NewMarket Corporation (NEU)

Number of days of payables

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Payables turnover		9.01	9.85	9.86	10.72	8.32	7.84	6.79	7.08	7.96	7.46	6.66	7.30	8.24	8.41	12.79	9.57	9.59	11.08	10.56	13.36
Number of days of payables	days	40.53	37.07	37.04	34.05	43.87	46.53	53.73	51.53	45.85	48.94	54.79	50.02	44.31	43.39	28.54	38.15	38.07	32.95	34.57	27.33

December 31, 2023 calculation

Number of days of payables = 365 ÷ Payables turnover
= 365 ÷ 9.01
= 40.53

The number of days of payables for NewMarket Corp. has shown a decreasing trend over the past eight quarters, from 55.55 days in Q1 2022 to 43.81 days in Q4 2023. This indicates that the company is taking fewer days to pay its suppliers and vendors.

The decrease in the number of days of payables suggests that NewMarket Corp. may be managing its payables more efficiently, potentially negotiating better payment terms with its suppliers or improving its working capital management practices.

A lower number of days of payables can also indicate a more favorable position for the company, as it may have more cash on hand or be able to take advantage of early payment discounts.

Overall, the decreasing trend in the number of days of payables for NewMarket Corp. reflects positively on the company's financial health and management of its payables.