Share-Based Compensation	12 Months Ended
Share-Based Compensation	Dec. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 8 – Share-Based Compensation The Company recognized the following share-based compensation expense in its Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Stock options $ 1,491 $ 1,448 $ 1,053 Non-vested stock awards and restricted stock units 5,012 3,206 2,459 Non-elective and elective 401(k) matching contribution in stock 3,112 — — Employee stock purchase plan — 84 89 Director stock ownership plan 541 123 123 Performance stock units 840 — — Annual incentive plan (1) — — — Total share-based compensation expense $ 10,996 $ 4,861 $ 3,724 (1) Refer to the section entitled Annual Incentive Plan below for additional information. Share-based compensation expense is recorded in SG&A, except for $ 1.5 million, $ 0.9 million and $ 0.1 million during the years ended December 31, 2020, 2019 and 2018, respectively, recorded within Combination, integration and other acquisition-related expenses. The increase in total share-based compensation expense for the year ended December 31, 2020 includes performance stock units and non-elective and elective 401(k) matching contributions in stock as components of share-based compensation beginning in 2020, described further below. Stock Options Stock option activity under all plans is as follows: Weighted Weighted Average Average Exercise Remaining Aggregate Number of Price Contractual Intrinsic Options (per option) Term (years) Value Options outstanding as of January 1, 2020 144,412 $ 137.15 Options granted 49,115 136.64 Options exercised (83,191) 128.42 Options outstanding as of December 31, 2020 110,336 $ 143.51 5.2 $ 12,015 Options expected to vest after December 31, 2020 92,890 $ 144.86 5.6 $ 9,990 Options exercisable as of December 31, 2020 17,446 $ 136.32 3.4 $ 2,025 The total intrinsic value of options exercised during the years ended December 31, 2020, 2019 and 2018 was approximately $6.5 million, $2.5 million and $2.0 million, respectively. 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 as of December 31, 2020 is as follows: Weighted Average Weighted Weighted Number Remaining Average Number Average Range of of Options Contractual Exercise Price of Options Exercise Price Exercise Prices Outstanding Term (years) (per option) Exercisable (per option) $ 70.01 - $ 80.00 2,133 1.0 $ 72.12 2,133 $ 72.12 $ 80.01 - $ 90.00 1,309 1.0 87.30 1,309 87.30 $ 90.01 - $ 130.00 — — — — — $ 130.01 - $ 140.00 51,732 6.0 136.54 2,617 134.60 $ 140.01 - $ 150.00 — — — — — $ 150.01 - $ 160.00 55,162 4.8 154.14 11,387 154.37 110,336 5.2 143.51 17,446 136.32 As of December 31, 2020, unrecognized compensation expense related to options granted in 2020, 2019 and 2018 was $1.2 million, $0.3 million and less than $0.1 million, respectively, to be recognized over a weighted average period of 1.9 years. The Company granted stock options under its LTIP plan that are subject only to time vesting generally over a three-year period during 2020, 2019, 2018 and 2017. 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: 2020 2019 2018 2017 Number of stock options granted 49,115 51,610 35,842 42,477 Dividend yield 0.99 % 1.12 % 1.37 % 1.49 % Expected volatility 31.57 % 26.29 % 24.73 % 25.52 % Risk-free interest rate 0.36 % 1.52 % 2.54 % 1.67 % Expected term (years) 4.0 4.0 4.0 4.0 The fair value of these options is being amortized on a straight-line basis over the respective vesting period of each award. The compensation expense recorded on each award during the years ended December 31, 2020, 2019 and 2018, respectively, is as follows: 2020 2019 2018 2020 Stock option awards $ 385 $ — $ — 2019 Stock option awards 698 665 — 2018 Stock option awards 357 364 310 2017 Stock option awards 51 369 367 Restricted Stock Awards Activity of non-vested restricted stock awards granted under the Company’s LTIP plan is shown below: Number of Weighted Average Grant Shares Date Fair Value (per share) Nonvested awards, December 31, 2019 64,500 $ 152.67 Granted 28,244 145.63 Vested (19,195) 148.15 Forfeited (1,781) 150.27 Nonvested awards, December 31, 2020 71,768 $ 151.17 The fair value of the non-vested 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 December 31, 2020, unrecognized compensation expense related to these awards was $4.7 million, to be recognized over a weighted average remaining period of 1.6 years. Restricted Stock Units Activity of non-vested restricted stock units granted under the Company’s LTIP plan is shown below: Number of Weighted Average Grant Units Date Fair Value (per unit) Nonvested awards, December 31, 2019 8,655 $ 152.09 Granted 6,030 141.65 Vested (1,791) 141.92 Forfeited (2,049) 153.50 Nonvested awards, December 31, 2020 10,845 $ 147.70 The fair value of the non-vested 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 December 31, 2020, unrecognized compensation expense related to these awards was $0.8 million, to be recognized over a weighted average remaining period of 2.0 years. Performance Stock Units In March 2020, the Company included performance -dependent stock awards (“PSUs”) as a component of its LTIP, which will be settled in a certain number of shares subject to market -based and time-based vesting conditions. The number of fully vested shares that may ultimately be issued as settlement for each award may range from 0 % up to 200 % of the target award, subject to the achievement of the Company’s total shareholder return (“TSR”) relative to the performance of the Company’s peer group, the S&P Midcap 400 Materials group. The service period required for the PSUs is three years and the TSR measurement period for the PSUs is from January 1, 2020 through December 31, 2022. Compensation expense for PSUs is measured based on their grant date fair value and is recognized on a straight-line basis over the three-year vesting period. The grant-date fair value of the PSUs was estimated using a Monte Carlo simulation on the grant date and using the following assumptions: (i) a risk-free rate of 0.28 %; (ii) an expected term of 3.0 years; and (iii) a three-year daily historical volatility for each of the companies in the peer group, including Quaker Houghton. As of December 31, 2020, the Company estimates that it will issue approximately 20,000 fully vested shares as of the settlement date of the award based on the conditions of the PSUs and Company’s closing stock price on December 31, 2020. As of December 31, 2020, there was approximately $ 2.5 million of total unrecognized compensation cost related to PSUs which the Company expects to recognize over a weighted-average period of 2.2 years. Annual Incentive Plan The Company maintains an Annual Incentive Plan (“AIP”), which may be settled in cash or a certain number of shares subject to performance-based and time-based vesting conditions. As previously disclosed within the Company’s Form 10-Q for the first three quarters of 2020, it was the Company’s intention at that time to settle the 2020 AIP in shares, and therefore, expense associated with the AIP in 2020 was recorded as a component of share -based compensation expense during the first nine months of 2020. In the fourth quarter of 2020, the Company determined that it would settle the current year AIP in cash. Therefore, the share- based compensation associated with the AIP during the year ended December 31, 2020 was reclassified from a component of share- based compensation expense to incentive compensation. This determination and conclusion had no impact on the classification of AIP expense within the Company’s Consolidated Statement of Income for the year ended December 31, 2020 as both are a component of SG&A. As a result of the change, there was an immaterial impact on the Company’s calculation of diluted earnings per share for the year ended December 31, 2020 as the Company no longer considers the estimated number of shares related to a hypothetical AIP settlement in shares as a component of its diluted earnings per share calculation. In addition, there was no impact on the Company’s Consolidated Balance Sheet as of December 31, 2020, as the AIP was and continues to be classified as a liability and included within accrued compensation. Similarly, there was a reclassification on the Company’s Consolidated Statement of Cash Flow between lines within Net cash provided by operating activities in the fourth quarter of 2020. The expected cash flow impact of the AIP settled in cash is presented as a component of accounts payable and accrued liabilities for the year ended December 31, 2020. Defined Contribution Plan The Company has a 401(k) plan with an employer match covering a majority of its U.S. employees. The Company matches 50 % of the first 6 % of compensation that is contributed to the plan, with a maximum matching contribution of 3 % of compensation. Additionally, the plan provides for non-elective nondiscretionary contributions on behalf of participants who have completed one year of service equal to 3 % of the eligible participant's compensation. The Company’s matching contributions and non-elective contributions may be made in cash or in fully vested shares of the Company’s common stock. Beginning in April 2020, the Company began matching both non-elective and elective 401(k) contributions in fully vested shares of its common stock rather than cash. For the year ended December 31, 2020, total contributions were $ 3.1 million. 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 were made from the plan and credited to each participant’s account on the last day of each calendar month in which the organized securities trading markets in the U.S. were open for business (the “Investment Date”). The purchase price of the stock was 85 % of the fair market value on the Investment Date. The plan was compensatory, and the 15 % discount was expensed on the Investment Date. All employees, including officers, were eligible to participate in this plan. A participant could 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 was not eligible to participate in this plan. Effective January 1, 2020, the Company discontinued the ESPP. 2013 Director Stock Ownership Plan In 2013, the Company adopted the 2013 Director Stock Ownership Plan (the “Plan”), to encourage the Directors to increase their investment in the Company, which 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 1 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 $ 0.1 million and the retainer payment date is June 1.