Equity and Noncontrolling Interest

9 Months Ended

Sep. 30, 2017

Stockholders Equity Note Disclosure [Text Block]

Note 13 – Equity

In May 2015, the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to $100.0 million of Quaker Chemical Corporation common stock (the “2015 Share Repurchase Program”). The 2015 Share Repurchase Program has no expiration date. The 2015 Share Repurchase Program provides a framework of conditions under which management can repurchase shares of the Company’s common stock. These purchases may be made in the open market or in private and negotiated transactions and will be in accordance with applicable laws, rules and regulations. In connection with the 2015 Share Repurchase Program, the Company acquired 83,879 shares of common stock for $5.9 million during the nine months ended September 30, 2016. There were no share repurchases under the 2015 Share Repurchase Program during the nine months ended September 30, 2017. The Company has elected not to hold treasury shares, and has retired the shares as they are repurchased. It is the Company’s accounting policy to record the excess paid over par value as a reduction in retained earnings for all shares repurchased.

Prior to September 7, 2017, the Company’s Articles of Incorporation included a time-based voting system that granted special ten-for-one-voting rights to shareholders who had beneficially owned their Quaker Chemical Corporation common stock continuously for a period of at least 36 consecutive calendar months (dating from the first day of the first full calendar month on or after the date the holder acquired beneficial ownership of such common stock) before the record date for a shareholder vote. At a meeting of the Company’s shareholders on September 7, 2017, the Company’s shareholders approved an amendment of the Company’s Articles of Incorporation that provides that every holder of Quaker Chemical Corporation common stock will be entitled to one vote for each share of common stock of the Company going forward.

The following tables present the changes in equity, net of tax, for the three and nine months ended September 30, 2017 and 2016:

									Accumulated
					Capital in				Other
			Common		Excess of		Retained		Comprehensive		Noncontrolling
			Stock		Par Value		Earnings		Loss		Interest		Total
Balance at June 30, 2017			$	13,310	$	113,747	$	374,001	$	(72,938)	$	11,474	$	439,594
	Net income			—		—		11,142		—		562		11,704
	Amounts reported in other comprehensive
		income (loss)		—		—		—		6,265		(153)		6,112
	Dividends ($0.355 per share)			—		—		(4,722)		—		—		(4,722)
	Share issuance and equity-based
		compensation plans		(11)		(618)		—		—		—		(629)
Balance at September 30, 2017			$	13,299	$	113,129	$	380,421	$	(66,673)	$	11,883	$	452,059

Balance at June 30, 2016			$	13,250	$	109,751	$	340,127	$	(71,790)	$	8,895	$	400,233
	Net income			—		—		16,008		—		343		16,351
	Amounts reported in other comprehensive
		(loss) income		—		—		—		(237)		177		(60)
	Dividends ($0.345 per share)			—		—		(4,575)		—		—		(4,575)
	Acquisition of noncontrolling interest			—		—		—		—		40		40
	Share issuance and equity-based
		compensation plans		7		1,671		—		—		—		1,678
	Excess tax benefit from stock option exercises			—		31		—		—		—		31
Balance at September 30, 2016			$	13,257	$	111,453	$	351,560	$	(72,027)	$	9,455	$	413,698

									Accumulated
					Capital in				Other
			Common		Excess of		Retained		Comprehensive		Noncontrolling
			Stock		Par Value		Earnings		Loss		Interest		Total
Balance at December 31, 2016			$	13,278	$	112,475	$	364,414	$	(87,407)	$	9,846	$	412,606
	Net income			—		—		30,040		—		1,619		31,659
	Amounts reported in other comprehensive
		income		—		—		—		20,734		418		21,152
	Dividends ($1.055 per share)			—		—		(14,033)		—		—		(14,033)
	Share issuance and equity-based
		compensation plans		21		654		—		—		—		675
Balance at September 30, 2017			$	13,299	$	113,129	$	380,421	$	(66,673)	$	11,883	$	452,059

Balance at December 31, 2015			$	13,288	$	106,333	$	326,740	$	(73,316)	$	8,198	$	381,243
	Net income			—		—		43,969		—		1,131		45,100
	Amounts reported in other comprehensive
		income		—		—		—		1,289		86		1,375
	Repurchases of common stock			(84)		—		(5,775)		—		—		(5,859)
	Dividends ($1.01 per share)			—		—		(13,374)		—		—		(13,374)
	Acquisition of noncontrolling interest			—		—		—		—		40		40
	Share issuance and equity-based
		compensation plans		53		4,953		—		—		—		5,006
	Excess tax benefit from stock option exercises			—		167		—		—		—		167
Balance at September 30, 2016			$	13,257	$	111,453	$	351,560	$	(72,027)	$	9,455	$	413,698

The following tables show the reclassifications from and resulting balances of AOCI for the three and nine months ended September 30, 2017 and 2016:

							Unrealized
			Currency		Defined		Gain (Loss) in
			Translation		Benefit		Available-for-
			Adjustments		Pension Plans		Sale Securities		Total
Balance at June 30, 2017			$	(40,062)	$	(34,059)	$	1,183	$	(72,938)
	Other comprehensive income (loss) before
		reclassifications		5,917		(611)		688		5,994
	Amounts reclassified from AOCI			—		784		(254)		530
	Current period other comprehensive income			5,917		173		434		6,524
	Related tax amounts			—		(111)		(148)		(259)
	Net current period other comprehensive income			5,917		62		286		6,265
Balance at September 30, 2017			$	(34,145)	$	(33,997)	$	1,469	$	(66,673)

Balance at June 30, 2016			$	(38,812)	$	(34,070)	$	1,092	$	(71,790)
	Other comprehensive (loss) income before
		reclassifications		(892)		3		575		(314)
	Amounts reclassified from AOCI			—		713		(280)		433
	Current period other comprehensive (loss) income			(892)		716		295		119
	Related tax amounts			—		(256)		(100)		(356)
	Net current period other comprehensive (loss) income			(892)		460		195		(237)
Balance at September 30, 2016			$	(39,704)	$	(33,610)	$	1,287	$	(72,027)

							Unrealized
			Currency		Defined		Gain (Loss) in
			Translation		Benefit		Available-for-
			Adjustments		Pension Plans		Sale Securities		Total
Balance at December 31, 2016			$	(52,255)	$	(36,168)	$	1,016	$	(87,407)
	Other comprehensive income (loss) before
		reclassifications		18,110		(684)		1,578		19,004
	Amounts reclassified from AOCI			—		4,284		(889)		3,395
	Current period other comprehensive income			18,110		3,600		689		22,399
	Related tax amounts			—		(1,429)		(236)		(1,665)
	Net current period other comprehensive income			18,110		2,171		453		20,734
Balance at September 30, 2017			$	(34,145)	$	(33,997)	$	1,469	$	(66,673)

Balance at December 31, 2015			$	(38,544)	$	(35,251)	$	479	$	(73,316)
	Other comprehensive (loss) income before
		reclassifications		(1,160)		116		1,087		43
	Amounts reclassified from AOCI			—		2,313		136		2,449
	Current period other comprehensive (loss) income			(1,160)		2,429		1,223		2,492
	Related tax amounts			—		(788)		(415)		(1,203)
	Net current period other comprehensive (loss) income			(1,160)		1,641		808		1,289
Balance at September 30, 2016			$	(39,704)	$	(33,610)	$	1,287	$	(72,027)

Approximately 75% and 25% of the amounts reclassified from accumulated other comprehensive loss to the Condensed Consolidated Statements of Income for defined benefit retirement plans during the three and nine months ended September 30, 2017 and 2016 were recorded in SG&A and COGS, respectively. See Note 7 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.