NEWMARKET CORP
For the period ended Jun 30, 2024. Filed Jul 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 30, 2024
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Pension Plans and Other Postretirement Benefits
- Pension Plans and Other Postretirement Benefits
The table below shows cash contributions made during the six months ended June 30, 2024, as well as the remaining cash contributions we expect to make during the year ending December 31, 2024, for our domestic and foreign pension plans and domestic postretirement benefit plan.
| (in thousands) | Actual Cash Contributions for Six Months Ended June 30, 2024 | Expected Remaining Cash Contributions for Year Ending December 31, 2024 |
|---|---|---|
| Domestic plans | ||
| Pension benefits | $2,373 | $1,992 |
| Postretirement benefits | 790 | 790 |
| Foreign plans | ||
| Pension benefits | 2,618 | 2,375 |
The tables below present information on net periodic benefit cost (income) for our domestic and foreign pension plans and domestic postretirement benefit plan. The service cost component of net periodic benefit cost (income) is reflected in cost of goods sold; selling, general, and administrative expenses; or research, development, and testing expenses, according to where other compensation costs arising from services rendered by the pertinent employee are recorded on the Consolidated Statements of Income. The remaining components of net periodic benefit cost (income) are recorded in other income (expense), net on the Consolidated Statements of Income.
| Domestic | ||||
|---|---|---|---|---|
| Pension Benefits · Postretirement Benefits | ||||
| Second Quarter Ended June 30, | ||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 |
| Service cost | $3,062 | $2,659 | $134 | $130 |
| Interest cost | 5,927 | 4,536 | 418 | 391 |
| Expected return on plan assets | (13,724) | (11,510) | (193) | (201) |
| Amortization of prior service cost (credit) | 46 | 6 | (757) | (757) |
| Amortization of actuarial net (gain) loss | (458) | (412) | (15) | (75) |
| Net periodic benefit cost (income) | $(5,147) | $(4,721) | $(413) | $(512) |
| Domestic | ||||
|---|---|---|---|---|
| Pension Benefits · Postretirement Benefits | ||||
| Six Months Ended June 30, | ||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 |
| Service cost | $6,078 | $5,317 | $269 | $260 |
| Interest cost | 11,649 | 9,072 | 836 | 782 |
| Expected return on plan assets | (27,265) | (23,019) | (385) | (403) |
| Amortization of prior service cost (credit) | 93 | 12 | (1,514) | (1,514) |
| Amortization of actuarial net (gain) loss | (915) | (823) | (31) | (151) |
| Net periodic benefit cost (income) | $(10,360) | $(9,441) | $(825) | $(1,026) |
| Foreign | ||||
|---|---|---|---|---|
| Pension Benefits | ||||
| Second Quarter Ended June 30, | Six Months Ended June 30, | |||
| (in thousands) | 2024 | 2023 | 2024 | 2023 |
| Service cost | $1,075 | $1,074 | $2,162 | $2,128 |
| Interest cost | 1,608 | 1,577 | 3,226 | 3,121 |
| Expected return on plan assets | (3,316) | (2,899) | (6,649) | (5,740) |
| Amortization of prior service cost (credit) | 35 | 34 | 70 | 68 |
| Amortization of actuarial net (gain) loss | (6) | (6) | (13) | (12) |
| Net periodic benefit cost (income) | $(604) | $(220) | $(1,204) | $(435) |
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