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Segment Information
 3 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Segment Information
Segment Information
The tables below show our consolidated segment results. The “All other” category includes the operations of the TEL business, as well as certain contract manufacturing performed by Ethyl Corporation (Ethyl).

Consolidated Revenue by Segment
 
 
Three Months Ended
March 31,
(in thousands)
 
2013
 
2012
Petroleum additives
 
 
 
 
     Lubricant additives
 
$
452,672

 
$
444,545

     Fuel additives
 
105,728

 
113,147

          Total
 
558,400

 
557,692

Real estate development
 
2,858

 
2,858

All other
 
1,350

 
2,129

Consolidated revenue
 
$
562,608

 
$
562,679


Segment Operating Profit
 
 
Three Months Ended
March 31,
(in thousands)
 
2013
 
2012
Petroleum additives
 
$
102,028

 
$
107,154

Real estate development
 
1,790

 
1,789

All other
 
(401
)
 
519

Segment operating profit
 
103,417

 
109,462

Corporate, general, and administrative expenses
 
(5,216
)
 
(5,505
)
Interest and financing expenses, net
 
(5,109
)
 
(4,482
)
Gain on interest rate swap agreement (a)
 
678

 
1,735

Loss on early extinguishment of debt (b)
 
0

 
(3,221
)
Other income, net
 
103

 
814

Income before income tax expense
 
$
93,873

 
$
98,803

 
(a)
The gain on interest rate swap agreement represents the change, since the beginning of the reporting period, in the fair value of an interest rate swap which we entered into on June 25, 2009. We are not using hedge accounting to record the interest rate swap, and accordingly, any change in the fair value is immediately recognized in earnings.

(b)
In March 2012, we entered into a $650 million five-year unsecured revolving credit facility which replaced our previous $300 million unsecured revolving credit facility. During 2012, we used a portion of the $650 million revolving credit facility to fund the early redemption of all of our then outstanding 7.125% senior notes (7.125% senior notes), as well as to repay the outstanding principal amount on the Foundry Park I mortgage loan. As a result, during the three months ended March 31, 2012, we recognized a loss on early extinguishment of debt of $3.2 million from accelerated amortization of financing fees associated with the prior revolving credit facility and costs associated with redeeming the 7.125% senior notes prior to maturity.

Segment Depreciation and Amortization 
 
 
Three Months Ended
March 31,
(in thousands)
 
2013
 
2012
Petroleum additives
 
$
9,829

 
$
8,797

Real estate development
 
1,295

 
946

All other and corporate
 
672

 
739

Total depreciation and amortization
 
$
11,796

 
$
10,482