neu-20250630

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, 2025


☐			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. ¨

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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, 2025: 9,396,621

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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 30 , 2025 and June 3 0 , 2024			4
Consolidated Statements of Comprehensive Income - Second Quarter and Six Months Ended June 3 0 , 2025 and June 3 0 , 2024			5
Condensed Consolidated Balance Sheets - June 3 0 , 2025 and December 31, 2024			6
Consolidated Statements of Shareholders' Equity - Second Quarter and Six Months Ended June 3 0 , 2025 and June 30 , 2024			7
Condensed Consolidated Statements of Cash Flows - Six Months Ended June 3 0 , 2025 and June 30 , 2024			8
Notes to Condensed Consolidated Financial Statements			9
Financial Statement Presentation			9
Acquisition of Business			9
Net Sales			11
Segment Information			11
Pension Plans and Other Postretirement Benefits			13
Earnings Per Share			14
Inventories			15
Intangibles (Net of Amortization) and Goodwill			15
Long-term Debt			16
Commitments and Contingencies			16
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss			17
Fair Value Measurements			17
Recent Accounting Pronouncements			18
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			19
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk			25
ITEM 4. Controls and Procedures			25
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings			26
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds			26
ITEM 5. Other Information			26
ITEM 6. Exhibits			26
SIGNATURES			27

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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,
	2025		2024		2025		2024
Net sales	$	698,509	$	710,228	$	1,399,455	$	1,406,964
Cost of goods sold	477,555		491,773		942,478		972,144
Gross profit	220,954		218,455		456,977		434,820
Selling, general, and administrative expenses	45,428		42,840		88,406		87,205
Research, development, and testing expenses	32,374		28,663		65,550		59,863
Operating profit	143,152		146,952		303,021		287,752
Interest and financing expenses, net	10,735		15,910		21,435		31,564

Other income (expense), net	15,271		11,952		30,215		24,499
Income before income tax expense	147,688		142,994		311,801		280,687
Income tax expense	36,444		31,374		74,608		61,335
Net income	$	111,244	$	111,620	$	237,193	$	219,352
Earnings per share - basic and diluted	$	11.84	$	11.63	$	25.11	$	22.87
Cash dividends declared per share	$	2.75	$	2.50	$	5.50	$	5.00

See accompanying Notes to Condensed Consolidated Financial Statements

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NEWMARKET CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


(in thousands)	Second Quarter Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	111,244	$	111,620	$	237,193	$	219,352
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 $(175) in the second quarter 2025, $(173) in the second quarter 2024, $(352) in the six months 2025, and $(347) in the six months 2024	(499)		(502)		(999)		(1,004)

Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), net of income tax expense (benefit) of $(344) in the second quarter 2025, $(122) in the second quarter 2024, $(685) in the six months 2025, and $(244) in the six months 2024	(1,001)		(357)		(1,990)		(715)
Total pension plans and other postretirement benefits	(1,500)		(859)		(2,989)		(1,719)




Foreign currency translation adjustments, net of income tax expense (benefit) of $377 in the second quarter 2025, $(850) in the second quarter 2024, $873 in the six months 2025, and $(1,088) in the six months 2024	27,306		(4,364)		39,821		(11,307)




Other comprehensive income (loss)	25,806		(5,223)		36,832		(13,026)
Comprehensive income	$	137,050	$	106,397	$	274,025	$	206,326

See accompanying Notes to Condensed Consolidated Financial Statements

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NEWMARKET CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in thousands, except share amounts)	June 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	70,257	$	77,476

Trade and other accounts receivable, less allowance for credit losses	453,709		395,450
Inventories	494,849		505,426
Prepaid expenses and other current assets	49,001		51,203
Total current assets	1,067,816		1,029,555
Property, plant, and equipment, net	739,182		735,361
Intangibles (net of amortization) and goodwill	737,873		750,424
Prepaid pension cost	518,818		490,418
Operating lease right-of-use assets, net	76,247		71,253

Deferred charges and other assets	54,593		52,530
Total assets	$	3,194,529	$	3,129,541
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	260,486	$	225,874
Accrued expenses	77,568		89,277
Dividends payable	21,460		22,037
Income taxes payable	18,647		15,798
Operating lease liabilities	17,170		15,337

Other current liabilities	6,741		6,155
Total current liabilities	402,072		374,478
Long-term debt	841,829		971,281
Operating lease liabilities-noncurrent	59,377		54,754
Other noncurrent liabilities	279,528		267,445
Total liabilities	1,582,806		1,667,958
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common stock and paid-in capital (with no par value; authorized shares - 80,000,000; issued and outstanding shares - 9,396,621 at June 30, 2025 and 9,524,789 at December 31, 2024)	515		0
Accumulated other comprehensive income	69,702		32,870
Retained earnings	1,541,506		1,428,713
Total shareholders’ equity	1,611,723		1,461,583
Total liabilities and shareholders’ equity	$	3,194,529	$	3,129,541

See accompanying Notes to Condensed Consolidated Financial Statements

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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 Income (Loss)		Retained Earnings		Total Shareholders’ Equity
	Shares	Amount
Balance at March 31, 2024	9,594,250	$	1,406	$	(28,874)	$	1,179,756	$	1,152,288
Net income						111,620		111,620
Other comprehensive income (loss)				(5,223)				(5,223)
Cash dividends ($2.50 per share)						(23,986)		(23,986)


Stock-based compensation	(140)	646				3		649
Balance at June 30, 2024	9,594,110	$	2,052	$	(34,097)	$	1,267,393	$	1,235,348

Balance at March 31, 2025	9,434,506	$	0	$	43,896	$	1,475,600	$	1,519,496
Net income						111,244		111,244
Other comprehensive income (loss)				25,806				25,806
Cash dividends ($2.75 per share)						(25,841)		(25,841)
Repurchases of common stock	(36,812)	(273)				(19,519)		(19,792)

Stock-based compensation	(1,073)	788				22		810
Balance at June 30, 2025	9,396,621	$	515	$	69,702	$	1,541,506	$	1,611,723

Balance at December 31, 2023	9,590,086	$	2,130	$	(21,071)	$	1,096,002	$	1,077,061
Net income						219,352		219,352
Other comprehensive income (loss)				(13,026)				(13,026)
Cash dividends ($5.00 per share)						(47,972)		(47,972)


Tax withholdings related to stock-based compensation	(1,816)	(1,118)				0		(1,118)
Stock-based compensation	5,840	1,040				11		1,051
Balance at June 30, 2024	9,594,110	$	2,052	$	(34,097)	$	1,267,393	$	1,235,348

Balance at December 31, 2024	9,524,789	$	0	$	32,870	$	1,428,713	$	1,461,583
Net income						237,193		237,193
Other comprehensive income (loss)				36,832				36,832
Cash dividends ($5.50 per share)						(51,898)		(51,898)
Repurchases of common stock	(133,658)	(761)				(71,522)		(72,283)

Tax withholdings related to stock-based compensation	(1,846)	0				(1,002)		(1,002)
Stock-based compensation	7,336	1,276				22		1,298
Balance at June 30, 2025	9,396,621	$	515	$	69,702	$	1,541,506	$	1,611,723

See accompanying Notes to Condensed Consolidated Financial Statements

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NEWMARKET CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


(in thousands)	Six Months Ended June 30,
	2025		2024
Cash and cash equivalents at beginning of year	$	77,476	$	111,936
Cash flows from operating activities:
Net income	237,193		219,352
Adjustments to reconcile net income to cash provided from operating activities:
Depreciation and amortization	57,270		55,130
Deferred income tax expense (benefit)	4,604		(7,461)


Working capital changes	(828)		(40,696)

Cash pension and postretirement contributions	(4,871)		(5,781)
Other, net	(11,978)		(2,741)
Cash provided from (used in) operating activities	281,390		217,803
Cash flows from investing activities:
Capital expenditures	(29,295)		(28,533)
Acquisition of business (net of $15,588 of cash acquired)	0		(681,479)



Cash provided from (used in) investing activities	(29,295)		(710,012)
Cash flows from financing activities:
Net (repayments) borrowings under revolving credit facility	(30,000)		279,000
(Payment) proceeds on term loan	(50,000)		250,000
Principal payment on 3.78% senior notes	(50,000)		0
Repurchases of common stock	(77,218)		0
Dividends paid	(51,898)		(47,972)
Debt issuance costs	0		(2,251)
Other, net	(5,092)		(8,294)
Cash provided from (used in) financing activities	(264,208)		470,483
Effect of foreign exchange on cash and cash equivalents	4,894		(2,578)
Decrease in cash and cash equivalents	(7,219)		(24,304)
Cash and cash equivalents at end of period	$	70,257	$	87,632

See accompanying Notes to Condensed Consolidated Financial Statements

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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, 2025 and December 31, 2024, our consolidated results of operations, comprehensive income, and changes in shareholders' equity for the second quarter and six months ended June 30, 2025 and June 30, 2024, and our cash flows for the six months ended June 30, 2025 and June 30, 2024. All adjustments are of a normal, recurring nature, unless otherwise disclosed. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (SEC), but do not include all disclosures required by GAAP for complete annual consolidated financial statements. 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, 2024 (2024 Annual Report), as filed with the SEC. The results of operations for the six-month period ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.

Unless the context otherwise indicates, all references to “we,” “us,” “our,” the “company,” and “NewMarket” are to NewMarket Corporation and its consolidated subsidiaries.

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 any arrangement between our vendors 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 both June 30, 2025 and December 31, 2024, the amount of confirmed invoices under the supplier finance program was not material.

2. Acquisition of Business

On January 16, 2024, we completed the acquisition of all issued and outstanding ownership units of AMPAC Intermediate Holdings, LLC, the ultimate parent company of American Pacific Corporation (AMPAC), for approximately $697 million. Based in Cedar City, Utah, AMPAC has one operating facility from which it manufactures and sells critical specialty materials primarily used in solid rocket motors for space launch and military defense applications. AMPAC is qualified on many NASA and Department of Defense programs and has been serving space launch and national defense programs for more than 60 years. The acquisition of AMPAC expands our presence in mission-critical, resilient sectors. It was funded by cash on hand and borrowings under our then existing revolving credit facility. The purchase consideration was subject to a customary post-closing adjustment for working capital, which was finalized during the second quarter of 2024.

The 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

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NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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

As part of the acquisition, we recorded $256 million of goodwill. The goodwill recognized is attributable to increased access to mission-critical, resilient sectors with a role in global safety, security, and space exploration, as well as the value of the skilled assembled workforce of AMPAC. All of the goodwill recognized is part of the specialty materials segment, and none of the goodwill is deductible for income tax purposes.

The allocation of the purchase price of AMPAC to the tangible and intangible assets acquired and liabilities assumed was developed using estimates of fair value. Acquisition-related charges of $1 million consisted primarily of legal and professional fees and are included in selling, general, and administrative expenses in our Consolidated Statements of Income for the second quarter and six months ended June 30, 2024.

We accounted for this acquisition using the acquisition method of accounting for business combinations under the provisions of Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 805, Business Combinations and have included the results of operations of the acquired business from the date of acquisition in our Consolidated Statements of Income as well as in the specialty materials segment in Note 4. These results include a charge related to the sale of finished goods inventory acquired, which was recorded at fair value on the acquisition date and sold to customers during 2024.

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 (in thousands).


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, 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 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 since on a pro forma basis, they would have been incurred during 2023.


Pro Forma Supplemental Information (unaudited) (in thousands)

Consolidated	Second Quarter Ended June 30, 2024		Six Months Ended June 30, 2024
Net sales	$	710,228	$	1,412,064
Income before income taxes	144,971		284,975

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NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

3. Net Sales

Our revenues are predominantly 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 petroleum additives customers primarily consist of global, national, and independent oil companies. Our petroleum additives contracts generally include one performance obligation, which is satisfied at a point in time when products are shipped, delivered, or consumed by the customer, depending on the underlying contracts.

Additionally, we have revenue from the manufacture and sale of critical specialty materials products used primarily in solid rocket motors for space launch and military defense applications. The sale of specialty materials products is predominantly to customers located in the United States, with limited amounts to customers in other countries. Our specialty materials customers are primarily contractors or subcontractors of the U.S. government. Specialty materials contracts generally include one performance obligation, which is typically satisfied at a point in time when the products are shipped from the plant site.

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 until we recognize the revenue. Some of our contracts also include variable consideration in the form of rebates, tiered pricing, and/or business development funds. We regularly review these and make adjustments 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 4.


	Second Quarter Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Net sales
United States	$	269,147	$	273,483	$	540,023	$	521,719
Europe, Middle East, Africa, India	212,895		202,351		414,571		411,290
Asia Pacific	131,488		149,003		278,924		305,102
Other foreign	84,979		85,391		165,937		168,853
Net sales	$	698,509	$	710,228	$	1,399,455	$	1,406,964

4. Segment Information

We have two reportable segments – petroleum additives and specialty materials. The petroleum additives segment includes lubricant and fuel additives which are necessary for the efficient and reliable operation of vehicles and machinery. The specialty materials segment includes critical materials used in solid rocket motors for space launch and military defense applications. The petroleum additives and specialty materials segments are managed separately by the president of Afton and the president of AMPAC, respectively. The “All other” category shown in the tables below includes the operations of the antiknock compounds business, as well as certain contracted manufacturing and related services associated with Ethyl.

We have determined that our chief executive officer is the chief operating decision maker (CODM) who makes key operating decisions and assesses the performance of the reportable segments. The CODM evaluates performance based on segment operating profit and considers budgeted and forecasted variances to actual results in allocating resources to the segments.

The segment accounting policies are the same as those described in Note 1 of our 2024 Annual Report. NewMarket Services expenses are billed to Afton, AMPAC, and Ethyl based on the services provided. Depreciation on segment property, plant, and equipment, as well as amortization of segment definite-lived intangible assets and lease right-of-use assets are included in segment operating profit. No transfers occurred between any of the petroleum additives segment, specialty materials 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 second quarter and six months ended June 30, 2025 and June 30, 2024. No single customer accounted for 10% or more of our total net sales in any period presented.

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NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


	Second Quarter Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Net sales
Petroleum additives
Lubricant additives	$	556,479	$	575,194	$	1,115,657	$	1,147,109
Fuel additives	97,396		94,632		183,772		199,981
Total	653,875		669,826		1,299,429		1,347,090
Specialty materials	42,037		38,010		95,758		55,057
All other	2,597		2,392		4,268		4,817
Total net sales	$	698,509	$	710,228	$	1,399,455	$	1,406,964

Segment operating profit
Petroleum additives
Net sales	$	653,875	$	669,826	$	1,299,429	$	1,347,090
Cost of goods sold	(448,474)		(461,617)		(886,220)		(924,536)
Research, development, and testing expenses	(32,374)		(28,663)		(65,550)		(59,863)
Other segment items	(33,192)		(31,727)		(65,717)		(63,963)
Petroleum additives segment operating profit	139,835		147,819		281,942		298,728

Specialty materials
Net sales	42,037		38,010		95,758		55,057
Other segment items	(31,490)		(33,038)		(62,024)		(55,052)
Specialty materials segment operating profit	10,547		4,972		33,734		5

Total segment operating profit	150,382		152,791		315,676		298,733

All other	(1,171)		(1,374)		(1,652)		(1,455)
Corporate, general, and administrative expenses	(6,414)		(3,985)		(11,300)		(9,542)
Interest and financing expenses, net	(10,735)		(15,910)		(21,435)		(31,564)
Other income (expense), net	15,626		11,472		30,512		24,515
Income before income tax expense	$	147,688	$	142,994	$	311,801	$	280,687

The significant expense categories of cost of goods sold and research, development, and testing expenses are shown in the above segment operating profit table for the petroleum additives segment and are regularly provided to the CODM. The other segment items for the petroleum additives segment represent selling, general, and administrative expenses, as well as corporate services allocated to the reporting segment.

The other segment items for the specialty materials segment include costs of goods sold; selling, general, and administrative expenses; and corporate services allocated to the reporting segment. Significant expense categories of the specialty materials segment are not regularly provided to the CODM.

Asset information by segment is not reported internally or otherwise regularly provided to the CODM.

The following tables show additions to long-lived assets by segment and depreciation and amortization by segment and the reconciliation to both consolidated amounts. The additions to long-lived assets include property, plant, and equipment and lease right-of-use assets.

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NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


	Second Quarter Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Additions to long-lived assets
Petroleum additives	$	16,449	$	17,644	$	36,723	$	38,948
Specialty materials	4,139		981		5,027		2,418
All other	0		0		0		2
Corporate	970		298		2,062		838
Total additions to long-lived assets	$	21,558	$	18,923	$	43,812	$	42,206
Depreciation and amortization
Petroleum additives	$	18,700	$	19,019	$	37,679	$	38,093
Specialty materials	8,864		9,381		17,722		15,020
All other	12		12		24		23
Corporate	916		911		1,845		1,994
Total depreciation and amortization	$	28,492	$	29,323	$

SEC Form 10-Q filed by NewMarket Corp