5
Quaker Chemical Corporation
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
Unaudited
NineSix Months Ended
2021
2020
2019
Cash flows from operating activities
$
(8,724)72,232
$
16,568(36,066)
Adjustments to reconcile net
income (loss)
income to net cash
provided(used
in) provided by operating activities:
Amortization of debt issuance costs
3,5622,375
7922,375
Depreciation and amortization
62,81844,188
23,86842,079
Equity in undistributed earnings of associated companies,
net of dividends
1,415(6,715)
(129)3,219
Acquisition-related fair value adjustments related to inventory
229801
10,214229
Deferred compensation, deferred taxes and other,
net
(30,657)(13,849)
(17,204)(22,033)
Share-based compensation
17,8206,134
3,0427,673
Loss (gain)(Gain) loss on disposal of property,
plant, equipment and other assets
105(5,356)
(111)81
Insurance settlement realized
(818)0
(624)(542)
Indefinite-lived intangible asset impairment
38,0000
038,000
Combination and other acquisition-related expenses, net of
payments
2,498(2,305)
(14,218)1,860
Restructuring and related charges
3,5851,473
24,0452,202
Pension and other postretirement benefits
16,219(2,223)
43418,784
Increase (decrease)(Decrease) increase in cash from changes in current assets and
current
liabilities, net of acquisitions:
Accounts receivable
30,225(47,252)
2,65561,659
Inventories
2,137(57,020)
1,376(3,689)
Prepaid expenses and other current assets
(113)(20,111)
(10,931)(2,849)
Change in restructuring liabilities
(12,772)(4,214)
(4,645)(9,592)
Accounts payable and accrued liabilities
(13,481)22,274
344(58,728)
Net cash (used in) provided by operating activities
112,048(9,568)
35,47644,662
Cash flows from investing activities
Investments in property,
plant and equipment
(12,184)(6,974)
(10,112)(7,534)
Payments related to acquisitions, net of cash acquired
(3,132)(29,424)
(798,064)(3,132)
Proceeds from disposition of assets
1114,744
7511
Insurance settlement interest earned
410
18537
Net cash used in investing activities
(15,264)(21,654)
(807,916)(10,618)
Cash flows from financing activities
Payments of term loan debt
(28,132)(19,065)
0(18,702)
Proceeds from long-term debt
0
750,000
(Repayments) borrowingsBorrowings on revolving credit facilities,
net
(16,485)29,433
85,966205,500
(Repayments) borrowingsRepayments on other debt, net
(527)(219)
415
Financing-related debt issuance costs
0
(23,747)(684)
Dividends paid
(20,520)(14,113)
(15,003)(13,662)
Stock options exercised, other
2,385(416)
733(1,923)
Purchase of noncontrolling interest in affiliates
(1,047)0
0(1,047)
Distributions to noncontrolling affiliate shareholders
(751)0
0(751)
Net cash (used in) provided by financing activities
(65,077)(4,380)
798,364168,731
Effect of foreign exchange rate changes on
cash
(529)(683)
(1,889)(4,575)
Net
(decrease) increase in cash, cash equivalents and restricted
cash
31,178(36,285)
24,035198,200
Cash, cash equivalents and restricted cash at the beginning
of the period
143,555181,895
124,425143,555
Cash, cash equivalents and restricted cash at the end of
the period
$
174,733145,610
$
148,460341,755
The accompanying notes are an integral part of these condensed consolidated financial statements.