10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014

OR

¨ 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 001-12019

QUAKER CHEMICAL CORPORATION

(Exact name of Registrant as specified in its charter)

Pennsylvania	23-0993790
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Quaker Park, 901 E. Hector Street, Conshohocken, Pennsylvania	19428 – 2380
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 610-832-4000

Not Applicable

Former name, former address and former fiscal year, if changed since last report.

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes  x     No  ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  x	Accelerated filer  ¨
Non-accelerated filer  ¨(Do not check if smaller reporting company)	Smaller reporting Company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Number of Shares of Common Stock Outstanding on March 31, 2014   13,226,717

QUAKER CHEMICAL CORPORATION AND CONSOLIDATED SUBSIDIARIES

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Statement of Income for the Three Months Ended March 31, 2014 and March 31, 2013	3
	Condensed Consolidated Statement of Comprehensive Income for the Three Months Ended March 31, 2014 and March 31, 2013	4
	Condensed Consolidated Balance Sheet at March 31, 2014 and December 31, 2013	5
	Condensed Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2014 and March 31, 2013	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	24
Item 4.	Controls and Procedures	25
PART II.	OTHER INFORMATION	26
Item 1.	Legal Proceedings	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 6.	Exhibits	27
Signatures		27

2

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1.                                Financial Statements (Unaudited).

Quaker Chemical Corporation

Condensed Consolidated Statement of Income

(Dollars in thousands, except per share amounts)

	Unaudited
	Three Months Ended March 31,
	2014			2013
Net sales	$	181,674		$	176,193
Cost of goods sold		116,560			113,585
Gross profit		65,114			62,608
Selling, general and administrative expenses		45,741			45,197
Operating income		19,373			17,411
Other (expense) income, net		(473	)		346
Interest expense		(525	)		(744	)
Interest income		453			169
Income before taxes and equity in net income of associated companies		18,828			17,182
Taxes on income before equity in net income of associated companies		6,546			4,133
Income before equity in net income of associated companies		12,282			13,049
Equity in net income of associated companies		1,027			1,142
Net income		13,309			14,191
Less: Net income attributable to noncontrolling interest		579			572
Net income attributable to Quaker Chemical Corporation	$	12,730		$	13,619
Per share data:
Net income attributable to Quaker Chemical Corporation Common Shareholders – basic	$	0.96		$	1.04
Net income attributable to Quaker Chemical Corporation Common Shareholders – diluted	$	0.96		$	1.04
Dividends declared	$	0.25		$	0.245

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of Contents

Quaker Chemical Corporation

Condensed Consolidated Statement of Comprehensive Income

(Dollars in thousands)

	Unaudited
	Three Months Ended March 31,
	2014			2013
Net income	$	13,309		$	14,191
Other comprehensive income (loss), net of tax
Currency translation adjustments		1,274			(1,763	)
Defined benefit retirement plans		546			1,306
Unrealized gain on available-for-sale securities		69			432
Other comprehensive income (loss)		1,889			(25	)
Comprehensive income		15,198			14,166
Less: comprehensive income attributable to noncontrolling interest		(783	)		(439	)
Comprehensive income attributable to Quaker Chemical Corporation	$	14,415		$	13,727

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of Contents

Quaker Chemical Corporation

Condensed Consolidated Balance Sheet

(Dollars in thousands, except par value and share amounts)

	Unaudited
	March 31, 2014			December 31, 2013
ASSETS
Current assets
Cash and cash equivalents	$	60,450		$	68,492
Accounts receivable, net		178,945			165,629
Inventories
Raw materials and supplies		39,573			37,063
Work-in-process and finished goods		38,441			34,494
Prepaid expenses and other current assets		22,735			23,169
Total current assets		340,144			328,847
Property, plant and equipment, at cost		235,402			233,865
Less accumulated depreciation		(151,548	)		(148,377	)
Net property, plant and equipment		83,854			85,488
Goodwill		58,633			58,151
Other intangible assets, net		30,472			31,272
Investments in associated companies		20,494			19,397
Deferred income taxes		19,936			24,724
Other assets		36,174			36,267
Total assets	$	589,707		$	584,146
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings and current portion of long-term debt	$	1,267		$	1,395
Accounts and other payables		81,367			75,580
Accrued compensation		12,188			20,801
Other current liabilities		33,141			33,080
Total current liabilities		127,963			130,856
Long-term debt		17,215			17,321
Deferred income taxes		6,459			6,729
Other non-current liabilities		80,062			84,544
Total liabilities		231,699			239,450
Equity
Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding
2014 – 13,226,717 shares; 2013 – 13,196,140 shares		13,227			13,196
Capital in excess of par value		100,429			99,038
Retained earnings		267,707			258,285
Accumulated other comprehensive loss		(33,015	)		(34,700	)
Total Quaker shareholders’ equity		348,348			335,819
Noncontrolling interest		9,660			8,877
Total equity		358,008			344,696
Total liabilities and equity	$	589,707		$	584,146

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of Contents

Quaker Chemical Corporation

Condensed Consolidated Statement of Cash Flows

(Dollars in thousands)

	Unaudited
	For the Three Months Ended
	March 31,
	2014			2013
Cash flows from operating activities
Net income	$	13,309		$	14,191
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation		3,075			3,056
Amortization		813			879
Equity in undistributed earnings of associated companies, net of dividends		(927	)		921
Deferred compensation and other, net		2,944			(861	)
Stock-based compensation		1,388			1,040
Gain on disposal of property, plant and equipment		(48	)		(2	)
Insurance settlement realized		(337	)		—
Pension and other postretirement benefits		(1,665	)		(2,521	)
(Decrease) increase in cash from changes in current assets and current liabilities, net of acquisitions:
Accounts receivable		(13,387	)		(3,977	)
Inventories		(6,389	)		(1,837	)
Prepaid expenses and other current assets		(29	)		(457	)
Accounts payable and accrued liabilities		(544	)		874
Net cash (used in) provided by operating activities		(1,797	)		11,306
Cash flows from investing activities
Investments in property, plant and equipment		(3,057	)		(2,723	)
Payments related to acquisitions, net of cash acquired		—			(647	)
Proceeds from disposition of assets		58			13
Insurance settlement interest earned		11			14
Change in restricted cash, net		326			(14	)
Net cash used in investing activities		(2,662	)		(3,357	)
Cash flows from financing activities
Net increase in short-term borrowings		—			594
Repayment of long-term debt		(232	)		(2,438	)
Dividends paid		(3,300	)		(3,208	)
Stock options exercised, other		(205	)		(59	)
Excess tax benefit related to stock option exercises		239			369
Net cash used in financing activities		(3,498	)		(4,742	)
Effect of exchange rate changes on cash		(85	)		(498	)
Net (decrease) increase in cash and cash equivalents		(8,042	)		2,709
Cash and cash equivalents at beginning of period		68,492			32,547
Cash and cash equivalents at end of period	$	60,450		$	35,256

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Quaker Chemical Corporation

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, except per share amounts)

(Unaudited)

Note 1 – Condensed Financial Information

The condensed consolidated financial statements included herein are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States for interim financial reporting and the United States Securities and Exchange Commission regulations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the financial statements reflect all adjustments (consisting only of normal recurring adjustments, except as discussed below) which are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods. During the first quarter of 2014, the Company revised its Consolidated Balance Sheet for December 31, 2013 with a $335 reduction to retained earnings and a corresponding increase to its long-term deferred tax liability, relating to an adjustment that would have occurred when the Company adopted the equity method of accounting for its interest in a captive insurance equity affiliate.  Certain other reclassifications of prior year data have been made to improve comparability.  The results for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2013.

Venezuela’s economy is considered to be hyper inflationary under generally accepted accounting principles in the United States.  Accordingly, all gains and losses resulting from the remeasurement of the Company’s Venezuelan equity affiliate (Kelko Quaker Chemical, S.A.) are required to be recorded directly to the Condensed Consolidated Statement of Income.  In February 2013, the Venezuelan Government announced a devaluation of the Bolivar Fuerte.  Accordingly, the Company recorded a charge of $357, or $0.03 per diluted share, during the first quarter of 2013.

As part of the Company’s chemical management services, certain third-party product sales to customers are managed by the Company. Where the Company acts as the principal, revenue is recognized on a gross reporting basis at the selling price negotiated with customers. Where the Company acts as an agent, such revenue is recorded using net reporting as service revenues, at the amount of the administrative fee earned by the Company for ordering the goods. Third-party products transferred under arrangements resulting in net reporting totaled $10,573 and $8,778 for the three months ended March 31, 2014 and March 31, 2013, respectively.

Note 2 – Out of Period Adjustment

During 2012, the Company reassessed its ability to significantly influence the operating and financial policies of its captive insurance equity affiliate, Primex.  Based on its ownership percentage and other factors, the Company determined that, during 2012, the Company obtained the ability to significantly influence Primex and, as a result, changed its method of accounting from the cost to equity method.   During the first quarter of 2013, the Company identified errors in Primex’s estimated 2012 financial statements, which primarily related to a reinsurance contract held by Primex.  The identified errors resulted in a cumulative $1,038 understatement of the Company’s equity in net income from associated companies for the year ended December 31, 2012.  The Company corrected the errors related to Primex in the first quarter of 2013, which had the net effect of increasing equity in net income from associated companies by $1,038 for the three months ended March 31, 2013.  The Company did not believe this adjustment was material to its consolidated financial statements for the years ended December 31, 2012 or December 31, 2013 and, therefore, did not restate any prior period amounts.

Note 3 – Business Segments

The Company’s reportable operating segments are organized by geography as follows: (i) North America, (ii) Europe, Middle East and Africa (“EMEA”), (iii) Asia/Pacific and (iv) South America.  Operating earnings, excluding indirect operating expenses, for the Company’s reportable operating segments are comprised of revenues less costs of goods sold and SG&A directly related to the respective regions’ product sales.  The indirect operating expenses consist of SG&A related expenses that are not directly attributable to the product sales of each respective reportable operating segment.  Other items not specifically identified with the Company’s reportable operating segments include interest expense, interest income, license fees from non-consolidated affiliates and other income (expense).

7

Quaker Chemical Corporation

Notes to Condensed Consolidated Financial Statements - Continued

(Dollars in thousands, except per share amounts)

(Unaudited)

The following table presents information about the performance of the Company’s reportable operating segments for the three months ended March 31, 2014 and March 31, 2013:

	Three Months Ended
	March 31,
	2014			2013
Net sales
North America	$	76,716		$	74,758
EMEA		49,189			46,707
Asia/Pacific		41,937			37,988
South America		13,832			16,740
Total net sales	$	181,674		$	176,193
Operating earnings, excluding indirect operating expenses
North America	$	15,711		$	15,039
EMEA		8,096			6,970
Asia/Pacific		9,918			9,628
South America		1,509			2,875
Total operating earnings, excluding indirect operating expenses		35,234			34,512
Indirect operating expenses		(15,048	)		(16,222	)
Amortization expense		(813	)		(879	)
Consolidated operating income		19,373			17,411
Other (expense) income, net		(473	)		346
Interest expense		(525	)		(744	)
Interest income		453			169
Consolidated income before taxes and equity in net income of associated companies	$	18,828		$	17,182

Inter-segment revenue for the three months ended March 31, 2014 and March 31, 2013 were $1,950 and $2,106 for North America, $5,326 and $5,005 for EMEA, $107 and $58 for Asia/Pacific and zero for South America, respectively.  However, all inter-segment transactions have been eliminated from each reportable operating segment’s net sales and earnings for all periods presented.

Note 4 – Stock-Based Compensation

The Company recognized the following share-based compensation expense in selling, general and administrative expenses in its Condensed Consolidated Statement of Income for the three months ended March 31, 2014 and the three months ended March 31, 2013:

	March 31,
	2014		2013
Stock options	$	150	$	100
Nonvested stock awards and restricted stock units		556		383
Employee stock purchase plan		17		12
Non-elective and elective 401(k) matching contribution in stock		649		525
Director stock ownership plan		16		20
Total share-based compensation expense	$	1,388	$	1,040

As of March 31, 2014 and March 31, 2013, the Company recorded $239 and $369, respectively, of excess tax benefits in capital in excess of par value on its Condensed Consolidated Balance Sheets, related to stock option exercises. The Company’s estimated taxes payable were sufficient to fully recognize these benefits as cash inflows from financing activities in its Condensed Consolidated Statement of Cash Flows, which represented the Company’s estimate of cash savings through March 31, 2014 and March 31, 2013, respectively.

8

Quaker Chemical Corporation

Notes to Condensed Consolidated Financial Statements - Continued

(Dollars in thousands, except per share amounts)

(Unaudited)

Stock option activity under all plans is as follows:

				Weighted
				Average
		Weighted Average		Remaining
	Number of	Exercise Price per		Contractual
	Shares	Share		Term (years)
Options outstanding at December 31, 2013	75,251	$	44.49
Options granted	37,048		73.47
Options exercised	(3,292)		42.24
Options outstanding at March 31, 2014	109,007	$	54.41	5.6
Options exercisable at March 31, 2014	39,897	$	39.64	4.5

As of March 31, 2014, the total intrinsic value of options outstanding was approximately $2,572, and the total intrinsic value of exercisable options was $1,531.  Intrinsic value is calculated as the difference between the current market price of the underlying security and the strike price of a related option.

A summary of the Company’s outstanding stock options at March 31, 2014 is as follows: 

						Weighted	Weighted		Number	Weighted
					Number	Average	Average		Exercisable	Average
Range of					Outstanding	Contractual	Exercise		at	Exercise
Exercise Prices					at 3/31/2014	Life	Price		3/31/2014	Price
$	0.00	-	$	10.00	—	—	$	—	—	$	—
$	10.01	-	$	20.00	6,155	2.8		18.82	6,155		18.82
$	20.01	-	$	30.00	—	—		—	—		—
$	30.01	-	$	40.00	35,020	4.6		37.87	23,954		37.75
$	40.01	-	$	50.00	2,192	5.2		46.21	731		46.21
$	50.01	-	$	60.00	28,592	5.9		58.26	9,057		58.26
$	60.01	-	$	70.00	—	—		—	—		—
$	70.01	-	$	80.00	37,048	6.9		73.47	—		—
					109,007	5.6		54.41	39,897		39.64

As of March 31, 2014, unrecognized compensation expense related to options granted during 2012 was $190, for options granted during 2013 was $411 and for options granted in 2014 was $795.

During the first quarter of 2014, the Company granted stock options under its LTIP plan that are subject only to time vesting over a three-year period.  For the purposes of determining the fair value of stock option awards, the Company uses the Black-Scholes option pricing model and the assumptions set forth in the table below:

	2014
Number of options granted	37,048
Dividend Yield	2.00	%
Expected Volatility	43.34	%
Risk-free interest rate	1.22	%
Expected term (years)	4.0

Approximately $23 of expense was recorded on these options during the first three months of 2014.  The fair value of these awards is amortized on a straight-line basis over the vesting period of the awards.

Activity of nonvested shares granted under the Company’s LTIP plan is shown below:

		Weighted
		Average Grant
	Number of	Date Fair Value
	Shares	(per share)
Nonvested awards, December 31, 2013	115,984	$	47.27
Granted	22,656	$	73.37
Vested	(22,325)	$	38.44
Nonvested awards, March 31, 2014	116,315	$	54.05

9

Quaker Chemical Corporation

Notes to Condensed Consolidated Financial Statements - Continued

(Dollars in thousands, except per share amounts)

(Unaudited)

The fair value of the nonvested stock is based on the trading price of the Company’s common stock on the date of grant. The Company adjusts the grant date fair value for expected forfeitures based on historical experience for similar awards.  As of March 31, 2014, unrecognized compensation expense related to these awards was $3,711 to be recognized over a weighted average remaining period of 2.45years.

Activity of nonvested restricted stock units granted under the Company’s LTIP plan is shown below:

		Weighted
		Average Grant
	Number of	Date Fair Value
	units	(per unit)
Nonvested awards, December 31, 2013	4,018	$	49.71
Granted	2,140	$	74.89
Nonvested awards, March 31, 2014	6,158	$	58.46

The fair value of the nonvested restricted stock units is based on the trading price of the Company’s common stock on the date of grant. The Company adjusts the grant date fair value for expected forfeitures based on historical experience for similar awards. As of March 31, 2014, unrecognized compensation expense related to these awards was $240 to be recognized over a weighted average remaining period of 2.53 years.

Employee Stock Purchase Plan

In 2000, the Board adopted an Employee Stock Purchase Plan (“ESPP”) whereby employees may purchase Company stock through a payroll deduction plan. Purchases are made from the plan and credited to each participant’s account at the end of each month, the “Investment Date.” The purchase price of the stock is 85% of the fair market value on the Investment Date. The plan is compensatory and the 15% discount is expensed on the Investment Date. All employees, including officers, are eligible to participate in this plan. A participant may withdraw all uninvested payment balances credited to a participant’s account at any time.  An employee whose stock ownership of the Company exceeds five percent of the outstanding common stock is not eligible to participate in this plan.

2013 Director Stock Ownership Plan

In March 2013, the Company adopted the 2013 Director Stock Ownership Plan (the “Plan”), subject to the approval by the Company’s shareholders at the annual meeting, to encourage the Directors to increase their investment in the Company.  The Plan was approved at the Company’s May 2013 shareholders’ meeting.  The Plan authorizes the issuance of up to 75,000 shares of Quaker common stock in accordance with the terms of the Plan in payment of all or a portion of the annual cash retainer payable to each of the Company’s non-employee directors in 2013 and subsequent years during the term of the Plan.  Under the Plan, each director who, on May 1st of the applicable calendar year, owns less than 400% of the annual cash retainer for the applicable calendar year, divided by the average of the closing price of a share of Quaker Common Stock as reported by the composite tape of the New York Stock Exchange for the previous calendar year (the “Threshold Amount”), is required to receive 75% of the annual cash retainer in Quaker common stock and 25% of the retainer in cash, unless the director elects to receive a greater percentage of Quaker common stock (up to 100%) of the annual cash retainer for the applicable year.  Each director who owns more than the Threshold Amount may elect to receive common stock in payment of a percentage (up to 100%) of the annual cash retainer.  The annual retainer is $50 and the retainer payment date is June 1.  The Plan was adopted in order to replace the 2003 Director Stock Ownership Plan, which expired in May 2013.

Note 5 – Pension and Other Postretirement Benefits

The components of net periodic benefit cost for the three months ended March 31, 2014 and March 31, 2013 are as follows:

	Three Months Ended March 31,
							Other
							Postretirement
	Pension Benefits						Benefits
	2014			2013			2014		2013
Service cost	$	734		$	838		$	8	$	13
Interest cost and other		1,542			1,380			54		56
Expected return on plan assets		(1,607	)		(1,478	)		—		—
Actuarial loss amortization		789			981			6		47
Prior service cost amortization		866			28			—		—
Net periodic benefit cost	$	2,324		$	1,749		$	68	$	116

10

Quaker Chemical Corporation

Notes to Condensed Consolidated Financial Statements - Continued

(Dollars in thousands, except per share amounts)

(Unaudited)

During 2013, it was discovered that the Company’s subsidiary in the United Kingdom did not appropriately amend a trust for a legacy change in its pension scheme, as it related to a past retirement age equalization law.  Given the lack of an official deed to the pension trust, the effective date of the change to the Subsidiary’s pension scheme differed from the Company’s historical beliefs, but the extent of the potential exposure was not estimable.  In the first quarter of 2014, the Company recorded costs of $902, related to prior service cost and interest cost, to appropriately reflect the past plan amendment related to the retirement age equalization law.

Employer Contributions:

The Company previously disclosed in its financial statements for the year ended December 31, 2013, that it expected to make minimum cash contributions of $6,172 to its pension plans and $607 to its other postretirement benefit plan in 2014. As of March 31, 2014, $3,854 and $211 of contributions have been made to the Company’s pension plans and its postretirement benefit plans, respectively.

Note 6 – Other (expense) income

Other (expense) income includes:

	2014			2013
Income from third party license fees	$	298		$	265
Net foreign exchange (losses) gains		(799	)		33
Other non-operating income		83			97
Other non-operating expense		(55	)		(49	)
Total other (expense) income, net	$	(473	)	$	346

Note 7 – Income Taxes and Uncertain Income Tax Positions

The Company’s first quarter of 2014 effective tax rate was 34.8%, as compared to an effective tax rate of 24.1% for the first quarter of 2013.  Both effective tax rates reflect decreases in reserves for uncertain tax positions due to the expiration of applicable statutes of limitations for certain tax years of approximately $0.02 and $0.10 per diluted share for the three months ended March 31, 2014 and March 31, 2013, respectively.  Also, contributing to the difference in the effective tax rate from the prior year is the recognition of certain one-time items that increased the current quarter’s effective tax rate.

As of March 31, 2014, the Company’s cumulative liability for gross unrecognized tax benefits was $12,299.  At December 31, 2013, the Company’s cumulative liability for gross unrecognized tax benefits was $12,596.

The Company continues to recognize interest and penalties associated with uncertain tax positions as a component of taxes on income before equity in net income of associated companies in its Condensed Consolidated Statement of Income. The Company recognized ($212) for interest and ($9) for penalties on its Condensed Consolidated Statement of Income for the three months ended March 31, 2014, and ($477) for interest and $93 for penalties on its Condensed Consolidated Statement of Income during the three months ended March 31, 2013. As of March 31, 2014, the Company had accrued $1,895for cumulative interest and $2,088 for cumulative penalties, compared to $2,108 for cumulative interest and $2,100 for cumulative penalties accrued at December 31, 2013.

During the three months ended March 31, 2014 and March 31, 2013, the Company recognized decreases of approximately $1,075 and $1,687, respectively, in its cumulative liability for gross unrecognized tax benefits due to the expiration of the applicable statutes of limitations for certain tax years.

The Company estimates that during the year ending December 31, 2014 it will reduce its cumulative liability for gross unrecognized tax benefits by approximately $1,800 to $1,900 due to the expiration of the statute of limitations for certain tax years. This estimated reduction in the cumulative liability for unrecognized tax benefits does not consider any increase in liability for unrecognized tax benefits with regard to existing tax positions or any increase in cumulative liability for unrecognized tax benefits with regard to new tax positions for the year ending December 31, 2014.

The Company and its subsidiaries are subject to U.S. Federal income tax, as well as the income tax of various state and foreign tax jurisdictions. Tax years that remain subject to examination by major tax jurisdictions include Brazil from 2000, the Netherlands and the United Kingdom from 2008, Spain from 2009, the United States, China and Italy from 2010, and various domestic state tax jurisdictions from 1993.

During the second quarter of 2012, the Italian tax authorities initiated a transfer pricing audit of the Company’s Italian subsidiary.  On July 7, 2012, the Company received a preliminary tax report related to this transfer pricing audit, which proposed several adjustments to the taxable income of the subsidiary.  During the fourth quarter of 2012, the Company’s Italian subsidiary received an assessment for the tax year 2007, which the Company appealed during the first quarter of 2013.  On June 24, 2013, a hearing was held before the Provincial Tax Court of Varese, Italy.  On September 16, 2013, the Provincial Tax Court of Varese delivered a decision confirming

11

Quaker Chemical Corporation

Notes to Condensed Consolidated Financial Statements - Continued

(Dollars in thousands, except per share amounts)

(Unaudited)

the Italian tax authorities’ proposed adjustment to the taxable income of the subsidiary, but denying the proposed assessment of penalties.  On January 24, 2014, the Company’s Italian subsidiary appealed the decision of the Provincial Tax Court of Varese.  On March 7, 2014, the Italian tax authorities appealed the decision of the Provincial Tax Court denying the assessment of penalties.

On November 29, 2013, the Italian tax authorities issued a tax assessment for the tax year 2008, raising identical issues as the assessment for 2007, noted above.  On March 28, 2014, the Company filed an appeal with the Provincial Tax Court of Varese.  The Company intends to apply for competent authority relief between the Italian and Dutch tax authorities.

Related to each of the above events, the Company and outside counsel believe we should prevail on the merits of each case.  Therefore, the Company does not believe it has any exposures warranting an uncertain tax position reserve as of March 31, 2014.

Note 8 – Earnings Per Share

The following table summarizes earnings per share calculations for the three months ended March 31, 2014 and March 31, 2013:

	Three Months Ended March 31,
	2014			2013
Basic earnings per common share
Net income attributable to Quaker Chemical Corporation	$	12,730		$	13,619
Less: income allocated to participating securities		(112	)		(111	)
Net income available to common shareholders	$	12,618		$	13,508
Basic weighted average common shares outstanding		13,091,503			13,001,963
Basic earnings per common share	$	0.96		$	1.04
Diluted earnings per common share
Net income attributable to Quaker Chemical Corporation	$	12,730		$	13,619
Less: income allocated to participating securities		(112	)		(111	)
Net income available to common shareholders	$	12,618		$	13,508
Basic weighted average common shares outstanding		13,091,503			13,001,963
Effect of dilutive securities		19,649			29,937
Diluted weighted average common shares outstanding		13,111,152			13,031,900
Diluted earnings per common share	$	0.96		$	1.04

The following aggregate numbers of stock options and restricted stock units are not included in the diluted earnings per share calculation since the effect would have been anti-dilutive: 2,824 and 2,444 for the three months ended March 31, 2014 and March 31, 2013, respectively.

Note 9 – Goodwill and Other Intangible Assets

The changes in carrying amount of goodwill for the three months ended March 31, 2014 are as follows and the Company has recorded no impairment charges in the past:

	North						South
	America		EMEA		Asia/Pacific		America		Total
Balance as of December 31, 2013	$	28,127	$	11,184	$	15,018	$	3,822	$	58,151
Currency translation adjustments		193		108		144		37		482
Balance as of March 31, 2014	$	28,320	$	11,292	$	15,162	$	3,859	$	58,633

12

Quaker Chemical Corporation

Notes to Condensed Consolidated Financial Statements - Continued

(Dollars in thousands, except per share amounts)

(Unaudited)

Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of March 31, 2014 and December 31, 2013 were as follows:

	Gross Carrying				Accumulated
	Amount				Amortization
	2014		2013		2014		2013
Definite-lived intangible assets
Customer lists and rights to sell	$	33,589	$	33,559	$	10,730	$	10,221
Trademarks and patents		6,837		6,838		3,366		3,202
Formulations and product technology		5,808		5,808		3,756		3,709
Other		5,544		5,544		4,554		4,445
Total	$	51,778	$	51,749	$	22,406	$	21,577

The Company recorded $813and $879 of amortization expense in the three months ended March 31, 2014 and March 31, 2013, respectively. Estimated annual aggregate amortization expense for the current year and subsequent five years is as follows:

For the year ended December 31, 2014	$	3,252
For the year ended December 31, 2015	$	3,252
For the year ended December 31, 2016	$	2,778
For the year ended December 31, 2017	$	2,119
For the year ended December 31, 2018	$	2,095
For the year ended December 31, 2019	$	2,095

The Company has two indefinite-lived intangible assets totaling $1,100 for trademarks at March 31, 2014.

Note 10 – Debt

The Company’s primary credit line is a $300,000 syndicated multicurrency credit agreement with Bank of America, N.A. (administrative agent) and certain other major financial institutions, which matures in June 2018.  The maximum amount available under this facility can be increased to $400,000 at the Company’s option if the lenders agree and the Company satisfies certain conditions.  Access to this facility is dependent on meeting certain financial, acquisition and other covenants, but primarily depends on the Company’s consolidated leverage ratio calculation, which cannot exceed 3.50 to 1.  At March 31, 2014 and December 31, 2013, the consolidated leverage ratio was below 1.0 to 1 and the Company was also in compliance with all of the facilities’ other covenants.  At March 31, 2014 and December 31, 2013, the Company had no amounts outstanding under this facility.

13

Quaker Chemical Corporation

Notes to Condensed Consolidated Financial Statements - Continued

(Dollars in thousands, except per share amounts)

(Unaudited)

Note 11 – Equity and Noncontrolling Interest

The following table presents the changes in equity and noncontrolling interest, net of tax, for the three months ended March 31, 2014 and March 31, 2013:

								Accumulated
			Capital in					Other
	Common		excess of		Retained			Comprehensive			Noncontrolling
	stock		par value		earnings			Loss			interest			Total
Balance at December 31, 2013	$	13,196	$	99,038	$	258,285		$	(34,700	)	$	8,877		$	344,696
Net income		—		—		12,730			—			579			13,309
Amounts reported in other comprehensive income		—		—		—			1,685			204			1,889
Dividends ($0.25 per share)		—		—		(3,308	)		—			—			(3,308	)
Share issuance and equity-based compensation plans		31		1,152		—			—			—			1,183
Excess tax benefit from stock option exercises		—		239		—			—			—			239
Balance at March 31, 2014	$	13,227	$	100,429	$	267,707		$	(33,015	)	$	9,660		$	358,008
Balance at December 31, 2012	$	13,095	$	94,470	$	215,390		$	(41,855	)	$	8,576		$	289,676
Net income		—		—		13,619			—			572			14,191
Amounts reported in other comprehensive income (loss)		—		—		—			108			(133	)		(25	)
Dividends ($0.245 per share)		—		—		(3,219	)		—			—			(3,219	)
Share issuance and equity-based compensation plans		45		936		—			—			—			981
Excess tax benefit from stock option exercises		—		369		—			—			—			369
Balance at March 31, 2013	$	13,140	$	95,775	$	225,790		$	(41,747	)	$	9,015		$	301,973

The following tables show the reclassifications from and resulting balances of accumulated other comprehensive loss (“AOCI”) at March 31, 2014 and March 31, 2013:

							Unrealized
	Currency			Defined			gain (loss) in
	translation			benefit			available-for-
	adjustments			pension plans			sale securities			Total
Balance at December 31, 2013	$	1,152		$	(37,433	)	$	1,581		$	(34,700	)
Other comprehensive income before reclassifications		1,070			25			663			1,758
Amounts reclassified from AOCI		—			769			(558	)		211
Current period other comprehensive income		1,070			794			105			1,969
Related tax amounts		—			(248	)		(36	)		(284	)
Net current period other comprehensive income		1,070			546			69			1,685
Balance at March 31, 2014	$	2,222		$	(36,887	)	$	1,650		$	(33,015	)
Balance at December 31, 2012	$	3,336		$	(46,914	)	$	1,723		$	(41,855	)
Other comprehensive  (loss) income before reclassifications		(1,630	)		762			1,148			280
Amounts reclassified from AOCI		—			1,056			(494	)		562
Current period other comprehensive  (loss) income		(1,630	)		1,818			654			842
Related tax amounts		—			(512	)		(222	)		(734	)
Net current period other comprehensive (loss) income		(1,630	)		1,306			432			108
Balance at March 31, 2013	$	1,706		$	(45,608	)	$	2,155		$	(41,747	)

Approximately 30% and 70% of the amounts reclassified from accumulated other comprehensive loss to the Condensed Consolidated Statement of Income for defined benefit retirement plans during the first quarters of 2014 and 2013 were recorded in cost of goods sold and selling, general and administrative expenses, respectively. See Note 5 of Notes to Condensed Consolidated Financial Statements for further information.  All reclassifications related to unrealized gain (loss) in available-for-sale securities relate to the Company’s equity interest in a captive insurance company and are recorded in equity in net income of associated companies.  The amounts reported in other comprehensive income for non-controlling interest are related to currency translation adjustments.

14

Quaker Chemical Corporation

Notes to Condensed Consolidated Financial Statements - Continued

(Dollars in thousands, except per share amounts)

(Unaudited)

Note 12 – Business Acquisitions

In May 2013, the Company acquired a business that primarily related to tin plating for its North American reportable operating segment for net consideration of approximately $1,831.  The Company allocated the purchase price to $830 of intangible assets, comprised of formulations, to be amortized over 10 years; a non-competition agreement, to be amortized over 4 years; and a customer list, to be amortized over 10 years.  In addition, the Company recorded $277 of goodwill, all of which will be tax deductible.  The remaining purchase price was allocated between the acquisition date fair value of inventory purchased of $454 and fixed assets purchased of $270.

In January 2013, the Company acquired a chemical milling maskants distribution network for net consideration of approximately $647, which was assigned to the North American reportable operating segment.  The Company also assumed an additional $100 hold-back of consideration for potential indemnity obligations, which was paid to the former shareholders during the first quarter of 2014. The acquired intangible was allocated to the Company’s customer lists and rights to sell intangible assets and will be amortized over 5 years.

Certain pro forma and other disclosures have not been provided for these acquisitions because the effects were not material.

Note 13 – Fair Value Measurements

The Company values its company-owned life insurance policies, various deferred compensation assets and liabilities, acquisition-related consideration and an obligation related to a non-competition agreement at fair value.  The Company’s assets and liabilities subject to fair value measurement are as follows:

			Fair Value Measurements at March 31, 2014
	Fair Value		Using Fair Value Hierarchy
	as of
Assets	March 31, 2014		Level 1		Level 2		Level 3
Company-owned life insurance	$	1,913	$	—	$	1,913	$	—
Company-owned life insurance - Deferred compensation assets		334		—		334		—
Other deferred compensation assets
Large capitalization registered investment companies		65		65		—		—
Mid capitalization registered investment companies		6		6		—		—
Small capitalization registered investment companies		13		13		—		—
International developed and emerging markets registered investment
companies		39		39		—		—
Fixed income registered investment companies		7		7		—		—
Total	$	2,377	$	130	$	2,247	$	—

			Fair Value Measurements at March 31, 2014
	Fair Value		Using Fair Value Hierarchy
	as of
Liabilities	March 31, 2014		Level 1		Level 2		Level 3
Deferred compensation liabilities
Large capitalization registered investment companies	$	370	$	370	$	—	$	—
Mid capitalization registered investment companies		103		103		—		—
Small capitalization registered investment companies		87		87		—		—
International developed and emerging markets registered investment
companies		190		190		—		—
Fixed income registered investment companies		40		40		—		—
Fixed general account		155		—		155		—
Acquisition-related consideration		4,830		—		—		4,830
Total	$	5,775	$	790	$	155	$	4,830

15

Quaker Chemical Corporation

Notes to Condensed Consolidated Financial Statements - Continued

(Dollars in thousands, except per share amounts)

(Unaudited)

			Fair Value Measurements at December 31, 2013
	Fair Value		Using Fair Value Hierarchy
	as of
Assets	December 31, 2013		Level 1		Level 2		Level 3
Company-owned life insurance	$	1,885	$	—	$	1,885	$	—
Company-owned life insurance - Deferred compensation assets		409		—		409		—
Other deferred compensation assets
Large capitalization registered investment companies		74		74		—		—
Mid capitalization registered investment companies		6		6		—		—
Small capitalization registered investment companies		13		13		—		—
International developed and emerging markets registered investment
companies		40		40		—		—
Fixed income registered investment companies		7		7		—		—
Total	$	2,434	$	140	$	2,294	$	—

			Fair Value Measurements at December 31, 2013
	Fair Value		Using Fair Value Hierarchy
	as of
Liabilities	December 31, 2013		Level 1		Level 2		Level 3
Deferred compensation liabilities
Large capitalization registered investment companies	$	405	$	405	$	—	$	—
Mid capitalization registered investment companies		109		109		—		—
Small capitalization registered investment companies		95		95		—		—
International developed and emerging markets registered investment
companies		205		205		—		—
Fixed income registered investment companies		43		43		—		—
Fixed general account		167		—		167		—
Acquisition-related consideration		4,876		—		—		4,876
Total	$	5,900	$	857	$	167	$	4,876

The fair values of Company-owned life insurance (“COLI”) and COLI deferred compensation assets are based on quotes for like instruments with similar credit ratings and terms.  The fair values of other deferred compensation assets and liabilities are based on quoted prices in active markets.  The fair value of the Summit earnout has been based on unobservable inputs and is classified as Level 3.  Significant inputs and assumptions were management’s estimate of the probability of the earnout ultimately being met/paid and the discount rate used to present value the liability.  The fair value of the obligation related to a non-competition agreement is also based on unobservable inputs and is classified as Level 3.  The significant inputs and assumptions for the obligation related to the non-competition agreement is management’s estimate of the discount rate used to present value the liability.  A significant change in any Level 3 assumption in isolation would result in increases or decreases to the fair value measurements of the acquisition-related consideration.

Changes in the fair value of the Level 3 liabilities during the three months ended March 31, 2014 were as follows:

				Non-competition
	Earnout			Agreement
	Summit			Obligation				Total
Balance at December 31, 2013		$	4,697		$	179			$	4,876
Interest accretion			12			4				16
Payments			—			(62	)			(62	)
Balance at March 31, 2014		$	4,709		$	121			$	4,830

Quantitative information about the Company’s Level 3 fair value measurements at March 31, 2014 were as follows:

	Fair value at March 31, 2014		Valuation technique	Unobservable input	Input value
Summit earnout	$	4,709	Discounted cash flow	Discount rate	14.5	%
Non-competition agreement obligation	$	121	Discounted cash flow	Discount rate	14.0	%

16

Quaker Chemical Corporation

Notes to Condensed Consolidated Financial Statements - Continued

(Dollars in thousands, except per share amounts)

(Unaudited)

Subsequent to March 31, 2014, the Company paid the $4,709 Summit earnout liability to settle all obligations with the former Summit shareholders.  At March 31, 2014, the Summit earnout liability was formulated based on the actual payment amount.  Prior to March 31, 2014, the determination of the fair value of the Summit earnout was based on the weighted average probability of the outcome of different payout scenarios.  The probabilities applied to the payout scenarios ranged from 15% to 70%, depending on the Company’s estimate of the likelihood of each payout scenario.

Note 14 – Commitments and Contingencies

In April of 1992, the Company identified certain soil and groundwater contamination at AC Products, Inc. (“ACP”), a wholly owned subsidiary. In voluntary coordination with the Santa Ana California Regional Water Quality Board (“SACRWQB”), ACP has been remediating the contamination, the principal contaminant of which is perchloroethylene (“PERC”). On or about December 18, 2004, the Orange County Water District (“OCWD”) filed a civil complaint in Superior Court in Orange County, California against ACP and other parties potentially responsible for groundwater contamination. OCWD was seeking to recover compensatory and other damages related to the investigation and remediation of the contamination in the groundwater. Effective October 17, 2007, ACP and OCWD settled all claims related to this litigation. Pursuant to the settlement agreement with OCWD, ACP agreed to pay $2,000.  In addition to the $2,000 payment, ACP agreed to operate the two existing groundwater treatment systems associated with its extraction wells P-2 and P-3 so as to hydraulically contain groundwater contamination emanating from ACP’s site until such time as the concentrations of PERC are below the current Federal maximum contaminant level for four consecutive quarterly sampling events. On September 11, 2012, ACP received a letter from the SACRWQB advising that no further action is required to remediate the soil contamination on site and on February 20, 2014, SACRWQB notified ACP that it could cease extraction and treatment of groundwater at well P-3.  As of March 31, 2014, the Company believes that the range of potential-known liabilities associated with the ACP water remediation program is approximately $380 to $710, for which the Company has sufficient reserves.

The low and high ends of the range are based on the length of operation of well P-2 as determined by groundwater modeling with planned higher maintenance costs in later years if a longer treatment period is required. Costs of operation include the operation and maintenance of the extraction well, groundwater monitoring and program management. The duration of the well operation was estimated based on historical trends in concentrations in the monitoring well within the proximity of the applicable extraction well. Also factored into the model was the impact of water injected into the underground aquifer from a planned water treatment system to be installed by OCWD adjacent to P-2. Based on the modeling, it is estimated that P-2 will operate for another nine months to one and three-quarter years.  Operation and maintenance costs were based on historical expenditures and estimated inflation. As mentioned above, a significantly higher maintenance expense was factored into the range if the system operates for the longer period.

The Company believes, although there can be no assurance regarding the outcome of other unrelated environmental matters, that it has made adequate accruals for costs associated with other environmental problems of which it is aware. Approximately $171 and $205 was accrued at March 31, 2014 and December 31, 2013, respectively, to provide for such anticipated future environmental assessments and remediation costs.

An inactive subsidiary of the Company that was acquired in 1978 sold certain products containing asbestos, primarily on an installed basis, and is among the defendants in numerous lawsuits alleging injury due to exposure to asbestos. The subsidiary discontinued operations in 1991 and has no remaining assets other than the proceeds received from insurance settlements.  To date, the overwhelming majority of these claims have been disposed of without payment and there have been no adverse judgments against the subsidiary. Based on a continued analysis of the existing and anticipated future claims against this subsidiary, it is currently projected that the subsidiary’s total liability over the next 50 years for these claims is approximately $2,700 (excluding costs of defense). Although the Company has also been named as a defendant in certain of these cases, no claims have been actively pursued against the Company, and the Company has not contributed to the defense or settlement of any of these cases pursued against the subsidiary. These cases were handled by the subsidiary’s primary and excess insurers who had agreed in 1997 to pay all defense costs and be responsible for all damages assessed against the subsidiary arising out of existing and future asbestos claims up to the aggregate limits of the policies. A significant portion of this primary insurance coverage was provided by an insurer that is now insolvent, and the other primary insurers have asserted that the aggregate limits of their policies have been exhausted. The subsidiary challenged the applicability of these limits to the claims being brought against the subsidiary. In response, two of the three carriers entered into separate settlement and release agreements with the subsidiary in late 2005 and early 2007 for $15,000 and $20,000, respectively.  The proceeds of both settlements are restricted and can only be used to pay claims and costs of defense associated with the subsidiary’s asbestos litigation. During the third quarter of 2007, the subsidiary and the remaining primary insurance carrier entered into a Claim Handling and Funding Agreement, under which the carrier will pay 27% of defense and indemnity costs incurred by or on behalf of the subsidiary in connection with asbestos bodily injury claims for a minimum of five years beginning July 1, 2007. The agreement continues until terminated and can only be terminated by either party by providing the other party with a minimum of two years prior written notice.  As of March 31, 2014, no notice of termination has been given under this agreement.  At the end of the term of the agreement, the subsidiary may choose to again pursue its claim against this insurer regarding the application of the policy limits. The Company also believes that, if the coverage issues under the primary policies with the remaining carrier are resolved adversely to the

17

Quaker Chemical Corporation

Notes to Condensed Consolidated Financial Statements - Continued

(Dollars in thousands, except per share amounts)

(Unaudited)

subsidiary and all settlement proceeds were used, the subsidiary may have limited additional coverage from a state guarantee fund established following the insolvency of one of the subsidiary’s primary insurers. Nevertheless, liabilities in respect of claims may exceed the assets and coverage available to the subsidiary.

If the subsidiary’s assets and insurance coverage were to be exhausted, claimants of the subsidiary may actively pursue claims against the Company because of the parent-subsidiary relationship. Although asbestos litigation is particularly difficult to predict, especially with respect to claims that are currently not being actively pursued against the Company, the Company does not believe that such claims would have merit or that the Company would be held to have liability for any unsatisfied obligations of the subsidiary as a result of such claims. After evaluating the nature of the claims filed against the subsidiary and the small number of such claims that have resulted in any payment, the potential availability of additional insurance coverage at the subsidiary level, the additional availability of the Company’s own insurance and the Company’s strong defenses to claims that it should be held responsible for the subsidiary’s obligations because of the parent-subsidiary relationship, the Company believes it is not probable that the Company will incur any material losses. The Company has been successful to date having claims naming it dismissed during initial proceedings. Since the Company may be in this early stage of litigation for some time, it is not possible to estimate additional losses or range of loss, if any.

As initially disclosed in the Company’s second quarter 2010 Form 10-Q, one of the Company’s subsidiaries may have paid certain value-added-taxes (“VAT”) incorrectly and, in certain cases, may not have collected sufficient VAT from certain customers.  The VAT rules and regulations at issue are complex, vary among the jurisdictions and can be contradictory, in particular as to how they relate to the subsidiary’s products and to sales between jurisdictions.

Since its inception, the subsidiary had been consistent in its VAT collection and remittance practices and had never been contacted by any tax authority relative to VAT. The subsidiary later determined that for certain products, a portion of the VAT was incorrectly paid and that the total VAT due exceeds the amount originally collected and remitted by the subsidiary.  In response, the subsidiary modified its VAT invoicing and payment procedures to eliminate or mitigate future exposure.  In 2010, three jurisdictions contacted the subsidiary and, since then, the subsidiary has either participated in an amnesty program or entered into a settlement whereby it paid a reduced portion of the amounts owed in resolution of those jurisdictions’ claims.  In late 2013, an additional jurisdiction issued an assessment against the subsidiary for certain tax years.  The subsidiary has filed an appeal of the assessment alleging certain errors by such jurisdiction related to the assessment.

In analyzing the subsidiary’s exposure, it is difficult to estimate both the probability and the amount of any potential liabilities due to a number of factors, including: the decrease in exposure over time due to applicable statutes of limitations and actions taken by the subsidiary, the joint liability of customers and suppliers for a portion of the VAT, the availability of a VAT refund for VAT incorrectly paid through an administrative process, any amounts which may have been or will be paid by customers, as well as the timing and structure of any tax amnesties or settlements.  In addition, interest and penalties on any VAT due can be a multiple of the base tax. The subsidiary may contest any tax assessment administratively and/or judicially for an extended period of time, but may ultimately resolve its disputes through participation in tax amnesty programs, which are a common practice for settling tax disputes in the jurisdictions in question and which have historically occurred on a regular basis, resulting in significant reductions of interest and penalties. Also, the timing of payments and refunds of VAT may not be contemporaneous, and, if additional VAT is owed, it may not be fully recoverable from customers. As a result, this matter has the potential to have a material adverse impact on the Company’s financial position, liquidity and capital resources and the results of operations.

In 2010, the Company recorded a net charge of $4,132, which consisted of a net $3,901 charge related to two tax dispute settlements entered into by the subsidiary, as well as a net $231 charge representing management’s best estimate based on the information available to it, including the factors noted above, of the amount that ultimately may be paid related to the other jurisdiction that has made inquiries.  At March 31, 2014 and December 31, 2013, the Company had no remaining accrual, related to the 2010 charges, for payments to be made under the tax dispute settlements entered into by the subsidiary, noted above.  In the fourth quarter of 2013, the Company recorded a net charge of $796, representing the Company’s best estimate of the amount that ultimately may be paid related to the 2013 assessment referenced above.

The charges taken by the Company in 2010 and in the fourth quarter of 2013 assume a successful recovery of the VAT incorrectly paid, as well as reductions in interest and penalties from anticipated future amnesty programs or settlements.  On a similar basis, if all other potentially impacted jurisdictions were to initiate audits and issue assessments, the remaining exposure, net of refunds, could be from $0 to $7,900 with one jurisdiction representing approximately 79 percent of this additional exposure, assuming the continued availability of future amnesty programs or settlements to reduce the interest and penalties.  If there are future assessments but no such future amnesty programs or settlements, the potential exposure could be higher.

The Company is party to other litigation which management currently believes will not have a material adverse effect on the Company’s results of operations, cash flows or financial condition.

18

Table of Contents

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Executive Summary

Quaker Chemical Corporation is a leading global provider of process fluids, chemical specialties, and technical expertise to a wide range of industries, including steel, aluminum, automotive, mining, aerospace, tube and pipe, cans, and others.  For nearly 100 years, Quaker has helped customers around the world achieve production efficiency, improve product quality, and lower costs through a combination of innovative technology, process knowledge, and customized services. Headquartered in Conshohocken, Pennsylvania USA, Quaker serves businesses worldwide with a network of dedicated and experienced professionals whose mission is to make a difference.

The Company’s operating performance remained strong during the first quarter of 2014, with net sales continuing to show growth compared to the first quarter of 2013 on improved product volumes generally across all regions.  These increased sales volumes drove the Company’s gross profit increase of 4% on stable gross margins of 35.8% and 35.5% in the first quarters of 2014 and 2013, respectively.  Overall, the Company’s first quarter of 2014 operating income reflects the higher gross profit on increased volume levels as compared to the first quarter of 2013, but was slightly impacted by $0.5 million of additional selling, general and administrative expenses (“SG&A”) due to higher labor related costs and, also, additional costs related to an amendment to the Company’s UK pension plan.   The Company’s increased operating income during the first quarter of 2014 was more than offset by certain non-operating expenses, primarily related to foreign currency exchange and income tax expense, which are further discussed in the Company’s operations sections below.

The net result was earnings per diluted share of $0.96 for the first quarter of 2014 compared to earnings per diluted share of $1.04 for the first quarter of 2013, with non-GAAP earnings per diluted share of $0.95 for the first quarter of 2014 being slightly lower than $0.96 for the first quarter of 2013.  However, the Company’s first quarter of 2014 adjusted EBITDA of $23.7 million increased $2.4 million, or 11%, from $21.4 million in the first quarter of 2013, consistent with the operating income trends discussed above.  See the Non-GAAP Measures section in this Item, below.

The Company had net operating cash outflows of approximately $1.8 million for the first quarter of 2014 compared to net operating cash inflows of $11.3 million in the first quarter of 2013.   The main driver of the change in cash flow was an increase in cash invested in the Company’s working capital during the current quarter, which was primarily the result of increased sales at the end of the first quarter of 2014, reestablishing inventory safety stock levels that were low at year-end 2013 and higher annual incentive compensation payouts related to an improvement in the Company’s prior year performance.

Overall, the Company is pleased with its performance in the first quarter of 2014, given the continued economic challenges across the world and the severe U.S. weather conditions.   Specifically, the Company’s adjusted EBITDA growth is an indication that its business model and competitive positioning continue to serve the Company well.  Furthermore, the Company’s liquidity remains its strength, as its cash position continued to exceed its debt at March 31, 2014, with no borrowings outstanding on its credit facility, and, also, the Company’s consolidated leverage ratio continued to be less than one times EBITDA.  Going forward, the Company expects to see modest growth in most of its major markets, although some countries such as India and Brazil could continue to be challenging.  Also, the Company is beginning to experience an increase in some raw material costs.  However, the Company believes its track record of increasing market share and leveraging recent acquisitions will continue and help offset the market issues that may occur.  Overall, the Company remains confident in its future and expects 2014 to be another good year for Quaker as it strives to increase revenue and earnings for the fifth consecutive year.

Liquidity and Capital Resources

Quaker’s cash and cash equivalents decreased to $60.5 million at March 31, 2014 from $68.5 million at December 31, 2013.  The $8.0 million decrease was the result of $1.8 million of cash used in operating activities, $2.7 million of cash used in investing activities and $3.5 million of cash used in financing activities.

Net cash flows used in operating activities were $1.8 million in the first quarter of 2014 compared to $11.3 million provided by operating activities in the first quarter of 2013.  The Company’s $13.1 million lower operating cash flow was primarily due to higher working capital investment during the first quarter of 2014 compared to the first quarter of 2013.  Specifically, the Company had higher cash outflows from accounts receivable due to increased sales at the end of the first quarter of 2014, higher cash outflows from inventory due to reestablishing safety stock levels that were low at year-end 2013 and higher cash outflows from accounts payable and accrued liabilities related to higher annual incentive compensation payouts on the Company’s improved performance in the prior year.   In addition, the Company received a dividend distribution in the prior year from its captive insurance equity affiliate of $2.0 million, which also affected the operating cash flow comparison.

Net cash flows used in investing activities decreased from $3.3 million in the first quarter of 2013 to $2.7 million in the first quarter of 2014.   The $0.6 million decrease of cash used in investing activities was primarily the result of lower payments for acquisitions and a change in the Company’s restricted cash, net of an increase in payments for property, plant and equipment.  Related to acquisitions, the Company acquired a chemical milling maskants distribution network for the Company’s North American segment

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during the first quarter of 2013, with no corresponding payment in 2014.  Changes to the Company’s restricted cash depend upon the timing of claims and payments associated with the subsidiary’s asbestos litigation.  The Company’s property, plant and equipment expenditures increased during the first quarter of 2014 for information technology development and other related initiatives primarily in its EMEA segment, partially offset by higher payments during the first quarter of 2013 for the expansion of the Company’s Asia/Pacific facilities.

 Net cash flows used in financing activities were $3.5 million in the first quarter of 2014 compared to $4.7 million of cash used in financing activities in the first quarter of 2013.   Generally, the $1.2 million decrease in cash used for financing activities was caused by lower repayments on external debt, as the Company had no borrowings on its revolving credit line as of December 31, 2013 to repay during the first quarter of 2014.  In addition, changes in stock option exercises and other related activity and higher dividend payments affected the financing cash flow comparisons.

The Company’s primary credit line is a $300.0 million syndicated multicurrency credit agreement with Bank of America, N.A. (administrative agent) and certain other major financial institutions, which matures in June 2018. At the Company’s option, the principal amount available can be increased to $400.0 million if the lenders agree to increase their commitments and the Company satisfies certain conditions.  At March 31, 2014 and December 31, 2013, the Company had no outstanding borrowings under this facility.  The Company’s access to this credit is largely dependent on its consolidated leverage ratio covenant, which cannot exceed 3.50 to 1. At March 31, 2014 and December 31, 2013, the consolidated leverage ratio was below 1.0 to 1 and the Company was also in compliance with all of the facility’s other covenants.

At March 31, 2014, the Company’s gross liability for uncertain tax positions, including interest and penalties, was $16.3 million. The Company cannot determine a reliable estimate of the timing of cash flows by period related to its uncertain tax position liability. However, should the entire liability be paid, the amount of the payment may be reduced by up to $10.5 million as a result of offsetting benefits in other tax jurisdictions.

Subsequent to the first quarter of 2014, the Company paid approximately $4.7 million to the former shareholders of Summit Lubricants, Inc. as settlement of an earnout liability assumed in the Company’s 2010 acquisition.

The Company believes it is capable of supporting its operating requirements, including pension plan contributions, payments of dividends to shareholders, possible acquisitions and business opportunities, capital expenditures and possible resolution of contingencies, through internally generated funds supplemented with debt or equity as needed.

Non-GAAP Measures

Included in this Form 10-Q filing are non-GAAP financial measures of non-GAAP earnings per diluted share and adjusted EBITDA.  The Company believes these non-GAAP financial measures provide meaningful supplemental information as they enhance a reader’s understanding of the financial performance of the Company, are more indicative of future operating performance of the Company, and facilitate a better comparison among fiscal periods, as the non-GAAP measures exclude items that are not considered core to the Company’s operations.  These non-GAAP results are presented for supplemental informational purposes only and should not be considered a substitute for the financial information presented in accordance with GAAP.

The following is a reconciliation between the non-GAAP (unaudited) financial measure of non-GAAP earnings per diluted share to its most directly comparable GAAP (unaudited) measure:

	Three Months Ended
	March 31,
	2014			2013
GAAP earnings per diluted share attributable to Quaker Chemical Corporation Common Shareholders	$	0.96		$	1.04
Equity income in a captive insurance company per diluted share		(0.06	)		(0.11	)
UK pension plan amendment per diluted share		0.05			—
Devaluation of the Venezuelan Bolivar Fuerte per diluted share		—			0.03
Non-GAAP earnings per diluted share	$	0.95		$	0.96

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The following is a reconciliation between the non-GAAP (unaudited) financial measure of adjusted EBITDA to its most directly comparable GAAP (unaudited) financial measure:

	Three Months Ended
	March 31,
	2014			2013
Net income attributable to Quaker Chemical Corporation	$	12,730		$	13,619
Depreciation and amortization		3,888			3,935
Interest expense		525			744
Taxes on income before equity in net income of associated companies		6,546			4,133
Equity income in a captive insurance company		(846	)		(1,435	)
UK pension plan amendment		902			—
Devaluation of the Venezuelan Bolivar Fuerte		—			357
Adjusted EBITDA	$	23,745		$	21,353

Out-of-Period Adjustment

During 2012, the Company reassessed its ability to significantly influence the operating and financial policies of its captive insurance equity affiliate, Primex.  Based on its ownership percentage and other factors, the Company determined that, during 2012, the Company obtained the ability to significantly influence Primex and, as a result, changed its method of accounting from the cost to equity method.   During the first quarter of 2013, the Company identified errors in Primex’s estimated 2012 financial statements, which primarily related to a reinsurance contract held by Primex.  The identified errors resulted in a cumulative $1.0 million understatement of the Company’s equity in net income from associated companies for the year ended December 31, 2012.  The Company corrected the errors related to Primex in the first quarter of 2013, which had the net effect of increasing equity in net income from associated companies by $1.0 million for the three months ended March 31, 2013.  The Company did not believe this adjustment was material to its consolidated financial statements for the years ended December 31, 2012 or December 31, 2013 and, therefore, did not restate any prior period amounts.  See Note 2 of Notes to Condensed Consolidated Financial Statements.

Consolidated Operations Review – Comparison of the First Quarter of 2014 with the First Quarter of 2013

Net sales for the first quarter of 2014 of $181.7 million increased approximately 3% from net sales of $176.2 million in the first quarter of 2013.  Product volumes, including acquisitions, increased revenues by approximately 6%, which was partially offset by a decrease of $2.7 million, or 2%, related to foreign exchange rate translation and a 1% decrease due to price and product mix.

Gross profit increased approximately $2.5 million, or approximately 4%, from the first quarter of 2013.  The increase in gross profit was driven by the increased sales volumes, noted above, on stable gross margins in the first quarters of 2014 and 2013 of 35.8% and 35.5%, respectively.

SG&A increased approximately $0.5 million from the first quarter of 2013, primarily driven by higher labor related costs on improved Company performance and general year-over-year merit increases and, also, additional costs related to an amendment to the Company’s UK pension plan of approximately $0.9 million, or $0.05 per diluted share.  The additional pension related costs are non-recurring.  These increases to SG&A were net of lower impacts from foreign exchange rate translation.

The change from other income of $0.3 million in the first quarter of 2013 to other expense of $0.5 million in the first quarter of 2014 was primarily the result of approximately $0.8 million of net foreign exchange losses in the current quarter.

The decrease in interest expense was primarily due to lower average borrowings and lower interest rates experienced in the first quarter of 2014 as compared to the first quarter of 2013.  Interest income was higher in the first quarter of 2014 compared to the first quarter of 2013, primarily due to an increase in the level of the Company’s cash on hand.

The Company’s effective tax rates for the first quarters of 2014 and 2013 were 34.8% and 24.1%, respectively.  The primary contributors to the increase in the current quarter’s effective tax rate were lower changes in reserves related to uncertain tax positions and certain one-time items that increased the current quarter’s effective tax rate.  Although the tax rate is inflated in the first quarter of 2014, the Company continues to estimate the full year 2014 effective tax rate to approximate 30%.  The Company has experienced and expects to further experience volatility in its effective tax rates due to the varying timing of tax audits and the expiration of applicable statutes of limitations as they relate to uncertain tax positions, among other factors.

Equity in net income of associated companies (“equity income”) was generally consistent for the first quarter of 2014 compared to the first quarter of 2013.  The primary component of equity income is the Company’s interest in a captive insurance company.  Earnings attributable to this equity interest were approximately $0.8 million, or $0.05 per diluted share, in the first quarter of 2014 compared to $1.4 million, or $0.11 per diluted share, for the first quarter of 2013, which includes a non-cash out-of-period adjustment of approximately $1.0 million.  See the Out-of-Period Adjustment section in this Item, above.  Partially offsetting the higher earnings attributable to the captive insurance company in the first quarter of 2013 was a charge due to the devaluation of the Venezuelan

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Bolivar Fuerte of $0.4 million, or $0.03 per diluted share.  See Notes 1 and 2 of Notes to Condensed Consolidated Financial Statements.

Changes in foreign exchange rates negatively impacted the first quarter of 2014 net income by approximately $0.6 million or $0.05 per diluted share.

Reportable Operating Segment Review – Comparison of the First Quarter of 2014 with the First Quarter of 2013

The Company offers its industrial process fluids, chemical specialties and technical expertise to a wide range of industries in a global product portfolio throughout its four segments:  (i) North America, (ii) Europe, Middle East and Africa (“EMEA”), (iii) Asia/Pacific and (iv) South America.

North America

North America represented approximately 42% of the Company’s consolidated net sales in the first quarter of 2014, which increased approximately $2.0 million, or 3%, from the first quarter of 2013.  The increase in net sales was generally attributable to higher base product volumes of 6% and acquisitions of 1%, partially offset by a decrease in price and product mix of 4%.  This reportable segment’s operating earnings, excluding indirect expenses, increased approximately $0.7 million, or 4%, from the first quarter of 2013.  The first quarter of 2014 increase was mainly driven by higher gross profit on the increases to net sales, noted above, and a slight margin improvement on a change in product mix, partially offset by higher labor-related costs on improved segment performance and general year-over-year merit increases.

EMEA

EMEA represented approximately 27% of the Company’s consolidated net sales in the first quarter of 2014, which increased approximately $2.5 million, or 5%, from the first quarter of 2013.  The increase in net sales was primarily due to higher product volumes of 6% and an increase from foreign currency exchange rate translation of 3%, partially offset by a decrease in price and product mix of 4%.  The foreign currency exchange rate translation impact was primarily due to an increase in the E.U. Euro to U.S. Dollar exchange rate, which averaged 1.37 in the first quarter of 2014 compared to an average of 1.32 in the first quarter of 2013.  This reportable segment’s operating earnings, excluding indirect expenses, increased approximately $1.1 million, or 16%, from the first quarter of 2013.  The first quarter of 2014 increase was mainly driven by higher gross profit on the increases to net sales, noted above, and a slight margin improvement on a change in product mix, partially offset by higher labor-related costs on improved segment performance and general year-over-year merit increases.

Asia/Pacific

Asia/Pacific represented approximately 23% of the Company’s net sales in the first quarter of 2014, which increased approximately $3.9 million, or 10%, from the first quarter of 2013.  The increase in net sales was primarily due to higher product volumes of 9% and an increase due to price and product mix of 3%, partially offset by a decrease from foreign currency exchange rate translation of 2%.  The foreign currency exchange rate translation impact was primarily due to a decrease in the Indian Rupee to U.S. Dollar exchange rate, which averaged 0.0162 in the first quarter of 2014 compared to 0.0185 in the first quarter of 2013.  This reportable segment’s operating earnings, excluding indirect expenses, increased approximately $0.3 million, or 3%, from the first quarter of 2013.  The first quarter of 2014 increase was mainly driven by higher gross profit on the increases to net sales, noted above, partially offset by higher labor-related costs on improved segment performance and general year-over-year merit increases.

South America

South America represented approximately 8% of the Company’s net sales in the first quarter of 2014, which decreased approximately $2.9 million, or 17%, from the first quarter of 2013.  The decrease in net sales was generally attributable to lower product volumes of 6% and a decrease from foreign currency exchange rate translation of 18%, partially offset by an increase in price and product mix of 7%.  The foreign currency exchange rate translation impact was primarily due to a decrease in the Brazilian Real and Argentinian Peso to U.S. Dollar exchange rates, which averaged 0.42 and 0.13 in the first quarter of 2014 compared to 0.50 and 0.20 in the first quarter of 2013, respectively.  This reportable segment’s operating earnings, excluding indirect expenses, decreased approximately $1.4 million, or 48%, from the first quarter of 2013. The first quarter of 2014 decrease was mainly driven by lower gross profit on the decreases to net sales, noted above, and a gross margin decline on a change in product mix, partially offset by the positive impacts from the cost streamlining initiatives taken in this segment during 2013.

Factors That May Affect Our Future Results

(Cautionary Statements Under the Private Securities Litigation Reform Act of 1995)

Certain information included in this Report and other materials filed or to be filed by Quaker with the SEC (as well as information included in oral statements or other written statements made or to be made by us) contain or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the fact that they do not relate strictly to historical or current facts. We have

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based these forward-looking statements on our current expectations about future events. These forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, intentions, financial condition, results of operations, future performance and business, including:

·   statements relating to our business strategy;

·   our current and future results and plans; and

·   statements that include the words “may,” “could,” “should,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan” or similar expressions.

Such statements include information relating to current and future business activities, operational matters, capital spending, and financing sources. From time to time, forward-looking statements are also included in Quaker’s other periodic reports on Forms 10-K, 10-Q and 8-K, as well as in press releases and other materials released to, or statements made to, the public.

 Any or all of the forward-looking statements in this Report and in any other public statements we make may turn out to be wrong. This can occur as a result of inaccurate assumptions or as a consequence of known or unknown risks and uncertainties. Many factors discussed in this Report will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.

We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in Quaker’s subsequent reports on Forms 10-K, 10-Q and 8-K should be consulted. These forward-looking statements are subject to risks, uncertainties and assumptions about us and our operations that are subject to change based on various important factors, some of which are beyond our control. A major risk is that the Company’s demand is largely derived from the demand for its customers’ products, which subjects the Company to uncertainties related to downturns in a customer’s business and unanticipated customer production shutdowns. Other major risks and uncertainties include, but are not limited to, significant increases in raw material costs, worldwide economic and political conditions, foreign currency fluctuations, terrorist attacks and other acts of violence. Furthermore, the Company is subject to the same business cycles as those experienced by steel, automobile, aircraft, appliance, and durable goods manufacturers. These risks, uncertainties, and possible inaccurate assumptions relevant to our business could cause our actual results to differ materially from expected and historical results. Other factors beyond those discussed could also adversely affect us. Therefore, we caution you not to place undue reliance on our forward-looking statements. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995.

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Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

We have evaluated the information required under this item that was disclosed in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2013, and we believe there has been no material change to that information.

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Item 4.  Controls and Procedures.

Evaluation of disclosure controls and procedures. As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our management, including our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period cover by this report.  Based on that evaluation, our principal executive officer and our principal financial officer have concluded that as of the end of the period covered by this report our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were effective.

Changes in internal control over financial reporting. As required by Rule 13a-15(d) under the Exchange Act, our management, including our principal executive officer and principal financial officer, has evaluated our internal control over financial reporting to determine whether any changes to our internal control over financial reporting occurred during the quarter ended March 31, 2014 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.  Based on that evaluation, no such changes to our internal control over financial reporting occurred during the quarter ended March 31, 2014.

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PART II. 

OTHER INFORMATION

Items 1A, 3, 4 and 5 of Part II are inapplicable and have been omitted.

Item 1.  Legal Proceedings

Incorporated by reference is the information in Note 14 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The following table sets forth information concerning shares of the Company’s common stock acquired by the Company during the period covered by this report:

					(c)		(d)
					Total Number of		Maximum
					Shares Purchased as		Number of Shares that
	(a)		(b)		Part of		May Yet
	Total Number		Average		Publicly Announced		Be Purchased Under the
	of Shares		Price Paid		Plans		Plans or
Period	Purchased (1)		Per Share (2)		or Programs (3)		Programs (3)
January 1 - January 31		—	$	—		—		252,600
February 1 - February 28		—	$	—		—		252,600
March 1 - March 31		5,708	$	77.28		—		252,600
Total		5,708	$	77.28		—		252,600

(1)   All of the 5,708shares acquired by the Company during the period covered by this report were acquired from employees upon their surrender of previously owned shares in payment of the exercise price of employee stock options exercised, for the payment of taxes upon exercise of employee stock options or for the vesting of restricted stock.

(2)   The price per share, in each case, represented the closing price of the Company’s common stock on the date of exercise or vesting, as specified by the plan pursuant to which the applicable option or restricted stock was granted.

(3)   On February 15, 1995, the Board of Directors of the Company authorized a share repurchase program authorizing the repurchase of up to 500,000 shares of Quaker common stock, and, on January 26, 2005, the Board authorized the repurchase of up to an additional 225,000 shares.  Under the 1995 action of the Board, 27,600 shares may yet be purchased.  Under the 2005 action of the Board, none of the shares authorized has been purchased and, accordingly, all of those shares may yet be purchased.  Neither of the share repurchase authorizations has an expiration date.

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Item 6.  Exhibits

(a) Exhibits
10.1	–	Expatriate Agreement by and between the Registrant and Dieter Laininger, dated and effective February 27, 2014. *
31.1	–	Certification of Chief Executive Officer of the Company pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
31.2	–	Certification of Chief Financial Officer of the Company pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
32.1	–	Certification of Michael F. Barry Pursuant to 18 U.S. C. Section 1350
32.2	–	Certification of Margaret M. Loebl Pursuant to 18 U.S. C. Section 1350
101.INS	–	XBRL Instance Document
101.SCH	–	XBRL Extension Schema Document
101.CAL	–	XBRL Calculation Linkbase Document
101.DEF	–	XBRL Definition Linkbase Document
101.LAB	–	XBRL Label Linkbase Document
101.PRE	–	XBRL Presentation Linkbase Document

* This exhibit is a management contract or compensation plan or arrangement required to be filed as an exhibit.

*********

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	QUAKER CHEMICAL CORPORATION                         (Registrant)
	/s/ Margaret M. Loebl
Date: April 29, 2014	Margaret M. Loebl, Vice President, Chief Financial Officer and Treasurer (officer duly authorized on behalf of, and principal financial officer of, the Registrant)

27

EX-10.1

 Ronald S. Ettinger

 Vice President, Human Resources

Dieter Laininger

Expatriate Agreement

February 27, 2014

The following Expatriate Agreement (“Agreement”), effective February 27, 2014, is in addition to, and made a part of, the Employment Agreement between Quaker (“Quaker” or the “Company”) and you, dated June 1, 2011 (the “Employment Agreement”).  The terms outlined in this Agreement supersede and replaces specific terms outlined in the Expatriate Agreement dated January 15, 2013.

Assignment:

Your assignment will begin on February 27, 2014 and is expected to run through January 31, 2017. The Company at its sole discretion may reduce the length of the assignment to less than the duration listed above.  At the end of the assignment, you will be repatriated to the Quaker Europe region where every effort will be made to return you an equivalent level executive position, or if a position is not available in Quaker Europe every effort will be made to find you a comparable position in another of Quaker’s regions.  However, you will not be required to take a position outside of the Quaker Europe region unless mutually agreeable.

Appointment:

Quaker agrees to continue to employ you, and you agree to continue to serve as Quaker’s Vice President and Managing Director – South America.  You shall perform all duties consistent with such position as well as any other duties that are assigned to you from time to time by the Chairman, Chief Executive Officer and President or the Board of Directors of Quaker.  You agree that you will, during the term of this Agreement or any extension or renewal thereof, devote your knowledge, skill, and working time solely and exclusively to the business and interests of Quaker.

Compensation and Benefits:

Effective March 1, 2014 your base monthly salary will be increased to €18,855.38 gross (subject to all applicable withholding) which represents an annualized amount of €226,264.56.  Your base monthly salary of Euro’s will be converted to REALS using the FX conversion at the end of that business day on which Quaker Brazil’s salary is paid. This methodology for converting your base monthly salary amount into REALS will remain unchanged unless adjusted consistent with Quaker’s then current practice for reviewing executive officers’ salaries and performance.

You will be eligible for your next base monthly salary increase in March, 2015, consistent with Quaker’s current practice for reviewing executive officers’ salaries and performance.

You will be entitled to an annual incentive bonus package which will be between zero and up to a maximum of 70% of your base annual salary (annual salary defined as monthly gross salary x 12) in accordance with the Quaker’s Global Annual Incentive Plan.

Quaker Chemical Corporation

One Quaker Park, 901 E. Hector Street, Conshohocken, PA 19428-2380  USA

P:  610.832.4176   F:  610.832.4282   E:  ettinger@quakerchem.com

quakerchem.com

Under Quaker’s Long-Term Incentive Plan, you will participate at Level 1 with the awards to be annually approved by the Compensation and Management Development Committee of the Board of Directors of Quaker.  Both of the aforementioned incentive Plans may be amended by the Board of Directors at any time including eligibility to participate in any given incentive plan, the level of participation in any Quaker incentive plan, and the terms and conditions of any Quaker incentive plan.  Any changes to those Plans, including participation levels, shall not affect any of the other terms and conditions hereof or of your Employment Agreement, including, without limitation, the covenants contained in the “Provisions to Protect The Company’s Interests”, which is attached to your Employment Agreement.

Pension Expenses:

All pensionable amounts will remain consistent with your current agreement effective June 1, 2011.  As such you will continue to be eligible to the following contributions to your pension:

1. € 1,301.64 monthly or €15.619.63 annual to be included as part of your regular monthly compensation and adjusted annually as per the German legislation for COL; 2. €16,000 to be paid at the end October as a one-time payment.

Transportation:

    You will be eligible for a company automobile for business and personal use consistent with Quaker Brazil practice applicable to such benefit as the same may be revised from time to time.

Medical Coverage:

You and your eligible dependent will be eligible for the international CIGNA medical and dental benefits plans while on assignment in Brazil.

Home Leave:

For the duration of your assignment, you and your spouse are eligible for home leave expense reimbursements of up to a combined total of €12,000.00 per assignment year, which are limited to airfare, automobile transportation, and lodging, when traveling to and from your home country.  If trips are not made, no reimbursement will be paid.

Household Goods:

Quaker will provide for the shipping of your household goods by air, at the end of the assignment, each for up to a maximum of 5,5cbm gross or 78 cubic feet of goods whichever is deemed the greater. At your request, you are eligible for the cost of reasonable storage for household goods to be stored within your home country until the end of your assignment.

Personal Income Tax Filing Preparation:

Quaker will provide for the cost of your personal income tax filing preparation for Germany and Brazil for each calendar year while on assignment.

Stock Grant:

As part of your agreement to extend your expatriate assignment, on February 27, 2014 you were granted 2,500 restricted shares of Quaker common stock.  These shares will vest in three (3) equal installments on the anniversary date of this award. (Consequently, 833 shares will vest on February 27, 2015; another 833 shares will vest on February 27, 2016; and the final 834 shares will vest on February 27, 2017).  You must be actively employed by Quaker on the vesting dates to receive the specific shares vesting on that date.

Cost of Living:

Effective March 1, 2014 through the final full month of your assignment, you will receive a cost-of-living monthly base salary adjustment of €2,514.05.  This monthly payment will remain unchanged during the duration of the assignment.  This payment will be converted to REALS using the FX conversion at the end of the business day on regular Quaker Brazil’s pay dates; the same dates that your regular base salary is paid. These payments will be subject to all normal withholdings.

Tax Equalization:

A tax equalization calculation will be completed for each calendar year while on assignment.  Depending on the calculation, you may be eligible for a tax equalization payment.

Housing:

Through the end of your assignment, you will be eligible for a housing allowance of up to R$11,500 per month.  Any cost over this amount will be your responsibility.

Other than listed above, there will be no additional changes to, all other terms and conditions of the Employment Agreement and any prior amendments thereto, as well as all company rules and practices, shall remain unchanged and in full force and effect.

This Agreement may be executed in one or more counterparts, all of which will be considered one and the same Agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered (including by facsimile transmission) to the other parties hereto, it being understood that all parties need not sign the same counterpart.

We kindly request your acceptance of these terms by signing below and returning to the Vice President Human Resources in the Corporate Human Resources Department.

SIGNATURE

I hereby accept the offer as stated in the terms described above.

/s/ Dieter Laininger	Quaker Chemical Industria e Comercio Ltda.
Dieter Laininger
Date: 19.03.2014	By:	/s/ Raquel Bastos Lopes
	Date:	19.03.2014
Quaker Chemical B.V.
By: /s/ E. ten Duis		Acknowledged and approved
Date: 26.03.2014		Quaker Chemical Corporation
	By: /s/ Robert T. Traub
	Date:           4/1/14

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER OF THE COMPANY PURSUANT TO RULE 13a-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934

I, Michael F. Barry, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Quaker Chemical Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 29, 2014

/s/ Michael F. Barry

Michael F. Barry

Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER OF THE COMPANY PURSUANT TO RULE 13a-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934

I, Margaret M. Loebl, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Quaker Chemical Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 29, 2014

/s/ Margaret M. Loebl

Margaret M. Loebl

Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

The undersigned hereby certifies that the Form 10-Q Quarterly Report of Quaker Chemical Corporation (the “Company”) for the quarterly period ended March 31, 2014 filed with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: April 29, 2014	/s/ Michael F. Barry
	Michael F. Barry
	Chief Executive Officer of Quaker Chemical Corporation

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

The undersigned hereby certifies that the Form 10-Q Quarterly Report of Quaker Chemical Corporation (the “Company”) for the quarterly period ended March 31, 2014 filed with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: April 29, 2014	/s/ Margaret M. Loebl
	Margaret M. Loebl
	Chief Financial Officer of Quaker Chemical Corporation

XML

Stock Based Compensation - Restricted Stock Rollforward (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Beginning Balance	115,984
Nonvested Stock Awards Granted	22,656
Nonvested Stock Awards Vested	(22,325)
Nonvested Stock Awards Forfeited	0
Ending Balance	116,315
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, Beginning of Period	$ 47.27
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Granted	$ 73.37
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Vested	$ 38.44
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Forfeited	$ 0.00
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, End of Period	$ 54.05
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Beginning Balance	4,018
Nonvested Stock Awards Granted	2,140
Nonvested Stock Awards Vested	0
Nonvested Stock Awards Forfeited	0
Ending Balance	6,158
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, Beginning of Period	$ 49.71
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Granted	$ 74.89
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Vested	$ 0.00
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Forfeited	$ 0.00
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, End of Period	$ 58.46

XML

Business Acquisitions - Table (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013 Socomor [Member]	Jun. 30, 2013 Tin Plating [Member]
Business Acquisition [Line Items]
Inventory				$ 454
Fixed Assets				270
Intangibles				830
Goodwill	58,633	58,151		277
Present Value of Hold-back			$ 100

XML

Intangible Assets - Amortization (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization	$ 813	$ 879

XML

Business Acquisitions - Narrative (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended			3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2013 Socomor [Member]	Mar. 31, 2013 Socomor [Member] Customer Lists [Member]	Jun. 30, 2013 Tin Plating [Member]	Jun. 30, 2013 Tin Plating [Member] Customer Lists [Member]	Jun. 30, 2013 Tin Plating [Member] Noncompete Agreements [Member]	Jun. 30, 2013 Tin Plating [Member] Formulations And Product Technology[Member]
Business Acquisition [Line Items]
Cash Paid for Acquisitions	$ 0	$ 647		$ 647		$ 1,831
Goodwill	58,633		58,151			277
Intangibles						$ 830
Intangible Assets, Amortizable Life					5 years		10 years	4 years	10 years

XML

Goodwill Assets (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 58,151
Goodwill, Translation Adjustments	482
Goodwill, Ending Balance	58,633
North America [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	28,127
Goodwill, Translation Adjustments	193
Goodwill, Ending Balance	28,320
EMEA [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	11,184
Goodwill, Translation Adjustments	108
Goodwill, Ending Balance	11,292
Asia Pacific [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	15,018
Goodwill, Translation Adjustments	144
Goodwill, Ending Balance	15,162
South America [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	3,822
Goodwill, Translation Adjustments	37
Goodwill, Ending Balance	$ 3,859

XML

Stock Based Compensation - Expense Table (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Stock Options Compensation Expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	$ 150	$ 100
Nonvested Stock Awards and Restricted Stock Unit Compensation Expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	556	383
Employee Stock Purchase Plan Compensation Expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	17	12
401 (k) Matching Stock Contribution Plan Compensation Expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	649	525
Directors Stock Ownership Plan Compensation Expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	16	20
Total Share-based Compensation Expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	$ 1,388	$ 1,040

XML

Fair Value Measurements - Liabilities (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Total Fair Value Inputs [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Large Capitalization Registered Investment Companies	$ 370	$ 405
Mid Capitalization Registered Investment Companies	103	109
Small Capitalization Registered Investment Companies	87	95
International Developed And Emerging Markets Registered Investment Companies	190	205
Fixed Income Registered Investment Companies	40	43
Fixed General Account	155	167
Acquisition-related Consideration	4,830	4,876
Liabilities, Fair Value Disclosure	5,775	5,900
Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Large Capitalization Registered Investment Companies	370	405
Mid Capitalization Registered Investment Companies	103	109
Small Capitalization Registered Investment Companies	87	95
International Developed And Emerging Markets Registered Investment Companies	190	205
Fixed Income Registered Investment Companies	40	43
Fixed General Account	0	0
Acquisition-related Consideration	0	0
Liabilities, Fair Value Disclosure	790	857
Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Large Capitalization Registered Investment Companies	0	0
Mid Capitalization Registered Investment Companies	0	0
Small Capitalization Registered Investment Companies	0	0
International Developed And Emerging Markets Registered Investment Companies	0	0
Fixed Income Registered Investment Companies	0	0
Fixed General Account	155	167
Acquisition-related Consideration	0	0
Liabilities, Fair Value Disclosure	155	167
Fair Value, Inputs, Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Large Capitalization Registered Investment Companies	0	0
Mid Capitalization Registered Investment Companies	0	0
Small Capitalization Registered Investment Companies	0	0
International Developed And Emerging Markets Registered Investment Companies	0	0
Fixed Income Registered Investment Companies	0	0
Fixed General Account	0	0
Acquisition-related Consideration	4,830	4,876
Liabilities, Fair Value Disclosure	$ 4,830	$ 4,876

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Other Income (expense) (Tables)

3 Months Ended

Mar. 31, 2014

Other Income And Expenses [Abstract]

Schedule Of Other Nonoperating Income (Expense) [Table Text Block]

		2014		2013
Income from third party license fees		$	298	$	265
Net foreign exchange (losses) gains			(799)		33
Other non-operating income			83		97
Other non-operating expense			(55)		(49)
	Total other (expense) income, net	$	(473)	$	346

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Equity and Noncontrolling Interest (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Beginning Balance	$ 344,696	$ 289,676
Net Income	13,309	14,191
Amounts reported in other comprehensive income (loss)	1,889	(25)
Dividends, Common Stock	(3,308)	(3,219)
Share Issuance and Equity-Based Compensation Plans	1,183	981
Excess Tax Benefit From Stock Option Exercises	239	369
Ending Balance	358,008	301,973
Common Stock Member
Beginning Balance	13,196	13,095
Net Income	0	0
Amounts reported in other comprehensive income (loss)	0	0
Dividends, Common Stock	0	0
Share Issuance and Equity-Based Compensation Plans	31	45
Excess Tax Benefit From Stock Option Exercises	0	0
Ending Balance	13,227	13,140
Additional Paid-in Capital [Member]
Beginning Balance	99,038	94,470
Net Income	0	0
Amounts reported in other comprehensive income (loss)	0	0
Dividends, Common Stock	0	0
Share Issuance and Equity-Based Compensation Plans	1,152	936
Excess Tax Benefit From Stock Option Exercises	239	369
Ending Balance	100,429	95,775
Retained Earnings [Member]
Beginning Balance	258,285	215,390
Net Income	12,730	13,619
Amounts reported in other comprehensive income (loss)	0	0
Dividends, Common Stock	(3,308)	(3,219)
Share Issuance and Equity-Based Compensation Plans	0	0
Excess Tax Benefit From Stock Option Exercises	0	0
Ending Balance	267,707	225,790
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	(34,700)	(41,855)
Net Income	0	0
Amounts reported in other comprehensive income (loss)	1,685	108
Dividends, Common Stock	0	0
Share Issuance and Equity-Based Compensation Plans	0	0
Excess Tax Benefit From Stock Option Exercises	0	0
Ending Balance	(33,015)	(41,747)
Noncontrolling Interest [Member]
Beginning Balance	8,877	8,576
Net Income	579	572
Amounts reported in other comprehensive income (loss)	204	(133)
Dividends, Common Stock	0	0
Share Issuance and Equity-Based Compensation Plans	0	0
Excess Tax Benefit From Stock Option Exercises	0	0
Ending Balance	$ 9,660	$ 9,015

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Income Taxes and Uncertain Tax Positions (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Continuing Operations	34.80%	24.10%
Effect on EPS of Uncertain Tax Position Adjustments	$ 0.02	$ 0.10
Unrecognized Tax Benefits	$ 12,299			$ 12,596
Unrecognized Tax Benefits, Interest on Income Taxes Expense	(212)	(477)
Unrecognized Tax Benefits, Income Tax Penalties Expense	(9)	93
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	1,895			2,108
Unrecognized Tax Benefits, Income Tax Penalties Accrued	2,088			2,100
Tax Adjustments, Settlements, and Unusual Provisions	1,075	1,687
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound			1,800
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound			$ 1,900
Internal Revenue Service (IRS) [Member]
Income Tax Examination [Line Items]
Income Tax Examination Year Under Examination	2010
Foreign Tax Authority [Member] | The Netherlands [Member]
Income Tax Examination [Line Items]
Income Tax Examination Year Under Examination	2008
Foreign Tax Authority [Member] | United Kingdom [Member]
Income Tax Examination [Line Items]
Income Tax Examination Year Under Examination	2008
Foreign Tax Authority [Member] | Brazil [Member]
Income Tax Examination [Line Items]
Income Tax Examination Year Under Examination	2000
Foreign Tax Authority [Member] | Spain [Member]
Income Tax Examination [Line Items]
Income Tax Examination Year Under Examination	2009
Foreign Tax Authority [Member] | China [Member]
Income Tax Examination [Line Items]
Income Tax Examination Year Under Examination	2010
Foreign Tax Authority [Member] | Italy [Member]
Income Tax Examination [Line Items]
Income Tax Examination Year Under Examination	2010
State and Local Jurisdiction [Member]
Income Tax Examination [Line Items]
Income Tax Examination Year Under Examination	1993

XML

Stock Based Compensation - Options Rollforward (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning Balance	75,251
Options Granted	37,048
Options Exercised	(3,292)
Options Forfeited	0
Ending Balance	109,007
Options Exerciseable	39,897
Weighted Average Exercise Price [Abstract]
Outstanding at Beginning of Year	$ 44.49
Options Granted	$ 73.47
Options Exercised	$ 42.24
Options Forfeited	$ 0.00
Outstanding at End of Period	$ 54.41
Options Exercisable	$ 39.64
Weighted Average Contractual Term [Abstract]
Weighted Average Remaining Contractual Term, Outstanding	5 years 7 months
Weighted Average Remaining Contractual Term, Exercisable	4 years 6 months

XML

Equity and Noncontrolling Interest - Reclassifications (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Loss, Balance at Beginning of Period	$ (34,700)	$ (41,855)
Other Comprehensive Income (Loss) Before Reclassifications	1,758	280
Reclassifications From Accumulated Comprehensive Income Loss To Income Statement	211	562
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	1,969	842
Related Tax Amounts	(284)	(734)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	1,685	108
Accumulated Other Comprehensive Loss, Balance at End of Period	(33,015)	(41,747)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Loss, Balance at Beginning of Period	1,152	3,336
Other Comprehensive Income (Loss) Before Reclassifications	1,070	(1,630)
Reclassifications From Accumulated Comprehensive Income Loss To Income Statement	0	0
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	1,070	(1,630)
Related Tax Amounts	0	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	1,070	(1,630)
Accumulated Other Comprehensive Loss, Balance at End of Period	2,222	1,706
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Loss, Balance at Beginning of Period	(37,433)	(46,914)
Other Comprehensive Income (Loss) Before Reclassifications	25	762
Reclassifications From Accumulated Comprehensive Income Loss To Income Statement	769	1,056
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	794	1,818
Related Tax Amounts	(248)	(512)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	546	1,306
Accumulated Other Comprehensive Loss, Balance at End of Period	(36,887)	(45,608)
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Loss, Balance at Beginning of Period	1,581	1,723
Other Comprehensive Income (Loss) Before Reclassifications	663	1,148
Reclassifications From Accumulated Comprehensive Income Loss To Income Statement	(558)	(494)
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	105	654
Related Tax Amounts	(36)	(222)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	69	432
Accumulated Other Comprehensive Loss, Balance at End of Period	$ 1,650	$ 2,155

XML

Intangible Assets (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets, Gross [Abstract]
Finite-Lived Customer Lists, Gross	$ 33,589	$ 33,559
Finite-Lived Trademarks, Gross	6,837	6,838
Formulations And Product Technology	5,808	5,808
Other Finite-Lived Intangible Assets, Gross	5,544	5,544
Total	51,778	51,749
Finite Lived Intangible Assets Accumulated Amortization [Abstract]
Finite Lived Intangible Assets Accumulated Amortization Customer Lists	10,730	10,221
Finite Lived Intangible Assets Accumulated Amortization Trademarks	3,366	3,202
Finite Lived Intangible Assets Accumulated Amortization Formulations	3,756	3,709
Finite Lived Intangible Assets Accumulated Amortization Other	4,554	4,445
Total	22,406	21,577
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
For the year ended December 31, 2014	3,252
For the year ended December 31, 2015	3,252
For the year ended December 31, 2016	2,778
For the year ended December 31, 2017	2,119
For the year ended December 31, 2018	2,095
For the year ended December 31, 2019	2,095
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-Lived Trademarks	$ 1,100	$ 1,100

XML

Business Segments

3 Months Ended

Mar. 31, 2014

Segment Reporting Measurement Disclosures [Abstract]

Segment Reporting Disclosure [Text Block]

Note 3 – Business Segments

The Company's reportable operating segments are organized by geography as follows: (i) North America, (ii) Europe, Middle East and Africa (“EMEA”), (iii) Asia/Pacific and (iv) South America. Operating earnings, excluding indirect operating expenses, for the Company's reportable operating segments are comprised of revenues less costs of goods sold and SG&A directly related to the respective regions' product sales. The indirect operating expenses consist of SG&A related expenses that are not directly attributable to the product sales of each respective reportable operating segment. Other items not specifically identified with the Company's reportable operating segments include interest expense, interest income, license fees from non-consolidated affiliates and other income (expense).

The following table presents information about the performance of the Company's reportable operating segments for the three months endedMarch 31, 2014 and March 31, 2013:

		Three Months Ended
		March 31,
		2014		2013
Net sales
	North America	$	76,716	$	74,758
	EMEA		49,189		46,707
	Asia/Pacific		41,937		37,988
	South America		13,832		16,740
Total net sales		$	181,674	$	176,193
Operating earnings, excluding indirect operating expenses
	North America	$	15,711	$	15,039
	EMEA		8,096		6,970
	Asia/Pacific		9,918		9,628
	South America		1,509		2,875
Total operating earnings, excluding indirect operating expenses			35,234		34,512
Indirect operating expenses			(15,048)		(16,222)
Amortization expense			(813)		(879)
Consolidated operating income			19,373		17,411
Other (expense) income, net			(473)		346
Interest expense			(525)		(744)
Interest income			453		169
Consolidated income before taxes and equity in net income of associated companies		$	18,828	$	17,182

Inter-segment revenue for the three months ended March 31, 2014 and March 31, 2013 were $1,950 and $2,106 for North America, $5,326 and $5,005 for EMEA, $107 and $58 for Asia/Pacific and zero for South America, respectively. However, all inter-segment transactions have been eliminated from each reportable operating segment's net sales and earnings for all periods presented.

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Earnings Per Share - Basic (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]
Net Income Attributable to Quaker Chemical Corporation	$ 12,730	$ 13,619
Less: Income Allocated to Participating Securities	(112)	(111)
Net Income Available to Common Shareholders	$ 12,618	$ 13,508
Basic Weighted Average Common Shares Outstanding	13,091,503	13,001,963
Basic Earnings Per Common Share	$ 0.96	$ 1.04

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

				Fair Value Measurements at March 31, 2014
		Fair Value		Using Fair Value Hierarchy
		as of
Assets		March 31, 2014		Level 1		Level 2		Level 3
Company-owned life insurance		$	1,913	$	0	$	1,913	$	0
Company-owned life insurance - Deferred compensation assets			334		0		334		0
Other deferred compensation assets
	Large capitalization registered investment companies		65		65		0		0
	Mid capitalization registered investment companies		6		6		0		0
	Small capitalization registered investment companies		13		13		0		0
	International developed and emerging markets registered investment
companies			39		39		0		0
	Fixed income registered investment companies		7		7		0		0
Total		$	2,377	$	130	$	2,247	$	0

				Fair Value Measurements at December 31, 2013
		Fair Value		Using Fair Value Hierarchy
		as of
Assets		December 31, 2013		Level 1		Level 2		Level 3
Company-owned life insurance		$	1,885	$	0	$	1,885	$	0
Company-owned life insurance - Deferred compensation assets			409		0		409		0
Other deferred compensation assets
	Large capitalization registered investment companies		74		74		0		0
	Mid capitalization registered investment companies		6		6		0		0
	Small capitalization registered investment companies		13		13		0		0
	International developed and emerging markets registered investment
companies			40		40		0		0
	Fixed income registered investment companies		7		7		0		0
Total		$	2,434	$	140	$	2,294	$	0

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

				Fair Value Measurements at March 31, 2014
		Fair Value		Using Fair Value Hierarchy
		as of
Liabilities		March 31, 2014		Level 1		Level 2		Level 3
Deferred compensation liabilities
	Large capitalization registered investment companies	$	370	$	370	$	0	$	0
	Mid capitalization registered investment companies		103		103		0		0
	Small capitalization registered investment companies		87		87		0		0
	International developed and emerging markets registered investment
companies			190		190		0		0
	Fixed income registered investment companies		40		40		0		0
	Fixed general account		155		0		155		0
Acquisition-related consideration			4,830		0		0		4,830
Total		$	5,775	$	790	$	155	$	4,830

				Fair Value Measurements at December 31, 2013
		Fair Value		Using Fair Value Hierarchy
		as of
Liabilities		December 31, 2013		Level 1		Level 2		Level 3
Deferred compensation liabilities
	Large capitalization registered investment companies	$	405	$	405	$	0	$	0
	Mid capitalization registered investment companies		109		109		0		0
	Small capitalization registered investment companies		95		95		0		0
	International developed and emerging markets registered investment
companies			205		205		0		0
	Fixed income registered investment companies		43		43		0		0
	Fixed general account		167		0		167		0
Acquisition-related consideration			4,876		0		0		4,876
Total		$	5,900	$	857	$	167	$	4,876

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

				Non-competition
		Earnout		Agreement
		Summit		Obligation		Total
Balance at December 31, 2013		$	4,697	$	179	$	4,876
	Interest accretion		12		4		16
	Payments		0		(62)		(62)
Balance at March 31, 2014		$	4,709	$	121	$	4,830

Fair Value Inputs Liabilities Quantitative Information [Table Text Block]

	Fair value at March 31, 2014		Valuation technique	Unobservable input	Input value
Summit earnout	$	4,709	Discounted cash flow	Discount rate	14.5%
Non-competition agreement obligation	$	121	Discounted cash flow	Discount rate	14.0%

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Equity and Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2014

Stockholders Equity [Abstract]

Schedule of Stockholders Equity [Table Text Block]

								Accumulated
				Capital in				Other
		Common		excess of		Retained		Comprehensive		Noncontrolling
		stock		par value		earnings		Loss		interest		Total
Balance at December 31, 2013		$	13,196	$	99,038	$	258,285	$	(34,700)	$	8,877	$	344,696
	Net income		0		0		12,730		0		579		13,309
	Amounts reported in other comprehensive income		0		0		0		1,685		204		1,889
	Dividends ($0.25 per share)		0		0		(3,308)		0		0		(3,308)
	Share issuance and equity-based compensation plans		31		1,152		0		0		0		1,183
	Excess tax benefit from stock option exercises		0		239		0		0		0		239
Balance at March 31, 2014		$	13,227	$	100,429	$	267,707	$	(33,015)	$	9,660	$	358,008
Balance at December 31, 2012		$	13,095	$	94,470	$	215,390	$	(41,855)	$	8,576	$	289,676
	Net income		0		0		13,619		0		572		14,191
	Amounts reported in other comprehensive income (loss)		0		0		0		108		(133)		(25)
	Dividends ($0.245 per share)		0		0		(3,219)		0		0		(3,219)
	Share issuance and equity-based compensation plans		45		936		0		0		0		981
	Excess tax benefit from stock option exercises		0		369		0		0		0		369
Balance at March 31, 2013		$	13,140	$	95,775	$	225,790	$	(41,747)	$	9,015	$	301,973

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

						Unrealized
		Currency		Defined		gain (loss) in
		translation		benefit		available-for-
		adjustments		pension plans		sale securities		Total
Balance at December 31, 2013		$	1,152	$	(37,433)	$	1,581	$	(34,700)
	Other comprehensive income before reclassifications		1,070		25		663		1,758
	Amounts reclassified from AOCI		0		769		(558)		211
	Current period other comprehensive income		1,070		794		105		1,969
	Related tax amounts		0		(248)		(36)		(284)
	Net current period other comprehensive income		1,070		546		69		1,685
Balance at March 31, 2014		$	2,222	$	(36,887)	$	1,650	$	(33,015)
Balance at December 31, 2012		$	3,336	$	(46,914)	$	1,723	$	(41,855)
	Other comprehensive (loss) income before reclassifications		(1,630)		762		1,148		280
	Amounts reclassified from AOCI		0		1,056		(494)		562
	Current period other comprehensive (loss) income		(1,630)		1,818		654		842
	Related tax amounts		0		(512)		(222)		(734)
	Net current period other comprehensive (loss) income		(1,630)		1,306		432		108
Balance at March 31, 2013		$	1,706	$	(45,608)	$	2,155	$	(41,747)

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Fair Value Measurements - Assets (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Total Fair Value Inputs [Member]
Cash Surrender Value, Fair Value Disclosure [Abstract]
Company Owned Life Insurance	$ 1,913	$ 1,885
Company Owned Life Insurance - Deferred Compensation Assets	334	409
Available-for-sale Securities, Fair Value Disclosure [Abstract]
Large Capitalization Registered Investment Companies	65	74
Mid Capitalization Registered Investment Companies	6	6
Small Capitalization Registered Investment Companies	13	13
International Developed And Emerging Markets Registered Investment Companies	39	40
Fixed Income Registered Investment Companies	7	7
Assets, Fair Value Disclosure	2,377	2,434
Fair Value, Inputs, Level 1 [Member]
Cash Surrender Value, Fair Value Disclosure [Abstract]
Company Owned Life Insurance	0	0
Company Owned Life Insurance - Deferred Compensation Assets	0	0
Available-for-sale Securities, Fair Value Disclosure [Abstract]
Large Capitalization Registered Investment Companies	65	74
Mid Capitalization Registered Investment Companies	6	6
Small Capitalization Registered Investment Companies	13	13
International Developed And Emerging Markets Registered Investment Companies	39	40
Fixed Income Registered Investment Companies	7	7
Assets, Fair Value Disclosure	130	140
Fair Value, Inputs, Level 2 [Member]
Cash Surrender Value, Fair Value Disclosure [Abstract]
Company Owned Life Insurance	1,913	1,885
Company Owned Life Insurance - Deferred Compensation Assets	334	409
Available-for-sale Securities, Fair Value Disclosure [Abstract]
Large Capitalization Registered Investment Companies	0	0
Mid Capitalization Registered Investment Companies	0	0
Small Capitalization Registered Investment Companies	0	0
International Developed And Emerging Markets Registered Investment Companies	0	0
Fixed Income Registered Investment Companies	0	0
Assets, Fair Value Disclosure	2,247	2,294
Fair Value, Inputs, Level 3 [Member]
Cash Surrender Value, Fair Value Disclosure [Abstract]
Company Owned Life Insurance	0	0
Company Owned Life Insurance - Deferred Compensation Assets	0	0
Available-for-sale Securities, Fair Value Disclosure [Abstract]
Large Capitalization Registered Investment Companies	0	0
Mid Capitalization Registered Investment Companies	0	0
Small Capitalization Registered Investment Companies	0	0
International Developed And Emerging Markets Registered Investment Companies	0	0
Fixed Income Registered Investment Companies	0	0
Assets, Fair Value Disclosure	$ 0	$ 0

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Earnings Per Share - Diluted (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]
Net Income Attributable to Quaker Chemical Corporation	$ 12,730	$ 13,619
Less: Income Allocated to Participating Securities	(112)	(111)
Net Income Available to Common Shareholders	$ 12,618	$ 13,508
Basic Weighted Average Common Shares Outstanding	13,091,503	13,001,963
Effect of Dilutive Securities	19,649	29,937
Diluted Weighted Average Common Shares Outstanding	13,111,152	13,031,900
Diluted Earnings per Common Share	$ 0.96	$ 1.04

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Condensed Financial Information (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Revenue Recognized Under Net Reporting Arrangements	$ 10,573	$ 8,778
Kelko (Venezuela) [Member]
Schedule of Equity Method Investments [Line Items]
Description Of Foreign Currency Devaluation Effects		In February 2013, the Venezuelan Government announced a devaluation of the Bolivar Fuerte. Accordingly, the Company recorded a charge of $357, or $0.03 per diluted share, during the first quarter of 2013.
Effect Of Currency Devaluation, Amount		357
Effect Of Currency Devaluation, Per Diluted Share		$ 0.03
Primex [Member]
Schedule of Equity Method Investments [Line Items]
Impact of Restatement on Opening Retained Earnings, Net of Tax	$ 335

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Out of Period Adjustment (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Accounting Changes and Error Corrections [Abstract]
Immaterial Error Correction	During the first quarter of 2013, the Company identified errors in Primex’s estimated 2012 financial statements, which primarily related to a reinsurance contract held by Primex. The identified errors resulted in a cumulative $1,038 understatement of the Company’s equity in net income from associated companies for the year ended December 31, 2012. The Company corrected the errors related to Primex in the first quarter of 2013, which had the net effect of increasing equity in net income from associated companies by $1,038 for the three months ended March 31, 2013. The Company did not believe this adjustment was material to its consolidated financial statements for the years ended December 31, 2012 or December 31, 2013 and, therefore, did not restate any prior period amounts.
Amount of Error Correction	$ 1,038

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Out of Period Adjustment

3 Months Ended

Mar. 31, 2014

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]

Note 2 – Out of Period Adjustment

During 2012, the Company reassessed its ability to significantly influence the operating and financial policies of its captive insurance equity affiliate, Primex. Based on its ownership percentage and other factors, the Company determined that, during 2012, the Company obtained the ability to significantly influence Primex and, as a result, changed its method of accounting from the cost to equity method. During the first quarter of 2013, the Company identified errors in Primex's estimated 2012 financial statements, which primarily related to a reinsurance contract held by Primex. The identified errors resulted in a cumulative $1,038 understatement of the Company's equity in net income from associated companies for the year ended December 31, 2012. The Company corrected the errors related to Primex in the first quarter of 2013, which had the net effect of increasing equity in net income from associated companies by $1,038 for the three months ended March 31, 2013. The Company did not believe this adjustment was material to its consolidated financial statements for the years ended December 31, 2012 or December 31, 2013 and, therefore, did not restate any prior period amounts.

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Business Segments (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]
Net Sales	$ 181,674	$ 176,193
Operating Earnings, Excluding Indirect Operating Expenses	35,234	34,512
Reconciliation from Segment Totals to Consolidated [Abstract]
Indirect Operating Expenses	(15,048)	(16,222)
Amortization	(813)	(879)
Operating income	19,373	17,411
Other (Expense) Income, net	(473)	346
Interest Expense	(525)	(744)
Interest Income	453	169
Income Before Taxes and Equity in Net Income of Associated Companies	18,828	17,182
North America [Member]
Segment Reporting Information [Line Items]
Net Sales	76,716	74,758
Operating Earnings, Excluding Indirect Operating Expenses	15,711	15,039
North America [Member] | Intersegment Sales Elimination [Member]
Segment Reporting Information [Line Items]
Net Sales	1,950	2,106
EMEA [Member]
Segment Reporting Information [Line Items]
Net Sales	49,189	46,707
Operating Earnings, Excluding Indirect Operating Expenses	8,096	6,970
EMEA [Member] | Intersegment Sales Elimination [Member]
Segment Reporting Information [Line Items]
Net Sales	5,326	5,005
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Net Sales	41,937	37,988
Operating Earnings, Excluding Indirect Operating Expenses	9,918	9,628
Asia Pacific [Member] | Intersegment Sales Elimination [Member]
Segment Reporting Information [Line Items]
Net Sales	107	58
South America [Member]
Segment Reporting Information [Line Items]
Net Sales	13,832	16,740
Operating Earnings, Excluding Indirect Operating Expenses	1,509	2,875
South America [Member] | Intersegment Sales Elimination [Member]
Segment Reporting Information [Line Items]
Net Sales	$ 0	$ 0

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Pension and Postretirement Benefits (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2014
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	$ 734	$ 838
Defined Benefit Plan, Interest Cost	1,542	1,380
Defined Benefit Plan, Expected Return on Plan Assets	(1,607)	(1,478)
Defined Benefit Plan, Amortization of Losses	789	981
Defined Benefit Plan, Amortization of Prior Service Cost	866	28
Defined Benefit Plan, Net Periodic Benefit Cost	2,324	1,749
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year			6,172
Defined Benefit Plan, Contributions by Employer	3,854
Effect of Plan Amendment on Net Periodic Benefit Cost	902
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	8	13
Defined Benefit Plan, Interest Cost	54	56
Defined Benefit Plan, Expected Return on Plan Assets	0	0
Defined Benefit Plan, Amortization of Losses	6	47
Defined Benefit Plan, Amortization of Prior Service Cost	0	0
Defined Benefit Plan, Net Periodic Benefit Cost	68	116
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year			607
Defined Benefit Plan, Contributions by Employer	$ 211

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Equity and Noncontrolling Interest - Narrative (Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cost of Sales [Member]
Concentration Risk [Line Items]
Reclassification Percentage	30.00%	30.00%
Operating Expense [Member]
Concentration Risk [Line Items]
Reclassification Percentage	70.00%	70.00%

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Condensed Consolidated Statement of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]
Net Sales	$ 181,674	$ 176,193
Cost of goods sold	116,560	113,585
Gross profit	65,114	62,608
Selling, general and administrative expenses	45,741	45,197
Operating income	19,373	17,411
Other (Expense) Income, net	(473)	346
Interest Expense	(525)	(744)
Interest Income	453	169
Income Before Taxes and Equity in Net Income of Associated Companies	18,828	17,182
Taxes on income before equity in net income of associated companies	6,546	4,133
Income before equity in net income of associated companies	12,282	13,049
Equity in net income of associated companies	1,027	1,142
Net Income	13,309	14,191
Less: Net income attributable to noncontrolling interest	579	572
Net Income Attributable to Quaker Chemical Corporation	$ 12,730	$ 13,619
Per share data:
Basic Earnings Per Common Share	$ 0.96	$ 1.04
Diluted Earnings per Common Share	$ 0.96	$ 1.04
Dividends Declared	$ 0.25	$ 0.245

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Earnings Per Share - Antidilutive Shares (Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,824	2,444

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Condensed Consolidated Statement of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities
Net Income	$ 13,309	$ 14,191
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,075	3,056
Amortization	813	879
Equity in undistributed earnings of associated companies, net of dividends	(927)	921
Deferred compensation and other, net	2,944	(861)
Stock-based compensation	1,388	1,040
Gain on Disposal of Property, Plant and Equipment	(48)	(2)
Insurance settlement realized	(337)	0
Pension and other postretirement benefits	(1,665)	(2,521)
(Decrease) increase in cash from changes in current assets and current liabilities, net of acquisitions:
Accounts receivable	(13,387)	(3,977)
Inventories	(6,389)	(1,837)
Prepaid expenses and other current assets	(29)	(457)
Accounts payable and accrued liabilities	(544)	874
Net cash provided by operating activities	(1,797)	11,306
Cash flows from investing activities
Investments in property, plant and equipment	(3,057)	(2,723)
Payments related to acquisitions, net of cash acquired	0	(647)
Proceeds from disposition of assets	58	13
Insurance settlement received and interest earned	11	14
Change in restricted cash, net	326	(14)
Net cash used in investing activities	(2,662)	(3,357)
Cash flows from financing activities
Net increase in short-term borrowings	0	594
Repayment of long-term debt	(232)	(2,438)
Dividends paid	(3,300)	(3,208)
Stock options exercised, other	(205)	(59)
Excess Tax Benefit Related to Stock Option Exercises, Cash Flow	239	369
Net cash used in financing activities	(3,498)	(4,742)
Effect of exchange rate changes on cash	(85)	(498)
Net (Decrease) Increase in Cash and Cash Equivalents	(8,042)	2,709
Cash and cash equivalents at beginning of period	68,492	32,547
Cash and cash equivalents at end of period	$ 60,450	$ 35,256

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Fair Value Disclosures - Quantitative Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014
Summit Earnout [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair Value Inputs Discount Rate		14.50%
Fair Value Inputs Weighted Average Probabilities		The probabilities applied to the payout scenarios ranged from 15% to 70%, depending on the Company’s estimate of the likelihood of each payout scenario.
Fair Value Measurements Valuation Techniques		Discounted cash flow
Acquisition-related Consideration		$ 4,709
Contingent Consideration Paid	4,709
Non-competition Agreement Obligation [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair Value Inputs Discount Rate		14.00%
Fair Value Measurements Valuation Techniques		Discounted cash flow
Acquisition-related Consideration		$ 121

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Stock Based Compensation - Excess Tax Benefit (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share Based Compensation [Abstract]
Excess Tax Benefit From Stock Option Exercises	$ 239	$ 369
Excess Tax Benefit Related to Stock Option Exercises, Cash Flow	$ 239	$ 369

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Business Segments (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting Measurement Disclosures [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

		Three Months Ended
		March 31,
		2014		2013
Net sales
	North America	$	76,716	$	74,758
	EMEA		49,189		46,707
	Asia/Pacific		41,937		37,988
	South America		13,832		16,740
Total net sales		$	181,674	$	176,193
Operating earnings, excluding indirect operating expenses
	North America	$	15,711	$	15,039
	EMEA		8,096		6,970
	Asia/Pacific		9,918		9,628
	South America		1,509		2,875
Total operating earnings, excluding indirect operating expenses			35,234		34,512
Indirect operating expenses			(15,048)		(16,222)
Amortization expense			(813)		(879)
Consolidated operating income			19,373		17,411
Other (expense) income, net			(473)		346
Interest expense			(525)		(744)
Interest income			453		169
Consolidated income before taxes and equity in net income of associated companies		$	18,828	$	17,182

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Stock Based Compensation - Options Grant (Details)	3 Months Ended
	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted	37,048
Dividend Yield	2.00%
Expected Volatility	43.34%
Risk-free Interest Rate	1.22%
Expected Term (Years)	4 years

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Pension and Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2014

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

	Three Months Ended March 31,
					Other
					Postretirement
	Pension Benefits				Benefits
		2014		2013		2014		2013
Service cost	$	734	$	838	$	8	$	13
Interest cost and other		1,542		1,380		54		56
Expected return on plan assets		(1,607)		(1,478)		0		0
Actuarial loss amortization		789		981		6		47
Prior service cost amortization		866		28		0		0
Net periodic benefit cost	$	2,324	$	1,749	$	68	$	116

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Condensed Financial Information

3 Months Ended

Mar. 31, 2014

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1 – Condensed Financial Information

The condensed consolidated financial statements included herein are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States for interim financial reporting and the United States Securities and Exchange Commission regulations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the financial statements reflect all adjustments (consisting only of normal recurring adjustments, except as discussed below) which are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods. During the first quarter of 2014, the Company revisedits Consolidated Balance Sheet for December 31, 2013with a $335 reduction to retained earnings and a corresponding increase to its long-term deferred tax liability, relating to an adjustment that would have occurred when the Company adopted the equity method of accounting for its interest in a captive insurance equity affiliate. Certain other reclassifications of prior year data have been made to improve comparability. The results for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Company's Annual Report filed on Form 10-K for the year ended December 31, 2013.

Venezuela's economy is considered to be hyper inflationary under generally accepted accounting principles in the United States. Accordingly, all gains and losses resulting from the remeasurement of the Company's Venezuelan equity affiliate (Kelko Quaker Chemical, S.A.) are required to be recorded directly to the Condensed Consolidated Statement of Income. In February 2013, the Venezuelan Government announced a devaluation of the Bolivar Fuerte. Accordingly, the Company recorded a charge of $357, or $0.03 per diluted share, during the first quarter of 2013.

As part of the Company's chemical management services, certain third-party product sales to customers are managed by the Company. Where the Company acts as the principal, revenue is recognized on a gross reporting basis at the selling price negotiated with customers. Where the Company acts as an agent, such revenue is recorded using net reporting as service revenues, at the amount of the administrative fee earned by the Company for ordering the goods. Third-party products transferred under arrangements resulting in net reporting totaled $10,573 and $8,778 for the three months ended March 31, 2014 and March 31, 2013, respectively.

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Condensed Consolidated Statement of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]
Net Income	$ 13,309	$ 14,191
Currency Translation Adjustments	1,274	(1,763)
Defined Retirement Benefit Plans	546	1,306
Unrealized (Loss) Gain on Available-for-Sale Securities	69	432
Other Comprehensive Income (Loss)	1,889	(25)
Comprehensive Income	15,198	14,166
Less: Comprehensive Income Attributable to Noncontrolling Interest	(783)	(439)
Comprehensive Income Attributable to Quaker Chemical Corporation	$ 14,415	$ 13,727

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Equity and Noncontrolling Interest

3 Months Ended

Mar. 31, 2014

Stockholders Equity [Abstract]

Stockholders Equity Note Disclosure [Text Block]

Note 11 – Equity and Noncontrolling Interest

The following table presents the changes in equity andnoncontrolling interest, net of tax, for the three months endedMarch 31, 2014 and March 31, 2013:

								Accumulated
				Capital in				Other
		Common		excess of		Retained		Comprehensive		Noncontrolling
		stock		par value		earnings		Loss		interest		Total
Balance at December 31, 2013		$	13,196	$	99,038	$	258,285	$	(34,700)	$	8,877	$	344,696
	Net income		0		0		12,730		0		579		13,309
	Amounts reported in other comprehensive income		0		0		0		1,685		204		1,889
	Dividends ($0.25 per share)		0		0		(3,308)		0		0		(3,308)
	Share issuance and equity-based compensation plans		31		1,152		0		0		0		1,183
	Excess tax benefit from stock option exercises		0		239		0		0		0		239
Balance at March 31, 2014		$	13,227	$	100,429	$	267,707	$	(33,015)	$	9,660	$	358,008
Balance at December 31, 2012		$	13,095	$	94,470	$	215,390	$	(41,855)	$	8,576	$	289,676
	Net income		0		0		13,619		0		572		14,191
	Amounts reported in other comprehensive income (loss)		0		0		0		108		(133)		(25)
	Dividends ($0.245 per share)		0		0		(3,219)		0		0		(3,219)
	Share issuance and equity-based compensation plans		45		936		0		0		0		981
	Excess tax benefit from stock option exercises		0		369		0		0		0		369
Balance at March 31, 2013		$	13,140	$	95,775	$	225,790	$	(41,747)	$	9,015	$	301,973

The following tables show the reclassifications from and resulting balances of accumulated other comprehensive loss (“AOCI”) at March 31, 2014 and March 31, 2013:

						Unrealized
		Currency		Defined		gain (loss) in
		translation		benefit		available-for-
		adjustments		pension plans		sale securities		Total
Balance at December 31, 2013		$	1,152	$	(37,433)	$	1,581	$	(34,700)
	Other comprehensive income before reclassifications		1,070		25		663		1,758
	Amounts reclassified from AOCI		0		769		(558)		211
	Current period other comprehensive income		1,070		794		105		1,969
	Related tax amounts		0		(248)		(36)		(284)
	Net current period other comprehensive income		1,070		546		69		1,685
Balance at March 31, 2014		$	2,222	$	(36,887)	$	1,650	$	(33,015)
Balance at December 31, 2012		$	3,336	$	(46,914)	$	1,723	$	(41,855)
	Other comprehensive (loss) income before reclassifications		(1,630)		762		1,148		280
	Amounts reclassified from AOCI		0		1,056		(494)		562
	Current period other comprehensive (loss) income		(1,630)		1,818		654		842
	Related tax amounts		0		(512)		(222)		(734)
	Net current period other comprehensive (loss) income		(1,630)		1,306		432		108
Balance at March 31, 2013		$	1,706	$	(45,608)	$	2,155	$	(41,747)

Approximately 30% and 70% of the amounts reclassified from accumulated other comprehensive loss to the Condensed Consolidated Statement of Income for defined benefit retirement plans during the first quarters of 2014 and 2013 wererecorded in cost of goods sold and selling, general and administrative expenses, respectively.See Note 5 of Notes to Condensed Consolidated Financial Statements for further information. All reclassifications related to unrealized gain(loss) in available-for-sale securities relate to the Company's equity interest in a captive insurance company and are recorded in equity in net income of associated companies. The amounts reported in other comprehensive income for non-controlling interest are related to currency translation adjustments.

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Document and Entity Information	3 Months Ended
	Mar. 31, 2014
Document and Entity Information [Abstract]
Document Type	10-Q
Document period end date	Mar. 31, 2014
Amendment flag	false
Document Fiscal Year Focus	2014
Document Period Focus	Q1
Current fiscal year end date	--12-31
Entity central index key	0000081362
Entity current reporting status	Yes
Entity filer category	Large Accelerated Filer
Entity registrant name	Quaker Chemical Corporation
Entity voluntary filers	No
Entity well known seasoned issuer	No
Entity common stock shares outstanding	13,226,717

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Business Acquisitions

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Note 12 – Business Acquisitions

In May 2013, the Company acquired a business that primarily related to tin plating for its North American reportable operating segment for net consideration of approximately $1,831. The Company allocated the purchase price to $830 of intangible assets, comprised of formulations, to be amortized over 10 years; a non-competition agreement, to be amortized over 4 years; and a customer list, to be amortized over 10 years. In addition, the Company recorded $277 of goodwill, all of which will be tax deductible. The remaining purchase price was allocated between the acquisition date fair value of inventory purchased of $454 and fixed assets purchased of $270.

In January 2013, the Company acquired a chemical milling maskantsdistribution network for net consideration of approximately $647, which was assigned to the North American reportable operating segment. The Company also assumed an additional $100 hold-back of consideration for potential indemnity obligations, which was paid to the former shareholders during the first quarter of 2014. The acquired intangible was allocated to the Company's customer lists and rights to sell intangible assets and will be amortized over 5 years.

Certain pro forma and other disclosures have not been provided for these acquisitions because the effects were not material.

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Condensed Consolidated Balance Sheet (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 60,450	$ 68,492
Accounts receivable, net	178,945	165,629
Inventories
Raw materials and supplies	39,573	37,063
Work-in-process and finished goods	38,441	34,494
Prepaid expenses and other current assets	22,735	23,169
Total current assets	340,144	328,847
Property, plant and equipment, at cost	235,402	233,865
Less accumulated depreciation	(151,548)	(148,377)
Net property, plant and equipment	83,854	85,488
Goodwill	58,633	58,151
Other intangible assets, net	30,472	31,272
Investments in associated companies	20,494	19,397
Deferred income taxes	19,936	24,724
Other assets	36,174	36,267
Total assets	589,707	584,146
Current liabilities
Short-term borrowings and current portion of long-term debt	1,267	1,395
Accounts and other payables	81,367	75,580
Accrued compensation	12,188	20,801
Other current liabilities	33,141	33,080
Total current liabilities	127,963	130,856
Long-term debt	17,215	17,321
Deferred income taxes	6,459	6,729
Other non-current liabilities	80,062	84,544
Total liabilities	231,699	239,450
Equity
Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding 2014 - 13,226,717 shares; 2013 - 13,196,140 shares	13,227	13,196
Capital in excess of par value	100,429	99,038
Retained earnings	267,707	258,285
Accumulated Other Comprehensive Loss	(33,015)	(34,700)
Total Quaker shareholders' equity	348,348	335,819
Noncontrolling interest	9,660	8,877
Total equity	358,008	344,696
Total liabilities and equity	$ 589,707	$ 584,146

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Other Income (expense)

3 Months Ended

Mar. 31, 2014

Other Income And Expenses [Abstract]

Other Income And Other Expense Disclosure [Text Block]

Note 6 – Other (expense) income

Other (expense) income includes:

		2014		2013
Income from third party license fees		$	298	$	265
Net foreign exchange (losses) gains			(799)		33
Other non-operating income			83		97
Other non-operating expense			(55)		(49)
	Total other (expense) income, net	$	(473)	$	346

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Pension and Postretirement Benefits

3 Months Ended

Mar. 31, 2014

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

Note 5 – Pension and Other Postretirement Benefits

The components of net periodic benefit cost for the three months ended March 31, 2014 and March 31, 2013 are as follows:

	Three Months Ended March 31,
					Other
					Postretirement
	Pension Benefits				Benefits
		2014		2013		2014		2013
Service cost	$	734	$	838	$	8	$	13
Interest cost and other		1,542		1,380		54		56
Expected return on plan assets		(1,607)		(1,478)		0		0
Actuarial loss amortization		789		981		6		47
Prior service cost amortization		866		28		0		0
Net periodic benefit cost	$	2,324	$	1,749	$	68	$	116

During 2013, it was discovered that the Company's subsidiary in the United Kingdom did not appropriately amend a trust for a legacy change in its pension scheme, as it related to a past retirement age equalization law. Given the lack of an official deed to the pension trust, the effective date of the change to the Subsidiary's pension scheme differed from the Company's historical beliefs, but the extent of the potential exposure was not estimable. In the first quarter of 2014, the Company recordedcosts of $902, related to prior service cost and interest cost,to appropriatelyreflect thepast plan amendment related to the retirement age equalization law.

Employer Contributions:

The Company previously disclosed in its financial statements for the year ended December 31, 2013, that it expected to make minimum cash contributions of $6,172 to its pension plans and $607 to its other postretirement benefit plan in 2014. As of March 31, 2014, $3,854 and $211 of contributions have been made to the Company's pension plans and its postretirement benefit plans, respectively.

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Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

Share Based Compensation [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

	March 31,
	2014		2013
Stock options	$	150	$	100
Nonvested stock awards and restricted stock units		556		383
Employee stock purchase plan		17		12
Non-elective and elective 401(k) matching contribution in stock		649		525
Director stock ownership plan		16		20
Total share-based compensation expense	$	1,388	$	1,040

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

					Weighted
					Average
			Weighted Average		Remaining
		Number of	Exercise Price per		Contractual
		Shares	Share		Term (years)
Options outstanding at December 31, 2013		75,251	$	44.49
	Options granted	37,048		73.47
	Options exercised	(3,292)		42.24
Options outstanding at March 31, 2014		109,007	$	54.41		5.6
Options exercisable at March 31, 2014		39,897	$	39.64		4.5

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

						Weighted	Weighted		Number	Weighted
					Number	Average	Average		Exercisable	Average
Range of					Outstanding	Contractual	Exercise		at	Exercise
Exercise Prices					at 3/31/2014	Life	Price		3/31/2014	Price
$	0.00	-	$	10.00	0	0	$	0	0	$	0
$	10.01	-	$	20.00	6,155	2.8		18.82	6,155		18.82
$	20.01	-	$	30.00	0	0		0	0		0
$	30.01	-	$	40.00	35,020	4.6		37.87	23,954		37.75
$	40.01	-	$	50.00	2,192	5.2		46.21	731		46.21
$	50.01	-	$	60.00	28,592	5.9		58.26	9,057		58.26
$	60.01		$	70.00	0	0		0	0		0
$	70.01		$	80.00	37,048	6.9		73.47	0		0
					109,007	5.6		54.41	39,897		39.64

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	2014
Number of options granted	37,048
Dividend Yield	2.00	%
Expected Volatility	43.34	%
Risk-free interest rate	1.22	%
Expected term (years)	4.0

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

		Weighted
		Average Grant
	Number of	Date Fair Value
	Shares	(per share)
Nonvested awards, December 31, 2013	115,984	$	47.27
Granted	22,656	$	73.37
Vested	(22,325)	$	38.44
Nonvested awards, March 31, 2014	116,315	$	54.05

		Weighted
		Average Grant
	Number of	Date Fair Value
	units	(per unit)
Nonvested awards, December 31, 2013	4,018	$	49.71
Granted	2,140	$	74.89
Nonvested awards, March 31, 2014	6,158	$	58.46

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Fair Value Measurements

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Note 13 – Fair Value Measurements

The Company values its company-owned life insurance policies, various deferred compensation assets and liabilities, acquisition-related consideration and an obligation related to a non-competition agreement at fair value. The Company's assets and liabilities subject to fair value measurement are as follows:

				Fair Value Measurements at March 31, 2014
		Fair Value		Using Fair Value Hierarchy
		as of
Assets		March 31, 2014		Level 1		Level 2		Level 3
Company-owned life insurance		$	1,913	$	0	$	1,913	$	0
Company-owned life insurance - Deferred compensation assets			334		0		334		0
Other deferred compensation assets
	Large capitalization registered investment companies		65		65		0		0
	Mid capitalization registered investment companies		6		6		0		0
	Small capitalization registered investment companies		13		13		0		0
	International developed and emerging markets registered investment
companies			39		39		0		0
	Fixed income registered investment companies		7		7		0		0
Total		$	2,377	$	130	$	2,247	$	0

				Fair Value Measurements at March 31, 2014
		Fair Value		Using Fair Value Hierarchy
		as of
Liabilities		March 31, 2014		Level 1		Level 2		Level 3
Deferred compensation liabilities
	Large capitalization registered investment companies	$	370	$	370	$	0	$	0
	Mid capitalization registered investment companies		103		103		0		0
	Small capitalization registered investment companies		87		87		0		0
	International developed and emerging markets registered investment
companies			190		190		0		0
	Fixed income registered investment companies		40		40		0		0
	Fixed general account		155		0		155		0
Acquisition-related consideration			4,830		0		0		4,830
Total		$	5,775	$	790	$	155	$	4,830

				Fair Value Measurements at December 31, 2013
		Fair Value		Using Fair Value Hierarchy
		as of
Assets		December 31, 2013		Level 1		Level 2		Level 3
Company-owned life insurance		$	1,885	$	0	$	1,885	$	0
Company-owned life insurance - Deferred compensation assets			409		0		409		0
Other deferred compensation assets
	Large capitalization registered investment companies		74		74		0		0
	Mid capitalization registered investment companies		6		6		0		0
	Small capitalization registered investment companies		13		13		0		0
	International developed and emerging markets registered investment
companies			40		40		0		0
	Fixed income registered investment companies		7		7		0		0
Total		$	2,434	$	140	$	2,294	$	0

				Fair Value Measurements at December 31, 2013
		Fair Value		Using Fair Value Hierarchy
		as of
Liabilities		December 31, 2013		Level 1		Level 2		Level 3
Deferred compensation liabilities
	Large capitalization registered investment companies	$	405	$	405	$	0	$	0
	Mid capitalization registered investment companies		109		109		0		0
	Small capitalization registered investment companies		95		95		0		0
	International developed and emerging markets registered investment
companies			205		205		0		0
	Fixed income registered investment companies		43		43		0		0
	Fixed general account		167		0		167		0
Acquisition-related consideration			4,876		0		0		4,876
Total		$	5,900	$	857	$	167	$	4,876

The fair values of Company-owned life insurance (“COLI”) and COLI deferred compensation assets are based on quotes for like instruments with similar credit ratings and terms. The fair values of other deferred compensation assets and liabilities are based on quoted prices in active markets. The fair value of the Summit earnouthas been based on unobservable inputs and is classified as Level 3. Significant inputs and assumptions were management's estimate of the probability of the earnout ultimately being met/paid and the discount rate used to present value the liability. The fair value of the obligation related to a non-competition agreement is also based on unobservable inputs and is classified as Level 3. The significant inputs and assumptionsfor the obligation related to the non-competition agreement is management's estimate of the discount rate used to present value the liability.A significant change in anyLevel 3 assumption in isolation would result in increases or decreases to the fair value measurementsof the acquisition-related consideration.

Changes in the fair value of the Level 3 liabilitiesduring the three months ended March 31, 2014were as follows:

				Non-competition
		Earnout		Agreement
		Summit		Obligation		Total
Balance at December 31, 2013		$	4,697	$	179	$	4,876
	Interest accretion		12		4		16
	Payments		0		(62)		(62)
Balance at March 31, 2014		$	4,709	$	121	$	4,830

Quantitative information about the Company's Level 3 fair value measurements at March 31, 2014were as follows:

	Fair value at March 31, 2014		Valuation technique	Unobservable input	Input value
Summit earnout	$	4,709	Discounted cash flow	Discount rate	14.5%
Non-competition agreement obligation	$	121	Discounted cash flow	Discount rate	14.0%

Subsequent to March 31, 2014, the Company paid the $4,709 Summit earnout liability to settle all obligations with the former Summit shareholders. At March 31, 2014, the Summit earnout liability was formulated based on the actual payment amount. Prior to March 31, 2014, the determination of the fair value of the Summit earnout was based on the weighted average probability of the outcome of different payout scenarios. The probabilities applied to the payout scenarios ranged from 15% to 70%, depending on the Company's estimate of the likelihood of each payoutscenario.

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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill And Intangible Assets Disclosure [Text Block]

Note 9 – Goodwill and Other Intangible Assets

The changes in carrying amount of goodwill for the three months ended March 31, 2014 are as follows and the Company has recorded no impairment charges in the past:

		North						South
		America		EMEA		Asia/Pacific		America		Total
Balance as of December 31, 2013		$	28,127	$	11,184	$	15,018	$	3,822	$	58,151
	Currency translation adjustments		193		108		144		37		482
Balance as of March 31, 2014		$	28,320	$	11,292	$	15,162	$	3,859	$	58,633

Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of March 31, 2014 and December 31, 2013were as follows:

		Gross Carrying				Accumulated
		Amount				Amortization
		2014		2013		2014		2013
Definite-lived intangible assets
	Customer lists and rights to sell	$	33,589	$	33,559	$	10,730	$	10,221
	Trademarks and patents		6,837		6,838		3,366		3,202
	Formulations and product technology		5,808		5,808		3,756		3,709
	Other		5,544		5,544		4,554		4,445
	Total	$	51,778	$	51,749	$	22,406	$	21,577

The Company recorded $813and $879of amortization expense in the three months ended March 31, 2014 and March 31, 2013, respectively. Estimated annual aggregate amortization expense for the current year and subsequent five years is as follows:

For the year ended December 31, 2014	$	3,252
For the year ended December 31, 2015	$	3,252
For the year ended December 31, 2016	$	2,778
For the year ended December 31, 2017	$	2,119
For the year ended December 31, 2018	$	2,095
For the year ended December 31, 2019	$	2,095

The Company has two indefinite-lived intangible assets totaling $1,100 for trademarks at March 31, 2014.

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Commitments and Contingencies (Details) (USD $) In Thousands, unless otherwise specified			3 Months Ended				12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014 ACP [Member]	Dec. 31, 2007 ACP [Member]	Mar. 31, 2014 SB Decking [Member]	Mar. 31, 2014 VAT, Total [Member]	Dec. 31, 2010 VAT, Total [Member]	Dec. 31, 2010 VAT Settlement One [Member]	Dec. 31, 2010 VAT Settlement Two [Member]	Dec. 31, 2013 VAT Assessment Three [Member]
Loss Contingencies [Line Items]
Gain (Loss) Related to Litigation Settlement				$ 2,000			$ 4,132	$ 3,901	$ 231
Loss Contingency, Range of Possible Loss, Minimum			380			0
Loss Contingency, Range of Possible Loss, Maximum			710			7,900
P-2 Well Operation Range Estimate			another nine months to one and three-quarter years
Unrelated Environmental Liability Accruals	171	205
Loss Contingency, Estimate of Possible Loss					$ 2,700					$ 796
Loss Contingency, Settlement Agreement, Terms					In response, two of the three carriers entered into separate settlement and release agreements with the subsidiary in late 2005 and early 2007 for $15,000 and $20,000, respectively. The proceeds of both settlements are restricted and can only be used to pay claims and costs of defense associated with the subsidiary’s asbestos litigation. During the third quarter of 2007, the subsidiary and the remaining primary insurance carrier entered into a Claim Handling and Funding Agreement, under which the carrier will pay 27% of defense and indemnity costs incurred by or on behalf of the subsidiary in connection with asbestos bodily injury claims for a minimum of five years beginning July 1, 2007. The agreement continues until terminated and can only be terminated by either party by providing the other party with a minimum of two years prior written notice. As of March 31, 2014, no notice of termination has been given under this agreement. At the end of the term of the agreement, the subsidiary may choose to again pursue its claim against this insurer regarding the application of the policy limits.
Percentage of Potential Exposure Represented by One Jurisdiction						79.00%

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Income Taxes and Uncertain Tax Positions

3 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 7 – Income Taxes and Uncertain Income Tax Positions

The Company's first quarter of 2014 effective tax rate was34.8%, as compared to an effective tax rate of 24.1% for the first quarter of 2013. Both effective tax rates reflect decreases in reserves for uncertain tax positions due to the expiration of applicable statutes of limitations for certain tax years of approximately $0.02and $0.10per diluted share for the three months ended March 31, 2014 and March 31, 2013, respectively. Also, contributing to the difference in the effective tax rate from the prior year is the recognition of certain one-time items that increased the current quarter's effective tax rate.

As of March 31, 2014, the Company's cumulative liability for gross unrecognized tax benefits was $12,299. At December 31, 2013, the Company's cumulative liability for gross unrecognized tax benefits was $12,596.

The Company continues to recognize interest and penalties associated with uncertain tax positions as a component of taxes on income before equity in net income of associated companies in its Condensed Consolidated Statement of Income. The Company recognized ($212) for interest and ($9) for penalties on its Condensed Consolidated Statement of Income for the three months endedMarch 31, 2014, and ($477) for interest and $93 for penalties on its Condensed Consolidated Statement of Income during the three months endedMarch 31, 2013. As of March 31, 2014, the Company had accrued $1,895for cumulative interest and $2,088 for cumulative penalties, compared to$2,108 for cumulative interest and $2,100 for cumulative penalties accrued at December 31, 2013.

During the three months endedMarch 31, 2014 and March 31, 2013, the Company recognized decreases of approximately $1,075 and $1,687, respectively, in its cumulative liability for gross unrecognized tax benefits due to the expiration of the applicable statutes of limitations for certain tax years.

The Company estimates that during the year endingDecember 31, 2014 it will reduce its cumulative liability for gross unrecognized tax benefits by approximately $1,800 to $1,900 due to the expiration of the statute of limitations for certain tax years. This estimated reduction in the cumulative liability for unrecognized tax benefits does not consider any increase in liability for unrecognized tax benefits with regard to existing tax positions or any increase in cumulative liability for unrecognized tax benefits with regard to new tax positions for the year endingDecember 31, 2014.

The Company and its subsidiaries are subject to U.S. Federal income tax, as well as the income tax of various state and foreign tax jurisdictions. Tax years that remain subject to examination by major tax jurisdictions include Brazil from 2000, the Netherlands and the United Kingdom from 2008, Spain from 2009, the United States, China and Italy from 2010, and various domestic state tax jurisdictions from 1993.

During the second quarter of 2012, the Italian tax authorities initiated a transfer pricing audit of the Company's Italian subsidiary. On July 7, 2012, the Company received a preliminary tax report related to this transfer pricing audit, which proposed several adjustments to the taxable income of the subsidiary. During the fourth quarter of 2012, the Company's Italian subsidiary received an assessment for the tax year 2007, which the Company appealed during the first quarter of 2013. On June 24, 2013, a hearing was held before the Provincial Tax Court of Varese, Italy. On September 16, 2013, the Provincial Tax Court of Varese delivered a decision confirming the Italian tax authorities' proposed adjustment to the taxable income of the subsidiary, but denying the proposed assessment of penalties. On January 24, 2014, the Company's Italian subsidiary appealed the decision of the Provincial Tax Court of Varese. On March 7, 2014, the Italian tax authorities appealed the decision of the Provincial Tax Court denying the assessment of penalties.

On November 29, 2013, the Italian tax authorities issued a tax assessment for the tax year 2008, raising identical issues as the assessment for 2007, noted above. On March 28, 2014, the Company filed an appeal with the Provincial Tax Court of Varese. The Company intends to apply for competent authority relief between the Italian and Dutch tax authorities.

Related to each of the above events, the Company and outside counsel believe we should prevail on the merits of each case.  Therefore, the Company does not believe it has any exposures warranting an uncertain tax position reserve as of March 31, 2014.

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Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 8 – Earnings Per Share

The following table summarizes earnings per sharecalculations for the three months ended March 31, 2014 and March 31, 2013:

		Three Months Ended March 31,
		2014		2013
Basic earnings per common share
	Net income attributable to Quaker Chemical Corporation	$	12,730	$	13,619
	Less: income allocated to participating securities		(112)		(111)
	Net income available to common shareholders	$	12,618	$	13,508
	Basic weighted average common shares outstanding		13,091,503		13,001,963
Basic earnings per common share		$	0.96	$	1.04
Diluted earnings per common share
	Net income attributable to Quaker Chemical Corporation	$	12,730	$	13,619
	Less: income allocated to participating securities		(112)		(111)
	Net income available to common shareholders	$	12,618	$	13,508
	Basic weighted average common shares outstanding		13,091,503		13,001,963
	Effect of dilutive securities		19,649		29,937
	Diluted weighted average common shares outstanding		13,111,152		13,031,900
Diluted earnings per common share		$	0.96	$	1.04

The following aggregate numbers of stock options and restricted stock units are not included in the diluted earnings per share calculation since the effect would have been anti-dilutive: 2,824 and 2,444 for the three months ended March 31, 2014 and March 31, 2013, respectively.

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Debt

3 Months Ended

Mar. 31, 2014

Debt [Abstract]

Debt Disclosure [Text Block]

Note 10 – Debt

The Company's primary credit line is a $300,000 syndicated multicurrency credit agreement with Bank of America, N.A. (administrative agent) and certain other major financial institutions, which matures in June 2018. The maximum amount available under this facility can be increased to $400,000 at the Company's option if the lenders agree and the Company satisfies certain conditions. Access to this facility is dependent on meeting certain financial, acquisition and other covenants, but primarily depends on the Company's consolidated leverage ratio calculation, which cannot exceed 3.50 to 1.At March 31, 2014 and December 31, 2013, the consolidated leverage ratio was below 1.0 to 1 and the Company was also in compliance with all of the facilities'other covenants.At March 31, 2014 and December 31, 2013, the Company had no amounts outstanding under this facility.

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Stock Based Compensation - Narrative (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Share Based Compensation [Abstract]
Outstanding Options, Intrinsic Value	$ 2,572
Exercisable Options, Intrinsic Value	1,531
Option Award Vesting Period	3 years
Share Based Compensation [Line Items]
ESPP: Purchase Price Percentage	85.00%
ESPP: Discount from Market Price	15.00%
ESPP: Maximum Ownership of Outstanding Shares	An employee whose stock ownership of the Company exceeds five percent of the outstanding common stock is not eligible to participate in this plan.
D S O P 2013 [Member]
Share Based Compensation [Line Items]
Director Stock Ownership Plan Maximum Number of Shares Authorized Under Plan	75,000
Director Stock Ownership Plan Terms	Under the Plan, each director who, on May 1st of the applicable calendar year, owns less than 400% of the annual cash retainer for the applicable calendar year, divided by the average of the closing price of a share of Quaker Common Stock as reported by the composite tape of the New York Stock Exchange for the previous calendar year (the “Threshold Amount”), is required to receive 75% of the annual cash retainer in Quaker common stock and 25% of the retainer in cash, unless the director elects to receive a greater percentage of Quaker common stock (up to 100%) of the annual cash retainer for the applicable year. Each director who owns more than the Threshold Amount may elect to receive common stock in payment of a percentage (up to 100%) of the annual cash retainer.
Director Retainer Annual Fee	50
Options Granted in Current Year [Member]
Share Based Compensation [Line Items]
Share-based Compensation Expense in Period, Stock Option Awards	23
Unrecognized Share-Based Compensation Expense, Stock Option Awards	795
Options Granted in Previous Year [Member]
Share Based Compensation [Line Items]
Unrecognized Share-Based Compensation Expense, Stock Option Awards	411
Options Granted in Second Previous Year [Member]
Share Based Compensation [Line Items]
Unrecognized Share-Based Compensation Expense, Stock Option Awards	190
Restricted Stock LTIP Plan
Share Based Compensation [Line Items]
Unrecognized Share-based Compensation Expense, Nonvested Stock Award	3,711
Weighted Average Remaining Life, Nonvested Stock Awards	2 years 5 months
Restricted Stock Units (RSUs) LTIP Plan
Share Based Compensation [Line Items]
Unrecognized Share-based Compensation Expense, Nonvested Stock Award	$ 240
Weighted Average Remaining Life, Nonvested Stock Awards	2 years 6 months

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Equity and Noncontrolling Interest - Parentheticals (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Stockholders Equity [Abstract]
Dividends Declared	$ 0.25	$ 0.245

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Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2014

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis Of Accounting Policy [Policy Text Block]

The condensed consolidated financial statements included herein are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States for interim financial reporting and the United States Securities and Exchange Commission regulations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the financial statements reflect all adjustments (consisting only of normal recurring adjustments, except as discussed below) which are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods. During the first quarter of 2014, the Company revisedits Consolidated Balance Sheet for December 31, 2013with a $335 reduction to retained earnings and a corresponding increase to its long-term deferred tax liability, relating to an adjustment that would have occurred when the Company adopted the equity method of accounting for its interest in a captive insurance equity affiliate. Certain other reclassifications of prior year data have been made to improve comparability. The results for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Company's Annual Report filed on Form 10-K for the year ended December 31, 2013.

Revenue Recognition Accounting Policy, Gross and Net Revenue Disclosure [Policy Text Block]

As part of the Company's chemical management services, certain third-party product sales to customers are managed by the Company. Where the Company acts as the principal, revenue is recognized on a gross reporting basis at the selling price negotiated with customers. Where the Company acts as an agent, such revenue is recorded using net reporting as service revenues, at the amount of the administrative fee earned by the Company for ordering the goods.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

		Three Months Ended March 31,
		2014		2013
Basic earnings per common share
	Net income attributable to Quaker Chemical Corporation	$	12,730	$	13,619
	Less: income allocated to participating securities		(112)		(111)
	Net income available to common shareholders	$	12,618	$	13,508
	Basic weighted average common shares outstanding		13,091,503		13,001,963
Basic earnings per common share		$	0.96	$	1.04
Diluted earnings per common share
	Net income attributable to Quaker Chemical Corporation	$	12,730	$	13,619
	Less: income allocated to participating securities		(112)		(111)
	Net income available to common shareholders	$	12,618	$	13,508
	Basic weighted average common shares outstanding		13,091,503		13,001,963
	Effect of dilutive securities		19,649		29,937
	Diluted weighted average common shares outstanding		13,111,152		13,031,900
Diluted earnings per common share		$	0.96	$	1.04

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Debt - Narrative (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Line of Credit Facility Current Borrowing Capacity	$ 300,000
Line of Credit Facility Maximum Borrowing Capacity	400,000
Line Of Credit Maturity Date	2018-06
Line of Credit Facility, Covenant Terms	Access to this facility is dependent on meeting certain financial, acquisition and other covenants, but primarily depends on the Company’s consolidated leverage ratio calculation, which cannot exceed 3.50 to 1.
Line of Credit Facility, Covenant Compliance	At March 31, 2014 and December 31, 2013, the consolidated leverage ratio was below 1.0 to 1 and the Company was also in compliance with all of the facilities’ other covenants.
Line of Credit Facility, Amount Outstanding	$ 0	$ 0

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Other Income (Expense) - Details (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Other Income And Expenses [Abstract]
Licenses Revenue	$ 298	$ 265
Foreign Currency Transaction Gain (Loss), Realized	(799)	33
Other Nonoperating Income	83	97
Other Nonoperating Expense	(55)	(49)
Other Income, Net	$ (473)	$ 346

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Condensed Consolidated Balance Sheet (Parentheticals) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]
Common Stock Par Value	$ 1.00	$ 1.00
Common Stock, Shares Authorized	30,000,000	30,000,000
Common Stock, Shares, Issued	13,226,717	13,196,140

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2014

Share Based Compensation [Abstract]

Disclosure Of Compensation Related Costs Share Based Payments [Text Block]

Note 4 – Stock-Based Compensation

The Company recognized the following share-based compensation expense in selling, general and administrative expenses in its Condensed Consolidated Statement of Income for the three months ended March 31, 2014 and the three months ended March 31, 2013:

	March 31,
	2014		2013
Stock options	$	150	$	100
Nonvested stock awards and restricted stock units		556		383
Employee stock purchase plan		17		12
Non-elective and elective 401(k) matching contribution in stock		649		525
Director stock ownership plan		16		20
Total share-based compensation expense	$	1,388	$	1,040

As of March 31, 2014 and March 31, 2013, the Company recorded $239and $369, respectively, of excess tax benefits in capital in excess of par value on its Condensed Consolidated Balance Sheets, related to stock option exercises. The Company's estimated taxes payable weresufficient to fully recognize these benefits as cash inflows from financing activities in its Condensed Consolidated Statement of Cash Flows, which represented the Company's estimate of cash savings through March 31, 2014 and March 31, 2013, respectively.

Stock option activity under all plans is as follows:

					Weighted
					Average
			Weighted Average		Remaining
		Number of	Exercise Price per		Contractual
		Shares	Share		Term (years)
Options outstanding at December 31, 2013		75,251	$	44.49
	Options granted	37,048		73.47
	Options exercised	(3,292)		42.24
Options outstanding at March 31, 2014		109,007	$	54.41		5.6
Options exercisable at March 31, 2014		39,897	$	39.64		4.5

As of March 31, 2014, the total intrinsic value of options outstanding was approximately $2,572, and the total intrinsic value of exercisable options was $1,531. Intrinsic value is calculated as the difference between the current market price of the underlying security and the strike price of a related option.

A summary of the Company's outstanding stock options at March 31, 2014 is as follows: 

						Weighted	Weighted		Number	Weighted
					Number	Average	Average		Exercisable	Average
Range of					Outstanding	Contractual	Exercise		at	Exercise
Exercise Prices					at 3/31/2014	Life	Price		3/31/2014	Price
$	0.00	-	$	10.00	0	0	$	0	0	$	0
$	10.01	-	$	20.00	6,155	2.8		18.82	6,155		18.82
$	20.01	-	$	30.00	0	0		0	0		0
$	30.01	-	$	40.00	35,020	4.6		37.87	23,954		37.75
$	40.01	-	$	50.00	2,192	5.2		46.21	731		46.21
$	50.01	-	$	60.00	28,592	5.9		58.26	9,057		58.26
$	60.01		$	70.00	0	0		0	0		0
$	70.01		$	80.00	37,048	6.9		73.47	0		0
					109,007	5.6		54.41	39,897		39.64

As of March 31, 2014, unrecognized compensation expense related to options granted during 2012was $190, for options granted during 2013 was $411 and for options granted in 2014 was $795.

During the first quarter of 2014, the Company granted stock options under its LTIP plan that are subject only to time vesting over a three-year period. For the purposes of determining the fair value of stock option awards, the Company uses the Black-Scholes option pricing model and the assumptions set forth in the table below:

	2014
Number of options granted	37,048
Dividend Yield	2.00	%
Expected Volatility	43.34	%
Risk-free interest rate	1.22	%
Expected term (years)	4.0

Approximately $23 of expense was recorded on these options during the first three months of 2014. The fair value of these awards is amortized on a straight-line basis over the vesting period of the awards.

Activity of nonvestedshares granted under the Company's LTIP plan is shown below:

		Weighted
		Average Grant
	Number of	Date Fair Value
	Shares	(per share)
Nonvested awards, December 31, 2013	115,984	$	47.27
Granted	22,656	$	73.37
Vested	(22,325)	$	38.44
Nonvested awards, March 31, 2014	116,315	$	54.05

The fair value of the nonvested stock is based on the trading price of the Company's common stock on the date of grant. The Company adjusts the grant date fair value for expected forfeitures based on historical experience for similar awards. As of March 31, 2014, unrecognized compensation expense related to these awards was $3,711 to be recognized over a weighted average remaining period of 2.45years.

Activity of nonvestedrestricted stock units granted under the Company's LTIP plan is shown below:

		Weighted
		Average Grant
	Number of	Date Fair Value
	units	(per unit)
Nonvested awards, December 31, 2013	4,018	$	49.71
Granted	2,140	$	74.89
Nonvested awards, March 31, 2014	6,158	$	58.46

The fair value of the nonvested restricted stock units is based on the trading price of the Company's common stock on the date of grant. The Company adjusts the grant date fair value for expected forfeitures based on historical experience for similar awards. As of March 31, 2014, unrecognized compensation expense related to these awards was $240 to be recognized over a weighted average remaining period of 2.53 years.

Employee Stock Purchase Plan

In 2000, the Board adopted an Employee Stock Purchase Plan (“ESPP”) whereby employees may purchase Company stock through a payroll deduction plan. Purchases are made from the plan and credited to each participant's account at the end of each month, the “Investment Date.” The purchase price of the stock is 85% of the fair market value on the Investment Date. The plan is compensatory and the 15% discount is expensed on the Investment Date. All employees, including officers, are eligible to participate in this plan. A participant may withdraw all uninvested payment balances credited to a participant's account at any time.An employee whose stock ownership of the Company exceeds five percent of the outstanding common stock is not eligible to participate in this plan.

2013 Director Stock Ownership Plan

In March 2013, the Company adopted the 2013 Director Stock Ownership Plan (the “Plan”), subject to the approval by the Company's shareholders at the annual meeting, to encourage the Directors to increase their investment in the Company. The Plan was approved at the Company's May 2013 shareholders' meeting. The Plan authorizes the issuance of up to 75,000 shares of Quaker common stock in accordance with the terms of the Plan in payment of all or a portion of the annual cash retainer payable to each of the Company's non-employee directors in 2013 and subsequent years during the term of the Plan. Under the Plan, each director who, on May 1st of the applicable calendar year, owns less than 400% of the annual cash retainer for the applicable calendar year, divided by the average of the closing price of a share of Quaker Common Stock as reported by the composite tape of the New York Stock Exchange for the previous calendar year (the “Threshold Amount”), is required to receive 75% of the annual cash retainer in Quaker common stock and 25% of the retainer in cash, unless the director elects to receive a greater percentage of Quaker common stock (up to 100%) of the annual cash retainer for the applicable year. Each director who owns more than the Threshold Amount may elect to receive common stock in payment of a percentage (up to 100%) of the annual cash retainer. The annual retainer is $50 and the retainer payment date is June 1. The Plan was adopted in order to replace the 2003 Director Stock Ownership Plan, which expired in May 2013.

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Fair Value Measurements - Level 3 Rollforward (Details) (Fair Value, Inputs, Level 3 [Member], USD $)	3 Months Ended
	Mar. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 4,876
Interest Accretion	16
Payments	(62)
Ending Balance	4,830
Summit Earnout [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	4,697
Interest Accretion	12
Payments	0
Ending Balance	4,709
Non-competition Agreement Obligation [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	179
Interest Accretion	4
Payments	(62)
Ending Balance	$ 121

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

		North						South
		America		EMEA		Asia/Pacific		America		Total
Balance as of December 31, 2013		$	28,127	$	11,184	$	15,018	$	3,822	$	58,151
	Currency translation adjustments		193		108		144		37		482
Balance as of March 31, 2014		$	28,320	$	11,292	$	15,162	$	3,859	$	58,633

Schedule Of Finite Lived Intangible Assets [Table Text Block]

		Gross Carrying				Accumulated
		Amount				Amortization
		2014		2013		2014		2013
Definite-lived intangible assets
	Customer lists and rights to sell	$	33,589	$	33,559	$	10,730	$	10,221
	Trademarks and patents		6,837		6,838		3,366		3,202
	Formulations and product technology		5,808		5,808		3,756		3,709
	Other		5,544		5,544		4,554		4,445
	Total	$	51,778	$	51,749	$	22,406	$	21,577

Schedule of Expected Amortization Expense [Table Text Block]

For the year ended December 31, 2014	$	3,252
For the year ended December 31, 2015	$	3,252
For the year ended December 31, 2016	$	2,778
For the year ended December 31, 2017	$	2,119
For the year ended December 31, 2018	$	2,095
For the year ended December 31, 2019	$	2,095

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Stock Based Compensation - Options Summary (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
$0.00 - $10.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 0.00
Exercise Price Range, Upper Range Limit	$ 10.00
Number of Outstanding Options, Exercise Price Range	0
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range	0 years
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range	$ 0
Number of Exercisable Options, Exercise Price Range	0
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range	$ 0
$10.01 - $20.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 10.01
Exercise Price Range, Upper Range Limit	$ 20.00
Number of Outstanding Options, Exercise Price Range	6,155
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range	2 years 10 months
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range	$ 18.82
Number of Exercisable Options, Exercise Price Range	6,155
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range	$ 18.82
$20.01 - $30.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 20.01
Exercise Price Range, Upper Range Limit	$ 30.00
Number of Outstanding Options, Exercise Price Range	0
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range	0 years
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range	$ 0
Number of Exercisable Options, Exercise Price Range	0
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range	$ 0
$30.01 - $40.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 30.01
Exercise Price Range, Upper Range Limit	$ 40.00
Number of Outstanding Options, Exercise Price Range	35,020
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range	4 years 7 months
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range	$ 37.87
Number of Exercisable Options, Exercise Price Range	23,954
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range	$ 37.75
$40.01 - $50.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 40.01
Exercise Price Range, Upper Range Limit	$ 50.00
Number of Outstanding Options, Exercise Price Range	2,192
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range	5 years 2 months
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range	$ 46.21
Number of Exercisable Options, Exercise Price Range	731
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range	$ 46.21
$50.01 - $60.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 50.01
Exercise Price Range, Upper Range Limit	$ 60.00
Number of Outstanding Options, Exercise Price Range	28,592
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range	5 years 11 months
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range	$ 58.26
Number of Exercisable Options, Exercise Price Range	9,057
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range	$ 58.26
$60.01 - $70.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 60.01
Exercise Price Range, Upper Range Limit	$ 70.00
Number of Outstanding Options, Exercise Price Range	0
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range	0 years
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range	$ 0
Number of Exercisable Options, Exercise Price Range	0
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range	$ 0
$70.01 - $80.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 70.01
Exercise Price Range, Upper Range Limit	$ 80.00
Number of Outstanding Options, Exercise Price Range	37,048
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range	6 years 11 months
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range	$ 73.47
Number of Exercisable Options, Exercise Price Range	0
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range	$ 0
Total
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Outstanding Options, Exercise Price Range	109,007
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range	5 years 7 months
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range	$ 54.41
Number of Exercisable Options, Exercise Price Range	39,897
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range	$ 39.64

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2014

Commitments And Contingencies Disclosure [Abstract]

Commitments And Contingencies Disclosure [Text Block]

Note 14 – Commitments and Contingencies

In April of 1992, the Company identified certain soil and groundwater contamination at AC Products, Inc. (“ACP”), a wholly owned subsidiary. In voluntary coordination with the Santa Ana California Regional Water Quality Board (“SACRWQB”), ACP has been remediating the contamination, the principal contaminant of which is perchloroethylene (“PERC”). On or about December 18, 2004, the Orange County Water District (“OCWD”) filed a civil complaint in Superior Court in Orange County, California against ACP and other parties potentially responsible for groundwater contamination. OCWD was seeking to recover compensatory and other damages related to the investigation and remediation of the contamination in the groundwater. Effective October 17, 2007, ACP and OCWD settled all claims related to this litigation. Pursuant to the settlement agreement with OCWD, ACP agreed to pay $2,000. In addition to the $2,000 payment, ACP agreed to operate the two existing groundwater treatment systems associated with its extraction wells P-2 and P-3 so as to hydraulically contain groundwater contamination emanating from ACP's site until such time as the concentrations of PERC are below the current Federal maximum contaminant level for four consecutive quarterly sampling events. On September 11, 2012, ACP received a letter from the SACRWQB advising that no further action is required to remediate the soil contamination on site and on February 20, 2014, SACRWQB notified ACP that it could cease extraction and treatment of groundwater at well P-3. As of March 31, 2014, the Company believes that the range of potential-known liabilities associated with the ACP water remediation program is approximately $380 to $710, for which the Company has sufficient reserves.

The low and high ends of the range are based on the length of operation of well P-2 as determined by groundwater modeling with planned higher maintenance costs in later years if a longer treatment period is required. Costs of operation include the operation and maintenance of the extraction well, groundwater monitoring and program management. The duration of the well operation was estimated based on historical trends in concentrations in the monitoring well within the proximity of the applicable extraction well. Also factored into the model was the impact of water injected into the underground aquifer from a planned water treatment system to be installed by OCWD adjacent to P-2. Based on the modeling, it is estimated that P-2 will operate for another nine months to one and three-quarter years. Operation and maintenance costs were based on historical expenditures and estimated inflation. As mentioned above, a significantly higher maintenance expense was factored into the range if the system operates for the longer period.

The Company believes, although there can be no assurance regarding the outcome of other unrelated environmental matters, that it has made adequate accruals for costs associated with other environmental problems of which it is aware. Approximately $171 and $205 was accrued at March 31, 2014 and December 31, 2013, respectively, to provide for such anticipated future environmental assessments and remediation costs.

An inactive subsidiary of the Company that was acquired in 1978 sold certain products containing asbestos, primarily on an installed basis, and is among the defendants in numerous lawsuits alleging injury due to exposure to asbestos. The subsidiary discontinued operations in 1991 and has no remaining assets other than the proceeds received from insurance settlements. To date, the overwhelming majority of these claims have been disposed of without payment and there have been no adverse judgments against the subsidiary. Based on a continued analysis of the existing and anticipated future claims against this subsidiary, it is currently projected that the subsidiary's total liability over the next 50 years for these claims is approximately $2,700 (excluding costs of defense). Although the Company has also been named as a defendant in certain of these cases, no claims have been actively pursued against the Company, and the Company has not contributed to the defense or settlement of any of these cases pursued against the subsidiary. These cases were handled by the subsidiary's primary and excess insurers who had agreed in 1997 to pay all defense costs and be responsible for all damages assessed against the subsidiary arising out of existing and future asbestos claims up to the aggregate limits of the policies. A significant portion of this primary insurance coverage was provided by an insurer that is now insolvent, and the other primary insurers have asserted that the aggregate limits of their policies have been exhausted. The subsidiary challenged the applicability of these limits to the claims being brought against the subsidiary. In response, two of the three carriers entered into separate settlement and release agreements with the subsidiary in late 2005 and early 2007 for $15,000 and $20,000, respectively. The proceeds of both settlements are restricted and can only be used to pay claims and costs of defense associated with the subsidiary's asbestos litigation. During the third quarter of 2007, the subsidiary and the remaining primary insurance carrier entered into a Claim Handling and Funding Agreement, under which the carrier will pay 27% of defense and indemnity costs incurred by or on behalf of the subsidiary in connection with asbestos bodily injury claims for a minimum of five years beginning July 1, 2007. The agreement continues until terminated and can only be terminated by either party by providing the other party with a minimum of two years prior written notice. As of March 31, 2014, no notice of termination has been given under this agreement. At the end of the term of the agreement, the subsidiary may choose to again pursue its claim against this insurer regarding the application of the policy limits. The Company also believes that, if the coverage issues under the primary policies with the remaining carrier are resolved adversely to the subsidiary and all settlement proceeds were used, the subsidiary may have limited additional coverage from a state guarantee fund established following the insolvency of one of the subsidiary's primary insurers. Nevertheless, liabilities in respect of claims may exceed the assets and coverage available to the subsidiary.

If the subsidiary's assets and insurance coverage were to be exhausted, claimants of the subsidiary may actively pursue claims against the Company because of the parent-subsidiary relationship. Although asbestos litigation is particularly difficult to predict, especially with respect to claims that are currently not being actively pursued against the Company, the Company does not believe that such claims would have merit or that the Company would be held to have liability for any unsatisfied obligations of the subsidiary as a result of such claims. After evaluating the nature of the claims filed against the subsidiary and the small number of such claims that have resulted in any payment, the potential availability of additional insurance coverage at the subsidiary level, the additional availability of the Company's own insurance and the Company's strong defenses to claims that it should be held responsible for the subsidiary's obligations because of the parent-subsidiary relationship, the Company believes it is not probable that the Company will incur any material losses. The Company has been successful to date having claims naming it dismissed during initial proceedings. Since the Company may be in this early stage of litigation for some time, it is not possible to estimate additional losses or range of loss, if any.

As initially disclosed in the Company's second quarter 2010 Form 10-Q, one of the Company's subsidiaries may have paid certain value-added-taxes (“VAT”) incorrectly and, in certain cases, may not have collected sufficient VAT from certain customers. The VAT rules and regulations at issue are complex, vary among the jurisdictions and can be contradictory, in particular as to how they relate to the subsidiary's products and to sales between jurisdictions.

Since its inception, the subsidiary had been consistent in its VAT collection and remittance practices and had never been contacted by any tax authority relative to VAT. The subsidiary later determined that for certain products, a portion of the VAT was incorrectly paid and that the total VAT due exceeds the amount originally collected and remitted by the subsidiary. In response, the subsidiary modified its VAT invoicing and payment procedures to eliminate or mitigate future exposure. In 2010, three jurisdictions contacted the subsidiary and, since then, the subsidiary has either participated in an amnesty program or entered into a settlement whereby it paid a reduced portion of the amounts owed in resolution of those jurisdictions' claims. In late 2013, an additional jurisdiction issued an assessment against the subsidiary for certain tax years. The subsidiary has filed an appeal of the assessment alleging certain errors by such jurisdiction related to the assessment.

In analyzing the subsidiary's exposure, it is difficult to estimate both the probability and the amount of any potential liabilities due to a number of factors, including: the decrease in exposure over time due to applicable statutes of limitations and actions taken by the subsidiary, the joint liability of customers and suppliers for a portion of the VAT, the availability of a VAT refund for VAT incorrectly paid through an administrative process, any amounts which may have been or will be paid by customers, as well as the timing and structure of any tax amnesties or settlements. In addition, interest and penalties on any VAT due can be a multiple of the base tax. The subsidiary may contest any tax assessment administratively and/or judicially for an extended period of time, but may ultimately resolve its disputes through participation in tax amnesty programs, which are a common practice for settling tax disputes in the jurisdictions in question and which have historically occurred on a regular basis, resulting in significant reductions of interest and penalties. Also, the timing of payments and refunds of VAT may not be contemporaneous, and, if additional VAT is owed, it may not be fully recoverable from customers. As a result, this matter has the potential to have a material adverse impact on the Company's financial position, liquidity and capital resources and the results of operations.

In 2010, the Company recorded a net charge of $4,132, which consisted of a net $3,901 charge related to two tax dispute settlements entered into by the subsidiary, as well as a net $231 charge representing management's best estimate based on the information available to it, including the factors noted above, of the amount that ultimately may be paid related to the other jurisdiction that has made inquiries. At March 31, 2014 and December 31, 2013, the Company had no remaining accrual, related to the 2010 charges, for payments to be made under the tax dispute settlements entered into by the subsidiary, noted above. In the fourth quarter of 2013, the Company recorded a net charge of $796, representing the Company's best estimate of the amount that ultimately may be paid related to the 2013 assessment referenced above.

The charges taken by the Company in 2010 and in the fourth quarter of 2013 assume a successful recovery of the VAT incorrectly paid, as well as reductions in interest and penalties from anticipated future amnesty programs or settlements. On a similar basis, if all other potentially impacted jurisdictions were to initiate audits and issue assessments, the remaining exposure, net of refunds, could be from $0 to $7,900 with one jurisdiction representing approximately 79 percent of this additional exposure, assuming the continued availability of future amnesty programs or settlements to reduce the interest and penalties. If there are future assessments but no such future amnesty programs or settlements, the potential exposure could be higher.

The Company is party to other litigation which management currently believes will not have a material adverse effect on the Company's results of operations, cash flows or financial condition.