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Investments in Associated Companies
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Associated Companies Investments in Associated Companies
As of December 31, 2023, the Company held a 50% investment in and had significant influence over Nippon Quaker Chemical, Ltd. (“Nippon Japan”), Kelko Quaker Chemical, S.A. (“Kelko Panama”) and Houghton Korea, and held a 32% investment in and had significant influence over Primex, Ltd. (“Primex”). The carrying amount of the Company’s equity investments as of December 31, 2023 was $101.2 million, which includes investments of $72.0 million in Houghton Korea; $22.1 million in Primex; $6.6 million in Nippon Japan; and $0.5 million in Kelko Panama.
The following table is a summary of equity income in associated companies by investment for the years ending December 31, 2023, 2022 and 2021:
202320222021
Houghton Korea$11,442 $2,644 $3,808 
Nippon Japan1,492 323 461 
Kelko Panama309 425 154 
Grindaix (1)— — (37)
Primex2,090 (1,427)4,993 
Total equity in net income of associated companies$15,333 $1,965 $9,379 
(1)In February 2021, the Company acquired a 38% ownership interest in Grindaix. From that date through September 2021 when the Company purchased the remaining interest of Grindaix, the Company accounted for its 38% interest under the equity method of accounting and recorded equity in net income of associated companies. See Note 2 for additional information.