1 unchanged sentence
Our common stock, with no par value, has traded on the New York Stock Exchange (NYSE) under the symbol “NEU” since June 21, 2004 when we became the parent holding company of Ethyl, Afton, NewMarket Services, NewMarket Development, and their subsidiaries.
−Removed: We had 1,891 shareholders of record at January 31, 2021.
+Added: We had 1,926 shareholders of r ecord at January 31, 2022.
On December 13, 2018, our Board of Directors approved a share repurchase program authorizing management to repurchase up to $500 million of NewMarket's outstanding common stock effective January 1, 2019 until December 31, 2021, as market conditions warrant and covenants under our existing debt agreements permit.
1 unchanged sentence
The repurchase program does not require NewMarket to acquire any specific number of shares and may be terminated or suspended at any time.
+Added: Approximately $220 million remained available under this authorization on October 28, 2021.
+Added: On October 28, 2021, our Board of Directors approved a share repurchase program authorizing management to repurchase up to $500 million of NewMarket's outstanding common stock until December 31, 2024, as market conditions warrant and covenants under our existing debt agreements permit.
+Added: The 2021 authorization replaced the 2018 authorization.
+Added: We may conduct the share repurchases in the open market, in privately negotiated transactions, through block trades, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
+Added: The repurchase program does not require the Company to acquire any specific number of shares and may be terminated or suspended at any time.
At December 31, 2021 , approximately $482 million remained available under the 2021 authorization.
−Removed: There were no purchases during the fourth quarter of 2020 under this authorization.
+Added: The following table outlines the purchases during the fourth quarter of 2021 under these authorizations.
+Added: Issuer Purchases of Equity Securities
+Added: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
+Added: October 1 to October 31 231,754 $ 356.37 231,754 $ 495,984,972
+Added: November 1 to November 30 5,055 333.44 5,055 494,299,408
+Added: December 1 to December 31 37,470 333.20 37,470 481,814,587
+Added: Total 274,279 $ 352.78 274,279 $ 481,814,587
Cash dividends declared and paid totaled $8.00 per share for the year ended December 31, 2021 and $7.60 per share for the year ended December 31, 2020.
3 unchanged sentences
The graph assumes $100 invested on the last day of December 2016, and the reinvestment of all dividends.
−Removed: The graph is based on historical data, and is not intended to be a forecast or indication of future performance of our common stock.
+Added: The graph is based on historical data, and is not intended to be a forecast or indication of future pe rform ance of our common stock.
Performance Graph
6 unchanged sentences
The graph and table above are not deemed “filed” with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor are they incorporated by reference into other filings made by us with the SEC.
−Removed: SELECTED FINANCIAL DATA
−Removed: NewMarket Corporation and Subsidiaries
−Removed: Five Year Summary
−Removed: Years Ended December 31,
−Removed: (in thousands, except per-share amounts and percentages) 2020 2019 2018 2017 2016
−Removed: Results of operations
−Removed: Net sales $ 2,010,931 $ 2,190,295 $ 2,289,675 $ 2,198,404 $ 2,049,451
−Removed: Costs and expenses 1,699,129 1,852,974 1,997,001 1,875,670 1,694,692
−Removed: Operating profit 311,802 337,321 292,674 322,734 354,759
−Removed: Interest and financing expenses, net 26,328 29,241 26,723 21,856 16,785
−Removed: Other income (expense), net (1) 45,813 23,510 24,334 14,564 5,234
−Removed: Income before income tax expense 331,287 331,590 290,285 315,442 343,208
−Removed: Income tax expense (2) 60,719 77,304 55,551 124,933 99,767
−Removed: Net income $ 270,568 $ 254,286 $ 234,734 $ 190,509 $ 243,441
−Removed: Financial position and other data
−Removed: Total assets $ 1,933,875 $ 1,885,132 $ 1,697,274 $ 1,712,154 $ 1,416,436
−Removed: Working capital $ 585,623 $ 570,503 $ 542,119 $ 516,861 $ 542,293
−Removed: Current ratio 2.87 to 1 2.85 to 1 3.00 to 1 2.63 to 1 2.84 to 1
−Removed: Depreciation and amortization $ 84,002 $ 87,560 $ 71,759 $ 55,340 $ 44,893
−Removed: Capital expenditures $ 93,316 $ 59,434 $ 74,638 $ 148,713 $ 142,874
−Removed: Gross profit as a % of net sales 29.6 % 28.8 % 25.6 % 28.9 % 33.0 %
−Removed: Research, development, and testing expenses $ 140,367 $ 144,465 $ 140,289 $ 146,002 $ 160,788
−Removed: Total long-term debt $ 598,848 $ 642,941 $ 770,999 $ 602,900 $ 507,275
−Removed: Common stock and other shareholders’ equity
−Removed: $ 759,824 $ 683,098 $ 489,907 $ 601,649 $ 483,251
−Removed: Total long-term debt as a % of total capitalization (debt plus equity)
−Removed: 44.1 % 48.5 % 61.1 % 50.1 % 51.2 %
−Removed: Basic and diluted earnings per share $ 24.64 $ 22.73 $ 20.34 $ 16.08 $ 20.54
−Removed: Equity per share $ 69.57 $ 61.05 $ 43.80 $ 51.07 $ 40.79
−Removed: Cash dividends declared per share $ 7.60 $ 7.30 $ 7.00 $ 7.00 $ 6.40
−Removed: Notes to the Five Year Summary
−Removed: (1) Other income (expense), net for each year included the components of net periodic benefit cost (income), except for service costs, amounting to income of $26 million in 2020, $23 million in 2019, $19 million in 2018, $14 million in 2017 and $8 million in 2016.
−Removed: The amount for 2020 also included a gain of $16 million related to the sale of a non-operating parcel of real estate.
−Removed: In addition, 2016 included a loss on the Goldman Sachs interest rate swap, as well as several other small items.
−Removed: The loss on the interest rate swap was $5 million for 2016.
−Removed: We terminated the interest rate swap on September 7, 2016.
−Removed: We did not use hedge accounting to record the interest rate swap, and accordingly, any change in the fair value was immediately recognized in earnings.
−Removed: (2) On December 22, 2017, the United States enacted tax legislation commonly known as the Tax Cuts and Jobs Act, which required a one-time tax in 2017 on the deemed repatriation of previously deferred foreign earnings and reduced the U.S.
−Removed: corporate tax rate from 35% to 21% beginning in 2018.
−Removed: We recorded a net tax expense of $31 million in 2017 as a result.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.