Investments in Associated Companies

12 Months Ended

Dec. 31, 2020

Investments in Associated Companies [Abstract]

Investments in Associated Companies [Text Block]

Note 17 – Investments in Associated Companies

As of December 31, 2020, the Company held a

50

% investment in and had significant influence over Nippon Quaker Chemical,

Ltd. (“Nippon Japan”), Kelko Quaker Chemical, S.A. (“Kelko Panama”) and Houghton Korea acquired in 2019 in connection with the

Combination, and held a

32

% investment in and had significant influence over Primex, Ltd. (“Primex”). See Note 2 of Notes to

Consolidated Financial Statements.

The carrying amount of the Company’s equity investments as of December 31, 2020 was $

95.8

 million, which includes

investments of $

68.3

 million in Houghton Korea; $

19.4

 million in Primex; $

7.8

 million in Nippon Japan; and $

0.3

 million in Kelko

Panama.

The Company also has a

50

% equity interest in Kelko Venezuela. Due to heightened foreign exchange controls, deteriorating

economic circumstances and other restrictions in Venezuela, during 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, 2020 and 2019, the Company had

no

 remaining carrying value for its investment in Kelko Venezuela.

The following table is a summary of equity income in associated companies by investment for the years ending December 31,

2020, 2019 and 2018:

Year Ended December 31,

2020

2019

2018

Houghton Korea

$

5,241

$

2,337

$

—

Nippon Japan

853

850

713

Kelko Panama

107

55

222

Kelko Venezuela

—

—

(138)

Primex

1,151

1,822

966

Total equity in net income of associated companies

$

7,352

$

5,064

$

1,763

As the Combination closed on August 1, 2019, the Company included five months of equity income from Houghton Korea in its

December 31, 2019 Consolidated Statement of Income.