Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2015shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Document period end date | Sep. 30, 2015 |
Amendment flag | false |
Document Fiscal Year Focus | 2,015 |
Document Period Focus | Q3 |
Current fiscal year end date | --12-31 |
Entity central index key | 81,362 |
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 | Yes |
Entity common stock shares outstanding | 13,305,629 |
Trading Symbol | KWR |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Net Sales | $ 189,224 | $ 198,867 | $ 554,280 | $ 571,827 |
Cost of goods sold | 117,895 | 128,567 | 346,006 | 368,197 |
Gross profit | 71,329 | 70,300 | 208,274 | 203,630 |
Selling, general and administrative expenses | 52,601 | 49,747 | 150,237 | 142,759 |
Operating income | 18,728 | 20,553 | 58,037 | 60,871 |
Other income (expense), net | 185 | 914 | (97) | 558 |
Interest Expense | (697) | (641) | (1,891) | (1,747) |
Interest Income | 422 | 642 | 1,117 | 1,990 |
Income Before Taxes and Equity in Net Income of Associated Companies | 18,638 | 21,468 | 57,166 | 61,672 |
Taxes on income before equity in net income of associated companies | 4,541 | 5,724 | 15,624 | 18,808 |
Income before equity in net income of associated companies | 14,097 | 15,744 | 41,542 | 42,864 |
Equity in net income (loss) of associated companies | 738 | 375 | (688) | 2,506 |
Net Income | 14,835 | 16,119 | 40,854 | 45,370 |
Less: Net income attributable to noncontrolling interest | 464 | 423 | 1,067 | 1,517 |
Net Income Attributable to Quaker Chemical Corporation | $ 14,371 | $ 15,696 | $ 39,787 | $ 43,853 |
Per share data: | ||||
Basic Earnings Per Common Share | $ 1.08 | $ 1.18 | $ 2.99 | $ 3.31 |
Diluted Earnings per Common Share | 1.08 | 1.18 | 2.98 | 3.31 |
Dividends Declared | $ 0.32 | $ 0.3 | $ 0.94 | $ 0.85 |
Condensed Consolidated Stateme3
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 14,835 | $ 16,119 | $ 40,854 | $ 45,370 |
Currency Translation Adjustments | (11,380) | (11,655) | (19,995) | (9,400) |
Defined Benefit Retirement Plans | 706 | 1,797 | 3,133 | 2,956 |
Unrealized Gain on Available-for-Sale Securities | (687) | (214) | (958) | (316) |
Other Comprehensive Loss | (11,361) | (10,072) | (17,820) | (6,760) |
Comprehensive Income | 3,474 | 6,047 | 23,034 | 38,610 |
Less: Comprehensive Income Attributable to Noncontrolling Interest | (97) | (177) | (606) | (1,470) |
Comprehensive Income Attributable to Quaker Chemical Corporation | $ 3,377 | $ 5,870 | $ 22,428 | $ 37,140 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 96,155 | $ 64,731 |
Accounts receivable, net | 194,852 | 189,484 |
Inventories | ||
Raw materials and supplies | 38,585 | 37,961 |
Work-in-process and finished goods | 39,948 | 39,747 |
Prepaid expenses and other current assets | 20,477 | 19,595 |
Total current assets | 390,017 | 351,518 |
Property, plant and equipment, at cost | 234,587 | 234,516 |
Less accumulated depreciation | (148,096) | (148,753) |
Net property, plant and equipment | 86,491 | 85,763 |
Goodwill | 78,412 | 77,933 |
Other intangible assets, net | 75,829 | 70,408 |
Investments in associated companies | 19,617 | 21,751 |
Deferred income taxes | 21,071 | 24,411 |
Other assets | 32,306 | 33,742 |
Total assets | 703,743 | 665,526 |
Current liabilities | ||
Short-term borrowings and current portion of long-term debt | 395 | 403 |
Accounts and other payables | 77,212 | 78,977 |
Accrued compensation | 17,709 | 19,853 |
Other current liabilities | 27,230 | 25,668 |
Total current liabilities | 122,546 | 124,901 |
Long-term debt | 107,913 | 75,328 |
Deferred income taxes | 11,194 | 8,584 |
Other non-current liabilities | 85,939 | 91,578 |
Total liabilities | 327,592 | 300,391 |
Equity | ||
Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding 2015 - 13,305,629 shares; 2014 - 13,300,891 shares | 13,306 | 13,301 |
Capital in excess of par value | 104,839 | 99,056 |
Retained earnings | 321,856 | 299,524 |
Accumulated Other Comprehensive Loss | (71,765) | (54,406) |
Total Quaker shareholders' equity | 368,236 | 357,475 |
Noncontrolling interest | 7,915 | 7,660 |
Total equity | 376,151 | 365,135 |
Total liabilities and equity | $ 703,743 | $ 665,526 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheet (Parentheticals) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
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 | 13,305,629 | 13,300,891 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net Income | $ 40,854 | $ 45,370 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 9,229 | 9,154 |
Amortization | 4,998 | 2,754 |
Equity in undistributed earnings of associated companies, net of dividends | 1,362 | (2,306) |
Deferred compensation and other, net | (551) | 1,672 |
Stock-based compensation | 4,500 | 3,959 |
Gain on disposal of property, plant and equipment and other assets | (95) | (125) |
Insurance settlement realized | (549) | (1,214) |
Pension and other postretirement benefits | 2,204 | 178 |
(Decrease) increase in cash from changes in current assets and current liabilities, net of acquisitions: | ||
Accounts receivable | (4,039) | (23,061) |
Inventories | (1,028) | (9,143) |
Prepaid expenses and other current assets | (3,545) | 1,332 |
Accounts payable and accrued liabilities | (2,521) | 9,470 |
Net cash provided by operating activities | 50,819 | 38,040 |
Cash flows from investing activities | ||
Investments in property, plant and equipment | (6,115) | (8,376) |
Payments related to acquisitions, net of cash acquired | (23,990) | (51,947) |
Proceeds from disposition of assets | 130 | 178 |
Insurance settlement interest earned | 28 | 34 |
Change in restricted cash, net | 521 | 1,180 |
Net cash used in investing activities | (29,426) | (58,931) |
Cash flows from financing activities | ||
Proceeds from long-term debt | 30,668 | 45,000 |
Repayment of long-term debt | (304) | (1,106) |
Dividends paid | (12,257) | (10,580) |
Stock options exercised, other | 947 | (194) |
Payments for repurchase of common stock | (4,989) | 0 |
Excess tax benefit related to stock option exercises, cash flow | 400 | 430 |
Purchase of a noncontrolling interest in an affiliate | 0 | (7,422) |
Payment of acquisition-related earnout liability | 0 | (4,709) |
Distributions to noncontrolling affiliate shareholders | 0 | (1,806) |
Net cash provided by financing activities | 14,465 | 19,613 |
Effect of exchange rate changes on cash | (4,434) | (2,993) |
Net increase (decrease) in cash and cash equivalents | 31,424 | (4,271) |
Cash and cash equivalents at beginning of period | 64,731 | 68,492 |
Cash and cash equivalents at end of period | $ 96,155 | $ 64,221 |
Condensed Financial Information
Condensed Financial Information | 9 Months Ended |
Sep. 30, 2015 | |
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 in the United States (“U.S. GAAP”) for interim financial reporting and the United States Securities and Exchange Commission (“SEC”) regulations. Certai n information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the financial statements reflect al l adjustments (consisting only of normal recurring adjustments, except certain material adjustments, as discussed below) which are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods. The results for the nine months ended September 30, 2015 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 yea r ended December 31, 2014 . In 2003, the Venezuelan government suspended the free exchange of Bolivar Fuerte (“ BsF ”) for foreign currency and im plemented certain foreign exchange controls that served to centralize the purchase and sale of foreign currency within the country. As of December 31, 2014, there were three legally available exchange rates in Venezuela, the CADIVI (or the official rate, 6.3 BsF per U.S. Dollar), the SICAD I (approximately 12 BsF per U.S. Dollar) and the SICAD II (approximately 52 BsF per U.S. Dollar). In the first quarter of 2015, the Company understood that the Venezuelan government announced changes to its exchange co n trols. The Company understood that there continued to be three exchange mechanisms in Venezuela; however, they now consist ed of the CADIVI, a combined SICAD I and SICAD II auction mechanism (the “SICAD”) and a newly created, marginal currency system (the “SIMADI”). The CADIVI exchange largel y remained the same, except that the government further restricted what products qualify and can, therefore, legally be imported or traded under this exchange. The government has yet to fully disclose who can access o r trade on the newly for med combined SICAD market and minimal related auctions have occurred since late 2014. Finally, the newly created SIMADI is legally available to all parties, however, at significantly higher exchange rates than the CADIVI or SICAD. As of September 30, 2015 , the published rate for the SIMADI is approximately 199 BsF per U.S. Dollar. The Company has a Venezuelan equity affiliate, Kelko Quaker Chemical, S.A. (“ Kelko Venezuela”). Venezuela’s economy has been considered hyper inflationary under U.S. GAAP since 2010, at which time Kelko Venezuela’s functional currency was changed to the U.S. Dollar. Accordingly, all gains and losses resulting from the remeasurement of Kelko Venezuela’s monetary assets and liabilities to the CADIVI or other published exchange rates are required to be recorded directly to the Condensed Consolidated Statement of Income. As of December 31, 2014, Kelko Venezuela had access to the CADIVI for imported goods, had not been invited to participate in any SICAD I auctions and had limited access to the SICAD II mechanism. Accordingly, the Company measured its equity investment and other related assets with Kelko Venezuela at the CADIVI exchange rate at December 31, 2014. In light of the first quarte r of 2015 changes to Venezuela’s foreign exchange controls and the on-going economic challenges in Venezuela, the Company re-assessed Kelko Venezuela’s access to U.S. Dollars, the impact on the operations of Kelko Venezuela, and the impact on the Company’s equity investment and other related assets. During the first quarter of 2015, the Company determined that the CADIVI was no longer available to Kelko Venezuela for import transactions and the government has yet to fully disclose who can access or trade o n the newly formed combined SICAD mechanism and minimal related auctions have occurred to date. As a result, the Company revalued its equity investment in Kelko Venezuela and other related assets to the SIMADI exchange rate of approximately 193 BsF per U.S. Dollar as of March 31, 2015 . This resulted in a charge of approximately $2,806 , or $0.21 per diluted share, recorde d in the first quarter of 2015. Comparatively, 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 historical SICAD II exchange. As of September 30, 2015 , the Company’s equity investment in Kelko Venezuela was $174 , which continues to be valued at the SIMADI exchange rate. 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 Co mpany for ordering the goods. Third-party products transferred under arrangements resulting in net reporting totaled $12,140 and $36,193 for the three and nine months ended September 30, 2015 , respectively. Comparatively, t hird-party products transferred u nder arrangements resulting in net reporting totaled $11,829 and $33,328 for th e three and nine months ended September 30, 2014 , respectively. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2015 | |
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 Financial Accounting Standards Board ("FASB") issued an accounting standard update in September 2015 regarding the accounting and disclosure for measurement period adjustments for business combinations. The update requires that the cumulative impact of a measurement period adjustment be recognized in the reporting period in which the adjustment is identified, rather than restating prior period financial statements. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2015, and should be applied on a prospective basis for the reporting periods presented. The Company is currently evaluating the effects of this guidance, but does not expect a material impact. The FASB issued an accounting standard update in July 2015 regarding simplifying the measurement of inventory. The guidance is applicable for entities that measure inventory using the first-in, first-out or average c ost methods . Specifically, the update requires that inventory be measured at lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, d isposal and transportation. The amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This guidance should be applied prospectively with early adoption permitted. The Company is currently evaluating the effects of this guidance, but does not expect a material impact. The FASB issued an accounting standard update in May 2015 regarding the required disclosures for entities that elect to measure the fair value of cert ain investments using the net asset value per share (or its equivalent) practical expedient in accordance with the fair value measurement authoritative guidance. The update removes the requirement to categorize within the fair value hierarchy, and , also , limits the requirement to make certain other disclosures , for all such investments. The amendments in this update are effective for fiscal y ears beginning after December 15 , 2015, and interim periods within those fiscal years, and should be applied on a retrospective basis for the periods presented. Early adoption is permitted. The Company is currently evaluatin g the effects of this guidance, but does not expect a material impact. The FASB issued an accounting standard update in April 2015 regarding the presentation of debt issuance costs on the balance sheet. The update requires capitalized debt issuance costs be presented on the balance sheet as a reduction to debt, rath er than recorded as a separate asset. The amendments in this update are effective for annual and interim periods beginning after December 15, 2015 and should be applied on a retrospective basis for the periods presented. Early adoption is permitted. Als o, in June 2015, the SEC staff announced that the guidance within this accounting standard update was not applicable to revolving debt arrangements or credit facilities. The Company is currently evaluating the effects of this guidance, and the SEC’s annou ncement, but does not expect a material impact. The FASB issued an accounting standard update in May 2014 regarding the accounting for and disclosure of revenue recognition. Specifically, the update outlined a single comprehensive model for entities to us e in accounting for revenue arising from contracts with customers, which will be common to both U.S. GAAP and International Financial Reporting Standards. The guidance was effective for annual and interim periods beginning after December 15, 2016, which a llowed for full retrospective adoption of prior period data or a modified retrospective adoption. Early adoption was not permitted. In August 2015, the FASB issued an accounting standard update to delay the effective date of the new revenue standard by o ne year, or, in other words, to be effective for annual and interim periods beginning after December 15, 2017. Entities will be permitted to adopt the new revenue standard early, but not before the original effective date. The Company is currently evalua ting the effects of this guidance. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Measurement Disclosures [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 3 – 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 selling, general and administrative expenses (“ SG&A ”) directly related to the resp ective regio ns’ product sales. The indirect operating expenses consist of SG&A related expenses that are not directly attributable to the product sales of each respective report able operating segment. Other items not specifically identified with the Company’s report able operating segments include interest expense, interest income, license fees from non-co nsolidated affiliates and other income (expense) . The following table presents information about the performance of the Company’s reportable operating segments for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net sales North America $ 90,010 $ 87,909 $ 258,977 $ 247,137 EMEA 45,989 49,352 130,345 148,769 Asia/Pacific 46,067 49,601 138,913 136,661 South America 7,158 12,005 26,045 39,260 Total net sales $ 189,224 $ 198,867 $ 554,280 $ 571,827 Operating earnings, excluding indirect operating expenses North America $ 21,893 $ 17,771 $ 59,938 $ 51,350 EMEA 7,106 8,589 20,538 24,794 Asia/Pacific 11,250 11,925 33,874 32,064 South America 261 883 2,270 3,281 Total operating earnings, excluding indirect operating expenses 40,510 39,168 116,620 111,489 Indirect operating expenses (20,031) (17,489) (53,585) (47,864) Amortization expense (1,751) (1,126) (4,998) (2,754) Consolidated operating income 18,728 20,553 58,037 60,871 Other income (expense), net 185 914 (97) 558 Interest expense (697) (641) (1,891) (1,747) Interest income 422 642 1,117 1,990 Consolidated income before taxes and equity in net income of associated companies $ 18,638 $ 21,468 $ 57,166 $ 61,672 Inter-segment revenue for the three and nine months ended September 30, 2015 was $2,250 and $6,885 for North America, $5,185 and $14,559 for EMEA, $267 and $523 for Asia/Pacific and $0 and $13 for South America, respectively. Inter-segment revenue for the three and nine months ended September 30, 2014 was $2,605 and $6,411 for North America, $5,801 and $16,582 for EMEA, $127 and $329 for Asia/Pacific and zero for South America, respectively. However, all inter-se gment transactions have been eliminated from each reportable operating segment’s net sales and earnings for all periods presented above. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Share Based Compensation [Abstract] | |
Disclosure Of Compensation Related Costs Share Based Payments [Text Block] | Note 4 – Stock-Based Compensation The Company recognized the following share-based compensation expense in selling, general and administrative expenses in its Condensed Consolidated Stateme nts of Income for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Stock options $ 164 $ 171 $ 548 $ 492 Nonvested stock awards and restricted stock units 668 593 2,179 1,758 Employee stock purchase plan 19 18 56 54 Non-elective and elective 401(k) matching contribution in stock 449 413 1,624 1,561 Director stock ownership plan 31 32 93 94 Total share-based compensation expense $ 1,331 $ 1,227 $ 4,500 $ 3,959 As of September 30, 2015 and 2014 , the Co mpany recorded $400 and $430 , 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 nine months ended September 30, 2015 and 2014 , respectively. Stock option activity under all p lans is as follows: Weighted Average Weighted Average Remaining Number of Exercise Price Contractual Options (per option) Term (years) Options outstanding at December 31, 2014 87,075 $ 59.09 Options granted 38,698 87.30 Options exercised (21,157) 46.61 Options forfeited (4,945) 78.42 Options outstanding at September 30, 2015 99,671 $ 71.73 5.3 Options exercisable at September 30, 2015 31,457 $ 56.46 4.3 As of September 30, 2015 , the total intrinsic value of options outstanding was approximately $890 , and the total intrinsic value of exercisable options was $643 . 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 September 30, 2015 is as follows: Weighted Average Weighted Weighted Number Remaining Average Number Average Range of of Options Contractual Exercise Price of Options Exercise Price Exercise Prices Outstanding Term (years) (per option) Exercisable (per option) $ — - $ 10.00 — — $ — — $ — $ 10.01 - $ 20.00 2,367 1.3 18.82 2,367 18.82 $ 20.01 - $ 30.00 — — — — — $ 30.01 - $ 40.00 6,317 3.4 38.13 6,317 38.13 $ 40.01 - $ 50.00 — — — — — $ 50.01 - $ 60.00 21,055 4.4 58.26 11,997 58.26 $ 60.01 - $ 70.00 — — — — — $ 70.01 - $ 80.00 33,786 5.4 73.47 10,776 73.47 $ 80.01 - $ 90.00 36,146 6.4 87.30 — — 99,671 5.3 71.73 31,457 56.46 As of September 30, 2015 , unrecognized compensation expense related to options granted during 2013 was $85 , for options granted during 2014 was $360 and for options granted in 2015 was $664 . During the first quarter of 2015 , 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: 2015 Number of options granted 38,698 Dividend Yield 1.55 % Expected Volatility 36.32 % Risk-free interest rate 1.22 % Expected term (years) 4.0 Approximately $62 and $163 of expense was recorded on these options during the three and nine months ended September 30, 2015 , 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: Weighted Average Grant Number of Date Fair Value Shares (per share) Nonvested awards, December 31, 2014 124,450 $ 61.80 Granted 27,266 $ 86.39 Vested (33,681) $ 46.76 Forfeited (7,644) $ 61.12 Nonvested awards, September 30, 2015 110,391 $ 72.51 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 September 30, 2015 , unrecognized compensation expense related to these awards was $4,207 to be recognized over a weighted average remaining period of 1.88 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, 2014 7,158 $ 61.03 Granted 1,450 $ 87.30 Vested (2,434) $ 43.45 Nonvested awards, September 30, 2015 6,174 $ 74.14 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 September 30, 2015 , unrecognized compensation expense related to these awards was $200 to be recognized over a weighted average remaining period of 1.77 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 % disc ount 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 own ership 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 2013, the Company adopted the 2013 Director Stock Ownership Plan (the “Plan”) , to encourage the Di rectors to increase their investment in the Company, which 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 1 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 Amo unt”), 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 applica ble 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. Th e annual retainer is $50 and the retainer payment date is June 1. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 9 Months Ended |
Sep. 30, 2015 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits Disclosure [Text Block] | Note 5 – Pension and Other Postretirement Benefits The components of net periodic benefit cost for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, Nine Months Ended September 30, Other Other Postretirement Postretirement Pension Benefits Benefits Pension Benefits Benefits 2015 2014 2015 2014 2015 2014 2015 2014 Service Cost $ 763 $ 716 $ 1 $ 5 $ 2,297 $ 2,186 $ 12 $ 15 Interest Cost 1,256 1,506 47 58 3,772 4,567 146 174 Expected return on plan assets (1,367) (1,588) — — (4,165) (4,796) — — Actuarial loss amortization 862 763 12 16 2,620 2,311 64 48 Prior service cost amortization (25) (21) — — (76) 830 — — Net periodic benefit cost $ 1,489 $ 1,376 $ 60 $ 79 $ 4,448 $ 5,098 $ 222 $ 237 During 2013, it was discovered that the Company’s subsidiary in the United Kingdom (“U.K.”) 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 effec tive date of the change to the s ubsidiary’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 r ecorded 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, 2014 , that it expected to make minimum cash contributions of $4,176 to its pension plans and $568 to its other postretirement benefit plan in 2015 . As of September 30, 2015 , $1,835 and $449 of contributions have been made to the Company’s pension plans and its postretirement benefit plans, respectively. |
Other Income (Expense)
Other Income (Expense) | 9 Months Ended |
Sep. 30, 2015 | |
Other Income And Expenses [Abstract] | |
Other Income And Other Expense Disclosure [Text Block] | Note 6 – Other income (expense) , net The components of other income (expense), net for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Income from third party license fees $ 161 $ 181 $ 619 $ 736 Foreign exchange (losses) gains, net (79) 160 (978) (824) Gain on fixed asset disposals, net 21 25 76 130 Non-income tax and other related refunds 72 531 141 531 Other non-operating income 53 88 179 152 Other non-operating expense (43) (71) (134) (167) Total other income (expense), net $ 185 $ 914 $ (97) $ 558 |
Income Taxes and Uncertain Tax
Income Taxes and Uncertain Tax Positions | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 7 – Income Taxes and Uncertain Income Tax Positions The Company’s first nine months of 2015 effective tax rate was 27.3% , compared to the first nine months of 2014 effective tax rate of 30.5% . The primary contributors to the difference in the effective tax rate from the prior year were lower changes in reserves related to uncertain tax positions, a mix of earnings between higher and lower tax jurisdictions, and certain other one-time items th at impacted 2015’s effective tax rate comparison. As of September 30, 2015 , the Company’s cumulative liability for gross unrecognized tax benefits was $10,628 . At December 31, 2014 , the Company’s cumulative liability for gross unrec ognized tax benefits was $11,845 . 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 Statements of Income. The Comp any recognized ($55) and ($216) for interest and ($1) and $187 for penalties on its Condensed Consolidated Statement s of Income for the three and nine months ended September 30, 2015 , respect ively, and recognized ($6) and ($64) for interest and ($99) and ($1) for penalties on its Condensed Consolidated Statement s of Income during the three and nine months ended September 30, 2014 , respectively . As of September 30, 2015 , the Company had accrued $1,508 for cumulative interest and $1,900 for cumulative penalties, compared to $1,868 for cumulative interest and $1,845 for cumulative penalties accrued at December 31, 2014 . Du ring the three months ended September 30, 2015 , the Company recognized a decrease of approximately $793 in its cumulative liability for gross unrecognized tax benefits due to the expiration of the applicable statutes of limitations for certai n tax years. During the three months ended September 30, 2014 , the Company recognized a decrease in its cumulative liability for gross unrecognized tax benefits of $802 due to the expiration of the applicable statutes of limitations for cert ain tax years. During the nine months ended September 30, 2015 , the Company recognized a decrease of approximately $1,533 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 nine months ended September 30, 2014 , the Company recognized a decrease of approximately $1,877 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, 2015 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 exi sting tax positions or any increase in cumulative liability for unrecognized tax benefits with regard to new tax positions for the year ending December 31, 2015 . 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, Italy from 2007, the Netherlands and the United Kingdom from 2009, China from 2010, Spain from 2011, the United States from 2011, and various domestic state tax jurisdictions from 1993. During 2012, the Italian tax authorities initiated a transfer pricing audit of the Company’s Italian subsidiary , Quaker Italia S.r.l ., relating to the tax years 200 7, 2008, 2009 and 2010. During the second quarter of 2015, the Italian tax authorities completed an audit of the Company’s Italian subsidiary, Quaker Chemical S.r.l . (formerly NP Coil Dexter Industries, S.r.l .), relating to the tax years 2010, 2011, 2012 and 2013, and proposed audit adjustments for those years. There have been no significant developments during the third quarter of 2015 related to either of these Italian tax assessments. In October 2015, sub sequent to the date of these financial statements, the Dutch tax authorities notified the Company that they intend to assess the Company's Netherlands subsidiary for additional income taxes related to the 2011 tax year. As of September 30, 2015 , the Company believes it has adequate reserve s, where merited, for uncertain tax positions with respect to these audits . |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 8 – Earnings Per Share The following table summarizes earnings per share calculations for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 14,371 $ 15,696 $ 39,787 $ 43,853 Less: income allocated to participating securities (121) (140) (351) (385) Net income available to common shareholders $ 14,250 $ 15,556 $ 39,436 $ 43,468 Basic weighted average common shares outstanding 13,209,119 13,133,668 13,206,122 13,114,553 Basic earnings per common share $ 1.08 $ 1.18 $ 2.99 $ 3.31 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 14,371 $ 15,696 $ 39,787 $ 43,853 Less: income allocated to participating securities (121) (140) (350) (384) Net income available to common shareholders $ 14,250 $ 15,556 $ 39,437 $ 43,469 Basic weighted average common shares outstanding 13,209,119 13,133,668 13,206,122 13,114,553 Effect of dilutive securities 13,333 22,673 16,181 21,147 Diluted weighted average common shares outstanding 13,222,452 13,156,341 13,222,303 13,135,700 Diluted earnings per common share $ 1.08 $ 1.18 $ 2.98 $ 3.31 The following aggregate numbers of stock options and restricted stock units are not included in the diluted earnings per share calculation since the effect would have been anti-dilutive: 7,903 and 6,146 for the three months ended September 30, 2015 and 2014 , respectively , and 6,460 and 5,254 for the nine months ended September 30, 2015 and 2014 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets Disclosure [Text Block] | Note 9 – Goodwill and Other Intangible Assets The Company completes its annual impairment test as of the end of the third quarter of each year, or more frequently if triggering events indicate a possible impairment in one or more of its reporting units. The Company continually evaluates the financial performance, economic conditions and other relevant developments in assessing if an interim period impairment test for one or more of its reporting units is necessary. The Company completed its annua l impairment assessment as of the end of the third quarter of 2015 and no impairment charge was warranted. The estimated fair value of each of the Company’s reporting units substantially exceeded its carrying value, with no reporting unit at risk for fail ing step one of the goodwill impairment test. In addition, the Company has recorded no impairment charges in the past. C hanges in the carrying amount of goodwill for the nine months ended September 30, 2015 were as follow s : North South America EMEA Asia/Pacific America Total Balance as of December 31, 2014 $ 42,677 $ 16,050 $ 16,006 $ 3,200 $ 77,933 Goodwill additions 30 3,457 103 — 3,590 Currency translation adjustments (231) (1,107) (728) (1,045) (3,111) Balance as of September 30, 2015 $ 42,476 $ 18,400 $ 15,381 $ 2,155 $ 78,412 Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of September 30, 2015 and December 31, 2014 were as follows: Gross Carrying Accumulated Amount Amortization 2015 2014 2015 2014 Customer lists and rights to sell $ 68,456 $ 63,502 $ 15,501 $ 12,681 Trademarks and patents 23,834 18,944 5,240 4,066 Formulations and product technology 5,808 5,808 4,035 3,896 Other 6,850 6,647 5,443 4,950 Total definite-lived intangible assets $ 104,948 $ 94,901 $ 30,219 $ 25,593 The Compan y recorded $1,751 and $4,998 of amortization expense for the three and nine months ended September 30, 2015 , respectively. Comparatively, the Compan y recorded $1,126 and $2,754 of amortization expense for the three and nine months ended September 30, 2014 , respectively. Estimated annual aggregate amortization expense for the current year and subsequent five years is as follows: For the year ended December 31, 2015 $ 6,827 For the year ended December 31, 2016 6,864 For the year ended December 31, 2017 6,432 For the year ended December 31, 2018 6,211 For the year ended December 31, 2019 6,109 For the year ended December 31, 2020 5,831 The Company has two indefinite-lived intangible assets totaling $1,100 for trademarks at September 30, 2015 and December 31, 2014 . |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt [Abstract] | |
Debt Disclosure [Text Block] | Note 10 – 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 oth er covenants, but primarily depends on the Company’s consolidated leverage ratio calculation, which cannot exceed 3.50 to 1. At September 30, 2015 and December 31, 2014 , the consolidated leverage ratio was approximately 1.1 to 1 and below 1 . 0 to 1 , respectively, and the Company was also in compl iance with all of the facility’s other covenants. At September 30, 2015 and December 31, 2014 , the Company had approximately $87,261 and $58,421 outstanding under this facility. |
Equity and Noncontrolling Inter
Equity and Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders Equity [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | Note 11 – Equity and Noncontrolling Interest In May 2015, the Board of Directors of the Company authorized a share repurchase program authorizing the repurchase of up to $100,000 of Quaker Chemical Corporation common stock (the “2015 Share Repurchase Program”). The 2015 Share Repurchase Program has no expiration date. The 2015 Share Repurchase Program provides a framework of conditions under which management can repurchase shares of the Company’s common stock. The Company intends to repurchase shar es to at least offset the dilutive impact of shares issued each year as part of employee benefit and share based compensation plans. The purchases may be made in the open market or in private and negotiated transactions, in accordance with applicable laws , rules and regulations. In connection with the 2015 Share Repurchase Program, the remaining unutilized 1995 and 2005 Board of Directors authorized share repurchase programs were terminated. In connection with the 2015 Share Repurchase Program, the Company acquired 59,110 shares of common stock, for $ 4,989 , during the nine month s ended September 30, 2015 . The Company has elected not to hold treasury shares, and, therefore, has retired the shares as they are repurchased. It is the Com pany’s accounting policy to record the excess paid over par value as a reduction in retained earnings for all shares repurchased. The following table s present the changes in equity and noncontrolling interest, net of tax, for the three and nine months ended September 30, 2015 and 2014 : Accumulated Capital in other Common excess of Retained comprehensive Noncontrolling stock par value earnings loss interest Total Balance at June 30, 2015 $ 13,337 $ 103,082 $ 315,060 $ (60,771) $ 7,818 $ 378,526 Net income — — 14,371 — 464 14,835 Amounts reported in other comprehensive loss — — — (10,994) (367) (11,361) Repurchases of common stock (40) — (3,319) — — (3,359) Dividends ($0.32 per share) — — (4,256) — — (4,256) Share issuance and equity-based compensation plans 9 1,735 — — — 1,744 Excess tax benefit from stock option exercises — 22 — — — 22 Balance at September 30, 2015 $ 13,306 $ 104,839 $ 321,856 $ (71,765) $ 7,915 $ 376,151 Balance at June 30, 2014 $ 13,242 $ 95,508 $ 279,161 $ (31,587) $ 8,386 $ 364,710 Net income — — 15,696 — 423 16,119 Amounts reported in other comprehensive loss — — — (9,826) (246) (10,072) Dividends ($0.30 per share) — — (3,981) — — (3,981) Distributions to noncontrolling affiliate shareholders — — — — (1,149) (1,149) Acquisition of noncontrolling interest — 7 — — 148 155 Share issuance and equity-based compensation plans 27 1,039 — — — 1,066 Excess tax benefit from stock option exercises — 163 — — — 163 Balance at September 30, 2014 $ 13,269 $ 96,717 $ 290,876 $ (41,413) $ 7,562 $ 367,011 Accumulated Capital in other Common excess of Retained comprehensive Noncontrolling stock par value earnings loss interest Total Balance at December 31, 2014 $ 13,301 $ 99,056 $ 299,524 $ (54,406) $ 7,660 $ 365,135 Net income — — 39,787 — 1,067 40,854 Amounts reported in other comprehensive loss — — — (17,359) (461) (17,820) Repurchases of common stock (59) — (4,930) — — (4,989) Dividends ($0.94 per share) — — (12,525) — — (12,525) Disposition of noncontrolling interest — — — — (351) (351) Share issuance and equity-based compensation plans 64 5,383 — — — 5,447 Excess tax benefit from stock option exercises — 400 — — — 400 Balance at September 30, 2015 $ 13,306 $ 104,839 $ 321,856 $ (71,765) $ 7,915 $ 376,151 Balance at December 31, 2013 $ 13,196 $ 99,038 $ 258,285 $ (34,700) $ 8,877 $ 344,696 Net income — — 43,853 — 1,517 45,370 Amounts reported in other comprehensive loss — — — (6,713) (47) (6,760) Dividends ($0.85 per share) — — (11,262) — — (11,262) Distributions to noncontrolling affiliate shareholders — — — — (1,806) (1,806) Acquisition of noncontrolling interest — (6,443) — — (979) (7,422) Share issuance and equity-based compensation plans 73 3,692 — — — 3,765 Excess tax benefit from stock option exercises — 430 — — — 430 Balance at September 30, 2014 $ 13,269 $ 96,717 $ 290,876 $ (41,413) $ 7,562 $ 367,011 The following tables show the reclassifications from and resulting balances of accumulated other comprehensive loss (“AOCI”) for the three and nine months ended September 30, 2015 and 2014 : Unrealized Currency Defined gain (loss) in translation benefit available-for- adjustments pension plans sale securities Total Balance at June 30, 2015 $ (22,833) $ (39,124) $ 1,186 $ (60,771) Other comprehensive (loss) income before reclassifications (11,013) 170 (861) (11,704) Amounts reclassified from AOCI — 849 (179) 670 Current period other comprehensive (loss) income (11,013) 1,019 (1,040) (11,034) Related tax amounts — (313) 353 40 Net current period other comprehensive (loss) income (11,013) 706 (687) (10,994) Balance at September 30, 2015 $ (33,846) $ (38,418) $ 499 $ (71,765) Balance at June 30, 2014 $ 3,208 $ (36,274) $ 1,479 $ (31,587) Other comprehensive (loss) income before reclassifications (11,409) 1,698 (24) (9,735) Amounts reclassified from AOCI — 759 (300) 459 Current period other comprehensive (loss) income (11,409) 2,457 (324) (9,276) Related tax amounts — (660) 110 (550) Net current period other comprehensive (loss) income (11,409) 1,797 (214) (9,826) Balance at September 30, 2014 $ (8,201) $ (34,477) $ 1,265 $ (41,413) Unrealized Currency Defined gain (loss) in translation benefit available-for- adjustments pension plans sale securities Total Balance at December 31, 2014 $ (14,312) $ (41,551) $ 1,457 $ (54,406) Other comprehensive (loss) income before reclassifications (19,534) 1,821 (956) (18,669) Amounts reclassified from AOCI — 2,608 (495) 2,113 Current period other comprehensive (loss) income (19,534) 4,429 (1,451) (16,556) Related tax amounts — (1,296) 493 (803) Net current period other comprehensive (loss) income (19,534) 3,133 (958) (17,359) Balance at September 30, 2015 $ (33,846) $ (38,418) $ 499 $ (71,765) Balance at December 31, 2013 $ 1,152 $ (37,433) $ 1,581 $ (34,700) Other comprehensive (loss) income before reclassifications (9,353) 1,842 1,481 (6,030) Amounts reclassified from AOCI — 2,290 (1,959) 331 Current period other comprehensive (loss) income (9,353) 4,132 (478) (5,699) Related tax amounts — (1,176) 162 (1,014) Net current period other comprehensive (loss) income (9,353) 2,956 (316) (6,713) Balance at September 30, 2014 $ (8,201) $ (34,477) $ 1,265 $ (41,413) 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 nine months ended September 30, 2015 and 2014 were recorded in cost of goods sold and SG&A , respectively. See Note 5 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 non-controlling interest are related to curren cy translation adjustments. |
Business Acquisitions
Business Acquisitions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 12 – Business Acquisitions In July 2015, the Company acquired Verkol , S.A. (“ Verkol ”), a leading specialty grease and other lubricants manufacturer based in Northern Spain for its EMEA reportable operating segment for approximately 36,455 EUR, or approximately $40,009, including cash acquired of approximately 14,115 EUR, or approximately $15,491, and assumed long-term debt of approximately 2,187 EUR, or approximately $2,400. In addition, the Company incurred approximately $2,813, or $0.15 per diluted share, of one-time transaction expenses in the third quarter of 2015, related to this acquisition. V erkol is a market leader with world-class grease manufacturing capabilities and state-of-the-art research and development facilities, selling products into industrial end markets with a particular strength serving the steel industry. Also, Verkol brings a unique technology in continuous casting products that will provide the Company with cross-selling opportunities to its global steel customer base. The Company allocated the purchase price to $11,743 of intangible assets, comprised of trademarks and formu lations, to be amortized over 15 years; a non-compete agreement, to be amortized over 4 years; and customer relationships, to be amortized over 15 years. In addition, the Company has recorded $3,861 of goodwill, related to expected value outside its other acquired assets, none of which will be tax deductible. As of September 30, 2015, the allocation of the purchase price for the Verkol acquisition has not been finalized and the one-year measurement period has not ended. Further adjustments may be necessar y as a result of the Company’s assessment of additional information related to the fair value of assets acquired and liabilities assumed. The following table presents the current allocation of the purchase price of the assets acquired and liabilities assu med: Verkol Acquisition Current assets $ 30,907 Property, plant & equipment 7,873 Intangibles Customer lists and rights to sell 6,146 Trademarks and patents 5,378 Other intangibles 219 Goodwill 3,861 Other long-term assets 146 Total assets purchased 54,530 Current liabilities (7,349) Long-term debt (2,400) Other long-term liabilities (4,772) Total liabilities assumed (14,521) Cash paid for acquisitions $ 40,009 In December 2014, the Company acquired a business that is principally concerned with safety fluid applications for mining sites in its Asia/Pacific reportable operating segment for net consideration of approximately 2,850 Australian Dollars, or approximately $2,355. The Company also assumed an additional 300 Australian Dollars, or approximately $248, hold-back of consideration. This acquisition pro vides a strategic opportunity for Quaker in the core Australian mining market. The Company allocated the purchase price to $1,802 of intangible assets, comprised of trademarks and formulations, to be amortized over 15 years; a non-competition agreement, t o be amortized over 5 years; and customer relationships, to be amortized over 15 years. In addition, the Company has recorded $1,178 of goodwill, related to expected value outside its other acquired assets, none of which will be tax deductible. In Novembe r 2014, the Company acquired Binol AB (“ Binol ”), a leading bio-lubricants producer primarily serving the Nordic region for its EMEA reportable operating segment for approximately 136,500 SEK, or approximately $18,536, which is net of 4,400 SEK, or approxim ately $528, received by the Company as part of a post-closing adjustment in the first quarter of 2015. The post-closing adjustment recorded in the first quarter of 2015 adjusted the acquisition’s goodwill. This acquisition provides a strategic opportunit y for Quaker to leverage Binol's environmentally friendly technology and customer-aligned products, including neat oil technology for metalworking applications and biodegradable hydraulic oils, across the Company’s global footprint. The Company allocated the purchase price to $11,805 of intangible assets, comprised of trademarks and formulations, to be amortized over 15 years; a non-competition agreement, to be amortized over 5 years; and customer relationships, to be amortized over 14 years. In addition, the Company has recorded $5,726 of goodwill, net of the $528 post-closing adjustment mentioned above, related to expected value outside its other acquired assets, none of which will be tax deductible. In August 2014, the Company acquired ECLI Products, L LC (“ECLI”), a specialty grease manufacturer for its North American reportable operating segment for approximately $53,145, including certain post-closing adjustments. ECLI specializes in greases for OEM first-fill customers across several industry sector s, including automotive, industrial, aerospace/military, electronics, office automation and natural resources. This acquisition complements Quaker’s entry into the specialty grease market that began in 2010, and, also, provides an opportunity to leverage Quaker's global footprint with its current market expertise. The Company allocated the purchase price to $31,050 of intangible assets, comprised of trademarks and formulations, to be amortized over 10 years; customer relationships, to be amortized over 15 years; and a non-compete agreement, to be amortized over 5 years. In addition, the Company has recorded $14,642 of goodwill, related to expected value outside its other acquired assets, all of which will be tax deductible. During 2015, the Company identi fied and recorded certain adjustments to the allocations of the purchase price for certain 2014 acquisitions. These adjustments were the result of the Company assessing additional information related to assets acquired and liabilities assumed during the o ne-year measurement period following each acquisition. As of September 30, 2015 , the allocations of the purchase price for all of the Company’s 2014 acquisitions, except ECLI, have not been finalized and the one-year measurement period for all of the acquisitions has not ended. Further adjustments to the open acquisitions for 2014 may be necessary as a result of the Company’s assessment of additional information related to the fair values of assets acquired and liabilities assumed. The following tab le presents the current allocation of the purchase price of the assets acquired and liabilities assumed in all of the Company’s acquisitions in 2014: 2014 Acquisitions Current assets $ 12,413 Property, plant & equipment 4,158 Intangibles Customer lists and rights to sell 30,924 Trademarks and patents 12,606 Other intangibles 1,127 Goodwill 21,546 Other long-term assets 198 Total assets purchased 82,972 Current liabilities (4,562) Long-term liabilities (4,374) Total liabilities assumed (8,936) Cash paid for acquisitions $ 74,036 Included in the 2014 acquisitions was approximately $1,037 of cash acquired. Additionally, in June 2014, the Company acquired the remaining 49% ownership interest in its Australian affiliate, Quaker Chemical (Australasia) Pty. Limited ("QCA") for 8,000 Australian Dollars, or approximately $7,577, from its joint venture partner, Nuplex Industries. QCA is a part of the Company’s Asia/Pacific reportable operating segment. This acquisition further strengthens Quaker’s position in Australia, and allows the Company to simplify its overall corporate structure and improve its organizational efficiencies. As this acquisition was a change in an existing controlling ownership, the Company recorded $6,450 of excess purchase price over the carrying value of the nonc ontrolling interest in Additional Paid in Capital. The results of operations of the acquired businesses and assets are included in the Condensed Consolidated Statements of Income from their respective acquisition dates. Transaction expenses associated wit h these acquisitions are included in SG&A in the Company’s Condensed Consolidated Statements of Income. Certain pro forma and other information is not presented, as the operations of the acquired businesses are not material to the overall operations of th e Company for the periods presented. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 13 – Fair Value Measurements The Company has valued its company-owned life insurance policies and various deferred compensation assets and liabilities at fair value. The Company’s assets and liabilities subject to fair value measurement were as follows: Fair Value Measurements at September 30, 2015 Total Using Fair Value Hierarchy Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,291 $ — $ 1,291 $ — Total $ 1,291 $ — $ 1,291 $ — Fair Value Measurements at December 31, 2014 Total Using Fair Value Hierarchy Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,361 $ — $ 1,361 $ — Company-owned life insurance - Deferred compensation assets 310 — 310 — Other deferred compensation assets Large capitalization registered investment companies 71 71 — — Mid capitalization registered investment companies 7 7 — — Small capitalization registered investment companies 13 13 — — International developed and emerging markets registered investment companies 37 37 — — Fixed income registered investment companies 6 6 — — Total $ 1,805 $ 134 $ 1,671 $ — Fair Value Measurements at December 31, 2014 Total Using Fair Value Hierarchy Liabilities Fair Value Level 1 Level 2 Level 3 Deferred compensation liabilities Large capitalization registered investment companies $ 404 $ 404 $ — $ — Mid capitalization registered investment companies 108 108 — — Small capitalization registered investment companies 90 90 — — International developed and emerging markets registered investment companies 179 179 — — Fixed income registered investment companies 40 40 — — Fixed general account 160 — 160 — Total $ 981 $ 821 $ 160 $ — During the second quarter of 2015, the Company’s Board of Directors authorized the termination of its Executive Deferred Compensation Plan. As a result, the Company had no deferred compensation assets or liabilities subject to fair value measurement and accounting related to its Executive Deferred Compensation Plan on its Condensed Consolidated Balance Sheet as of September 30, 2015 . In connection with the termination of the Executive Deferred Compensation Plan, the Co mpany paid out associated liabilities of $1,018 during the third quarter of 2015, which were primarily funded by the Company’s previously held deferred compensation assets. 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 Company did not hold Level 3 investments as of September 30, 2015 or December 31, 2014 , respectively, so related disclosures have not been included. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Text Block] | Note 14 – Commitments and Contingencies In 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”). In 2004, the Orange County Water District (“OCWD”) filed a civil complaint against ACP and other parties seeking to recover c ompensatory and other damages related to the investigation and remediation of the contamination in the groundwater. Pursuant to the settlement agreement with OCWD, ACP agreed, among other things, to operate the two groundwater treatment systems to hydraul ically contain groundwater contamination emanating from ACP’s site until the concentrations of PERC released by ACP fell below the current Federal maximum contaminant level for four consecutive quarterly sampling events. In February 2014, ACP, OCWD and SA CRWQB, ceased operation at one of its two groundwater treatment systems, as it had met the above condition for closure. Based on the most recent modeling, it is estimated that the remaining system will operate for another fifteen months to thirty nine mon ths . As of September 30, 2015 , the Company believes that the range of potential-known liabilities associated with the balance of the ACP water remediation program is approximately $440 to $1,100 , for which the Company has sufficient reser ves. This represents an increased range of estimated potential-known liabilities from prior reporting periods, as ACP has lengthened by twelve months for both the low and high end, its expectation of meeting the settlement agreement’s closure standards. The low and high ends of the range are based on the length of operation of the treatment system as determined by groundwater modeling. Costs of operation include the operation and maintenance of the extraction well, groundwater monitoring and program mana gement. 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 $315 and $173 was accrued at September 30, 2015 and December 31, 2014 , respectively, to provide for such anticipated future environmental assessments and remediation costs. An inactive subsidiary of the Company that was acquir ed 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 received from insurance settlements. 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 e xisting 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 less than $3,800 (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 th e 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 insolvent, and the other primary insurers asserted that the aggregate limits of their policies have been exhausted. The subsidiary challenged the applicability of th ese 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 2005 and 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. In 2007, the subsidiary and the remaining primary insurance carrier entered into a Claim Handling and Funding Agreeme nt, under which the carrier is paying 27% of defense and indemnity costs incurred by or on behalf of the subsidiary in connection with asbestos bodily injury claims. The agreement continues until terminated and can only be terminated by either party by pr oviding a minimum of two years prior written notice. As of September 30, 2015 , 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 in surer regarding the application of the policy limits . The Company 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 ma y 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. The Company does not believe that such claims would have me rit 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 resu lted 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 subs idiary’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 proceedin gs. 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 2010, one of the Company’s subsidiaries may have paid certain value-added-ta xes (“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 de termined that for certain products, a portion of the VAT was incorrectly paid an d that the total VAT due exceeded 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 exposure. 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 ow ed in resolution of those jurisdictions’ claims, and no related accruals exist as of September 30, 2015 or December 31, 2014 . In late 2013, an additional jurisdiction issued an assessment against the subsidiary for certain tax years leading to a net charge of $796 , which represented the Company’s best estimate of the amount that ultimately may be paid . The subsidiary has filed an appeal of the assessment alleging certain errors by such jurisdiction related to the assessment. In analy zing 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 tak en 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 wel l 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 peri od 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. The charges taken by the Company in 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 iss ue assessments, the remaining exposure, net of refunds, could be from $0 to $2,600 with one jurisdiction representing approximately 85 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 wil l not have a material adverse effect on the Company’s results of operations, cash flows or financial condition. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
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 in the United States (“U.S. GAAP”) for interim financial reporting and the United States Securities and Exchange Commission (“SEC”) regulations. Certai n information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the financial statements reflect al l adjustments (consisting only of normal recurring adjustments, except certain material adjustments, as discussed below) which are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods. The results for the nine months ended September 30, 2015 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 yea r ended December 31, 2014 . |
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 Co mpany for ordering the goods. |
Goodwill And Intangible Assets, Goodwill, Policy [Policy Text Block] | The Company completes its annual impairment test as of the end of the third quarter of each year, or more frequently if triggering events indicate a possible impairment in one or more of its reporting units. The Company continually evaluates the financial performance, economic conditions and other relevant developments in assessing if an interim period impairment test for one or more of its reporting units is necessary. |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Measurement Disclosures [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net sales North America $ 90,010 $ 87,909 $ 258,977 $ 247,137 EMEA 45,989 49,352 130,345 148,769 Asia/Pacific 46,067 49,601 138,913 136,661 South America 7,158 12,005 26,045 39,260 Total net sales $ 189,224 $ 198,867 $ 554,280 $ 571,827 Operating earnings, excluding indirect operating expenses North America $ 21,893 $ 17,771 $ 59,938 $ 51,350 EMEA 7,106 8,589 20,538 24,794 Asia/Pacific 11,250 11,925 33,874 32,064 South America 261 883 2,270 3,281 Total operating earnings, excluding indirect operating expenses 40,510 39,168 116,620 111,489 Indirect operating expenses (20,031) (17,489) (53,585) (47,864) Amortization expense (1,751) (1,126) (4,998) (2,754) Consolidated operating income 18,728 20,553 58,037 60,871 Other income (expense), net 185 914 (97) 558 Interest expense (697) (641) (1,891) (1,747) Interest income 422 642 1,117 1,990 Consolidated income before taxes and equity in net income of associated companies $ 18,638 $ 21,468 $ 57,166 $ 61,672 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Stock options $ 164 $ 171 $ 548 $ 492 Nonvested stock awards and restricted stock units 668 593 2,179 1,758 Employee stock purchase plan 19 18 56 54 Non-elective and elective 401(k) matching contribution in stock 449 413 1,624 1,561 Director stock ownership plan 31 32 93 94 Total share-based compensation expense $ 1,331 $ 1,227 $ 4,500 $ 3,959 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Weighted Average Remaining Number of Exercise Price Contractual Options (per option) Term (years) Options outstanding at December 31, 2014 87,075 $ 59.09 Options granted 38,698 87.30 Options exercised (21,157) 46.61 Options forfeited (4,945) 78.42 Options outstanding at September 30, 2015 99,671 $ 71.73 5.3 Options exercisable at September 30, 2015 31,457 $ 56.46 4.3 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Weighted Average Weighted Weighted Number Remaining Average Number Average Range of of Options Contractual Exercise Price of Options Exercise Price Exercise Prices Outstanding Term (years) (per option) Exercisable (per option) $ — - $ 10.00 — — $ — — $ — $ 10.01 - $ 20.00 2,367 1.3 18.82 2,367 18.82 $ 20.01 - $ 30.00 — — — — — $ 30.01 - $ 40.00 6,317 3.4 38.13 6,317 38.13 $ 40.01 - $ 50.00 — — — — — $ 50.01 - $ 60.00 21,055 4.4 58.26 11,997 58.26 $ 60.01 - $ 70.00 — — — — — $ 70.01 - $ 80.00 33,786 5.4 73.47 10,776 73.47 $ 80.01 - $ 90.00 36,146 6.4 87.30 — — 99,671 5.3 71.73 31,457 56.46 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2015 Number of options granted 38,698 Dividend Yield 1.55 % Expected Volatility 36.32 % Risk-free interest rate 1.22 % Expected term (years) 4.0 |
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, 2014 124,450 $ 61.80 Granted 27,266 $ 86.39 Vested (33,681) $ 46.76 Forfeited (7,644) $ 61.12 Nonvested awards, September 30, 2015 110,391 $ 72.51 Weighted Average Grant Number of Date Fair Value Units (per unit) Nonvested awards, December 31, 2014 7,158 $ 61.03 Granted 1,450 $ 87.30 Vested (2,434) $ 43.45 Nonvested awards, September 30, 2015 6,174 $ 74.14 |
Pension and Postretirement Be24
Pension and Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Other Other Postretirement Postretirement Pension Benefits Benefits Pension Benefits Benefits 2015 2014 2015 2014 2015 2014 2015 2014 Service Cost $ 763 $ 716 $ 1 $ 5 $ 2,297 $ 2,186 $ 12 $ 15 Interest Cost 1,256 1,506 47 58 3,772 4,567 146 174 Expected return on plan assets (1,367) (1,588) — — (4,165) (4,796) — — Actuarial loss amortization 862 763 12 16 2,620 2,311 64 48 Prior service cost amortization (25) (21) — — (76) 830 — — Net periodic benefit cost $ 1,489 $ 1,376 $ 60 $ 79 $ 4,448 $ 5,098 $ 222 $ 237 |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Income And Expenses [Abstract] | |
Schedule Of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Income from third party license fees $ 161 $ 181 $ 619 $ 736 Foreign exchange (losses) gains, net (79) 160 (978) (824) Gain on fixed asset disposals, net 21 25 76 130 Non-income tax and other related refunds 72 531 141 531 Other non-operating income 53 88 179 152 Other non-operating expense (43) (71) (134) (167) Total other income (expense), net $ 185 $ 914 $ (97) $ 558 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 14,371 $ 15,696 $ 39,787 $ 43,853 Less: income allocated to participating securities (121) (140) (351) (385) Net income available to common shareholders $ 14,250 $ 15,556 $ 39,436 $ 43,468 Basic weighted average common shares outstanding 13,209,119 13,133,668 13,206,122 13,114,553 Basic earnings per common share $ 1.08 $ 1.18 $ 2.99 $ 3.31 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 14,371 $ 15,696 $ 39,787 $ 43,853 Less: income allocated to participating securities (121) (140) (350) (384) Net income available to common shareholders $ 14,250 $ 15,556 $ 39,437 $ 43,469 Basic weighted average common shares outstanding 13,209,119 13,133,668 13,206,122 13,114,553 Effect of dilutive securities 13,333 22,673 16,181 21,147 Diluted weighted average common shares outstanding 13,222,452 13,156,341 13,222,303 13,135,700 Diluted earnings per common share $ 1.08 $ 1.18 $ 2.98 $ 3.31 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2014 $ 42,677 $ 16,050 $ 16,006 $ 3,200 $ 77,933 Goodwill additions 30 3,457 103 — 3,590 Currency translation adjustments (231) (1,107) (728) (1,045) (3,111) Balance as of September 30, 2015 $ 42,476 $ 18,400 $ 15,381 $ 2,155 $ 78,412 |
Schedule Of Finite Lived Intangible Assets [Table Text Block] | Gross Carrying Accumulated Amount Amortization 2015 2014 2015 2014 Customer lists and rights to sell $ 68,456 $ 63,502 $ 15,501 $ 12,681 Trademarks and patents 23,834 18,944 5,240 4,066 Formulations and product technology 5,808 5,808 4,035 3,896 Other 6,850 6,647 5,443 4,950 Total definite-lived intangible assets $ 104,948 $ 94,901 $ 30,219 $ 25,593 |
Schedule of Finite Lived Intangible Assets Future Amortization Expense [TableText Block] | For the year ended December 31, 2015 $ 6,827 For the year ended December 31, 2016 6,864 For the year ended December 31, 2017 6,432 For the year ended December 31, 2018 6,211 For the year ended December 31, 2019 6,109 For the year ended December 31, 2020 5,831 |
Equity and Noncontrolling Int28
Equity and Noncontrolling Interest (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 June 30, 2015 $ 13,337 $ 103,082 $ 315,060 $ (60,771) $ 7,818 $ 378,526 Net income — — 14,371 — 464 14,835 Amounts reported in other comprehensive loss — — — (10,994) (367) (11,361) Repurchases of common stock (40) — (3,319) — — (3,359) Dividends ($0.32 per share) — — (4,256) — — (4,256) Share issuance and equity-based compensation plans 9 1,735 — — — 1,744 Excess tax benefit from stock option exercises — 22 — — — 22 Balance at September 30, 2015 $ 13,306 $ 104,839 $ 321,856 $ (71,765) $ 7,915 $ 376,151 Balance at June 30, 2014 $ 13,242 $ 95,508 $ 279,161 $ (31,587) $ 8,386 $ 364,710 Net income — — 15,696 — 423 16,119 Amounts reported in other comprehensive loss — — — (9,826) (246) (10,072) Dividends ($0.30 per share) — — (3,981) — — (3,981) Distributions to noncontrolling affiliate shareholders — — — — (1,149) (1,149) Acquisition of noncontrolling interest — 7 — — 148 155 Share issuance and equity-based compensation plans 27 1,039 — — — 1,066 Excess tax benefit from stock option exercises — 163 — — — 163 Balance at September 30, 2014 $ 13,269 $ 96,717 $ 290,876 $ (41,413) $ 7,562 $ 367,011 Accumulated Capital in other Common excess of Retained comprehensive Noncontrolling stock par value earnings loss interest Total Balance at December 31, 2014 $ 13,301 $ 99,056 $ 299,524 $ (54,406) $ 7,660 $ 365,135 Net income — — 39,787 — 1,067 40,854 Amounts reported in other comprehensive loss — — — (17,359) (461) (17,820) Repurchases of common stock (59) — (4,930) — — (4,989) Dividends ($0.94 per share) — — (12,525) — — (12,525) Disposition of noncontrolling interest — — — — (351) (351) Share issuance and equity-based compensation plans 64 5,383 — — — 5,447 Excess tax benefit from stock option exercises — 400 — — — 400 Balance at September 30, 2015 $ 13,306 $ 104,839 $ 321,856 $ (71,765) $ 7,915 $ 376,151 Balance at December 31, 2013 $ 13,196 $ 99,038 $ 258,285 $ (34,700) $ 8,877 $ 344,696 Net income — — 43,853 — 1,517 45,370 Amounts reported in other comprehensive loss — — — (6,713) (47) (6,760) Dividends ($0.85 per share) — — (11,262) — — (11,262) Distributions to noncontrolling affiliate shareholders — — — — (1,806) (1,806) Acquisition of noncontrolling interest — (6,443) — — (979) (7,422) Share issuance and equity-based compensation plans 73 3,692 — — — 3,765 Excess tax benefit from stock option exercises — 430 — — — 430 Balance at September 30, 2014 $ 13,269 $ 96,717 $ 290,876 $ (41,413) $ 7,562 $ 367,011 |
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 June 30, 2015 $ (22,833) $ (39,124) $ 1,186 $ (60,771) Other comprehensive (loss) income before reclassifications (11,013) 170 (861) (11,704) Amounts reclassified from AOCI — 849 (179) 670 Current period other comprehensive (loss) income (11,013) 1,019 (1,040) (11,034) Related tax amounts — (313) 353 40 Net current period other comprehensive (loss) income (11,013) 706 (687) (10,994) Balance at September 30, 2015 $ (33,846) $ (38,418) $ 499 $ (71,765) Balance at June 30, 2014 $ 3,208 $ (36,274) $ 1,479 $ (31,587) Other comprehensive (loss) income before reclassifications (11,409) 1,698 (24) (9,735) Amounts reclassified from AOCI — 759 (300) 459 Current period other comprehensive (loss) income (11,409) 2,457 (324) (9,276) Related tax amounts — (660) 110 (550) Net current period other comprehensive (loss) income (11,409) 1,797 (214) (9,826) Balance at September 30, 2014 $ (8,201) $ (34,477) $ 1,265 $ (41,413) Unrealized Currency Defined gain (loss) in translation benefit available-for- adjustments pension plans sale securities Total Balance at December 31, 2014 $ (14,312) $ (41,551) $ 1,457 $ (54,406) Other comprehensive (loss) income before reclassifications (19,534) 1,821 (956) (18,669) Amounts reclassified from AOCI — 2,608 (495) 2,113 Current period other comprehensive (loss) income (19,534) 4,429 (1,451) (16,556) Related tax amounts — (1,296) 493 (803) Net current period other comprehensive (loss) income (19,534) 3,133 (958) (17,359) Balance at September 30, 2015 $ (33,846) $ (38,418) $ 499 $ (71,765) Balance at December 31, 2013 $ 1,152 $ (37,433) $ 1,581 $ (34,700) Other comprehensive (loss) income before reclassifications (9,353) 1,842 1,481 (6,030) Amounts reclassified from AOCI — 2,290 (1,959) 331 Current period other comprehensive (loss) income (9,353) 4,132 (478) (5,699) Related tax amounts — (1,176) 162 (1,014) Net current period other comprehensive (loss) income (9,353) 2,956 (316) (6,713) Balance at September 30, 2014 $ (8,201) $ (34,477) $ 1,265 $ (41,413) |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Verkol Acquisition Current assets $ 30,907 Property, plant & equipment 7,873 Intangibles Customer lists and rights to sell 6,146 Trademarks and patents 5,378 Other intangibles 219 Goodwill 3,861 Other long-term assets 146 Total assets purchased 54,530 Current liabilities (7,349) Long-term debt (2,400) Other long-term liabilities (4,772) Total liabilities assumed (14,521) Cash paid for acquisitions $ 40,009 2014 Acquisitions Current assets $ 12,413 Property, plant & equipment 4,158 Intangibles Customer lists and rights to sell 30,924 Trademarks and patents 12,606 Other intangibles 1,127 Goodwill 21,546 Other long-term assets 198 Total assets purchased 82,972 Current liabilities (4,562) Long-term liabilities (4,374) Total liabilities assumed (8,936) Cash paid for acquisitions $ 74,036 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at September 30, 2015 Total Using Fair Value Hierarchy Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,291 $ — $ 1,291 $ — Total $ 1,291 $ — $ 1,291 $ — Fair Value Measurements at December 31, 2014 Total Using Fair Value Hierarchy Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,361 $ — $ 1,361 $ — Company-owned life insurance - Deferred compensation assets 310 — 310 — Other deferred compensation assets Large capitalization registered investment companies 71 71 — — Mid capitalization registered investment companies 7 7 — — Small capitalization registered investment companies 13 13 — — International developed and emerging markets registered investment companies 37 37 — — Fixed income registered investment companies 6 6 — — Total $ 1,805 $ 134 $ 1,671 $ — |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2014 Total Using Fair Value Hierarchy Liabilities Fair Value Level 1 Level 2 Level 3 Deferred compensation liabilities Large capitalization registered investment companies $ 404 $ 404 $ — $ — Mid capitalization registered investment companies 108 108 — — Small capitalization registered investment companies 90 90 — — International developed and emerging markets registered investment companies 179 179 — — Fixed income registered investment companies 40 40 — — Fixed general account 160 — 160 — Total $ 981 $ 821 $ 160 $ — |
Condensed Financial Informati31
Condensed Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment | $ 19,617 | $ 19,617 | $ 21,751 | ||||
Revenue Recognized Under Net Reporting Arrangements | 12,140 | $ 11,829 | 36,193 | $ 33,328 | |||
Kelko (Venezuela) [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Effect Of Currency Conversion, Amount | $ 2,806 | $ 321 | |||||
Effect Of Currency Conversion, Per Diluted Share | $ 0.21 | $ 0.02 | |||||
Equity Method Investment | $ 174 | $ 174 |
Condensed Financial Informati32
Condensed Financial Information - Foreign currency (Details) - VEF / $ | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
CADIVI [Member] | |||
Schedule of Foreign Currency [Line Items] | |||
Venezuela Currency exchange rate | 6.3 | ||
SICAD I [Member] | |||
Schedule of Foreign Currency [Line Items] | |||
Venezuela Currency exchange rate | 12 | ||
SICAD II [Member] | |||
Schedule of Foreign Currency [Line Items] | |||
Venezuela Currency exchange rate | 52 | ||
SIMADI [Member] | |||
Schedule of Foreign Currency [Line Items] | |||
Venezuela Currency exchange rate | 199 | 193 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 189,224 | $ 198,867 | $ 554,280 | $ 571,827 |
Operating Earnings, Excluding Indirect Operating Expenses | 40,510 | 39,168 | 116,620 | 111,489 |
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Indirect Operating Expenses | (20,031) | (17,489) | (53,585) | (47,864) |
Amortization | (1,751) | (1,126) | (4,998) | (2,754) |
Operating income | 18,728 | 20,553 | 58,037 | 60,871 |
Other income (expense), net | 185 | 914 | (97) | 558 |
Interest Expense | (697) | (641) | (1,891) | (1,747) |
Interest Income | 422 | 642 | 1,117 | 1,990 |
Income Before Taxes and Equity in Net Income of Associated Companies | 18,638 | 21,468 | 57,166 | 61,672 |
North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 90,010 | 87,909 | 258,977 | 247,137 |
Operating Earnings, Excluding Indirect Operating Expenses | 21,893 | 17,771 | 59,938 | 51,350 |
North America [Member] | Intersegment Sales Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 2,250 | 2,605 | 6,885 | 6,411 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 45,989 | 49,352 | 130,345 | 148,769 |
Operating Earnings, Excluding Indirect Operating Expenses | 7,106 | 8,589 | 20,538 | 24,794 |
EMEA [Member] | Intersegment Sales Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 5,185 | 5,801 | 14,559 | 16,582 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 46,067 | 49,601 | 138,913 | 136,661 |
Operating Earnings, Excluding Indirect Operating Expenses | 11,250 | 11,925 | 33,874 | 32,064 |
Asia Pacific [Member] | Intersegment Sales Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 267 | 127 | 523 | 329 |
South America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 7,158 | 12,005 | 26,045 | 39,260 |
Operating Earnings, Excluding Indirect Operating Expenses | 261 | 883 | 2,270 | 3,281 |
South America [Member] | Intersegment Sales Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 0 | $ 0 | $ 13 | $ 0 |
Stock Based Compensation - Expe
Stock Based Compensation - Expense Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 1,331 | $ 1,227 | $ 4,500 | $ 3,959 |
Stock Options Compensation Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 164 | 171 | 548 | 492 |
Nonvested Stock Awards and Restricted Stock Unit Compensation Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 668 | 593 | 2,179 | 1,758 |
Employee Stock Purchase Plan Compensation Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 19 | 18 | 56 | 54 |
401 (k) Matching Stock Contribution Plan Compensation Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 449 | 413 | 1,624 | 1,561 |
Directors Stock Ownership Plan Compensation Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 31 | $ 32 | $ 93 | $ 94 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share Based Compensation [Abstract] | ||||
Outstanding Options, Intrinsic Value | $ 890 | $ 890 | ||
Exercisable Options, Intrinsic Value | 643 | $ 643 | ||
Option Award Vesting Period | 3 years | |||
Share Based Compensation [Line Items] | ||||
Share-based Compensation Expense in Period, Stock Option Awards | 1,331 | $ 1,227 | $ 4,500 | $ 3,959 |
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 1 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 | 62 | 163 | ||
Unrecognized Share-Based Compensation Expense, Stock Option Awards | 664 | 664 | ||
Options Granted in Previous Year [Member] | ||||
Share Based Compensation [Line Items] | ||||
Unrecognized Share-Based Compensation Expense, Stock Option Awards | 360 | 360 | ||
Options Granted in Second Previous Year [Member] | ||||
Share Based Compensation [Line Items] | ||||
Unrecognized Share-Based Compensation Expense, Stock Option Awards | 85 | 85 | ||
Restricted Stock LTIP Plan [Member] | ||||
Share Based Compensation [Line Items] | ||||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | 4,207 | $ 4,207 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 1 year 11 months | |||
Restricted Stock Units (RSUs) LTIP Plan [Member] | ||||
Share Based Compensation [Line Items] | ||||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | $ 200 | $ 200 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 1 year 9 months |
Stock Based Compensation - Exce
Stock Based Compensation - Excess Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share Based Compensation [Abstract] | ||||
Excess Tax Benefit From Stock Option Exercises | $ 22 | $ 163 | $ 400 | $ 430 |
Excess tax benefit related to stock option exercises, cash flow | $ 400 | $ 430 |
Stock Based Compensation - Opti
Stock Based Compensation - Options Grant (Details) - shares | 3 Months Ended | 9 Months Ended |
Mar. 31, 2015 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Granted | 38,698 | 38,698 |
Dividend Yield | 1.55% | |
Expected Volatility | 36.32% | |
Risk-free Interest Rate | 1.22% | |
Expected Term (Years) | 4 years |
Stock Based Compensation - Op38
Stock Based Compensation - Options Rollforward (Details) - $ / shares | 3 Months Ended | 9 Months Ended |
Mar. 31, 2015 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Beginning Balance | 87,075 | 87,075 |
Options Granted | 38,698 | 38,698 |
Exercises | (21,157) | |
Forfeitures | (4,945) | |
Ending Balance | 99,671 | |
Options Exerciseable | 31,457 | |
Weighted Average Exercise Price [Abstract] | ||
Outstanding at Beginning of Year | $ 59.09 | $ 59.09 |
Options Granted | 87.3 | |
Options Exercised | 46.61 | |
Options Forfeited | 78.42 | |
Outstanding at End of Period | 71.73 | |
Options Exercisable | $ 56.46 | |
Weighted Average Contractual Term [Abstract] | ||
Weighted Average Remaining Contractual Term, Outstanding | 5 years 4 months | |
Weighted Average Remaining Contractual Term, Exercisable | 4 years 4 months |
Stock Based Compensation - Op39
Stock Based Compensation - Options Summary (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Outstanding Options, Exercise Price Range | shares | 99,671 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 5 years 4 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 71.73 |
Number of Exercisable Options, Exercise Price Range | shares | 31,457 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 56.46 |
$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 | shares | 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 | shares | 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 | shares | 2,367 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 1 year 4 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 18.82 |
Number of Exercisable Options, Exercise Price Range | shares | 2,367 |
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 | shares | 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 | shares | 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 | shares | 6,317 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 3 years 5 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 38.13 |
Number of Exercisable Options, Exercise Price Range | shares | 6,317 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 38.13 |
$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 | shares | 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 | shares | 0 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 0 |
$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 | shares | 21,055 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 4 years 5 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 58.26 |
Number of Exercisable Options, Exercise Price Range | shares | 11,997 |
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 | shares | 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 | shares | 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 | shares | 33,786 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 5 years 5 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 73.47 |
Number of Exercisable Options, Exercise Price Range | shares | 10,776 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 73.47 |
$80.01 - $90.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 80.01 |
Exercise Price Range, Upper Range Limit | $ 90 |
Number of Outstanding Options, Exercise Price Range | shares | 36,146 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 6 years 5 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 87.3 |
Number of Exercisable Options, Exercise Price Range | shares | 0 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 0 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Rollforward (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Beginning Balance | 124,450 |
Nonvested Stock Awards Granted | 27,266 |
Nonvested Stock Awards Vested | (33,681) |
Nonvested Stock Awards Forfeited | (7,644) |
Ending Balance | 110,391 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, Beginning of Period | $ / shares | $ 61.8 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Granted | $ / shares | 86.39 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Vested | $ / shares | 46.76 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Forfeited | $ / shares | 61.12 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, End of Period | $ / shares | $ 72.51 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Beginning Balance | 7,158 |
Nonvested Stock Awards Granted | 1,450 |
Nonvested Stock Awards Vested | (2,434) |
Ending Balance | 6,174 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, Beginning of Period | $ / shares | $ 61.03 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Granted | $ / shares | 87.3 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Vested | $ / shares | 43.45 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, End of Period | $ / shares | $ 74.14 |
Pension and Postretirement Be41
Pension and Postretirement Benefits (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Service Cost | $ 763 | $ 716 | $ 2,297 | $ 2,186 | |
Defined Benefit Plan, Interest Cost | 1,256 | 1,506 | 3,772 | 4,567 | |
Defined Benefit Plan, Expected Return on Plan Assets | (1,367) | (1,588) | (4,165) | (4,796) | |
Defined Benefit Plan, Amortization of Losses | 862 | 763 | 2,620 | 2,311 | |
Defined Benefit Plan, Amortization of Prior Service Cost | (25) | (21) | (76) | 830 | |
Defined Benefit Plan, Net Periodic Benefit Cost | 1,489 | 1,376 | 4,448 | 5,098 | |
Defined Benefit Plan, Contributions by Employer | 1,835 | ||||
Effect of Plan Amendment on Net Periodic Benefit Cost | $ 902 | ||||
Prior Service Cost Charge per Diluted Share | $ 0.05 | ||||
Pension Plans, Defined Benefit [Member] | 2015 Year [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 4,176 | ||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Service Cost | 1 | 5 | 12 | 15 | |
Defined Benefit Plan, Interest Cost | 47 | 58 | 146 | 174 | |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Amortization of Losses | 12 | 16 | 64 | 48 | |
Defined Benefit Plan, Amortization of Prior Service Cost | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 60 | $ 79 | 222 | $ 237 | |
Defined Benefit Plan, Contributions by Employer | 449 | ||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | 2015 Year [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 568 |
Other Income (Expense) - (Detai
Other Income (Expense) - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Income And Expenses [Abstract] | ||||
Licenses Revenue | $ 161 | $ 181 | $ 619 | $ 736 |
Foreign Currency Transaction Gain (Loss), Realized | (79) | 160 | (978) | (824) |
Gain on Fixed Asset Disposals, Net | 21 | 25 | 76 | 130 |
Proceeds From Non Income Tax Refunds | 72 | 531 | 141 | 531 |
Other Nonoperating Income | 53 | 88 | 179 | 152 |
Other Nonoperating Expense | (43) | (71) | (134) | (167) |
Other Income (Expense), Net | $ 185 | $ 914 | $ (97) | $ 558 |
Income Taxes and Uncertain Ta43
Income Taxes and Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||
Effective Income Tax Rate, Continuing Operations | 27.30% | 30.50% | |||
Unrecognized Tax Benefits | $ 10,628 | $ 10,628 | $ 11,845 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | (55) | $ (6) | (216) | $ (64) | |
Unrecognized Tax Benefits, Income Tax Penalties Expense | (1) | (99) | 187 | (1) | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 1,508 | 1,508 | 1,868 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 1,900 | 1,900 | $ 1,845 | ||
Tax Adjustments, Settlements, and Unusual Provisions | 793 | $ 802 | 1,533 | $ 1,877 | |
Maximum [Member] | |||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | |||||
Decrease In Unrecognized Tax Benefits Is Reasonably Possible | 1,900 | 1,900 | |||
Maximum [Member] | Year End December 31, 2015 [Member] | |||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | |||||
Decrease In Unrecognized Tax Benefits Is Reasonably Possible | 1,900 | 1,900 | |||
Minimum [Member] | |||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | |||||
Decrease In Unrecognized Tax Benefits Is Reasonably Possible | 1,800 | 1,800 | |||
Minimum [Member] | Year End December 31, 2015 [Member] | |||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | |||||
Decrease In Unrecognized Tax Benefits Is Reasonably Possible | $ 1,800 | $ 1,800 | |||
Internal Revenue Service (IRS) [Member] | |||||
Income Tax Examination [Line Items] | |||||
Income Tax Examination Year Under Examination | 2,011 | ||||
Foreign Tax Authority [Member] | The Netherlands [Member] | |||||
Income Tax Examination [Line Items] | |||||
Income Tax Examination Year Under Examination | 2,009 | ||||
Income Tax Examination Description | In October 2015, subsequent to the date of these financial statements, the Dutch tax authorities notified the Company that they intend to assess the Company's Netherlands subsidiary for additional income taxes related to the 2011 tax year. | ||||
Foreign Tax Authority [Member] | United Kingdom [Member] | |||||
Income Tax Examination [Line Items] | |||||
Income Tax Examination Year Under Examination | 2,009 | ||||
Foreign Tax Authority [Member] | Brazil [Member] | |||||
Income Tax Examination [Line Items] | |||||
Income Tax Examination Year Under Examination | 2,000 | ||||
Foreign Tax Authority [Member] | Spain [Member] | |||||
Income Tax Examination [Line Items] | |||||
Income Tax Examination Year Under Examination | 2,011 | ||||
Foreign Tax Authority [Member] | China [Member] | |||||
Income Tax Examination [Line Items] | |||||
Income Tax Examination Year Under Examination | 2,010 | ||||
Foreign Tax Authority [Member] | Italy [Member] | |||||
Income Tax Examination [Line Items] | |||||
Income Tax Examination Year Under Examination | 2,007 | ||||
Income Tax Examination Description | During 2012, the Italian tax authorities initiated a transfer pricing audit of the Company’s Italian subsidiary, Quaker Italia S.r.l., relating to the tax years 2007, 2008, 2009 and 2010. During the second quarter of 2015, the Italian tax authorities completed an audit of the Company’s Italian subsidiary, Quaker Chemical S.r.l. (formerly NP Coil Dexter Industries, S.r.l.), relating to the tax years 2010, 2011, 2012 and 2013, and proposed audit adjustments for those years. There have been no significant developments during the third quarter of 2015 related to either of these Italian tax assessments. | ||||
State and Local Jurisdiction [Member] | |||||
Income Tax Examination [Line Items] | |||||
Income Tax Examination Year Under Examination | 1,993 |
Earnings Per Share - Basic (Det
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net Income Attributable to Quaker Chemical Corporation | $ 14,371 | $ 15,696 | $ 39,787 | $ 43,853 |
Less: Income Allocated to Participating Securities | (121) | (140) | (351) | (385) |
Net Income Available to Common Shareholders | $ 14,250 | $ 15,556 | $ 39,436 | $ 43,468 |
Basic Weighted Average Common Shares Outstanding | 13,209,119 | 13,133,668 | 13,206,122 | 13,114,553 |
Basic Earnings Per Common Share | $ 1.08 | $ 1.18 | $ 2.99 | $ 3.31 |
Earnings Per Share - Diluted (D
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net Income Attributable to Quaker Chemical Corporation | $ 14,371 | $ 15,696 | $ 39,787 | $ 43,853 |
Less: Income Allocated to Participating Securities | (121) | (140) | (350) | (384) |
Net Income Available to Common Shareholders | $ 14,250 | $ 15,556 | $ 39,437 | $ 43,469 |
Basic Weighted Average Common Shares Outstanding | 13,209,119 | 13,133,668 | 13,206,122 | 13,114,553 |
Effect of Dilutive Securities | 13,333 | 22,673 | 16,181 | 21,147 |
Diluted Weighted Average Common Shares Outstanding | 13,222,452 | 13,156,341 | 13,222,303 | 13,135,700 |
Diluted Earnings per Common Share | $ 1.08 | $ 1.18 | $ 2.98 | $ 3.31 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Shares (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,903 | 6,146 | 6,460 | 5,254 |
Goodwill Assets (Details)
Goodwill Assets (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 77,933 |
Goodwill, Acquired During Period | 3,590 |
Goodwill, Translation Adjustments | (3,111) |
Goodwill, Ending Balance | 78,412 |
North America [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 42,677 |
Goodwill, Acquired During Period | 30 |
Goodwill, Translation Adjustments | (231) |
Goodwill, Ending Balance | 42,476 |
EMEA [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 16,050 |
Goodwill, Acquired During Period | 3,457 |
Goodwill, Translation Adjustments | (1,107) |
Goodwill, Ending Balance | 18,400 |
Asia Pacific [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 16,006 |
Goodwill, Acquired During Period | 103 |
Goodwill, Translation Adjustments | (728) |
Goodwill, Ending Balance | 15,381 |
South America [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 3,200 |
Goodwill, Acquired During Period | 0 |
Goodwill, Translation Adjustments | (1,045) |
Goodwill, Ending Balance | $ 2,155 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Finite-Lived Customer Lists, Gross | $ 68,456 | $ 63,502 |
Finite-Lived Trademarks, Gross | 23,834 | 18,944 |
Formulations And Product Technology | 5,808 | 5,808 |
Other Finite-Lived Intangible Assets, Gross | 6,850 | 6,647 |
Total | 104,948 | 94,901 |
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 30,219 | 25,593 |
Customer Lists [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 15,501 | 12,681 |
Trademarks [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 5,240 | 4,066 |
Formulations And Product Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 4,035 | 3,896 |
Other Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 5,443 | $ 4,950 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization | $ 1,751 | $ 1,126 | $ 4,998 | $ 2,754 |
Intangible Assets - Future Amor
Intangible Assets - Future Amortization (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the year ended December 31, 2015 | $ 6,827 |
For the year ended December 31, 2016 | 6,864 |
For the year ended December 31, 2017 | 6,432 |
For the year ended December 31, 2018 | 6,211 |
For the year ended December 31, 2019 | 6,109 |
For the year ended December 31, 2020 | $ 5,831 |
Intangible Assets - Finite Live
Intangible Assets - Finite Lived (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Indefinite-Lived Trademarks | $ 1,100 | $ 1,100 |
Debt - Narrative (Details)
Debt - Narrative (Details) - Line of Credit [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
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 | Jun. 14, 2018 | |
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 Facility, Covenant Compliance | At September 30, 2015 and December 31, 2014, the consolidated leverage ratio was approximately 1.1 to 1 and below 1.0 to 1, respectively, and the Company was also in compliance with all of the facility’s other covenants. | |
Line of Credit Facility, Amount Outstanding | $ 87,261 | $ 58,421 |
Equity and Noncontrolling Int53
Equity and Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Beginning Balance | $ 378,526 | $ 364,710 | $ 365,135 | $ 344,696 |
Net Income | 14,835 | 16,119 | 40,854 | 45,370 |
Amounts reported in other comprehensive income (loss) | (11,361) | (10,072) | (17,820) | (6,760) |
Repurchases of common stock | (3,359) | 0 | (4,989) | 0 |
Dividends, Common Stock | (4,256) | (3,981) | (12,525) | (11,262) |
Distributions to Noncontrolling Affiliate Shareholders | 0 | (1,149) | 0 | (1,806) |
Acquisition of Noncontrolling Interest | 0 | 155 | 0 | (7,422) |
Disposition of Noncontrolling Interest | 0 | 0 | (351) | 0 |
Share Issuance and Equity-Based Compensation Plans | 1,744 | 1,066 | 5,447 | 3,765 |
Excess Tax Benefit From Stock Option Exercises | 22 | 163 | 400 | 430 |
Ending Balance | 376,151 | 367,011 | 376,151 | 367,011 |
Common Stock [Member] | ||||
Beginning Balance | 13,337 | 13,242 | 13,301 | 13,196 |
Net Income | 0 | 0 | 0 | 0 |
Amounts reported in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Repurchases of common stock | (40) | 0 | (59) | 0 |
Dividends, Common Stock | 0 | 0 | 0 | 0 |
Distributions to Noncontrolling Affiliate Shareholders | 0 | 0 | 0 | 0 |
Acquisition of Noncontrolling Interest | 0 | 0 | 0 | 0 |
Disposition of Noncontrolling Interest | 0 | 0 | 0 | 0 |
Share Issuance and Equity-Based Compensation Plans | 9 | 27 | 64 | 73 |
Excess Tax Benefit From Stock Option Exercises | 0 | 0 | 0 | 0 |
Ending Balance | 13,306 | 13,269 | 13,306 | 13,269 |
Additional Paid-in Capital [Member] | ||||
Beginning Balance | 103,082 | 95,508 | 99,056 | 99,038 |
Net Income | 0 | 0 | 0 | 0 |
Amounts reported in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Repurchases of common stock | 0 | 0 | 0 | 0 |
Dividends, Common Stock | 0 | 0 | 0 | 0 |
Distributions to Noncontrolling Affiliate Shareholders | 0 | 0 | 0 | 0 |
Acquisition of Noncontrolling Interest | 0 | 7 | 0 | (6,443) |
Disposition of Noncontrolling Interest | 0 | 0 | 0 | 0 |
Share Issuance and Equity-Based Compensation Plans | 1,735 | 1,039 | 5,383 | 3,692 |
Excess Tax Benefit From Stock Option Exercises | 22 | 163 | 400 | 430 |
Ending Balance | 104,839 | 96,717 | 104,839 | 96,717 |
Retained Earnings [Member] | ||||
Beginning Balance | 315,060 | 279,161 | 299,524 | 258,285 |
Net Income | 14,371 | 15,696 | 39,787 | 43,853 |
Amounts reported in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Repurchases of common stock | (3,319) | 0 | (4,930) | 0 |
Dividends, Common Stock | (4,256) | (3,981) | (12,525) | (11,262) |
Distributions to Noncontrolling Affiliate Shareholders | 0 | 0 | 0 | 0 |
Acquisition of Noncontrolling Interest | 0 | 0 | 0 | 0 |
Disposition 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 | 321,856 | 290,876 | 321,856 | 290,876 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Beginning Balance | (60,771) | (31,587) | (54,406) | (34,700) |
Net Income | 0 | 0 | 0 | 0 |
Amounts reported in other comprehensive income (loss) | (10,994) | (9,826) | (17,359) | (6,713) |
Repurchases of common stock | 0 | 0 | 0 | 0 |
Dividends, Common Stock | 0 | 0 | 0 | 0 |
Distributions to Noncontrolling Affiliate Shareholders | 0 | 0 | 0 | 0 |
Acquisition of Noncontrolling Interest | 0 | 0 | 0 | 0 |
Disposition 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 | (71,765) | (41,413) | (71,765) | (41,413) |
Noncontrolling Interest [Member] | ||||
Beginning Balance | 7,818 | 8,386 | 7,660 | 8,877 |
Net Income | 464 | 423 | 1,067 | 1,517 |
Amounts reported in other comprehensive income (loss) | (367) | (246) | (461) | (47) |
Repurchases of common stock | 0 | 0 | 0 | 0 |
Dividends, Common Stock | 0 | 0 | 0 | 0 |
Distributions to Noncontrolling Affiliate Shareholders | 0 | (1,149) | 0 | (1,806) |
Acquisition of Noncontrolling Interest | 0 | 148 | 0 | (979) |
Disposition of Noncontrolling Interest | 0 | 0 | (351) | 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 | $ 7,915 | $ 7,562 | $ 7,915 | $ 7,562 |
Equity and Noncontrolling Int54
Equity and Noncontrolling Interest - Parentheticals (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stockholders Equity [Abstract] | ||||
Dividends Declared | $ 0.32 | $ 0.3 | $ 0.94 | $ 0.85 |
Equity and Noncontrolling Int55
Equity and Noncontrolling Interest - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Loss, Balance at Beginning of Period | $ (60,771) | $ (31,587) | $ (54,406) | $ (34,700) |
Other Comprehensive Income (Loss) Before Reclassifications | (11,704) | (9,735) | (18,669) | (6,030) |
Reclassifications From Accumulated Comprehensive Income Loss To Income Statement | 670 | 459 | 2,113 | 331 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (11,034) | (9,276) | (16,556) | (5,699) |
Related Tax Amounts | 40 | (550) | (803) | (1,014) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (10,994) | (9,826) | (17,359) | (6,713) |
Accumulated Other Comprehensive Loss, Balance at End of Period | (71,765) | (41,413) | (71,765) | (41,413) |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Loss, Balance at Beginning of Period | (22,833) | 3,208 | (14,312) | 1,152 |
Other Comprehensive Income (Loss) Before Reclassifications | (11,013) | (11,409) | (19,534) | (9,353) |
Reclassifications From Accumulated Comprehensive Income Loss To Income Statement | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (11,013) | (11,409) | (19,534) | (9,353) |
Related Tax Amounts | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (11,013) | (11,409) | (19,534) | (9,353) |
Accumulated Other Comprehensive Loss, Balance at End of Period | (33,846) | (8,201) | (33,846) | (8,201) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Loss, Balance at Beginning of Period | (39,124) | (36,274) | (41,551) | (37,433) |
Other Comprehensive Income (Loss) Before Reclassifications | 170 | 1,698 | 1,821 | 1,842 |
Reclassifications From Accumulated Comprehensive Income Loss To Income Statement | 849 | 759 | 2,608 | 2,290 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 1,019 | 2,457 | 4,429 | 4,132 |
Related Tax Amounts | (313) | (660) | (1,296) | (1,176) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 706 | 1,797 | 3,133 | 2,956 |
Accumulated Other Comprehensive Loss, Balance at End of Period | (38,418) | (34,477) | (38,418) | (34,477) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Loss, Balance at Beginning of Period | 1,186 | 1,479 | 1,457 | 1,581 |
Other Comprehensive Income (Loss) Before Reclassifications | (861) | (24) | (956) | 1,481 |
Reclassifications From Accumulated Comprehensive Income Loss To Income Statement | (179) | (300) | (495) | (1,959) |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (1,040) | (324) | (1,451) | (478) |
Related Tax Amounts | 353 | 110 | 493 | 162 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (687) | (214) | (958) | (316) |
Accumulated Other Comprehensive Loss, Balance at End of Period | $ 499 | $ 1,265 | $ 499 | $ 1,265 |
Equity and Noncontrolling Int56
Equity and Noncontrolling Interest - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Equity Class Of Treasury Stock [Line Items] | ||||
Payments For Repurchase Of Common Stock | $ 4,989 | $ 0 | ||
2015 Share Repurchase Program [Member] | ||||
Equity Class Of Treasury Stock [Line Items] | ||||
Share Repurchase Program Authorized Amount | $ 100,000 | $ 100,000 | ||
Shares Repurchased And Retired During Period | 59,110 | |||
Payments For Repurchase Of Common Stock | $ 4,989 | |||
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 (
Business Acquisitions - Table (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Finite-Lived Customer Lists, Gross | $ 68,456 | $ 63,502 |
Finite-Lived Trademarks, Gross | 23,834 | 18,944 |
Other Finite-Lived Intangible Assets, Gross | 6,850 | 6,647 |
Goodwill | 78,412 | $ 77,933 |
Verkol [Member] | ||
Business Acquisition [Line Items] | ||
Current Assets | 30,907 | |
Property, Plant & Equipment | 7,873 | |
Finite-Lived Customer Lists, Gross | 6,146 | |
Finite-Lived Trademarks, Gross | 5,378 | |
Other Finite-Lived Intangible Assets, Gross | 219 | |
Goodwill | 3,861 | |
Other Long-term Assets | 146 | |
Total Assets Purchased | 54,530 | |
Other Current Liabilities | (7,349) | |
Long-Term Debt | (2,400) | |
Other Non-current Liabilities | (4,772) | |
Total Liabilities Assumed | (14,521) | |
Business Acquisition, Cost of Acquired Entity, Purchase Price | 40,009 | |
2014 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Current Assets | 12,413 | |
Property, Plant & Equipment | 4,158 | |
Finite-Lived Customer Lists, Gross | 30,924 | |
Finite-Lived Trademarks, Gross | 12,606 | |
Other Finite-Lived Intangible Assets, Gross | 1,127 | |
Goodwill | 21,546 | |
Other Long-term Assets | 198 | |
Total Assets Purchased | 82,972 | |
Other Current Liabilities | (4,562) | |
Other Non-current Liabilities | (4,374) | |
Total Liabilities Assumed | (8,936) | |
Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 74,036 |
Business Acquisitions - Narrati
Business Acquisitions - Narrative (Details) $ / shares in Units, € in Thousands, SEK in Thousands, AUD in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($)$ / shares | Mar. 31, 2015SEK | Mar. 31, 2015USD ($) | Dec. 31, 2014AUD | Dec. 31, 2014SEK | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014AUD | Jun. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | ||||||||||||||
Cash Paid for Acquisitions | $ 23,990 | $ 51,947 | ||||||||||||
Goodwill | $ 78,412 | $ 77,933 | ||||||||||||
Australia Asia Pacific [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Cash Paid for Acquisitions | AUD 8,000 | $ 7,577 | ||||||||||||
Percentage of Voting Interests Acquired | 49.00% | 49.00% | ||||||||||||
Adjustments To Additional Paid In Capital Other | $ 6,450 | |||||||||||||
ECLI [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Cash Paid for Acquisitions | $ 53,145 | |||||||||||||
Goodwill | 14,642 | 14,642 | ||||||||||||
Intangibles | $ 31,050 | $ 31,050 | ||||||||||||
ECLI [Member] | Customer Relationships [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible Assets, Amortizable Life | 15 years | |||||||||||||
ECLI [Member] | Noncompete Agreements [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible Assets, Amortizable Life | 5 years | |||||||||||||
ECLI [Member] | Trademarks [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible Assets, Amortizable Life | 10 years | |||||||||||||
Mining [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Cash Paid for Acquisitions | AUD 2,850 | $ 2,355 | ||||||||||||
Goodwill | 1,178 | |||||||||||||
Intangibles | 1,802 | |||||||||||||
Present Value of Hold-back | AUD 300 | 248 | ||||||||||||
Mining [Member] | Customer Lists [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible Assets, Amortizable Life | 15 years | 15 years | 15 years | |||||||||||
Mining [Member] | Noncompete Agreements [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible Assets, Amortizable Life | 5 years | 5 years | 5 years | |||||||||||
Mining [Member] | Trademarks [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible Assets, Amortizable Life | 15 years | 15 years | 15 years | |||||||||||
Binol [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Cash Paid for Acquisitions | SEK 136,500 | $ 18,536 | ||||||||||||
Goodwill | 5,726 | |||||||||||||
Intangibles | 11,805 | |||||||||||||
Post Closing Adjustment | SEK 4,400 | $ 528 | ||||||||||||
Binol [Member] | Customer Lists [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible Assets, Amortizable Life | 14 years | 14 years | 14 years | |||||||||||
Binol [Member] | Noncompete Agreements [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible Assets, Amortizable Life | 5 years | 5 years | 5 years | |||||||||||
Binol [Member] | Trademarks [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible Assets, Amortizable Life | 15 years | 15 years | 15 years | |||||||||||
Verkol [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Cash Paid for Acquisitions | € 36,455 | $ 40,009 | ||||||||||||
Long-Term Debt | 2,187 | 2,400 | ||||||||||||
Goodwill | 3,861 | |||||||||||||
Intangibles | 11,743 | |||||||||||||
Cash Acquired | € 14,115 | 15,491 | ||||||||||||
Business Combination Transaction-Related Expenses | $ 2,813 | |||||||||||||
Effect Of Business Combination Transaction Related Expenses Per Diluted Share | $ / shares | $ 0.15 | |||||||||||||
Verkol [Member] | Customer Lists [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible Assets, Amortizable Life | 15 years | 15 years | ||||||||||||
Verkol [Member] | Noncompete Agreements [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible Assets, Amortizable Life | 4 years | 4 years | ||||||||||||
Verkol [Member] | Trademarks [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible Assets, Amortizable Life | 15 years | 15 years | ||||||||||||
2014 Acquisitions [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | $ 21,546 | |||||||||||||
Cash Acquired | $ 1,037 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Cash Surrender Value, Fair Value Disclosure [Abstract] | ||
Company Owned Life Insurance | $ 1,291 | $ 1,361 |
Company Owned Life Insurance - Deferred Compensation Assets | 0 | 310 |
Available-for-sale Securities, Fair Value Disclosure [Abstract] | ||
Large Capitalization Registered Investment Companies | 0 | 71 |
Mid Capitalization Registered Investment Companies | 0 | 7 |
Small Capitalization Registered Investment Companies | 0 | 13 |
International Developed And Emerging Markets Registered Investment Companies | 0 | 37 |
Fixed Income Registered Investment Companies | 0 | 6 |
Assets, Fair Value Disclosure | 1,291 | 1,805 |
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 | 0 | 71 |
Mid Capitalization Registered Investment Companies | 0 | 7 |
Small Capitalization Registered Investment Companies | 0 | 13 |
International Developed And Emerging Markets Registered Investment Companies | 0 | 37 |
Fixed Income Registered Investment Companies | 0 | 6 |
Assets, Fair Value Disclosure | 0 | 134 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash Surrender Value, Fair Value Disclosure [Abstract] | ||
Company Owned Life Insurance | 1,291 | 1,361 |
Company Owned Life Insurance - Deferred Compensation Assets | 0 | 310 |
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 | 1,291 | 1,671 |
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 - Liabi
Fair Value Measurements - Liabilities (Details) $ in Thousands | Dec. 31, 2014USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Large Capitalization Registered Investment Companies | $ 404 |
Mid Capitalization Registered Investment Companies | 108 |
Small Capitalization Registered Investment Companies | 90 |
International Developed And Emerging Markets Registered Investment Companies | 179 |
Fixed Income Registered Investment Companies | 40 |
Fixed General Account | 160 |
Liabilities, Fair Value Disclosure | 981 |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Large Capitalization Registered Investment Companies | 404 |
Mid Capitalization Registered Investment Companies | 108 |
Small Capitalization Registered Investment Companies | 90 |
International Developed And Emerging Markets Registered Investment Companies | 179 |
Fixed Income Registered Investment Companies | 40 |
Fixed General Account | 0 |
Liabilities, Fair Value Disclosure | 821 |
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 |
Mid Capitalization Registered Investment Companies | 0 |
Small Capitalization Registered Investment Companies | 0 |
International Developed And Emerging Markets Registered Investment Companies | 0 |
Fixed Income Registered Investment Companies | 0 |
Fixed General Account | 160 |
Liabilities, Fair Value Disclosure | 160 |
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 |
Mid Capitalization Registered Investment Companies | 0 |
Small Capitalization Registered Investment Companies | 0 |
International Developed And Emerging Markets Registered Investment Companies | 0 |
Fixed Income Registered Investment Companies | 0 |
Fixed General Account | 0 |
Liabilities, Fair Value Disclosure | $ 0 |
Fair Value Disclosures - Quanti
Fair Value Disclosures - Quantitative Information and Other (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Deferred Compensation Arrangement With Individual Distributions Paid | $ 1,018 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
ACP [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Minimum | $ 440 | ||
Loss Contingency, Range of Possible Loss, Maximum | 1,100 | ||
Loss Contingency Accrual At Carrying Value | $ 315 | $ 173 | |
P-2 Well Operation Range Estimate | fifteen months to thirty nine months | ||
SB Decking [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | $ 3,800 | ||
Loss Contingency, Settlement Agreement, Terms | In response, two of the three carriers entered into separate settlement and release agreements with the subsidiary in 2005 and 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. In 2007, the subsidiary and the remaining primary insurance carrier entered into a Claim Handling and Funding Agreement, under which the carrier is paying 27% of defense and indemnity costs incurred by or on behalf of the subsidiary in connection with asbestos bodily injury claims. The agreement continues until terminated and can only be terminated by either party by providing a minimum of two years prior written notice. As of September 30, 2015, 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. | ||
VAT Assessment [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | $ 796 | ||
VAT Total [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Minimum | $ 0 | ||
Loss Contingency, Range of Possible Loss, Maximum | $ 2,600 | ||
Percentage of Potential Exposure Represented by One Jurisdiction | 85.00% |