Investments in Associated Companies

12 Months Ended

Dec. 31, 2018

Investments in Associated Companies [Abstract]

Investments in Associated Companies [Text Block]

Note 16 – Investments in Associated Companies

As of December 31, 2018, the Company held a 50% investment in and had significant influence over Nippon Quaker Chemical, Ltd. (Japan) and Kelko Quaker Chemical, S.A. (Panama) and held a 33% investment in and had significant influence over Primex, Ltd. (Barbados). The carrying amount of the Company’s equity investments as of December 31, 2018 was $21.3 million, which includes its investments of $14.7 million in Primex, Ltd. (Barbados); $6.2 million in Nippon Quaker Chemical, Ltd. (Japan); and $0.4 million in Kelko Quaker Chemical, S.A. (Panama).

The Company has a 50-50 joint venture in a Venezuelan affiliate, Kelko Venezuela. Due to heightened foreign exchange controls, current economic circumstances and other restrictions in Venezuela, during the third quarter of 2018 the Company concluded that it no longer had significant influence over this affiliate. Prior to this determination, the Company historically accounted for this affiliate under the equity method. As of December 31, 2018, the Company has no remaining carrying value for its investment in Kelko Venezuela.

Summarized financial information of Nippon Quaker Chemical, Ltd. (Japan) and Kelko Quaker Chemical, S.A. (Panama) for 2018 and Nippon Quaker Chemical, Ltd. (Japan), Kelko Quaker Chemical, S.A. (Panama) and Kelko Quaker Chemical, S.A. (Venezuela) for 2017 and 2016, in the aggregate, is as follows:

		As of December 31,
		2018		2017
Current assets	$	43,581	$	37,683
Noncurrent assets		990		936
Current liabilities		29,632		24,858
Noncurrent liabilities		1,685		1,457

		Year Ended December 31,
		2018		2017		2016
Net sales	$	43,875	$	42,555	$	41,448
Gross margin		12,983		13,440		13,082
Income before income taxes		2,494		2,900		2,289
Net income		1,874		1,471		1,210

Summarized financial information of Primex, Ltd. is as follows:

		As of December 31,
		2018		2017
Total assets	$	103,705	$	120,154
Total liabilities		53,049		54,258

		Year Ended December 31,
		2018		2017		2016
Revenue	$	5,841	$	14,042	$	5,632
Income before income taxes		3,688		11,705		5,622
Net income		2,954		7,788		5,148