Newmarket Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Newmarket Corp has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

NEWMARKET CORP (NEU) filed a Annual Report (10-K) with the SEC on February 15, 2024. Newmarket Corp filed its 2023 Form 10-K on February 15, 2024. The company is classified under the SIC code 2860 for Industrial Organic Chemicals. Its principal business address is located at 330 S Fourth St, Richmond, VA. The filing covers the fiscal year ending December 31, 2023. The company's fiscal year end is December 31.

Why It Matters

For investors and stakeholders tracking NEWMARKET CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Newmarket Corp's financial performance, business operations, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: low — NEWMARKET CORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Newmarket Corp's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-15 — Filing Date (FILED AS OF DATE)
• 2860 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 804-788-5000 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• NEWMARKET CORP (company) — FILER
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-15 (date) — FILED AS OF DATE
• Richmond, VA (location) — BUSINESS ADDRESS
• 2860 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• 1934 Act (regulation) — SEC ACT
• 001-32190 (filing_id) — SEC FILE NUMBER

FAQ

Industry Context

Newmarket Corp operates within the Industrial Organic Chemicals sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and balance sheet changes.
2. Review the Management's Discussion and Analysis (MD&A) for insights into business performance and outlook.
3. Examine the Risk Factors section for potential challenges and uncertainties.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-15: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for Newmarket Corp's 2023 10-K.

Key Financial Figures

• $700 million — C), which we acquired for approximately $700 million on January 16, 2024. Each of our subsi

Filing Documents

• neu-20231231.htm (10-K) — 1966KB
• neu-20231231xex109director.htm (EX-10.9) — 6KB
• neu-20231231xex21subsidiar.htm (EX-21) — 33KB
• neu-20231231xex23consent.htm (EX-23) — 2KB
• neu-20231231xexhibit31a.htm (EX-31.A) — 10KB
• neu-20231231xexhibit31b.htm (EX-31.B) — 10KB
• neu-20231231xexhibit32a.htm (EX-32.A) — 5KB
• neu-20231231xexhibit32b.htm (EX-32.B) — 5KB
• neu-20231231xex97policyfor.htm (EX-97) — 11KB
• neu-20231231_g1.jpg (GRAPHIC) — 114KB
• 0001282637-24-000005.txt (&nbsp;) — 13160KB
• neu-20231231.xsd (EX-101.SCH) — 70KB
• neu-20231231_cal.xml (EX-101.CAL) — 130KB
• neu-20231231_def.xml (EX-101.DEF) — 344KB
• neu-20231231_lab.xml (EX-101.LAB) — 986KB
• neu-20231231_pre.xml (EX-101.PRE) — 693KB
• neu-20231231_htm.xml (XML) — 2614KB

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 18

Cybersecurity

Item 1C. Cybersecurity 19

Properties

Item 2. Properties 20

Legal Proceedings

Item 3. Legal Proceedings 20

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22

Reserved

Item 6. Reserved 23

Management's Discussion and Analysis of Financial Condition and Results of Operation s

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation s 24

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 34

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 36

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 73

Controls and Procedures

Item 9A. Controls and Procedures 73

Other Information

Item 9B. Other Information 74

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 75

Executive Compensation

Item 11. Executive Compensation 75

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 76

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 76 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 77

Form 10-K Summary

Item 16. Form 10-K Summary 79

Signatures

Signatures 80 2 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS NewMarket Corporation (NewMarket) (NYSE: NEU) is a holding company and is the parent company of Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), NewMarket Services Corporation (NewMarket Services), and NewMarket Development Corporation (NewMarket Development). NewMarket is also the ultimate parent company of American Pacific Corporation (AMPAC), which we acquired for approximately $700 million on January 16, 2024. Each of our subsidiaries manages its own assets and liabilities. Afton manufactures and sells petroleum additives, while Ethyl markets antiknock compounds in North America and performs contracted manufacturing and related services. NewMarket Development manages the real property that we own in Virginia. AMPAC manufactures and sells critical performance additives used in solid rocket motors for space launch and military defense applications. NewMarket Services provides various administrative services to NewMarket, Afton, Ethyl, and NewMarket Development. Going forward, NewMarket Services will also provide such services to AMPAC. NewMarket Services expenses are billed to each subsidiary pursuant to services agreements between the companies. References in this Annual Report on Form 10-K to "we," "us," "our," and "NewMarket" are to NewMarket Corporation and its consolidated subsidiaries, unless the context indicates otherwise. As a specialty chemicals company, Afton develops and manufactures highly formulated lubricant and fuel additive packages and markets and sells these products worldwide. Afton is one of the largest lubricant and fuel additives companies in the world. Lubricant and fuel additives are necessary products for efficient and reliable operation of vehicles and machinery. From custom-formulated additive packages to market-general additives, we believe Afton provides customers with products and solutions that make engines run smoother, machines last longer, and fuels burn cleaner. Through an open, flexible, and

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View this 10-K filing on SEC EDGAR