Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document and Entity Information [Abstract] | ' |
Document Type | '10-Q |
Document period end date | 30-Jun-14 |
Amendment flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Period Focus | 'Q2 |
Current fiscal year end date | '--12-31 |
Entity central index key | '0000081362 |
Entity current reporting status | 'Yes |
Entity filer category | 'Large Accelerated Filer |
Entity registrant name | 'Quaker Chemical Corporation |
Entity voluntary filers | 'No |
Entity well known seasoned issuer | 'No |
Entity common stock shares outstanding | 13,242,167 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net Sales | $191,286 | $184,846 | $372,960 | $361,039 |
Cost of goods sold | 123,070 | 117,532 | 239,630 | 231,117 |
Gross profit | 68,216 | 67,314 | 133,330 | 129,922 |
Selling, general and administrative expenses | 47,271 | 47,521 | 93,012 | 92,718 |
Operating income | 20,945 | 19,793 | 40,318 | 37,204 |
Other Income (Expense), net | 117 | 2,301 | -356 | 2,647 |
Interest Expense | -581 | -762 | -1,106 | -1,506 |
Interest Income | 895 | 229 | 1,348 | 398 |
Income Before Taxes and Equity in Net Income of Associated Companies | 21,376 | 21,561 | 40,204 | 38,743 |
Taxes on income before equity in net income of associated companies | 6,538 | 6,828 | 13,084 | 10,961 |
Income before equity in net income of associated companies | 14,838 | 14,733 | 27,120 | 27,782 |
Equity in net income of associated companies | 1,104 | 1,942 | 2,131 | 3,084 |
Net Income | 15,942 | 16,675 | 29,251 | 30,866 |
Less: Net income attributable to noncontrolling interest | 515 | 592 | 1,094 | 1,164 |
Net Income Attributable to Quaker Chemical Corporation | $15,427 | $16,083 | $28,157 | $29,702 |
Per share data: | ' | ' | ' | ' |
Basic Earnings Per Common Share | $1.17 | $1.22 | $2.13 | $2.26 |
Diluted Earnings per Common Share | $1.16 | $1.22 | $2.13 | $2.26 |
Dividends Declared | $0.30 | $0.25 | $0.55 | $0.50 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $15,942 | $16,675 | $29,251 | $30,866 |
Currency Translation Adjustments | 981 | -4,183 | 2,255 | -5,946 |
Defined Benefit Retirement Plans | 613 | 562 | 1,159 | 1,868 |
Unrealized (Loss) Gain on Available-for-Sale Securities | -171 | -715 | -102 | -283 |
Other Comprehensive Income (Loss) | 1,423 | -4,336 | 3,312 | -4,361 |
Comprehensive Income | 17,365 | 12,339 | 32,563 | 26,505 |
Less: Comprehensive Income Attributable to Noncontrolling Interest | -510 | 239 | -1,293 | -200 |
Comprehensive Income Attributable to Quaker Chemical Corporation | $16,855 | $12,578 | $31,270 | $26,305 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $60,232 | $68,492 |
Accounts receivable, net | 186,323 | 165,629 |
Inventories | ' | ' |
Raw materials and supplies | 39,586 | 37,063 |
Work-in-process and finished goods | 39,686 | 34,494 |
Prepaid expenses and other current assets | 20,133 | 23,169 |
Total current assets | 345,960 | 328,847 |
Property, plant and equipment, at cost | 236,942 | 233,865 |
Less accumulated depreciation | -153,600 | -148,377 |
Net property, plant and equipment | 83,342 | 85,488 |
Goodwill | 58,921 | 58,151 |
Other intangible assets, net | 29,657 | 31,272 |
Investments in associated companies | 21,416 | 19,397 |
Deferred income taxes | 22,158 | 24,724 |
Other assets | 35,183 | 36,267 |
Total assets | 596,637 | 584,146 |
Current liabilities | ' | ' |
Short-term borrowings and current portion of long-term debt | 1,348 | 1,395 |
Accounts and other payables | 80,033 | 75,580 |
Accrued compensation | 12,516 | 20,801 |
Other current liabilities | 26,806 | 33,080 |
Total current liabilities | 120,703 | 130,856 |
Long-term debt | 24,611 | 17,321 |
Deferred income taxes | 6,500 | 6,729 |
Other non-current liabilities | 80,113 | 84,544 |
Total liabilities | 231,927 | 239,450 |
Equity | ' | ' |
Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding 2014 - 13,242,167 shares; 2013 - 13,196,140 shares | 13,242 | 13,196 |
Capital in excess of par value | 95,508 | 99,038 |
Retained earnings | 279,161 | 258,285 |
Accumulated Other Comprehensive Loss | -31,587 | -34,700 |
Total Quaker shareholders' equity | 356,324 | 335,819 |
Noncontrolling interest | 8,386 | 8,877 |
Total equity | 364,710 | 344,696 |
Total liabilities and equity | $596,637 | $584,146 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheet (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 13,242,167 | 13,196,140 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net Income | $29,251 | $30,866 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 6,084 | 6,125 |
Amortization | 1,628 | 1,763 |
Equity in undistributed earnings of associated companies, net of dividends | -1,931 | -1,021 |
Deferred compensation and other, net | 3,340 | -1,080 |
Stock-based compensation | 2,732 | 2,152 |
Gain on Disposal of Property, Plant and Equipment | -97 | -224 |
Insurance settlement realized | -980 | -384 |
Pension and other postretirement benefits | -926 | -1,884 |
(Decrease) increase in cash from changes in current assets and current liabilities, net of acquisitions: | ' | ' |
Accounts receivable | -20,563 | -9,913 |
Inventories | -7,568 | -2,269 |
Prepaid expenses and other current assets | 1,157 | -286 |
Accounts payable and accrued liabilities | -3,873 | 3,650 |
Net cash provided by operating activities | 8,254 | 27,495 |
Cash flows from investing activities | ' | ' |
Investments in property, plant and equipment | -5,521 | -5,202 |
Payments related to acquisitions, net of cash acquired | 0 | -2,478 |
Proceeds from disposition of assets | 128 | 345 |
Interest earned on insurance settlements | 23 | 28 |
Change in restricted cash, net | 957 | 356 |
Net cash used in investing activities | -4,413 | -6,951 |
Cash flows from financing activities | ' | ' |
Proceeds from long-term debt | 7,500 | 0 |
Repayment of long-term debt | -248 | -7,563 |
Dividends paid | -6,607 | -6,428 |
Stock options exercised, other | -33 | 84 |
Excess Tax Benefit Related to Stock Option Exercises, Cash Flow | 267 | 452 |
Purchase of a noncontrolling interest in an affiliate | -7,532 | 0 |
Payment of acquisition-related earnout liability | -4,709 | 0 |
Distributions to noncontrolling affiliate shareholders | -657 | 0 |
Net cash used in financing activities | -12,019 | -13,455 |
Effect of exchange rate changes on cash | -82 | -1,090 |
Net (Decrease) Increase in Cash and Cash Equivalents | -8,260 | 5,999 |
Cash and cash equivalents at beginning of period | 68,492 | 32,547 |
Cash and cash equivalents at end of period | $60,232 | $38,546 |
Condensed_Financial_Informatio
Condensed Financial Information | 6 Months Ended |
Jun. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Note 1 – Condensed Financial Information | |
The condensed consolidated financial statements included herein are unaudited and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States for interim financial reporting and the United States Securities and Exchange Commission regulations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the financial statements reflect all adjustments (consisting only of normal recurring adjustments, except as discussed below) which are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods. During the first quarter of 2014, the Company revised its Consolidated Balance Sheet for December 31, 2013 with a $335 reduction to retained earnings and a corresponding increase to its long-term deferred tax liability, relating to an adjustment that would have occurred when the Company adopted the equity method of accounting for its interest in a captive insurance equity affiliate. Certain other reclassifications of prior year data have been made to improve comparability. The results for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Company's Annual Report filed on Form 10-K for the year ended December 31, 2013. | |
Venezuela currently operates three local exchange markets to obtain U.S. Dollars: the CADIVI, SICAD I and SICAD II. Under generally accepted principles in the United States, Venezuela's economy is considered to be hyper inflationary, so, accordingly, all gains and losses resulting from the remeasurement of the Company's Venezuelan equity affiliate Kelko Quaker Chemical, S.A. (“Kelko”) to the CADIVI published exchange are required to be recorded directly to the Condensed Consolidated Statement of Income. As of June 30, 2014, the Company has a $1,433 investment in Kelko, which is currently valued at the CADIVI exchange rate. The Company currently does not have access to trade on the SICAD I exchange rate. During the second quarter of 2014, the Company recorded a charge of $321, or $0.02 per diluted share, related to the conversion of certain Venezuelan Bolivar Fuerte to U.S. Dollars on the SICAD II exchange. During the first quarter of 2013, the Venezuelan Government announced a devaluation of the Bolivar Fuerte, which resulted in a charge of $357, or $0.03 per diluted share. | |
During 2002 and 2003, the Company's Netherlands and Italian subsidiaries paid excise taxes on mineral oil sales in Italy for a total amount of approximately $2,000. Alleging that the mineral oil excise tax was contrary to European Union directives, the subsidiaries filed with the Customs' Authority of Milan (“Customs Office” or “Office”) requests to obtain a refund of the above-mentioned amount. The parties appealed rulings to various levels of tax courts up through the Supreme Court of Italy. In March 2012, the Supreme Court rejected the appeal of the Customs Office, ruling in favor of the subsidiaries and granting a refund for the amounts requested. After filing an enforcement action, the Company collected approximately $2,057, along with approximately $483 of interest, in the second quarter of 2013. This amount was recorded as other income on the Company's Condensed Consolidated Statement of Income in the second quarter of 2013. | |
As part of the Company's chemical management services, certain third-party product sales to customers are managed by the Company. Where the Company acts as the principal, revenue is recognized on a gross reporting basis at the selling price negotiated with customers. Where the Company acts as an agent, such revenue is recorded using net reporting as service revenues, at the amount of the administrative fee earned by the Company for ordering the goods. Third-party products transferred under arrangements resulting in net reporting totaled $10,926 and $21,499 for the three and six months ended June 30, 2014, respectively. Third-party products transferred under arrangements resulting in net reporting totaled $10,560 and $19,338 for the three and six months ended June 30, 2013, respectively. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ' |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' |
Note 2 – Recently Issued Accounting Standards | |
The FASB issued an accounting standard update in May 2014 regarding the accounting for and disclosures of revenue recognition. Specifically, the update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, which will be common to both US GAAP and International Financial Reporting Standards (“IFRS”). The model focuses revenue recognition to reflect the actual consideration to which the entity expects to be entitled in exchange for the goods or services defined in the contract, including multiple performance obligations. The guidance is effective for annual and interim periods beginning after December 15, 2016, which allows for full retrospective adoption of prior period data or a modified retrospective adoption whereby the cumulative past effects are recorded and disclosed in the current period. Early adoption is not permitted. Currently, the Company is evaluating the effect that this guidance may have on its financial statements. |
Out_of_Period_Adjustment
Out of Period Adjustment | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Accounting Changes and Error Corrections [Text Block] | ' |
Note 3 – Out-of-Period Adjustment | |
During 2012, the Company reassessed its ability to significantly influence the operating and financial policies of its captive insurance equity affiliate, Primex. Based on its ownership percentage and other factors, the Company determined that, during 2012, the Company obtained the ability to significantly influence Primex and, as a result, changed its method of accounting from the cost to equity method. During the first quarter of 2013, the Company identified errors in Primex's estimated 2012 financial statements, which primarily related to a reinsurance contract held by Primex. The identified errors resulted in a cumulative $1,038 understatement of the Company's equity in net income from associated companies for the year ended December 31, 2012. The Company corrected the errors related to Primex in the first quarter of 2013, which had the net effect of increasing equity in net income from associated companies by $1,038 for the three months ended March 31, 2013. The Company did not believe this adjustment was material to its consolidated financial statements for the years ended December 31, 2012 or December 31, 2013 and, therefore, did not restate any prior period amounts. |
Business_Segments
Business Segments | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Segment Reporting Measurement Disclosures [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
Note 4 – Business Segments | |||||||||||||
The Company's reportable operating segments are organized by geography as follows: (i) North America, (ii) Europe, Middle East and Africa (“EMEA”), (iii) Asia/Pacific and (iv) South America. Operating earnings, excluding indirect operating expenses, for the Company's reportable operating segments are comprised of revenues less costs of goods sold and SG&A directly related to the respective regions' product sales. The indirect operating expenses consist of SG&A related expenses that are not directly attributable to the product sales of each respective reportable operating segment. Other items not specifically identified with the Company's reportable operating segments include interest expense, interest income, license fees from non-consolidated affiliates and other income (expense). | |||||||||||||
The following table presents information about the Company's reported segments for the three and six months ended June 30, 2014 and June 30, 2013: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net sales | |||||||||||||
North America | $ | 82,512 | $ | 76,751 | $ | 159,228 | $ | 151,509 | |||||
EMEA | 50,228 | 49,155 | 99,417 | 95,862 | |||||||||
Asia/Pacific | 45,123 | 42,542 | 87,060 | 80,530 | |||||||||
South America | 13,423 | 16,398 | 27,255 | 33,138 | |||||||||
Total net sales | $ | 191,286 | $ | 184,846 | $ | 372,960 | $ | 361,039 | |||||
Operating earnings, excluding indirect operating expenses | |||||||||||||
North America | $ | 17,868 | $ | 15,996 | $ | 33,579 | $ | 31,035 | |||||
EMEA | 8,109 | 8,581 | 16,205 | 15,551 | |||||||||
Asia/Pacific | 10,221 | 10,770 | 20,139 | 20,398 | |||||||||
South America | 889 | 2,357 | 2,398 | 5,232 | |||||||||
Total operating earnings, excluding indirect operating expenses | 37,087 | 37,704 | 72,321 | 72,216 | |||||||||
Indirect operating expenses | -15,327 | -17,027 | -30,375 | -33,249 | |||||||||
Amortization expense | -815 | -884 | -1,628 | -1,763 | |||||||||
Consolidated operating income | 20,945 | 19,793 | 40,318 | 37,204 | |||||||||
Other income (expense), net | 117 | 2,301 | -356 | 2,647 | |||||||||
Interest expense | -581 | -762 | -1,106 | -1,506 | |||||||||
Interest income | 895 | 229 | 1,348 | 398 | |||||||||
Consolidated income before taxes and equity in net income of associated companies | $ | 21,376 | $ | 21,561 | $ | 40,204 | $ | 38,743 | |||||
Inter-segment revenue for the three and six months ended June 30, 2014 was $1,856 and $3,806 for North America, $5,455 and $10,781 for EMEA, $95 and $202 for Asia/Pacific and zero for South America, respectively. Inter-segment revenue for the three and six months ended June 30, 2013 was $2,741 and $4,847 for North America, $4,651 and $9,656 for EMEA, $247 and $305 for Asia/Pacific and zero for South America, respectively. However, all inter-segment transactions have been eliminated from each reportable operating segment's net sales and earnings for all periods presented above. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Share Based Compensation [Abstract] | ' | ||||||||||||||||
Disclosure Of Compensation Related Costs Share Based Payments [Text Block] | ' | ||||||||||||||||
Note 5 – Stock-Based Compensation | |||||||||||||||||
The Company recognized the following share-based compensation expense in selling, general and administrative expenses in its Condensed Consolidated Statement of Income for the three and six months ended June 30, 2014 and the three and six months ended June 30, 2013: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | $ | 171 | $ | 138 | $ | 321 | $ | 238 | |||||||||
Nonvested stock awards and restricted stock units | 609 | 528 | 1,165 | 911 | |||||||||||||
Employee stock purchase plan | 19 | 14 | 36 | 26 | |||||||||||||
Non-elective and elective 401(k) matching contribution in stock | 499 | 411 | 1,148 | 936 | |||||||||||||
Director stock ownership plan | 46 | 21 | 62 | 41 | |||||||||||||
Total share-based compensation expense | $ | 1,344 | $ | 1,112 | $ | 2,732 | $ | 2,152 | |||||||||
As of June 30, 2014 and June 30, 2013, the Company recorded $267 and $452, respectively, of excess tax benefits in capital in excess of par value on its Condensed Consolidated Balance Sheets related to stock option exercises. The Company's estimated taxes payable was sufficient to fully recognize these benefits as cash inflows from financing activities in its Condensed Consolidated Statement of Cash Flows, which represented the Company's estimate of cash savings through the six months ended June 30, 2014 and June 30, 2013, respectively. | |||||||||||||||||
Stock option activity under all plans is as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Weighted Average | Remaining | ||||||||||||||||
Number of | Exercise Price per | Contractual | |||||||||||||||
Shares | Share | Term (years) | |||||||||||||||
Options outstanding at December 31, 2013 | 75,251 | $ | 44.49 | ||||||||||||||
Options granted | 37,048 | 73.47 | |||||||||||||||
Options exercised | -3,292 | 42.24 | |||||||||||||||
Options outstanding at June 30, 2014 | 109,007 | $ | 54.41 | 5.4 | |||||||||||||
Options exercisable at June 30, 2014 | 40,628 | $ | 39.76 | 4.3 | |||||||||||||
As of June 30, 2014, the total intrinsic value of options outstanding was approximately $2,378, and the total intrinsic value of exercisable options was $1,482. Intrinsic value is calculated as the difference between the current market price of the underlying security and the strike price of a related option. | |||||||||||||||||
A summary of the Company's outstanding stock options at June 30, 2014 is as follows: | |||||||||||||||||
Weighted | Weighted | Number | Weighted | ||||||||||||||
Number | Average | Average | Exercisable | Average | |||||||||||||
Range of | Outstanding | Contractual | Exercise | at | Exercise | ||||||||||||
Exercise Prices | at 6/30/2014 | Life | Price | 6/30/14 | Price | ||||||||||||
$ | 0 | - | $ | 10 | 0 | 0 | $ | 0 | 0 | $ | 0 | ||||||
$ | 10.01 | - | $ | 20 | 6,155 | 2.6 | 18.82 | 6,155 | 18.82 | ||||||||
$ | 20.01 | - | $ | 30 | 0 | 0 | 0 | 0 | 0 | ||||||||
$ | 30.01 | - | $ | 40 | 35,020 | 4.3 | 37.87 | 23,954 | 37.75 | ||||||||
$ | 40.01 | - | $ | 50 | 2,192 | 5 | 46.21 | 1,462 | 46.21 | ||||||||
$ | 50.01 | - | $ | 60 | 28,592 | 5.7 | 58.26 | 9,057 | 58.26 | ||||||||
$ | 60.01 | - | $ | 70 | 0 | 0 | 0 | 0 | 0 | ||||||||
$ | 70.01 | - | $ | 80 | 37,048 | 6.7 | 73.47 | 0 | 0 | ||||||||
109,007 | 5.4 | 54.41 | 40,628 | 39.76 | |||||||||||||
As of June 30, 2014, unrecognized compensation expense related to options granted during 2012 was $140, for options granted during 2013 was $358 and for options granted in 2014 was $726. | |||||||||||||||||
During the first quarter of 2014, the Company granted stock options under its LTIP plan that are subject only to time vesting over a three-year period. For the purposes of determining the fair value of stock option awards, the Company uses the Black-Scholes option pricing model and the assumptions set forth in the table below: | |||||||||||||||||
2014 | |||||||||||||||||
Number of options granted | 37,048 | ||||||||||||||||
Dividend yield | 2 | % | |||||||||||||||
Expected volatility | 43.34 | % | |||||||||||||||
Risk-free interest rate | 1.22 | % | |||||||||||||||
Expected term (years) | 4 | ||||||||||||||||
Approximately $68 and $91 of expense was recorded on these options during the three and six months ended June 30, 2014, respectively. The fair value of these awards is amortized on a straight-line basis over the vesting period of the awards. | |||||||||||||||||
Activity of nonvested shares granted under the Company's LTIP plan is shown below: | |||||||||||||||||
Activity of nonvested shares granted under the Company's LTIP plan is shown below: | |||||||||||||||||
Weighted | |||||||||||||||||
Average Grant | |||||||||||||||||
Number of | Date Fair Value | ||||||||||||||||
Shares | (per share) | ||||||||||||||||
Nonvested awards, December 31, 2013 | 115,984 | $ | 47.27 | ||||||||||||||
Granted | 28,344 | $ | 73.32 | ||||||||||||||
Vested | -29,973 | $ | 44.32 | ||||||||||||||
Nonvested awards, June 30, 2014 | 114,355 | $ | 54.5 | ||||||||||||||
The fair value of the nonvested stock is based on the trading price of the Company's common stock on the date of grant. The Company adjusts the grant date fair value for expected forfeitures based on historical experience for similar awards. As of June 30, 2014, unrecognized compensation expense related to these awards was $3,552 to be recognized over a weighted average remaining period of 2.17 years. | |||||||||||||||||
Activity of nonvested restricted stock units granted under the Company's LTIP plan is shown below: | |||||||||||||||||
Weighted | |||||||||||||||||
Average Grant | |||||||||||||||||
Number of | Date Fair Value | ||||||||||||||||
units | (per unit) | ||||||||||||||||
Nonvested awards, December 31, 2013 | 4,018 | $ | 49.71 | ||||||||||||||
Granted | 3,140 | $ | 75.52 | ||||||||||||||
Nonvested awards, June 30, 2014 | 7,158 | $ | 61.03 | ||||||||||||||
The fair value of the nonvested restricted stock units is based on the trading price of the Company's common stock on the date of grant. The Company adjusts the grant date fair value for expected forfeitures based on historical experience for similar awards. As of June 30, 2014, unrecognized compensation expense related to these awards was $281 to be recognized over a weighted average remaining period of 2.20 years. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
In 2000, the Board adopted an Employee Stock Purchase Plan (“ESPP”) whereby employees may purchase Company stock through a payroll deduction plan. Purchases are made from the plan and credited to each participant's account at the end of each month, the “Investment Date.” The purchase price of the stock is 85% of the fair market value on the Investment Date. The plan is compensatory and the 15% discount is expensed on the Investment Date. All employees, including officers, are eligible to participate in this plan. A participant may withdraw all uninvested payment balances credited to a participant's account at any time. An employee whose stock ownership of the Company exceeds five percent of the outstanding common stock is not eligible to participate in this plan. | |||||||||||||||||
2013 Director Stock Ownership Plan | |||||||||||||||||
In March 2013, the Company adopted the 2013 Director Stock Ownership Plan (the “Plan”), subject to the approval by the Company's shareholders at the annual meeting, to encourage the Directors to increase their investment in the Company. The Plan was approved at the Company's May 2013 shareholders' meeting. The Plan authorizes the issuance of up to 75,000 shares of Quaker common stock in accordance with the terms of the Plan in payment of all or a portion of the annual cash retainer payable to each of the Company's non-employee directors in 2013 and subsequent years during the term of the Plan. Under the Plan, each director who, on May 1st of the applicable calendar year, owns less than 400% of the annual cash retainer for the applicable calendar year, divided by the average of the closing price of a share of Quaker Common Stock as reported by the composite tape of the New York Stock Exchange for the previous calendar year (the “Threshold Amount”), is required to receive 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. Each director who owns more than the Threshold Amount may elect to receive common stock in payment of a percentage (up to 100%) of the annual cash retainer. The annual retainer is $50 and the retainer payment date is June 1. The Plan was adopted in order to replace the 2003 Director Stock Ownership Plan, which expired in May 2013. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||
Pension And Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||||||||||||
Note 6 – Pension and Other Postretirement Benefits | ||||||||||||||||||||||||
The components of net periodic benefit cost for the three and six months ended June 30, 2014 and June 30, 2013 are as follows: | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
Other | Other | |||||||||||||||||||||||
Postretirement | Postretirement | |||||||||||||||||||||||
Pension Benefits | Benefits | Pension Benefits | Benefits | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Service cost | $ | 736 | $ | 728 | $ | 2 | $ | 4 | $ | 1,470 | $ | 1,566 | $ | 10 | $ | 17 | ||||||||
Interest cost and other | 1,519 | 1,398 | 62 | 36 | 3,061 | 2,778 | 116 | 92 | ||||||||||||||||
Expected return on plan assets | -1,601 | -1,463 | 0 | 0 | -3,208 | -2,941 | 0 | 0 | ||||||||||||||||
Actuarial loss amortization | 759 | 991 | 26 | -31 | 1,548 | 1,972 | 32 | 16 | ||||||||||||||||
Prior service cost amortization | -15 | 104 | 0 | 0 | 851 | 132 | 0 | 0 | ||||||||||||||||
Net periodic benefit cost | $ | 1,398 | $ | 1,758 | $ | 90 | $ | 9 | $ | 3,722 | $ | 3,507 | $ | 158 | $ | 125 | ||||||||
During 2013, it was discovered that the Company's subsidiary in the United Kingdom did not appropriately amend a trust for a legacy change in its pension scheme, as it related to a past retirement age equalization law. Given the lack of an official deed to the pension trust, the effective date of the change to the Subsidiary's pension scheme differed from the Company's historical beliefs, but the extent of the potential exposure was not estimable. In the first quarter of 2014, the Company recorded costs of $902, or $0.05 per diluted share, related to prior service cost and interest cost, to appropriately reflect the past plan amendment related to the retirement age equalization law. | ||||||||||||||||||||||||
Employer Contributions: | ||||||||||||||||||||||||
The Company previously disclosed in its financial statements for the year ended December 31, 2013, that it expected to make minimum cash contributions of $6,172 to its pension plans and $607 to its other postretirement benefit plan in 2014. As of June 30, 2014, $4,506 and $328 of contributions had been made to the Company's pension plans and its other postretirement benefit plans, respectively. |
Other_Income_expense
Other Income (expense) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Other Income And Expenses [Abstract] | ' | |||||||||||||
Other Income And Other Expense Disclosure [Text Block] | ' | |||||||||||||
Note 7 – Other income (expense) | ||||||||||||||
Other income (expense) includes: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Change in fair value of acquisition-related earnout liability | $ | 0 | $ | -675 | $ | 0 | $ | -675 | ||||||
Income from third party license fees | 257 | 283 | 555 | 548 | ||||||||||
Net foreign exchange losses | -185 | -238 | -984 | -205 | ||||||||||
Net gain on fixed asset disposals | 60 | 214 | 105 | 238 | ||||||||||
Non-income tax refunds | 0 | 2,656 | 0 | 2,669 | ||||||||||
Other non-operating income | 32 | 123 | 69 | 180 | ||||||||||
Other non-operating expense | -47 | -62 | -101 | -108 | ||||||||||
Total other income (expense), net | $ | 117 | $ | 2,301 | $ | -356 | $ | 2,647 |
Income_Taxes_and_Uncertain_Tax
Income Taxes and Uncertain Tax Positions | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 8 – Income Taxes and Uncertain Income Tax Positions | |
The Company's effective tax rate for the first six months of 2014 of 32.5% was higher than the first six months of 2013 effective tax rate of 28.3%. Both effective tax rates reflect decreases in reserves for uncertain tax positions due to the expiration of applicable statutes of limitations for certain tax years of approximately $0.02 and $0.10 per diluted share for the six months ended June 30, 2014 and June 30, 2013, respectively. Also, contributing to the difference in the effective tax rate from the prior year is the recognition of certain one-time items that increased the current year's effective tax rate. | |
As of June 30, 2014, the Company's cumulative liability for gross unrecognized tax benefits was $12,791. At December 31, 2013, the Company's cumulative liability for gross unrecognized tax benefits was $12,596. | |
The Company continues to recognize interest and penalties associated with uncertain tax positions as a component of taxes on income before equity in net income of associated companies in its Condensed Consolidated Statement of Income. The Company recognized $154 and $(58) for interest and $108 and $98 for penalties on its Condensed Consolidated Statement of Income for the three and six months ended June 30, 2014, respectively, and recognized $144 and $(333) for interest and $148 and $241 for penalties on its Condensed Consolidated Statement of Income for the three and six months ended June 30, 2013, respectively. As of June 30, 2014, the Company had accrued $2,039 for cumulative interest and $2,181 for cumulative penalties, compared to $2,108 for cumulative interest and $2,100 for cumulative penalties at December 31, 2013. | |
During the three months ended June 30, 2014, there were no expirations of statutes of limitations for uncertain tax positions. During the three months ended June 30, 2013, the Company recognized a decrease in its cumulative liability for gross unrecognized tax benefits of approximately $8 due to the expiration of the applicable statutes of limitations for certain tax years. | |
During the six months ended June 30, 2014, the Company recognized a $1,075 decrease in its cumulative liability for gross unrecognized tax benefits due to the expiration of the applicable statutes of limitations for certain tax years. During the six months ended June 30, 2013, the Company recognized a $1,695 decrease in its cumulative liability for gross unrecognized tax benefits due to the expiration of the applicable statutes of limitations for certain tax years. | |
The Company estimates that during the year ending December 31, 2014 it will reduce its cumulative liability for gross unrecognized tax benefits by approximately $1,800 to $1,900 due to the expiration of the statute of limitations with regard to certain tax positions. This estimated reduction in the cumulative liability for unrecognized tax benefits does not consider any increase in liability for unrecognized tax benefits with regard to existing tax positions or any increase in cumulative liability for unrecognized tax benefits with regard to new tax positions for the year ending December 31, 2014. | |
The Company and its subsidiaries are subject to U.S. Federal income tax, as well as the income tax of various state and foreign tax jurisdictions. Tax years that remain subject to examination by major tax jurisdictions include Brazil from 2000, the Netherlands and the United Kingdom from 2008, Spain from 2009, the United States, China and Italy from 2010, and various domestic state tax jurisdictions from 1993. | |
During the second quarter of 2012, the Italian tax authorities initiated a transfer pricing audit of the Company's Italian subsidiary. On July 7, 2012, the Company received a preliminary tax report related to this transfer pricing audit, which proposed several adjustments to the taxable income of the subsidiary. During the fourth quarter of 2012, the Company's Italian subsidiary received an assessment for the tax year 2007, which the Company appealed during the first quarter of 2013. On September 16, 2013, the Provincial Tax Court of Varese delivered a decision confirming the Italian tax authorities' proposed adjustment to the taxable income of the subsidiary, but denying the proposed assessment of penalties. On January 24, 2014, the Company's Italian subsidiary appealed the decision of the Provincial Tax Court of Varese. On March 7, 2014, the Italian tax authorities appealed the decision of the Provincial Tax Court denying the assessment of penalties. | |
On November 29, 2013, the Italian tax authorities issued a tax assessment for the tax year 2008, raising identical issues as the assessment for 2007, noted above. On March 28, 2014, the Company filed an appeal with the Provincial Tax Court of Varese. The Company filed a request for competent authority relief between the Italian and Dutch tax authorities and intends to file a similar request with the Spanish authorities. | |
Related to each of the above events, the Company and outside counsel believe we should prevail on the merits of each case. Therefore, the Company does not believe it has any exposures warranting an uncertain tax position reserve as of June 30, 2014. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
Note 9 – Earnings Per Share | |||||||||||||
The following table summarizes earnings per share calculations for the three and six months ended June 30, 2014 and June 30, 2013: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Basic earnings per common share | |||||||||||||
Net income attributable to Quaker Chemical Corporation | $ | 15,427 | $ | 16,083 | $ | 28,157 | $ | 29,702 | |||||
Less: income allocated to participating securities | -134 | -139 | -245 | -249 | |||||||||
Net income available to common shareholders | $ | 15,293 | $ | 15,944 | $ | 27,912 | $ | 29,453 | |||||
Basic weighted average common shares outstanding | 13,118,025 | 13,037,822 | 13,104,837 | 13,019,991 | |||||||||
Basic earnings per common share | $ | 1.17 | $ | 1.22 | $ | 2.13 | $ | 2.26 | |||||
Diluted earnings per common share | |||||||||||||
Net income attributable to Quaker Chemical Corporation | $ | 15,427 | $ | 16,083 | $ | 28,157 | $ | 29,702 | |||||
Less: income allocated to participating securities | -133 | -138 | -245 | -248 | |||||||||
Net income available to common shareholders | $ | 15,294 | $ | 15,945 | $ | 27,912 | $ | 29,454 | |||||
Basic weighted average common shares outstanding | 13,118,025 | 13,037,822 | 13,104,837 | 13,019,991 | |||||||||
Effect of dilutive securities | 21,388 | 24,918 | 20,449 | 27,314 | |||||||||
Diluted weighted average common shares outstanding | 13,139,413 | 13,062,740 | 13,125,286 | 13,047,305 | |||||||||
Diluted earnings per common share | $ | 1.16 | $ | 1.22 | $ | 2.13 | $ | 2.26 | |||||
The following number of stock options and restricted stock units are not included in diluted earnings per share since the effect would have been anti-dilutive: 6,579 and 6,170 for the three months ended June 30, 2014 and June 30, 2013, respectively, and 4,824 and 4,520 for the six months ended June 30, 2014 and June 30, 2013, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill And Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||
Note 10 – Goodwill and Other Intangible Assets | ||||||||||||||||
The changes in carrying amount of goodwill for the six months ended June 30, 2014 are as follows and the Company has recorded no impairment charges in the past: | ||||||||||||||||
North | South | |||||||||||||||
America | EMEA | Asia/Pacific | America | Total | ||||||||||||
Balance as of December 31, 2013 | $ | 28,127 | $ | 11,184 | $ | 15,018 | $ | 3,822 | $ | 58,151 | ||||||
Currency translation adjustments | 308 | 172 | 231 | 59 | 770 | |||||||||||
Balance as of June 30, 2014 | $ | 28,435 | $ | 11,356 | $ | 15,249 | $ | 3,881 | $ | 58,921 | ||||||
Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
Gross Carrying | Accumulated | |||||||||||||||
Amount | Amortization | |||||||||||||||
Definite-lived intangible assets | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Customer lists and rights to sell | $ | 33,607 | $ | 33,559 | $ | 11,234 | $ | 10,221 | ||||||||
Trademarks and patents | 6,830 | 6,838 | 3,532 | 3,202 | ||||||||||||
Formulations and product technology | 5,808 | 5,808 | 3,802 | 3,709 | ||||||||||||
Other | 5,543 | 5,544 | 4,663 | 4,445 | ||||||||||||
Total | $ | 51,788 | $ | 51,749 | $ | 23,231 | $ | 21,577 | ||||||||
The Company recorded $1,628 and $1,763 of amortization expense in the six months ended June 30, 2014 and June 30, 2013, respectively. Estimated annual aggregate amortization expense for the current year and subsequent five years is as follows: | ||||||||||||||||
For the year ended December 31, 2014 | $ | 3,257 | ||||||||||||||
For the year ended December 31, 2015 | $ | 3,257 | ||||||||||||||
For the year ended December 31, 2016 | $ | 2,781 | ||||||||||||||
For the year ended December 31, 2017 | $ | 2,121 | ||||||||||||||
For the year ended December 31, 2018 | $ | 2,097 | ||||||||||||||
For the year ended December 31, 2019 | $ | 2,097 | ||||||||||||||
The Company has two indefinite-lived intangible assets totaling $1,100 for trademarks at June 30, 2014. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Note 11 – Debt | |
The Company's primary credit line is a $300,000 syndicated multicurrency credit agreement with Bank of America, N.A. (administrative agent) and certain other major financial institutions, which matures in June 2018. The maximum amount available under this facility can be increased to $400,000 at the Company's option if the lenders agree and the Company satisfies certain conditions. Access to this facility is dependent on meeting certain financial, acquisition and other covenants, but primarily depends on the Company's consolidated leverage ratio calculation, which cannot exceed 3.50 to 1. At June 30, 2014 and December 31, 2013, the consolidated leverage ratio was below 1.0 to 1 and the Company was also in compliance with all of the facility's other covenants. At June 30, 2014, the Company had approximately $7,500 outstanding under this facility. At December 31, 2013, the Company had no borrowings outstanding under this facility. | |
Equity_and_Noncontrolling_Inte
Equity and Noncontrolling Interest | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Stockholders Equity [Abstract] | ' | |||||||||||||||||||
Stockholders Equity Note Disclosure [Text Block] | ' | |||||||||||||||||||
Note 12 – Equity and Noncontrolling Interest | ||||||||||||||||||||
The following table presents the changes in equity and noncontrolling interest for the three and six months ended June 30, 2014 and June 30, 2013: | ||||||||||||||||||||
Accumulated | ||||||||||||||||||||
Capital in | Other | |||||||||||||||||||
Common | Excess of | Retained | Comprehensive | Noncontrolling | ||||||||||||||||
Stock | Par Value | Earnings | Loss | Interest | Total | |||||||||||||||
Balance at March 31, 2014 | $ | 13,227 | $ | 100,429 | $ | 267,707 | $ | -33,015 | $ | 9,660 | $ | 358,008 | ||||||||
Net income | 0 | 0 | 15,427 | 0 | 515 | 15,942 | ||||||||||||||
Amounts reported in other comprehensive income | 0 | 0 | 0 | 1,428 | -5 | 1,423 | ||||||||||||||
Dividends ($0.30 per share) | 0 | 0 | -3,973 | 0 | 0 | -3,973 | ||||||||||||||
Distributions to noncontrolling affiliate shareholders | 0 | 0 | 0 | 0 | -657 | -657 | ||||||||||||||
Acquisition of noncontrolling interest | 0 | -6,450 | 0 | 0 | -1,127 | -7,577 | ||||||||||||||
Share issuance and equity-based compensation plans | 15 | 1,501 | 0 | 0 | 0 | 1,516 | ||||||||||||||
Excess tax benefit from stock option exercises | 0 | 28 | 0 | 0 | 0 | 28 | ||||||||||||||
Balance at June 30, 2014 | $ | 13,242 | $ | 95,508 | $ | 279,161 | $ | -31,587 | $ | 8,386 | $ | 364,710 | ||||||||
Balance at March 31, 2013 | $ | 13,140 | $ | 95,775 | $ | 225,790 | $ | -41,747 | $ | 9,015 | $ | 301,973 | ||||||||
Net income | 0 | 0 | 16,083 | 0 | 592 | 16,675 | ||||||||||||||
Amounts reported in other comprehensive income | 0 | 0 | 0 | -3,505 | -831 | -4,336 | ||||||||||||||
Dividends ($0.25 per share) | 0 | 0 | -3,293 | 0 | 0 | -3,293 | ||||||||||||||
Share issuance and equity-based compensation plans | 28 | 1,227 | 0 | 0 | 0 | 1,255 | ||||||||||||||
Excess tax benefit from stock option exercises | 0 | 83 | 0 | 0 | 0 | 83 | ||||||||||||||
Balance at June 30, 2013 | $ | 13,168 | $ | 97,085 | $ | 238,580 | $ | -45,252 | $ | 8,776 | $ | 312,357 | ||||||||
Accumulated | ||||||||||||||||||||
Capital in | Other | |||||||||||||||||||
Common | Excess of | Retained | Comprehensive | Noncontrolling | ||||||||||||||||
Stock | Par Value | Earnings | Loss | Interest | Total | |||||||||||||||
Balance at December 31, 2013 | $ | 13,196 | $ | 99,038 | $ | 258,285 | $ | -34,700 | $ | 8,877 | $ | 344,696 | ||||||||
Net income | 0 | 0 | 28,157 | 0 | 1,094 | 29,251 | ||||||||||||||
Amounts reported in other comprehensive income | 0 | 0 | 0 | 3,113 | 199 | 3,312 | ||||||||||||||
Dividends ($0.55 per share) | 0 | 0 | -7,281 | 0 | 0 | -7,281 | ||||||||||||||
Distributions to noncontrolling affiliate shareholders | 0 | 0 | 0 | 0 | -657 | -657 | ||||||||||||||
Acquisition of noncontrolling interest | 0 | -6,450 | 0 | 0 | -1,127 | -7,577 | ||||||||||||||
Share issuance and equity-based compensation plans | 46 | 2,653 | 0 | 0 | 0 | 2,699 | ||||||||||||||
Excess tax benefit from stock option exercises | 0 | 267 | 0 | 0 | 0 | 267 | ||||||||||||||
Balance at June 30, 2014 | $ | 13,242 | $ | 95,508 | $ | 279,161 | $ | -31,587 | $ | 8,386 | $ | 364,710 | ||||||||
Balance at December 31, 2012 | $ | 13,095 | $ | 94,470 | $ | 215,390 | $ | -41,855 | $ | 8,576 | $ | 289,676 | ||||||||
Net income | 0 | 0 | 29,702 | 0 | 1,164 | 30,866 | ||||||||||||||
Amounts reported in other comprehensive income | 0 | 0 | 0 | -3,397 | -964 | -4,361 | ||||||||||||||
Dividends ($0.495 per share) | 0 | 0 | -6,512 | 0 | 0 | -6,512 | ||||||||||||||
Share issuance and equity-based compensation plans | 73 | 2,163 | 0 | 0 | 0 | 2,236 | ||||||||||||||
Excess tax benefit from stock option exercises | 0 | 452 | 0 | 0 | 0 | 452 | ||||||||||||||
Balance at June 30, 2013 | $ | 13,168 | $ | 97,085 | $ | 238,580 | $ | -45,252 | $ | 8,776 | $ | 312,357 | ||||||||
The following tables show the reclassifications from and resulting balances of accumulated other comprehensive loss for the three and six months ended June 30, 2014 and June 30, 2013: | ||||||||||||||||||||
Unrealized | ||||||||||||||||||||
Currency | Defined | gain (loss) in | ||||||||||||||||||
translation | benefit | available-for- | ||||||||||||||||||
adjustments | pension plans | sale securities | Total | |||||||||||||||||
Balance at March 31, 2014 | $ | 2,222 | $ | -36,887 | $ | 1,650 | $ | -33,015 | ||||||||||||
Other comprehensive income before reclassifications | 986 | 120 | 842 | 1,948 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 762 | -1,101 | -339 | ||||||||||||||||
Current period other comprehensive income (loss) | 986 | 882 | -259 | 1,609 | ||||||||||||||||
Related tax amounts | 0 | -269 | 88 | -181 | ||||||||||||||||
Net current period other comprehensive income (loss) | 986 | 613 | -171 | 1,428 | ||||||||||||||||
Balance at June 30, 2014 | $ | 3,208 | $ | -36,274 | $ | 1,479 | $ | -31,587 | ||||||||||||
Balance at March 31, 2013 | $ | 1,706 | $ | -45,608 | $ | 2,155 | $ | -41,747 | ||||||||||||
Other comprehensive loss before reclassifications | -3,352 | -214 | -289 | -3,855 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 1,065 | -795 | 270 | ||||||||||||||||
Current period other comprehensive (loss) income | -3,352 | 851 | -1,084 | -3,585 | ||||||||||||||||
Related tax amounts | 0 | -289 | 369 | 80 | ||||||||||||||||
Net current period other comprehensive (loss) income | -3,352 | 562 | -715 | -3,505 | ||||||||||||||||
Balance at June 30, 2013 | $ | -1,646 | $ | -45,046 | $ | 1,440 | $ | -45,252 | ||||||||||||
Unrealized | ||||||||||||||||||||
Currency | Defined | gain (loss) in | ||||||||||||||||||
translation | benefit | available-for- | ||||||||||||||||||
adjustments | pension plans | sale securities | Total | |||||||||||||||||
Balance at December 31, 2013 | $ | 1,152 | $ | -37,433 | $ | 1,581 | $ | -34,700 | ||||||||||||
Other comprehensive income before reclassifications | 2,056 | 144 | 1,505 | 3,705 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 1,531 | -1,659 | -128 | ||||||||||||||||
Current period other comprehensive income (loss) | 2,056 | 1,675 | -154 | 3,577 | ||||||||||||||||
Related tax amounts | 0 | -516 | 52 | -464 | ||||||||||||||||
Net current period other comprehensive income (loss) | 2,056 | 1,159 | -102 | 3,113 | ||||||||||||||||
Balance at June 30, 2014 | $ | 3,208 | $ | -36,274 | $ | 1,479 | $ | -31,587 | ||||||||||||
Balance at December 31, 2012 | $ | 3,336 | $ | -46,914 | $ | 1,723 | $ | -41,855 | ||||||||||||
Other comprehensive (loss) income before reclassifications | -4,982 | 549 | 859 | -3,574 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 2,120 | -1,288 | 832 | ||||||||||||||||
Current period other comprehensive (loss) income | -4,982 | 2,669 | -429 | -2,742 | ||||||||||||||||
Related tax amounts | 0 | -801 | 146 | -655 | ||||||||||||||||
Net current period other comprehensive (loss) income | -4,982 | 1,868 | -283 | -3,397 | ||||||||||||||||
Balance at June 30, 2013 | $ | -1,646 | $ | -45,046 | $ | 1,440 | $ | -45,252 | ||||||||||||
Approximately 30% and 70% of the amounts reclassified from accumulated other comprehensive loss to the Condensed Consolidated Statement of Income for defined benefit retirement plans during the three and six months ended June 30, 2014 and June 30, 2013 were recorded in cost of goods sold and SG&A, respectively. See Note 6 of Notes to Condensed Consolidated Financial Statements for further information. All reclassifications related to unrealized gain (loss) in 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 for noncontrolling interest are related to currency translation adjustments. |
Business_Acquisitions
Business Acquisitions | 6 Months Ended |
Jun. 30, 2014 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
Note 13 – Business Acquisitions | |
In June 2014, the Company acquired the remaining 49% ownership interest in its Australian affiliate, Quaker Chemical (Australasia) Pty. Limited ("QCA") for A$8,000, or approximately $7,577, from its joint venture partner, Nuplex Industries. QCA is a part of the Asia/Pacific reportable operating segment. As this acquisition was a change in an existing controlling ownership, the Company recorded $6,450 of excess of purchase price over the carrying value of its noncontrolling interest in Additional Paid in Capital. | |
In May 2013, the Company acquired a business that primarily related to tin plating for its North American reportable operating segment for net consideration of approximately $1,831. The Company allocated the purchase price to $830 of intangible assets, comprised of formulations, to be amortized over 10 years; a non-competition agreement, to be amortized over 4 years; and a customer list, to be amortized over 10 years. In addition, the Company recorded $277 of goodwill, all of which will be tax deductible. The remaining purchase price was allocated between the acquisition date fair value of inventory purchased of $454 and fixed assets purchased of $270. | |
In January 2013, the Company acquired a chemical milling maskants distribution network for net consideration of approximately $647, which was assigned to the North America reportable operating segment. The Company also assumed an additional $100 hold-back of consideration for potential indemnity obligations, which was paid to the former shareholders during the first quarter of 2014. The acquired intangible was allocated to the Company's customer lists and rights to sell intangible assets and will be amortized over 5 years. | |
Certain pro forma and other disclosures have not been provided for these acquisitions because the effects were not material. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||
Note 14 – Fair Value Measurements | |||||||||||||
The Company values its company-owned life insurance policies, various deferred compensation assets and liabilities, and certain acquisition related consideration at fair value. The Company's assets and liabilities subject to fair value measurement are as follows: | |||||||||||||
Fair Value Measurements at June 30, 2014 | |||||||||||||
Fair Value | Using Fair Value Hierarchy | ||||||||||||
as of | |||||||||||||
Assets | 30-Jun-14 | Level 1 | Level 2 | Level 3 | |||||||||
Company-owned life insurance | $ | 1,338 | $ | 0 | $ | 1,338 | $ | 0 | |||||
Company-owned life insurance - Deferred compensation assets | 331 | 0 | 331 | 0 | |||||||||
Other deferred compensation assets | |||||||||||||
Large capitalization registered investment companies | 67 | 67 | 0 | 0 | |||||||||
Mid capitalization registered investment companies | 7 | 7 | 0 | 0 | |||||||||
Small capitalization registered investment companies | 13 | 13 | 0 | 0 | |||||||||
International developed and emerging markets registered investment | |||||||||||||
companies | 40 | 40 | 0 | 0 | |||||||||
Fixed income registered investment companies | 7 | 7 | 0 | 0 | |||||||||
Total | $ | 1,803 | $ | 134 | $ | 1,669 | $ | 0 | |||||
Fair Value Measurements at June 30, 2014 | |||||||||||||
Fair Value | Using Fair Value Hierarchy | ||||||||||||
as of | |||||||||||||
Liabilities | 30-Jun-14 | Level 1 | Level 2 | Level 3 | |||||||||
Deferred compensation liabilities | |||||||||||||
Large capitalization registered investment companies | $ | 388 | $ | 388 | $ | 0 | $ | 0 | |||||
Mid capitalization registered investment companies | 106 | 106 | 0 | 0 | |||||||||
Small capitalization registered investment companies | 89 | 89 | 0 | 0 | |||||||||
International developed and emerging markets registered investment | |||||||||||||
companies | 198 | 198 | 0 | 0 | |||||||||
Fixed income registered investment companies | 41 | 41 | 0 | 0 | |||||||||
Fixed general account | 156 | 0 | 156 | 0 | |||||||||
Acquisition-related consideration | 62 | 0 | 0 | 62 | |||||||||
Total | $ | 1,040 | $ | 822 | $ | 156 | $ | 62 | |||||
Fair Value Measurements at December 31, 2013 | |||||||||||||
Fair Value | Using Fair Value Hierarchy | ||||||||||||
as of | |||||||||||||
Assets | 31-Dec-13 | Level 1 | Level 2 | Level 3 | |||||||||
Company-owned life insurance | $ | 1,885 | $ | 0 | $ | 1,885 | $ | 0 | |||||
Company-owned life insurance - Deferred compensation assets | 409 | 0 | 409 | 0 | |||||||||
Other deferred compensation assets | |||||||||||||
Large capitalization registered investment companies | 74 | 74 | 0 | 0 | |||||||||
Mid capitalization registered investment companies | 6 | 6 | 0 | 0 | |||||||||
Small capitalization registered investment companies | 13 | 13 | 0 | 0 | |||||||||
International developed and emerging markets registered investment | |||||||||||||
companies | 40 | 40 | 0 | 0 | |||||||||
Fixed income registered investment companies | 7 | 7 | 0 | 0 | |||||||||
Total | $ | 2,434 | $ | 140 | $ | 2,294 | $ | 0 | |||||
Fair Value Measurements at December 31, 2013 | |||||||||||||
Fair Value | Using Fair Value Hierarchy | ||||||||||||
as of | |||||||||||||
Liabilities | 31-Dec-13 | Level 1 | Level 2 | Level 3 | |||||||||
Deferred compensation liabilities | |||||||||||||
Large capitalization registered investment companies | $ | 405 | $ | 405 | $ | 0 | $ | 0 | |||||
Mid capitalization registered investment companies | 109 | 109 | 0 | 0 | |||||||||
Small capitalization registered investment companies | 95 | 95 | 0 | 0 | |||||||||
International developed and emerging markets registered investment | |||||||||||||
companies | 205 | 205 | 0 | 0 | |||||||||
Fixed income registered investment companies | 43 | 43 | 0 | 0 | |||||||||
Fixed general account | 167 | 0 | 167 | 0 | |||||||||
Acquisition-related consideration | 4,876 | 0 | 0 | 4,876 | |||||||||
Total | $ | 5,900 | $ | 857 | $ | 167 | $ | 4,876 | |||||
The fair values of Company-owned life insurance (“COLI”) and COLI deferred compensation assets are based on quotes for like instruments with similar credit ratings and terms. The fair values of other deferred compensation assets and liabilities are based on quoted prices in active markets. The fair value of the Summit earnout was based on unobservable inputs and was classified as Level 3. At December 31, 2013, the significant input and assumption was the discount rate used to present value the liability. The fair value of the obligation related to a non-competition agreement is also based on unobservable inputs and is classified as Level 3. The significant inputs and assumptions for the obligation related to the non-competition agreement is management's estimate of the discount rate used to present value the liability. A significant change in any Level 3 assumption in isolation would result in increases or decreases to the fair value measurements of the acquisition-related consideration. | |||||||||||||
Changes in the fair value of the Level 3 liabilities during the six months ended June 30, 2014 were as follows: | |||||||||||||
Non-competition | |||||||||||||
Earnout | Agreement | ||||||||||||
Summit | Obligation | Total | |||||||||||
Balance at December 31, 2013 | $ | 4,697 | $ | 179 | $ | 4,876 | |||||||
Interest accretion | 12 | 8 | 20 | ||||||||||
Payments | -4,709 | -125 | -4,834 | ||||||||||
Balance at June 30, 2014 | $ | 0 | $ | 62 | $ | 62 | |||||||
Quantitative information about the Company's Level 3 fair value measurements at June 30, 2014 was as follows: | |||||||||||||
Fair value at June 30, 2014 | Valuation technique | Unobservable input | Input value | ||||||||||
Non-competition agreement obligation | 62 | Discounted cash flow | Discount rate | 14.00% | |||||||||
Summit earnout | - | Discounted cash flow | Discount rate | 14.50% | |||||||||
The Company settled its obligation related to the Summit earnout liability with a payment of $4,709 to its former shareholders in April 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies Disclosure [Text Block] | ' |
Note 15 – Commitments and Contingencies | |
In April of 1992, the Company identified certain soil and groundwater contamination at AC Products, Inc. (“ACP”), a wholly owned subsidiary. In voluntary coordination with the Santa Ana California Regional Water Quality Board (“SACRWQB”), ACP has been remediating the contamination, the principal contaminant of which is perchloroethylene (“PERC”). On or about December 18, 2004, the Orange County Water District (“OCWD”) filed a civil complaint in Superior Court in Orange County, California against ACP and other parties potentially responsible for groundwater contamination. OCWD was seeking to recover compensatory and other damages related to the investigation and remediation of the contamination in the groundwater. Effective October 17, 2007, ACP and OCWD settled all claims related to this litigation. Pursuant to the settlement agreement with OCWD, ACP agreed to pay $2,000. In addition to the $2,000 payment, ACP agreed to operate the two existing groundwater treatment systems associated with its extraction wells P-2 and P-3 so as to hydraulically contain groundwater contamination emanating from ACP's site until such time as the concentrations of PERC are below the current Federal maximum contaminant level for four consecutive quarterly sampling events. On September 11, 2012, ACP received a letter from the SACRWQB advising that no further action is required to remediate the soil contamination on site and on February 20, 2014, SACRWQB notified ACP that it could cease extraction and treatment of groundwater at well P-3. As of June 30, 2014, the Company believes that the range of potential-known liabilities associated with the ACP water remediation program is approximately $310 to $625, for which the Company has sufficient reserves. | |
The low and high ends of the range are based on the length of operation of well P-2 as determined by groundwater modeling with planned higher maintenance costs in later years if a longer treatment period is required. Costs of operation include the operation and maintenance of the extraction well, groundwater monitoring and program management. The duration of the well operation was estimated based on historical trends in concentrations in the monitoring well within the proximity of the applicable extraction well. Also factored into the model was the impact of water injected into the underground aquifer from a planned water treatment system to be installed by OCWD adjacent to P-2. Based on the modeling, it is estimated that P-2 will operate for another six months to one and a half years. Operation and maintenance costs were based on historical expenditures and estimated inflation. As mentioned above, a significantly higher maintenance expense was factored into the range if the system operates for the longer period. | |
The Company believes, although there can be no assurance regarding the outcome of other unrelated environmental matters, that it has made adequate accruals for costs associated with other environmental problems of which it is aware. Approximately $171 and $205 was accrued at June 30, 2014 and December 31, 2013, respectively, to provide for such anticipated future environmental assessments and remediation costs. | |
An inactive subsidiary of the Company that was acquired in 1978 sold certain products containing asbestos, primarily on an installed basis, and is among the defendants in numerous lawsuits alleging injury due to exposure to asbestos. The subsidiary discontinued operations in 1991 and has no remaining assets other than the proceeds from insurance settlements received. To date, the overwhelming majority of these claims have been disposed of without payment and there have been no adverse judgments against the subsidiary. Based on a continued analysis of the existing and anticipated future claims against this subsidiary, it is currently projected that the subsidiary's total liability over the next 50 years for these claims is approximately $2,700 (excluding costs of defense). Although the Company has also been named as a defendant in certain of these cases, no claims have been actively pursued against the Company, and the Company has not contributed to the defense or settlement of any of these cases pursued against the subsidiary. These cases were handled by the subsidiary's primary and excess insurers who had agreed in 1997 to pay all defense costs and be responsible for all damages assessed against the subsidiary arising out of existing and future asbestos claims up to the aggregate limits of the policies. A significant portion of this primary insurance coverage was provided by an insurer that is now insolvent, and the other primary insurers have asserted that the aggregate limits of their policies have been exhausted. The subsidiary challenged the applicability of these limits to the claims being brought against the subsidiary. In response, two of the three carriers entered into separate settlement and release agreements with the subsidiary in late 2005 and early 2007 for $15,000 and $20,000, respectively. The proceeds of both settlements are restricted and can only be used to pay claims and costs of defense associated with the subsidiary's asbestos litigation. During the third quarter of 2007, the subsidiary and the remaining primary insurance carrier entered into a Claim Handling and Funding Agreement, under which the carrier will pay 27% of defense and indemnity costs incurred by or on behalf of the subsidiary in connection with asbestos bodily injury claims for a minimum of five years beginning July 1, 2007. The agreement continues until terminated and can only be terminated by either party by providing the other party with a minimum of two years prior written notice. As of June 30, 2014, no notice of termination has been given under this agreement. At the end of the term of the agreement, the subsidiary may choose to again pursue its claim against this insurer regarding the application of the policy limits. The Company also believes that, if the coverage issues under the primary policies with the remaining carrier are resolved adversely to the subsidiary and all settlement proceeds were used, the subsidiary may have limited additional coverage from a state guarantee fund established following the insolvency of one of the subsidiary's primary insurers. Nevertheless, liabilities in respect of claims may exceed the assets and coverage available to the subsidiary. | |
If the subsidiary's assets and insurance coverage were to be exhausted, claimants of the subsidiary may actively pursue claims against the Company because of the parent-subsidiary relationship. Although asbestos litigation is particularly difficult to predict, especially with respect to claims that are currently not being actively pursued against the Company, the Company does not believe that such claims would have merit or that the Company would be held to have liability for any unsatisfied obligations of the subsidiary as a result of such claims. After evaluating the nature of the claims filed against the subsidiary and the small number of such claims that have resulted in any payment, the potential availability of additional insurance coverage at the subsidiary level, the additional availability of the Company's own insurance and the Company's strong defenses to claims that it should be held responsible for the subsidiary's obligations because of the parent-subsidiary relationship, the Company believes it is not probable that the Company will incur any material losses. The Company has been successful to date having claims naming it dismissed during initial proceedings. Since the Company may be in this early stage of litigation for some time, it is not possible to estimate additional losses or range of loss, if any. | |
As initially disclosed in the Company's second quarter 2010 Form 10-Q, one of the Company's subsidiaries may have paid certain value-added-taxes (“VAT”) incorrectly and, in certain cases, may not have collected sufficient VAT from certain customers. The VAT rules and regulations at issue are complex, vary among the jurisdictions and can be contradictory, in particular as to how they relate to the subsidiary's products and to sales between jurisdictions. | |
Since its inception, the subsidiary had been consistent in its VAT collection and remittance practices and had never been contacted by any tax authority relative to VAT. The subsidiary later determined that for certain products, a portion of the VAT was incorrectly paid and that the total VAT due exceeds the amount originally collected and remitted by the subsidiary. In response, the subsidiary modified its VAT invoicing and payment procedures to eliminate or mitigate future exposures. In 2010, three jurisdictions contacted the subsidiary and, since then, the subsidiary has either participated in an amnesty program or entered into a settlement whereby it paid a reduced portion of the amounts owed in resolution of those jurisdictions' claims. In late 2013, an additional jurisdiction issued an assessment against the subsidiary for certain tax years. The subsidiary has filed an appeal of the assessment alleging certain errors by such jurisdiction related to the assessment. | |
In analyzing the subsidiary's exposure, it is difficult to estimate both the probability and the amount of any potential liabilities due to a number of factors, including: the decrease in exposure over time due to applicable statutes of limitations and actions taken by the subsidiary, the joint liability of customers and suppliers for a portion of the VAT, the availability of a VAT refund for VAT incorrectly paid through an administrative process, any amounts which may have been or will be paid by customers, as well as the timing and structure of any tax amnesties or settlements. In addition, interest and penalties on any VAT due can be a multiple of the base tax. The subsidiary may contest any tax assessment administratively and/or judicially for an extended period of time, but may ultimately resolve its disputes through participation in tax amnesty programs, which are a common practice for settling tax disputes in the jurisdictions in question and which have historically occurred on a regular basis, resulting in significant reductions of interest and penalties. Also, the timing of payments and refunds of VAT may not be contemporaneous, and, if additional VAT is owed, it may not be fully recoverable from customers. As a result, this matter has the potential to have a material adverse impact on the Company's financial position, liquidity and capital resources and the results of operations. | |
In 2010, the Company recorded a net charge of $4,132, which consisted of a net $3,901 charge related to two tax dispute settlements entered into by the subsidiary, as well as a net $231 charge representing management's best estimate based on the information available to it, including the factors noted above, of the amount that ultimately may be paid related to the other jurisdiction that has made inquiries. At June 30, 2014 and December 31, 2013, the Company had no remaining accrual, related to the 2010 charges for payments to be made under the tax dispute settlements entered into by the subsidiary, noted above. In the fourth quarter of 2013, the Company recorded a net charge of $796, representing the Company's best estimate that ultimately may be paid related to the 2013 assessment referenced above. | |
The charges taken by the Company in 2010 and in the fourth quarter of 2013 assume a successful recovery of the VAT incorrectly paid, as well as reductions in interest and penalties from anticipated future amnesty programs or settlements. On a similar basis, if all other potentially impacted jurisdictions were to initiate audits and issue assessments, the remaining exposure, net of refunds, could be from $0 to $8,500 with one jurisdiction representing approximately 80 percent of this additional exposure, assuming the continued availability of future amnesty programs or settlements to reduce the interest and penalties. If there are future assessments but no such future amnesty programs or settlements, the potential exposure could be higher. | |
The Company is party to other litigation which management currently believes will not have a material adverse effect on the Company's results of operations, cash flows or financial condition. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Basis Of Accounting Policy [Policy Text Block] | ' |
The condensed consolidated financial statements included herein are unaudited and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States for interim financial reporting and the United States Securities and Exchange Commission regulations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the financial statements reflect all adjustments (consisting only of normal recurring adjustments, except as discussed below) which are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods. During the first quarter of 2014, the Company revised its Consolidated Balance Sheet for December 31, 2013 with a $335 reduction to retained earnings and a corresponding increase to its long-term deferred tax liability, relating to an adjustment that would have occurred when the Company adopted the equity method of accounting for its interest in a captive insurance equity affiliate. Certain other reclassifications of prior year data have been made to improve comparability. The results for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Company's Annual Report filed on Form 10-K for the year ended December 31, 2013. | |
Revenue Recognition Accounting Policy, Gross and Net Revenue Disclosure [Policy Text Block] | ' |
As part of the Company's chemical management services, certain third-party product sales to customers are managed by the Company. Where the Company acts as the principal, revenue is recognized on a gross reporting basis at the selling price negotiated with customers. Where the Company acts as an agent, such revenue is recorded using net reporting as service revenues, at the amount of the administrative fee earned by the Company for ordering the goods. |
Business_Segments_Tables
Business Segments (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Segment Reporting Measurement Disclosures [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net sales | |||||||||||||
North America | $ | 82,512 | $ | 76,751 | $ | 159,228 | $ | 151,509 | |||||
EMEA | 50,228 | 49,155 | 99,417 | 95,862 | |||||||||
Asia/Pacific | 45,123 | 42,542 | 87,060 | 80,530 | |||||||||
South America | 13,423 | 16,398 | 27,255 | 33,138 | |||||||||
Total net sales | $ | 191,286 | $ | 184,846 | $ | 372,960 | $ | 361,039 | |||||
Operating earnings, excluding indirect operating expenses | |||||||||||||
North America | $ | 17,868 | $ | 15,996 | $ | 33,579 | $ | 31,035 | |||||
EMEA | 8,109 | 8,581 | 16,205 | 15,551 | |||||||||
Asia/Pacific | 10,221 | 10,770 | 20,139 | 20,398 | |||||||||
South America | 889 | 2,357 | 2,398 | 5,232 | |||||||||
Total operating earnings, excluding indirect operating expenses | 37,087 | 37,704 | 72,321 | 72,216 | |||||||||
Indirect operating expenses | -15,327 | -17,027 | -30,375 | -33,249 | |||||||||
Amortization expense | -815 | -884 | -1,628 | -1,763 | |||||||||
Consolidated operating income | 20,945 | 19,793 | 40,318 | 37,204 | |||||||||
Other income (expense), net | 117 | 2,301 | -356 | 2,647 | |||||||||
Interest expense | -581 | -762 | -1,106 | -1,506 | |||||||||
Interest income | 895 | 229 | 1,348 | 398 | |||||||||
Consolidated income before taxes and equity in net income of associated companies | $ | 21,376 | $ | 21,561 | $ | 40,204 | $ | 38,743 |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Share Based Compensation [Abstract] | ' | ||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | $ | 171 | $ | 138 | $ | 321 | $ | 238 | |||||||||
Nonvested stock awards and restricted stock units | 609 | 528 | 1,165 | 911 | |||||||||||||
Employee stock purchase plan | 19 | 14 | 36 | 26 | |||||||||||||
Non-elective and elective 401(k) matching contribution in stock | 499 | 411 | 1,148 | 936 | |||||||||||||
Director stock ownership plan | 46 | 21 | 62 | 41 | |||||||||||||
Total share-based compensation expense | $ | 1,344 | $ | 1,112 | $ | 2,732 | $ | 2,152 | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Weighted Average | Remaining | ||||||||||||||||
Number of | Exercise Price per | Contractual | |||||||||||||||
Shares | Share | Term (years) | |||||||||||||||
Options outstanding at December 31, 2013 | 75,251 | $ | 44.49 | ||||||||||||||
Options granted | 37,048 | 73.47 | |||||||||||||||
Options exercised | -3,292 | 42.24 | |||||||||||||||
Options outstanding at June 30, 2014 | 109,007 | $ | 54.41 | 5.4 | |||||||||||||
Options exercisable at June 30, 2014 | 40,628 | $ | 39.76 | 4.3 | |||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||
Weighted | Weighted | Number | Weighted | ||||||||||||||
Number | Average | Average | Exercisable | Average | |||||||||||||
Range of | Outstanding | Contractual | Exercise | at | Exercise | ||||||||||||
Exercise Prices | at 6/30/2014 | Life | Price | 6/30/14 | Price | ||||||||||||
$ | 0 | - | $ | 10 | 0 | 0 | $ | 0 | 0 | $ | 0 | ||||||
$ | 10.01 | - | $ | 20 | 6,155 | 2.6 | 18.82 | 6,155 | 18.82 | ||||||||
$ | 20.01 | - | $ | 30 | 0 | 0 | 0 | 0 | 0 | ||||||||
$ | 30.01 | - | $ | 40 | 35,020 | 4.3 | 37.87 | 23,954 | 37.75 | ||||||||
$ | 40.01 | - | $ | 50 | 2,192 | 5 | 46.21 | 1,462 | 46.21 | ||||||||
$ | 50.01 | - | $ | 60 | 28,592 | 5.7 | 58.26 | 9,057 | 58.26 | ||||||||
$ | 60.01 | - | $ | 70 | 0 | 0 | 0 | 0 | 0 | ||||||||
$ | 70.01 | - | $ | 80 | 37,048 | 6.7 | 73.47 | 0 | 0 | ||||||||
109,007 | 5.4 | 54.41 | 40,628 | 39.76 | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
2014 | |||||||||||||||||
Number of options granted | 37,048 | ||||||||||||||||
Dividend yield | 2 | % | |||||||||||||||
Expected volatility | 43.34 | % | |||||||||||||||
Risk-free interest rate | 1.22 | % | |||||||||||||||
Expected term (years) | 4 | ||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Average Grant | |||||||||||||||||
Number of | Date Fair Value | ||||||||||||||||
Shares | (per share) | ||||||||||||||||
Nonvested awards, December 31, 2013 | 115,984 | $ | 47.27 | ||||||||||||||
Granted | 28,344 | $ | 73.32 | ||||||||||||||
Vested | -29,973 | $ | 44.32 | ||||||||||||||
Nonvested awards, June 30, 2014 | 114,355 | $ | 54.5 | ||||||||||||||
Weighted | |||||||||||||||||
Average Grant | |||||||||||||||||
Number of | Date Fair Value | ||||||||||||||||
units | (per unit) | ||||||||||||||||
Nonvested awards, December 31, 2013 | 4,018 | $ | 49.71 | ||||||||||||||
Granted | 3,140 | $ | 75.52 | ||||||||||||||
Nonvested awards, June 30, 2014 | 7,158 | $ | 61.03 |
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
Other | Other | |||||||||||||||||||||||
Postretirement | Postretirement | |||||||||||||||||||||||
Pension Benefits | Benefits | Pension Benefits | Benefits | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Service cost | $ | 736 | $ | 728 | $ | 2 | $ | 4 | $ | 1,470 | $ | 1,566 | $ | 10 | $ | 17 | ||||||||
Interest cost and other | 1,519 | 1,398 | 62 | 36 | 3,061 | 2,778 | 116 | 92 | ||||||||||||||||
Expected return on plan assets | -1,601 | -1,463 | 0 | 0 | -3,208 | -2,941 | 0 | 0 | ||||||||||||||||
Actuarial loss amortization | 759 | 991 | 26 | -31 | 1,548 | 1,972 | 32 | 16 | ||||||||||||||||
Prior service cost amortization | -15 | 104 | 0 | 0 | 851 | 132 | 0 | 0 | ||||||||||||||||
Net periodic benefit cost | $ | 1,398 | $ | 1,758 | $ | 90 | $ | 9 | $ | 3,722 | $ | 3,507 | $ | 158 | $ | 125 |
Other_Income_expense_Tables
Other Income (expense) (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Other Income And Expenses [Abstract] | ' | |||||||||||||
Schedule Of Other Nonoperating Income (Expense) [Table Text Block] | ' | |||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Change in fair value of acquisition-related earnout liability | $ | 0 | $ | -675 | $ | 0 | $ | -675 | ||||||
Income from third party license fees | 257 | 283 | 555 | 548 | ||||||||||
Net foreign exchange losses | -185 | -238 | -984 | -205 | ||||||||||
Net gain on fixed asset disposals | 60 | 214 | 105 | 238 | ||||||||||
Non-income tax refunds | 0 | 2,656 | 0 | 2,669 | ||||||||||
Other non-operating income | 32 | 123 | 69 | 180 | ||||||||||
Other non-operating expense | -47 | -62 | -101 | -108 | ||||||||||
Total other income (expense), net | $ | 117 | $ | 2,301 | $ | -356 | $ | 2,647 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Basic earnings per common share | |||||||||||||
Net income attributable to Quaker Chemical Corporation | $ | 15,427 | $ | 16,083 | $ | 28,157 | $ | 29,702 | |||||
Less: income allocated to participating securities | -134 | -139 | -245 | -249 | |||||||||
Net income available to common shareholders | $ | 15,293 | $ | 15,944 | $ | 27,912 | $ | 29,453 | |||||
Basic weighted average common shares outstanding | 13,118,025 | 13,037,822 | 13,104,837 | 13,019,991 | |||||||||
Basic earnings per common share | $ | 1.17 | $ | 1.22 | $ | 2.13 | $ | 2.26 | |||||
Diluted earnings per common share | |||||||||||||
Net income attributable to Quaker Chemical Corporation | $ | 15,427 | $ | 16,083 | $ | 28,157 | $ | 29,702 | |||||
Less: income allocated to participating securities | -133 | -138 | -245 | -248 | |||||||||
Net income available to common shareholders | $ | 15,294 | $ | 15,945 | $ | 27,912 | $ | 29,454 | |||||
Basic weighted average common shares outstanding | 13,118,025 | 13,037,822 | 13,104,837 | 13,019,991 | |||||||||
Effect of dilutive securities | 21,388 | 24,918 | 20,449 | 27,314 | |||||||||
Diluted weighted average common shares outstanding | 13,139,413 | 13,062,740 | 13,125,286 | 13,047,305 | |||||||||
Diluted earnings per common share | $ | 1.16 | $ | 1.22 | $ | 2.13 | $ | 2.26 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||
North | South | |||||||||||||||
America | EMEA | Asia/Pacific | America | Total | ||||||||||||
Balance as of December 31, 2013 | $ | 28,127 | $ | 11,184 | $ | 15,018 | $ | 3,822 | $ | 58,151 | ||||||
Currency translation adjustments | 308 | 172 | 231 | 59 | 770 | |||||||||||
Balance as of June 30, 2014 | $ | 28,435 | $ | 11,356 | $ | 15,249 | $ | 3,881 | $ | 58,921 | ||||||
Schedule Of Finite Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||
Gross Carrying | Accumulated | |||||||||||||||
Amount | Amortization | |||||||||||||||
Definite-lived intangible assets | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Customer lists and rights to sell | $ | 33,607 | $ | 33,559 | $ | 11,234 | $ | 10,221 | ||||||||
Trademarks and patents | 6,830 | 6,838 | 3,532 | 3,202 | ||||||||||||
Formulations and product technology | 5,808 | 5,808 | 3,802 | 3,709 | ||||||||||||
Other | 5,543 | 5,544 | 4,663 | 4,445 | ||||||||||||
Total | $ | 51,788 | $ | 51,749 | $ | 23,231 | $ | 21,577 | ||||||||
Schedule of Finite Lived Intangible Assets Future Amortization Expense [TableText Block] | ' | |||||||||||||||
For the year ended December 31, 2014 | $ | 3,257 | ||||||||||||||
For the year ended December 31, 2015 | $ | 3,257 | ||||||||||||||
For the year ended December 31, 2016 | $ | 2,781 | ||||||||||||||
For the year ended December 31, 2017 | $ | 2,121 | ||||||||||||||
For the year ended December 31, 2018 | $ | 2,097 | ||||||||||||||
For the year ended December 31, 2019 | $ | 2,097 |
Equity_and_Noncontrolling_Inte1
Equity and Noncontrolling Interest (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Stockholders Equity [Abstract] | ' | |||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | |||||||||||||||||||
Accumulated | ||||||||||||||||||||
Capital in | Other | |||||||||||||||||||
Common | Excess of | Retained | Comprehensive | Noncontrolling | ||||||||||||||||
Stock | Par Value | Earnings | Loss | Interest | Total | |||||||||||||||
Balance at March 31, 2014 | $ | 13,227 | $ | 100,429 | $ | 267,707 | $ | -33,015 | $ | 9,660 | $ | 358,008 | ||||||||
Net income | 0 | 0 | 15,427 | 0 | 515 | 15,942 | ||||||||||||||
Amounts reported in other comprehensive income | 0 | 0 | 0 | 1,428 | -5 | 1,423 | ||||||||||||||
Dividends ($0.30 per share) | 0 | 0 | -3,973 | 0 | 0 | -3,973 | ||||||||||||||
Distributions to noncontrolling affiliate shareholders | 0 | 0 | 0 | 0 | -657 | -657 | ||||||||||||||
Acquisition of noncontrolling interest | 0 | -6,450 | 0 | 0 | -1,127 | -7,577 | ||||||||||||||
Share issuance and equity-based compensation plans | 15 | 1,501 | 0 | 0 | 0 | 1,516 | ||||||||||||||
Excess tax benefit from stock option exercises | 0 | 28 | 0 | 0 | 0 | 28 | ||||||||||||||
Balance at June 30, 2014 | $ | 13,242 | $ | 95,508 | $ | 279,161 | $ | -31,587 | $ | 8,386 | $ | 364,710 | ||||||||
Balance at March 31, 2013 | $ | 13,140 | $ | 95,775 | $ | 225,790 | $ | -41,747 | $ | 9,015 | $ | 301,973 | ||||||||
Net income | 0 | 0 | 16,083 | 0 | 592 | 16,675 | ||||||||||||||
Amounts reported in other comprehensive income | 0 | 0 | 0 | -3,505 | -831 | -4,336 | ||||||||||||||
Dividends ($0.25 per share) | 0 | 0 | -3,293 | 0 | 0 | -3,293 | ||||||||||||||
Share issuance and equity-based compensation plans | 28 | 1,227 | 0 | 0 | 0 | 1,255 | ||||||||||||||
Excess tax benefit from stock option exercises | 0 | 83 | 0 | 0 | 0 | 83 | ||||||||||||||
Balance at June 30, 2013 | $ | 13,168 | $ | 97,085 | $ | 238,580 | $ | -45,252 | $ | 8,776 | $ | 312,357 | ||||||||
Accumulated | ||||||||||||||||||||
Capital in | Other | |||||||||||||||||||
Common | Excess of | Retained | Comprehensive | Noncontrolling | ||||||||||||||||
Stock | Par Value | Earnings | Loss | Interest | Total | |||||||||||||||
Balance at December 31, 2013 | $ | 13,196 | $ | 99,038 | $ | 258,285 | $ | -34,700 | $ | 8,877 | $ | 344,696 | ||||||||
Net income | 0 | 0 | 28,157 | 0 | 1,094 | 29,251 | ||||||||||||||
Amounts reported in other comprehensive income | 0 | 0 | 0 | 3,113 | 199 | 3,312 | ||||||||||||||
Dividends ($0.55 per share) | 0 | 0 | -7,281 | 0 | 0 | -7,281 | ||||||||||||||
Distributions to noncontrolling affiliate shareholders | 0 | 0 | 0 | 0 | -657 | -657 | ||||||||||||||
Acquisition of noncontrolling interest | 0 | -6,450 | 0 | 0 | -1,127 | -7,577 | ||||||||||||||
Share issuance and equity-based compensation plans | 46 | 2,653 | 0 | 0 | 0 | 2,699 | ||||||||||||||
Excess tax benefit from stock option exercises | 0 | 267 | 0 | 0 | 0 | 267 | ||||||||||||||
Balance at June 30, 2014 | $ | 13,242 | $ | 95,508 | $ | 279,161 | $ | -31,587 | $ | 8,386 | $ | 364,710 | ||||||||
Balance at December 31, 2012 | $ | 13,095 | $ | 94,470 | $ | 215,390 | $ | -41,855 | $ | 8,576 | $ | 289,676 | ||||||||
Net income | 0 | 0 | 29,702 | 0 | 1,164 | 30,866 | ||||||||||||||
Amounts reported in other comprehensive income | 0 | 0 | 0 | -3,397 | -964 | -4,361 | ||||||||||||||
Dividends ($0.495 per share) | 0 | 0 | -6,512 | 0 | 0 | -6,512 | ||||||||||||||
Share issuance and equity-based compensation plans | 73 | 2,163 | 0 | 0 | 0 | 2,236 | ||||||||||||||
Excess tax benefit from stock option exercises | 0 | 452 | 0 | 0 | 0 | 452 | ||||||||||||||
Balance at June 30, 2013 | $ | 13,168 | $ | 97,085 | $ | 238,580 | $ | -45,252 | $ | 8,776 | $ | 312,357 | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||
Unrealized | ||||||||||||||||||||
Currency | Defined | gain (loss) in | ||||||||||||||||||
translation | benefit | available-for- | ||||||||||||||||||
adjustments | pension plans | sale securities | Total | |||||||||||||||||
Balance at March 31, 2014 | $ | 2,222 | $ | -36,887 | $ | 1,650 | $ | -33,015 | ||||||||||||
Other comprehensive income before reclassifications | 986 | 120 | 842 | 1,948 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 762 | -1,101 | -339 | ||||||||||||||||
Current period other comprehensive income (loss) | 986 | 882 | -259 | 1,609 | ||||||||||||||||
Related tax amounts | 0 | -269 | 88 | -181 | ||||||||||||||||
Net current period other comprehensive income (loss) | 986 | 613 | -171 | 1,428 | ||||||||||||||||
Balance at June 30, 2014 | $ | 3,208 | $ | -36,274 | $ | 1,479 | $ | -31,587 | ||||||||||||
Balance at March 31, 2013 | $ | 1,706 | $ | -45,608 | $ | 2,155 | $ | -41,747 | ||||||||||||
Other comprehensive loss before reclassifications | -3,352 | -214 | -289 | -3,855 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 1,065 | -795 | 270 | ||||||||||||||||
Current period other comprehensive (loss) income | -3,352 | 851 | -1,084 | -3,585 | ||||||||||||||||
Related tax amounts | 0 | -289 | 369 | 80 | ||||||||||||||||
Net current period other comprehensive (loss) income | -3,352 | 562 | -715 | -3,505 | ||||||||||||||||
Balance at June 30, 2013 | $ | -1,646 | $ | -45,046 | $ | 1,440 | $ | -45,252 | ||||||||||||
Unrealized | ||||||||||||||||||||
Currency | Defined | gain (loss) in | ||||||||||||||||||
translation | benefit | available-for- | ||||||||||||||||||
adjustments | pension plans | sale securities | Total | |||||||||||||||||
Balance at December 31, 2013 | $ | 1,152 | $ | -37,433 | $ | 1,581 | $ | -34,700 | ||||||||||||
Other comprehensive income before reclassifications | 2,056 | 144 | 1,505 | 3,705 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 1,531 | -1,659 | -128 | ||||||||||||||||
Current period other comprehensive income (loss) | 2,056 | 1,675 | -154 | 3,577 | ||||||||||||||||
Related tax amounts | 0 | -516 | 52 | -464 | ||||||||||||||||
Net current period other comprehensive income (loss) | 2,056 | 1,159 | -102 | 3,113 | ||||||||||||||||
Balance at June 30, 2014 | $ | 3,208 | $ | -36,274 | $ | 1,479 | $ | -31,587 | ||||||||||||
Balance at December 31, 2012 | $ | 3,336 | $ | -46,914 | $ | 1,723 | $ | -41,855 | ||||||||||||
Other comprehensive (loss) income before reclassifications | -4,982 | 549 | 859 | -3,574 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 2,120 | -1,288 | 832 | ||||||||||||||||
Current period other comprehensive (loss) income | -4,982 | 2,669 | -429 | -2,742 | ||||||||||||||||
Related tax amounts | 0 | -801 | 146 | -655 | ||||||||||||||||
Net current period other comprehensive (loss) income | -4,982 | 1,868 | -283 | -3,397 | ||||||||||||||||
Balance at June 30, 2013 | $ | -1,646 | $ | -45,046 | $ | 1,440 | $ | -45,252 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||
Fair Value Measurements at June 30, 2014 | |||||||||||||
Fair Value | Using Fair Value Hierarchy | ||||||||||||
as of | |||||||||||||
Assets | 30-Jun-14 | Level 1 | Level 2 | Level 3 | |||||||||
Company-owned life insurance | $ | 1,338 | $ | 0 | $ | 1,338 | $ | 0 | |||||
Company-owned life insurance - Deferred compensation assets | 331 | 0 | 331 | 0 | |||||||||
Other deferred compensation assets | |||||||||||||
Large capitalization registered investment companies | 67 | 67 | 0 | 0 | |||||||||
Mid capitalization registered investment companies | 7 | 7 | 0 | 0 | |||||||||
Small capitalization registered investment companies | 13 | 13 | 0 | 0 | |||||||||
International developed and emerging markets registered investment | |||||||||||||
companies | 40 | 40 | 0 | 0 | |||||||||
Fixed income registered investment companies | 7 | 7 | 0 | 0 | |||||||||
Total | $ | 1,803 | $ | 134 | $ | 1,669 | $ | 0 | |||||
Fair Value Measurements at December 31, 2013 | |||||||||||||
Fair Value | Using Fair Value Hierarchy | ||||||||||||
as of | |||||||||||||
Assets | 31-Dec-13 | Level 1 | Level 2 | Level 3 | |||||||||
Company-owned life insurance | $ | 1,885 | $ | 0 | $ | 1,885 | $ | 0 | |||||
Company-owned life insurance - Deferred compensation assets | 409 | 0 | 409 | 0 | |||||||||
Other deferred compensation assets | |||||||||||||
Large capitalization registered investment companies | 74 | 74 | 0 | 0 | |||||||||
Mid capitalization registered investment companies | 6 | 6 | 0 | 0 | |||||||||
Small capitalization registered investment companies | 13 | 13 | 0 | 0 | |||||||||
International developed and emerging markets registered investment | |||||||||||||
companies | 40 | 40 | 0 | 0 | |||||||||
Fixed income registered investment companies | 7 | 7 | 0 | 0 | |||||||||
Total | $ | 2,434 | $ | 140 | $ | 2,294 | $ | 0 | |||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||
Fair Value Measurements at June 30, 2014 | |||||||||||||
Fair Value | Using Fair Value Hierarchy | ||||||||||||
as of | |||||||||||||
Liabilities | 30-Jun-14 | Level 1 | Level 2 | Level 3 | |||||||||
Deferred compensation liabilities | |||||||||||||
Large capitalization registered investment companies | $ | 388 | $ | 388 | $ | 0 | $ | 0 | |||||
Mid capitalization registered investment companies | 106 | 106 | 0 | 0 | |||||||||
Small capitalization registered investment companies | 89 | 89 | 0 | 0 | |||||||||
International developed and emerging markets registered investment | |||||||||||||
companies | 198 | 198 | 0 | 0 | |||||||||
Fixed income registered investment companies | 41 | 41 | 0 | 0 | |||||||||
Fixed general account | 156 | 0 | 156 | 0 | |||||||||
Acquisition-related consideration | 62 | 0 | 0 | 62 | |||||||||
Total | $ | 1,040 | $ | 822 | $ | 156 | $ | 62 | |||||
Fair Value Measurements at December 31, 2013 | |||||||||||||
Fair Value | Using Fair Value Hierarchy | ||||||||||||
as of | |||||||||||||
Liabilities | 31-Dec-13 | Level 1 | Level 2 | Level 3 | |||||||||
Deferred compensation liabilities | |||||||||||||
Large capitalization registered investment companies | $ | 405 | $ | 405 | $ | 0 | $ | 0 | |||||
Mid capitalization registered investment companies | 109 | 109 | 0 | 0 | |||||||||
Small capitalization registered investment companies | 95 | 95 | 0 | 0 | |||||||||
International developed and emerging markets registered investment | |||||||||||||
companies | 205 | 205 | 0 | 0 | |||||||||
Fixed income registered investment companies | 43 | 43 | 0 | 0 | |||||||||
Fixed general account | 167 | 0 | 167 | 0 | |||||||||
Acquisition-related consideration | 4,876 | 0 | 0 | 4,876 | |||||||||
Total | $ | 5,900 | $ | 857 | $ | 167 | $ | 4,876 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||
Non-competition | |||||||||||||
Earnout | Agreement | ||||||||||||
Summit | Obligation | Total | |||||||||||
Balance at December 31, 2013 | $ | 4,697 | $ | 179 | $ | 4,876 | |||||||
Interest accretion | 12 | 8 | 20 | ||||||||||
Payments | -4,709 | -125 | -4,834 | ||||||||||
Balance at June 30, 2014 | $ | 0 | $ | 62 | $ | 62 | |||||||
Fair Value Inputs Liabilities Quantitative Information [Table Text Block] | ' | ||||||||||||
Fair value at June 30, 2014 | Valuation technique | Unobservable input | Input value | ||||||||||
Non-competition agreement obligation | 62 | Discounted cash flow | Discount rate | 14.00% | |||||||||
Summit earnout | - | Discounted cash flow | Discount rate | 14.50% |
Condensed_Financial_Informatio1
Condensed Financial Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2003 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Kelko (Venezuela) [Member] | Kelko (Venezuela) [Member] | Primex [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact of Restatement on Opening Retained Earnings, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | $335 |
Effect Of Currency Devaluation, Amount | ' | ' | ' | ' | ' | ' | ' | 357 | ' |
Effect Of Currency Devaluation, Per Diluted Share | ' | ' | ' | ' | ' | ' | ' | $0.03 | ' |
Foreign Currency Transaction Gain (Loss), Realized | -185 | -238 | -984 | -205 | ' | ' | 321 | ' | ' |
Effect Of Currency Transaction Gain (Loss) Per Diluted Share | ' | ' | ' | ' | ' | ' | $0.02 | ' | ' |
Equity Method Investment | 21,416 | ' | 21,416 | ' | ' | 19,397 | 1,433 | ' | ' |
Other Nonoperating Expense | 47 | 62 | 101 | 108 | 2,000 | ' | ' | ' | ' |
Mineral oil excise tax refund | ' | 2,057 | ' | ' | ' | ' | ' | ' | ' |
Mineral oil excise tax refund, interest | ' | 483 | ' | ' | ' | ' | ' | ' | ' |
Revenue Recognized Under Net Reporting Arrangements | $10,926 | $10,560 | $21,499 | $19,338 | ' | ' | ' | ' | ' |
Out_of_Period_Adjustment_Detai
Out of Period Adjustment (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Accounting Changes and Error Corrections [Abstract] | ' |
Immaterial Error Correction | 'During the first quarter of 2013, the Company identified errors in Primex’s estimated 2012 financial statements, which primarily related to a reinsurance contract held by Primex. The identified errors resulted in a cumulative $1,038 understatement of the Company’s equity in net income from associated companies for the year ended December 31, 2012. The Company corrected the errors related to Primex in the first quarter of 2013, which had the net effect of increasing equity in net income from associated companies by $1,038 for the three months ended March 31, 2013. The Company did not believe this adjustment was material to its consolidated financial statements for the years ended December 31, 2012 or December 31, 2013 and, therefore, did not restate any prior period amounts. |
Amount of Error Correction | $1,038 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | $191,286 | $184,846 | $372,960 | $361,039 |
Operating Earnings, Excluding Indirect Operating Expenses | 37,087 | 37,704 | 72,321 | 72,216 |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' |
Indirect Operating Expenses | -15,327 | -17,027 | -30,375 | -33,249 |
Amortization | -815 | -884 | -1,628 | -1,763 |
Operating income | 20,945 | 19,793 | 40,318 | 37,204 |
Other Income (Expense), net | 117 | 2,301 | -356 | 2,647 |
Interest Expense | -581 | -762 | -1,106 | -1,506 |
Interest Income | 895 | 229 | 1,348 | 398 |
Income Before Taxes and Equity in Net Income of Associated Companies | 21,376 | 21,561 | 40,204 | 38,743 |
North America [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 82,512 | 76,751 | 159,228 | 151,509 |
Operating Earnings, Excluding Indirect Operating Expenses | 17,868 | 15,996 | 33,579 | 31,035 |
North America [Member] | Intersegment Sales Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 1,856 | 2,741 | 3,806 | 4,847 |
EMEA [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 50,228 | 49,155 | 99,417 | 95,862 |
Operating Earnings, Excluding Indirect Operating Expenses | 8,109 | 8,581 | 16,205 | 15,551 |
EMEA [Member] | Intersegment Sales Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 5,455 | 4,651 | 10,781 | 9,656 |
Asia Pacific [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 45,123 | 42,542 | 87,060 | 80,530 |
Operating Earnings, Excluding Indirect Operating Expenses | 10,221 | 10,770 | 20,139 | 20,398 |
Asia Pacific [Member] | Intersegment Sales Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 95 | 247 | 202 | 305 |
South America [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 13,423 | 16,398 | 27,255 | 33,138 |
Operating Earnings, Excluding Indirect Operating Expenses | 889 | 2,357 | 2,398 | 5,232 |
South America [Member] | Intersegment Sales Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | $0 | $0 | $0 | $0 |
Stock_Based_Compensation_Expen
Stock Based Compensation - Expense Table (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Stock Options Compensation Expense | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $171 | $138 | $321 | $238 |
Nonvested Stock Awards and Restricted Stock Unit Compensation Expense | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 609 | 528 | 1,165 | 911 |
Employee Stock Purchase Plan Compensation Expense | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 19 | 14 | 36 | 26 |
401 (k) Matching Stock Contribution Plan Compensation Expense | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 499 | 411 | 1,148 | 936 |
Directors Stock Ownership Plan Compensation Expense | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 46 | 21 | 62 | 41 |
Total Share-based Compensation Expense | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $1,344 | $1,112 | $2,732 | $2,152 |
Stock_Based_Compensation_Narra
Stock Based Compensation - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Share Based Compensation [Abstract] | ' | ' |
Outstanding Options, Intrinsic Value | $2,378 | $2,378 |
Exercisable Options, Intrinsic Value | 1,482 | 1,482 |
Option Award Vesting Period | ' | '3 years |
Share Based Compensation [Line Items] | ' | ' |
ESPP: Purchase Price Percentage | ' | 85.00% |
ESPP: Discount from Market Price | ' | 15.00% |
ESPP: Maximum Ownership of Outstanding Shares | ' | 'An employee whose stock ownership of the Company exceeds five percent of the outstanding common stock is not eligible to participate in this plan. |
D S O P 2013 [Member] | ' | ' |
Share Based Compensation [Line Items] | ' | ' |
Director Stock Ownership Plan Maximum Number of Shares Authorized Under Plan | ' | 75,000 |
Director Stock Ownership Plan Terms | ' | 'Under the Plan, each director who, on May 1st of the applicable calendar year, owns less than 400% of the annual cash retainer for the applicable calendar year, divided by the average of the closing price of a share of Quaker Common Stock as reported by the composite tape of the New York Stock Exchange for the previous calendar year (the “Threshold Amount”), is required to receive 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. Each director who owns more than the Threshold Amount may elect to receive common stock in payment of a percentage (up to 100%) of the annual cash retainer. |
Director Retainer Annual Fee | 50 | 50 |
Options Granted in Current Year [Member] | ' | ' |
Share Based Compensation [Line Items] | ' | ' |
Share-based Compensation Expense in Period, Stock Option Awards | 68 | 91 |
Unrecognized Share-Based Compensation Expense, Stock Option Awards | 726 | 726 |
Options Granted in Previous Year [Member] | ' | ' |
Share Based Compensation [Line Items] | ' | ' |
Unrecognized Share-Based Compensation Expense, Stock Option Awards | 358 | 358 |
Options Granted in Second Previous Year [Member] | ' | ' |
Share Based Compensation [Line Items] | ' | ' |
Unrecognized Share-Based Compensation Expense, Stock Option Awards | 140 | 140 |
Restricted Stock LTIP Plan | ' | ' |
Share Based Compensation [Line Items] | ' | ' |
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | 3,552 | 3,552 |
Weighted Average Remaining Life, Nonvested Stock Awards | ' | '2 years 2 months |
Restricted Stock Units (RSUs) LTIP Plan | ' | ' |
Share Based Compensation [Line Items] | ' | ' |
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | $281 | $281 |
Weighted Average Remaining Life, Nonvested Stock Awards | ' | '2 years 2 months |
Stock_Based_Compensation_Exces
Stock Based Compensation - Excess Tax Benefit (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share Based Compensation [Abstract] | ' | ' | ' | ' |
Excess Tax Benefit From Stock Option Exercises | $28 | $83 | $267 | $452 |
Excess Tax Benefit Related to Stock Option Exercises, Cash Flow | ' | ' | $267 | $452 |
Stock_Based_Compensation_Optio
Stock Based Compensation - Options Grant (Details) | 6 Months Ended | 3 Months Ended |
Jun. 30, 2014 | Mar. 31, 2014 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options Granted | 37,048 | 37,048 |
Dividend Yield | ' | 2.00% |
Expected Volatility | ' | 43.34% |
Risk-free Interest Rate | ' | 1.22% |
Expected Term (Years) | ' | '4 years |
Stock_Based_Compensation_Optio1
Stock Based Compensation - Options Rollforward (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Beginning Balance | 75,251 |
Options Granted | 37,048 |
Options Exercised | -3,292 |
Ending Balance | 109,007 |
Options Exerciseable | 40,628 |
Weighted Average Exercise Price [Abstract] | ' |
Outstanding at Beginning of Year | $44.49 |
Options Granted | $73.47 |
Options Exercised | $42.24 |
Outstanding at End of Period | $54.41 |
Options Exercisable | $39.76 |
Weighted Average Contractual Term [Abstract] | ' |
Weighted Average Remaining Contractual Term, Outstanding | '5 years 5 months |
Weighted Average Remaining Contractual Term, Exercisable | '4 years 4 months |
Stock_Based_Compensation_Optio2
Stock Based Compensation - Options Summary (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
$0.00 - $10.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $0 |
Exercise Price Range, Upper Range Limit | $10 |
Number of Outstanding Options, Exercise Price Range | 0 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | '0 years |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $0 |
Number of Exercisable Options, Exercise Price Range | 0 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $0 |
$10.01 - $20.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $10.01 |
Exercise Price Range, Upper Range Limit | $20 |
Number of Outstanding Options, Exercise Price Range | 6,155 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | '2 years 7 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $18.82 |
Number of Exercisable Options, Exercise Price Range | 6,155 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $18.82 |
$20.01 - $30.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $20.01 |
Exercise Price Range, Upper Range Limit | $30 |
Number of Outstanding Options, Exercise Price Range | 0 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | '0 years |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $0 |
Number of Exercisable Options, Exercise Price Range | 0 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $0 |
$30.01 - $40.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $30.01 |
Exercise Price Range, Upper Range Limit | $40 |
Number of Outstanding Options, Exercise Price Range | 35,020 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | '4 years 4 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $37.87 |
Number of Exercisable Options, Exercise Price Range | 23,954 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $37.75 |
$40.01 - $50.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $40.01 |
Exercise Price Range, Upper Range Limit | $50 |
Number of Outstanding Options, Exercise Price Range | 2,192 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | '5 years |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $46.21 |
Number of Exercisable Options, Exercise Price Range | 1,462 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $46.21 |
$50.01 - $60.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $50.01 |
Exercise Price Range, Upper Range Limit | $60 |
Number of Outstanding Options, Exercise Price Range | 28,592 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | '5 years 8 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $58.26 |
Number of Exercisable Options, Exercise Price Range | 9,057 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $58.26 |
$60.01 - $70.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $60.01 |
Exercise Price Range, Upper Range Limit | $70 |
Number of Outstanding Options, Exercise Price Range | 0 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | '0 years |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $0 |
Number of Exercisable Options, Exercise Price Range | 0 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $0 |
$70.01 - $80.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $70.01 |
Exercise Price Range, Upper Range Limit | $80 |
Number of Outstanding Options, Exercise Price Range | 37,048 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | '6 years 8 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $73.47 |
Number of Exercisable Options, Exercise Price Range | 0 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $0 |
Total | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number of Outstanding Options, Exercise Price Range | 109,007 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | '5 years 5 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $54.41 |
Number of Exercisable Options, Exercise Price Range | 40,628 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $39.76 |
Stock_Based_Compensation_Restr
Stock Based Compensation - Restricted Stock Rollforward (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' |
Beginning Balance | 115,984 |
Nonvested Stock Awards Granted | 28,344 |
Nonvested Stock Awards Vested | -29,973 |
Ending Balance | 114,355 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, Beginning of Period | $47.27 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Granted | $73.32 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Vested | $44.32 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, End of Period | $54.50 |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' |
Beginning Balance | 4,018 |
Nonvested Stock Awards Granted | 3,140 |
Ending Balance | 7,158 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, Beginning of Period | $49.71 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Granted | $75.52 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, End of Period | $61.03 |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefits (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2014 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | $736 | ' | $728 | $1,470 | $1,566 | ' |
Defined Benefit Plan, Interest Cost | 1,519 | ' | 1,398 | 3,061 | 2,778 | ' |
Defined Benefit Plan, Expected Return on Plan Assets | -1,601 | ' | -1,463 | -3,208 | -2,941 | ' |
Defined Benefit Plan, Amortization of Losses | 759 | ' | 991 | 1,548 | 1,972 | ' |
Defined Benefit Plan, Amortization of Prior Service Cost | -15 | ' | 104 | 851 | 132 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 1,398 | ' | 1,758 | 3,722 | 3,507 | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | ' | ' | ' | 6,172 |
Defined Benefit Plan, Contributions by Employer | ' | ' | ' | 4,506 | ' | ' |
Effect of Plan Amendment on Net Periodic Benefit Cost | ' | 902 | ' | ' | ' | ' |
Prior Service Cost Charge per Diluted Share | ' | $0.05 | ' | ' | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | 2 | ' | 4 | 10 | 17 | ' |
Defined Benefit Plan, Interest Cost | 62 | ' | 36 | 116 | 92 | ' |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | ' | 0 | 0 | 0 | ' |
Defined Benefit Plan, Amortization of Losses | 26 | ' | -31 | 32 | 16 | ' |
Defined Benefit Plan, Amortization of Prior Service Cost | 0 | ' | 0 | 0 | 0 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 90 | ' | 9 | 158 | 125 | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | ' | ' | ' | 607 |
Defined Benefit Plan, Contributions by Employer | ' | ' | ' | $328 | ' | ' |
Other_Income_Expense_Details
Other Income (Expense) - (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2003 |
Other Income And Expenses [Abstract] | ' | ' | ' | ' | ' |
Change in Fair Value Estimate | $0 | ($675) | $0 | ($675) | ' |
Licenses Revenue | 257 | 283 | 555 | 548 | ' |
Foreign Currency Transaction Gain (Loss), Realized | -185 | -238 | -984 | -205 | ' |
Gain (Loss) On Disposition Of Assets | 60 | 214 | 105 | 238 | ' |
Proceeds From Non Income Tax Refunds | 0 | 2,656 | 0 | 2,669 | ' |
Other Nonoperating Income | 32 | 123 | 69 | 180 | ' |
Other Nonoperating Expense | -47 | -62 | -101 | -108 | -2,000 |
Other Income, Net | $117 | $2,301 | ($356) | $2,647 | ' |
Income_Taxes_and_Uncertain_Tax1
Income Taxes and Uncertain Tax Positions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate, Continuing Operations | ' | ' | 32.50% | 28.30% | ' | ' |
Effect on EPS of Uncertain Tax Position Adjustments | ' | ' | $0.02 | $0.10 | ' | ' |
Unrecognized Tax Benefits | $12,791 | ' | $12,791 | ' | ' | $12,596 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 154 | 144 | -58 | -333 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties Expense | 108 | 148 | 98 | 241 | ' | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 2,039 | ' | 2,039 | ' | ' | 2,108 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 2,181 | ' | 2,181 | ' | ' | 2,100 |
Tax Adjustments, Settlements, and Unusual Provisions | 0 | 8 | 1,075 | 1,695 | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | ' | ' | ' | ' | 1,800 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | ' | ' | ' | ' | $1,900 | ' |
Internal Revenue Service (IRS) [Member] | ' | ' | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' |
Income Tax Examination Year Under Examination | ' | ' | '2010 | ' | ' | ' |
Foreign Tax Authority [Member] | The Netherlands [Member] | ' | ' | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' |
Income Tax Examination Year Under Examination | ' | ' | '2008 | ' | ' | ' |
Foreign Tax Authority [Member] | United Kingdom [Member] | ' | ' | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' |
Income Tax Examination Year Under Examination | ' | ' | '2008 | ' | ' | ' |
Foreign Tax Authority [Member] | Brazil [Member] | ' | ' | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' |
Income Tax Examination Year Under Examination | ' | ' | '2000 | ' | ' | ' |
Foreign Tax Authority [Member] | Spain [Member] | ' | ' | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' |
Income Tax Examination Year Under Examination | ' | ' | '2009 | ' | ' | ' |
Foreign Tax Authority [Member] | China [Member] | ' | ' | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' |
Income Tax Examination Year Under Examination | ' | ' | '2010 | ' | ' | ' |
Foreign Tax Authority [Member] | Italy [Member] | ' | ' | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' |
Income Tax Examination Year Under Examination | ' | ' | '2010 | ' | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' |
Income Tax Examination Year Under Examination | ' | ' | '1993 | ' | ' | ' |
Earnings_Per_Share_Basic_Detai
Earnings Per Share - Basic (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net Income Attributable to Quaker Chemical Corporation | $15,427 | $16,083 | $28,157 | $29,702 |
Less: Income Allocated to Participating Securities | -134 | -139 | -245 | -249 |
Net Income Available to Common Shareholders | $15,293 | $15,944 | $27,912 | $29,453 |
Basic Weighted Average Common Shares Outstanding | 13,118,025 | 13,037,822 | 13,104,837 | 13,019,991 |
Basic Earnings Per Common Share | $1.17 | $1.22 | $2.13 | $2.26 |
Earnings_Per_Share_Diluted_Det
Earnings Per Share - Diluted (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net Income Attributable to Quaker Chemical Corporation | $15,427 | $16,083 | $28,157 | $29,702 |
Less: Income Allocated to Participating Securities | -133 | -138 | -245 | -248 |
Net Income Available to Common Shareholders | $15,294 | $15,945 | $27,912 | $29,454 |
Basic Weighted Average Common Shares Outstanding | 13,118,025 | 13,037,822 | 13,104,837 | 13,019,991 |
Effect of Dilutive Securities | 21,388 | 24,918 | 20,449 | 27,314 |
Diluted Weighted Average Common Shares Outstanding | 13,139,413 | 13,062,740 | 13,125,286 | 13,047,305 |
Diluted Earnings per Common Share | $1.16 | $1.22 | $2.13 | $2.26 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share - Antidilutive Shares (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,579 | 6,170 | 4,824 | 4,520 |
Goodwill_Assets_Details
Goodwill Assets (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | $58,151 |
Goodwill, Translation Adjustments | 770 |
Goodwill, Ending Balance | 58,921 |
North America [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 28,127 |
Goodwill, Translation Adjustments | 308 |
Goodwill, Ending Balance | 28,435 |
EMEA [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 11,184 |
Goodwill, Translation Adjustments | 172 |
Goodwill, Ending Balance | 11,356 |
Asia Pacific [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 15,018 |
Goodwill, Translation Adjustments | 231 |
Goodwill, Ending Balance | 15,249 |
South America [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 3,822 |
Goodwill, Translation Adjustments | 59 |
Goodwill, Ending Balance | $3,881 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Gross [Abstract] | ' | ' |
Finite-Lived Customer Lists, Gross | $33,607 | $33,559 |
Finite-Lived Trademarks, Gross | 6,830 | 6,838 |
Formulations And Product Technology | 5,808 | 5,808 |
Other Finite-Lived Intangible Assets, Gross | 5,543 | 5,544 |
Total | 51,788 | 51,749 |
Finite Lived Intangible Assets Accumulated Amortization [Abstract] | ' | ' |
Finite Lived Intangible Assets Accumulated Amortization Customer Lists | 11,234 | 10,221 |
Finite Lived Intangible Assets Accumulated Amortization Trademarks | 3,532 | 3,202 |
Finite Lived Intangible Assets Accumulated Amortization Formulations | 3,802 | 3,709 |
Finite Lived Intangible Assets Accumulated Amortization Other | 4,663 | 4,445 |
Total | 23,231 | 21,577 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' |
For the year ended December 31, 2014 | 3,257 | ' |
For the year ended December 31, 2015 | 3,257 | ' |
For the year ended December 31, 2016 | 2,781 | ' |
For the year ended December 31, 2017 | 2,121 | ' |
For the year ended December 31, 2018 | 2,097 | ' |
For the year ended December 31, 2019 | 2,097 | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' |
Indefinite-Lived Trademarks | $1,100 | $1,100 |
Intangible_Assets_Amortization
Intangible Assets - Amortization (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization | $815 | $884 | $1,628 | $1,763 |
Debt_Narrative_Details
Debt - Narrative (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Covenant Terms | 'Access to this facility is dependent on meeting certain financial, acquisition and other covenants, but primarily depends on the Company’s consolidated leverage ratio calculation, which cannot exceed 3.50 to 1. | ' |
Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility Current Borrowing Capacity | $300,000 | ' |
Line of Credit Facility Maximum Borrowing Capacity | 400,000 | ' |
Line Of Credit Maturity Date | '2018-06 | ' |
Line of Credit Facility, Covenant Compliance | 'At June 30, 2014 and December 31, 2013, the consolidated leverage ratio was below 1.0 to 1 and the Company was also in compliance with all of the facility’s other covenants. | ' |
Line of Credit Facility, Amount Outstanding | $7,500 | $0 |
Equity_and_Noncontrolling_Inte2
Equity and Noncontrolling Interest (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Beginning Balance | $358,008 | $301,973 | $344,696 | $289,676 |
Net Income | 15,942 | 16,675 | 29,251 | 30,866 |
Amounts reported in other comprehensive income (loss) | 1,423 | -4,336 | 3,312 | -4,361 |
Dividends, Common Stock | -3,973 | -3,293 | -7,281 | -6,512 |
Distributions to Noncontrolling Affiliate Shareholders | -657 | 0 | -657 | 0 |
Acqusition of Noncontrolling Interest | -7,577 | 0 | -7,577 | 0 |
Share Issuance and Equity-Based Compensation Plans | 1,516 | 1,255 | 2,699 | 2,236 |
Excess Tax Benefit From Stock Option Exercises | 28 | 83 | 267 | 452 |
Ending Balance | 364,710 | 312,357 | 364,710 | 312,357 |
Common Stock Member | ' | ' | ' | ' |
Beginning Balance | 13,227 | 13,140 | 13,196 | 13,095 |
Net Income | 0 | 0 | 0 | 0 |
Amounts reported in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Dividends, Common Stock | 0 | 0 | 0 | 0 |
Distributions to Noncontrolling Affiliate Shareholders | 0 | 0 | 0 | 0 |
Acqusition of Noncontrolling Interest | 0 | 0 | 0 | 0 |
Share Issuance and Equity-Based Compensation Plans | 15 | 28 | 46 | 73 |
Excess Tax Benefit From Stock Option Exercises | 0 | 0 | 0 | 0 |
Ending Balance | 13,242 | 13,168 | 13,242 | 13,168 |
Additional Paid-in Capital [Member] | ' | ' | ' | ' |
Beginning Balance | 100,429 | 95,775 | 99,038 | 94,470 |
Net Income | 0 | 0 | 0 | 0 |
Amounts reported in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Dividends, Common Stock | 0 | 0 | 0 | 0 |
Distributions to Noncontrolling Affiliate Shareholders | 0 | 0 | 0 | 0 |
Acqusition of Noncontrolling Interest | -6,450 | 0 | -6,450 | 0 |
Share Issuance and Equity-Based Compensation Plans | 1,501 | 1,227 | 2,653 | 2,163 |
Excess Tax Benefit From Stock Option Exercises | 28 | 83 | 267 | 452 |
Ending Balance | 95,508 | 97,085 | 95,508 | 97,085 |
Retained Earnings [Member] | ' | ' | ' | ' |
Beginning Balance | 267,707 | 225,790 | 258,285 | 215,390 |
Net Income | 15,427 | 16,083 | 28,157 | 29,702 |
Amounts reported in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Dividends, Common Stock | -3,973 | -3,293 | -7,281 | -6,512 |
Distributions to Noncontrolling Affiliate Shareholders | 0 | 0 | 0 | 0 |
Acqusition of Noncontrolling Interest | 0 | 0 | 0 | 0 |
Share Issuance and Equity-Based Compensation Plans | 0 | 0 | 0 | 0 |
Excess Tax Benefit From Stock Option Exercises | 0 | 0 | 0 | 0 |
Ending Balance | 279,161 | 238,580 | 279,161 | 238,580 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Beginning Balance | -33,015 | -41,747 | -34,700 | -41,855 |
Net Income | 0 | 0 | 0 | 0 |
Amounts reported in other comprehensive income (loss) | 1,428 | -3,505 | 3,113 | -3,397 |
Dividends, Common Stock | 0 | 0 | 0 | 0 |
Distributions to Noncontrolling Affiliate Shareholders | 0 | 0 | 0 | 0 |
Acqusition of Noncontrolling Interest | 0 | 0 | 0 | 0 |
Share Issuance and Equity-Based Compensation Plans | 0 | 0 | 0 | 0 |
Excess Tax Benefit From Stock Option Exercises | 0 | 0 | 0 | 0 |
Ending Balance | -31,587 | -45,252 | -31,587 | -45,252 |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Beginning Balance | 9,660 | 9,015 | 8,877 | 8,576 |
Net Income | 515 | 592 | 1,094 | 1,164 |
Amounts reported in other comprehensive income (loss) | -5 | -831 | 199 | -964 |
Dividends, Common Stock | 0 | 0 | 0 | 0 |
Distributions to Noncontrolling Affiliate Shareholders | -657 | 0 | -657 | 0 |
Acqusition of Noncontrolling Interest | -1,127 | 0 | -1,127 | 0 |
Share Issuance and Equity-Based Compensation Plans | 0 | 0 | 0 | 0 |
Excess Tax Benefit From Stock Option Exercises | 0 | 0 | 0 | 0 |
Ending Balance | $8,386 | $8,776 | $8,386 | $8,776 |
Equity_and_Noncontrolling_Inte3
Equity and Noncontrolling Interest - Parentheticals (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stockholders Equity [Abstract] | ' | ' | ' | ' |
Dividends Declared | $0.30 | $0.25 | $0.55 | $0.50 |
Equity_and_Noncontrolling_Inte4
Equity and Noncontrolling Interest - Reclassifications (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Loss, Balance at Beginning of Period | ($33,015) | ($41,747) | ($34,700) | ($41,855) |
Other Comprehensive Income (Loss) Before Reclassifications | 1,948 | -3,855 | 3,705 | -3,574 |
Reclassifications From Accumulated Comprehensive Income Loss To Income Statement | -339 | 270 | -128 | 832 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 1,609 | -3,585 | 3,577 | -2,742 |
Related Tax Amounts | -181 | 80 | -464 | -655 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,428 | -3,505 | 3,113 | -3,397 |
Accumulated Other Comprehensive Loss, Balance at End of Period | -31,587 | -45,252 | -31,587 | -45,252 |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss, Balance at Beginning of Period | 2,222 | 1,706 | 1,152 | 3,336 |
Other Comprehensive Income (Loss) Before Reclassifications | 986 | -3,352 | 2,056 | -4,982 |
Reclassifications From Accumulated Comprehensive Income Loss To Income Statement | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 986 | -3,352 | 2,056 | -4,982 |
Related Tax Amounts | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 986 | -3,352 | 2,056 | -4,982 |
Accumulated Other Comprehensive Loss, Balance at End of Period | 3,208 | -1,646 | 3,208 | -1,646 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss, Balance at Beginning of Period | -36,887 | -45,608 | -37,433 | -46,914 |
Other Comprehensive Income (Loss) Before Reclassifications | 120 | -214 | 144 | 549 |
Reclassifications From Accumulated Comprehensive Income Loss To Income Statement | 762 | 1,065 | 1,531 | 2,120 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 882 | 851 | 1,675 | 2,669 |
Related Tax Amounts | -269 | -289 | -516 | -801 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 613 | 562 | 1,159 | 1,868 |
Accumulated Other Comprehensive Loss, Balance at End of Period | -36,274 | -45,046 | -36,274 | -45,046 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss, Balance at Beginning of Period | 1,650 | 2,155 | 1,581 | 1,723 |
Other Comprehensive Income (Loss) Before Reclassifications | 842 | -289 | 1,505 | 859 |
Reclassifications From Accumulated Comprehensive Income Loss To Income Statement | -1,101 | -795 | -1,659 | -1,288 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | -259 | -1,084 | -154 | -429 |
Related Tax Amounts | 88 | 369 | 52 | 146 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -171 | -715 | -102 | -283 |
Accumulated Other Comprehensive Loss, Balance at End of Period | $1,479 | $1,440 | $1,479 | $1,440 |
Equity_and_Noncontrolling_Inte5
Equity and Noncontrolling Interest - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cost of Sales [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Reclassification Percentage | 30.00% | 30.00% | 30.00% | 30.00% |
Operating Expense [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Reclassification Percentage | 70.00% | 70.00% | 70.00% | 70.00% |
Business_Acquisitions_Table_De
Business Acquisitions - Table (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Socomor [Member] | Tin Plating [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Inventory | ' | ' | ' | $454 |
Fixed Assets | ' | ' | ' | 270 |
Intangibles | ' | ' | ' | 830 |
Goodwill | 58,921 | 58,151 | ' | 277 |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | ' | $647 | $1,831 |
Business_Acquisitions_Narrativ
Business Acquisitions - Narrative (Details) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Socomor [Member] | Socomor [Member] | Tin Plating [Member] | Tin Plating [Member] | Tin Plating [Member] | Tin Plating [Member] | Australia [Member] | Australia [Member] | |
USD ($) | Customer Lists [Member] | USD ($) | Customer Lists [Member] | Noncompete Agreements [Member] | Formulations And Product Technology[Member] | USD ($) | AUD | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Paid for Acquisitions | ' | ' | $0 | $2,478 | ' | ' | ' | ' | ' | ' | ' | $7,577 | 8,000 |
Goodwill | 58,921 | ' | 58,921 | ' | 58,151 | ' | ' | 277 | ' | ' | ' | ' | ' |
Intangibles | ' | ' | ' | ' | ' | ' | ' | 830 | ' | ' | ' | ' | ' |
Intangible Assets, Amortizable Life | ' | ' | ' | ' | ' | ' | '5 years | ' | '10 years | '4 years | '10 years | ' | ' |
Contingent Consideration Paid | ' | ' | 4,709 | 0 | ' | 100 | ' | ' | ' | ' | ' | ' | ' |
Change in Fair Value Estimate | 0 | 675 | 0 | 675 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minority Interest Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | 49.00% |
Adjustments To Additional Paid In Capital Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,450 | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total Fair Value Inputs [Member] | ' | ' |
Cash Surrender Value, Fair Value Disclosure [Abstract] | ' | ' |
Company Owned Life Insurance | $1,338 | $1,885 |
Company Owned Life Insurance - Deferred Compensation Assets | 331 | 409 |
Available-for-sale Securities, Fair Value Disclosure [Abstract] | ' | ' |
Large Capitalization Registered Investment Companies | 67 | 74 |
Mid Capitalization Registered Investment Companies | 7 | 6 |
Small Capitalization Registered Investment Companies | 13 | 13 |
International Developed And Emerging Markets Registered Investment Companies | 40 | 40 |
Fixed Income Registered Investment Companies | 7 | 7 |
Assets, Fair Value Disclosure | 1,803 | 2,434 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Cash Surrender Value, Fair Value Disclosure [Abstract] | ' | ' |
Company Owned Life Insurance | 0 | 0 |
Company Owned Life Insurance - Deferred Compensation Assets | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure [Abstract] | ' | ' |
Large Capitalization Registered Investment Companies | 67 | 74 |
Mid Capitalization Registered Investment Companies | 7 | 6 |
Small Capitalization Registered Investment Companies | 13 | 13 |
International Developed And Emerging Markets Registered Investment Companies | 40 | 40 |
Fixed Income Registered Investment Companies | 7 | 7 |
Assets, Fair Value Disclosure | 134 | 140 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Cash Surrender Value, Fair Value Disclosure [Abstract] | ' | ' |
Company Owned Life Insurance | 1,338 | 1,885 |
Company Owned Life Insurance - Deferred Compensation Assets | 331 | 409 |
Available-for-sale Securities, Fair Value Disclosure [Abstract] | ' | ' |
Large Capitalization Registered Investment Companies | 0 | 0 |
Mid Capitalization Registered Investment Companies | 0 | 0 |
Small Capitalization Registered Investment Companies | 0 | 0 |
International Developed And Emerging Markets Registered Investment Companies | 0 | 0 |
Fixed Income Registered Investment Companies | 0 | 0 |
Assets, Fair Value Disclosure | 1,669 | 2,294 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Cash Surrender Value, Fair Value Disclosure [Abstract] | ' | ' |
Company Owned Life Insurance | 0 | 0 |
Company Owned Life Insurance - Deferred Compensation Assets | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure [Abstract] | ' | ' |
Large Capitalization Registered Investment Companies | 0 | 0 |
Mid Capitalization Registered Investment Companies | 0 | 0 |
Small Capitalization Registered Investment Companies | 0 | 0 |
International Developed And Emerging Markets Registered Investment Companies | 0 | 0 |
Fixed Income Registered Investment Companies | 0 | 0 |
Assets, Fair Value Disclosure | $0 | $0 |
Fair_Value_Measurements_Liabil
Fair Value Measurements - Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total Fair Value Inputs [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Large Capitalization Registered Investment Companies | $388 | $405 |
Mid Capitalization Registered Investment Companies | 106 | 109 |
Small Capitalization Registered Investment Companies | 89 | 95 |
International Developed And Emerging Markets Registered Investment Companies | 198 | 205 |
Fixed Income Registered Investment Companies | 41 | 43 |
Fixed General Account | 156 | 167 |
Acquisition-related Consideration | 62 | 4,876 |
Liabilities, Fair Value Disclosure | 1,040 | 5,900 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Large Capitalization Registered Investment Companies | 388 | 405 |
Mid Capitalization Registered Investment Companies | 106 | 109 |
Small Capitalization Registered Investment Companies | 89 | 95 |
International Developed And Emerging Markets Registered Investment Companies | 198 | 205 |
Fixed Income Registered Investment Companies | 41 | 43 |
Fixed General Account | 0 | 0 |
Acquisition-related Consideration | 0 | 0 |
Liabilities, Fair Value Disclosure | 822 | 857 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Large Capitalization Registered Investment Companies | 0 | 0 |
Mid Capitalization Registered Investment Companies | 0 | 0 |
Small Capitalization Registered Investment Companies | 0 | 0 |
International Developed And Emerging Markets Registered Investment Companies | 0 | 0 |
Fixed Income Registered Investment Companies | 0 | 0 |
Fixed General Account | 156 | 167 |
Acquisition-related Consideration | 0 | 0 |
Liabilities, Fair Value Disclosure | 156 | 167 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Large Capitalization Registered Investment Companies | 0 | 0 |
Mid Capitalization Registered Investment Companies | 0 | 0 |
Small Capitalization Registered Investment Companies | 0 | 0 |
International Developed And Emerging Markets Registered Investment Companies | 0 | 0 |
Fixed Income Registered Investment Companies | 0 | 0 |
Fixed General Account | 0 | 0 |
Acquisition-related Consideration | 62 | 4,876 |
Liabilities, Fair Value Disclosure | $62 | $4,876 |
Fair_Value_Measurements_Level_
Fair Value Measurements - Level 3 Rollforward (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Change in Fair Value Estimate | $0 | $675 | $0 | $675 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 4,876 | ' |
Interest Accretion | ' | ' | 20 | ' |
Payments | ' | ' | -4,834 | ' |
Ending Balance | 62 | ' | 62 | ' |
Summit Earnout [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 4,697 | ' |
Interest Accretion | ' | ' | 12 | ' |
Payments | ' | ' | -4,709 | ' |
Ending Balance | 0 | ' | 0 | ' |
Non-competition Agreement Obligation [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 179 | ' |
Interest Accretion | ' | ' | 8 | ' |
Payments | ' | ' | -125 | ' |
Ending Balance | $62 | ' | $62 | ' |
Fair_Value_Disclosures_Quantit
Fair Value Disclosures - Quantitative Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Summit Earnout [Member] | Summit Earnout [Member] | Non-competition Agreement Obligation [Member] | |||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs Discount Rate | ' | ' | ' | ' | ' | 14.50% | 14.00% |
Fair Value Measurements Valuation Techniques | ' | ' | ' | ' | ' | 'Discounted cash flow | 'Discounted cash flow |
Acquisition-related Consideration | ' | ' | ' | ' | $0 | ' | $62 |
Change in Fair Value Estimate | 0 | 675 | 0 | 675 | ' | ' | ' |
Contingent Consideration Paid | ' | ' | $4,709 | $0 | $4,709 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2007 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ACP [Member] | ACP [Member] | SB Decking [Member] | VAT, Total [Member] | VAT, Total [Member] | VAT Settlement One [Member] | VAT Settlement Two [Member] | VAT Assessment Three [Member] | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) Related to Litigation Settlement | ' | ' | $2,000 | ' | ' | ' | $4,132 | $3,901 | $231 | ' |
Loss Contingency, Range of Possible Loss, Minimum | ' | ' | ' | 310 | ' | 0 | ' | ' | ' | ' |
Loss Contingency, Range of Possible Loss, Maximum | ' | ' | ' | 625 | ' | 8,500 | ' | ' | ' | ' |
P-2 Well Operation Range Estimate | ' | ' | ' | 'six months to one and a half years. | ' | ' | ' | ' | ' | ' |
Unrelated Environmental Liability Accruals | 171 | 205 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Estimate of Possible Loss | ' | ' | ' | ' | $2,700 | ' | ' | ' | ' | $796 |
Loss Contingency, Settlement Agreement, Terms | ' | ' | ' | ' | ' In response, two of the three carriers entered into separate settlement and release agreements with the subsidiary in late 2005 and early 2007 for $15,000 and $20,000, respectively. The proceeds of both settlements are restricted and can only be used to pay claims and costs of defense associated with the subsidiary’s asbestos litigation. During the third quarter of 2007, the subsidiary and the remaining primary insurance carrier entered into a Claim Handling and Funding Agreement, under which the carrier will pay 27% of defense and indemnity costs incurred by or on behalf of the subsidiary in connection with asbestos bodily injury claims for a minimum of five years beginning July 1, 2007. The agreement continues until terminated and can only be terminated by either party by providing the other party with a minimum of two years prior written notice. As of June 30, 2014, no notice of termination has been given under this agreement. At the end of the term of the agreement, the subsidiary may choose to again pursue its claim against this insurer regarding the application of the policy limits. | ' | ' | ' | ' | ' |
Percentage of Potential Exposure Represented by One Jurisdiction | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' |