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Equity and Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Equity and Accumulated Other Comprehensive Loss Equity and Accumulated Other Comprehensive Loss
The Company has 30,000,000 shares of common stock authorized with a par value of $1, and 17,991,988 and 17,950,264 shares issued and outstanding as of December 31, 2023 and 2022, respectively. The change in shares issued and outstanding during 2023 was primarily related to 38,522 shares issued for share-based compensation plans and 3,202 shares issued for the exercise of stock options and other share activity.
The Company is authorized to issue 10,000,000 shares of preferred stock with $1 par value, subject to approval by the Board. The Board may designate one or more series of preferred stock and the number of shares, rights, preferences, and limitations of each series. As of December 31, 2023, no preferred stock had been issued.
On February 28, 2024, the Board approved a new share repurchase program (“2024 Share Repurchase Program”), authorizing the Company to repurchase up to an aggregate of $150 million of the Company’s outstanding common stock. The 2024 Share Repurchase Program is effective immediately and has no expiration date. In connection with the 2024 Share Repurchase Program, the Company’s previous share repurchase program (“2015 Share Repurchase Program”), which was approved by the Board in 2015 and had no expiration date, was terminated. The 2015 Share Repurchase Program was approved for the repurchase of up to $100 million of Quaker Chemical Corporation common stock. As of December 31, 2023, there was approximately $86.9 million of common stock remaining under the 2015 Share Repurchase Program. The Company did not repurchase any shares under any programs for the years ended December 31, 2023, 2022 and 2021.
Under the 2024 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions, accelerated share repurchases or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company plans to employ trading plans for the repurchase of shares pursuant to the 2024 Share Repurchase Program, which would permit the Company to purchase shares, at predetermined price targets, when it may otherwise be precluded from doing so. The repurchases may be suspended or discontinued completely at any time. The specific timing and amount of repurchases will vary based on available capital resources and other financial and operational performance, market conditions, securities law limitations, and other factors.
The following table shows the reclassifications from and resulting balances of AOCI for the years ended December 31, 2023, 2022 and 2021:
Currency
Translation
Adjustments		Defined
Benefit
Pension
Plans		Unrealized
Gain (Loss) in
Available-for-
Sale Securities		Derivative
Instruments		Total
Balance as of December 31, 2020$(2,875)$(23,467)$3,342 $(3,598)$(26,598)
Other comprehensive income (loss) before reclassifications(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)
Other comprehensive (loss) income before reclassifications(82,318)10,789 (3,276)— (74,805)
Amounts reclassified from AOCI— 479 895 1,372 2,746 
Related tax amounts— (2,691)500 — (2,191)
Balance as of December 31, 2022(132,161)(4,595)(1,484)— (138,240)
Other comprehensive income (loss) before reclassifications16,744 (7,702)1,753 1,828 12,623 
Amounts reclassified from AOCI— (464)547 — 83 
Related tax amounts— 2,023 (483)(421)1,119 
Balance as of December 31, 2023$(115,417)$(10,738)$333 $1,407 $(124,415)
All reclassifications related to Unrealized gain (loss) on available-for-sale securities relate to the Company’s equity interest in a captive insurance company and are recorded in Equity in net income of associated companies. The amounts reported in Other comprehensive income (loss) for non-controlling interest are related to Currency translation adjustments.