount of confirmed invoices under the supplier finance program was not material.

2. 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

Table of Contents

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

3. 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

4. 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

Table of Contents

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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

5. Earnings Per Share

We 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.

Table of Contents

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


	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

6. Inventories


(in thousands)	June 30, 2023		December 31, 2022
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

7. 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 Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
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

Table of Contents

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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.

8. Long-term Debt


(in thousands)	June 30, 2023		December 31, 2022
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.

Outstanding borrowings under the revolving credit facility amounted to $273 million at June 30, 2023 and $361 million at December 31, 2022. Outstanding letters of credit amounted to approximately $2 million at both June 30, 2023 and December 31, 2022. The unused portion of the credit facility amounted to $625 million at June 30, 2023 and $537 million at December 31, 2022.

9. 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.

Table of Contents

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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.

10. 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 and Other Postretirement Benefits		Foreign Currency Translation Adjustments		Accumulated Other Comprehensive (Loss) Income
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.

11. 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.

Table of Contents

NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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 Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt	$	916,179	$	819,808	$	1,003,737	$	906,891

Table of Contents

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This report contains forward-looking statements about future events and expectations within the meaning of the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future results. When we use words in this document such as “anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “expects,” “should,” “could,” “may,” “will,” and similar expressions, we do so to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding future prospects of growth in the petroleum additives market, other trends in the petroleum additives market, our ability to maintain or increase our market share, and our future capital expenditure levels.

We believe our forward-looking statements are based on reasonable expectations and assumptions, within the bounds of what we know about our business and operations. However, we offer no assurance that actual results will not differ materially from our expectations due to uncertainties and factors that are difficult to predict and beyond our control.

Factors that could cause actual results to differ materially from expectations include, but are not limited to, the availability of raw materials and distribution systems; disruptions at production facilities, including single-sourced facilities; hazards common to chemical businesses; the ability to respond effectively to technological changes in our industry; failure to protect our intellectual property rights; sudden, sharp, or prolonged raw material price increases; competition from other manufacturers; current and future governmental regulations; the loss of significant customers; failure to attract and retain a highly-qualified workforce; an information technology system failure or security breach; the occurrence or threat of extraordinary events, including natural disasters, terrorist attacks, wars, and health-related epidemics such as the COVID-19 pandemic; risks related to operating outside of the United States; political, economic, and regulatory factors concerning our products; the impact of substantial indebtedness on our operational and financial flexibility; the impact of fluctuations in foreign exchange rates; resolution of environmental liabilities or legal proceedings; limitation of our insurance coverage; our inability to realize expected benefits from investment in our infrastructure or from future acquisitions, or our inability to successfully integrate future acquisitions into our business; the underperformance of our pension assets resulting in additional cash contributions to our pension plans; and other factors detailed from time to time in the reports that NewMarket files with the SEC, including the risk factors in Item 1A. “Risk Factors” of our 2022 Annual Report for the year ended December 31, 2022, which is available to shareholders upon request.

You should keep in mind that any forward-looking statement made by us in this report or elsewhere speaks only as of the date on which we make it. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do not intend to, update or revise the forward-looking statements in this discussion after the date hereof, except as may be required by law. In light of these risks and uncertainties, any forward-looking statement made in this report or elsewhere, might not occur.

Overview

When comparing the results of the petroleum additives segment for the first six months of 2023 with the first six months of 2022, net sales were substantially unchanged, but included significantly higher selling prices, offset by decreases in product shipments and an unfavorable foreign currency impact. Petroleum additives operating profit was 48.3% higher when comparing the first six months of 2023 with the first six months of 2022, reflecting the higher selling prices that favorably impacted net sales, partially offset by lower product shipments, as well as higher operating costs and raw material costs. Shipments have been lower than our expectations over the last few quarters, as we continue to experience the effects of customer destocking and global economic weakness.

We continue to operate in a general inflationary environment. While we have experienced some improvement in the supply chain disruptions which have impacted the petrochemicals industry over the past several years, we expect to continue to be challenged by high costs during 2023. Despite the challenging economic environment, our financial position remains strong. We have sufficient access to capital, if needed, and do not anticipate any issues with meeting the covenants for all our debt agreements for the foreseeable future.

Our operations generate cash that is in excess of the needs of the business. We continue to invest in and manage our business for the long-term with the goal of helping our customers succeed in their marketplaces. Our investments continue to be in organizational talent, technology development and processes, and global infrastructure.

The chemical industry and our products are essential for transportation of people, goods and services. Our business continuity planning process focuses our efforts on managing through this challenging time and helping our customers do the same.

Table of Contents

Results of Operations

Net Sales

Consolidated net sales for the second quarter of 2023 totaled $685.1 million, representing a decrease of $38.5 million, or 5.3%, from the second quarter of 2022. Consolidated net sales for the first six months of both 2023 and 2022 totaled $1.4 billion. The following table shows net sales by segment and product line.


	Second Quarter Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Petroleum additives
Lubricant additives	$	588.5	$	623.0	$	1,191.1	$	1,193.0
Fuel additives	95.5		98.0		192.9		188.3
Total	684.0		721.0		1,384.0		1,381.3
All other	1.1		2.6		3.9		4.9
Net sales	$	685.1	$	723.6	$	1,387.9	$	1,386.2

Petroleum Additives Segment

The regions in which we operate include North America, Latin America, Asia Pacific, and the EMEAI region. While there is some fluctuation, the percentage of net sales generated by region remained fairly consistent when comparing the first six months of 2023 with the same period in 2022, as well as with the full year 2022.

Petroleum additives net sales for the second quarter of 2023 were $684.0 million compared to $721.0 million for the second quarter of 2022, a decrease of 5.1%. The decrease for the second quarter comparison was across all regions with Asia Pacific representing about 60%, North America about 20%, Latin America about 15%, and the remainder of the decrease from EMEAI.

Petroleum additives net sales for the first six months of 2023, as well as the first six months of 2022, were $1.4 billion. While petroleum additives net sales were substantially unchanged between the two six months periods, the North America and EMEAI regions reported significant increases for the first six months of 2023 compared to the first six months of 2022, but these increases were substantially offset by similar decreases in the Asia Pacific and Latin America regions.

The following table details the approximate components of the changes in petroleum additives net sales between the second quarter and first six months of 2023 and 2022.


(in millions)	Second Quarter		Six Months
Period ended June 30, 2022	$	721.0	$	1,381.3
Lubricant additives shipments	(110.5)		(192.9)
Fuel additives shipments	(8.9)		(18.7)
Selling prices	87.0		228.7
Foreign currency impact, net	(4.6)		(14.4)
Period ended June 30, 2023	$	684.0	$	1,384.0

When comparing the second quarter of 2023 and 2022, the decrease in petroleum additives net sales was primarily due to lower lubricant additives shipments, as well as smaller impacts from lower fuel additives shipments and an unfavorable foreign currency impact. These factors were partially offset by increased selling prices in the second quarter comparison. When comparing petroleum additives net sales for the first six months of 2023 and 2022, both lubricant additives and fuel additives shipments were lower, along with an unfavorable foreign currency impact, but all were offset by higher selling prices. Comparing the second quarter of 2023 and 2022, the United States Dollar strengthened against all of the major currencies in which we transact, except for the Euro, resulting in the unfavorable impact to net sales for the comparative periods. The United States Dollar strengthened against all of the major currencies in which we transact for the six months comparison of 2023 with 2022. The unfavorable impact for both the second quarter and six months comparison was predominantly from the Chinese Renminbi, Indian Rupee, and Japanese Yen, while the Euro also unfavorably impacted the six months comparison.

On a worldwide basis, the volume of product shipments for petroleum additives decreased 16.7% when comparing the two second quarter periods and 16.1% when comparing the first six months of 2023 and 2022. Petroleum additives shipments for the second quarter comparison reflected decreases in both lubricant additives and fuel additives with all regions contributing to the decrease in lubricant additives shipments, while North America was the primary contributor to the decrease in fuel additives

Table of Contents

shipments. For the six months comparison, both lubricant additives and fuel additives shipments were lower in 2023 than in 2022. The decrease in lubricant additives shipments when comparing the first six months of 2023 with the same period of 2022 was across all regions with around 30% of the decrease in each of the North America, EMEAI, and Asia Pacific regions and the remaining decrease in the Latin America region. The six months comparison for fuel additives shipments reflected decreases in all regions with about 60% of the decrease in North America, 20% in Latin America, and the remainder about evenly split between Asia Pacific and EMEAI.

All Other

The “All other” category includes the operations of the antiknock compounds business and certain contracted manufacturing and related services.

Segment Operating Profit

NewMarket evaluates the performance of the petroleum additives business based on segment operating profit. NewMarket Services Corporation expenses are charged to NewMarket and each subsidiary pursuant to services agreements between the companies. Depreciation on segment property, plant, and equipment, as well as amortization of segment intangible assets and lease right-of-use assets, is included in segment operating profit.

The following table reports segment operating profit for the second quarter and six months ended June 30, 2023 and June 30, 2022.


	Second Quarter Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Petroleum additives	$	132.1	$	91.2	$	264.2	$	178.1
All other	$	(1.0)	$	(0.3)	$	(2.0)	$	(0.2)

Petroleum Additives Segment

Petroleum additives segment gross profit increased $9.8 million and operating profit increased $40.9 million when comparing the second quarter of 2023 to the second quarter of 2022. For the first six months of 2023 compared to the first six months of 2022, petroleum additives segment gross profit increased $46.0 million and operating profit increased $86.1 million.

The following table presents petroleum additives cost of goods sold as a percentage of net sales and the operating profit margin.


	Second Quarter Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of goods sold as a percentage of net sales	71.3	%	78.2	%	71.5	%	77.4	%
Operating profit margin	19.3	%	12.7	%	19.1	%	12.9	%

For the rolling four quarters ended June 30, 2023, the operating profit margin for petroleum additives was 16.8%, which is within our historical range of operating profit margin. While operating margins will fluctuate from quarter to quarter due to multiple factors, we believe the fundamentals of our business and industry as a whole are unchanged.

When comparing both the second quarter and first six months of 2023 and 2022, both gross profit and operating profit included the favorable impact of significantly higher selling prices, partially offset by lower shipments and higher operating costs. The comparison for the six months periods also included the impact of higher raw material costs during 2023.

While raw material costs, along with other operating costs, increased throughout 2022, we were able to make adjustments to selling prices, which are reflected in our results for the second quarter and first six months comparisons between 2023 and 2022. We have experienced some stabilization of raw material costs during 2023, but nonetheless remain challenged by the ongoing inflationary environment impacting our operations. Cost control and margin management remain high priorities for us.

Petroleum additives selling, general, and administrative expenses (SG&A) for the second quarter of 2023 were $0.6 million lower than the second quarter of 2022. SG&A expenses for the first six months of 2023 were $1.0 million higher than the first six months of 2022. SG&A as a percentage of net sales was 4.4% for the second quarter of 2023, 4.2% for the second quarter of 2022, and 4.5% for both the first six months of 2023 and 2022. Our SG&A costs are primarily personnel-related and include salaries, benefits, and other costs associated with our workforce, including travel-related expenses. While personnel-related costs fluctuate from period to period, there were no significant changes in the drivers of these costs when comparing the periods.

Table of Contents

Our investment in petroleum additives research, development, and testing (R&D) decreased approximately $1.4 million when comparing the second quarter periods of 2023 and 2022 and $4.5 million when comparing the first six months periods of 2023 and 2022. As a percentage of net sales, R&D was 5.0% for the second quarter of 2023, 4.9% for the second quarter of 2022, 4.9% for the first six months of 2023, and 5.2% for the first six months of 2022. Our R&D investments reflect our efforts to support the development of solutions that meet our customers' needs, meet new and evolving standards, and support our expansion into new product areas. Our approach to R&D investments, as it is with SG&A, is one of purposeful spending on programs to support our current product base and to ensure that we develop products to support our customers' programs in the future. R&D investments include personnel-related costs, as well as costs for internal and external testing of our products.

The following discussion references certain captions on the Consolidated Statements of Income.

Interest and Financing Expenses, Net

Interest and financing expenses were $10.3 million for the second quarter of 2023, $7.1 million for the second quarter of 2022, $21.0 million for the first six months of 2023, and $16.5 million for the first six months of 2022.

The increase for both the second quarter and six months comparisons resulted primarily from a higher average interest rate. Average debt was also higher for the second quarter comparison, while the six months comparison reflected slightly lower average debt. Both comparison periods included a favorable impact from lower amortization and fees, as well as higher capitalized interest.

Other Income (Expense), Net

Other income (expense), net was income of $10.7 million for the second quarter of 2023, $9.1 million for the second quarter of 2022, $21.6 million for the first six months of 2023, and $16.3 million for the first six months of 2022. The amounts for both the 2023 and 2022 second quarter and six months periods primarily reflect the components of net periodic benefit cost (income), except for service cost, from defined benefit pension and postretirement plans. See Note 4 for further information on total periodic benefit cost (income). The first six months of 2022 also included a loss on marketable securities of $3.0 million.

Income Tax Expense

Income tax expense was $25.1 million for the second quarter of 2023 and $19.1 million for the second quarter of 2022. The effective tax rate was 20.1% for the second quarter of 2023 and 22.4% for the second quarter of 2022. Income tax expense increased $8.8 million due to higher income before income tax expense and decreased $2.8 million due to the lower effective tax rate.

Income tax expense was $52.7 million for the first six months of 2023 and $33.3 million for the first six months of 2022. The effective tax rate was 21.1% for the first six months of 2023 and 20.9% for the first six months of 2022. Income tax expense increased $19.0 million due to higher income before income tax expense with the remaining $0.4 million of the difference caused by the higher effective tax rate.

The decrease in the effective tax rate for the second quarter of 2023 as compared to the second quarter of 2022 was primarily caused by a tax benefit applicable to prior years. The slight increase in the effective tax rate for the six months comparison was primarily the result of an increase in the U.S. tax on foreign earnings and a reduction in the foreign-derived intangible tax benefit, which was partially offset by a tax benefit applicable to prior years.

On October 8, 2021, almost all members of the Organisation for Economic Co-operation and Development (“OECD”) reached an agreement on a two-pillar approach to international tax reform, including the establishment of a 15% global minimum tax for large multinational entities. Several jurisdictions in which we operate have adopted or are in the process of adopting this global minimum tax, with planned effective dates in 2024 or 2025. We are continuing to monitor the legislation in these jurisdictions and any potential impact to our effective tax rate and related income tax liabilities in future years.

Cash Flows, Financial Condition, and Liquidity

Cash and cash equivalents at June 30, 2023 were $130.9 million, an increase of $62.2 million since December 31, 2022.

Cash and cash equivalents held by our foreign subsidiaries amounted to $127.5 million at June 30, 2023 and $65.3 million at December 31, 2022. Periodically, we repatriate cash from our foreign subsidiaries to the United States through intercompany dividends and loans. We do not anticipate significant tax consequences from future distributions of foreign earnings.

A portion of our foreign cash balances is associated with earnings that we have asserted are indefinitely reinvested. We plan to use these indefinitely reinvested earnings to support growth outside of the United States through funding of operating expenses, research and development expenses, capital expenditures, and other cash needs of our foreign subsidiaries.

Table of Contents

We expect that cash from operations, together with borrowing available under our revolving credit facility, will continue to be sufficient to cover our operating needs and planned capital expenditures for both a short-term and long-term horizon.

Cash Flows – Operating Activities

Cash provided from operating activities for the first six months of 2023 were $262.4 million, including $52.5 million reflecting lower working capital requirements. The $52.5 million excluded an unfavorable foreign currency impact to the components of working capital on the balance sheet.

The most significant changes in working capital included decreases in trade and other accounts receivable, inventories, accounts payable, and accrued expenses. The decrease in trade and other accounts receivable primarily represents the refund of value added taxes at some of our foreign subsidiaries. The decrease in inventories reflects our planned destocking in response to lower demand and destocking by our customers. The decrease in accounts payable is primarily the result of destocking and lower production levels. The change in accrued expenses reflects normal rebate payments to customers.

Including cash and cash equivalents, as well as the impact of changes in foreign currency exchange rates on the balance sheet, we had total working capital of $791.1 million at June 30, 2023 and $768.2 million at December 31, 2022. The current ratio was 3.27 at June 30, 2023 and 2.81 at December 31, 2022.

Cash Flows – Investing Activities

Cash used in investing activities totaled $26.0 million during the first six months of 2023 for capital expenditures. We expect that our total capital spending during 2023 will be in the $50 million to $60 million range and will include several improvements to our manufacturing and R&D infrastructure around the world. We expect to continue to finance capital spending through cash on hand and cash provided from operations, together with borrowing available under our revolving credit facility.

Cash Flows – Financing Activities

Cash used in financing activities during the first six months of 2023 amounted to $175.7 million. These cash flows included net payments of $88.0 million on the revolving credit facility, $42.9 million for repurchases of 119,075 shares of our common stock, and cash dividends of $41.9 million.

Debt

Our long-term debt was $916.2 million at June 30, 2023 compared to $1.0 billion at December 31, 2022.

See Note 8 for additional information on the 2.70% senior notes, 3.78% senior notes, and revolving credit facility, including the unused portion of our revolving credit facility.

All of our senior notes and the revolving credit facility contain covenants, representations, and events of default that management considers typical of credit arrangements of this nature. The covenants under the 3.78% senior notes include negative covenants, certain financial covenants, and events of default which are substantially similar to the covenants and events of default in our revolving credit facility.

The revolving credit facility contains financial covenants that require NewMarket to maintain a consolidated Leverage Ratio (as defined in the agreement) of no more than 3.75 to 1.00, except during an Increased Leverage Period (as defined in the agreement) at the end of each quarter. At June 30, 2023, the Leverage Ratio was 1.70 under the revolving credit facility.

At June 30, 2023, we were in compliance with all covenants under the 3.78% senior notes, 2.70% senior notes, and revolving credit facility.

As a percentage of total capitalization (total long-term debt and shareholders’ equity), our total long-term debt decreased from 56.8% at December 31, 2022 to 50.6% at June 30, 2023. The change resulted primarily from the decrease in outstanding revolving credit facility borrowings, along with the increase in shareholders' equity. The increase in shareholders’ equity primarily reflects our earnings and the impact of foreign currency translation adjustments, partially offset by dividend payments and the repurchases of our common stock. Generally, we repay any outstanding long-term debt with cash from operations or refinancing activities.

Critical Accounting Policies and Estimates

This Form 10-Q and our 2022 Annual Report include discussions of our accounting policies, as well as methods and estimates used in the preparation of our financial statements. We also provided a discussion of Critical Accounting Policies and Estimates in our 2022 Annual Report.

There have been no significant changes in our critical accounting policies and estimates from those reported in our 2022 Annual Report.

Table of Contents

Recent Accounting Pronouncements

There have been no recent accounting pronouncements which have not been adopted and may have a significant impact our financial statements.

Outlook

Our stated goal is to provide a 10% compounded return per year for our shareholders over any five-year period (defined by earnings per share growth plus dividend yield), although we may not necessarily achieve a 10% return each year. We continue to have confidence in our customer-focused strategy and approach to the market. We believe the fundamentals of how we run our business - a long-term view, safety-first culture, customer-focused solutions, technology-driven product offerings, and world-class supply chain capability - will continue to be beneficial for all of our stakeholders over the long term.

We expect our petroleum additives segment to experience impacts to its operating performance during 2023 due to the uncertain economic environment in which we operate, as we continue to see challenges with inflationary trends impacting our operating costs and raw material prices. As a result, we will continue to focus on cost control and operating profit margin recovery throughout the year. We expect over the long-term that the petroleum additives market will grow annually in the 1% to 2% range. We plan to exceed that growth rate.

Over the past several years we have made significant investments in our business as the industry fundamentals remain positive. These investments have been and will continue to be in organizational talent, technology development and processes, and global infrastructure, consisting of technical centers, production capability and geographic expansion. We intend to utilize these investments to improve our ability to deliver the solutions that our customers value, expand our global reach, and enhance our operating results. We will continue to invest in our capabilities to provide even better value, service, technology, and customer solutions.

Our business generates significant amounts of cash beyond its operational needs. We regularly review our many internal opportunities to utilize excess cash from technological, geographic, production capability, and product line perspectives. We believe our capital spending is creating the capability we need to grow and support our customers worldwide, and our research and development investments are positioning us well to provide added value to our customers. Our primary focus in the acquisition area remains on the petroleum additives industry. It is our view that this industry segment will provide the greatest opportunity for solid returns on our investments while minimizing risk. We remain focused on this strategy and will evaluate any future opportunities. We will continue to evaluate all alternative uses of cash to enhance shareholder value, including stock repurchases and dividends.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

At June 30, 2023, there were no material changes in our market risk from the information provided in the 2022 Annual Report .

ITEM 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain a system of internal control over financial reporting to provide reasonable, but not absolute, assurance of the reliability of the financial records and the protection of assets. Under Rule 13a-15(b) of the Securities Exchange Act of 1934 (the Exchange Act), we carried out an evaluation, with the participation of our management, including our principal executive officer and our principal financial officer, of the effectiveness of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) of the Exchange Act, as of the end of the period covered by this report. Based upon that evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level.

There has been no change in our internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act, which occurred during the quarter ended June 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

There have been no material changes to our legal proceedings as disclosed in "Legal Proceedings" in Item 3 of Part I of the 2022 Annual Report.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

On October 28, 2021, our Board of Directors approved a share repurchase program authorizing management to repurchase up to $500 million of NewMarket's outstanding common stock until December 31, 2024, as market conditions warrant and covenants under our existing debt agreements permit. We may conduct the share repurchases in the open market, in privately negotiated transactions, through block trades, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 and/or Rule 10b-18 of the Securities Exchange Act of 1934. The repurchase program does not require the Company to acquire any specific number of shares and may be terminated or suspended at any time. At June 30, 2023, approximately $231 million remained available under the 2021 authorization.

The following table outlines the purchases during the second quarter of 2023 under the authorization.

Issuer Purchases of Equity Securities


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
April 1 to April 30	3,237	$	360.51	3,237	$	244,698,960
May 1 to May 31	21,776	395.55		21,776	236,085,402
June 1 to June 30	11,576	397.76		11,576	231,480,913
Total	36,589	$	393.15	36,589	$	231,480,913

ITEM 5. Other Information

During the quarter ended June 30, 2023, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of NewMarket Corporation adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) or Regulation S-K.

ITEM 6. Exhibits


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 August 6, 2015 (incorporated by reference to Exhibit 3.1 to Form 8-K (File No. 1- 32190) filed August 6, 2015)
Exhibit 10.1			2023 Incentive Compensation and Stock Plan
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 William J. Skrobacz
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 William J. Skrobacz
Exhibit 101			Inline XBRL Instance Document and Related Items (the instance document does not appear in the Interactive Data File because its Inline XBRL tags are embedded within the Inline XBRL document)
Exhibit 104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			NEWMARKET CORPORATION
			(Registrant)

Date: July 27, 2023			By: /s/ William J. Skrobacz
			William J. Skrobacz
			Vice President and
			Chief Financial Officer
			(Principal Financial Officer)

Date: July 27, 2023			By: /s/ Gail C. Ridgeway
			Gail C. Ridgeway
			Controller
			(Principal Accounting Officer)

Exhibit 10.1

NEWMARKET CORPORATION

2023 INCENTIVE COMPENSATION AND STOCK PLAN

As Approved by Shareholders

on April 27, 2023

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

Table of Contents


ARTICLE I DEFINITIONS			5
1.01 Administrator			5
1.02 Affiliate and Associate			5
1.03 Agreement			5
1.04 Award			5
1.05 Beneficial Owner			5
1.06 Board			5
1.07 Cause			5
1.08 Change in Control			5
1.09 Code			6
1.10 Committee			6
1.11 Common Stock			6
1.12 Company			6
1.13 Continuing Director			6
1.14 Control Change Date			6
1.15 Effective Date			6
1.16 Exchange Act			7
1.17 Fair Market Value			7
1.18 Good Reason			7
1.19 Incentive Award			7
1.20 Non-Employee Director			7
1.21 Option			7
1.22 Participant			7
1.23 Performance Criteria			7
1.24 Person			8
1.25 Plan			8
1.26 Prior Plan			8
1.27 Related Entity			8
1.28 SAR			8
1.29 Stock Award			8
1.30 Stock Unit			8

ARTICLE II PURPOSES			9

ARTICLE III ADMINISTRATION			10

NewMarket Corporation

2023 Incentive Compensation and Stock Plan


ARTICLE IV ELIGIBILITY			11

ARTICLE V STOCK SUBJECT TO PLAN, CERTAIN LIMITATIONS			12
5.01 Shares Issued			12
5.02 Aggregate Limit, Incentive Stock Option Limit			12
5.03 No New Grants under the Prior Plan			12
5.04 Per Participant Annual Limits			12
5.05 Reallocation of Shares			12
5.06 Minimum Vesting Provisions			13

ARTICLE VI OPTIONS			14
6.01 Award			14
6.02 Option Price			14
6.03 No Repricing			14
6.04 Maximum Option Period			14
6.05 Nontransferability			14
6.06 Transferable Options			14
6.07 Employee Status			15
6.08 Exercise			15
6.09 Payment			15
6.10 Shareholder Rights			15
6.11 Disposition of Stock			15

ARTICLE VII SARS			17
7.01 Award			17
7.02 Maximum SAR Period			17
7.03 Nontransferability			17
7.04 Transferable SARs			17
7.05 Exercise			17
7.06 Employee Status			18
7.07 No Repricing			18
7.08 Settlement			18
7.09 Shareholder Rights			18

ARTICLE VIII STOCK AWARDS			19
8.01 Award			19
8.02 Vesting			19
8.03 Employee Status			19
8.04 Shareholder Rights			19

ARTICLE IX STOCK UNITS			20

NewMarket Corporation

2023 Incentive Compensation and Stock Plan


9.01 Award			20
9.02 Terms and Conditions			20
9.03 Payment			20
9.04 Nontransferability			20
9.05 Employee Status			20
9.06 Shareholder Rights			20

ARTICLE X INCENTIVE AWARDS			21
10.01 Award			21
10.02 Terms and Conditions			21
10.03 Nontransferability			21
10.04 Employee Status			21
10.05 Shareholder Rights			21

ARTICLE XI ADJUSTMENT UPON CHANGE IN COMMON STOCK			22

ARTICLE XII COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES			23

ARTICLE XIII GENERAL PROVISIONS			24
13.01 Effect on Employment and Service			24
13.02 Clawback			24
13.03 Unfunded Plan			24
13.04 Rules of Construction			24
13.05 Code Section 409A			24
13.06 Fractional Shares			25
13.07 Change in Control			25
13.08 Tax Withholding			25

ARTICLE XIV AMENDMENT			26

ARTICLE XV DURATION OF PLAN			27

ARTICLE XVI EFFECTIVE DATE OF PLAN			28

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE I
DEFINITIONS

1.01 Administrator

Administrator means the Committee and any delegate of the Committee that is appointed in accordance with Article III.

1.02 Affiliate and Associate

Affiliate and Associate shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act.

1.03 Agreement

Agreement means a written agreement (including any amendment or supplement thereto) between the Company and a Participant specifying the terms and conditions of a Stock Award, award of Stock Units, Incentive Award, Option or SAR granted to such Participant.

1.04 Award

Award means an Option, an SAR, a Stock Award, an award of Stock Units, or an Incentive Award granted under the Plan.

1.05 Beneficial Owner

Beneficial Owner has the meaning set forth in Rule 13d-3 under the Exchange Act, except that a Person shall not be deemed to be the Beneficial Owner of any securities the holding of which is properly disclosed on a Schedule 13G.

1.06 Board

Board means the Board of Directors of the Company.

1.07 Cause

Cause means that the Participant has been convicted of a felony that involves the misappropriation of the assets of the Company or a Related Entity or that materially injures the business reputation of the Company or a Related Entity.

1.08 Change in Control

Change in Control means the occurrence of any of the following events:

(a) any Person or “group,” within the meaning of Section 13(d)(3) of the Exchange Act (excluding Bruce C. Gottwald and members of his family and any Affiliate of any of them) becomes, directly or indirectly, the Beneficial Owner of 30% or more of the combined voting power of the then outstanding Company securities that are entitled to vote generally for the election of the Company’s directors (the “Voting Securities”) (other than as a result of an issuance of securities by the Company approved by Continuing Directors, or open market purchases approved by Continuing Directors at the time the purchases are made); or

(b) as the direct or indirect result of, or in connection with, a reorganization, merger, share exchange or consolidation (a “Business Combination”), a contested election of directors, or

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

any combination of these transactions, Continuing Directors cease to constitute a majority of the Board, or any successor’s board of directors, within two years of the last of such transactions; or

(c) the Company consummates a Business Combination, unless immediately following such Business Combination, (a) all or substantially all of the Persons who were the Beneficial Owners of the Voting Securities outstanding immediately prior to such Business Combination beneficially own more than 70% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company resulting from such Business Combination (including, without limitation, a company which as a result of such transaction owns the company through one or more Subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Voting Securities, (b) no Person (excluding Bruce C. Gottwald and members of his family and any Affiliate of any of them) beneficially owns 30% or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company resulting from such Business Combination and (c) at least a majority of the members of the board of directors of the Company resulting from such Business Combination are Continuing Directors.

1.09 Code

Code means the Internal Revenue Code of 1986, and any amendments thereto.

1.10 Committee

Committee means the Compensation Committee of the Board.

1.11 Common Stock

Common Stock means the common stock of the Company.

1.12 Company

Company means NewMarket Corporation.

1.13 Continuing Director

Continuing Director means any member of the Board on the date this Plan is adopted by the Board, or any member of the Board whose subsequent nomination for election or election to the Board was recommended or approved by a majority of the Continuing Directors.

1.14 Control Change Date

Control Change Date means the date on which a Change in Control occurs. If a Change in Control occurs on account of a series of transactions, the Control Change Date is the date of the last of such transactions.

1.15 Effective Date

Effective Date means the date and time, following approval of the Plan by the Board, on which Plan is approved by a majority of the votes cast by the Company’s shareholders, voting either in person or by proxy, at a duly held shareholders’ meeting at which a quorum is present.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

1.16 Exchange Act

Exchange Act means the Securities Exchange Act of 1934, as amended from time to time.

1.17 Fair Market Value

Fair Market Value means, on any given date, the reported closing price of a share of Common Stock on the New York Stock Exchange, or if the Common Stock was not so traded on such day, then on the next preceding day that the Common Stock was so traded on such exchange, all as reported by such source as the Committee may select. If shares of Common Stock are not then traded on the New York Stock Exchange, the Fair Market Value shall be determined by the Committee using the reasonable application of a reasonable method.

1.18 Good Reason

Good Reason means a material diminution of a Participant’s base compensation or authority, duties, or responsibilities. An event or condition will constitute Good Reason only if the Participant provides written notice to the Company or a Related Entity (or the successor of either), as applicable, within 90 days of the initial existence of the event or condition and the Company, Related Entity (or successor of either), as applicable, does not remedy the event or condition within 30 days of receipt of such notice.

1.19 Incentive Award

Incentive Award means an Award which, subject to such terms and conditions as may be prescribed by the Administrator, entitles the Participant to receive a payment, in cash or Common Stock or a combination of cash and Common Stock, from the Company or a Related Entity.

1.20 Non-Employee Director

Non-Employee Director means a Participant who is a non-employee member of the Board or the board of directors of a Related Entity.

1.21 Option

Option means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common Stock at the price set forth in an Agreement.

1.22 Participant

Participant means an employee of the Company or a Related Entity or a member of the Board or the board of directors of a Related Entity who satisfies the requirements of Article IV and is selected by the Administrator to receive a Stock Award, Stock Units, an Incentive Award, an Option, an SAR, or a combination thereof.

1.23 Performance Criteria

Performance Criteria means one or more of (a) cash flow and/or free cash flow (before or after dividends), (b) earnings per share (diluted and basic earnings per share), (c) EBITDA (earnings before interest, taxes, depreciation and amortization), (d) the price of Common Stock, (e) return on equity, (f) total shareholder return, (g) return on capital (including return on total capital or return on invested capital), (h) return on assets or net assets, (i) market capitalization,

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

(j) total enterprise value (market capitalization plus debt), (k) economic value added, (l) debt leverage (debt to capital), (m) revenue, (n) income or net income, (o) operating income, (p) operating profit or net operating profit, (q) operating margin or profit margin, (r) return on operating revenue, (s) cash from operations, (t) operating ratio, (u) commodity or operating revenue, (v) dividend yield and (w) market share.

1.24 Person

Person has the meaning set forth in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) of the Exchange Act except that such term does not include (a) the Company, its Affiliates or any Related Entity, (b) a trustee or other fiduciary holding securities under an employee benefit plan maintained by the Company or any Related Entity, (c) any underwriter temporarily holding securities pursuant to any offering of such securities or (d) a company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock in the Company.

1.25 Plan

Plan means the NewMarket Corporation 2023 Incentive Compensation and Stock Plan.

1.26 Prior Plan

The NewMarket Corporation 2014 Incentive Compensation and Stock Plan.

1.27 Related Entity

Related Entity means any entity that directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company.

1.28 SAR

SAR means a stock appreciation right (which may be granted only in conjunction with an Option) that entitles the holder to receive, with respect to each share of Common Stock encompassed by the exercise of such SAR, the excess, if any, of the Fair Market Value at the time of exercise over the Fair Market Value on the date of grant.

1.29 Stock Award

Stock Award means Common Stock awarded to a Participant under Article VIII.

1.30 Stock Unit

Stock Unit means an Award, in the amount determined by the Administrator and specified in an Agreement, stated with reference to a specified number of shares of Common Stock, that enables the holder to receive a payment on the date specified in the Agreement for each Stock Unit equal to the Fair Market Value of a share of Common Stock determined as of the date set forth in the Agreement. An award of Stock Units may, but is not required to, provide for dividend equivalents calculated, earned and payable on the terms (if any) set forth in the Agreement.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE II
PURPOSES

The Plan is intended to assist the Company and Related Entities in recruiting and retaining individuals with ability and initiative by enabling such persons to participate in the future success of the Company and the Related Entities and to associate their interests with those of the Company and its shareholders. The Plan is intended to permit the grant of both Options qualifying under Code Section 422 (“incentive stock options”) and Options not so qualifying, and the grant of SARs, Stock Awards, Stock Units, and Incentive Awards. No Option that is intended to be an incentive stock option shall be invalid for failure to qualify as an incentive stock option. The proceeds received by the Company from the sale of Common Stock pursuant to this Plan shall be used for general corporate purposes.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE III
ADMINISTRATION

The Plan shall be administered by the Administrator. The Administrator shall have authority to grant Stock Awards, Incentive Awards, Stock Units, Options and SARs upon such terms (not inconsistent with the provisions of this Plan) as the Administrator may consider appropriate. Such terms may include conditions (in addition to those contained in this Plan) on the exercisability of all or any part of an Option or SAR or on the transferability or forfeitability of a Stock Award, Stock Units, or an Incentive Award, including by way of example and not of limitation, requirements that the Participant complete a specified period of employment or service with the Company or a Related Entity, requirements that the Company achieve a specified level of financial performance or that the Company achieve a specified level of financial return. Notwithstanding any such conditions, but subject to Section 5.06 (“Minimum Vesting Provisions) the Administrator may, in its discretion, accelerate the time at which any Option or SAR may be exercised, the time at which a Stock Award may become transferable or nonforfeitable or both, or the time at which an Incentive Award or Stock Units may be settled, provided that such discretion may not be exercised in a manner that would violate Code Section 409A. The Administrator may establish one or more programs, consistent with Code Section 409A, to permit selected Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Participant to payment or receipt of Common Stock or other consideration under an Award.

In addition, the Administrator shall have complete authority to interpret all provisions of this Plan; to prescribe the form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan; and to make all other determinations necessary or advisable for the administration of this Plan. The express grant in the Plan of any specific power to the Administrator shall not be construed as limiting any power or authority of the Administrator. Any decision made, or action taken, by the Administrator in connection with the administration of this Plan shall be final and conclusive. Neither the Administrator nor any member of the Committee shall be liable for any act done in good faith with respect to this Plan or any Agreement or Award. All expenses of administering this Plan shall be borne by the Company, a Related Entity or a combination thereof.

The Committee, in its discretion, may delegate to one or more officers of the Company all or part of the Committee’s authority and duties with respect to grants and Awards to individuals who are not subject to the reporting and other provisions of Section 16 of the Exchange Act. The Committee may revoke or amend the terms of a delegation at any time, but such action shall not invalidate any prior actions of the Committee’s delegate or delegates that were consistent with the terms of the Plan.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE IV
ELIGIBILITY

Any employee of the Company and any member of the Board or any employee or director of a Related Entity (including a company that becomes a Related Entity after the adoption of this Plan) is eligible to participate in this Plan if the Administrator, in its sole discretion, determines that such person has contributed or can be expected to contribute to the profits or growth of the Company or a Related Entity.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE V
STOCK SUBJECT TO PLAN, CERTAIN LIMITATIONS

5.01 Shares Issued

Upon the award of shares of Common Stock pursuant to a Stock Award, award of Stock Units, or an Incentive Award, the Company may issue shares of Common Stock from its authorized but unissued Common Stock. Upon the exercise of any Option or SAR, the Company may deliver to the Participant (or the Participant’s broker if the Participant so directs), shares of Common Stock from its authorized but unissued Common Stock.

5.02 Aggregate Limit, Incentive Stock Option Limit

The maximum aggregate number of shares of Common Stock that may be issued under this Plan, pursuant to the exercise of SARs and Options and the grant of Stock Awards, Stock Units and Incentive Awards, is 250,000 shares of Common Stock, of which all 250,000 shares may be issued pursuant to incentive stock options. The maximum aggregate number of shares that may be issued under this Plan, and the number that may be issued as incentive stock options, shall be subject to adjustment as provided in Article XI.

5.03 No New Grants under the Prior Plan

On and after the Effective Date, the Plan replaces the Prior Plan with respect to new grants. No new options, stock appreciation rights, stock awards, stock units or other awards shall be granted under the Prior Plan on and after the Effective Date; provided that awards granted under the Prior Plan before the Effective Date shall remain in effect in accordance with their respective terms.

5.04 Per Participant Annual Limits

The maximum number of shares of Common Stock subject to Awards granted to a Participant in a single calendar year under the Plan is 10,000 shares. Notwithstanding the foregoing, the maximum number of shares of Common Stock subject to Awards granted to a Non-Employee Director in a single calendar year is 1,000 shares. Subject to the foregoing limitations in this Section 5.04, no Participant may receive an Incentive Award cash payment in a single calendar year exceeding $2,000,000; provided that Incentive Awards (including Incentive Award cash payments) shall not be granted to Non-Employee Directors.

5.05 Reallocation of Shares

If an Option is terminated, in whole or in part, for any reason other than its exercise or the exercise of a related SAR, the number of shares of Common Stock allocated to the Option or portion thereof may be reallocated to other Awards to be granted under this Plan. If an SAR is terminated, in whole or in part, for any reason other than its exercise or the exercise of a related Option, the number of shares of Common Stock allocated to the SAR or portion thereof may be reallocated to other Awards. If any other Award is forfeited or terminated, in whole or in part for any reason, the number of shares of Common Stock allocated to the Award or portion thereof may be reallocated to other Options, SARs, Incentive Awards, Stock Units, and Stock Awards to be granted under this Plan. Any shares of Common Stock that are tendered by a Participant or withheld as full or partial payment of withholding or other taxes with respect to an Option, SAR, Incentive Award, award of Stock Units, or Stock Award, or as payment for the exercise price of

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

an Option or SAR under this Plan shall not be reallocated with respect to any Award to other Awards to be granted under the Plan.

5.06 Minimum Vesting Provisions

Options, SARs, Stock Awards, Stock Units, and Incentive Awards settled in whole or part in Common Stock shall be subject to a minimum vesting period of at least two (2) years (subject to earlier vesting in the event of a Participant’s death, Disability or as provided in Section 13.07 in connection with a Change in Control), except that a shorter vesting period or immediate vesting may apply to Awards granted to Non-Employee Directors as a fee or retainer for service, including annual or other grants made pursuant to a director compensation policy or arrangement.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE VI
OPTIONS

6.01 Award

In accordance with the provisions of Article IV, the Administrator will designate each individual to whom an Option is to be granted and will specify the number of shares of Common Stock covered by each such award.

6.02 Option Price

The price per share for Common Stock purchased on the exercise of an Option shall be determined by the Administrator on the date of grant but shall not be less than the Fair Market Value on the date the Option is granted. If an employee owns or is deemed to own (by reason of the attribution rules of Code Section 424(d)) more than 10% of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation (within the meaning of Code Sections 424(e) and 424(f)) (a “Ten Percent Stockholder”), and an incentive stock option is granted to such employee, the Option price of such incentive stock option shall be not less than the applicable price required by the Code, currently 110% of the Fair Market Value on the date of grant.

6.03 No Repricing

Except for an adjustment authorized under Article XI, the Option price may not be reduced (by amendment or cancellation of the Option or otherwise) after the date of grant.

6.04 Maximum Option Period

The maximum period in which an Option may be exercised shall be ten years from the date such Option was granted. The maximum period in which an incentive stock option granted to a Ten Percent Stockholder may be exercised is the applicable period required by the Code, currently five years from the date such incentive stock option was granted. The terms of any Option may provide that it has a term that is less than such maximum period.

6.05 Nontransferability

Except as provided in Section 6.06, each Option granted under this Plan shall be nontransferable except by will or by the laws of descent and distribution. In the event of any transfer of an Option (by the Participant or his transferee), the Option and any SAR that relates to such Option must be transferred to the same person or persons or entity or entities. Except as provided in Section 6.06, during the lifetime of the Participant to whom the Option is granted, the Option may be exercised only by the Participant. No right or interest of a Participant in any Option shall be liable for, or subject to, any lien, obligation, or liability of such Participant.

6.06 Transferable Options

Section 6.05 to the contrary notwithstanding, if the Agreement provides, an Option that is not an incentive stock option may be transferred by a Participant to the Participant’s children, grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership in which such family members are the only partners, on such terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time to time. The holder of an Option transferred pursuant to this Section 6.06 shall be bound by the same terms and conditions that governed the Option during the period that it was held by the Participant; provided, however, that such transferee may not transfer the Option except by will or the laws of

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

descent and distribution. In the event of any transfer of an Option (by the Participant or his transferee), the Option and any SAR that relates to such Option must be transferred to the same person or persons or entity or entities.

6.07 Employee Status

For purposes of determining the applicability of Code Section 422 (relating to incentive stock options), or if the terms of any Option provide that it may be exercised only during employment or continued service or within a specified period of time after termination of employment or service, the Administrator may decide to what extent leaves of absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or service.

6.08 Exercise

Subject to the provisions of this Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Administrator shall determine; provided, however, that incentive stock options (granted under the Plan and all plans of the Company and its Related Entities) may not be first exercisable in a calendar year for stock having a Fair Market Value (determined as of the date an Option is granted) exceeding the limit prescribed by Code Section 422(d). An Option granted under this Plan may be exercised with respect to any number of whole shares less than the full number for which the Option could be exercised. A partial exercise of an Option shall not affect the right to exercise the Option from time to time in accordance with this Plan and the applicable Agreement with respect to the remaining shares subject to the Option. The exercise of an Option shall result in the termination of any SAR to the extent of the number of shares with respect to which the Option is exercised.

6.09 Payment

Unless otherwise provided by the Agreement, payment of the Option price shall be made in cash or a cash equivalent acceptable to the Administrator, or through a cashless exercise procedure approved by the Administrator involving a securities broker approved by the Administrator. Subject to rules established by the Administrator and if provided in an Option Agreement, payment of all or part of the Option price may be made with shares of Common Stock including by (i) surrender to the Company of shares of Common Stock, (ii) attestation of Common Stock ownership, and (iii) for Options not intended to be incentive stock options, receipt by the Participant of fewer shares that would otherwise be issuable on exercise of the Option (“net exercise”). If Common Stock is used to pay all or part of the Option price, the sum of the cash and cash equivalent and the Fair Market Value (determined as of the day preceding the date of exercise) of the shares surrendered, subject to attestation or withheld pursuant to a net exercise must not be less than the Option price of the shares for which the Option is being exercised.

6.10 Shareholder Rights

No Participant shall have any rights as a shareholder with respect to shares subject to his Option until the date of exercise of such Option.

6.11 Disposition of Stock

A Participant shall notify the Company of any sale or other disposition of Common Stock acquired pursuant to an Option that was an incentive stock option if such sale or disposition occurs (a) within two years of the grant of an Option or (b) within one year of the issuance of the

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

Common Stock to the Participant. Such notice shall be in writing and directed to the Secretary of the Company.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE VII
SARS

7.01 Award

In accordance with the provisions of Article IV, the Administrator will designate each individual to whom SARs are to be granted and will specify the number of shares covered by each such award. For purposes of the Award and per-Participant Award limits in the Plan, an Option and a related SAR shall be treated as a single award. In addition, no Participant may be granted SARs (under all incentive stock option plans of the Company and its Affiliates) that are related to incentive stock options which are first exercisable in any calendar year for stock having an aggregate Fair Market Value (determined as of the date the related Option is granted) that exceeds the limit prescribed by Code Section 422(d).

7.02 Maximum SAR Period

The period in which an SAR may be exercised shall not be longer than the term of the related Option. The terms of any SAR may provide that it has a term that is less than such maximum period.

7.03 Nontransferability

Except as provided in Section 7.04, each SAR granted under this Plan shall be nontransferable except by will or by the laws of descent and distribution. In the event of any such transfer, an SAR and the related Option must be transferred to the same person or persons or entity or entities. Except as provided in Section 7.04, during the lifetime of the Participant to whom the SAR is granted, the SAR may be exercised only by the Participant. No right or interest of a Participant in any SAR shall be liable for, or subject to, any lien, obligation, or liability of such Participant.

7.04 Transferable SARs

Section 7.03 to the contrary notwithstanding, if the Agreement provides, an SAR, other than an SAR that is related to an incentive stock option, may be transferred by a Participant to the Participant’s children, grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership in which such family members are the only partners, on such terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time to time. The holder of an SAR transferred pursuant to this Section 7.04 shall be bound by the same terms and conditions that governed the SAR during the period that it was held by the Participant; provided, however, that such transferee may not transfer the SAR except by will or the laws of descent and distribution. In the event of any transfer of an SAR (by the Participant or his transferee), the SAR and the related Option must be transferred to the same person or persons or entity or entities.

7.05 Exercise

Subject to the provisions of this Plan and the applicable Agreement, an SAR may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Administrator shall determine; provided, however, that an SAR that is related to an incentive stock option may be exercised only to the extent that the related Option is exercisable and only when the Fair Market Value exceeds the option price of the related Option. An SAR granted under this Plan may be exercised with respect to any number of whole shares less than the full number for which the SAR could be exercised. A partial exercise of an SAR shall not affect the right to exercise the SAR from time to time in accordance with this Plan and

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

the applicable Agreement with respect to the remaining shares subject to the SAR. The exercise of an SAR shall result in the termination of the related Option to the extent of the number of shares with respect to which the SAR is exercised.

7.06 Employee Status

If the terms of any SAR provide that it may be exercised only during employment or continued service or within a specified period of time after termination of employment or service, the Administrator may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.

7.07 No Repricing

Except for an adjustment authorized under Article XI, no action may be taken with respect to a SAR that has the effect of reducing the Fair Market Value as of the date of grant with respect to the SAR (whether by amendment or cancellation of the SAR or otherwise).

7.08 Settlement

At the Administrator’s discretion, the amount payable as a result of the exercise of an SAR may be settled in cash, Common Stock, or a combination of cash and Common Stock.

7.09 Shareholder Rights

No Participant shall, as a result of receiving an SAR, have any rights as a shareholder of the Company until the date that the SAR is exercised and then only to the extent that the SAR is settled by the issuance of Common Stock.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE VIII
STOCK AWARDS

8.01 Award

In accordance with the provisions of Article IV, the Administrator will designate each individual to whom a Stock Award is to be made and will specify the number of shares of Common Stock covered by each such award.

8.02 Vesting

The Administrator, on the date of the Award, may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted for a period of time or subject to such conditions as may be set forth in the Agreement. By way of example and not of limitation, the restrictions may postpone transferability of the shares or may provide that the shares will be forfeited if the Participant separates from the service of the Company and its Related Entities before the expiration of a stated period or if the Company, a Related Entity, the Company and its Related Entities or the Participant fails to achieve stated performance goals, including performance goals stated with reference to Performance Criteria.

8.03 Employee Status

If the terms of any Stock Award provide that shares may become transferable and nonforfeitable thereunder only after completion of a specified period of employment or service, the Administrator may decide in each case to what extent leaves of absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or service.

8.04 Shareholder Rights

Prior to their forfeiture (in accordance with the applicable Agreement and while the shares of Common Stock granted pursuant to the Stock Award may be forfeited or are nontransferable), a Participant will have all the rights of a shareholder with respect to a Stock Award, including the right to receive dividends and vote the shares; provided, however, that during such period (a) a Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares of Common Stock granted pursuant to a Stock Award (“awarded shares”), (b) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to the awarded shares, and (c) the Company’s transfer agent will hold the awarded shares in a book entry account for the benefit of the Participant, the terms of which account shall restrict the transferability of shares held in the account until the awarded shares are transferable and are no longer forfeitable. The limitations set forth in the preceding sentence shall not apply after the awarded shares are transferable and no longer forfeitable.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE IX
STOCK UNITS

9.01 Award

In accordance with the provisions of Article IV, the Administrator will designate each individual to whom an Award of Stock Units is to be made and will specify the number of Stock Units covered by such Awards.

9.02 Terms and Conditions

The Administrator, on the date of grant of the Award, may prescribe that the Stock Units or a portion thereof, will be earned, and the Participant will be entitled to receive a payment pursuant to the Award of Stock Units, only upon the completion of a specified period of employment or service or satisfaction of specified financial or other performance goals, including goals stated with reference to Performance Criteria, or on the basis of such other criteria as may be prescribed by the Administrator and set forth in the Agreement.

9.03 Payment

In accordance with the Agreement, the amount payable when an award of Stock Units are earned may be settled in cash, Common Stock or a combination of cash and Common Stock. In accordance with and subject to the terms of the Agreement, a Participant may be entitled to dividend equivalents (calculated in accordance with the Agreement) at the time an Award is earned, only if and to the extent the Award is earned. Such dividend equivalents may be payable in cash, Common Stock or a combination of cash and Common Stock, as determined by the Administrator in its sole discretion.

9.04 Nontransferability

A Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of an award of Stock Units other than by will or the laws of descent and distribution. The limitations set forth in the preceding sentence shall not apply to Common Stock issued as payment pursuant to an award of Stock Units.

9.05 Employee Status

If the terms of an award of Stock Units provide that a payment will be made thereunder only if the Participant completes a stated period of employment or service, the Administrator may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.

9.06 Shareholder Rights

No Participant shall, as a result of receiving an award of Stock Units, have any rights as a shareholder of the Company or any Related Entity on account of such Award until, and except to the extent that, the Stock Units are earned and settled in shares of Common Stock.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE X
INCENTIVE AWARDS

10.01 Award

The Administrator will designate Participants to whom Incentive Awards are made; provided that Incentive Awards shall not be granted to Non-Employee Directors. All Incentive Awards shall be finally determined exclusively by the Administrator under the procedures established by the Administrator.

10.02 Terms and Conditions

The Administrator, at the time an Incentive Award is made, shall specify the terms and conditions which govern the Award. Such terms and conditions shall prescribe that the Incentive Award shall be earned only upon, and to the extent that, performance goals are satisfied during a performance period specified by the Administrator. By way of example and not of limitation, the performance goals may provide that the Incentive Award will be earned only if the Company, a Related Entity or the Company and its Related Entities achieve stated objectives, including objectives stated with reference to Performance Criteria. The Administrator, at the time an Incentive Award is made, shall also specify when amounts shall be payable under the Incentive Award and whether amounts shall be payable in the event of the Participant’s death or disability or a Change in Control.

10.03 Nontransferability

Incentive Awards granted under this Plan shall be nontransferable except by will or by the laws of descent and distribution. No right or interest of a Participant in an Incentive Award shall be liable for, or subject to, any lien, obligation, or liability of such Participant.

10.04 Employee Status

If the terms of an Incentive Award provide that a payment will be made thereunder only if the Participant completes a stated period of employment or service, the Administrator may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.

10.05 Shareholder Rights

No Participant shall, as a result of receiving an Incentive Award, have any rights as a shareholder of the Company or any Related Entity on account of such award until, and except to the extent that, the Incentive Award is earned and settled in shares of Common Stock.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE XI
ADJUSTMENT UPON CHANGE IN COMMON STOCK

The maximum number of shares as to which Options, SARs, Incentive Awards, Stock Units, and Stock Awards may be granted under this Plan; and the terms of outstanding Stock Awards, Options, Incentive Awards, Stock Units and SARs; and the per individual limitations on the number of shares of Common Stock for which Options, SARs, Stock Units, Incentive Awards, and Stock Awards may be granted shall be adjusted as the Committee shall determine to be equitably required in the event that (a) the Company (i) effects one or more stock dividends, stock split-ups, subdivisions or consolidations of shares or (ii) engages in a transaction to which Code Section 424 applies, (b) there occurs any other event which, in the judgment of the Committee necessitates such action or (c) there is a Change in Control. Any determination made under this Article XI by the Committee shall be final and conclusive. Adjustments made under this Article XI shall be effected in compliance with Code Sections 409A and 424, to the extent applicable, and in a manner that does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act.

The issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefore, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the maximum number of shares as to which Options, SARs, Incentive Awards, Stock Units and Stock Awards may be granted, the per individual limitations on the number of shares of Common Stock for which Options, SARs, Incentive Awards, Stock Units, or Stock Awards may be granted or the terms of outstanding Stock Awards, Options, Incentive Awards, Stock Units or SARs.

The Committee may make Stock Awards and may grant Options, SARs, Stock Units, Stock Awards and Incentive Awards in substitution for phantom shares, stock awards, stock options, stock appreciation rights, or similar awards held by an individual who becomes an employee of the Company or a Related Entity in connection with a transaction or event described in the first paragraph of this Article XI. Notwithstanding any provision of the Plan (other than the limitation of Section 5.02), the terms of such substituted Stock Awards, Options, Incentive Awards, Stock Units or SARs shall be as the Committee, in its discretion, determines is appropriate.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE XII
COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

No Option or SAR shall be exercisable, no Common Stock shall be issued (including by book-entry), no certificates for shares of Common Stock shall be delivered, and no payment shall be made under this Plan except in compliance with all applicable federal and state laws and regulations (including, without limitation, withholding tax requirements), any listing agreement to which the Company is a party, and the rules of all domestic stock exchanges on which the Company’s shares may be listed. The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any share certificate issued, or book-entry notation made, to evidence Common Stock when a Stock Award is granted, an Incentive Award or award of Stock Units is settled or for which an Option or SAR is exercised may bear such legends and statements as the Administrator may deem advisable to assure compliance with federal and state laws and regulations. No Option or SAR shall be exercisable, no Stock Award shall be granted, no Common Stock shall be issued (including by book-entry), no certificate for shares shall be delivered, and no payment shall be made under this Plan until the Company has obtained such consent or approval as the Administrator may deem advisable from regulatory bodies having jurisdiction over such matters.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE XIII
GENERAL PROVISIONS

13.01 Effect on Employment and Service

Neither the adoption of this Plan, its operation, nor any documents describing or referring to this Plan (or any part thereof), shall confer upon any individual any right to continue in the employ or service of the Company or a Related Entity or in any way affect any right or power of the Company or a Related Entity to terminate the employment or service of any individual at any time with or without assigning a reason therefore.

13.02 Clawback

All Awards (including any proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt or exercise of any Award or upon the receipt or resale of any Common Stock underlying the Award) shall be subject to the provisions of any claw-back policy implemented by the Company from time to time, including, without limitation, any claw-back policy adopted or amended to comply with the requirements of applicable law, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act, and any rules or regulations promulgated under applicable law, or to satisfy any applicable listing standards.

13.03 Unfunded Plan

The Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any time be represented by grants under this Plan. Any liability of the Company to any person with respect to any grant under this Plan shall be based solely upon any contractual obligations that may be created pursuant to this Plan. No such obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company.

13.04 Rules of Construction

Headings are given to the articles and sections of this Plan solely as a convenience to facilitate reference. The reference to any statute, regulation, or other provision of law shall be construed to refer to any amendment to or successor of such provision of law.

13.05 Code Section 409A

This Plan is intended to provide compensation that is exempt from or that complies with Code Section 409A, and ambiguous provisions, if any, in this Plan or an Agreement shall be construed and administered in a manner that is compliant with or exempt from the application of Code Section 409A, as appropriate. For purposes of Code Section 409A, each payment under this Plan shall be deemed a separate payment. Notwithstanding any provision of this Plan to the contrary, if the Participant is a “specified employee” within the meaning of Code Section 409A as of the date of the Participant’s termination of employment and the Company determines, in good faith, that immediate payment of any amount or benefits under this Plan would cause a violation of Code Section 409A, then any amounts or benefits that are payable under this Plan due to the Participant’s “separation from service” within the meaning of Code Section 409A which (i) are subject to the provisions of Code Section 409A; (ii) are not otherwise excluded under Code Section 409A; and (iii) would otherwise be payable during the first six-month period following such separation from service, shall be paid on the first business day next following the earlier of (1) the date that is six months and one day following the date of termination or (2) the date of the Participant’s death.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

Nothing in this Plan or an Agreement shall constitute a representation by the Company to a Participant regarding the tax consequences of any Award. Although the Company may endeavor to avoid adverse tax treatment (e.g., under Code Section 409A), the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable tax treatment. The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on holders of Awards under this Plan.

13.06 Fractional Shares

No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated.

13.07 Change in Control

(a) In the event of a Change in Control, the Committee in effect before such Change in Control, shall: (i) provide for an outstanding Award to become fully vested, settled, and/or exercisable in the event the Award is not assumed, or new rights substituted therefore, by the acquiring or surviving corporation in such Change in Control, and (ii) make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change in Control and to retain the economic value of the Award. Further, the Committee shall cause any such assumption or substitution to provide that the assumed or substituted Award shall become fully, vested, settled, and/or exercisable in the event of an involuntary termination of employment without Cause or for Good Reason within 12 months following the Change in Control.

(b) With respect to Section 13.07(a) above, any performance-related conditions will be deemed satisfied (i) based on actual performance determined over the period through the closing of the Change in Control, or (ii) at target performance levels if actual performance cannot be determined.

(c) Notwithstanding any other provision of the Plan or an Agreement, in the case of any Option or SAR with an exercise price that equals or exceeds (or, for a SAR, for which the Fair Market Value on the Date of Grant equals or exceeds) the price paid or consideration to be received for a share of Common Stock in connection with a Change in Control, the Committee may cancel the Option or SAR upon at least 10 days’ advance notice to the affected persons without the payment of consideration therefor.

(d) The obligations of the Company under the Plan and any Agreements shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the assets and business of the Company and/or a Related Entity, as applicable.

13.08 Tax Withholding

Each Participant shall be responsible for satisfying any income and employment tax withholding obligation attributable to participation in this Plan. If permitted by and in accordance with procedures established by the Administrator, a Participant may surrender shares of Common Stock, or receive fewer shares of Common Stock than otherwise would be issuable, in satisfaction of all or part of that obligation.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE XIV
AMENDMENT

The Board may amend or terminate this Plan from time to time; provided, however, that no amendment may become effective until shareholder approval is obtained to the extent that such shareholder approval is required by the Code, pursuant to the rules under Section 16 of the Exchange Act, by any stock exchange or market system upon which the Common Stock may then be listed, by any regulatory body having jurisdiction with respect thereto, or under any other applicable laws, rules or regulations. No amendment shall, without a Participant’s consent, adversely affect any rights of such Participant under any Stock Award, Incentive Award, award of Stock Units, Option or SAR outstanding at the time such amendment is made.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE XV
DURATION OF PLAN

No Stock Award, Incentive Award, Stock Units, Option or SAR may be granted under this Plan after the date of the annual meeting of the Company’s shareholders occurring in 2028 or, absent an annual meeting occurring in 2028, after December 31, 2028. Stock Awards, Incentive Awards, Stock Units, Options and SARs granted before that date shall remain valid in accordance with their respective terms.

NewMarket Corporation

2023 Incentive Compensation and Stock Plan

ARTICLE XVI
EFFECTIVE DATE OF PLAN

Options, SARs, Stock Awards and Stock Units, and Incentive Awards may be granted under this Plan on and after the Effective Date.

Exhibit 31(a)

CERTIFICATION

I, Thomas E. Gottwald, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 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: July 27, 2023
	By:	/s/ Thomas E. Gottwald
	Thomas E. Gottwald
	Chairman of the Board, President, and Chief Executive Officer

Exhibit 31(b)

CERTIFICATION

I, William J. Skrobacz, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of NewMarket Corporation;

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: July 27, 2023
	By:	/s/ William J. Skrobacz
	William J. Skrobacz
	Vice President and Chief Financial Officer

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

In connection with the Quarterly Report on Form 10-Q of NewMarket Corporation (the “Company”) for the period ending June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas E. Gottwald, chief executive officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1.the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


By:			/s/ Thomas E. Gottwald
Thomas E. Gottwald
Chairman of the Board, President, and Chief Executive Officer
July 27, 2023

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

In connection with the Quarterly Report on Form 10-Q of NewMarket Corporation (the “Company”) for the period ending June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, William J. Skrobacz, chief financial officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1.the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


By:			/s/ William J. Skrobacz
William J. Skrobacz
Vice President and Chief Financial Officer
July 27, 2023

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

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. 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. At June 30, 2023, the amount of confirmed invoices under the supplier finance program was not material.
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

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Net Sales

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

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

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 Postretirement Benefits

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Pension Plans and Other Postretirement Benefits


(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


	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

6 Months Ended

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

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories


(in thousands)	June 30, 2023		December 31, 2022
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 Amortization) and Goodwill

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles (Net of Amortization) and Goodwill


	June 30, 2023				December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
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

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

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt


(in thousands)	June 30, 2023		December 31, 2022
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

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.

We were in compliance with all covenants under the revolving credit facility as of June 30, 2023 and December 31, 2022.

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 (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

The balances of, and changes in, the components of accumulated other comprehensive loss, net of tax, consist of the following:


(in thousands)	Pension Plans and Other Postretirement Benefits		Foreign Currency Translation Adjustments		Accumulated Other Comprehensive (Loss) Income
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)

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements


	June 30, 2023				December 31, 2022
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt	$	916,179	$	819,808	$	1,003,737	$	906,891

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	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 (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)

6 Months Ended

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)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

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 Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans


(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


	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)

6 Months Ended

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)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories


(in thousands)	June 30, 2023		December 31, 2022
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 Amortization) and Goodwill (Tables)

6 Months Ended

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 Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
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)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt


(in thousands)	June 30, 2023		December 31, 2022
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 (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 and Other Postretirement Benefits		Foreign Currency Translation Adjustments		Accumulated Other Comprehensive (Loss) Income
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)

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Estimated Fair Value Of Long-Term Debt


	June 30, 2023				December 31, 2022
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt	$	916,179	$	819,808	$	1,003,737	$	906,891

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 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 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 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 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) - 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 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 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 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 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 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) (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	6.00%	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 (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	3.00%	3.00%
Maximum [Member] \| Former TEL Plant Site Louisiana And Houston Texas Plant Site [Member]
Site Contingency [Line Items]
Discount rate	9.00%	9.00%

Other Comprehensive Income (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

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)

Amounts reclassified from accumulated other comprehensive loss, Foreign Currency Translation Adjustments

Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive (Loss) Income

(1,842)

Total pension plans and other postretirement benefits

$ (920)

$ 33

(1,842)

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 (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 (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

NewMarket (NYSE:NEU)
Historical Stock Chart
Von Apr 2024 bis Mai 2024

NewMarket (NYSE:NEU)
Historical Stock Chart
Von Mai 2023 bis Mai 2024

Marktdaten

News

Werkzeuge

Märkte

Entdecken

Hot Features

Follow Feed

Optionen-Flow

Watchlist

NEU NewMarket Corporation

News NewMarket Corporation

Kürzlich von Ihnen besucht

Unternehmen

Geschäft

Popular

App herunterladen

Trends

Toplisten

Marktdaten

News

Werkzeuge

Märkte

Entdecken

Hot Features

Follow Feed

Optionen-Flow

Watchlist

NEU NewMarket Corporation

News NewMarket Corporation

Kürzlich von Ihnen besucht

Unternehmen

Geschäft

Popular

App herunterladen