Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 38,632 | $ (28,344) |
Currency translation adjustments | (25,461) | (54,751) |
Defined benefit retirement plans | 1,292 | 16,957 |
Current period change in fair value of derivatives | 562 | (3,981) |
Unrealized loss on available-for-sale securities | (3,025) | (1,711) |
Other comprehensive loss | (26,632) | (43,486) |
Comprehensive income (loss) | 12,000 | (71,830) |
Less: Comprehensive (income) loss attributable to noncontrolling interest | (15) | 95 |
Comprehensive income (loss) attributable to Quaker Chemical Corporation | $ 11,985 | $ (71,735) |
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
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Statement Of Financial Position [Abstract] | ||
Common Stock Par Value | $ 1 | $ 1 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock, Shares, Issued | 17,875,076 | 17,850,616 |
Condensed Financial Information |
3 Months Ended |
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Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 – Basis of Presentation and Description of Business Basis of Presentation As used in these Notes to Condensed Consolidated “Company”, “we”, and “our” refer to Quaker Chemical associated companies, unless the context otherwise requires. the term Legacy Quaker refers to the Company prior (herein referred to as the “Combination”). The condensed consolidated financial statements included herein been prepared in accordance with generally accepted reporting and the United States Securities and Exchange Commission disclosures normally included in financial statements prepared pursuant to such rules and regulations. necessary for a fair statement of the financial position, three months ended March 31, 2021 are not necessarily statements should be read in conjunction with the Company’s 2020 (the “2020 Form 10-K”). Description of Business The Company was organized in 1918, incorporated completed the Combination with Houghton to form fluids. 25 the world’s most advanced companies. chemical management services (which the Company refers applications throughout its four Businesses. Hyper-inflationary economies Based on various indices or index compilations being effective July 1, 2018, Argentina’s applying hyper-inflationary accounting with respect addition, Houghton has an Argentina months ended March 31, 2021, the Company's Argentine 1 % of the Company’s consolidated assets and net sales, respectively. 0.2 $ 0.1 losses were recorded within foreign exchange (losses) gains, Company’s Condensed COVID-19 Management continues to monitor the impact that the COVID-19 chemical industry, related business and travel restrictions and changes to the date of this Quarterly Report on Form 10-Q for the of governmental authorities continue to evolve globally. Further, management continues to financial reporting processes, internal control over financial circumstances have presented and are expected to continue COVID-19 has had a material impact on financial reporting controls and procedures. The Company cannot reasonably estimate the magnitude the future as they are subject to significant uncertainties severity of the symptoms, the duration or resurgence efficacy, response by governments of impacted countries. To the extent could reduce the availability, interrupt the Company’s and the Company’s liquidity with respect to this pandemic, the Company cannot reasonably impact the Company’s results |
Business Combinations |
3 Months Ended |
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Mar. 31, 2021 | |
Business Combination Separately Recognized Transaction [Abstract] | |
Business Combination Disclosure [Text Block] | Note 2 – Business Acquisitions 2021 Acquisitions In February 2021, the Company acquired a tin-plating 25 The Company allocated $ 19.6 18.3 to be amortized over 19 0.9 14 0.4 licensed trademark to be amortized over 3 5.0 value not allocated to other acquired assets, all of which purchase price has not been finalized and the one-year result of the Company’s assumed. Additionally, in 38 % ownership interest in Grindaix-GmbH (“Grindaix”), held, German-based, high-tech provider of coolant control 1.4 $ 1.7 sector. Financial Statements. The results of operations of the acquired businesses subsequent Consolidated Statements of Operations as of March Combination, integration and other acquisition-related Certain pro forma and other information is not presented, the overall operations of the Company for the periods presented. Previous Acquisitions In December 2020, provider of metal finishing fluid solutions. metalworking and wastewater treatment applications price was approximately $ 54.1 indebtedness levels. 2021 and currently estimates it will receive approximately 0.4 The following table presents the preliminary estimated fair Measurement December 22, December 22, Period 2020 2020 (1) Adjustments (as adjusted) Cash and cash equivalents $ 958 $ — $ 958 Accounts receivable 8,473 — 8,473 Inventories 4,527 — 4,527 Prepaid expenses and other assets 181 — 181 Property, plant and 10,467 652 11,119 Intangible assets 30,300 (500) 29,800 Goodwill 2,814 53 2,867 Total assets purchased 57,720 205 57,925 Long-term debt including current portions and finance leases 183 556 739 Accounts payable, accrued expenses and other accrued 3,482 — 3,482 Total liabilities assumed 3,665 556 4,221 Total consideration 54,055 (351) 53,704 Less: estimated purchase price settlement — (351) (351) Less: cash acquired 958 — 958 Net cash paid for Coral $ 53,097 $ — $ 53,097 (1) As previously disclosed in the Company’s Measurement period adjustments recorded during the first estimates for assets and liabilities for certain acquired closing working capital and net indebtedness true ups to purchase price for Coral has not been finalized and the one-year necessary as a result of the Company’s liabilities assumed. In May 2020, the Company acquired Tel in high pressure aluminum die casting for its Europe, in the form of a convertible promissory note in the amount 20.0 2.9 subsequently converted into shares of the Company’s 0.4 million DKK, or less than $ 0.1 Company allocated approximately $ 2.4 17 the Company recorded approximately $ 0.5 of which will be tax deductible. one- additional information related to the fair value of assets acquired In March 2020, the Company acquired the remaining 49 % ownership interest in one of its South African affiliates, Chemical South Africa Limited (“QSA”) for 16.7 1.0 Holdings South Africa. acquisition was a change in an existing controlling ownership, 0.7 carrying value of the non-controlling interest in Capital In October 2019, the Company completed its acquisition U.K. company that provides specialty chemicals, operating new technologies in automotive, original equipment to strengthen the Company’s 80.0 and debt-free basis, subject to routine and customary The Company finalized its post-closing adjustments for the 2.5 the first quarter of 2020 to settle such adjustments. |
Recently Issued Accounting Standards |
3 Months Ended |
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Mar. 31, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements And Changes In Accounting Principles [Text Block] | Note 3 – Recently Issued Accounting Standards Recently Issued Accounting Standards The Financial Accounting Standards Board (“FASB”) ASU 2019-12 , Income Taxes (Topic guidance within this accounting standard update certain intra-period tax allocations, to the requirement investments and foreign subsidiaries, and to the general date loss exceeds the anticipated loss for the year. up in tax basis for goodwill, current and deferred tax stock ownership plans. adopted this standard on a prospective basis, effective retained earnings on January 1, 2021. The FASB issued Reference Rate Reform (To Financial Reporting Reference Rate Reform (Topic January 2021 which clarified the guidance but did amendments provide temporary optional expedients and relationships and other transactions to ease the potential from reference rates that are expected to be discontinued, effective for the Company as of March 12, expedients provided in ASU 2020-04 do not presently potential impacts on its consolidated financial statements. |
Business Segments |
3 Months Ended |
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Mar. 31, 2021 | |
Segment Reporting Measurement Disclosures [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 4 – Business Segments The Company’s operating internal organization, the method by which decision maker assesses the Company’s four Asia/Pacific; and (iv) Global Specialty Businesses. each respective region, excluding net sales and operations includes the Company’s Segment operating earnings for each of the Company’s related cost of goods sold (“COGS”) and selling, general attributable to the net sales of each respective segment and other acquisition-related expenses, and Restructuring items not specifically identified with the Company’s net. The following table presents information about the performance months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Net sales Americas $ 134,871 $ 129,896 EMEA 119,814 104,839 Asia/Pacific 96,706 73,552 Global Specialty Businesses 78,392 70,274 Total $ 429,783 $ 378,561 Segment operating earnings Americas $ 32,234 $ 29,188 EMEA 25,244 18,359 Asia/Pacific 27,478 19,541 Global Specialty Businesses 24,169 20,560 Total 109,125 87,648 Combination, integration and other acquisition-related (5,815) (7,878) Restructuring and related charges (1,175) (1,716) Fair value step up of acquired inventory sold (801) — Indefinite-lived intangible asset impairment — (38,000) Non-operating and administrative expenses (40,992) (38,451) Depreciation of corporate assets and amortization (15,448) (14,047) Operating income (loss) 44,894 (12,444) Other income (expense), net 4,687 (21,175) Interest expense, net (5,470) (8,461) Income (loss) before taxes and equity in net income of $ 44,111 $ (42,080) Inter-segment revenues for the three months ended 3.3 2.9 $ 8.8 5.5 0.1 0.1 2.0 1.3 Specialty Businesses, respectively. segment’s net sales and |
Net Sales and Revenue Recognition |
3 Months Ended |
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Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue From Contract With Customer [Text Block] | Note 5 – Net Sales and Revenue Recognition Business Description The Company develops, produces, and markets a broad management services (“Fluidcare”) for various heavy significant portion of the Company’s through its own employees and its Fluidcare programs, As part of the Company’s the Company acts as a principal, revenues are recognized Where the Company acts as an agent, revenue is recognized on the Company for ordering the goods. basis of $ 17.8 12.5 As previously disclosed in the Company’s of multiple subsidiaries or divisions with semiautonomous 10 % of consolidated net sales, with its largest customer accounting 3 % of consolidated net sales. Revenue Recognition Model The Company applies the five-step model in the FASB’s customer; (ii) identify the performance obligations in price to the performance obligations in the contract; and obligation. including its practical expedients and accounting policy Allowance for Doubtful Accounts As previously disclosed in the Company’s standard update related to the accounting and disclosure The Company recognizes an allowance for credit losses, which represents the portion over the contractual life, considering past events Company’s allowance each outstanding receivable and customer, estimates for certain past due aging categories, and amounts determined to be uncollectible. Contract Assets and Liabilities The Company recognizes a contract asset or receivable performs a service or transfers a good in advance is unconditional and only the passage of time is required Company’s right to consideration had no material contract assets recorded on its Condensed A contract liability is recognized when the Company consideration, in advance of performance. for which the Company has received consideration, contract liabilities primarily represent deferred revenue Company satisfying the associated performance obligation. Company’s Condensed 6.3 4.0 revenue as of March 31, 2021 and December 31, 2020, all of the associated performance obligations and recognized December 31, 2020. Disaggregated Revenue The following tables disaggregate the Company’s revenue recognized for the three months ended March 31, Three Months Ended March 31, Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 46,793 $ 34,274 $ 49,743 $ 130,810 Metalworking and other 88,078 85,540 46,963 220,581 134,871 119,814 96,706 351,391 Global Specialty Businesses 45,256 20,272 12,864 78,392 $ 180,127 $ 140,086 $ 109,570 $ 429,783 Timing of Revenue Recognized Product sales at a point in time $ 171,594 $ 131,162 $ 106,399 $ 409,155 Services transferred over time 8,533 8,924 3,171 20,628 $ 180,127 $ 140,086 $ 109,570 $ 429,783 Three Months Ended March 31, Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 46,673 $ 29,888 $ 41,589 $ 118,150 Metalworking and other 83,223 74,951 31,963 190,137 129,896 104,839 73,552 308,287 Global Specialty Businesses 44,231 16,605 9,438 70,274 $ 174,127 $ 121,444 $ 82,990 $ 378,561 Timing of Revenue Recognized Product sales at a point in time $ 168,802 $ 118,423 $ 81,156 $ 368,381 Services transferred over time 5,325 3,021 1,834 10,180 $ 174,127 $ 121,444 $ 82,990 $ 378,561 |
Leases |
3 Months Ended |
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Mar. 31, 2021 | |
Leases [Abstract] | |
Leases Of Lessee Disclosure [Text Block] | Note 6 - Leases The Company determines if an arrangement is a lease arrangement conveys the right to control the use of an consideration. substantially all of the economic benefits from the use leases is recognized when the obligation is incurred. The Company has operating leases for certain facilities, vehicles 10 94 Company’s leases includes that the Company is reasonably certain it will exercise. liabilities and long-term lease liabilities on the Condensed recognized at each lease’s Company uses the stated borrowing rate for a lease when lease agreement, the Company uses its incremental borrowing to determine the present value of its lease payments. leases, the Company considers certain information subsidiaries. long-term debt and long-term debt on the Condensed Consolidated Operating lease expense is recognized on a straight-line ended March 31, 2021 and 2020 was $ 3.6 3.4 0.3 0.5 million for the three months ended March 31, 2021 no sublease income for the three months ended March 31, 2021 and 3.6 3.4 million during the three months ended March 31, 2021 and associated lease liabilities of approximately $ 3.1 Supplemental balance sheet information related to the Company’s March 31, December 31, 2021 2020 Right of use lease assets $ 38,027 $ 38,507 Other current liabilities 10,419 10,901 Long-term lease liabilities 27,050 27,070 Total operating $ 37,469 $ 37,971 Weighted average 5.9 6.0 Weighted average 4.26% 4.20% Maturities of operating lease liabilities as of March 31, March 31, 2021 For the remainder of 2021 $ 9,269 For the year ended December 31, 2022 9,042 For the year ended December 31, 2023 6,932 For the year ended December 31, 2024 5,194 For the year ended December 31, 2025 4,211 For the year ended December 31, 2026 and beyond 8,116 Total lease payments 42,764 Less: imputed interest (5,295) Present value of lease liabilities $ 37,469 |
Restructuring and Related Activities |
3 Months Ended |
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Mar. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities Disclosure [TextBlock] | Note 7 – Restructuring and Related Activities The Company’s management approved a global restructuring plan (the “QH Program”) as part of its plan to realize certain cost synergies associated with the Combination in the third quarter of 2019. The QH Program includes restructuring and associated severance costs to reduce total headcount by approximately 400 people globally, as well as plans for the closure of certain manufacturing and non-manufacturing facilities. number of factors and is subject to change; however, continue to occur throughout 2021 Program will approximate one-times the restructuring costs regulations within certain foreign countries and will All costs incurred to date relate to severance costs to reduce in Restructuring and related charges in the Condensed Consolidated Financial Statements, restructuring reportable segments’ measure of operating earnings Activity in the Company’s follows: QH Program Accrued restructuring as of December 31, 2020 $ 8,248 Restructuring and related charges 1,175 Cash payments (3,034) Currency translation adjustments (419) Accrued restructuring as of March 31, 2021 $ 5,970 |
Share-Based Compensation |
3 Months Ended |
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Mar. 31, 2021 | |
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 Operations for the three months ended March 31, 2021 Three Months Ended March 31, 2021 2020 Stock options $ 308 $ 432 Non-vested stock awards and restricted stock units 1,396 1,264 Non-elective and elective 401(k) matching contribution in 1,553 — Director stock ownership plan 203 40 Performance stock units 319 — Annual incentive plan — 2,946 Total share-based $ 3,779 $ 4,682 Share-based compensation expense is recorded in SG&A, 0.3 0.5 March 31, 2021 and 2020, respectively, in total share-based compensation expense for the three elective 401(k) matching contributions in stock but excludes annual beginning in 2020, each described further below. Stock Options During the first quarter of 2021, the Company granted only to time vesting over a three-year period. used a Black-Scholes option pricing model and the assumptions Number of options granted 23,733 Dividend yield 0.85 % Expected volatility 37.33 % Risk-free interest rate 0.60 % Expected term (years) 4.0 The fair value of these options is amortized on a straight compensation expense related to all stock options 2.8 period of 2.5 Restricted Stock Awards During the first quarter of 2021, the Company granted 12,610 2,791 units under its LTIP, trading price of the Company’s expected forfeitures based on historical experience. nonvested restricted shares was $ 6.3 2.1 unrecognized compensation expense related to nonvested 1.3 average remaining period of 2.3 Performance Stock Units During the first quarter of 2021, LTIP, fully vested shares that may ultimately be issued as settlement 0 % up to 200 % of the target award, subject to the achievement of the Company’s group, the S&P Midcap 400 Materials group. period for the PSUs is from January 1 of the year of grant Compensation expense for PSUs the three-year vesting period. Monte Carlo simulation on the grant date and using the 0.29 %; (ii) an expected term of 3.0 As of March 31, 2021, the Company estimates that it will issue 28,000 settlement dates of all outstanding PSU awards, based March 31, 2021, there was approximately $ 4.8 expects to recognize over a weighted-average period 2.5 Annual Incentive Plan The Company maintains an Annual Incentive Plan performance-based and time-based vesting conditions. in shares, and therefore, expense associated with the AIP in 2020 In the fourth quarter of 2020, the Company determined compensation associated with the AIP during the year compensation expense to incentive compensation. expense within the Company’s As of March 31, 2021, it is the Company’s Defined Contribution Plan The Company has a 401(k) plan with an employer 50 % of the first 6 % of compensation that is contributed to the plan, with a maximum 3 % of compensation. Additionally, the of service equal to 3 % of the eligible participants’ compensation. Company matched both non-elective and elective 401(k) than cash. 1.5 matching contributions in stock for the three months |
Pension and Postretirement Benefits |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits Disclosure [Text Block] | Note 9 – Pension and Other Postretirement The components of net periodic benefit cost for the Three Months Ended March 31, Other Pension Benefits Postretirement Benefits 2021 2020 2021 2020 Service cost $ 316 $ 1,174 $ 1 $ 2 Interest cost 1,090 1,769 11 26 Expected return on plan assets (2,082) (1,959) — — Settlement loss — 22,667 — — Actuarial loss amortization 855 1,047 — 15 Prior service (credit) cost amortization 2 (40) — — Total net periodic $ 181 $ 24,658 $ 12 $ 43 As disclosed in the Company’s legacy Quaker non-contributory U.S. pension plan Company received a favorable termination determination Legacy Quaker U.S. Pension Plan termination during the Plan in accordance with I.R.S. and Pension Benefit Guaranty Corporation Legacy Quaker U.S. Pension Plan on a termination basis 1.8 final true up adjustments, settlement charge at plan termination of 22.7 expense of the related unrecognized losses within accumulated of the plan termination date. Employer Contributions The Company previously disclosed in its 2020 Form 10-K 10.0 to its U.S. and foreign pension plans and approximately 0.3 2021, $ 1.0 0.1 postretirement benefit plans, respectively. |
Other Income (Expense) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Other Income And Expenses [Abstract] | |
Other Income And Other Expense Disclosure [Text Block] | Note 10 – Other Income (Expense), Net The components of other income (expense), net for Three Months Ended March 31, 2021 2020 Income from third party license fees $ 339 $ 304 Foreign exchange (losses) gains, net (1,478) 821 Gain on disposals of property, 5,410 2 Non-income tax refunds and other related credits 97 1,299 Pension and postretirement benefit costs, non-service components 124 (23,525) Other non-operating income (expense), net 195 (76) Total other $ 4,687 $ (21,175) The Gain on disposals of property, includes the gain on the sale of certain held-for-sale benefit costs, non-service components during the three 22.7 Quaker U.S. Pension Plan non-cash settlement charge |
Income Taxes and Uncertain Tax Positions |
3 Months Ended |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 11 – Income Taxes The Company’s effective 24.2 % compared to a benefit of 31.1 % for the three months ended March 31, 2020. largely impacted by the sale of certain held-for-sale quarter effective tax rate was impacted by the the prior year period including those related to changes jurisdiction, and the tax impacts of the Company’s lived trademarks and tradename intangible asset impairment. As of December 31, 2020, the Company had a deferred tax liability of $5.9 million, which primarily represents the Company’s estimate of non-U.S. taxes it will incur to repatriate certain foreign earnings to the U.S. The balance as of March 31, 2021 was $6.5 million. As of March 31, 2021, the Company’s 23.5 $ 1.3 The Company continues to recognize interest and penalties income (loss) before equity in net income of associated Company recognized an expense of less than $ 0.1 0.1 Condensed Consolidated Statement of Operations for the $ 0.1 0.1 the three months ended March 31, 2020. 3.0 $ 3.6 3.0 and $ 3.9 During the three months ended March 31, 2021 and 0.3 0.8 respectively, in for certain tax years. The Company estimates that during the year ending December unrecognized tax benefits by approximately $ 1.5 positions. for unrecognized tax benefits with regard to existing tax with regard to new tax positions for the year ending December The tax jurisdictions. 2006 , Brazil from 2011 , the Netherlands and China from 2015 , Mexico, Spain, Germany and the United Kingdom from 2016 , Canada and the U.S. from 2017 , India from fiscal year beginning April 1, 2018 and ending 2019 , and various U.S. state tax jurisdictions from 2011 . As previously reported, the Italian tax authorities have assessed additional tax due from the Company’s subsidiary, Quaker Italia S.r.l., relating to the tax years 2007 through 2015. The Company has filed for competent authority relief from these assessments under the Mutual Agreement Procedures (“MAP”) of the Organization for Economic Co-Operation and Development for all years except 2007. In 2020, the respective tax authorities in Italy, Spain and the Netherlands reached agreement with respect to the MAP proceedings which the Company has accepted. 1.6 Netherlands and Spain and expects to pay $ 2.4 Company believes it has adequate reserves for the remaining Houghton Italia, S.r.l through 2018. 5.5 this audit. accounting related to the Combination. Houghton’s former owners 5.5 purchase accounting. Houghton Deutschland GmbH is also under audit by preliminary audit findings, primarily related to 0.9 2021. 0.8 indemnification claim with Houghton’s $ 0.8 0.8 |
Earnings Per Share |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 12 – Earnings Per Share The following table summarizes earnings per share calculations Three Months Ended March 31, 2021 2020 Basic earnings (loss) per common share Net income (loss) attributable to Quaker Chemical Corporation $ 38,615 $ (28,381) Less: (income) loss allocated to participating securities (154) 101 Net income (loss) available to common shareholders $ 38,461 $ (28,280) Basic weighted average common shares outstanding 17,785,370 17,672,525 Basic earnings (loss) per common share $ 2.16 $ (1.60) Diluted earnings (loss) per common share Net income (loss) attributable to Quaker Chemical Corporation $ 38,615 $ (28,381) Less: (income) loss allocated to participating securities (154) 101 Net income (loss) available to common shareholders $ 38,461 $ (28,280) Basic weighted average common shares outstanding 17,785,370 17,672,525 Effect of dilutive securities 70,607 — Diluted weighted average common shares outstanding 17,855,977 17,672,525 Diluted earnings (loss) per common share $ 2.15 $ (1.60) Certain stock options and restricted stock units are not included in the diluted earnings (loss) per share calculation when the effect would have been anti-dilutive. The calculated amount of anti-diluted shares not included was 2,083 for the three months ended March 31, 2021. All of the Company’s potentially dilutive shares for the three months ended March 31, 2020 are anti-dilutive and not included in the dilutive loss per share calculations because of the Company’s net loss during the period. |
Restricted Cash |
3 Months Ended |
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Mar. 31, 2021 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
Cash And Cash Equivalents Disclosure [Text Block] | Note 13 – Restricted Cash Prior to December 2020, the Company had restricted cash recorded in other assets related to proceeds from an inactive subsidiary of the Company which previously executed separate settlement and release agreements with two of its insurance carriers for an original total value of $35.0 million. The proceeds of both settlements were restricted and could only be used to pay claims and costs of defense associated with the subsidiary’s asbestos litigation. The proceeds of the settlement and release agreements were deposited into interest bearing accounts that earned less than $0.1 million offset by $0.2 million of net payments during the three months ended March 31, 2020. liabilities for an equal and offsetting amount 10-K, during December 2020, the restrictions ended the cash into an operating account. The following table provides a reconciliation of cash, as December 31, 2020 and 2019: March 31, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 163,455 $ 316,437 $ 181,833 $ 123,524 Restricted cash included in other current assets — 34 62 353 Restricted cash included in other assets — 19,480 — 19,678 Cash, cash equivalents and restricted cash $ 163,455 $ 335,951 $ 181,895 $ 143,555 |
Goodwill and Intangible Assets |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets Disclosure [Text Block] | Note 14 – Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the Global Specialty Americas EMEA Asia/Pacific Businesses Total Balance as of December 31, 2020 $ 213,242 $ 140,162 $ 158,090 $ 119,718 $ 631,212 Goodwill additions 1,093 2,626 1,308 25 5,052 Currency translation adjustments (731) (3,925) (956) (3,078) (8,690) Balance as of March 31, $ 213,604 $ 138,863 $ 158,442 $ 116,665 $ 627,574 Gross carrying amounts and accumulated amortization 2020 were as follows: Gross Carrying Accumulated Amount Amortization 2021 2020 2021 2020 Customer lists and rights to sell $ 846,052 $ 839,551 $ 110,997 $ 99,806 Trademarks, formulations and product 167,144 166,448 32,533 30,483 Other 6,320 6,372 5,743 5,824 Total definite $ 1,019,516 $ 1,012,371 $ 149,273 $ 136,113 The Company amortizes definite-lived intangible assets on $ 14.8 14.0 Estimated annual aggregate amortization expense for For the year ended December 31, 2021 $ 59,372 For the year ended December 31, 2022 59,096 For the year ended December 31, 2023 58,927 For the year ended December 31, 2024 58,427 For the year ended December 31, 2025 57,710 For the year ended December 31, 2026 57,484 The Company has four indefinite-lived intangible 205.1 2020, including $ 204.0 Goodwill and intangible assets that have indefinite lives are impairment. quarter of each year. reporting units or indefinite-lived or long-lived assets. The Company previously disclosed in its 2020 Form 10-K COVID-19 did not represent a triggering event with except for the Company’s estimated fair value of the Houghton and Fluidcare royalty valuation method, including assumptions with respect to the weighted average rates and terminal growth rates. legacy Houghton net sales during that year and the impact an increase in the WACC fair values of the Houghton and Fluidcare trademarks result, an impairment charge of $ 38.0 intangible assets to their estimated fair values. As of March 31, 2021, the Company continued to evaluate the volatility and uncertainty in the economic outlook as a result of not that the carrying value of any of the Company’s recoverable. the Company concluded that the impact of COVID-19 continue to evaluate the impact of COVID-19 on the Company’s worsen or projections of the timeline for recovery are impact from COVID-19 requires the need to perform impairment charges in the future. |
Debt |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Debt [Abstract] | |
Debt Disclosure [Text Block] | Note 15 – Debt Debt as of March 31, 2021 and December 31, 2020 includes As of March 31, 2021 As of December 31, 2020 Interest Outstanding Interest Outstanding Rate Balance Rate Balance Credit Facilities: Revolver 1.61% $ 190,000 1.65% $ 160,000 U.S. Term Loan 1.61% 562,500 1.65% 570,000 EURO Term Loan 1.50% 148,210 1.50% 157,062 Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 2,377 Various 2,072 Total debt $ 913,087 $ 899,134 Less: debt issuance costs (10,324) (11,099) Less: short-term and current portion of long-term debts (43,330) (38,967) Total long $ 859,433 $ 849,068 Credit facilities The Company’s primary 400.0 revolver (the “Revolver”), a $ 600.0 150.0 million (as of August 1, 2019) Euro equivalent term loan (the “Term Loans”) August 2024. borrowers. 300.0 request if there are lenders who agree to accept additional Borrowings under the Credit Facility bear interest at a base consolidated net leverage ratio. ceases to be reported. three months ended March 31, 2021 was approximately 1.6 %. Facility, the Company 0.2 % to 0.3 % depending on the Company’s leverage ratio to the lenders under the Revolver in capacity under the Revolver of approximately $ 204 6 2021. The Credit Facility is subject to certain financial and The Company’s initial consolidated net debt to consolidated adjusted EBITDA ratio could not exceed 4.25 to 1, with step downs in the permitted ratio over the term of the Credit Facility. As of March 31, 2021, the consolidated net debt to adjusted EBITDA may not exceed 4.00 to 1. The Company’s consolidated adjusted EBITDA to interest expense ratio cannot be less than 3.0 to 1 over the term of the agreement. The Credit Facility also prohibits the payment of cash dividends if the Company is in default or if the amount of the dividend paid annually exceeds the greater of $50.0 million and 20% of consolidated adjusted EBITDA unless the ratio of consolidated net debt to consolidated adjusted EBITDA is less than 2.0 to 1, in which case there is no such limitation on amount. As of March 31, 2021 and December 31, 2020, the Company was in compliance with all of the Credit Facility covenants . principal amortization during their five-year terms, 5.0 % amortization of the principal balance due in years 7.5 % in year 3, and 10.0 % in years 4 and 5, with the remaining principal amount due at the Company made quarterly amortization payments 9.6 by certain of the Company’s Company and the domestic subsidiary guarantors, guaranteed only by certain foreign subsidiaries on an unsecured The Credit Facility required the Company to fix its variable satisfy this requirement as well as to manage the in November 2019, the Company entered into $ 170.0 1.64 % plus an applicable margin as provided in the Credit time the Company entered into the swaps, and as rate plus an applicable margin, was 3.1 %. The Company capitalized $ 23.7 Approximately $ 15.5 term debt on the Company’s 8.3 attributed to the Revolver and recorded within other assets on capitalized costs are being amortized into interest expense December 31, 2020, the Company had $ 10.3 11.1 long-term debt. 5.5 5.9 issuance costs recorded within other assets. Industrial development bonds As of March 31, 2021 and December 31, 2020, $ 10.0 2028 . Bank lines of credit and other The Company has certain unsecured bank lines of credit collateralized. free municipality-related loans, local credit facilities of capacity under these arrangements as of March 31, 40 In addition to the bank letters of credit described in sheet arrangements include certain financial and other outstanding as of March 31, 2021 were approximately 9 The Company incurred the following debt related expenses Statements of Operations: Three Months Ended March 31, 2021 2020 Interest expense $ 4,650 $ 7,712 Amortization of debt issuance costs 1,187 1,187 Total $ 5,837 $ 8,899 Based on the variable interest rates associated with the Credit at which the Company’s |
Equity and Noncontrolling Interest |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Stockholders Equity [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | Note 16 – Equity The following tables present the changes in equity, Accumulated Capital in Other Common Excess of Retained Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest Total Balance at December 31, 2020 $ 17,851 $ 905,171 $ 423,940 $ (26,598) $ 550 $ 1,320,914 Net income — — 38,615 — 17 38,632 Amounts reported in other comprehensive loss — — — (26,630) (2) (26,632) Dividends ($ 0.395 — — (7,062) — — (7,062) Share issuance and equity-based compensation plans 24 3,577 — — — 3,601 Balance at March 31, 2021 $ 17,875 $ 908,748 $ 455,493 $ (53,228) $ 565 $ 1,329,453 Balance at December 31, 2019 $ 17,735 $ 888,218 $ 412,979 $ (78,170) $ 1,604 $ 1,242,366 Cumulative effect of an accounting change — — (402) — — (402) Balance at January 1, 2020 17,735 888,218 412,577 (78,170) 1,604 1,241,964 Net (loss) income — — (28,381) — 37 (28,344) Amounts reported in other comprehensive — — — (43,354) (132) (43,486) Dividends ($ 0.385 — — (6,834) — — (6,834) Acquisition of noncontrolling interest — (707) — — (340) (1,047) Distributions to noncontrolling affiliate shareholders — — — — (751) (751) Share issuance and equity-based compensation plans 17 1,022 — — — 1,039 Balance at March 31, 2020 $ 17,752 $ 888,533 $ 377,362 $ (121,524) $ 418 $ 1,162,541 The following tables show the reclassifications from and and 2020: Defined Unrealized Currency Benefit Gain (Loss) in Translation Retirement Available-for Derivative Adjustments Plans Sale Securities Instruments Total Balance at December 31, 2020 $ (2,875) $ (23,467) $ 3,342 $ (3,598) $ (26,598) Other comprehensive (loss) income before reclassifications (25,459) 781 (745) 730 (24,693) Amounts reclassified from AOCI — 862 (3,085) — (2,223) Current period other comprehensive (loss) income (25,459) 1,643 (3,830) 730 (26,916) Related tax amounts — (351) 805 (168) 286 Net current period other comprehensive (loss) income (25,459) 1,292 (3,025) 562 (26,630) Balance at March 31, 2021 $ (28,334) $ (22,175) $ 317 $ (3,036) $ (53,228) Balance at December 31, 2019 $ (44,568) $ (34,533) $ 1,251 $ (320) $ (78,170) Other comprehensive (loss) income before reclassifications (54,619) 828 (2,135) (5,170) (61,096) Amounts reclassified from AOCI — 24,366 (32) — 24,334 Current period other comprehensive (loss) income (54,619) 25,194 (2,167) (5,170) (36,762) Related tax amounts — (8,237) 456 1,189 (6,592) Net current period other comprehensive (loss) income (54,619) 16,957 (1,711) (3,981) (43,354) Balance at March 31, 2020 $ (99,187) $ (17,576) $ (460) $ (4,301) $ (121,524) All reclassifications related to unrealized gain (loss) in captive insurance company and are recorded in equity comprehensive income for non-controlling interest are |
Fair Value Measurements |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 17 – Fair Value The Company has valued its company-owned life insurance measurement as follows: Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 2,015 $ — $ 2,015 $ — Total $ 2,015 $ — $ 2,015 $ — Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,961 $ — $ 1,961 $ — Total $ 1,961 $ — $ 1,961 $ — The fair values of Company-owned life insurance assets are based terms. disclosures have not been included. |
Hedging Activities |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Derivative Instruments And Hedging Activities Disclosure [Text Block] | Note 18 – Hedging Activities In order to satisfy certain requirements of the Credit rate risk associated with the Credit Facility, 170.0 year interest rate swaps. designated as cash flow hedges and, as such, the contracts losses are included in AOCI to the extent effective effects earnings or it becomes probable that The balance sheet classification and fair values of the follows: Fair Value Condensed Consolidated March 31, December 31, Balance Sheet Location 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps Other non-current liabilities $ 3,943 $ 4,672 $ 3,943 $ 4,672 The following table presents the net unrealized loss deferred to March 31, December 31, 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps AOCI $ 3,036 $ 3,598 $ 3,036 $ 3,598 The following table presents the net gain reclassified from Three Months Ended March 31, 2021 2020 Amount and location of (expense) income reclassified Interest expense, net $ (643) $ 19 Interest rate swaps are entered into with a limited number contracts through a single payment in a single currency accordance with the Company’s Condensed Consolidated Balance Sheets. |
Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Text Block] | Note 19 – Commitments and Contingencies The Company previously disclosed in its 2020 Form 10-K operating a groundwater treatment system to hydraulically principal contaminant of which is perchloroethylene. closure of the groundwater treatment system, but continues As of March 31, 2021, the Company believes that the range water remediation program is approximately $ 0.1 1.0 of operation of the treatment system as determined maintenance of the extraction well, groundwater monitoring The Company previously disclosed in its 2020 Form 10-K sold certain products containing asbestos, primarily injury due to exposure to asbestos. or circumstances of this previously disclosed matter, Based on a continued analysis of the existing and anticipated subsidiary’s total liability 0.4 The Company previously disclosed in its 2020 Form 10-K domestic and foreign properties currently or previously Company to perform long-term monitoring as well as operating months ended March 31, 2021, there have been no matters, aside from on-going monitoring and maintenance Company continually evaluates its obligations related to such incurred over the next 28 years, has estimated the present discounted basis, to be between approximately $ 5 6 5.7 within other accrued liabilities and other non-current 31, 2021. 6.0 The Company believes, although there can be no assurance it has made adequate accruals for costs associated with other 0.1 million were accrued as of both March 31, 2021 and assessments and remediation costs. The Company previously disclosed in its 2020 Form 10-K from a taxing authority in a country where certain applicable to certain products the subsidiary sells. potential liabilities that may be due from the Company’s Company’s ultimate liability interpreted differently among other peer companies has performed an evaluation of the applicability of this available to the Company at this time is only sufficient considered a better estimate than another. have been no significant changes to the facts or circumstances of between the Company and the taxing authority related liability of $ 1.7 interest and taking into account applicable statutes of limitations. in the Combination and for periods prior to the Combination, former owners related to this potential indirect tax liability. $ 1.1 noted, the Company believes there is substantial uncertainty this indirect tax. that may be assessed under these indirect tax laws, would 0.6 38 $ 10 22 Houghton’s former owners. The Company is party to other litigation which management Company’s results of purchase obligations. |
Accounting Policies (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis Of Accounting Policy [Policy Text Block] | The condensed consolidated financial statements included herein been prepared in accordance with generally accepted reporting and the United States Securities and Exchange Commission disclosures normally included in financial statements prepared pursuant to such rules and regulations. necessary for a fair statement of the financial position, three months ended March 31, 2021 are not necessarily statements should be read in conjunction with the Company’s 2020 (the “2020 Form 10-K”). |
Segment Reporting, Policy [Policy Text Block] | The Company’s operating internal organization, the method by which decision maker assesses the Company’s four Asia/Pacific; and (iv) Global Specialty Businesses. each respective region, excluding net sales and operations includes the Company’s |
Revenue Recognition [Policy Text Block] | The Company applies the five-step model in the FASB’s customer; (ii) identify the performance obligations in price to the performance obligations in the contract; and obligation. including its practical expedients and accounting policy The Company recognizes a contract asset or receivable performs a service or transfers a good in advance is unconditional and only the passage of time is required Company’s right to consideration A contract liability is recognized when the Company consideration, in advance of performance. for which the Company has received consideration, contract liabilities primarily represent deferred revenue Company satisfying the associated performance obligation. Company’s Condensed |
Revenue From Contract With Customer [Policy Text Block] | As part of the Company’s the Company acts as a principal, revenues are recognized Where the Company acts as an agent, revenue is recognized on the Company for ordering the goods. |
Goodwill And Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and intangible assets that have indefinite lives are impairment. quarter of each year. reporting units or indefinite-lived or long-lived assets. |
Lessee Leases [Policy Text Block] | The Company determines if an arrangement is a lease arrangement conveys the right to control the use of an consideration. substantially all of the economic benefits from the use leases is recognized when the obligation is incurred. |
Credit Loss Financial Instrument [Policy Text Block] | The Company recognizes an allowance for credit losses, which represents the portion over the contractual life, considering past events Company’s allowance each outstanding receivable and customer, estimates for certain past due aging categories, and amounts determined to be uncollectible. |
Business Combinations (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Measurement December 22, December 22, Period 2020 2020 (1) Adjustments (as adjusted) Cash and cash equivalents $ 958 $ — $ 958 Accounts receivable 8,473 — 8,473 Inventories 4,527 — 4,527 Prepaid expenses and other assets 181 — 181 Property, plant and 10,467 652 11,119 Intangible assets 30,300 (500) 29,800 Goodwill 2,814 53 2,867 Total assets purchased 57,720 205 57,925 Long-term debt including current portions and finance leases 183 556 739 Accounts payable, accrued expenses and other accrued 3,482 — 3,482 Total liabilities assumed 3,665 556 4,221 Total consideration 54,055 (351) 53,704 Less: estimated purchase price settlement — (351) (351) Less: cash acquired 958 — 958 Net cash paid for Coral $ 53,097 $ — $ 53,097 |
Business Segments (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Segment Reporting Measurement Disclosures [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2021 2020 Net sales Americas $ 134,871 $ 129,896 EMEA 119,814 104,839 Asia/Pacific 96,706 73,552 Global Specialty Businesses 78,392 70,274 Total $ 429,783 $ 378,561 Segment operating earnings Americas $ 32,234 $ 29,188 EMEA 25,244 18,359 Asia/Pacific 27,478 19,541 Global Specialty Businesses 24,169 20,560 Total 109,125 87,648 Combination, integration and other acquisition-related (5,815) (7,878) Restructuring and related charges (1,175) (1,716) Fair value step up of acquired inventory sold (801) — Indefinite-lived intangible asset impairment — (38,000) Non-operating and administrative expenses (40,992) (38,451) Depreciation of corporate assets and amortization (15,448) (14,047) Operating income (loss) 44,894 (12,444) Other income (expense), net 4,687 (21,175) Interest expense, net (5,470) (8,461) Income (loss) before taxes and equity in net income of $ 44,111 $ (42,080) |
Net Sales and Revenue Recognition (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation Of Revenue [Table Text Block] | Three Months Ended March 31, Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 46,793 $ 34,274 $ 49,743 $ 130,810 Metalworking and other 88,078 85,540 46,963 220,581 134,871 119,814 96,706 351,391 Global Specialty Businesses 45,256 20,272 12,864 78,392 $ 180,127 $ 140,086 $ 109,570 $ 429,783 Timing of Revenue Recognized Product sales at a point in time $ 171,594 $ 131,162 $ 106,399 $ 409,155 Services transferred over time 8,533 8,924 3,171 20,628 $ 180,127 $ 140,086 $ 109,570 $ 429,783 Three Months Ended March 31, Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 46,673 $ 29,888 $ 41,589 $ 118,150 Metalworking and other 83,223 74,951 31,963 190,137 129,896 104,839 73,552 308,287 Global Specialty Businesses 44,231 16,605 9,438 70,274 $ 174,127 $ 121,444 $ 82,990 $ 378,561 Timing of Revenue Recognized Product sales at a point in time $ 168,802 $ 118,423 $ 81,156 $ 368,381 Services transferred over time 5,325 3,021 1,834 10,180 $ 174,127 $ 121,444 $ 82,990 $ 378,561 |
Leases (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Leases [Abstract] | |
Operating Leases Of Lessee Disclosure [Text Block] | March 31, December 31, 2021 2020 Right of use lease assets $ 38,027 $ 38,507 Other current liabilities 10,419 10,901 Long-term lease liabilities 27,050 27,070 Total operating $ 37,469 $ 37,971 Weighted average 5.9 6.0 Weighted average 4.26% 4.20% |
Lessee Operating Lease Liability Maturity [Table Text Block] | March 31, 2021 For the remainder of 2021 $ 9,269 For the year ended December 31, 2022 9,042 For the year ended December 31, 2023 6,932 For the year ended December 31, 2024 5,194 For the year ended December 31, 2025 4,211 For the year ended December 31, 2026 and beyond 8,116 Total lease payments 42,764 Less: imputed interest (5,295) Present value of lease liabilities $ 37,469 |
Restructuring Activities (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | QH Program Accrued restructuring as of December 31, 2020 $ 8,248 Restructuring and related charges 1,175 Cash payments (3,034) Currency translation adjustments (419) Accrued restructuring as of March 31, 2021 $ 5,970 |
Share-Based Compensation (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Share based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Three Months Ended March 31, 2021 2020 Stock options $ 308 $ 432 Non-vested stock awards and restricted stock units 1,396 1,264 Non-elective and elective 401(k) matching contribution in 1,553 — Director stock ownership plan 203 40 Performance stock units 319 — Annual incentive plan — 2,946 Total share-based $ 3,779 $ 4,682 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Number of options granted 23,733 Dividend yield 0.85 % Expected volatility 37.33 % Risk-free interest rate 0.60 % Expected term (years) 4.0 |
Pension and Postretirement Benefits (Tables) |
3 Months Ended |
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Mar. 31, 2021 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Schedule Of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, Other Pension Benefits Postretirement Benefits 2021 2020 2021 2020 Service cost $ 316 $ 1,174 $ 1 $ 2 Interest cost 1,090 1,769 11 26 Expected return on plan assets (2,082) (1,959) — — Settlement loss — 22,667 — — Actuarial loss amortization 855 1,047 — 15 Prior service (credit) cost amortization 2 (40) — — Total net periodic $ 181 $ 24,658 $ 12 $ 43 |
Other Income (Expense) (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Other Income And Expenses [Abstract] | |
Schedule Of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended March 31, 2021 2020 Income from third party license fees $ 339 $ 304 Foreign exchange (losses) gains, net (1,478) 821 Gain on disposals of property, 5,410 2 Non-income tax refunds and other related credits 97 1,299 Pension and postretirement benefit costs, non-service components 124 (23,525) Other non-operating income (expense), net 195 (76) Total other $ 4,687 $ (21,175) |
Earnings Per Share (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 Basic earnings (loss) per common share Net income (loss) attributable to Quaker Chemical Corporation $ 38,615 $ (28,381) Less: (income) loss allocated to participating securities (154) 101 Net income (loss) available to common shareholders $ 38,461 $ (28,280) Basic weighted average common shares outstanding 17,785,370 17,672,525 Basic earnings (loss) per common share $ 2.16 $ (1.60) Diluted earnings (loss) per common share Net income (loss) attributable to Quaker Chemical Corporation $ 38,615 $ (28,381) Less: (income) loss allocated to participating securities (154) 101 Net income (loss) available to common shareholders $ 38,461 $ (28,280) Basic weighted average common shares outstanding 17,785,370 17,672,525 Effect of dilutive securities 70,607 — Diluted weighted average common shares outstanding 17,855,977 17,672,525 Diluted earnings (loss) per common share $ 2.15 $ (1.60) |
Restricted Cash (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
Schedule Of Cash And Cash Equivalents [Table Text Block] | March 31, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 163,455 $ 316,437 $ 181,833 $ 123,524 Restricted cash included in other current assets — 34 62 353 Restricted cash included in other assets — 19,480 — 19,678 Cash, cash equivalents and restricted cash $ 163,455 $ 335,951 $ 181,895 $ 143,555 |
Goodwill and Intangible Assets (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Global Specialty Americas EMEA Asia/Pacific Businesses Total Balance as of December 31, 2020 $ 213,242 $ 140,162 $ 158,090 $ 119,718 $ 631,212 Goodwill additions 1,093 2,626 1,308 25 5,052 Currency translation adjustments (731) (3,925) (956) (3,078) (8,690) Balance as of March 31, $ 213,604 $ 138,863 $ 158,442 $ 116,665 $ 627,574 |
Schedule Of Finite Lived Intangible Assets [Table Text Block] | Gross Carrying Accumulated Amount Amortization 2021 2020 2021 2020 Customer lists and rights to sell $ 846,052 $ 839,551 $ 110,997 $ 99,806 Trademarks, formulations and product 167,144 166,448 32,533 30,483 Other 6,320 6,372 5,743 5,824 Total definite $ 1,019,516 $ 1,012,371 $ 149,273 $ 136,113 |
Schedule of Finite Lived Intangible Assets Future Amortization Expense [TableText Block] | For the year ended December 31, 2021 $ 59,372 For the year ended December 31, 2022 59,096 For the year ended December 31, 2023 58,927 For the year ended December 31, 2024 58,427 For the year ended December 31, 2025 57,710 For the year ended December 31, 2026 57,484 |
Debt (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Debt [Abstract] | |
Schedule Of Debt [Table Text Block] | As of March 31, 2021 As of December 31, 2020 Interest Outstanding Interest Outstanding Rate Balance Rate Balance Credit Facilities: Revolver 1.61% $ 190,000 1.65% $ 160,000 U.S. Term Loan 1.61% 562,500 1.65% 570,000 EURO Term Loan 1.50% 148,210 1.50% 157,062 Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 2,377 Various 2,072 Total debt $ 913,087 $ 899,134 Less: debt issuance costs (10,324) (11,099) Less: short-term and current portion of long-term debts (43,330) (38,967) Total long $ 859,433 $ 849,068 |
Interest Income And Interest Expense Disclosure [Table Text Block] | Three Months Ended March 31, 2021 2020 Interest expense $ 4,650 $ 7,712 Amortization of debt issuance costs 1,187 1,187 Total $ 5,837 $ 8,899 |
Equity and Noncontrolling Interest (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
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, 2020 $ 17,851 $ 905,171 $ 423,940 $ (26,598) $ 550 $ 1,320,914 Net income — — 38,615 — 17 38,632 Amounts reported in other comprehensive loss — — — (26,630) (2) (26,632) Dividends ($ 0.395 — — (7,062) — — (7,062) Share issuance and equity-based compensation plans 24 3,577 — — — 3,601 Balance at March 31, 2021 $ 17,875 $ 908,748 $ 455,493 $ (53,228) $ 565 $ 1,329,453 Balance at December 31, 2019 $ 17,735 $ 888,218 $ 412,979 $ (78,170) $ 1,604 $ 1,242,366 Cumulative effect of an accounting change — — (402) — — (402) Balance at January 1, 2020 17,735 888,218 412,577 (78,170) 1,604 1,241,964 Net (loss) income — — (28,381) — 37 (28,344) Amounts reported in other comprehensive — — — (43,354) (132) (43,486) Dividends ($ 0.385 — — (6,834) — — (6,834) Acquisition of noncontrolling interest — (707) — — (340) (1,047) Distributions to noncontrolling affiliate shareholders — — — — (751) (751) Share issuance and equity-based compensation plans 17 1,022 — — — 1,039 Balance at March 31, 2020 $ 17,752 $ 888,533 $ 377,362 $ (121,524) $ 418 $ 1,162,541 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Defined Unrealized Currency Benefit Gain (Loss) in Translation Retirement Available-for Derivative Adjustments Plans Sale Securities Instruments Total Balance at December 31, 2020 $ (2,875) $ (23,467) $ 3,342 $ (3,598) $ (26,598) Other comprehensive (loss) income before reclassifications (25,459) 781 (745) 730 (24,693) Amounts reclassified from AOCI — 862 (3,085) — (2,223) Current period other comprehensive (loss) income (25,459) 1,643 (3,830) 730 (26,916) Related tax amounts — (351) 805 (168) 286 Net current period other comprehensive (loss) income (25,459) 1,292 (3,025) 562 (26,630) Balance at March 31, 2021 $ (28,334) $ (22,175) $ 317 $ (3,036) $ (53,228) Balance at December 31, 2019 $ (44,568) $ (34,533) $ 1,251 $ (320) $ (78,170) Other comprehensive (loss) income before reclassifications (54,619) 828 (2,135) (5,170) (61,096) Amounts reclassified from AOCI — 24,366 (32) — 24,334 Current period other comprehensive (loss) income (54,619) 25,194 (2,167) (5,170) (36,762) Related tax amounts — (8,237) 456 1,189 (6,592) Net current period other comprehensive (loss) income (54,619) 16,957 (1,711) (3,981) (43,354) Balance at March 31, 2020 $ (99,187) $ (17,576) $ (460) $ (4,301) $ (121,524) |
Fair Value Measurements (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 2,015 $ — $ 2,015 $ — Total $ 2,015 $ — $ 2,015 $ — Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,961 $ — $ 1,961 $ — Total $ 1,961 $ — $ 1,961 $ — |
Hedging Activities (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Fair Value Condensed Consolidated March 31, December 31, Balance Sheet Location 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps Other non-current liabilities $ 3,943 $ 4,672 $ 3,943 $ 4,672 March 31, December 31, 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps AOCI $ 3,036 $ 3,598 $ 3,036 $ 3,598 Three Months Ended March 31, 2021 2020 Amount and location of (expense) income reclassified Interest expense, net $ (643) $ 19 |
Condensed Financial Information (Details) $ in Thousands |
3 Months Ended | ||
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Mar. 31, 2021
USD ($)
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Mar. 31, 2020
USD ($)
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Dec. 31, 2020
USD ($)
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Reclassification [Line Items] | |||
Cost of goods sold | $ 273,589 | $ 244,710 | |
Number Of Countries In Which Entity Operates | 25 | ||
Number Of Reportable Segments | 4 | ||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment | $ 96,213 | $ 95,785 | |
Argentina Subsidiary [Member] | |||
Financial Statement Line Items With Differences In Reported Amount And Reporting Currency Denominated Amounts [Line Items] | |||
Amount Recognized In Income Due To Inflationary Accounting | $ 200 | $ 100 | |
Argentina Assets Total [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 1.00% | ||
Argentina Sales Revenue Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 1.00% |
Net Sales and Revenue Recognition - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Revenues [Abstract] | |||
Net Reporting Amount | $ 17.8 | $ 12.5 | |
Deferred Revenue | $ 6.3 | $ 4.0 | |
Top Five Customers Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
Top Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 3.00% |
Leases Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Leases [Abstract] | ||
Operating Lease Cost | $ 3,600,000 | $ 3,400,000 |
Short Term Lease Cost | 300,000 | 500,000 |
Operating Lease Payments | 3,600,000 | 3,400,000 |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability | 3,100,000 | |
Lessee Lease Description [Line Items] | ||
Variable Lease Cost | 0 | 0 |
Sublease Income | $ 0 | $ 0 |
Land Member | ||
Lessee Lease Description [Line Items] | ||
Lessee Operating Lease Term Of Contract | 94 years | |
Facilities, vehicles, and machinery and equipment [Member] | ||
Lessee Lease Description [Line Items] | ||
Lessee Operating Lease Term Of Contract | 10 years |
Leases Balance Sheet (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Operating Lease Right Of Use Asset | $ 38,027 | $ 38,507 |
Operating Lease Liability Current | 10,419 | 10,901 |
Operating Lease Liability Noncurrent | 27,050 | 27,070 |
Operating Lease Liability | $ 37,469 | $ 37,971 |
Operating Lease Weighted Average Remaining Lease Term 1 | 5 years 10 months 24 days | 6 years |
Operating Lease Weighted Average Discount Rate Percent | 426.00% | 420.00% |
Leases Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months [Abstract] | ||
For the remainder of 2021 | $ 9,269 | |
For the year ended December 31, 2022 | 9,042 | |
For the year ended December 31, 2023 | 6,932 | |
For the year ended December 31, 2024 | 5,194 | |
For the year ended December 31, 2025 | 4,211 | |
For the year ended December 31, 2026 and beyond | 8,116 | |
Total lease payments | 42,764 | |
Less: imputed interest | (5,295) | |
Present value of lease liabilities | $ 37,469 | $ 37,971 |
Restructuring Activities - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
People
| |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Cost Description | The Company’s management approved a global restructuring plan (the “QH Program”) as part of its plan to realize certain cost synergies associated with the Combination in the third quarter of 2019. The QH Program includes restructuring and associated severance costs to reduce total headcount by approximately 400 people globally, as well as plans for the closure of certain manufacturing and non-manufacturing facilities. |
Restructuring And Related Cost Expected Number Of Positions Eliminated | 400 |
Restructuring Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Restructuring Reserve [Roll Forward] | ||
Accrued restructuring, beginning balance | $ 8,248 | |
Restructuring and adjustments | 1,175 | $ 1,716 |
Cash payments | (3,034) | |
Currency translation adjustments | (419) | |
Accrued restructuring, ending balance | $ 5,970 |
Share-Based Compensation - Options Grant (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
shares
| |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Granted | 23,733 |
Dividend Yield | 0.85% |
Expected Volatility | 37.33% |
Risk-free Interest Rate | 0.60% |
Expected Term (Years) | 4 years |
Performance Incentive Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Granted | 28,000 |
Risk-free Interest Rate | 0.29% |
Expected Term (Years) | 3 years |
Vesting shares target lower percent | 0.00% |
Vesting shares target upper percent | 200.00% |
Other Income (expense) - (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Other Income And Expenses [Abstract] | ||
Income from third party license fees | $ 339 | $ 304 |
Foreign exchange (losses) gains, net | (1,478) | 821 |
(Loss) gain on fixed asset disposals, net | 5,410 | 2 |
Non-income tax refunds and other related credits | 97 | 1,299 |
Pension and post retirement benefit income (costs), non-service components | 124 | (23,525) |
Other operating income (expense), net | 195 | (76) |
Total other income (expense), net | $ 4,687 | $ (21,175) |
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to Quaker Chemical Corporation | $ 38,615 | $ (28,381) |
Less: (income) loss allocated to participating securities | (154) | 101 |
Net income (loss) available to common shareholders | $ 38,461 | $ (28,280) |
Basic weighted average common shares outstanding | 17,785,370 | 17,672,525 |
Basic earnings (loss) per common share | $ 2.16 | $ (1.60) |
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to Quaker Chemical Corporation | $ 38,615 | $ (28,381) |
Less: (income) loss allocated to participating securities | (154) | 101 |
Net income (loss) available to common shareholders | $ 38,461 | $ (28,280) |
Basic weighted average common shares outstanding | 17,785,370 | 17,672,525 |
Effect of dilutive securities | 70,607 | 0 |
Diluted weighted average common shares outstanding | 17,855,977 | 17,672,525 |
Diluted earnings (loss) per common share | $ 2.15 | $ (1.60) |
Earnings Per Share - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
shares
| |
Earnings Per Share [Abstract] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,083 |
Earnings Per Share Reconciliation Disclosure | Certain stock options and restricted stock units are not included in the diluted earnings (loss) per share calculation when the effect would have been anti-dilutive. The calculated amount of anti-diluted shares not included was 2,083 for the three months ended March 31, 2021. All of the Company’s potentially dilutive shares for the three months ended March 31, 2020 are anti-dilutive and not included in the dilutive loss per share calculations because of the Company’s net loss during the period. |
Restricted Cash (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 163,455 | $ 316,437 | $ 181,833 | $ 123,524 |
Restricted Cash Included in other current assets | 0 | 34 | 62 | 353 |
Restricted Cash Included in other assets | 0 | 19,480 | 0 | 19,678 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | $ 163,455 | 335,951 | $ 181,895 | $ 143,555 |
Loss Contingency, Settlement Agreement, Terms | Prior to December 2020, the Company had restricted cash recorded in other assets related to proceeds from an inactive subsidiary of the Company which previously executed separate settlement and release agreements with two of its insurance carriers for an original total value of $35.0 million. The proceeds of both settlements were restricted and could only be used to pay claims and costs of defense associated with the subsidiary’s asbestos litigation. The proceeds of the settlement and release agreements were deposited into interest bearing accounts that earned less than $0.1 million offset by $0.2 million of net payments during the three months ended March 31, 2020. | |||
LossContingencyAccrualPayments | 200 | |||
Interest Income, Other | $ 100 |
Goodwill Assets (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 631,212 |
Goodwill additions | 5,052 |
Goodwill, Translation Adjustments | (8,690) |
Goodwill, Ending Balance | 627,574 |
America's [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 213,242 |
Goodwill additions | 1,093 |
Goodwill, Translation Adjustments | (731) |
Goodwill, Ending Balance | 213,604 |
EMEA [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 140,162 |
Goodwill additions | 2,626 |
Goodwill, Translation Adjustments | (3,925) |
Goodwill, Ending Balance | 138,863 |
Asia Pacific [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 158,090 |
Goodwill additions | 1,308 |
Goodwill, Translation Adjustments | (956) |
Goodwill, Ending Balance | 158,442 |
Global Specialty Businesses [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 119,718 |
Goodwill additions | 25 |
Goodwill, Translation Adjustments | (3,078) |
Goodwill, Ending Balance | $ 116,665 |
Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 149,273 | $ 136,113 |
Total | 1,019,516 | 1,012,371 |
Customer Lists And Rights To Sell [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 110,997 | 99,806 |
Total | 846,052 | 839,551 |
Trademarks Formulations and Product Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 32,533 | 30,483 |
Total | 167,144 | 166,448 |
Other Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 5,743 | 5,824 |
Total | $ 6,320 | $ 6,372 |
Intangible Assets - Amortization (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization | $ 14.8 | $ 14.0 |
Intangible Assets - Future Amortization (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the year ended December 31, 2021 | $ 59,372 |
For the year ended December 31, 2022 | 59,096 |
For the year ended December 31, 2023 | 58,927 |
For the year ended December 31, 2024 | 58,427 |
For the year ended December 31, 2025 | 57,710 |
For the year ended December 31, 2026 | $ 57,484 |
Intangible Assets - Finite Lived (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Finite Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible asset impairment | $ 0 | $ 38,000 | |
Indefinite Lived Intangible Assets Excluding Goodwill | 205,100 | $ 205,100 | |
Houghton Combination [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Indefinite Lived Intangible Assets Excluding Goodwill | $ 204,000 | $ 204,000 |
Debt - Table (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt [Abstract] | ||
Total debt | $ 913,087 | $ 899,134 |
Debt Issuance Cost Capitalized to Term loans and Long Term Debt | (10,324) | (11,099) |
Less: Short-term and current portion of long-term debts | (43,330) | (38,967) |
Total long-term debt | $ 859,433 | $ 849,068 |
Debt - Table Interest rates (Details) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Long term Debt Weighted Average Interest Rate | 1.61% | 1.65% |
Domestic Line Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long term Debt Weighted Average Interest Rate | 1.61% | 1.65% |
Foreign Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long term Debt Weighted Average Interest Rate | 1.50% | 1.50% |
Industrial development bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long term Debt Weighted Average Interest Rate | 5.26% | 5.26% |
Debt - Interest Expense Table (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Debt [Abstract] | ||
Interest Expense, Debt, Excluding Amortization | $ 4,650 | $ 7,712 |
Amortization of debt issuance costs | 1,187 | 1,187 |
Total Interest Expense | $ 5,837 | $ 8,899 |
Equity and Noncontrolling Interest - Parentheticals (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Stockholders Equity [Abstract] | ||
Dividends declared | $ 0.395 | $ 0.385 |
Fair Value Measurements - Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | $ 2,015 | $ 1,961 |
Assets, Fair Value Disclosure | 2,015 | 1,961 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | 2,015 | 1,961 |
Assets, Fair Value Disclosure | 2,015 | 1,961 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | 0 | 0 |
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Hedging Activities - Narrative (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value | $ 3,943 | |
Other Liabilities Noncurrent [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value | 3,943 | |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value | $ 4,672 | |
Derivative Liability, Notional Amount | $ 170,000 | |
Interest Rate Swap [Member] | Other Liabilities Noncurrent [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value | $ 4,672 |