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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement Of Comprehensive Income [Abstract] | |||
Net income | $ 121,431 | $ 39,787 | $ 31,884 |
Currency translation adjustments | (46,952) | 41,601 | 4,779 |
Defined Benefit Plans [Abstract] | |||
Net gain (loss) arising during the period, other | 9,210 | 8,827 | (6,289) |
Amortization of actuarial loss | 1,078 | 2,308 | 2,458 |
Amortization of prior service gain | 7 | (69) | (151) |
Current period change in fair value of derivatives | 2,226 | (3,278) | (320) |
Unrealized (loss) gain on available-for-sale securities | (2,945) | 2,091 | 2,093 |
Other comprehensive (loss) income | (37,376) | 51,480 | 2,570 |
Comprehensive Income | 84,055 | 91,267 | 34,454 |
Less: Comprehensive income attributable to noncontrolling interest | (78) | (37) | (287) |
Comprehensive income attributable to Quaker Chemical Corporation | $ 83,977 | $ 91,230 | $ 34,167 |
Consolidated Balance Sheets (Parentheticals) - $ / shares |
Dec. 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 | 17,897,033 | 17,850,616 |
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment [Member] |
Adjusted Balance [Member] |
Common Stock [Member] |
Common Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
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Common Stock [Member]
Adjusted Balance [Member]
|
Additional Paid-in Capital [Member] |
Additional Paid-in Capital [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Additional Paid-in Capital [Member]
Adjusted Balance [Member]
|
Retained Earnings [Member] |
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
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Retained Earnings [Member]
Adjusted Balance [Member]
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Accumulated Other Comprehensive Income (Loss) [Member] |
Accumulated Other Comprehensive Income (Loss) [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
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Accumulated Other Comprehensive Income (Loss) [Member]
Adjusted Balance [Member]
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Noncontrolling Interest [Member] |
Noncontrolling Interest [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
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Noncontrolling Interest [Member]
Adjusted Balance [Member]
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Beginning Balance at Dec. 31, 2018 | $ 436,369 | $ (44) | $ 436,325 | $ 13,338 | $ 0 | $ 13,338 | $ 97,304 | $ 0 | $ 97,304 | $ 405,125 | $ (44) | $ 405,081 | $ (80,715) | $ 0 | $ (80,715) | $ 1,317 | $ 0 | $ 1,317 |
Net income | 31,884 | 0 | 0 | 31,622 | 0 | 262 | ||||||||||||
Amounts reported in other comprehensive | 2,570 | 0 | 0 | 0 | 2,545 | 25 | ||||||||||||
Dividends declared | (23,724) | 0 | 0 | (23,724) | 0 | 0 | ||||||||||||
Shares issued related to the Combination | 789,080 | 4,329 | 784,751 | 0 | 0 | 0 | ||||||||||||
Shares issued upon exercise of stock options and other | 894 | 23 | 871 | 0 | 0 | 0 | ||||||||||||
Shares issued for employee stock purchase plan | 476 | 3 | 473 | 0 | 0 | 0 | ||||||||||||
Share based compensation plans | 4,861 | 42 | 4,819 | 0 | 0 | 0 | ||||||||||||
Ending Balance at Dec. 31, 2019 | 1,242,366 | $ (911) | $ 1,241,455 | 17,735 | $ 0 | $ 17,735 | 888,218 | $ 0 | $ 888,218 | 412,979 | $ (911) | $ 412,068 | (78,170) | $ 0 | $ (78,170) | 1,604 | $ 0 | $ 1,604 |
Net income | 39,787 | 0 | 0 | 39,658 | 0 | 129 | ||||||||||||
Amounts reported in other comprehensive | 51,480 | 0 | 0 | 0 | 51,572 | (92) | ||||||||||||
Dividends declared | (27,786) | 0 | 0 | (27,786) | 0 | 0 | ||||||||||||
Acquisition of noncontrolling interest | 1,047 | 0 | 707 | 0 | 0 | 340 | ||||||||||||
Distributions to noncontrolling affiliate shareholders | (751) | 0 | 0 | 0 | 0 | (751) | ||||||||||||
Shares issued upon exercise of stock options and other | 6,780 | 66 | 6,714 | 0 | 0 | 0 | ||||||||||||
Share based compensation plans | 10,996 | 50 | 10,946 | 0 | 0 | 0 | ||||||||||||
Ending Balance at Dec. 31, 2020 | 1,320,914 | 17,851 | 905,171 | 423,940 | (26,598) | 550 | ||||||||||||
Net income | 121,431 | 0 | 0 | 121,369 | 0 | 62 | ||||||||||||
Amounts reported in other comprehensive | (37,376) | 0 | 0 | 0 | (37,392) | 16 | ||||||||||||
Dividends declared | (28,975) | 0 | 0 | (28,975) | 0 | 0 | ||||||||||||
Shares issued upon exercise of stock options and other | 1,694 | 17 | 1,677 | 0 | 0 | 0 | ||||||||||||
Share based compensation plans | 10,234 | 29 | 10,205 | 0 | 0 | 0 | ||||||||||||
Ending Balance at Dec. 31, 2021 | $ 1,387,922 | $ 17,897 | $ 917,053 | $ 516,334 | $ (63,990) | $ 628 |
Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Consolidated Statement Of Changes In Equity Parentheticals [Abstract] | |||
Dividends declared | $ 1.62 | $ 1.56 | $ 1.525 |
Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 1 – Significant Accounting Policies As used in these Notes to Consolidated Financial Statements, the terms and “our” refer to Quaker Chemical Corporation (doing business as Quaker Houghton), unless the context otherwise requires. the Company prior to the closing of its combination with Houghton International, “Combination”). Principles of consolidation: All majority-owned subsidiaries are included in the Company’s with appropriate elimination of intercompany balances and transactions. Investments in associated companies (less than majority- owned and in which the Company has significant influence) are accounted income or losses in these investments in associated companies is included in periodically reviews these investments for impairments and, if necessary, decline in market value or other impairment indicators are deemed to be other Financial Statements. The Company is not the primary beneficiary of any variable interest entities (“VIEs”) Company’s consolidated Translation of foreign Assets and liabilities of non-U.S. subsidiaries and associated companies are translated into U.S. dollars at the respective rates of exchange prevailing at the end of the year. average exchange rates prevailing during the year. as accumulated other comprehensive (loss) income (“AOCI”) and of the underlying entity or asset. currency. Cash and cash equivalents: The Company invests temporary and excess funds in money market securities and financial instruments having maturities within 90 days. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Accounts receivable and allowance for doubtful accounts: Trade accounts receivable subject the Company to credit risk. Trade accounts receivable are recorded at the accounts is the Company’s best estimate of adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on a modified retrospective basis, effective January 1, 2020. The Company recognizes an allowance for credit losses, which represents expect to collect over its contractual life, considering past events and reasonable conditions. circumstances for each outstanding receivable and customer, the Company estimates for certain past due aging categories, and also, historical amounts determined to be uncollectible. customers. Inventories: Inventories are valued at the lower of cost or net realizable value, See Note 14 of Notes to Consolidated Financial Statements. Right of use lease assets and lease liabilities: The Company determines if an arrangement is a lease at its inception. determination generally depends on whether the arrangement conveys or implicitly for a period of time in exchange for consideration. the rights to direct the use of, and obtains substantially all of the economic benefits from expense for variable leases and short-term leases is recognized when The lease term for all of the Company’s covered by an option to extend the lease that the Company is reasonably certain of use lease assets, other accrued liabilities and long-term lease liabilities on the Consolidated and liabilities are recognized at each lease’s lease term. The Company uses the stated borrowing rate for a lease when readily determinable. in a lease agreement, the Company uses its incremental borrowing rate date to determine the present value of its lease payments. its leases, the Company considers certain information including fully subsidiaries. portion of long-term debt and long-term debt on the Consolidated Balance Long-lived assets: PP&E is stated at gross cost, less accumulated depreciation. line method on an individual asset basis over the following estimated useful lives: buildings 10 45 machinery and equipment, 1 15 current events indicate the carrying amount of such assets may not be by the asset, or the appropriate group of assets, is compared with the carrying value to necessary, the Company estimated fair value. assets, the applicable amounts of asset cost and accumulated depreciation proceeds from disposals, is recorded in the Consolidated Statements of Income. increase the estimated useful life or capacity of the assets are capitalized, whereas expensed when incurred. Capitalized software: The Company capitalizes certain costs in connection with developing or obtaining use, depending on the associated project. 3 5 intended use. related systems, approximately $ 3.6 2.3 Balance Sheets at December 31, 2021 and 2020, respectively. Goodwill and other intangible assets: The Company records goodwill, definite-lived intangible intangible assets at fair value at the date of acquisition. impairment at least annually. Definite-lived intangible assets are amortized on a straight-line basis over their estimated from 3 24 discussion of long-lived assets, above. Revenue recognition: The Company applies the Financial Accounting Standards Board’s recognition which requires the Company to recognize revenue in an amount expects to be entitled in exchange for goods or services transferred model in the FASB’s obligations in the contract; (iii) determine the transaction price; (iv) allocate contract; and (v) recognize revenue when, or as, the Company satisfies a performance The Company identifies a contract with a customer when a sales agreement indicates identifies the rights of the parties; identifies the payment terms; has commercial collect the consideration to which it will be entitled in exchange for the goods The Company identifies a performance obligation in a contract for each promised from other obligations in the contract and for which the customer can benefit with other resources that are readily available to the customer. consideration it expects to be entitled to in exchange for fulfilling the performance consideration, significant financing elements, amounts payable to the customer more than one performance obligation, the Company allocates the transaction depicts the amount of consideration to which the Company expects to be entitled obligation. In accordance with the last step of the FASB’s performance obligation in a contract by transferring control of a promised Company typically satisfies its performance obligations and recognizes products are shipped or delivered to the customer, Company’s products are on Fluidcare TM and recognizes revenue over time, as the promised services are performed. over time related to these services, including labor costs and time incurred. the most indicative measure of the Fluidcare TM The Company does not have standard payment terms for all customers, customers to pay for products or services provided after the performance significant financing arrangements with its customers. for the effects of a significant financing component as the Company Company transfers a promised good or service to the customer and when the less. In addition, the Company expenses costs to obtain a contract as incurred amortization period, is one year or less. assessed by a governmental authority that are both imposed on and concurrent collected by the entity from a customer, elected to account for shipping and handling activities that occur after the rather than an additional promised service. with customers and where applicable, the Company’s The Company records certain third-party license fees in other income which generally include sales-based royalties in exchange for the license of accordance with their agreed-upon terms and when performance obligations are subsequent sale. The Company recognizes a contract asset or receivable on its Consolidated Balance Sheet or transfers a good in advance of receiving consideration. and only the passage of time is required before payment of that consideration consideration in exchange for goods or services that the Company has transferred A contract liability is recognized when the Company receives consideration, consideration, in advance of performance. for which the Company has received consideration, or a specified amount See Note 5 of Notes to Consolidated Financial Statements. Research and development costs: Research and development costs are expensed as incurred and are included and administrative expenses (“SG&A”). 44.9 40.0 32.1 the years ended December 31, 2021, 2020 and 2019, respectively. Environmental liabilities and expenditures: Accruals for environmental matters are recorded when it is probable has been incurred and the amount of the liability can be reasonably estimated. in that range is considered more probable than another, generally accepted accounting principles in the United States (“U.S. GAAP”). capitalized if the costs extend the life, increase the capacity or improve constructed, and/or mitigate or prevent contamination in the future. Asset retirement obligations: The Company follows the FASB’s addresses the accounting and reporting for obligations associated with the retirement costs. relates to legal obligations to perform an asset retirement activity in which a future event that may or may not be within the control of the entity. liability when there is enough information regarding the timing of the CARO to perform analysis. recorded for such on its Consolidated Balance Sheets. Pension and other postretirement benefits: The Company maintains various noncontributory retirement plans, portion of its employees in the U.S. and certain other countries, including Sweden, Germany and France. accounting for defined benefit pension plans. insured or integrated with the local governments’ plans and are not subject that employers recognize on a prospective basis the funded status of their their consolidated balance sheet and, also, recognize as a component of AOCI, credits that arise during the period but are not recognized as components of requires that an employer recognize a settlement charge in including plan termination or the settlement of certain plan liabilities. expense of a portion of the unrecognized loss within AOCI on the balance sheet in obligation that was settled. The Company’s global pension with meeting the future benefit obligations of the pension plans and maintaining including the Employee Retirement Income Security Act of 1974. targets and benchmarks for significant asset classes with the aim of Company’s investment horizon perspective of capital markets, expected risk and return and perceived future plan liabilities. intermediate portfolio duration is matched to reduce the risk of volatility in portfolio is managed to maximize the long-term real growth of plan assessment of risk and targeting the optimal expected returns for guidelines prohibit the use of securities such as letter stock and other unregistered short sales, margin transactions, private placements for the purpose of portfolio leveraging. The target asset allocation is reviewed periodically and is determined inflation rates, fixed income yields, returns, volatilities and correlation obligations is periodically studied to assist in establishing such strategic asset allocation an overall expectation that plan assets will meet or exceed benchmark performance pension committee, as authorized by the Company’s established asset allocation ranges approved by senior management Statements. Comprehensive income (loss): The Company presents other comprehensive income (loss) in its Statements of Comprehensive Income. disclosure of significant amounts reclassified from each component of items affected by such reclassifications. Income taxes and uncertain tax positions: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. reported amounts of assets and liabilities are recovered or paid. payable for the current year and the change in deferred taxes during the year. financial and tax bases of the Company’s enacted. realized. measurement attributes for financial statement recognition and measurement return. sustained upon audit based upon the technical merits of the tax position. not sustained upon audit, a company recognizes the largest amount 50 % likely of being realized upon ultimate settlement in the financial statements. audit, a company does not recognize any portion of the benefit in the financial statements. adjusts for derecognition, classification, and penalties and interest in interim thereto. statutory rate of interest to the difference between the taken or expected to be taken in a tax return. income tax expense. related to net operating losses or other tax credit carryforwards that would apply presumed amount at the balance sheet date. Pursuant to the Tax Cuts and Tax”), subject to and will incur other taxes, such as withholding taxes and dividend ultimately remitted to the U.S. support working capital needs and certain other growth initiatives of and may in the future change its indefinite reinvestment assertion for any or Company would estimate and record a tax liability and corresponding incur to ultimately remit these earnings to the U.S. Derivatives: The Company is exposed to the impact of changes in interest rates, foreign currency fluctuations, commodity prices and credit risk. exposure to variability in interest payments associated with its variable rate debt. consistent with the related underlying exposures and do not constitute positions 2021 and 2020, the Company had certain interest rate swap agreements are entered into with a limited number of counterparties, each of which allows for net payment in a single currency in the event of a default on or termination of any one on a net basis within the Consolidated Balance Sheets. in AOCI and will be recognized in the Consolidated Statements of Income when the becomes probable that the forecasted transaction will not occur. Fair value measurements: The Company utilizes the FASB’s common definition for fair value to be applied to guidance requiring use value and expands disclosure about such fair value measurements. prioritizes the inputs to valuation techniques used to measure fair value Consolidated Financial Statements. • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical • Level 2: Inputs other than quoted prices that are observable for the asset or liability, include quoted prices for similar assets or liabilities in active markets and quoted liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions. Share-based compensation: The Company applies the FASB’s recognition of the fair value of share-based compensation as a component program (“LTIP”) value on the date of the grant. three years determined by the Company, seven years issued under the LTIP one three year Company’s Annual Incentive Plan, two five year period. In addition, while the FASB’s they occur for service condition aspects of certain share-based awards, the and instead has elected to continue utilizing a forfeiture rate assumption. forfeiture rate of 13 % on certain of its nonvested stock awards. rate is lower than estimated and will record a recovery of prior expense if the The Company also issues performance-dependent stock awards as a component dependent stock awards is based on their grant-date market value adjusted performance goals and is calculated by utilizing a Monte Carlo simulation line basis over the vesting period, generally three years . See Note 8 of the Notes to Consolidated Financial Statements. Earnings per share: The Company follows the FASB’s stock awards with rights to non-forfeitable dividends. dividends to be included as part of the basic weighted average share calculation Consolidated Financial Statements. Segments: The Company’s operating Company’s internal organization, operating decision maker assesses the Company’s . Hyper-inflationary accounting: Economies that have a cumulative three year rate of inflation exceeding 100 % are considered hyper-inflationary in accordance with U.S. GAAP. required to remeasure its monetary assets and liabilities to the applicable published losses resulting from the remeasurement directly to the Consolidated Statements of Based on various indices or index compilations being used to monitor inflation instability, effective ended December 31, 2021, the Company's Argentine subsidiaries represented 1 % of the Company’s consolidated total assets and net sales, respectively. 0.6 0.4 million, and $ 1.0 Argentina. Business combinations: The Company accounts for business combinations under the acquisition method method requires the recording of acquired assets, including separately respective acquisition date estimated fair values. assets acquired is recorded as goodwill. requires significant estimates and assumptions. which may be up to one year from the acquisition date, the Company may record acquired and liabilities assumed. Restructuring activities: Restructuring programs consist of employee severance, rationalization of facilities and other related items. cost obligations. liability is incurred, is estimable, and payment is probable. Reclassifications: Certain information has been reclassified to conform to the current year presentation. Accounting estimates: The preparation of financial statements in conformity with generally accepted requires management to make estimates and assumptions that affect contingencies at the date of the financial statements and the reported amounts Actual results could differ from such estimates. |
Business Combination |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 2 – Business Combinations 2021 Acquisitions impregnation services of castings, powder metals and electrical components for $ 11.0 7.1 provisions currently estimated at $ 3.9 could total a maximum of $ 4.5 8.0 1.1 property, plant and 1.5 0.3 acquired. 0.4 assets comprised $ 7.2 15 years ; and $ 0.8 to be amortized over 13 years . in Turkey for its EMEA reportable segment 3.2 3.7 provider of coolant control and delivery systems for its Global Specialty Businesses reportable 2.4 approximately $ 2.9 0.3 Company acquired a 38 % ownership interest in Grindaix for 1.4 1.7 its initial investment as an equity method investment within the Condensed Consolidated purchase of the remaining interest as a step acquisition whereby the Company investment to its fair value. Businesses reportable segment for 2.3 2.8 25.0 acquisition is part of each of the Company’s 19.6 price to intangible assets, comprised of $ 18.3 19 years ; $ 0.9 product technology to be amortized over 14 years ; and $ 0.4 3 years . the Company recorded $ 5.0 operate. personnel that will allow Quaker Houghton to better serve its customers. measurement period has not ended for any of these acquisitions. on-going assessment of additional information related to the fair value the Consolidated Statements of Income for the year ended December acquisitions are included in Combination, integration and other acquisition Statements of Income. businesses are not considered material to the overall operations of the Company 2022 Acquisitions sector, as well as impregnation resin and approximately 1.2 1.4 Germany as well as broadens its product offerings and entered into as part of its past acquisition of Norman Hay. pickling inhibitor technologies for the steel industry, lubrication, rust preventative, and cleaner applications, for its Americas reportable 8.0 business broadens the Company’s because the date of closing for each was subsequent to December 31, 2021. and liabilities assumed have not been presented as that information is not Statements. Houghton In August 2019, the Company completed the Combination, whereby shares of Houghton from Gulf Houghton Lubricants, Ltd. and certain and shares of the Company’s common Commencing August 1, 2019, the Company’s Houghton subsequent to closing of the Combination and included in the Company’s ended December 31, 2019 were $ 299.8 prepared as if the Combination had taken place on January 1, 2018. each company’s historical of fair value step up and estimated useful lives of depreciable fixed companies acquired; (ii) adoption of required accounting transactions between Legacy Quaker and Houghton; (iv) elimination adjustment to interest expense, net, to reflect the impact of the financing adjustment for certain Combination, period immediately following the pro-forma closing of the include an expense recorded in costs of goods sold (“COGS”) associated with selling was adjusted to fair value as part of purchase accounting, restructuring expense incurred restructuring program initiated post-closing of the Combination combination and other acquisition-related expenses. costs on a pro forma basis were incurred during the year ended December 31, indicative of the results that would have occurred if the acquisition had occurred for various reasons, including the potential impact of revenue and cost For the year ending Unaudited Pro Forma (as if the Combination occurred on January 1, 2019 Net sales $ 1,562,427 Net income attributable to Quaker Chemical Corporation 94,537 Combination, Company incurred total costs of $ 18.6 30.3 38.0 2019, respectively, related financial and other advisory and consultant costs incurred in connection with control readiness and remediation, included 2019, real property during the year ended December 31, 2021, a loss on the sale of a held-for-sale 2020, and recorded income related to indemnification rights during the 31, 2021 and 2020, the Company had current liabilities related to the Combination 5.5 million and $ 7.5 Other Previous Acquisitions In December 2020, the Company completed its acquisition of Coral Chemical provider of metal finishing fluid solutions. metalworking and wastewater treatment applications to the beverage assets and liabilities were assigned to the Americas and Global Specialty Businesses reportable was approximately $ 54.1 indebtedness levels. The following table presents the final estimated fair values of Coral net assets acquired: 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 equipment 10,467 652 11,119 Intangible assets 30,300 (500) 29,800 Goodwill 2,814 804 3,618 Total assets purchased 57,720 956 58,676 Long-term debt including current portions and finance leases 183 556 739 Accounts payable, accrued expenses and other accrued liabilities 3,482 - 3,482 Total liabilities assumed 3,665 556 4,221 Total consideration 54,055 400 54,455 Less: estimated purchase price settlement - 400 400 Less: cash acquired 958 - 958 Net cash paid for Coral $ 53,097 $ - $ 53,097 (1) Measurement period adjustments recorded during the year ended December refining original estimates for assets and liabilities for certain acquired finance settlement of post-closing working capital and net indebtedness true ups to the initial with the seller to finalize certain post-closing adjustments and the above 31, 2021. one year period has ended. In May 2020, the Company acquired Tel in high pressure aluminum die casting for its EMEA reportable segment. promissory note in the amount of 20.0 2.9 the Company’s common stock. 0.4 0.1 made as a result of finalizing a post-closing settlement in the second 2.4 million of the purchase price to intangible assets to be amortized over 17 years . $ 0.5 December 31, 2021, the allocation of the purchase price of TEL was finalized In March 2020, the Company acquired the remaining 49 % ownership interest in one of its South African affiliates, Quaker Chemical South Africa Limited (“QSA”) for 16.7 1.0 Holdings South Africa. controlling ownership, the Company recorded $ 0.7 interest in Capital in excess of par value. In October 2019, the Company completed its acquisition of the operating U.K. company that provides specialty chemicals, operating equipment, and price was 80.0 working capital and net indebtedness levels. paid approximately 2.5 |
Recently Issued Accounting Standards |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Recently issued accounting standards [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 removes certain intra-period tax allocations, to the requirement to recognize investments and foreign subsidiaries, and to the general methodology for date loss exceeds the anticipated loss for the year. up in tax basis for goodwill, current and deferred tax expense, and codification stock ownership plans. adopted this standard, earnings on January 1, 2021. The FASB issued ASU 2020 , Reference Rate Reform (Topic Financial Reporting , Reference Rate Reform (Topic January 2021 which clarified the guidance but did not materially change amendments provide temporary optional expedients and exceptions relationships and other transactions to ease the potential accounting from reference rates that are expected to be discontinued, including effective for the Company as of March 12, 2020 and generally can the Company entered into a Second Amendment to Credit Agreement (“Second to provide for the use of a non-USD currency LIBOR successor rate. 2020-04 with respect to the Second Amendment. based LIBOR rates. |
Business Segments |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Segment Disclosures [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 4 – Business Segments The Company’s operating internal organization, the method by which the Company’s decision maker assesses the Company’s four Asia/Pacific; and (iv) Global Specialty Businesses. each respective region, excluding net sales and operations managed globally includes the Company’s container, Segment operating earnings for each of the Company’s related COGS and SG&A. corporate and administrative costs, Combination, integration and other charges, are not included in segment operating earnings. segments include interest expense, net and other income (expense), The following tables present information about the performance of the Company’s December 31, 2021, 2020 and 2019. 2021 2020 2019 Net sales Americas $ 572,643 $ 450,161 $ 392,121 EMEA 480,126 383,187 285,570 Asia/Pacific 388,160 315,299 247,839 Global Specialty Businesses 320,229 269,030 207,973 Total $ 1,761,158 $ 1,417,677 $ 1,133,503 2021 2020 2019 Segment operating earnings Americas $ 124,863 $ 96,379 $ 78,297 EMEA 85,209 69,163 47,014 Asia/Pacific 96,318 88,356 67,512 Global Specialty Businesses 90,632 79,690 58,881 Total 397,022 333,588 251,704 Combination, integration and other acquisition-related expenses (23,885) (29,790) (35,477) Restructuring and related charges (1,433) (5,541) (26,678) Fair value step up of acquired inventory sold (801) (226) (11,714) Indefinite-lived intangible asset impairment - (38,000) - Non-operating and administrative expenses (157,864) (143,202) (104,572) Depreciation of corporate assets and amortization (62,573) (57,469) (27,129) Operating income 150,466 59,360 46,134 Other income (expense), net 18,851 (5,618) (254) Interest expense, net (22,326) (26,603) (16,976) Income before taxes and equity in net income of associated companies $ 146,991 $ 27,139 $ 28,904 The following tables present information regarding the Company’s certain identifiable assets as well as an allocation of shared assets, as of December 2021 2020 2019 Segment assets Americas $ 983,521 $ 969,551 $ 926,122 EMEA 714,659 697,821 688,663 Asia/Pacific 750,970 713,004 685,476 Global Specialty Businesses 506,610 511,458 550,055 Total segment assets $ 2,955,760 $ 2,891,834 $ 2,850,316 2021 2020 2019 Segment long-lived assets Americas $ 129,321 $ 122,302 $ 139,170 EMEA 69,990 69,344 56,108 Asia/Pacific 123,130 119,233 126,166 Global Specialty Businesses 37,951 59,091 69,184 Total segment long-lived $ 360,392 $ 369,970 $ 390,628 The following tables present information regarding the Company’s identifiable assets for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Capital expenditures Americas $ 9,678 $ 6,451 $ 6,404 EMEA 6,767 3,844 3,263 Asia/Pacific 2,264 5,688 3,857 Global Specialty Businesses 2,748 1,918 2,021 Total segment capital $ 21,457 $ 17,901 $ 15,545 2021 2020 2019 Depreciation Americas $ 12,074 $ 12,322 $ 7,500 EMEA 6,936 6,813 4,560 Asia/Pacific 4,596 4,672 3,458 Global Specialty Businesses 3,043 3,544 2,248 Total segment depreciation $ 26,649 $ 27,351 $ 17,766 During the years ended December 31, 2021, 2020 and 2019, the Company 1,198.4 963.2 and $ 719.8 Company had approximately $ 155.2 176.6 174.4 U.S. operations. Inter-segment revenue for the years ended December 12.2 9.1 7.3 for Americas, $ 29.0 22.0 20.3 1.6 0.6 0.2 and $ 7.4 4.7 5.4 have been eliminated from each reportable operating segment’s |
Net Sales and Revenue Recognition |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Net sales and revenue recognition [Abstract] | |
Net sales and revenue recognition [TextBlock] | Note 5 – Net Sales and Revenue Recognition Arrangements Resulting in Net Reporting As part of the Company’s Fluidcare TM Company transferred third-party products under arrangements resulting 71.7 42.5 48.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. Customer Concentration A significant portion of the Company’s steel, aluminum, automobiles, aircraft, industrial equipment, and durable Company’s five largest accounted for approximately 10 % of consolidated net sales, with its largest customer accounting 3 % of consolidated net sales. Contract Assets and Liabilities The Company had no material contract assets recorded on its Consolidated The Company had approximately $ 7.0 4.0 respectively. performance obligations and recognized into revenue the advance payments respectively. Disaggregated Revenue The Company sells its various industrial process fluids, its specialty chemicals portfolio. by individual product lines. the Company’s geographic The following tables present disaggregated information regarding represent more than 10 % of the Company’s consolidated net sales for any followed then by a disaggregation of the Company’s revenue recognized for the years ended December 31, 2021, 2020 and 2021 2020 2019 Metal removal fluids 23.4 % 23.9 % 19.9 % Rolling lubricants 22.2 % 21.8 % 21.9 % Hydraulic fluids 13.6 % 13.3 % 13.0 % Net sales for the year ending December 31, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 210,340 $ 141,950 $ 207,160 $ 559,450 Metalworking and other 362,303 338,176 181,000 881,479 572,643 480,126 388,160 1,440,929 Global Specialty Businesses 186,859 80,541 52,829 320,229 $ 759,502 $ 560,667 $ 440,989 $ 1,761,158 Timing of Revenue Recognized Product sales at a point in time $ 724,357 $ 527,083 $ 429,130 $ 1,680,570 Services transferred over time 35,145 33,584 11,859 80,588 $ 759,502 $ 560,667 $ 440,989 $ 1,761,158 Net sales for the year ending December 31, 2020 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 163,135 $ 107,880 $ 168,096 $ 439,111 Metalworking and other 287,026 275,307 147,203 709,536 450,161 383,187 315,299 1,148,647 Global Specialty Businesses 154,796 68,164 46,070 269,030 $ 604,957 $ 451,351 $ 361,369 $ 1,417,677 Timing of Revenue Recognized Product sales at a point in time $ 580,663 $ 434,549 $ 352,917 $ 1,368,129 Services transferred over time 24,294 16,802 8,452 49,548 $ 604,957 $ 451,351 $ 361,369 $ 1,417,677 Net sales for the year ending December 31, 2019 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 171,784 $ 100,605 $ 141,870 $ 414,259 Metalworking and other 220,337 184,965 105,969 511,271 392,121 285,570 247,839 925,530 Global Specialty Businesses 149,428 30,115 28,430 207,973 $ 541,549 $ 315,685 $ 276,269 $ 1,133,503 Timing of Revenue Recognized Product sales at a point in time $ 525,802 $ 310,274 $ 269,228 $ 1,105,304 Services transferred over time 15,747 5,411 7,041 28,199 $ 541,549 $ 315,685 $ 276,269 $ 1,133,503 |
Leases |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases [TextBlock] | Note 6 – Leases The Company has operating leases for certain facilities, vehicles and machinery 10 94 Operating lease expense is recognized on a straight-line basis over the December 31, 2021, 2020 and 2019 was $ 14.1 14.2 9.4 years ended December 31, 2021, 2020 and 2019 was $ 0.9 1.3 1.5 no material variable lease costs or sublease income for the years ended Cash paid for operating leases during the years ended December 31, 2021, 2020 13.9 14.1 $ 9.2 11.1 the year ended December 31, 2021. Supplemental balance sheet information related to the Company’s December 31, December 31, 2021 2020 Right of use lease assets $ 36,635 $ 38,507 Other accrued liabilities 9,976 10,901 Long-term lease liabilities 26,335 27,070 Total operating lease liabilities $ 36,311 $ 37,971 Weighted average 5.6 6.0 Weighted average 4.22% 4.20% Maturities of operating lease liabilities as of December 31, 2021 were December 31, 2021 For the year ended December 31, 2022 $ 11,346 For the year ended December 31, 2023 9,041 For the year ended December 31, 2024 7,017 For the year ended December 31, 2025 5,292 For the year ended December 31, 2026 4,197 For the year ended December 31, 2027 and beyond 4,502 Total lease payments 41,395 Less: imputed interest (5,084) Present value of lease liabilities $ 36,311 |
Restructuring and Related Activities |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities Disclosure [Text Block] | Note 7 – Restructuring and Related Activities The Company’s management approved synergies associated with the Combination in severance costs to reduce total headcount by approximately 400 manufacturing and non-manufacturing facilities. number of factors and is subject to change; however, continue to occur into 2022 under the QH Program. certain foreign countries and will include severance and other benefits. All costs incurred to date relate to severance costs to reduce headcount, estimates for employee separation costs, as well as costs to close certain facilities charges in the Company’s Restructuring and related charges are not included earnings and therefore these costs are not reviewed by or recorded Activity in the Company’s accrual follows: QH Program Accrued restructuring as of December 31, 2019 $ 18,043 Restructuring and related charges 5,541 Cash payments (15,745) Currency translation adjustments 409 Accrued restructuring as of December 31, 2020 8,248 Restructuring and related charges 1,433 Cash payments (5,266) Currency translation adjustments (328) Accrued restructuring as of December 31, 2021 $ 4,087 In connection with the plans for closure of certain manufacturing decision to make available for sale certain facilities. were sold and the Company recognized a gain of $ 5.4 0.6 included within other income (expense), net on the Consolidated Statement of an aggregate book value of approximately $ 0.7 prepaid expenses and other current assets on the Company’s future decisions about making certain other facilities available for |
Share-Based Compensation |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Share-based compensation [Abstract] | |
Share-based compensation [Text Block] | Note 8 – Share-Based Compensation The Company recognized the following share-based compensation expense ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Stock options $ 1,235 $ 1,491 $ 1,448 Non-vested stock awards and restricted stock units 5,438 5,012 3,206 Non-elective and elective 401(k) matching contribution in stock 1,553 3,112 - Employee stock purchase plan - - 84 Director stock ownership plan 901 541 123 Performance stock units 1,911 840 - Total share-based $ 11,038 $ 10,996 $ 4,861 Share-based compensation expense is recorded in SG&A, except for $ 0.9 1.5 0.9 ended December 31, 2021, 2020 and 2019, respectively, expenses. 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 Value Options outstanding as of January 1, 2021 110,336 $ 143.51 Options granted 25,250 245.17 Options exercised (22,540) 143.49 Options forfeited (3,362) 190.65 Options outstanding as of December 31, 2021 109,684 $ 165.47 4.8 $ 7,550 Options expected to vest after December 31, 2021 67,680 $ 178.10 5.4 $ 3,929 Options exercisable as of December 31, 2021 42,004 $ 145.12 3.9 $ 3,621 The total intrinsic value of options exercised during the years ended December 2.7 million, $ 6.5 2.5 the underlying security and the strike price of a related option. A summary of the Company’s outstanding Weighted Average Weighted Weighted Number Remaining Average Number Average Range of of Options Contractual Exercise Price of Options Exercise Price Exercise Prices Outstanding Term (per option) Exercisable (per option) $ 49.01 - $ 80.00 711 - $ 72.12 711 $ 72.12 $ 80.01 - $ 100.00 1,309 - 87.30 1,309 87.30 $ 120.01 - $ 150.00 43,482 5.2 136.62 12,873 136.59 $ 150.01 - $ 180.00 40,593 3.7 154.23 27,111 153.88 $ 220.01 - $ 250.00 23,589 6.2 245.15 - - 109,684 4.8 165.47 42,004 145.12 As of December 31, 2021, unrecognized compensation expense related 1.8 million, $ 1.2 0.3 1.9 The Company granted stock options under its LTIP three year during 2021, 2020, 2019 and 2018. For the purposes of determining the fair value of stock option awards, the Company Scholes option pricing model 2021 2020 2019 2018 Number of stock options granted 25,250 49,115 51,610 35,842 Dividend yield 0.85 % 0.99 % 1.12 % 1.37 % Expected volatility 37.33 % 31.57 % 26.29 % 24.73 % Risk-free interest rate 0.60 % 0.36 % 1.52 % 2.54 % 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 compensation expense recorded on each award during the years ended 2021 2020 2019 2021 Stock option awards $ 429 $ - $ - 2020 Stock option awards 516 385 - 2019 Stock option awards 234 698 665 2018 Stock option awards 56 357 364 2017 Stock option awards - 51 369 Restricted Stock Awards Activity of non-vested restricted stock awards granted under the Company’s Number of Weighted Average Shares Date Fair Value Nonvested awards, December 31, 2020 71,768 $ 151.17 Granted 23,536 242.29 Vested (23,638) 157.63 Forfeited (2,973) 172.15 Nonvested awards, December 31, 2021 68,693 $ 179.26 The fair value of the non-vested stock is based on the trading price of the Company’s Company adjusts the grant date fair value for expected forfeitures based 31, 2021, unrecognized compensation expense related to these awards was $ 5.1 remaining period of 1.5 Restricted Stock Units Activity of non-vested restricted stock units granted under the Company’s Number of Weighted Average Units Date Fair Value Nonvested awards, December 31, 2020 10,845 $ 147.70 Granted 2,791 245.49 Vested (2,570) 155.34 Forfeited (89) 141.77 Nonvested awards, December 31, 2021 10,977 $ 170.82 The fair value of the non-vested restricted stock units is based on the trading price grant. December 31, 2021, unrecognized compensation expense related 0.8 average remaining period of 1.8 Performance Stock Units The Company grants performance-dependent stock awards (“PSUs”) as a component certain number of shares subject to market-based and time-based vesting conditions. 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 Materials group. three years from January 1 of the year of grant through December 31 of the year prior Compensation expense for PSUs is measured based on their grant date fair value the three year The grant-date fair value of the PSUs was estimated using a Monte Carlo and using the following assumptions CEO Grant 2021 (1) 2021 2020 Fully vested shares 3,775 12,103 18,485 Risk-free interest rate 0.65 % 0.29 % 0.28 % Dividend yield 0.72 % 0.64 % 1.13 % Expected term (years) 3.0 3.0 3.0 (1) and granted an equity award consisting of a mix of time-based restricted As of December 31, 2021, there was approximately $ 4.3 the Company expects to recognize over a weighted-average period 1.4 Defined Contribution Plan The Company has a 401(k) plan with an employer match covering a majority 50 % of the first 6 % of compensation that is contributed to the plan, with a maximum matching contribution 3 % of compensation. Additionally, the plan of service equal to 3 % of the eligible participant's compensation. Company matched both non-elective and elective 401(k) contributions than cash. 1.5 3.1 Employee Stock Purchase Plan In 2000, the Board adopted an Employee Stock Purchase Plan (“ESPP”) whereby through a payroll deduction plan. each calendar month in which the organized securities The purchase price of the stock was 85 % of the fair market value on the Investment Date. 15 % discount was expensed on the Investment Date. participant could withdraw all uninvested payment balances credited ownership of the Company exceeds five percent Effective January 1, 2020, the Company discontinued 2013 Director Stock Ownership Plan In 2013, the Company adopted the 2013 Director Stock Ownership Plan (the investment in the Company, issuance of up to 75,000 annual cash retainer payable to each of the Company’s Plan. of the applicable calendar year, owns less than 400 % of the annual cash retainer for the applicable calendar year, divided composite tape of the New York 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. than the Threshold Amount may elect to receive common stock in payment 100 %) of the annual cash retainer. The annual retainer is $ 0.1 |
Other Income (Expense) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Note 9 – Other Income (Expense), net Other income (expense), net, for the years ended December 31, 2021 2020 2019 Income from third party license fees $ 1,367 $ 999 $ 1,035 Foreign exchange (losses) gains, net (3,821) (6,082) 223 Gain (loss) on disposals of property, 4,695 (871) 58 Non-income 15,155 3,345 1,118 Pension and postretirement benefit income (costs), non-service 759 (21,592) (2,805) Gain on changes in insurance settlement restrictions of an inactive - 18,144 60 Other non-operating income, net 696 439 57 Total other income $ 18,851 $ (5,618) $ (254) Gain (loss) on disposals of property, resulting from the property damage caused by flooding of the Company’s described in Note 26 of Notes to Consolidated Financial Statements, as well as a gain held-for-sale real property assets related to the Combination, income tax refunds and other related credits during the year ended Company’s Brazilian subsidiaries benefit income (costs), non-service components during the year ended December 1.6 and a $ 22.7 Consolidated Financial Statements. insurance insolvency recovery relate to the termination of restrictions over used for settlement of asbestos claims at an inactive subsidiary of the Company with respect to previously filed recovery claims. Foreign exchange (losses) gains, net, during the years ended December losses of approximately $ 0.6 0.4 1.0 Company’s Argentine |
Taxes on Income |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Taxes on Income [Abstract] | |
Taxes on Income [Text Block] | Note 10 – Taxes On December 22, 2017, the U.S. government enacted comprehensive U.S. Tax Reform dividends from certain foreign subsidiaries and imposed a one-time transition of certain foreign subsidiaries that is payable over eight years. Following numerous regulations, notices, and other formal guidance Department of Treasury, elected to pay its $ 15.5 31, 2021, $ 7.0 8.5 As of December 31, 2021, the Company has a deferred tax liability of 8.4 which primarily represents the Company’s earnings to the U.S. Taxes on income as follows: 2021 2020 2019 Current: Federal $ 955 $ (1,359) $ (239) State 2,115 1,171 352 Foreign 44,375 33,173 26,213 47,445 32,985 26,326 Deferred: Federal (3,863) (28,437) (9,267) State (3,117) (3,087) (396) Foreign (5,526) (6,757) (14,579) Total $ 34,939 $ (5,296) $ 2,084 The components of earnings before income taxes for the years ended December 2021 2020 2019 U.S. $ 7,263 $ (66,585) $ (46,697) Foreign 139,728 93,724 75,601 Total $ 146,991 $ 27,139 $ 28,904 Total deferred 2021 2020 Retirement benefits $ 11,860 $ 15,237 Allowance for doubtful accounts 2,155 2,316 Insurance and litigation reserves 675 842 Performance incentives 2,881 5,914 Equity-based compensation 1,920 1,282 Prepaid expense 460 756 Operating loss carryforward 18,544 16,693 Foreign tax credit and other credits 16,285 24,873 Interest 9,940 16,812 Restructuring reserves 631 1,121 Right of use lease assets 8,322 9,346 Inventory reserves 2,941 2,225 Research and development 8,832 7,974 Other 2,846 3,005 88,292 108,396 Valuation (17,400) (21,511) Total deferred tax $ 70,892 $ 86,885 Depreciation 11,580 15,473 Foreign pension and other 2,332 1,807 Intangibles 197,066 222,794 Lease liabilities 8,421 9,151 Outside basis in equity investment 5,999 7,938 Unremitted Earnings 8,381 5,919 Total deferred tax $ 233,779 $ 263,082 The Company has $ 10.6 8.0 million has been established against this amount resulting in a net $ 2.6 expected impact of the reversal of existing taxable temporary differences, and determined that $ 2.6 liabilities. 5 20 carryforward period. 0.5 The Company has $ 8.0 allowance of $ 2.5 8.0 able to be utilized. indefinite carryforward period. 0.6 foreign deferred tax assets. In conjunction with the Combination, the Company acquired foreign tax 41.8 between 2019 and 2028. 10 utilization of foreign tax credits based on certain assumptions such as projected and annual limitations due to the ownership change under the Internal Revenue forward of $15.9 million and $ 24.9 10.2 valuation allowance as of December 31, 2021 and 2020, respectively, utilized before expiration. The Company also acquired disallowed interest deferred tax assets of $ 14.0 interest may be carried forward indefinitely. carryforwards based on projected US taxable income and determined 2022. 9.4 sheet. As of December 31, 2021, the Company had deferred tax liabilities of $ 178.0 intangibles resulting from the Combination and Norman Hay acquisition. As part of the Combination, the Company acquired a 50 % interest in the Korea Houghton Corporation joint venture and has recorded a $ 6.0 The following are the changes in the Company’s 2020 and 2019: Effect of Balance at Purchase Additional Allowance Exchange Balance Beginning Accounting Valuation Utilization Rate at End of Period Adjustments Allowance and Other Changes of Period Valuation Year $ 21,511 $ - $ 29 $ (4,470) $ 330 $ 17,400 Year $ 13,834 $ 7,148 $ 2,738 $ (2,153) $ (56) $ 21,511 Year $ 7,520 $ 13,752 $ 832 $ (8,227) $ (43) $ 13,834 The Company’s net deferred and 2020 as follows: 2021 2020 Non-current deferred tax assets $ 16,138 $ 16,566 Non-current deferred tax liabilities 179,025 192,763 Net deferred tax liability $ (162,887) $ (176,197) The following is a reconciliation of income taxes at the Federal statutory rate with income taxes years ended December 31, 2021, 2020 and 2019. income taxes have been made to the years ended December 31, 2020 2021 2020 2019 Income tax provision at the Federal statutory tax rate $ 30,868 $ 5,699 $ 6,070 Unremitted earnings 1,841 (2,308) (4,383) Tax law changes 1,955 (1,059) (416) U.S. tax on foreign operations 10,479 5,140 574 Pension settlement - (2,247) - Foreign derived intangible income (8,698) (7,339) (1,699) Non-deductible acquisition expenses 129 131 1,743 Withholding taxes 6,584 7,809 8,621 Foreign tax credits (14,725) (4,699) (3,787) Share-based compensation 600 335 (540) Foreign tax rate differential 3,090 1,139 1,444 Research and development credit (1,685) (1,018) (830) Uncertain tax positions 519 1,990 899 State income tax provisions, net (1,446) (2,245) (117) Non-deductible meals and entertainment 426 290 318 Intercompany transfer of intangible assets 4,347 (4,384) (5,318) Miscellaneous items, net 655 (2,530) (495) Taxes on income before $ 34,939 $ (5,296) $ 2,084 Pursuant to U.S. Tax 15.5 undistributed earnings of non-U.S. subsidiaries. and dividend distribution taxes, if these undistributed earnings are additional third-party debt was incurred resulting in the Company re-evaluating reducing leverage in upcoming years. 8.4 primarily represents the estimate of the non-U.S. taxes the Company Company’s current intention and certain other growth initiatives outside of the U.S. approximately $ 377.4 substantially offset by foreign tax credits (subject to certain limitations). tax expense. As of December 31, 2021, the Company’s 22.5 Company had accrued approximately $ 3.1 3.1 31, 2021. 22.2 Company had accrued approximately $ 3.9 3.0 31, 2020. The Company continues to recognize interest and penalties associated with uncertain on income before equity in net income of associated companies in its Consolidated benefit of $ 0.5 0.3 Statement of Income for the year ended December 31, 2021, an expense of 0.1 0.6 interest (net of expirations and settlements) in its Consolidated Statement credit of $ 0.2 0.2 Statement of Income for the year ended December 31, 201 The Company estimates that during the year ending December 31, 2022, unrecognized tax benefits by approximately $ 2.3 positions. for unrecognized tax benefits with regard to existing tax positions or any increase with regard to new tax positions for the year ending December 31, 2022. A reconciliation of the beginning and ending amounts of unrecognized and 2019, respectively, 2021 2020 2019 Unrecognized tax benefits as of January 1 $ 22,152 $ 19,097 $ 7,050 Increase (decrease) in unrecognized tax benefits taken in prior periods 1,002 2,025 (28) Increase in unrecognized tax benefits taken in current period 2,915 3,095 1,935 Decrease in unrecognized tax benefits due to lapse of statute of limitations (2,631) (3,659) (1,029) Increase in unrecognized tax benefits due to acquisition - 597 11,301 (Decrease) increase due to foreign exchange rates (974) 997 (132) Unrecognized tax benefits as of December 31 $ 22,464 $ 22,152 $ 19,097 The amount of net unrecognized tax benefits above that, if recognized, would rate is $ 15.2 14.7 13.3 The Company and its subsidiaries are subject to U.S. Federal income tax, tax jurisdictions. 2011 , the Netherlands, Mexico and China from 2016 , Mexico, Canada, Germany, 2017 , India from fiscal year beginning April 1, 2019 2011 . As previously reported, the Italian tax authorities have assessed additional S.r.l., relating to the tax years 2007 the Mutual Agreement Procedures (“MAP”) of the Organization 2007. which the Company has accepted. 1.6 and Spain and has an accrual for $ 2.4 Italian taxing authorities confirming the amount due of $ 2.6 operating losses to partially offset the liability. recognizing tax expense of $ 0.6 Houghton Italia, S.r.l is also involved through 2018. 5.0 related to this audit. purchase accounting related to the Combination. escrow by Houghton’s former owners 5.9 established through purchase accounting. During the fourth quarter of 2021, the Company settled a portion of the S.r.l. corporate income tax for tax years 2016 through 2018 and believes it has adequate reverses Houghton Deutschland GmbH is also under audit by the German tax authorities for preliminary audit findings, primarily related to transfer pricing, 0.4 31, 2021. 0.3 indemnification claim with Houghton’s indemnification receivable has also been established. |
Earnings Per Share |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 11 – Earnings Per Share The following table summarizes earnings per share calculations for 2021 2020 2019 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 121,369 $ 39,658 $ 31,622 Less: income allocated to participating securities (480) (148) (90) Net income available to common shareholders $ 120,889 $ 39,510 $ 31,532 Basic weighted average common shares outstanding 17,805,034 17,719,792 15,126,928 Basic earnings per common share $ 6.79 $ 2.23 $ 2.08 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 121,369 $ 39,658 $ 31,622 Less: income allocated to participating securities (479) (148) (90) Net income available to common shareholders $ 120,890 $ 39,510 $ 31,532 Basic weighted average common shares outstanding 17,805,034 17,719,792 15,126,928 Effect of dilutive securities 50,090 31,087 36,243 Diluted weighted average common shares outstanding 17,855,124 17,750,879 15,163,171 Diluted earnings per common share $ 6.77 $ 2.22 $ 2.08 The Company’s calculation the year ended December 31, 2019 was impacted by the variability of 4.3 million shares issued as a component of the consideration transferred in 24.5 % of the common stock of the Company immediately after the closing. earnings per share calculation when the effect would included were 4,070 945 108 |
Restricted Cash |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Restricted Cash [Abstract] | |
Restricted cash [Text Block] | Note 12 – 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. of defense associated with the subsidiary’s The proceeds of the settlement and release agreements were deposited into interest bearing accounts which earned less then $ 0.1 0.2 respectively, offset 1.0 0.8 of the proceeds, a corresponding deferred credit was established in other continued until the restrictions lapsed. During December 2020, the restrictions ended on these previously received the cash into an operating account. 18.1 on its Consolidated Statement of Income in Other income (expense estimated liability to pay claims and associated with the inactive subsidiary’s due to these restrictions ending, there is no Consolidated Financial Statements. The following table provides a reconciliation of cash, cash equivalents 2018: 2021 2020 2019 2018 Cash and cash equivalents $ 165,176 $ 181,833 $ 123,524 $ 104,147 Restricted cash included in other current assets - 62 353 - Restricted cash included in other assets - - 19,678 20,278 Cash, cash equivalents and restricted cash $ 165,176 $ 181,895 $ 143,555 $ 124,425 |
Accounts Receivable and Allowance for Doubtful Accounts |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Accounts Receivable and Allowance for Doubtful Accounts [Abstract] | |
Accounts Receivable and Allowance for Doubtful Accounts [Text Block] | Note 13 – Accounts Receivable and Allowance for Doubtful Accounts As of December 31, 2021 and 2020, the Company had gross trade accounts receivable 443.0 386.1 respectively. The following are changes in the allowance for doubtful accounts during the years Exchange Rate Balance at Changes Write-Offs Changes Balance Beginning to Costs and Charged to and Other at End of Period Expenses Allowance Adjustments of Period Allowance for Doubtful Accounts Year $ 13,145 $ 653 $ (946) $ (518) $ 12,334 Year $ 11,716 $ 3,582 $ (2,187) $ 34 $ 13,145 Year $ 5,187 $ 1,925 $ (322) $ 4,926 $ 11,716 Included in exchange rate changes and other adjustments for the year accounts of $ 5.0 |
Inventories |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Inventories [Abstract] | |
Inventories [Text Block] | Note 14 – Inventories Inventories, net, as of December 31, 2021 and 2020 were as follows: 2021 2020 Raw materials and supplies $ 129,382 $ 86,148 Work in process, 135,149 101,616 Total inventories, net $ 264,531 $ 187,764 |
Property, Plant and Equipment |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Text Block] | Note 15 – Property, Property, plant and equipment 2021 2020 Land $ 30,793 $ 33,009 Building and improvements 134,313 135,595 Machinery and equipment 252,779 246,242 Construction in progress 16,459 8,407 Property, plant and equipment, 434,344 423,253 Less: accumulated depreciation (236,824) (219,370) Total property, $ 197,520 $ 203,883 As of December 31, 2021, PP&E includes $ 0.8 In connection with the plans for closure of certain facilities, certain buildings and land with an aggregate book value of approximately $0.7 million continue to be held-for-sale as of December 31, 2021 and are recorded in prepaid expenses and other current assets on the Company’s Consolidated Balance Sheet. |
Goodwill and Intangible Assets |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets Disclosure [Text Block] | Note 16 – Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the years ended December 31, Global Specialty Americas EMEA Asia/Pacific Businesses Total Balance as of December 31, 2019 $ 216,385 $ 133,018 $ 141,727 $ 116,075 $ 607,205 Goodwill additions 1,485 531 - 1,329 3,345 Currency translation and other (4,628) 6,613 16,363 2,314 20,662 Balance as of December 31, 2020 213,242 140,162 158,090 119,718 631,212 Goodwill additions 1,490 3,380 1,308 2,624 8,802 Currency translation and other (709) (8,022) 3,060 (3,149) (8,820) Balance as of December 31, 2021 $ 214,023 $ 135,520 $ 162,458 $ 119,193 $ 631,194 Other adjustments in the table above includes updates to the Company’s goodwill to each of the Company’s 2.6 in the Americas, a $ 1.4 8.0 0.5 Specialty Businesses. Gross carrying amounts and accumulated amortization for definite-lived as follows: Gross Carrying Accumulated Amount Amortization 2021 2020 2021 2020 Customer lists and rights to sell $ 853,122 $ 839,551 $ 147,858 $ 99,806 Trademarks, formulations and product 163,974 166,448 38,747 30,483 Other 6,309 6,372 5,900 5,824 Total definite-lived $ 1,023,405 $ 1,012,371 $ 192,505 $ 136,113 The Company recorded $ 59.9 55.9 26.7 31, 2021, 2020 and 2019, respectively. Estimated annual aggregate amortization expense for the subsequent For the year ended December 31, 2022 $ 59,900 For the year ended December 31, 2023 59,727 For the year ended December 31, 2024 59,138 For the year ended December 31, 2025 58,383 For the year ended December 31, 2026 58,108 The Company has four indefinite-lived intangible assets totaling $ 196.9 195.8 million of indefinite-lived intangible assets for trademarks and tradename associated Company had four indefinite-lived intangible assets for trademarks and 205.1 The Company completes its annual goodwill and indefinite-lived intangible each year, or more frequently if triggering completed its annual impairment assessment during the fourth quarter no The Company continually evaluates financial performance, economic interim period impairment test for one or more of its reporting units is necessary. As of March 31, 2020, the Company evaluated the initial impact of COVID-19 and uncertainty in the economic outlook as a result of COVID-19 to determine carrying value of any of the Company’s concluded that the impact of COVID-19 did not represent a triggering reporting units or indefinite-lived and long-lived assets, except for the Company’s TM tradename indefinite-lived intangible assets. The determination of estimated fair value of the Houghton and Fluidcare TM based on a relief from royalty valuation method which requires management’s estimates and assumptions, including assumptions with respect to the well as revenue growth rates and terminal growth rates. decrease in projected legacy Houghton net sales in the current year legacy Houghton net sales as well as an increase in the WACC Company concluded that the estimated fair values of the Houghton and TM less than their carrying values. 38.0 tradename, to write down the carrying values of these intangible assets to their estimated of 2020. |
Investments in Associated Companies |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Investments in Associated Companies [Abstract] | |
Investments in Associated Companies [Text Block] | Note 17 – Investments in Associated Companies As of December 31, 2021, 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”) Combination, and held a 32 % investment in and had significant influence over Primex, Ltd. (“Primex”). The carrying amount of the Company’s 95.3 investments of $ 66.4 21.5 7.1 0.3 Panama. The Company also has a 50 % equity interest in Kelko Venezuela. economic circumstances and other restrictions in Venezuela, influence over this affiliate. As of December 31, 2021 and 2020, the Company had no The following table is a summary of equity income in associated companies by 2021, 2020 and 2019: Year 2021 2020 2019 Houghton Korea $ 3,808 $ 5,241 $ 2,337 Nippon Japan 461 853 850 Kelko Panama 154 107 55 Grindaix (1) (37) - - Primex 4,993 1,151 1,822 Total equity in net $ 9,379 $ 7,352 $ 5,064 (1) In February 2021, the Company acquired a 38 % ownership interest in Grindaix. when the Company purchased the remaining interest of Grindaix, the 38 % interest under the equity method of accounting and recorded equity in net income of associated Consolidated Financial Statements. As the Combination closed on August 1, 2019, the Company included five December 31, 2019 Consolidated Statement of Income. |
Other Non-Current Assets |
12 Months Ended |
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Dec. 31, 2021 | |
Other Assets [Abstract] | |
Other Assets [Text Block] | Note 18 – Other Non-Current Assets Other non-current assets as of December 31, 2021 and 2020 were as follows: 2021 2020 Pension assets $ 7,916 $ 6,748 Uncertain tax positions 6,931 7,209 Indemnification assets 6,630 7,615 Debt issuance costs 4,267 5,919 Supplemental retirement income program 2,269 1,961 Other 2,946 2,344 Total other non $ 30,959 $ 31,796 As of December 31, 2021 and 2020, indemnification assets relates to certain Company expects it will incur additional tax amounts which are subject and purchase agreement. liabilities. gross benefit obligation and was therefore over-funded, 10, 12, 21 and 22 of Notes to Consolidated Financial Statements. |
Other Accrued Liabilities |
12 Months Ended |
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Dec. 31, 2021 | |
Other Accrued Liabilities [Abstract] | |
Other Accrued Liabilities Disclosure [Text Block] | Note 19 – Other Accrued Liabilities Other accrued liabilities as of December 31, 2021 and 2020 were as follows: 2021 2020 Non-income taxes $ 23,725 $ 26,080 Current income taxes payable 16,642 13,124 Professional fees, legal, and acquisition-related accruals 12,264 11,437 Selling expenses and freight accruals 11,695 10,475 Short-term lease liabilities 9,976 10,901 Customer advances and sales return reserves 7,965 6,380 Interest rate swap 1,782 - Other 11,568 13,710 Total other accrued $ 95,617 $ 92,107 |
Debt |
12 Months Ended |
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Dec. 31, 2021 | |
Debt [Abstract] | |
Debt [Text Block] | Note 20 – Debt Debt as of December 31, 2021 and 2020 includes the following: As of December 31, 2021 As of December 31, 2020 Interest Outstanding Interest Outstanding Rate Balance Rate Balance Credit Facilities: Revolver 1.62% $ 211,955 1.65% $ 160,000 U.S. Term Loan 1.65% 540,000 1.65% 570,000 EURO Term Loan 1.50% 137,616 1.50% 157,062 Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 1,777 Various 2,072 Total debt $ 901,348 $ 899,134 Less: debt issuance costs (8,001) (11,099) Less: short-term and current portion of long-term debts (56,935) (38,967) Total long-term debt $ 836,412 $ 849,068 Credit facilities The Company’s primary credit facility 400.0 revolver (the “Revolver”), a $ 600.0 150.0 million (as of August 1, 2019) Euro equivalent term loan (the “EURO Term “Term Loans”) five year August 2024 . borrowers. 300.0 request if there are lenders who agree to accept additional commitments and Borrowings under the Credit Facility bear interest at a base rate or LIBOR plus an consolidated net leverage ratio. N.A., to include among other things, an update to provide for use of a non-USD rate incurred on the outstanding borrowings under the Credit Facility as of and approximately 1.6 %. a commitment fee ranging from 0.2 % to 0.3 % depending on the Company’s consolidated Revolver in respect of the unutilized commitments thereunder. approximately $ 184 4 The Credit Facility is subject to certain financial and other covenants consolidated adjusted EBITDA ratio could not exceed 4.25 Facility. 3.75 consolidated adjusted EBITDA to interest expense ratio cannot be less than 3.0 Facility also prohibits the payment of cash dividends if the Company exceeds the greater of $ 50.0 20 % of consolidated adjusted EBITDA unless the ratio of consolidated net debt consolidated adjusted EBITDA is less than 2.0 As of December 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, with 5.0 % amortization of the principal balance due in years 1 and 2, 7.5 % in year 3, and 10.0 % in years 4 and 5, with the remaining principal amount due at maturity. Company made four quarterly amortization payments related to the 38.0 guaranteed by certain of the Company’s the Company and the domestic subsidiary guarantors, subject to certain are guaranteed only by certain foreign subsidiaries on an unsecured basis. The Credit Facility required the Company to fix its variable interest rates on at least 20 % of its total Term Loans. satisfy this requirement as well as to manage the Company’s in November 2019, the Company entered into $ 170.0 1.64 % plus an applicable margin as provided in the Credit Facility, Company entered into the swaps, and as of December 31, 2021, plus an applicable margin, was 3.1 %. The Company capitalized $ 23.7 Approximately $ 15.5 term debt on the Company’s Consolidated 8.3 Revolver and recorded within other assets on the Company’s amortized into interest expense over the five year $ 8.0 11.1 2021 and 2020, the Company had $ 4.3 5.9 assets. Industrial development bonds As of December 31, 2021 and 2020, the Company had fixed rate, industrial 10.0 principal amount due in 2028 . Bank lines of credit and other debt obligations The Company has certain unsecured bank lines of credit and discounting collateralized. free municipality-related loans, local credit facilities of certain foreign subsidiaries capacity under these arrangements as of December 31, 2021, was approximately 26 In addition to the bank letters of credit described in the “Credit facilities” subsection sheet arrangements include certain financial and other guarantees. outstanding as of December 31, 2021 were approximately $ 6 The Company incurred the following debt related expenses included of Income: Year 2021 2020 2019 Interest expense $ 19,089 $ 23,552 $ 16,788 Amortization of debt issuance costs 4,749 4,749 1,979 Total $ 23,838 $ 28,301 $ 18,767 Based on the variable interest rates associated with the Credit Facility, the Company’s total debt were recorded At December 31, 2021, annual maturities on long-term borrowings maturing to long-term debt attributed to capitalized and unamortized debt issuance costs) 2022 $ 56,978 2023 75,765 2024 758,241 2025 298 2026 145 |
Pension and Postretirement Benefits |
12 Months Ended |
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Dec. 31, 2021 | |
Pension and Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits [Text Block] | Note 21 – Pension and Other Postretirement The following table shows the funded status of the Company’s Balance Sheets as of December 31, 2021 and 2020: Other Post- Pension Benefits Retirement Benefits 2021 2020 2021 2020 Foreign U.S. Total Foreign U.S. Total U.S. U.S. Change in benefit obligation Gross benefit obligation at beginning of year $ 247,675 $ 109,969 $ 357,644 $ 217,893 $ 153,723 $ 371,616 $ 3,234 $ 4,266 Service cost 698 547 1,245 4,340 491 4,831 1 5 Interest cost 2,594 1,737 4,331 3,416 2,923 6,339 27 77 Employee contributions 71 - 71 73 - 73 - - Effect of plan amendments - - - - 50 50 (78) - Curtailment gain - - - (2,324) - (2,324) - - Plan settlements (541) - (541) (2,316) (53,494) (55,810) - - Benefits paid (6,869) (5,064) (11,933) (5,087) (6,138) (11,225) (182) (250) Plan expenses and premiums paid (74) - (74) (135) - (135) - - Transfer in of business acquisition 231 - 231 - - - - - Actuarial (gain) loss (4,160) (3,769) (7,929) 16,834 12,414 29,248 (992) (864) Translation differences and other (10,873) - (10,873) 14,981 - 14,981 - - Gross benefit obligation at end of year $ 228,752 $ 103,420 $ 332,172 $ 247,675 $ 109,969 $ 357,644 $ 2,010 $ 3,234 Other Post- Pension Benefits Retirement Benefits 2021 2020 2021 2020 Foreign U.S. Total Foreign U.S. Total U.S. U.S. Change in plan assets Fair value of plan assets at $ 228,789 $ 73,481 $ 302,270 $ 195,099 $ 120,550 $ 315,649 $ - $ - Actual return on plan assets 915 7,201 8,116 20,367 10,759 31,126 - - Employer contributions 4,289 2,063 6,352 6,912 2,302 9,214 182 250 Employee contributions 71 - 71 73 - 73 - - Plan settlements (541) - (541) (2,316) (53,494) (55,810) - - Benefits paid (6,869) (5,065) (11,934) (5,087) (6,138) (11,225) (182) (250) Plan expenses and premiums paid (74) - (74) (135) (498) (633) - - Translation differences (9,694) - (9,694) 13,876 - 13,876 - - Fair value of plan assets at end of year $ 216,886 $ 77,680 $ 294,566 $ 228,789 $ 73,481 $ 302,270 $ - $ - Net benefit obligation recognized $ (11,866) $ (25,740) $ (37,606) $ (18,886) $ (36,488) $ (55,374) $ (2,010) $ (3,234) Amounts recognized in the balance $ 7,916 $ - $ 7,916 $ 6,748 $ - $ 6,748 $ - $ - (191) (1,137) (1,328) (568) (612) (1,180) (220) (286) (19,591) (24,603) (44,194) (25,066) (35,876) (60,942) (1,790) (2,948) Net benefit obligation recognized $ (11,866) $ (25,740) $ (37,606) $ (18,886) $ (36,488) $ (55,374) $ (2,010) $ (3,234) Amounts not yet reflected in net (22) 43 21 (26) 50 24 46 - (19,163) (9,763) (28,926) (21,976) (5,532) (27,508) 1,034 124 (19,185) (9,720) (28,905) (22,002) (5,482) (27,484) 1,080 124 7,319 (16,020) (8,701) 3,116 (31,006) (27,890) (3,090) (3,358) Net benefit obligation recognized $ (11,866) $ (25,740) $ (37,606) $ (18,886) $ (36,488) $ (55,374) $ (2,010) $ (3,234) The accumulated benefit obligation for all defined benefit pension plans was 321.5 103.4 218.1 million Foreign) and $ 344.4 109.5 234.9 2020, respectively. Information for pension plans with an accumulated benefit obligation 2021 2020 Foreign U.S. Total Foreign U.S. Total Projected benefit obligation $ 138,963 $ 103,420 $ 242,383 $ 32,373 $ 109,969 $ 142,342 Accumulated benefit obligation 128,268 103,420 231,688 30,892 109,540 140,432 Fair value of plan assets 119,181 77,680 196,861 18,074 73,481 91,555 Information for pension plans with a projected benefit obligation 2021 2020 Foreign U.S. Total Foreign U.S. Total Projected benefit obligation $ 138,963 $ 103,420 $ 242,383 $ 32,373 $ 109,969 $ 142,342 Fair value of plan assets 119,181 77,680 196,861 18,074 73,481 91,555 Components of net periodic benefit costs – pension plans: 2021 2020 Foreign U.S. Total Foreign U.S. Total Service cost $ 698 $ 547 $ 1,245 $ 4,340 $ 491 $ 4,831 Interest cost 2,594 1,737 4,331 3,416 2,923 6,339 Expected return on plan assets (4,686) (3,611) (8,297) (4,262) (4,810) (9,072) Settlement loss (gain) 35 - 35 (88) 22,667 22,579 Curtailment charge - - - (1,155) - (1,155) Actuarial loss amortization 996 2,252 3,248 886 2,110 2,996 Prior service cost (credit) amortization 3 7 10 (167) - (167) Net periodic benefit (income) cost $ (360) $ 932 $ 572 $ 2,970 $ 23,381 $ 26,351 2019 Foreign U.S. Total Service cost $ 3,507 $ 434 $ 3,941 Interest cost 3,046 3,313 6,359 Expected return on plan assets (3,668) (3,227) (6,895) Settlement loss 258 - 258 Actuarial loss amortization 757 2,348 3,105 Prior service credit amortization (165) - (165) Net periodic benefit cost $ 3,735 $ 2,868 $ 6,603 Other changes recognized in other comprehensive 2021 2020 Foreign U.S. Total Foreign U.S. Total Net (gain) loss arising during the period $ (388) $ (448) $ (836) $ (1,594) $ 1,536 $ (58) Effect of plan amendment Recognition of amortization in net periodic benefit cost Settlement loss (83) (2,252) (2,335) (39) (22,667) (22,706) Prior service (cost) credit - (7) (7) 1,325 50 1,375 Actuarial (loss) gain (954) (6,925) (7,879) (758) 3,967 3,209 Curtailment Recognition (3) - (3) (3) - (3) Effect of exchange rates on amounts included in AOCI (1,390) - (1,390) 1,535 - 1,535 Total recognized comprehensive (income) loss (2,818) (9,632) (12,450) 466 (17,114) (16,648) Total recognized benefit cost and other comprehensive (income) loss $ (3,178) $ (8,700) $ (11,878) $ 3,436 $ 6,267 $ 9,703 2019 Foreign U.S. Total Net loss arising during period $ 3,826 $ 3,926 $ 7,752 Recognition of amortization in net periodic benefit Prior service credit 196 - 196 Actuarial loss (1,015) (2,347) (3,362) Effect of exchange rates on amounts included (61) - (61) Total recognized 2,946 1,579 4,525 Total recognized other comprehensive loss $ 6,681 $ 4,447 $ 11,128 Components of net periodic benefit costs – other postretirement 2021 2020 2019 Service cost $ 1 $ 5 $ 6 Interest cost 27 77 143 Actuarial loss amortization (82) (5) - Prior service credit amortization (31) - - Net periodic benefit costs $ (85) $ 77 $ 149 Other changes recognized in other comprehensive 2021 2020 2019 Net (gain) loss arising during period $ (992) $ (864) $ 395 Recognition of amortizations in net periodic benefit cost (78) - - Prior service credit 31 - - Actuarial gain amortization 82 5 - Total recognized loss (957) (859) 395 Total recognized other comprehensive (income) loss $ (1,042) $ (782) $ 544 Weighted-average Other Postretirement Pension Benefits Benefits 2021 2020 2021 2020 U.S. Plans: Discount rate 2.58 % 2.19 % 2.45 % 2.05 % Rate of compensation increase N/A 6.00 % N/A N/A Foreign Discount rate 1.71 % 1.79 % N/A N/A Rate of compensation increase 2.21 % 2.74 % N/A N/A Weighted-average 2020: Other Postretirement Pension Benefits Benefits 2021 2020 2021 2020 U.S. Plans: Discount rate 2.67 % 3.11 % 1.90 % 2.99 % Expected long-term return on plan assets 5.75 % 6.50 % N/A N/A Rate of compensation increase 6.00 % 6.00 % N/A N/A Foreign Plans: Discount rate 1.38 % 2.30 % N/A N/A Expected long-term return on plan assets 2.06 % 2.20 % N/A N/A Rate of compensation increase 2.52 % 2.79 % N/A N/A The long-term rates of return on assets were selected from within the reasonable returns for the asset classes covered by the investment policy and (b) projections benefits are payable to plan participants. Assumed health care cost trend rates as of December 2021 2020 Health care cost trend rate for next year 5.65 % 5.70 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.00 % 4.50 % Year 2046 2037 Plan Assets and Fair Value The Company’s pension plan by asset category were as follows: Asset Category Target 2021 2020 U.S. Plans Equity securities 44 % 46 % 58 % Debt securities 50 % 48 % 36 % Other 6 % 6 % 6 % Total 100 % 100 % 100 % Foreign Plans Equity securities 39 % 36 % 33 % Debt securities 50 % 43 % 45 % Other 11 % 21 % 22 % Total 100 % 100 % 100 % As of December 31, 2021 and 2020, “Other” consisted principally of cash funds. The following is a description of the valuation methodologies used for general classification of such instruments pursuant to the valuation Cash and Cash and Commingled Funds Investments including and these investments are valued using investments As of December 31, 2021, the foreign pension plan commingled funds 35 equity securities, 51 14 real estate. Pooled Separate Investments unit value based on As of December 31, 2021, the U.S. pension plan pooled separate accounts included approximately 49 percent of investments in equity securities and 51 percent of investments in fixed income securities. Fixed Income Investments in foreign pension plans fixed income government securities were which are based on a combination of quoted market prices on an exchange models and Insurance Investments in the foreign pension plan insurance contract are valued at end, either the reported cash surrender value of the contract or the vested benefit the vested benefit obligation are determined based on unobservable inputs, which regarding returns, fees, the present value of the future cash flows of the contract as a Level 3 investment. Diversified Investments quoted redemption or in an in an active Fixed Income Investments quoted redemption or in an in an active Diversified Investment Fund - Registered Investment Investments redemption and this December 62 20 of investments 18 Other – Alternative Investments Investments These investments the present investments. Real Estate The U.S. and foreign pension plans’ underlying investments consist of real property which are valued using unobservable as a Level 3 investment. As of December 31, 2021 and 2020, the U.S. and foreign plans’ investments follows: Fair Value Total Using Fair Value U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Pooled separate accounts $ 72,721 $ - $ 72,721 $ - Real estate 4,959 - - 4,959 Subtotal U.S. pension plan assets in fair value hierarchy $ 77,680 $ - $ 72,721 $ 4,959 Total U.S. pension $ 77,680 Foreign Pension Assets Cash and cash equivalents $ 1,989 $ 1,989 $ - $ - Insurance contract 99,527 - - 99,527 Diversified equity securities - registered investment companies 10,999 - 10,999 - Fixed income – foreign registered investment companies 3,593 - 3,593 - Fixed income government securities 35,339 - 35,339 - Real estate 6,588 - - 6,588 Other - alternative investments 6,979 - - 6,979 Sub-total of foreign pension assets in fair value hierarchy $ 165,014 $ 1,989 $ 49,931 $ 113,094 Commingled funds measured at NAV 2,300 Diversified investment fund - companies measured at NAV 49,572 Total foreign pension $ 216,886 Total pension $ 242,694 $ 1,989 $ 122,652 $ 118,053 Total pension 51,872 Total pension $ 294,566 Fair Value Total Using Fair Value U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Pooled separate accounts $ 69,385 $ - $ 69,385 $ - Real estate 4,096 - - 4,096 Subtotal U.S. pension plan assets in fair value hierarchy $ 73,481 $ - $ 69,385 $ 4,096 Total U.S. pension $ 73,481 Foreign Pension Assets Cash and cash equivalents $ 634 $ 634 $ - $ - Insurance contract 112,920 - - 112,920 Diversified equity securities - registered investment companies 8,851 - 8,851 - Fixed income – foreign registered investment companies 3,711 - 3,711 - Fixed income government securities 37,579 - 37,579 - Real estate 5,679 - - 5,679 Other - alternative investments 10,638 - - 10,638 Sub-total of foreign pension assets in fair value hierarchy $ 180,012 $ 634 $ 50,141 $ 129,237 Commingled funds measured at NAV 2,368 Diversified investment fund - companies measured at NAV 46,409 Total foreign pension $ 228,789 Total pension $ 253,493 $ 634 $ 119,526 $ 133,333 Total pension 48,777 Total pension $ 302,270 Certain investments that are measured at fair value using the NAV value hierarchy. of the fair value hierarchies to the line items presented in the statements of net assets available Changes in the fair value of the plans’ Level 3 investments during the years Insurance Alternative Contract Real Estate Investments Total Balance as of December 31, 2019 $ 92,657 $ 9,581 $ 9,436 $ 111,674 Purchases 3,902 18 989 4,909 Settlements (2,027) - - (2,027) Unrealized gains (losses) 8,917 (16) (171) 8,730 Currency translation adjustment 9,471 192 384 10,047 Balance as of December 31, 2020 112,920 9,775 10,638 133,333 Purchases 1,722 (78) (334) 1,310 Settlements (1,812) - - (1,812) Unrealized (losses) gains (5,031) 1,926 (3,282) (6,387) Currency translation adjustment (8,272) (76) (43) (8,391) Balance as of December $ 99,527 $ 11,547 $ 6,979 $ 118,053 In the fourth quarter of 2018, the Company began the process of terminating plan (“Legacy Quaker U.S. Pension Plan”). determination letter from the I.R.S. and completed the Legacy Quaker In order to terminate the Legacy Quaker U.S. Pension Plan in accordance requirements, the Company was required to fully fund the Legacy Quaker necessary to do so was approximately $ 1.8 finalized the amount of the liability and related annuity payments and 1.6 addition, the Company recorded a non-cash pension settlement charge 22.7 settlement charge included the immediate recognition sheet as of the plan termination date. In connection with the Combination, the Company indirectly acquired all of included in the tables set forth above. employees in the U.K., France and Germany. compensation received for the highest five consecutive years of years and service and a percentage of compensation which varies among The Company contributes to a multiemployer defined benefit pension (the Cleveland Bakers and Teamsters collective bargaining contract is May 1, 2022 . total plan liabilities were approximately $ 587 of approximately $ 387 bargaining union contract and contributions are made 0.2 million during the year ended December 31, 2021. Employer Pension Plan Amendments Act of 1980, imposes certain contingent multiemployer pension plan if the employer withdraws from the plan While the Company may also have additional liabilities imposed by benefit pension plan, there is no The Pension Protection Act of 2006 (the “PPA”) years beginning after 2007 for multiemployer plans with certain classifications based example, the plan’s funded deficiency). measures to improve their funded status through a funding improvement contributions from employers (which may take the form of a surcharge benefits. estimated as such amounts will be likely based on future levels of work by the plan, and the amount of that future work and the number of affected Cash Flows Contributions The Company expects to make minimum cash contributions of approximately$ 10.6 $ 6.6 4.0 0.2 Estimated Future Benefit Payments Excluding any impact related to the PPA appropriate, are expected to be paid: Other Post- Pension Benefits Retirement Foreign U.S. Total Benefits 2022 $ 6,678 $ 6,627 $ 13,305 $ 220 2023 6,661 6,043 12,704 209 2024 6,475 6,205 12,680 187 2025 6,984 6,199 13,183 174 2026 7,702 6,213 13,915 157 2027 to 2031 42,577 30,169 72,746 625 The Company maintains a plan under which supplemental retirement benefits under the plan are based on a combination of years of service and existing charges of $ 3.0 2.5 1.8 representing the annual accrued benefits under this plan. Defined Contribution Plan The Company has a 401(k) plan with an employer match covering Company previously paid a nonelective contribution on behalf of participants the eligible participants’ compensation in the form of Company common elective and elective 401(k) matching contributions in cash, rather than stock. 2021, stock rather than cash. 4.8 $ 5.7 4.0 |
Other Non-Current Liabilities |
12 Months Ended |
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Dec. 31, 2021 | |
Other Non-Current Liabilities [Abstract] | |
Other non-current liabilities [TextBlock] | Note 22 – Other Non-Current Liabilities Other non-current liabilities as of December 31, 2021 and 2020 were 2021 2020 Uncertain tax positions (includes interest and penalties) $ 28,665 $ 28,961 Non-current income taxes payable 8,500 8,500 Deferred and other long-term compensation 6,388 6,257 Environmental reserves 4,424 4,610 Inactive subsidiary litigation and settlement reserve 410 542 Fair value of interest rate swaps - 4,672 Other 1,228 1,627 Total other non $ 49,615 $ 55,169 The Fair value of interest rate swaps as of December 31, 2021 has been reclassified to the expiration of the swap contract in November 2022. |
Equity and Accumulated Other Comprehensive Loss |
12 Months Ended |
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Dec. 31, 2021 | |
Equity and Accumulated Other Comprehensive Loss [Abstract] | |
Equity and Accumulated Other Comprehensive Loss [Text Block] | Note 23 – Equity and Accumulated Other Comprehensive Loss The Company has 30,000,000 1 , and 17,897,033 17,850,616 issued and outstanding as of December 31, 2021 and 2020, respectively. was primarily related to 29,415 17,002 options and other share activity. The Company is authorized to issue 10,000,000 1 The Board may designate one or more series of preferred stock and series. no The Company has a share repurchase program that was approved by its Board 100.0 of Quaker Chemical Corporation common stock. no t repurchased any shares under the program for the years ended December 31, 2021, 2020 and 2019. 86.9 be purchased under this share repurchase program. The following table shows the reclassifications from and resulting balances 2020 and 2019: Defined Unrealized Gain (Loss) in Currency Benefit Translation Pension Available-for- Derivative Adjustments Plans Sale Securities Instruments Total Balance as of December 31, 2018 $ (49,322) $ (30,551) $ (842) $ - $ (80,715) Other comprehensive income (loss) before 4,754 (8,088) 2,951 (415) (798) Amounts reclassified from AOCI - 3,169 (301) - 2,868 Related tax amounts - 937 (557) 95 475 Balance as of December 31, 2019 (44,568) (34,533) 1,251 (320) (78,170) Other comprehensive income (loss) before 41,693 (6,617) 2,848 (4,257) 33,667 Amounts reclassified from AOCI - 24,141 (202) - 23,939 Related tax amounts - (6,458) (555) 979 (6,034) Balance as of December 31, 2020 (2,875) (23,467) 3,342 (3,598) (26,598) Other comprehensive (loss) income before (46,968) 11,948 (531) 2,890 (32,661) Amounts reclassified from AOCI - 1,459 (3,197) - (1,738) Related tax amounts - (3,112) 783 (664) (2,993) Balance as of December 31, 2021 $ (49,843) $ (13,172) $ 397 $ (1,372) $ (63,990) All reclassifications related to unrealized gain (loss) in available-for-sale securities relate captive insurance company and are recorded in equity in net income comprehensive income for non-controlling interest are related to |
Fair Value Measurements |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Fair Value Measures [Abstract] | |
Fair Value Measures [Text Block] | Note 24 – Fair Value The Company has valued its company-owned life insurance policies at fair value. measurement as follows: Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 2,533 $ - $ 2,533 $ - Total $ 2,533 $ - $ 2,533 $ - 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 on quotes terms. not been included. |
Hedging Activities |
12 Months Ended |
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Dec. 31, 2021 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Derivative Instruments And Hedging Activities Disclosure [Text Block] | Note 25 – Hedging Activities In order to satisfy certain requirements of the Credit Facility as well as to manage the rate risk associated with the Credit Facility, 170.0 year interest rate swaps. flow hedges and, as such, the contracts are marked-to-market at each reporting AOCI to the extent effective and reclassified to interest becomes probable that the forecasted transaction will not occur. The balance sheet classification and fair values of the Company’s follows: Fair Value Consolidated Balance Sheet December 31, Location 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps Other accrued liabilities $ 1,782 $ - Other non-current liabilities - 4,672 $ 1,782 $ 4,672 The following table presents the net unrealized loss deferred to AOCI: December 31, 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps AOCI $ 1,372 $ 3,598 $ 1,372 $ 3,598 The following table presents the net loss reclassified from AOCI to earnings: For the Years December 31, 2021 2020 2019 Amount and location of (expense) income reclassified from AOCI into (expense) income (Effective Portion) Interest expense, net $ (2,649) $ (1,754) $ 29 Interest rate swaps are entered into with a limited number of counterparties, contracts through a single payment in a single currency in the event of a default on accordance with the Company’s accounting Balance Sheets. |
Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Text Block] | Note 26 – Commitments and Contingencies In 1992, the Company identified certain soil and groundwater contamination subsidiary. contamination, the principal contaminant of which is perchloroethylene (“OCWD”) filed a civil complaint against ACP and other parties seeking investigation and remediation of the contamination in the groundwater. among other things, to operate the two groundwater treatment systems to hydraulically from ACP’s site until the concentrations four consecutive quarterly sampling events. met the above condition for closure. additional indoor and outdoor soil vapor testing on and near the ACP site to confirm standards and ACP performed such testing program believes it is close to meeting the conditions for closure of the remaining groundwater system while in discussions with the relevant authorities. As of December 31, 2021, the Company believes that the range of potential water remediation program is approximately $ 0.1 1.0 of operation of the treatment system as determined by groundwater modeling. maintenance of the extraction well, groundwater monitoring and An inactive subsidiary of the Company that was acquired in 1978 installed basis, and is among the defendants in numerous lawsuits alleging injury discontinued operations in 1991 and has no remaining assets other than overwhelming majority of these claims have been disposed of without subsidiary. that the subsidiary’s total liability over 0.4 Although the Company has also been named as a defendant in certain of these Company, and the These cases were originally handled by the subsidiary’s costs and be responsible for all damages assessed against the subsidiary arising aggregate limits of their policies. insolvent, and the other primary insurers asserted that the aggregate limits challenged the applicability of these limits to the claims being brought entered into separate settlement and release agreements with the subsidiary 15.0 20.0 respectively. In 2007, the subsidiary and the remaining primary insurance carrier which the carrier is paying 27 % of defense and indemnity costs incurred by or on behalf of the subsidiary bodily injury claims. two years prior written notice. At the end of the term of the agreement, the subsidiary application of the policy limits. carrier are resolved adversely to the subsidiary and coverage from a state guarantee fund established following the insolvency liabilities in respect of claims may exceed If the subsidiary’s assets and insurance against the Company because of the parent-subsidiary relationship. or that the Company would be held to have liability for any unsatisfied obligations evaluating the nature of the claims filed against the subsidiary the potential availability of additional insurance coverage at the subsidiary insurance and the Company’s strong the parent-subsidiary relationship, the Company believes it is not probable been successful to date having claims naming it dismissed during litigation for some time, it is not possible to estimate additional losses or range of The Company is party to environmental matters related to certain domestic primarily require the Company to perform long-term monitoring During the year ended December 31, 2021, there have been no significant from ongoing monitoring and maintenance activities and routine payments continually evaluates its obligations related to such matters, and over the next 27 years, has estimated the present value range of costs for be between approximately $ 5.0 6.0 5.6 accrued liabilities and other non-current liabilities on the Company’s Comparatively, 6.0 The Company’s Sao Paulo, environmental assessment as part of a permit renewal process. select areas of the site. based on the result of the investigations. complete additional investigations to further delineate the site based on review Companhia Ambiental do Estado de São Paulo (“CETESB”). Technical Opinion to CETESB in 2018 based on CETESB requirements. conduct periodic monitoring for methane in soil vapors, source zone assessment, update the human health risk assessment, develop a current and provide a revised intervention plan. conceptual model and results of the remedial feasibility study and recommended Other environmental matters include participation in certain payments consent orders related to certain hazardous waste cleanup activities under designated a potentially responsible party (“PRP”) by the Environmental site, and has other obligations to perform cleanup activities at certain primarily require the Company to perform long-term monitoring The Company believes, although there can be no assurance regarding the it has made adequate accruals for costs associated with other environmental 0.4 million and $ 0.1 environmental assessments and remediation costs. During the fourth quarter of 2020, one of the Company’s country where certain of its subsidiaries operate which related to a non-income the subsidiary sells. inspection was closed, with no tax assessment issued. reversed its previously recorded $ 1.8 1.1 indemnification receivable, as the asserted tax liability in part related periods prior to the Combination, for which the Company would have rights to indemnification Based on all available information as of the date of this report, the Company matter to be asserted by the taxing authority. During 2021, one of the Company’s regard to certain non-income (indirect) taxes that had been previously rights to exclude the state tax on goods circulation VAT equivalent, known in Brazil as “ICMS”) from the calculation of certain additional indirect taxes (specifically the program of of social security (“COFINS”)) levied by the Brazilian States on the sale of goods. concluded that ICMS should not be included in the tax base of PIS and PIS and COFINS tax credit claims to which taxpayers are entitled. administrative disputes on this matter and are entitled to receive tax credits and their legal claims. credits of 67.0 13.3 8.4 credits as well as interest on these tax credits of $ 4.9 Company’s Consolidated once registered with the Brazilian tax authorities. credits can be used to offset future Brazilian federal taxes and during the five year period of time permitted. to which companies are entitled for matters such as this claim should not be income tax expense associated with the tax credits recorded. In connection with obtaining regulatory approvals for the Combination, Houghton were divested in August 2019. indemnification claim for certain alleged breaches of representation made had been divested. through March 31, 2022 so that both parties can evaluate the other’s Company is evaluating the merits of the alleged losses in the indemnification Company does not believe it is reasonably possible to determine or quantify During the third quarter of 2021, two of the Company’s respectively. Company’s global headquarters Also, one of the Company’s North fire that resulted in damage and the temporary shutdown of production, restoration. associated with these events and at this time the Company has concluded, based insurance adjuster and insurance carrier, property insurance coverage, net of an aggregate deductible of $ 2.0 $ 2.1 incurred) of $ 0.7 of the electrical fire on the production facility’s as of the date of this Report, the Company cannot reasonably estimate any probable recoverable, therefore the Company has not recorded a gain contingency December 31, 2021. The Company is party to other litigation which management currently Company’s results of operations, purchase obligations. |
Significant Accounting Policies (Policies) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Basis of Presentation and Description of Business [Abstract] | |
Principles of consolidation [Policy Text Block] | All majority-owned subsidiaries are included in the Company’s with appropriate elimination of intercompany balances and transactions. Investments in associated companies (less than majority- owned and in which the Company has significant influence) are accounted income or losses in these investments in associated companies is included in periodically reviews these investments for impairments and, if necessary, decline in market value or other impairment indicators are deemed to be other |
Translation of foreign currency [Policy Text Block] | Assets and liabilities of non-U.S. subsidiaries and associated companies are translated into U.S. dollars at the respective rates of exchange prevailing at the end of the year. average exchange rates prevailing during the year. as accumulated other comprehensive (loss) income (“AOCI”) and of the underlying entity or asset. currency. |
Cash and Cash Equivalents [Policy Text Block] | The Company invests temporary and excess funds in money market securities and financial instruments having maturities within 90 days. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. |
Accounts receivable and allowance for doubtful accounts [Policy Text Block] | Trade accounts receivable subject the Company to credit risk. Trade accounts receivable are recorded at the accounts is the Company’s best estimate of adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on a modified retrospective basis, effective January 1, 2020. The Company recognizes an allowance for credit losses, which represents expect to collect over its contractual life, considering past events and reasonable conditions. circumstances for each outstanding receivable and customer, the Company estimates for certain past due aging categories, and also, historical amounts determined to be uncollectible. customers. |
Inventories [Policy Text Block] | Inventories are valued at the lower of cost or net realizable value, |
Right of use lease assets and lease liabilities [Policy Text Block] | The Company determines if an arrangement is a lease at its inception. determination generally depends on whether the arrangement conveys or implicitly for a period of time in exchange for consideration. the rights to direct the use of, and obtains substantially all of the economic benefits from expense for variable leases and short-term leases is recognized when The lease term for all of the Company’s covered by an option to extend the lease that the Company is reasonably certain of use lease assets, other accrued liabilities and long-term lease liabilities on the Consolidated and liabilities are recognized at each lease’s lease term. The Company uses the stated borrowing rate for a lease when readily determinable. in a lease agreement, the Company uses its incremental borrowing rate date to determine the present value of its lease payments. its leases, the Company considers certain information including fully subsidiaries. portion of long-term debt and long-term debt on the Consolidated Balance |
Long-lived assets [Policy Text Block] | PP&E is stated at gross cost, less accumulated depreciation. line method on an individual asset basis over the following estimated useful lives: buildings 10 45 machinery and equipment, 1 15 current events indicate the carrying amount of such assets may not be by the asset, or the appropriate group of assets, is compared with the carrying value to necessary, the Company estimated fair value. assets, the applicable amounts of asset cost and accumulated depreciation proceeds from disposals, is recorded in the Consolidated Statements of Income. increase the estimated useful life or capacity of the assets are capitalized, whereas expensed when incurred. |
Capitalized software [Policy Text Block] | The Company capitalizes certain costs in connection with developing or obtaining use, depending on the associated project. 3 5 intended use. |
Goodwill and other intangible assets [Policy Text Block] | The Company records goodwill, definite-lived intangible intangible assets at fair value at the date of acquisition. impairment at least annually. Definite-lived intangible assets are amortized on a straight-line basis over their estimated from 3 24 discussion of long-lived assets, above. |
Revenue recognition [Policy Text Block] | The Company applies the Financial Accounting Standards Board’s recognition which requires the Company to recognize revenue in an amount expects to be entitled in exchange for goods or services transferred model in the FASB’s obligations in the contract; (iii) determine the transaction price; (iv) allocate contract; and (v) recognize revenue when, or as, the Company satisfies a performance The Company identifies a contract with a customer when a sales agreement indicates identifies the rights of the parties; identifies the payment terms; has commercial collect the consideration to which it will be entitled in exchange for the goods The Company identifies a performance obligation in a contract for each promised from other obligations in the contract and for which the customer can benefit with other resources that are readily available to the customer. consideration it expects to be entitled to in exchange for fulfilling the performance consideration, significant financing elements, amounts payable to the customer more than one performance obligation, the Company allocates the transaction depicts the amount of consideration to which the Company expects to be entitled obligation. In accordance with the last step of the FASB’s performance obligation in a contract by transferring control of a promised Company typically satisfies its performance obligations and recognizes products are shipped or delivered to the customer, Company’s products are on Fluidcare TM and recognizes revenue over time, as the promised services are performed. over time related to these services, including labor costs and time incurred. the most indicative measure of the Fluidcare TM The Company does not have standard payment terms for all customers, customers to pay for products or services provided after the performance significant financing arrangements with its customers. for the effects of a significant financing component as the Company Company transfers a promised good or service to the customer and when the less. In addition, the Company expenses costs to obtain a contract as incurred amortization period, is one year or less. assessed by a governmental authority that are both imposed on and concurrent collected by the entity from a customer, elected to account for shipping and handling activities that occur after the rather than an additional promised service. with customers and where applicable, the Company’s The Company records certain third-party license fees in other income which generally include sales-based royalties in exchange for the license of accordance with their agreed-upon terms and when performance obligations are subsequent sale. The Company recognizes a contract asset or receivable on its Consolidated Balance Sheet or transfers a good in advance of receiving consideration. and only the passage of time is required before payment of that consideration consideration in exchange for goods or services that the Company has transferred A contract liability is recognized when the Company receives consideration, consideration, in advance of performance. for which the Company has received consideration, or a specified amount See Note 5 of Notes to Consolidated Financial Statements. Research and development costs: Research and development costs are expensed as incurred and are included and administrative expenses (“SG&A”). 44.9 40.0 32.1 the years ended December 31, 2021, 2020 and 2019, respectively. Environmental liabilities and expenditures: Accruals for environmental matters are recorded when it is probable has been incurred and the amount of the liability can be reasonably estimated. in that range is considered more probable than another, generally accepted accounting principles in the United States (“U.S. GAAP”). capitalized if the costs extend the life, increase the capacity or improve constructed, and/or mitigate or prevent contamination in the future. Asset retirement obligations: The Company follows the FASB’s addresses the accounting and reporting for obligations associated with the retirement costs. relates to legal obligations to perform an asset retirement activity in which a future event that may or may not be within the control of the entity. liability when there is enough information regarding the timing of the CARO to perform analysis. recorded for such on its Consolidated Balance Sheets. Pension and other postretirement benefits: The Company maintains various noncontributory retirement plans, portion of its employees in the U.S. and certain other countries, including Sweden, Germany and France. accounting for defined benefit pension plans. insured or integrated with the local governments’ plans and are not subject |
Research and Development Expense, Policy [Policy Text Block] | Research and development costs are expensed as incurred and are included and administrative expenses (“SG&A”). |
Environmental liabilities and expenditures [Policy Text Block] | Accruals for environmental matters are recorded when it is probable has been incurred and the amount of the liability can be reasonably estimated. in that range is considered more probable than another, generally accepted accounting principles in the United States (“U.S. GAAP”). capitalized if the costs extend the life, increase the capacity or improve constructed, and/or mitigate or prevent contamination in the future. |
Asset Retirement Obligations, Policy [Policy Text Block] | The Company follows the FASB’s addresses the accounting and reporting for obligations associated with the retirement costs. relates to legal obligations to perform an asset retirement activity in which a future event that may or may not be within the control of the entity. liability when there is enough information regarding the timing of the CARO to perform analysis. recorded for such on its Consolidated Balance Sheets. |
Pension and other postretirement benefits [Policy Text Block] | The Company maintains various noncontributory retirement plans, portion of its employees in the U.S. and certain other countries, including Sweden, Germany and France. accounting for defined benefit pension plans. insured or integrated with the local governments’ plans and are not subject that employers recognize on a prospective basis the funded status of their their consolidated balance sheet and, also, recognize as a component of AOCI, credits that arise during the period but are not recognized as components of requires that an employer recognize a settlement charge in including plan termination or the settlement of certain plan liabilities. expense of a portion of the unrecognized loss within AOCI on the balance sheet in obligation that was settled. The Company’s global pension with meeting the future benefit obligations of the pension plans and maintaining including the Employee Retirement Income Security Act of 1974. targets and benchmarks for significant asset classes with the aim of Company’s investment horizon perspective of capital markets, expected risk and return and perceived future plan liabilities. intermediate portfolio duration is matched to reduce the risk of volatility in portfolio is managed to maximize the long-term real growth of plan assessment of risk and targeting the optimal expected returns for guidelines prohibit the use of securities such as letter stock and other unregistered short sales, margin transactions, private placements for the purpose of portfolio leveraging. The target asset allocation is reviewed periodically and is determined inflation rates, fixed income yields, returns, volatilities and correlation obligations is periodically studied to assist in establishing such strategic asset allocation an overall expectation that plan assets will meet or exceed benchmark performance pension committee, as authorized by the Company’s established asset allocation ranges approved by senior management Statements. Comprehensive income (loss): The Company presents other comprehensive income (loss) in its Statements of Comprehensive Income. disclosure of significant amounts reclassified from each component of items affected by such reclassifications. Income taxes and uncertain tax positions: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. reported amounts of assets and liabilities are recovered or paid. payable for the current year and the change in deferred taxes during the year. financial and tax bases of the Company’s enacted. realized. measurement attributes for financial statement recognition and measurement return. sustained upon audit based upon the technical merits of the tax position. not sustained upon audit, a company recognizes the largest amount 50 % likely of being realized upon ultimate settlement in the financial statements. audit, a company does not recognize any portion of the benefit in the financial statements. adjusts for derecognition, classification, and penalties and interest in interim thereto. statutory rate of interest to the difference between the taken or expected to be taken in a tax return. income tax expense. related to net operating losses or other tax credit carryforwards that would apply presumed amount at the balance sheet date. |
Comprehensive income (loss) [Policy Text Block] | The Company presents other comprehensive income (loss) in its Statements of Comprehensive Income. disclosure of significant amounts reclassified from each component of items affected by such reclassifications. |
Income taxes and uncertain tax positions [Policy Text Block] | The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. reported amounts of assets and liabilities are recovered or paid. payable for the current year and the change in deferred taxes during the year. financial and tax bases of the Company’s enacted. realized. measurement attributes for financial statement recognition and measurement return. sustained upon audit based upon the technical merits of the tax position. not sustained upon audit, a company recognizes the largest amount 50 % likely of being realized upon ultimate settlement in the financial statements. audit, a company does not recognize any portion of the benefit in the financial statements. adjusts for derecognition, classification, and penalties and interest in interim thereto. statutory rate of interest to the difference between the taken or expected to be taken in a tax return. income tax expense. related to net operating losses or other tax credit carryforwards that would apply presumed amount at the balance sheet date. |
Derivatives [Policy Text Block] | The Company is exposed to the impact of changes in interest rates, foreign currency fluctuations, commodity prices and credit risk. exposure to variability in interest payments associated with its variable rate debt. consistent with the related underlying exposures and do not constitute positions 2021 and 2020, the Company had certain interest rate swap agreements are entered into with a limited number of counterparties, each of which allows for net payment in a single currency in the event of a default on or termination of any one on a net basis within the Consolidated Balance Sheets. in AOCI and will be recognized in the Consolidated Statements of Income when the becomes probable that the forecasted transaction will not occur. |
Fair value measurements [Policy Text Block] | The Company utilizes the FASB’s common definition for fair value to be applied to guidance requiring use value and expands disclosure about such fair value measurements. prioritizes the inputs to valuation techniques used to measure fair value • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical • Level 2: Inputs other than quoted prices that are observable for the asset or liability, include quoted prices for similar assets or liabilities in active markets and quoted liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions. |
Share-based compensation [Policy Text Block] | The Company applies the FASB’s recognition of the fair value of share-based compensation as a component program (“LTIP”) value on the date of the grant. three years determined by the Company, seven years issued under the LTIP one three year Company’s Annual Incentive Plan, two five year period. In addition, while the FASB’s they occur for service condition aspects of certain share-based awards, the and instead has elected to continue utilizing a forfeiture rate assumption. forfeiture rate of 13 % on certain of its nonvested stock awards. rate is lower than estimated and will record a recovery of prior expense if the The Company also issues performance-dependent stock awards as a component dependent stock awards is based on their grant-date market value adjusted performance goals and is calculated by utilizing a Monte Carlo simulation line basis over the vesting period, generally three years . |
Earnings Per Share [Policy Text Block] | The Company follows the FASB’s stock awards with rights to non-forfeitable dividends. dividends to be included as part of the basic weighted average share calculation |
Segments [Policy Text Block] | The Company’s operating Company’s internal organization, operating decision maker assesses the Company’s |
Hyper-inflationary accounting [Policy Text Block] | Economies that have a cumulative three year rate of inflation exceeding 100 % are considered hyper-inflationary in accordance with U.S. GAAP. required to remeasure its monetary assets and liabilities to the applicable published losses resulting from the remeasurement directly to the Consolidated Statements of |
Business Combinations [Policy Text Block] | The Company accounts for business combinations under the acquisition method method requires the recording of acquired assets, including separately respective acquisition date estimated fair values. assets acquired is recorded as goodwill. requires significant estimates and assumptions. which may be up to one year from the acquisition date, the Company may record acquired and liabilities assumed. |
Restructuring activities [Policy Text Block] | Restructuring programs consist of employee severance, rationalization of facilities and other related items. cost obligations. liability is incurred, is estimable, and payment is probable. |
Reclassification [Policy Text Block] | Certain information has been reclassified to conform to the current year presentation. |
Accounting estimates [Policy Text Block] | The preparation of financial statements in conformity with generally accepted requires management to make estimates and assumptions that affect contingencies at the date of the financial statements and the reported amounts Actual results could differ from such estimates. |
Consolidation, Variable Interest Entity [Policy Text Block] | The Company is not the primary beneficiary of any variable interest entities (“VIEs”) Company’s consolidated |
Equity Method Investments [Policy Text Block] | Investments in associated companies (less than majority- owned and in which the Company has significant influence) are accounted income or losses in these investments in associated companies is included in periodically reviews these investments for impairments and, if necessary, decline in market value or other impairment indicators are deemed to be other |
Business Combination (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Houghton [Member] | |
Business Acquisition [Line Items] | |
Schedule of unaudited Pro Forma [Text Block] | For the year ending Unaudited Pro Forma (as if the Combination occurred on January 1, 2019 Net sales $ 1,562,427 Net income attributable to Quaker Chemical Corporation 94,537 |
Coral Chemical Company [Member] | |
Business Acquisition [Line Items] | |
Schedule of estimated fair values of net assets acquired [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 equipment 10,467 652 11,119 Intangible assets 30,300 (500) 29,800 Goodwill 2,814 804 3,618 Total assets purchased 57,720 956 58,676 Long-term debt including current portions and finance leases 183 556 739 Accounts payable, accrued expenses and other accrued liabilities 3,482 - 3,482 Total liabilities assumed 3,665 556 4,221 Total consideration 54,055 400 54,455 Less: estimated purchase price settlement - 400 400 Less: cash acquired 958 - 958 Net cash paid for Coral $ 53,097 $ - $ 53,097 (1) |
Business Segments (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Segment Disclosures [Abstract] | |
Schedule of information about the performance of the Company's reportable segments, sales and total assets [Table Text Block] | 2021 2020 2019 Net sales Americas $ 572,643 $ 450,161 $ 392,121 EMEA 480,126 383,187 285,570 Asia/Pacific 388,160 315,299 247,839 Global Specialty Businesses 320,229 269,030 207,973 Total $ 1,761,158 $ 1,417,677 $ 1,133,503 2021 2020 2019 Segment assets Americas $ 983,521 $ 969,551 $ 926,122 EMEA 714,659 697,821 688,663 Asia/Pacific 750,970 713,004 685,476 Global Specialty Businesses 506,610 511,458 550,055 Total segment assets $ 2,955,760 $ 2,891,834 $ 2,850,316 |
Schedule of information about the performance of the Company's reportable segments, operating earnings [Table Text Block] | 2021 2020 2019 Segment operating earnings Americas $ 124,863 $ 96,379 $ 78,297 EMEA 85,209 69,163 47,014 Asia/Pacific 96,318 88,356 67,512 Global Specialty Businesses 90,632 79,690 58,881 Total 397,022 333,588 251,704 Combination, integration and other acquisition-related expenses (23,885) (29,790) (35,477) Restructuring and related charges (1,433) (5,541) (26,678) Fair value step up of acquired inventory sold (801) (226) (11,714) Indefinite-lived intangible asset impairment - (38,000) - Non-operating and administrative expenses (157,864) (143,202) (104,572) Depreciation of corporate assets and amortization (62,573) (57,469) (27,129) Operating income 150,466 59,360 46,134 Other income (expense), net 18,851 (5,618) (254) Interest expense, net (22,326) (26,603) (16,976) Income before taxes and equity in net income of associated companies $ 146,991 $ 27,139 $ 28,904 |
Schedule of reportable segments' long-lived assets, including certain identifiable assets [Table Text Block] | 2021 2020 2019 Segment long-lived assets Americas $ 129,321 $ 122,302 $ 139,170 EMEA 69,990 69,344 56,108 Asia/Pacific 123,130 119,233 126,166 Global Specialty Businesses 37,951 59,091 69,184 Total segment long-lived $ 360,392 $ 369,970 $ 390,628 |
Reconciliation of capital expenditures and depreciation for identifiable assets [Table Text Block] | 2021 2020 2019 Capital expenditures Americas $ 9,678 $ 6,451 $ 6,404 EMEA 6,767 3,844 3,263 Asia/Pacific 2,264 5,688 3,857 Global Specialty Businesses 2,748 1,918 2,021 Total segment capital $ 21,457 $ 17,901 $ 15,545 2021 2020 2019 Depreciation Americas $ 12,074 $ 12,322 $ 7,500 EMEA 6,936 6,813 4,560 Asia/Pacific 4,596 4,672 3,458 Global Specialty Businesses 3,043 3,544 2,248 Total segment depreciation $ 26,649 $ 27,351 $ 17,766 |
Net Sales and Revenue Recognition (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation Of Revenue [Table Text Block] | 2021 2020 2019 Metal removal fluids 23.4 % 23.9 % 19.9 % Rolling lubricants 22.2 % 21.8 % 21.9 % Hydraulic fluids 13.6 % 13.3 % 13.0 % Net sales for the year ending December 31, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 210,340 $ 141,950 $ 207,160 $ 559,450 Metalworking and other 362,303 338,176 181,000 881,479 572,643 480,126 388,160 1,440,929 Global Specialty Businesses 186,859 80,541 52,829 320,229 $ 759,502 $ 560,667 $ 440,989 $ 1,761,158 Timing of Revenue Recognized Product sales at a point in time $ 724,357 $ 527,083 $ 429,130 $ 1,680,570 Services transferred over time 35,145 33,584 11,859 80,588 $ 759,502 $ 560,667 $ 440,989 $ 1,761,158 Net sales for the year ending December 31, 2020 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 163,135 $ 107,880 $ 168,096 $ 439,111 Metalworking and other 287,026 275,307 147,203 709,536 450,161 383,187 315,299 1,148,647 Global Specialty Businesses 154,796 68,164 46,070 269,030 $ 604,957 $ 451,351 $ 361,369 $ 1,417,677 Timing of Revenue Recognized Product sales at a point in time $ 580,663 $ 434,549 $ 352,917 $ 1,368,129 Services transferred over time 24,294 16,802 8,452 49,548 $ 604,957 $ 451,351 $ 361,369 $ 1,417,677 Net sales for the year ending December 31, 2019 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 171,784 $ 100,605 $ 141,870 $ 414,259 Metalworking and other 220,337 184,965 105,969 511,271 392,121 285,570 247,839 925,530 Global Specialty Businesses 149,428 30,115 28,430 207,973 $ 541,549 $ 315,685 $ 276,269 $ 1,133,503 Timing of Revenue Recognized Product sales at a point in time $ 525,802 $ 310,274 $ 269,228 $ 1,105,304 Services transferred over time 15,747 5,411 7,041 28,199 $ 541,549 $ 315,685 $ 276,269 $ 1,133,503 |
Leases (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Maturities of operating lease liabilities [Table Text Block] | December 31, December 31, 2021 2020 Right of use lease assets $ 36,635 $ 38,507 Other accrued liabilities 9,976 10,901 Long-term lease liabilities 26,335 27,070 Total operating lease liabilities $ 36,311 $ 37,971 Weighted average 5.6 6.0 Weighted average 4.22% 4.20% |
Schedule of Company's future minimum rental commitments under operating leases [Table Text Block] | December 31, 2021 For the year ended December 31, 2022 $ 11,346 For the year ended December 31, 2023 9,041 For the year ended December 31, 2024 7,017 For the year ended December 31, 2025 5,292 For the year ended December 31, 2026 4,197 For the year ended December 31, 2027 and beyond 4,502 Total lease payments 41,395 Less: imputed interest (5,084) Present value of lease liabilities $ 36,311 |
Restructuring and Related Activities (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | QH Program Accrued restructuring as of December 31, 2019 $ 18,043 Restructuring and related charges 5,541 Cash payments (15,745) Currency translation adjustments 409 Accrued restructuring as of December 31, 2020 8,248 Restructuring and related charges 1,433 Cash payments (5,266) Currency translation adjustments (328) Accrued restructuring as of December 31, 2021 $ 4,087 |
Share-Based Compensation (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Share-based compensation [Abstract] | |
Schedule of share-based compensation expense in its Consolidated Statements of Income [Table Text Block] | 2021 2020 2019 Stock options $ 1,235 $ 1,491 $ 1,448 Non-vested stock awards and restricted stock units 5,438 5,012 3,206 Non-elective and elective 401(k) matching contribution in stock 1,553 3,112 - Employee stock purchase plan - - 84 Director stock ownership plan 901 541 123 Performance stock units 1,911 840 - Total share-based $ 11,038 $ 10,996 $ 4,861 |
Schedule of Stock option activity under all plans [Table Text Block] | Weighted Weighted Average Average Exercise Remaining Aggregate Number of Price Contractual Intrinsic Options (per option) Term Value Options outstanding as of January 1, 2021 110,336 $ 143.51 Options granted 25,250 245.17 Options exercised (22,540) 143.49 Options forfeited (3,362) 190.65 Options outstanding as of December 31, 2021 109,684 $ 165.47 4.8 $ 7,550 Options expected to vest after December 31, 2021 67,680 $ 178.10 5.4 $ 3,929 Options exercisable as of December 31, 2021 42,004 $ 145.12 3.9 $ 3,621 |
Schedule of summary of the Company's outstanding stock options [Table Text Block] | Weighted Average Weighted Weighted Number Remaining Average Number Average Range of of Options Contractual Exercise Price of Options Exercise Price Exercise Prices Outstanding Term (per option) Exercisable (per option) $ 49.01 - $ 80.00 711 - $ 72.12 711 $ 72.12 $ 80.01 - $ 100.00 1,309 - 87.30 1,309 87.30 $ 120.01 - $ 150.00 43,482 5.2 136.62 12,873 136.59 $ 150.01 - $ 180.00 40,593 3.7 154.23 27,111 153.88 $ 220.01 - $ 250.00 23,589 6.2 245.15 - - 109,684 4.8 165.47 42,004 145.12 |
Schedule of Black-Scholes option pricing model and the assumptions [Table Text Block] | For the purposes of determining the fair value of stock option awards, the Company Scholes option pricing model 2021 2020 2019 2018 Number of stock options granted 25,250 49,115 51,610 35,842 Dividend yield 0.85 % 0.99 % 1.12 % 1.37 % Expected volatility 37.33 % 31.57 % 26.29 % 24.73 % Risk-free interest rate 0.60 % 0.36 % 1.52 % 2.54 % Expected term (years) 4.0 4.0 4.0 4.0 The grant-date fair value of the PSUs was estimated using a Monte Carlo and using the following assumptions CEO Grant 2021 (1) 2021 2020 Fully vested shares 3,775 12,103 18,485 Risk-free interest rate 0.65 % 0.29 % 0.28 % Dividend yield 0.72 % 0.64 % 1.13 % Expected term (years) 3.0 3.0 3.0 (1) and granted an equity award consisting of a mix of time-based restricted |
Schedule of The compensation expense recorded on each award during the year [Table Text Block] | 2021 2020 2019 2021 Stock option awards $ 429 $ - $ - 2020 Stock option awards 516 385 - 2019 Stock option awards 234 698 665 2018 Stock option awards 56 357 364 2017 Stock option awards - 51 369 |
Schedule of activity of nonvested restricted stock awards granted under the Company's LTIP plan [Table Text Block] | Number of Weighted Average Shares Date Fair Value Nonvested awards, December 31, 2020 71,768 $ 151.17 Granted 23,536 242.29 Vested (23,638) 157.63 Forfeited (2,973) 172.15 Nonvested awards, December 31, 2021 68,693 $ 179.26 |
Schedule of activity of nonvested restricted stock units granted under the Company's LTIP plan [Table Text Block] | Number of Weighted Average Units Date Fair Value Nonvested awards, December 31, 2020 10,845 $ 147.70 Granted 2,791 245.49 Vested (2,570) 155.34 Forfeited (89) 141.77 Nonvested awards, December 31, 2021 10,977 $ 170.82 |
Other Income (Expense) (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of other expense, net [Table Text Block] | 2021 2020 2019 Income from third party license fees $ 1,367 $ 999 $ 1,035 Foreign exchange (losses) gains, net (3,821) (6,082) 223 Gain (loss) on disposals of property, 4,695 (871) 58 Non-income 15,155 3,345 1,118 Pension and postretirement benefit income (costs), non-service 759 (21,592) (2,805) Gain on changes in insurance settlement restrictions of an inactive - 18,144 60 Other non-operating income, net 696 439 57 Total other income $ 18,851 $ (5,618) $ (254) |
Taxes on Income (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Taxes on Income [Abstract] | |
Schecule of taxes on income before equity in net income of associated companies [Table Text Block] | 2021 2020 2019 Current: Federal $ 955 $ (1,359) $ (239) State 2,115 1,171 352 Foreign 44,375 33,173 26,213 47,445 32,985 26,326 Deferred: Federal (3,863) (28,437) (9,267) State (3,117) (3,087) (396) Foreign (5,526) (6,757) (14,579) Total $ 34,939 $ (5,296) $ 2,084 |
Schedule of components of earnings before income taxes [Table Text Block] | 2021 2020 2019 U.S. $ 7,263 $ (66,585) $ (46,697) Foreign 139,728 93,724 75,601 Total $ 146,991 $ 27,139 $ 28,904 |
Schedule of total deferred tax assets and liabilities [Table Text Block] | 2021 2020 Retirement benefits $ 11,860 $ 15,237 Allowance for doubtful accounts 2,155 2,316 Insurance and litigation reserves 675 842 Performance incentives 2,881 5,914 Equity-based compensation 1,920 1,282 Prepaid expense 460 756 Operating loss carryforward 18,544 16,693 Foreign tax credit and other credits 16,285 24,873 Interest 9,940 16,812 Restructuring reserves 631 1,121 Right of use lease assets 8,322 9,346 Inventory reserves 2,941 2,225 Research and development 8,832 7,974 Other 2,846 3,005 88,292 108,396 Valuation (17,400) (21,511) Total deferred tax $ 70,892 $ 86,885 Depreciation 11,580 15,473 Foreign pension and other 2,332 1,807 Intangibles 197,066 222,794 Lease liabilities 8,421 9,151 Outside basis in equity investment 5,999 7,938 Unremitted Earnings 8,381 5,919 Total deferred tax $ 233,779 $ 263,082 |
Schedule of changes in the Company's deferred tax asset valuation allowance [Table Text Block] | Effect of Balance at Purchase Additional Allowance Exchange Balance Beginning Accounting Valuation Utilization Rate at End of Period Adjustments Allowance and Other Changes of Period Valuation Year $ 21,511 $ - $ 29 $ (4,470) $ 330 $ 17,400 Year $ 13,834 $ 7,148 $ 2,738 $ (2,153) $ (56) $ 21,511 Year $ 7,520 $ 13,752 $ 832 $ (8,227) $ (43) $ 13,834 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 2019 Income tax provision at the Federal statutory tax rate $ 30,868 $ 5,699 $ 6,070 Unremitted earnings 1,841 (2,308) (4,383) Tax law changes 1,955 (1,059) (416) U.S. tax on foreign operations 10,479 5,140 574 Pension settlement - (2,247) - Foreign derived intangible income (8,698) (7,339) (1,699) Non-deductible acquisition expenses 129 131 1,743 Withholding taxes 6,584 7,809 8,621 Foreign tax credits (14,725) (4,699) (3,787) Share-based compensation 600 335 (540) Foreign tax rate differential 3,090 1,139 1,444 Research and development credit (1,685) (1,018) (830) Uncertain tax positions 519 1,990 899 State income tax provisions, net (1,446) (2,245) (117) Non-deductible meals and entertainment 426 290 318 Intercompany transfer of intangible assets 4,347 (4,384) (5,318) Miscellaneous items, net 655 (2,530) (495) Taxes on income before $ 34,939 $ (5,296) $ 2,084 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2021 2020 2019 Unrecognized tax benefits as of January 1 $ 22,152 $ 19,097 $ 7,050 Increase (decrease) in unrecognized tax benefits taken in prior periods 1,002 2,025 (28) Increase in unrecognized tax benefits taken in current period 2,915 3,095 1,935 Decrease in unrecognized tax benefits due to lapse of statute of limitations (2,631) (3,659) (1,029) Increase in unrecognized tax benefits due to acquisition - 597 11,301 (Decrease) increase due to foreign exchange rates (974) 997 (132) Unrecognized tax benefits as of December 31 $ 22,464 $ 22,152 $ 19,097 |
Schedule Of Deferred Tax Assets And Liabilities Balance Sheet Classification [Table Text Block] | 2021 2020 Non-current deferred tax assets $ 16,138 $ 16,566 Non-current deferred tax liabilities 179,025 192,763 Net deferred tax liability $ (162,887) $ (176,197) |
Earnings Per Share (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2021 2020 2019 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 121,369 $ 39,658 $ 31,622 Less: income allocated to participating securities (480) (148) (90) Net income available to common shareholders $ 120,889 $ 39,510 $ 31,532 Basic weighted average common shares outstanding 17,805,034 17,719,792 15,126,928 Basic earnings per common share $ 6.79 $ 2.23 $ 2.08 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 121,369 $ 39,658 $ 31,622 Less: income allocated to participating securities (479) (148) (90) Net income available to common shareholders $ 120,890 $ 39,510 $ 31,532 Basic weighted average common shares outstanding 17,805,034 17,719,792 15,126,928 Effect of dilutive securities 50,090 31,087 36,243 Diluted weighted average common shares outstanding 17,855,124 17,750,879 15,163,171 Diluted earnings per common share $ 6.77 $ 2.22 $ 2.08 |
Restricted Cash (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Restricted Cash [Abstract] | |
Schedule Of Cash And Cash Equivalents [Table Text Block] | 2021 2020 2019 2018 Cash and cash equivalents $ 165,176 $ 181,833 $ 123,524 $ 104,147 Restricted cash included in other current assets - 62 353 - Restricted cash included in other assets - - 19,678 20,278 Cash, cash equivalents and restricted cash $ 165,176 $ 181,895 $ 143,555 $ 124,425 |
Accounts Receivable and Allowance for Doubtful Accounts (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Accounts Receivable and Allowance for Doubtful Accounts [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Exchange Rate Balance at Changes Write-Offs Changes Balance Beginning to Costs and Charged to and Other at End of Period Expenses Allowance Adjustments of Period Allowance for Doubtful Accounts Year $ 13,145 $ 653 $ (946) $ (518) $ 12,334 Year $ 11,716 $ 3,582 $ (2,187) $ 34 $ 13,145 Year $ 5,187 $ 1,925 $ (322) $ 4,926 $ 11,716 |
Inventories (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Inventories [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 2021 2020 Raw materials and supplies $ 129,382 $ 86,148 Work in process, 135,149 101,616 Total inventories, net $ 264,531 $ 187,764 |
Property, Plant and Equipment (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2021 2020 Land $ 30,793 $ 33,009 Building and improvements 134,313 135,595 Machinery and equipment 252,779 246,242 Construction in progress 16,459 8,407 Property, plant and equipment, 434,344 423,253 Less: accumulated depreciation (236,824) (219,370) Total property, $ 197,520 $ 203,883 |
Goodwill and Intangible Assets (Tables) |
12 Months Ended |
---|---|
Dec. 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, 2019 $ 216,385 $ 133,018 $ 141,727 $ 116,075 $ 607,205 Goodwill additions 1,485 531 - 1,329 3,345 Currency translation and other (4,628) 6,613 16,363 2,314 20,662 Balance as of December 31, 2020 213,242 140,162 158,090 119,718 631,212 Goodwill additions 1,490 3,380 1,308 2,624 8,802 Currency translation and other (709) (8,022) 3,060 (3,149) (8,820) Balance as of December 31, 2021 $ 214,023 $ 135,520 $ 162,458 $ 119,193 $ 631,194 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Carrying Accumulated Amount Amortization 2021 2020 2021 2020 Customer lists and rights to sell $ 853,122 $ 839,551 $ 147,858 $ 99,806 Trademarks, formulations and product 163,974 166,448 38,747 30,483 Other 6,309 6,372 5,900 5,824 Total definite-lived $ 1,023,405 $ 1,012,371 $ 192,505 $ 136,113 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the year ended December 31, 2022 $ 59,900 For the year ended December 31, 2023 59,727 For the year ended December 31, 2024 59,138 For the year ended December 31, 2025 58,383 For the year ended December 31, 2026 58,108 |
Investment in Associated Companies (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Investments in Associated Companies [Abstract] | |
Schedule of Equity Method Investments [Table Text Block] | Year 2021 2020 2019 Houghton Korea $ 3,808 $ 5,241 $ 2,337 Nippon Japan 461 853 850 Kelko Panama 154 107 55 Grindaix (1) (37) - - Primex 4,993 1,151 1,822 Total equity in net $ 9,379 $ 7,352 $ 5,064 (1) In February 2021, the Company acquired a 38 % ownership interest in Grindaix. when the Company purchased the remaining interest of Grindaix, the 38 % interest under the equity method of accounting and recorded equity in net income of associated Consolidated Financial Statements. |
Other Non-Current Assets (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Other Assets [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | 2021 2020 Pension assets $ 7,916 $ 6,748 Uncertain tax positions 6,931 7,209 Indemnification assets 6,630 7,615 Debt issuance costs 4,267 5,919 Supplemental retirement income program 2,269 1,961 Other 2,946 2,344 Total other non $ 30,959 $ 31,796 |
Other Accrued Liabilities (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Other Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | 2021 2020 Non-income taxes $ 23,725 $ 26,080 Current income taxes payable 16,642 13,124 Professional fees, legal, and acquisition-related accruals 12,264 11,437 Selling expenses and freight accruals 11,695 10,475 Short-term lease liabilities 9,976 10,901 Customer advances and sales return reserves 7,965 6,380 Interest rate swap 1,782 - Other 11,568 13,710 Total other accrued $ 95,617 $ 92,107 |
Debt (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Debt [Abstract] | |
Schedule of Debt [Table Text Block] | As of December 31, 2021 As of December 31, 2020 Interest Outstanding Interest Outstanding Rate Balance Rate Balance Credit Facilities: Revolver 1.62% $ 211,955 1.65% $ 160,000 U.S. Term Loan 1.65% 540,000 1.65% 570,000 EURO Term Loan 1.50% 137,616 1.50% 157,062 Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 1,777 Various 2,072 Total debt $ 901,348 $ 899,134 Less: debt issuance costs (8,001) (11,099) Less: short-term and current portion of long-term debts (56,935) (38,967) Total long-term debt $ 836,412 $ 849,068 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2022 $ 56,978 2023 75,765 2024 758,241 2025 298 2026 145 |
Interest Income And Interest Expense Disclosure [Table Text Block] | Year 2021 2020 2019 Interest expense $ 19,089 $ 23,552 $ 16,788 Amortization of debt issuance costs 4,749 4,749 1,979 Total $ 23,838 $ 28,301 $ 18,767 |
Pension and Other Post Retirement Benefits (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Pension and Other Postretirement Benefits [Abstract] | |
Schedule of funded status of Company's plans' reconciled with amounts reported in the Consolidated Balance Sheets [Table Text Block] | Other Post- Pension Benefits Retirement Benefits 2021 2020 2021 2020 Foreign U.S. Total Foreign U.S. Total U.S. U.S. Change in benefit obligation Gross benefit obligation at beginning of year $ 247,675 $ 109,969 $ 357,644 $ 217,893 $ 153,723 $ 371,616 $ 3,234 $ 4,266 Service cost 698 547 1,245 4,340 491 4,831 1 5 Interest cost 2,594 1,737 4,331 3,416 2,923 6,339 27 77 Employee contributions 71 - 71 73 - 73 - - Effect of plan amendments - - - - 50 50 (78) - Curtailment gain - - - (2,324) - (2,324) - - Plan settlements (541) - (541) (2,316) (53,494) (55,810) - - Benefits paid (6,869) (5,064) (11,933) (5,087) (6,138) (11,225) (182) (250) Plan expenses and premiums paid (74) - (74) (135) - (135) - - Transfer in of business acquisition 231 - 231 - - - - - Actuarial (gain) loss (4,160) (3,769) (7,929) 16,834 12,414 29,248 (992) (864) Translation differences and other (10,873) - (10,873) 14,981 - 14,981 - - Gross benefit obligation at end of year $ 228,752 $ 103,420 $ 332,172 $ 247,675 $ 109,969 $ 357,644 $ 2,010 $ 3,234 Other Post- Pension Benefits Retirement Benefits 2021 2020 2021 2020 Foreign U.S. Total Foreign U.S. Total U.S. U.S. Change in plan assets Fair value of plan assets at $ 228,789 $ 73,481 $ 302,270 $ 195,099 $ 120,550 $ 315,649 $ - $ - Actual return on plan assets 915 7,201 8,116 20,367 10,759 31,126 - - Employer contributions 4,289 2,063 6,352 6,912 2,302 9,214 182 250 Employee contributions 71 - 71 73 - 73 - - Plan settlements (541) - (541) (2,316) (53,494) (55,810) - - Benefits paid (6,869) (5,065) (11,934) (5,087) (6,138) (11,225) (182) (250) Plan expenses and premiums paid (74) - (74) (135) (498) (633) - - Translation differences (9,694) - (9,694) 13,876 - 13,876 - - Fair value of plan assets at end of year $ 216,886 $ 77,680 $ 294,566 $ 228,789 $ 73,481 $ 302,270 $ - $ - Net benefit obligation recognized $ (11,866) $ (25,740) $ (37,606) $ (18,886) $ (36,488) $ (55,374) $ (2,010) $ (3,234) Amounts recognized in the balance $ 7,916 $ - $ 7,916 $ 6,748 $ - $ 6,748 $ - $ - (191) (1,137) (1,328) (568) (612) (1,180) (220) (286) (19,591) (24,603) (44,194) (25,066) (35,876) (60,942) (1,790) (2,948) Net benefit obligation recognized $ (11,866) $ (25,740) $ (37,606) $ (18,886) $ (36,488) $ (55,374) $ (2,010) $ (3,234) Amounts not yet reflected in net (22) 43 21 (26) 50 24 46 - (19,163) (9,763) (28,926) (21,976) (5,532) (27,508) 1,034 124 (19,185) (9,720) (28,905) (22,002) (5,482) (27,484) 1,080 124 7,319 (16,020) (8,701) 3,116 (31,006) (27,890) (3,090) (3,358) Net benefit obligation recognized $ (11,866) $ (25,740) $ (37,606) $ (18,886) $ (36,488) $ (55,374) $ (2,010) $ (3,234) |
Schedule of Information for pension plans with an accumulated benefit obligation in excess of plan assets [Table Text Block] | 2021 2020 Foreign U.S. Total Foreign U.S. Total Projected benefit obligation $ 138,963 $ 103,420 $ 242,383 $ 32,373 $ 109,969 $ 142,342 Accumulated benefit obligation 128,268 103,420 231,688 30,892 109,540 140,432 Fair value of plan assets 119,181 77,680 196,861 18,074 73,481 91,555 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 2021 2020 Foreign U.S. Total Foreign U.S. Total Projected benefit obligation $ 138,963 $ 103,420 $ 242,383 $ 32,373 $ 109,969 $ 142,342 Fair value of plan assets 119,181 77,680 196,861 18,074 73,481 91,555 |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Weighted-average assumptions used to determine benefit obligations [Table Text Block] | Other Postretirement Pension Benefits Benefits 2021 2020 2021 2020 U.S. Plans: Discount rate 2.58 % 2.19 % 2.45 % 2.05 % Rate of compensation increase N/A 6.00 % N/A N/A Foreign Discount rate 1.71 % 1.79 % N/A N/A Rate of compensation increase 2.21 % 2.74 % N/A N/A Other Postretirement Pension Benefits Benefits 2021 2020 2021 2020 U.S. Plans: Discount rate 2.67 % 3.11 % 1.90 % 2.99 % Expected long-term return on plan assets 5.75 % 6.50 % N/A N/A Rate of compensation increase 6.00 % 6.00 % N/A N/A Foreign Plans: Discount rate 1.38 % 2.30 % N/A N/A Expected long-term return on plan assets 2.06 % 2.20 % N/A N/A Rate of compensation increase 2.52 % 2.79 % N/A N/A |
Schedule of Assumed health care cost trend rates [Table Text Block] | 2021 2020 Health care cost trend rate for next year 5.65 % 5.70 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.00 % 4.50 % Year 2046 2037 |
Schedule of compan's pension plan target asset allocation and pension plan investments measured at fair value on a recurring basis [Table Text Block] | Asset Category Target 2021 2020 U.S. Plans Equity securities 44 % 46 % 58 % Debt securities 50 % 48 % 36 % Other 6 % 6 % 6 % Total 100 % 100 % 100 % Foreign Plans Equity securities 39 % 36 % 33 % Debt securities 50 % 43 % 45 % Other 11 % 21 % 22 % Total 100 % 100 % 100 % Fair Value Total Using Fair Value U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Pooled separate accounts $ 72,721 $ - $ 72,721 $ - Real estate 4,959 - - 4,959 Subtotal U.S. pension plan assets in fair value hierarchy $ 77,680 $ - $ 72,721 $ 4,959 Total U.S. pension $ 77,680 Foreign Pension Assets Cash and cash equivalents $ 1,989 $ 1,989 $ - $ - Insurance contract 99,527 - - 99,527 Diversified equity securities - registered investment companies 10,999 - 10,999 - Fixed income – foreign registered investment companies 3,593 - 3,593 - Fixed income government securities 35,339 - 35,339 - Real estate 6,588 - - 6,588 Other - alternative investments 6,979 - - 6,979 Sub-total of foreign pension assets in fair value hierarchy $ 165,014 $ 1,989 $ 49,931 $ 113,094 Commingled funds measured at NAV 2,300 Diversified investment fund - companies measured at NAV 49,572 Total foreign pension $ 216,886 Total pension $ 242,694 $ 1,989 $ 122,652 $ 118,053 Total pension 51,872 Total pension $ 294,566 Fair Value Total Using Fair Value U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Pooled separate accounts $ 69,385 $ - $ 69,385 $ - Real estate 4,096 - - 4,096 Subtotal U.S. pension plan assets in fair value hierarchy $ 73,481 $ - $ 69,385 $ 4,096 Total U.S. pension $ 73,481 Foreign Pension Assets Cash and cash equivalents $ 634 $ 634 $ - $ - Insurance contract 112,920 - - 112,920 Diversified equity securities - registered investment companies 8,851 - 8,851 - Fixed income – foreign registered investment companies 3,711 - 3,711 - Fixed income government securities 37,579 - 37,579 - Real estate 5,679 - - 5,679 Other - alternative investments 10,638 - - 10,638 Sub-total of foreign pension assets in fair value hierarchy $ 180,012 $ 634 $ 50,141 $ 129,237 Commingled funds measured at NAV 2,368 Diversified investment fund - companies measured at NAV 46,409 Total foreign pension $ 228,789 Total pension $ 253,493 $ 634 $ 119,526 $ 133,333 Total pension 48,777 Total pension $ 302,270 |
Schedule of changes in the fair value of the plans' Level 3 investments [Table Text Block] | Insurance Alternative Contract Real Estate Investments Total Balance as of December 31, 2019 $ 92,657 $ 9,581 $ 9,436 $ 111,674 Purchases 3,902 18 989 4,909 Settlements (2,027) - - (2,027) Unrealized gains (losses) 8,917 (16) (171) 8,730 Currency translation adjustment 9,471 192 384 10,047 Balance as of December 31, 2020 112,920 9,775 10,638 133,333 Purchases 1,722 (78) (334) 1,310 Settlements (1,812) - - (1,812) Unrealized (losses) gains (5,031) 1,926 (3,282) (6,387) Currency translation adjustment (8,272) (76) (43) (8,391) Balance as of December $ 99,527 $ 11,547 $ 6,979 $ 118,053 |
Schedule of Expected Benefit Payments [Table Text Block] | Other Post- Pension Benefits Retirement Foreign U.S. Total Benefits 2022 $ 6,678 $ 6,627 $ 13,305 $ 220 2023 6,661 6,043 12,704 209 2024 6,475 6,205 12,680 187 2025 6,984 6,199 13,183 174 2026 7,702 6,213 13,915 157 2027 to 2031 42,577 30,169 72,746 625 |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of components of net periodic benefit costs - pension plans [Table Text Block] | 2021 2020 Foreign U.S. Total Foreign U.S. Total Service cost $ 698 $ 547 $ 1,245 $ 4,340 $ 491 $ 4,831 Interest cost 2,594 1,737 4,331 3,416 2,923 6,339 Expected return on plan assets (4,686) (3,611) (8,297) (4,262) (4,810) (9,072) Settlement loss (gain) 35 - 35 (88) 22,667 22,579 Curtailment charge - - - (1,155) - (1,155) Actuarial loss amortization 996 2,252 3,248 886 2,110 2,996 Prior service cost (credit) amortization 3 7 10 (167) - (167) Net periodic benefit (income) cost $ (360) $ 932 $ 572 $ 2,970 $ 23,381 $ 26,351 2019 Foreign U.S. Total Service cost $ 3,507 $ 434 $ 3,941 Interest cost 3,046 3,313 6,359 Expected return on plan assets (3,668) (3,227) (6,895) Settlement loss 258 - 258 Actuarial loss amortization 757 2,348 3,105 Prior service credit amortization (165) - (165) Net periodic benefit cost $ 3,735 $ 2,868 $ 6,603 |
Schedule of other changes recognized in other comprehensive income - pension plans [Table Text Block] | 2021 2020 Foreign U.S. Total Foreign U.S. Total Net (gain) loss arising during the period $ (388) $ (448) $ (836) $ (1,594) $ 1,536 $ (58) Effect of plan amendment Recognition of amortization in net periodic benefit cost Settlement loss (83) (2,252) (2,335) (39) (22,667) (22,706) Prior service (cost) credit - (7) (7) 1,325 50 1,375 Actuarial (loss) gain (954) (6,925) (7,879) (758) 3,967 3,209 Curtailment Recognition (3) - (3) (3) - (3) Effect of exchange rates on amounts included in AOCI (1,390) - (1,390) 1,535 - 1,535 Total recognized comprehensive (income) loss (2,818) (9,632) (12,450) 466 (17,114) (16,648) Total recognized benefit cost and other comprehensive (income) loss $ (3,178) $ (8,700) $ (11,878) $ 3,436 $ 6,267 $ 9,703 2019 Foreign U.S. Total Net loss arising during period $ 3,826 $ 3,926 $ 7,752 Recognition of amortization in net periodic benefit Prior service credit 196 - 196 Actuarial loss (1,015) (2,347) (3,362) Effect of exchange rates on amounts included (61) - (61) Total recognized 2,946 1,579 4,525 Total recognized other comprehensive loss $ 6,681 $ 4,447 $ 11,128 |
Other Postretirement Benefit Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of components of net periodic benefit costs - pension plans [Table Text Block] | 2021 2020 2019 Service cost $ 1 $ 5 $ 6 Interest cost 27 77 143 Actuarial loss amortization (82) (5) - Prior service credit amortization (31) - - Net periodic benefit costs $ (85) $ 77 $ 149 |
Schedule of other changes recognized in other comprehensive income - pension plans [Table Text Block] | 2021 2020 2019 Net (gain) loss arising during period $ (992) $ (864) $ 395 Recognition of amortizations in net periodic benefit cost (78) - - Prior service credit 31 - - Actuarial gain amortization 82 5 - Total recognized loss (957) (859) 395 Total recognized other comprehensive (income) loss $ (1,042) $ (782) $ 544 |
Other Non-Current Liabilities (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Other Liabilities Noncurrent [Abstract] | |
Schedule of Other Non-Current Liabilities [Table Text Block] | 2021 2020 Uncertain tax positions (includes interest and penalties) $ 28,665 $ 28,961 Non-current income taxes payable 8,500 8,500 Deferred and other long-term compensation 6,388 6,257 Environmental reserves 4,424 4,610 Inactive subsidiary litigation and settlement reserve 410 542 Fair value of interest rate swaps - 4,672 Other 1,228 1,627 Total other non $ 49,615 $ 55,169 |
Equity and Accumulated Other Comprehensive Loss (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Equity and Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Defined Unrealized Gain (Loss) in Currency Benefit Translation Pension Available-for- Derivative Adjustments Plans Sale Securities Instruments Total Balance as of December 31, 2018 $ (49,322) $ (30,551) $ (842) $ - $ (80,715) Other comprehensive income (loss) before 4,754 (8,088) 2,951 (415) (798) Amounts reclassified from AOCI - 3,169 (301) - 2,868 Related tax amounts - 937 (557) 95 475 Balance as of December 31, 2019 (44,568) (34,533) 1,251 (320) (78,170) Other comprehensive income (loss) before 41,693 (6,617) 2,848 (4,257) 33,667 Amounts reclassified from AOCI - 24,141 (202) - 23,939 Related tax amounts - (6,458) (555) 979 (6,034) Balance as of December 31, 2020 (2,875) (23,467) 3,342 (3,598) (26,598) Other comprehensive (loss) income before (46,968) 11,948 (531) 2,890 (32,661) Amounts reclassified from AOCI - 1,459 (3,197) - (1,738) Related tax amounts - (3,112) 783 (664) (2,993) Balance as of December 31, 2021 $ (49,843) $ (13,172) $ 397 $ (1,372) $ (63,990) |
Fair Value Measurements (Table) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Fair Value Measures [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 $ 2,533 $ - $ 2,533 $ - Total $ 2,533 $ - $ 2,533 $ - 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) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Schedule of fair values of the Company's derivative instruments, Level 2 measurements [Table Text Block] | Fair Value Consolidated Balance Sheet December 31, Location 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps Other accrued liabilities $ 1,782 $ - Other non-current liabilities - 4,672 $ 1,782 $ 4,672 December 31, 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps AOCI $ 1,372 $ 3,598 $ 1,372 $ 3,598 For the Years December 31, 2021 2020 2019 Amount and location of (expense) income reclassified from AOCI into (expense) income (Effective Portion) Interest expense, net $ (2,649) $ (1,754) $ 29 |
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Significant Accounting Policies [Abstract] | |||
Research and Development Expense | $ 44,900 | $ 40,000 | $ 32,100 |
Cash and cash equivalents description | The Company invests temporary and excess funds in money market securities and financial instruments having maturities within 90 days. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. | ||
Schedule Of Equity Method Investments [Line Items] | |||
Non-current deferred tax liabilities | $ 179,025 | 192,763 | |
Retained earnings | $ 516,334 | $ 423,940 | |
Income Tax Examination Minimum Likelihood Of Tax Benefits Being Realized Upon Ultimate Settlement | 50.00% |
Significant Accounting Policies - Intangible Assets (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 24 years |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Siginficant Accounting Policies - Hyperinflationary accounting (Details) - Argentina [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Concentration Risk [Line Items] | |||
Amount Recognized In Income Due To Inflationary Accounting | $ 0.6 | $ 0.4 | $ 1.0 |
Inflationary Percentage | 100.00% | ||
Assets Total [Member] | Geographic Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 1.00% | ||
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 1.00% |
Business Combination - Houghton (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Business Acquisition [Line Items] | |||
Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed | $ 18,600 | $ 30,300 | $ 38,000 |
Business Combination Separately Recognized Transactions Liabilities Recognized | $ 5,500 | $ 7,500 | |
Business Combination, Consideration Transferred [Abstract] | |||
Fair value of common stock issued as consideration | $ 789,080 |
Business Combination - Houghton - Estimated Fair Values of Houghton Net Assets Acquired (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Business Acquisition [Line Items] | |||
Goodwill | $ 631,194 | $ 631,212 | $ 607,205 |
Less: Fair value of common stock issued as consideration | 789,080 | ||
Net cash paid for Norman Hay | $ 42,417 | $ 56,230 | $ 893,412 |
Business Combination - Houghton - Narrative and Pro Forma Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Business Acquisition [Line Items] | |||
Business Combination Transaction-related Expenses | $ 18,600 | $ 30,300 | $ 38,000 |
Business Combination Separately Recognized Transactions Liabilities Recognized | $ 5,500 | $ 7,500 | |
Houghton [Member] | |||
Business Acquisition [Line Items] | |||
Revenue of Acquiree | 299,800 | ||
Business Acquisition Pro Forma Information [Abstract] | |||
Business Acquisitions Pro Forma Revenue | 1,562,427 | ||
Net income attributable to Quaker Chemical Corporation | $ 94,537 |
Business Combination - Norman Hay - Estimated Fair Values of Norman Hay Net Assets Acquired (Details) £ in Millions |
1 Months Ended |
---|---|
Oct. 31, 2019
GBP (£)
| |
Norman Hay [Member] | |
Business Acquisition [Line Items] | |
Total fair value of consideration transferred | £ 80 |
Business Combination - Coral - Narrative (Details) - Coral Chemical Company [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 22, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Business Acquisition [Line Items] | |||
Purchase price | $ 54,055 | $ 54,100 | |
Intangible assets | $ 29,800 | ||
Measurement period | 1 year |
Business Segments - Information of Company's Reportable Segments 2 (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Reconciliation From Segment Totals To Consolidated Abstract | |||
Total segment operating earnings | $ 397,022,000 | $ 333,588,000 | $ 251,704,000 |
Combination-related expenses | (23,885,000) | (29,790,000) | (35,477,000) |
Restructuring and related charges | (1,433,000) | (5,541,000) | (26,678,000) |
Fair value step up of acquired inventory sold | (801,000) | (226,000) | (11,714,000) |
Indefinite-lived intangible asset impairment | 0 | (38,000,000) | 0 |
Non-operating and administrative expenses | (157,864,000) | (143,202,000) | (104,572,000) |
Depreciation of corporate assets and amortization | (62,573,000) | (57,469,000) | (27,129,000) |
Operating income | 150,466,000 | 59,360,000 | 46,134,000 |
Other income (expense), net | 18,851,000 | (5,618,000) | (254,000) |
Interest expense, net | (22,326,000) | (26,603,000) | (16,976,000) |
Income before taxes and equity in net income of associated companies | $ 146,991,000 | $ 27,139,000 | $ 28,904,000 |
Business Segments - Narrative (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021
Item
| |
Segment Disclosures [Abstract] | |
Number of reportable segments | 4 |
Net Sales and Revenue Recognition - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Revenues [Abstract] | |||
Net Reporting Amount | $ 71.7 | $ 42.5 | $ 48.0 |
Deferred Revenue | $ 7.0 | $ 4.0 | |
Concentration Risk [Line Items] | |||
Product line as percentage of consolidated net sales | 10.00% | ||
Customer Concentration Risk [Member] | Sales Revenue Net [Member] | Top Five Customers Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
Customer Concentration Risk [Member] | Sales Revenue Net [Member] | Largest Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 3.00% |
Net Sales and Revenue Recognition - Major Product Lines (Details) - Sales Revenue Net [Member] - Customer Concentration Risk [Member] |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Metal removal fluids Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 23.40% | 23.90% | 19.90% |
Rolling Lubricants Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 22.20% | 21.80% | 21.90% |
Hydraulic Fluids Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 13.60% | 13.30% | 13.00% |
Leases - Narrative (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Lessee, Lease, Description [Line Items] | |||
Operating Lease Cost | $ 14,100,000 | $ 14,200,000 | $ 9,400,000 |
Short Term Lease Cost | 900,000 | 1,300,000 | 1,500,000 |
Variable Lease Cost | 0 | 0 | 0 |
Sublease Income | 0 | 0 | 0 |
Operating Lease Payments | 13,900,000 | $ 14,100,000 | $ 9,200,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 11,100,000 | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee Operating Lease Term Of Contract | 10 years | ||
Land [Member] | Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee Operating Lease Term Of Contract | 94 years |
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Lessee, Lease, Description [Abstract] | ||
Right of use lease assets | $ 36,635 | $ 38,507 |
Other accrued liabilities | 9,976 | 10,901 |
Long-term lease liabilities | 26,335 | 27,070 |
Total operating lease liabilities | $ 36,311 | $ 37,971 |
Weighted average remaining lease term (years) | 5 years 7 months 6 days | 6 years |
Weighted average discount rate | 4.22% | 4.20% |
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating Lease Liabilities Payments Due [Abstract] | ||
For the year ended December 31, 2022 | $ 11,346 | |
For the year ended December 31, 2023 | 9,041 | |
For the year ended December 31, 2024 | 7,017 | |
For the year ended December 31, 2025 | 5,292 | |
For the year ended December 31, 2026 | 4,197 | |
For the year ended December 31, 2027 and beyond | 4,502 | |
Total lease payments | 41,395 | |
Less: imputed interest | (5,084) | |
Present value of lease liabilities | $ 36,311 | $ 37,971 |
Restructuring and Related Activities - Narrative (Details) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021
USD ($)
People
|
Dec. 31, 2020
USD ($)
|
|
Restructuring Cost and Reserve [Abstract] | ||
Restructuring And Related Cost Expected Number Of Positions Eliminated | People | 400 | |
Real Estate Held for sale | $ 0.7 | |
Gain Loss On Sale Of Other Assets | $ 5.4 | $ (0.6) |
Restructuring and Related Activities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Restructuring Reserve [Roll Forward] | |||
Restructuring and related charges | $ 1,433 | $ 5,541 | $ 26,678 |
QH Program [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | 8,248 | 18,043 | |
Restructuring and related charges | 1,433 | 5,541 | |
Cash Payments | (5,266) | (15,745) | |
Currency Translation Adjustments | (328) | 409 | |
Accrued Restructuring, Ending Balance | $ 4,087 | $ 8,248 | $ 18,043 |
Share-Based Compensation - Options Grants (LTIP and PSUs Plans) (Details) - shares |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Share-Based Compensation Arrangement By Share-Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ||||
Options Granted | 25,250 | 49,115 | 51,610 | 35,842 |
Fully vested shares | 67,680 | |||
Dividend Yield | 0.85% | 0.99% | 1.12% | 1.37% |
Expected Volatility | 37.33% | 31.57% | 26.29% | 24.73% |
Risk-free Interest Rate | 0.60% | 0.36% | 1.52% | 2.54% |
Expected Term (Years) | 4 years | 4 years | 4 years | 4 years |
PSUs [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ||||
Fully vested shares | 3,775 | 12,103 | 18,485 | |
Dividend Yield | 0.72% | 0.64% | 1.13% | |
Risk-free Interest Rate | 65.00% | 29.00% | 28.00% | |
Expected Term (Years) | 3 years | 3 years | 3 years |
Other Income (Expense), net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Other Income and Expenses [Abstract] | |||
Income from third party license fees | $ 1,367 | $ 999 | $ 1,035 |
Foreign exchange gains (losses), net | (3,821) | (6,082) | 223 |
Gain (loss) on disposals of property, plant, equipment and other assets, net | 4,695 | (871) | 58 |
Non-income tax refunds and other related credits | 15,155 | 3,345 | 1,118 |
Pension and postretirement benefit income (costs), non-service components | 759 | (21,592) | (2,805) |
Gain on changes in insurance settlement restrictions of an inactive subsidiary and related insurance insolvency recovery | 0 | 18,144 | 60 |
Other Operating Income Expense Net | 696 | 439 | 57 |
Total other income (expense), net | 18,851 | (5,618) | (254) |
Narrative [Abstract] | |||
Foreign Currency Transaction Loss Before Tax | $ 600 | 400 | $ 1,000 |
Defined Benefit Plan Premium Refund | 1,600 | ||
Pension Settlement Charge | $ 22,700 |
Taxes on Income- Components of Expense and Earnings (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Current Income Tax Expense (Benefit) [Abstract] | |||
Federal | $ 955 | $ (1,359) | $ (239) |
State | 2,115 | 1,171 | 352 |
Foreign | 44,375 | 33,173 | 26,213 |
Current Income Tax Expense (Benefit), Total | 47,445 | 32,985 | 26,326 |
Deferred Income Tax Expense (Benefit) [Abstract] | |||
Federal | (3,863) | (28,437) | (9,267) |
State | (3,117) | (3,087) | (396) |
Foreign | (5,526) | (6,757) | (14,579) |
Income Tax Expense (Benefit), Total | 34,939 | (5,296) | 2,084 |
Components Of Earnings Before Taxes [Abstract] | |||
U.S. | 7,263 | (66,585) | (46,697) |
Foreign | 139,728 | 93,724 | 75,601 |
Income before taxes and equity in net income of associated companies | $ 146,991 | $ 27,139 | $ 28,904 |
Taxes on Income - Deferred Tax Balances (Details) - USD ($) |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
Retirement benefits | $ 11,860,000 | $ 15,237,000 | ||
Allowance for doubtful accounts | 2,155,000 | 2,316,000 | ||
Insurance and litigation reserves | 675,000 | 842,000 | ||
Performance incentives | 2,881,000 | 5,914,000 | ||
Equity-based compensation | 1,920,000 | 1,282,000 | ||
Prepaid expense | 460,000 | 756,000 | ||
Operating loss carryforward | 18,544,000 | 16,693,000 | ||
Foreign tax credit and other credits | 16,285,000 | 24,873,000 | ||
Interest | 9,940,000 | 16,812,000 | ||
Restructuring reserves | 631,000 | 1,121,000 | ||
Right of use lease assets | 8,322,000 | 9,346,000 | ||
Inventory reserves | 2,941,000 | 2,225,000 | ||
Research and development | 8,832,000 | 7,974,000 | ||
Other | 2,846,000 | 3,005,000 | ||
Total deferred tax assets, gross | 88,292,000 | 108,396,000 | ||
Valuation allowance | (17,400,000) | (21,511,000) | $ (13,834,000) | $ (7,520,000) |
Total deferred tax assets, net | 70,892,000 | 86,885,000 | ||
Depreciation | 11,580,000 | 15,473,000 | ||
Foreign pension and other | 2,332,000 | 1,807,000 | ||
Intangibles | 197,066,000 | 222,794,000 | ||
Lease liabilities | 8,421,000 | 9,151,000 | ||
Outside basis in equity investment | 5,999,000 | 7,938,000 | ||
Unremitted earnings | 8,381,000 | 5,919,000 | ||
Total deferred tax liabilities | $ 233,779,000 | $ 263,082,000 |
Taxes on Income- Valuation Allowance Rollforward (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Valuation allowance [Abstract] | |||
Valuation Allowances, Beginning Balance | $ 21,511 | $ 13,834 | $ 7,520 |
Purchase Accounting Adjustment | 0 | 7,148 | 13,752 |
Additional Valuation Allowance | 29 | 2,738 | 832 |
Allowance Utilization and Other | (4,470) | (2,153) | (8,227) |
Exchange Rate Changes and Other Adjustments | 330 | (56) | (43) |
Valuation Allowance, Ending Balance | $ 17,400 | $ 21,511 | $ 13,834 |
Taxes on Income - Net Deferred Balances (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Taxes on Income [Abstract] | ||
Deferred Income Tax Liabilities | $ 162,887 | $ 176,197 |
Non-current deferred tax assets | 16,138 | 16,566 |
Non-current deferred tax liabilities | $ 179,025 | $ 192,763 |
Taxes on Income - Rate Reconciliation (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Income tax provision at the federal statutory tax rate | $ 30,868,000 | $ 5,699,000 | $ 6,070,000 |
Unremitted Earnings | (1,841,000) | 2,308,000 | (4,383,000) |
Tax law changes / reform | 1,955,000 | (1,059,000) | (416,000) |
Sub part F / Global intangible low taxed income | 10,479,000 | 5,140,000 | 574,000 |
Pension Settlement | 0 | (2,247,000) | 0 |
Foreign derived intangible income | (8,698,000) | (7,339,000) | (1,699,000) |
Non-deductible acquisition expenses | 129,000 | 131,000 | 1,743,000 |
Withholding taxes | 6,584,000 | 7,809,000 | 8,621,000 |
Share-based compensation | 600,000 | 335,000 | (540,000) |
Foreign tax rate differential | 3,090,000 | 1,139,000 | 1,444,000 |
Excess Foreign Tax Credit Utilization | (14,725,000) | (4,699,000) | (3,787,000) |
Research and development credit | (1,685,000) | (1,018,000) | (830,000) |
Uncertain tax positions | 519,000 | 1,990,000 | 899,000 |
State income tax provisions, net | (1,446,000) | (2,245,000) | (117,000) |
Non-deductible meals and entertainment | 426,000 | 290,000 | 318,000 |
Intercompany transfer of intellectual property | 4,347,000 | (4,384,000) | (5,318,000) |
Miscellaneous items, net | 655,000 | (2,530,000) | (495,000) |
Income Tax Expense (Benefit), Total | $ 34,939,000 | $ (5,296,000) | $ 2,084,000 |
Taxes on Income - Uncertain Tax Positions - Tabular Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 22,152 | $ 19,097 | $ 7,050 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 1,002 | 2,025 | |
Decrease in unrecognized tax benefits taken in prior periods | (28) | ||
Increase in Unrecognized Tax Benefits Taken in Current Period | 2,915 | 3,095 | 1,935 |
Decrease in Unrecognized Tax Benefits Due to Lapse of Statute of Limitations | (2,631) | (3,659) | (1,029) |
Increase in unrecognized tax benefits due to acquisition | 0 | 597 | 11,301 |
(Decrease) Due to Foreign Exchange Rates | (974) | (132) | |
Increase Due to Foreign Exchange Rates | 997 | ||
Unrecognized Tax Benefits, Ending Balance | $ 22,464 | $ 22,152 | $ 19,097 |
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Earnings Per Share [Abstract] | |||
Net income (loss) attributable to Quaker Chemical Corporation | $ 121,369 | $ 39,658 | $ 31,622 |
Less: Income Allocated to Participating Securities | (480) | (148) | (90) |
Net income available to common shareholders | $ 120,889 | $ 39,510 | $ 31,532 |
Basic weighted average common shares outstanding | 17,805,034 | 17,719,792 | 15,126,928 |
Basic earnings per common share | $ 6.79 | $ 2.23 | $ 2.08 |
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Earnings Per Share [Abstract] | |||
Net income (loss) attributable to Quaker Chemical Corporation | $ 121,369 | $ 39,658 | $ 31,622 |
Less: income allocated to participating securities | (479) | (148) | (90) |
Net income available to common shareholders | $ 120,890 | $ 39,510 | $ 31,532 |
Basic weighted average common shares outstanding | 17,805,034 | 17,719,792 | 15,126,928 |
Effect of Dilutive Securities | 50,090 | 31,087 | 36,243 |
Diluted weighted average common shares outstanding | 17,855,124 | 17,750,879 | 15,163,171 |
Diluted earnings per common share | $ 6.77 | $ 2.22 | $ 2.08 |
Earnings Per Share - Antidilutive Shares (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Business Acquisition [Line Items] | |||
Antidilutive Shares | 4,070 | 945 | 108 |
Combination [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 4,300,000 | ||
Business Acquisition, Equity Interest Issued or Issuable, Percentage Of Company in Shares Issued | 24.50% |
Restricted Cash (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 165,176,000 | $ 181,833,000 | $ 123,524,000 | $ 104,147,000 |
Restricted cash included in other current assets | 0 | 62,000 | 353,000 | 0 |
Restricted cash included in other assets | 0 | 0 | 19,678,000 | 20,278,000 |
Cash, cash equivalents and restricted cash | $ 165,176,000 | 181,895,000 | 143,555,000 | $ 124,425,000 |
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. | |||
Proceeds Of Settlement And Release Agreements | 18,100,000 | 35,000,000.0 | ||
Payments Of Settlement and Release Agreements | 1,000,000.0 | 800,000 | ||
Interest Income Other | $ 100,000 | $ 200,000 |
Accounts Receivable and Allowance for Doubtful Accounts - Accounts Receivable - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Accounts Receivable and Allowance for Doubtful Accounts [Abstract] | |||
Accounts Receivable Gross Current | $ 443.0 | $ 386.1 | |
Business Combination, Acquired Receivables, Estimated Uncollectible | $ 5.0 |
Accounts Receivable and Allowance for Doubtful Accounts - Allowance For Doubtful Accounts Rollforward (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Valuation and Qualifying Accounts Disclosure [Roll forward] | |||
Balance at Beginning of Period | $ 13,145 | $ 11,716 | $ 5,187 |
Charged to Costs and Expenses | 653 | 3,582 | 1,925 |
Write-Offs Charged to Allowance | (946) | (2,187) | (322) |
Exchange Rate Changes and Other Adjustments | (518) | 34 | 4,926 |
Balance at End of Period | $ 12,334 | $ 13,145 | $ 11,716 |
Inventory (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventories [Abstract] | ||
Raw Materials And Supplies | $ 129,382 | $ 86,148 |
Work in process, finished goods and reserves | 135,149 | 101,616 |
Total inventories, net | $ 264,531 | $ 187,764 |
Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Property Plant And Equipment Gross Abstract | ||
Land | $ 30,793 | $ 33,009 |
Building and Improvements | 134,313 | 135,595 |
Machinery and Equipment | 252,779 | 246,242 |
Construction In Progress | 16,459 | 8,407 |
Property, Plant and Equipment, Gross, Total | 434,344 | 423,253 |
Less: Accumulated Depreciation | (236,824) | (219,370) |
Property, Plant and Equipment, Net, Total | $ 197,520 | $ 203,883 |
Property, Plant and Equipment - Narrative (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2021
USD ($)
| |
Property, Plant and Equipment [Abstract] | |
Finance lease assets and future minimum lease payments | $ 0.8 |
Long Lived Assets Held For Sale Description | In connection with the plans for closure of certain facilities, certain buildings and land with an aggregate book value of approximately $0.7 million continue to be held-for-sale as of December 31, 2021 and are recorded in prepaid expenses and other current assets on the Company’s Consolidated Balance Sheet. |
Real Estate Held for sale | $ 0.7 |
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | $ 192,505 | $ 136,113 |
Total | 1,023,405 | 1,012,371 |
Customer lists and rights to sell [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 147,858 | 99,806 |
Total | 853,122 | 839,551 |
Trademarks Formulations And Product Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 38,747 | 30,483 |
Total | 163,974 | 166,448 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 5,900 | 5,824 |
Total | $ 6,309 | $ 6,372 |
Goodwill and Intangible Assets - Amortization (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization | $ 59.9 | $ 55.9 | $ 26.7 |
Goodwill and Intangible Assets - Future Amortization (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the Year ended December 31, 2021 | $ 59,900 |
For the Year ended December 31, 2022 | 59,727 |
For the Year ended December 31, 2023 | 59,138 |
For the Year ended December 31, 2024 | 58,383 |
For the Year ended December 31, 2025 | $ 58,108 |
Goodwill and Intangible Assets - Indefinite Lived (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Indefinite Lived Intangible Assets Excluding Goodwill [Abstract] | |||
Indefinite Lived Trademarks | $ 195,800,000 | $ 205,100,000 | |
Indefinite lived intangible assets | 196,900,000 | ||
Indefinite-lived intangible asset impairment | $ 0 | $ 38,000,000 | $ 0 |
Investments in Associated Companies - Summarized Financial Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Equity in net income of associated companies | $ 9,379 | $ 7,352 | $ 5,064 |
Houghton Korea [Member] | |||
Equity in net income of associated companies | 3,808 | 5,241 | 2,337 |
Nippon Quaker (Japan) [Member] | |||
Equity in net income of associated companies | 461 | 853 | 850 |
Kelko (Panama) [Member] | |||
Equity in net income of associated companies | 154 | 107 | 55 |
Grindaix [Member] | |||
Equity in net income of associated companies | (37) | 0 | 0 |
Primex (Barbados) [Member] | |||
Equity in net income of associated companies | $ 4,993 | $ 1,151 | $ 1,822 |
Other Non-Current Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Assets [Abstract] | ||
Pension assets | $ 7,916 | $ 6,748 |
Uncertain Tax Positions | 6,931 | 7,209 |
Business Acquisition [Line Items] | ||
Debt issuance costs | 4,267 | 5,919 |
Supplemental Retirement Income Program | 2,269 | 1,961 |
Other | 2,946 | 2,344 |
Total other assets | 30,959 | 31,796 |
Houghton [Member] | ||
Business Acquisition [Line Items] | ||
Indemnification assets | $ 6,630 | $ 7,615 |
Other Accrued Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Accrued Liabilities [Abstract] | ||
Non-income taxes | $ 23,725 | $ 26,080 |
Current Income Taxes Payable | 16,642 | 13,124 |
Professional Fees, legal, and acquisition-related accruals | 12,264 | 11,437 |
Selling Expenses and freight accruals | 11,695 | 10,475 |
Short-term lease liabilities | 9,976 | 10,901 |
Customer advances and sales return reserves | 7,965 | 6,380 |
Interest rate swap | 1,782 | 0 |
Other | 11,568 | 13,710 |
Total other accrued liabilities | $ 95,617 | $ 92,107 |
Debt - Table (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Total debt | $ 901,348 | $ 899,134 |
Less: debt issuance costs | (8,001) | (11,099) |
Less: short-term and current portion of long-term debts | (56,935) | (38,967) |
Total long-term debt | $ 836,412 | $ 849,068 |
Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Interest Rate Stated Percentage | 1.62% | 1.65% |
Total debt | $ 211,955 | $ 160,000 |
U.S. Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Interest Rate Stated Percentage | 1.65% | 1.65% |
Total debt | $ 540,000 | $ 570,000 |
EURO Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Interest Rate Stated Percentage | 1.50% | 1.50% |
Total debt | $ 137,616 | $ 157,062 |
Industrial development bonds [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Interest Rate Stated Percentage | 5.26% | 5.26% |
Total debt | $ 10,000 | $ 10,000 |
Bank lines of credit and other debt obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,777 | $ 2,072 |
Debt - Debt related expenses included within Interest expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Debt related expenses included within Interest expense: | |||
Interest expense | $ 19,089 | $ 23,552 | $ 16,788 |
Amortization of debt issuance costs | 4,749 | 4,749 | 1,979 |
Total | $ 23,838 | $ 28,301 | $ 18,767 |
Debt - Maturity Schedules (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Long Term Debt By Maturity Abstract | |
2022 | $ 56,978 |
2023 | 75,765 |
2024 | 758,241 |
2025 | 298 |
2026 | $ 145 |
Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Liabilities Noncurrent [Abstract] | ||
Uncertain Tax Positions (Includes Interest and Penalties) | $ 28,665 | $ 28,961 |
Non-current income taxes payable | 8,500 | 8,500 |
Deferred And Other Long-Term Compensation | 6,388 | 6,257 |
Environmental reserves | 4,424 | 4,610 |
Inactive subsidiary litigation and settlement reserve | 410 | 542 |
Fair value of interst rate swaps | 0 | 4,672 |
Other | 1,228 | 1,627 |
Total other non-current liabilities | $ 49,615 | $ 55,169 |
Equity and Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2015 |
|
Equity Class Of Treasury Stock [Line Items] | ||||
Common Stock Par Value | $ 1 | $ 1 | ||
Common Stock Shares Authorized | 30,000,000 | 30,000,000 | ||
Common Stock Shares, Issued | 17,897,033 | 17,850,616 | ||
Shares issued for equity based comp plans | 29,415 | |||
Shares issued for ESPP | 0 | |||
Shares issued for Options exercise and Other activity | 17,002 | |||
Preferred Stock Shares Authorized | 10,000,000 | |||
Preferred Stock Par Or Stated Value Per Share | $ 1 | |||
2015 Share Repurchase [Member] | ||||
Equity Class Of Treasury Stock [Line Items] | ||||
Stock Repurchase Program Authorized Amount | $ 100.0 | |||
Stock Repurchased And Retired During Period Shares | 0 | 0 | 0 | |
Stock Repurchase Program Remaining Authorize | $ 86.9 |
Fair Value - Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | $ 2,533 | $ 1,961 |
Assets Fair Value Disclosure | 2,533 | 1,961 |
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 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | 2,533 | 1,961 |
Assets Fair Value Disclosure | 2,533 | 1,961 |
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) $ in Millions |
Nov. 30, 2019
USD ($)
|
---|---|
Interest Rate Swap [Member] | Other Liabilities Current [Member] | |
Derivatives, Fair Value [Line Items] | |
Derivative Liability Notional Amount | $ 170.0 |
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