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Segment and Geographic Area Information | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Segment and Geographic Area Information | Segment and Geographic Area Information Segment Information—The tables below show our consolidated segment results. The “All other” category includes the operations of the antiknock compounds business, as well as certain contracted manufacturing and services associated with Ethyl. The segment accounting policies are the same as those described in Note 1. We evaluate the performance of the petroleum additives business based on segment operating profit. NewMarket Services departments and other expenses are billed to Afton and Ethyl based on the services provided under the holding company structure. Depreciation on segment property, plant, and equipment, as well as amortization of segment intangible assets and lease right-of-use assets for 2020 and 2019 are included in segment operating profit. No transfers occurred between the petroleum additives segment and the “All other” category during the periods presented. The table below reports net sales and operating profit by segment, as well as a reconciliation to income before income tax expense, for the last three years.
|  | Years Ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Net sales |  |  |  |  |  |
Petroleum additives |  |  |  |  |  |
Lubricant additives |  | $ | 1,686,649 |  |  | $ | 1,778,473 |  |  | $ | 1,870,803 |
Fuel additives |  | 314,918 |  |  | 397,431 |  |  | 410,000 |
Total |  | 2,001,567 |  |  | 2,175,904 |  |  | 2,280,803 |
All other |  | 9,364 |  |  | 14,391 |  |  | 8,872 |
Net sales (a) |  | $ | 2,010,931 |  |  | $ | 2,190,295 |  |  | $ | 2,289,675 |
Segment operating profit |  |  |  |  |  |
Petroleum additives |  | $ | 333,241 |  |  | $ | 359,228 |  |  | $ | 311,019 |
All other |  | (100) |  |  | (1,562) |  |  | (3,256) |
Segment operating profit |  | 333,141 |  |  | 357,666 |  |  | 307,763 |
Corporate, general, and administrative expenses |  | (21,744) |  |  | (20,345) |  |  | (19,651) |
Interest and financing expenses, net |  | (26,328) |  |  | (29,241) |  |  | (26,723) |
Other income (expense), net |  | 46,218 |  |  | 23,510 |  |  | 28,896 |
Income before income tax expense |  | $ | 331,287 |  |  | $ | 331,590 |  |  | $ | 290,285 |
(a)No single customer accounted for 10% or more of our total net sales in 2020, 2019, or 2018. The following tables show asset information by segment and the reconciliation to consolidated assets. Segment assets consist of accounts receivable, inventory, and long-lived assets. Long-lived assets included in the petroleum additives segment amounts in the table below include property, plant, and equipment (net of depreciation), intangibles (net of amortization) and goodwill, and lease right-of-use assets. The additions to long-lived assets include property, plant, and equipment for all years and lease right-of-use assets for 2020 and 2019.
|  | December 31,
(in thousands) |  | 2020 |  | 2019
Segment assets |  |  |  |
Petroleum additives |  | $ | 1,557,834 |  |  | $ | 1,506,690 |
All other |  | 18,383 |  |  | 14,519 |
|  | 1,576,217 |  |  | 1,521,209 |
Cash and cash equivalents |  | 125,172 |  |  | 144,397 |
Other accounts receivable |  | 13,566 |  |  | 6,068 |
Prepaid expenses and other current assets |  | 35,480 |  |  | 33,237 |
Non-segment property, plant, and equipment, net |  | 31,839 |  |  | 34,648 |
Prepaid pension cost |  | 137,069 |  |  | 133,848 |
Lease right-of-use assets |  | 198 |  |  | 302 |
Deferred charges and other assets |  | 14,334 |  |  | 11,423 |
Total assets |  | $ | 1,933,875 |  |  | $ | 1,885,132 |
|  | Years Ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Additions to long-lived assets |  |  |  |  |  |
Petroleum additives |  | $ | 109,536 |  |  | $ | 85,711 |  |  | $ | 72,829 |
All other |  | 3 |  |  | 28 |  |  | 0 |
Corporate |  | 2,453 |  |  | 3,076 |  |  | 1,809 |
Total additions to long-lived assets |  | $ | 111,992 |  |  | $ | 88,815 |  |  | $ | 74,638 |
Depreciation and amortization |  |  |  |  |  |
Petroleum additives |  | $ | 80,811 |  |  | $ | 84,872 |  |  | $ | 69,029 |
All other |  | 52 |  |  | 52 |  |  | 11 |
Corporate |  | 3,139 |  |  | 2,636 |  |  | 2,719 |
Total depreciation and amortization |  | $ | 84,002 |  |  | $ | 87,560 |  |  | $ | 71,759 |
Geographic Area Information - We have operations in the North America, Latin America, Asia Pacific, and EMEAI regions. Our foreign customers consist primarily of global, national, and independent oil companies. The tables below report net sales, total assets, and long-lived assets by geographic area, as well as by country for those countries with significant net sales or long-lived assets. Since our foreign operations are significant to our overall business, we are also presenting net sales in the table below by the major regions in which we operate. NewMarket assigns net sales to geographic areas based on the location to which the product was shipped to a third party. Long-lived assets in the table below include property, plant, and equipment, net of depreciation, and lease right-of-use assets.
|  | Years Ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Net sales |  |  |  |  |  |
United States |  | $ | 650,654 |  |  | $ | 728,125 |  |  | $ | 722,576 |
China |  | 213,788 |  |  | 225,498 |  |  | 239,406 |
Europe, Middle East, Africa, India |  | 651,645 |  |  | 700,081 |  |  | 756,258 |
Asia Pacific, except China |  | 279,847 |  |  | 311,469 |  |  | 335,119 |
Other foreign |  | 214,997 |  |  | 225,122 |  |  | 236,316 |
Net sales |  | $ | 2,010,931 |  |  | $ | 2,190,295 |  |  | $ | 2,289,675 |
|  | December 31,
(in thousands) |  | 2020 |  | 2019
Total assets |  |  |  |
United States |  | $ | 763,642 |  |  | $ | 728,571 |
Foreign |  | 1,170,233 |  |  | 1,156,561 |
Total assets |  | $ | 1,933,875 |  |  | $ | 1,885,132 |
Long-lived assets |  |  |  |
United States |  | $ | 312,586 |  |  | $ | 275,646 |
Singapore |  | 271,135 |  |  | 287,276 |
Other foreign |  | 153,529 |  |  | 145,862 |
Total long-lived assets |  | $ | 737,250 |  |  | $ | 708,784 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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