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Acquisition of Business (Tables) | 6 Months Ended
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Jun. 30, 2024 | Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |  |
Schedule of Business Acquisitions, by Acquisition | The preliminary fair values of the assets acquired and the liabilities assumed in the AMPAC acquisition are as follows (in millions):
Cash and cash equivalents |  | $ | 16 |
Trade and other accounts receivable, net |  | 6 |
Inventories |  | 25 |
Prepaid expenses and other current assets |  | 3 |
Property, plant, and equipment, net |  | 111 |
Intangibles and goodwill |  | 650 |
Deferred charges and other assets |  | 5 |
Accounts payable |  | (3) |
Accrued expenses |  | (5) |
Other noncurrent liabilities |  | (111) |
Fair value of net assets acquired |  | $ | 697 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Identified intangible assets acquired consisted of the following (in millions):
|  | Fair Value |  | Estimated Useful Lives (in years)
Customer base |  | $ | 275 |  |  | 17.5
Formulas and technology |  | 60 |  |  | 8
Trademarks and trade names |  | 30 |  |  | 15
Water rights |  | 29 |  |  | indefinite
|  | $ | 394 |  |  |
Business Acquisition, Pro Forma Information [Table Text Block] |  | The following table presents the financial results in thousands for AMPAC from the date of acquisition through June 30, 2024 and for the second quarter ended June 30, 2024.
AMPAC |  | Second Quarter Ended June 30, 2024 |  | January 16 to June 30, 2024
Net sales |  | $ | 38,010 |  |  | $ | 55,057 |
Income (loss) before income taxes |  | 4,923 |  |  | (78) |
The following table presents our estimated unaudited pro forma consolidated results for the second quarter and six months ended June 30, 2024 and June 30, 2023, assuming the acquisition of AMPAC had occurred on January 1, 2023. The unaudited pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been realized if the acquisition had been completed at the beginning of 2023, nor is it indicative of expected results for any future period. In addition, no effect is given to any future synergistic benefits that could result from the integration of AMPAC into NewMarket. Unaudited pro forma information for the second quarter and six months ended June 30, 2024 and June 30, 2023 includes adjustments to depreciation and amortization based upon the fair value allocation of the purchase price to AMPAC's tangible and intangible assets acquired and liabilities assumed as though the acquisition had occurred on January 1, 2023, as well as adjustments for debt-related costs and management fees. The acquisition-related costs and the charge related to the fair value adjustment to acquisition-date inventory were recognized in actual results during the second quarter and six months ended June 30, 2024, but for the presentation below, these costs are excluded from 2024 unaudited pro forma income before income taxes and are instead reflected in 2023 pro forma income before income taxes as though they were incurred during the second quarter and six months ended June 30, 2023.
Pro Forma Supplemental Information (unaudited) (in thousands) |  |  |
|  | Second Quarter Ended June 30, | Six Months Ended June 30,
Consolidated |  | 2024 |  | 2023 | 2024 |  | 2023
Net sales |  | $ | 710,228 |  |  | $ | 707,196 |  | $ | 1,412,064 |  |  | $ | 1,426,179 |
Income before income taxes |  | 144,971 |  |  | 113,162 |  | 284,975 |  |  | 219,146 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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