Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document period end date | Dec. 31, 2015 | ||
Amendment flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Period Focus | FY | ||
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 | 13,207,137 | ||
Entity public float | $ 1,170,356,128 | ||
Trading Symbol | KWR |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 737,555 | $ 765,860 | $ 729,395 |
Cost of goods sold | 460,515 | 492,654 | 468,320 |
Selling, general and administrative expenses | 198,990 | 195,850 | 189,832 |
Restructuring and related activities | 6,790 | 0 | 0 |
Costs and Expenses, Total | 666,295 | 688,504 | 658,152 |
Operating income | 71,260 | 77,356 | 71,243 |
Other (expense) income, net | (69) | 767 | 3,519 |
Interest expense | (2,585) | (2,371) | (2,922) |
Interest income | 1,624 | 2,541 | 986 |
Income before taxes and equity in net income of associated companies | 70,230 | 78,293 | 72,826 |
Taxes on income before equity in net income of associated companies | 17,785 | 23,539 | 20,489 |
Income before equity in net income of associated companies | 52,445 | 54,754 | 52,337 |
Equity in net income of associated companies | 261 | 3,543 | 6,514 |
Net income | 52,706 | 58,297 | 58,851 |
Net income attributable to noncontrolling interest | 1,526 | 1,805 | 2,512 |
Net income attributable to Quaker Chemical Corporation | $ 51,180 | $ 56,492 | $ 56,339 |
Per share data: | |||
Net income attributable to Quaker Chemical Corporation Common Shareholders - basic | $ 3.84 | $ 4.27 | $ 4.28 |
Net income attributable to Quaker Chemical Corporation Common Shareholders - diluted | $ 3.84 | $ 4.26 | $ 4.27 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Comprehensive Income [Abstract] | |||
Net income | $ 52,706 | $ 58,297 | $ 58,851 |
Currency translation adjustments | (24,869) | (15,701) | (3,490) |
Defined Benefit Plans [Abstract] | |||
Net gain (loss) arising during the period, other | 3,821 | (6,210) | 6,614 |
Amortization of actuarial loss | 2,561 | 2,162 | 2,748 |
Amortization of prior service (gain) loss | (82) | (70) | 119 |
Unrealized loss on available-for-sale securities | (978) | (124) | (142) |
Other Comprehensive Income (Loss) | (19,547) | (19,943) | 5,849 |
Comprehensive Income | 33,159 | 38,354 | 64,700 |
Less: comprehensive income attributable to noncontrolling interest | (889) | (1,568) | (1,206) |
Comprehensive income attributable to Quaker Chemical Corporation | $ 32,270 | $ 36,786 | $ 63,494 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 81,053 | $ 64,731 |
Accounts receivable, net | 188,297 | 189,484 |
Inventories, net | 75,099 | 77,708 |
Current deferred tax assets | 7,822 | 8,367 |
Prepaid expenses and other current assets | 13,582 | 11,228 |
Total current assets | 365,853 | 351,518 |
Property, plant and equipment, net | 87,619 | 85,763 |
Goodwill | 79,111 | 77,933 |
Other intangible assets, net | 73,287 | 70,408 |
Investments in associated companies | 20,354 | 21,751 |
Non-current deferred tax assets | 27,071 | 24,411 |
Other assets | 32,218 | 33,742 |
Total assets | 685,513 | 665,526 |
Current liabilities | ||
Short-term borrowings and current portion of long-term debt | 662 | 403 |
Accounts payable | 67,291 | 74,987 |
Dividends payable | 4,252 | 3,990 |
Accrued compensation | 19,166 | 19,853 |
Accrued restructuring | 6,303 | 0 |
Accrued Pension and Postretirement Benefits, Current | 1,144 | 1,239 |
Current deferred tax liabilities | 41 | 732 |
Other current liabilities | 25,696 | 23,697 |
Total current liabilities | 124,555 | 124,901 |
Long-term debt | 81,439 | 75,328 |
Non-current deferred tax liabilities | 15,003 | 8,584 |
Accrued Pension and Postretirement Benefits, Non-current | 40,689 | 46,088 |
Other non-current liabilities | 42,584 | 45,490 |
Total liabilities | 304,270 | 300,391 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding 2015 - 13,288,113 shares; 2014 - 13,300,891 shares | 13,288 | 13,301 |
Capital in excess of par value | 106,333 | 99,056 |
Retained earnings | 326,740 | 299,524 |
Accumulated Other Comprehensive Loss | (73,316) | (54,406) |
Total Quaker shareholders equity | 373,045 | 357,475 |
Noncontrolling interest | 8,198 | 7,660 |
Total equity | 381,243 | 365,135 |
Total liabilities and equity | $ 685,513 | $ 665,526 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 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 | 13,288,113 | 13,300,891 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 52,706 | $ 58,297 | $ 58,851 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 12,395 | 12,306 | 12,339 |
Amortization | 6,811 | 4,325 | 3,445 |
Equity in undistributed earnings of associated companies, net of dividends | 578 | (3,180) | (4,162) |
Deferred income taxes | (2,401) | 1,007 | (30) |
Uncertain tax positions (non-deferred portion) | (1,122) | (1,256) | (1,826) |
Acquisition-related fair value adjustments | 0 | 0 | 200 |
Deferred compensation and other, net | 14 | 3,174 | (259) |
Stock-based compensation | 5,919 | 5,309 | 4,161 |
Restructuring and related activities | 6,790 | 0 | 0 |
(Gain) loss on disposal of property, plant and equipment and other assets | (12) | (86) | 200 |
Insurance settlement realized | (760) | (1,907) | (988) |
Pension and other postretirement benefits | 2,591 | 1,265 | 862 |
(Decrease) increase in cash from changes in current assets and current liabilities, net of acquisitions: | |||
Accounts receivable | (188) | (24,944) | (11,837) |
Inventories | 1,292 | (5,484) | 406 |
Prepaid expenses and other current assets | (721) | 2,003 | (743) |
Accounts payable and accrued liabilities | (9,040) | 2,999 | 11,301 |
Change in restructuring liabilities | (490) | 0 | 0 |
Estimated taxes on income | (930) | 862 | 1,881 |
Net cash provided by operating activities | 73,432 | 54,690 | 73,801 |
Cash flows from investing activities | |||
Investments in property, plant and equipment | (11,033) | (13,052) | (11,439) |
Payments related to acquisitions, net of cash acquired | (24,058) | (73,527) | (2,478) |
Proceeds from disposition of assets | 135 | 201 | 513 |
Insurance settlement interest earned | 35 | 44 | 52 |
Change in restricted cash, net | 725 | 1,863 | 936 |
Net cash used in investing activities | (34,196) | (84,471) | (12,416) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 6,163 | 58,771 | 0 |
Repayment of long-term debt | (477) | (1,368) | (12,791) |
Dividends paid | (16,513) | (14,562) | (13,018) |
Stock options exercised, other | 1,048 | 804 | (307) |
Payments for repurchase on common stock | (7,276) | 0 | 0 |
Excess tax benefit from stock option exercises | 384 | 453 | 815 |
Purchase of noncontrolling interest in affiliates, net | 0 | (7,422) | 0 |
Payment of acquisition-related liabilities | (226) | (4,709) | 0 |
Distributions to noncontrolling affiliate shareholders | 0 | (1,806) | (905) |
Net cash (used in) provided by financing activities | (16,897) | 30,161 | (26,206) |
Effect of exchange rate changes on cash | (6,017) | (4,141) | 766 |
Net increase (decrease) in cash and cash equivalents | 16,322 | (3,761) | 35,945 |
Cash and cash equivalents at beginning of period | 64,731 | 68,492 | 32,547 |
Cash and cash equivalents at end of period | 81,053 | 64,731 | 68,492 |
Supplemental Cash Flow Information [Abstract] | |||
Income Taxes Paid | 20,996 | 22,713 | 17,744 |
Interest Paid | 2,223 | 1,894 | 1,776 |
Other Noncash Investing And Financing Items [Abstract] | |||
Change in accrued purchases of property, plant and equipment, net | $ 209 | $ (1,158) | $ 1,287 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Balance at at Dec. 31, 2012 | $ 289,676 | $ 13,095 | $ 94,470 | $ 215,390 | $ (41,855) | $ 8,576 |
Net income | 58,851 | 0 | 0 | 56,339 | 0 | 2,512 |
Amounts reported in other comprehensive income (loss) | 5,849 | 0 | 0 | 0 | 7,155 | (1,306) |
Repurchases of common stock | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends common stock | (13,109) | 0 | 0 | (13,109) | 0 | 0 |
Distributions to noncontrolling affiliate shareholders | (905) | 0 | 0 | 0 | 0 | (905) |
Acqusition of noncontrolling interests, net | 0 | 0 | 0 | 0 | 0 | 0 |
Disposition of noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 |
Shares issued upon exercise of stock options and other | (644) | 24 | (668) | 0 | 0 | 0 |
Shares issued for employee stock purchase plan | 337 | 6 | 331 | 0 | 0 | 0 |
Equity based compensation plans | 4,161 | 71 | 4,090 | 0 | 0 | 0 |
Excess tax benefit from stock option exercises | 815 | 0 | 815 | 0 | 0 | 0 |
Balance at at Dec. 31, 2013 | 344,696 | 13,196 | 99,038 | 258,285 | (34,700) | 8,877 |
Adjustment to prior period earnings | (335) | 0 | 0 | (335) | 0 | 0 |
Net income | 58,297 | 0 | 0 | 56,492 | 0 | 1,805 |
Amounts reported in other comprehensive income (loss) | (19,943) | 0 | 0 | 0 | (19,706) | (237) |
Repurchases of common stock | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends common stock | (15,253) | 0 | 0 | (15,253) | 0 | 0 |
Distributions to noncontrolling affiliate shareholders | (1,806) | 0 | 0 | 0 | 0 | (1,806) |
Acqusition of noncontrolling interests, net | (7,422) | 0 | (6,443) | 0 | 0 | (979) |
Disposition of noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 |
Shares issued upon exercise of stock options and other | 388 | 19 | 369 | 0 | 0 | 0 |
Shares issued for employee stock purchase plan | 416 | 6 | 410 | 0 | 0 | 0 |
Equity based compensation plans | 5,309 | 80 | 5,229 | 0 | 0 | 0 |
Excess tax benefit from stock option exercises | 453 | 0 | 453 | 0 | 0 | 0 |
Balance at at Dec. 31, 2014 | 365,135 | 13,301 | 99,056 | 299,524 | (54,406) | 7,660 |
Adjustment to prior period earnings | 0 | 0 | 0 | 0 | 0 | 0 |
Net income | 52,706 | 0 | 0 | 51,180 | 0 | 1,526 |
Amounts reported in other comprehensive income (loss) | (19,547) | 0 | 0 | 0 | (18,910) | (637) |
Repurchases of common stock | (7,276) | (87) | 0 | (7,189) | 0 | 0 |
Dividends common stock | (16,775) | 0 | 0 | (16,775) | 0 | 0 |
Distributions to noncontrolling affiliate shareholders | 0 | 0 | 0 | 0 | 0 | 0 |
Acqusition of noncontrolling interests, net | 0 | 0 | 0 | 0 | 0 | 0 |
Disposition of noncontrolling interest | (351) | 0 | 0 | 0 | 0 | (351) |
Shares issued upon exercise of stock options and other | 619 | 17 | 602 | 0 | 0 | 0 |
Shares issued for employee stock purchase plan | 429 | 6 | 423 | 0 | 0 | 0 |
Equity based compensation plans | 5,919 | 51 | 5,868 | 0 | 0 | 0 |
Excess tax benefit from stock option exercises | 384 | 0 | 384 | 0 | 0 | 0 |
Balance at at Dec. 31, 2015 | 381,243 | 13,288 | 106,333 | 326,740 | (73,316) | 8,198 |
Adjustment to prior period earnings | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statement Of Changes In Equity Parentheticals [Abstract] | |||
Dividends declared | $ 1.26 | $ 1.15 | $ 0.995 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 1 – Significant Accounting Policies Principles of consolidation: All majority-owned subsidiaries are included in the Company’s consolidated financial statements, with appropriate elimination of intercompany balances and transactions. Investments in associated companies (less than majority-owned and in which the Company has significant influence) are accounted for under the equity method. The Company’s share of net income or losses in these investments in associated companies is included in the C onsolidated Statement of Income. The Company periodically reviews these investments for impairments and, if necessary, would adjust these investments to their fair value when a decline in market value or other impairment indicators are deemed to be other than temporary. See Note 14 of Notes to Consolidated Financial Statements. The Financial Accounting Standards Board’s (“FASB’s”) guidance regarding the consolidation of certain Variable Interest Entities (“VIEs”) generally requires that assets, liabili ties and results of the activities of a VIE be consolidated into the financial statements of the enterprise that is considered the primary beneficiary. The consolidated financial statements include the accounts of the Company and all of its subsidiaries i n which a controlling interest is maintained and would include any VIEs if the Company was the primary beneficiary pursuant to the provisions of the applicable guidance. Translation of foreign currency: Assets and liabilities of non-U.S. subsidiaries and a ssociated comp anies are translated into U.S. d ollars at the respective rates of exchange prevailing at the end of the year. Income and expense accounts are translated at average exchange rates prevailing during the year. Translation adjustments resulting from this process are recorded directly in equity as accumulated other comprehensive (loss) income (“AOCI”) and will be included as income or expense only upon sale or liquidation of the underlying investment. Generally, all of the Company’s non-U.S. sub sidiaries use their local currency as their functional currency. Cash and cash equivalents: The Company invests temporary and excess funds in money market securities and financial instruments having maturities typically within 90 days. The Company conside rs all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company has not experienced losses from the aforementioned investments. Inventories: Inventories are valued at the lower of cost or market value, and are valued using the first-in, first-out (“FIFO”) method. See Note 11 of Notes to Consolidated Financial Statements. Long-lived assets: Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method on a n individual asset basis over the following estimated useful lives: building s and improvements, 10 to 45 years; and machinery an d equipment, 1 to 15 years. The carrying value s of long-lived assets are evaluated whenever ch anges in circumstances or current events indicate the carrying amount of such assets may not be recoverable. An estimate of undiscounted cash flows produced by the asset, or the appropriate group of assets, is compared with the carrying value to determine whether an impairment exists. If necessary, the Company recognizes an impairment loss for the difference between the carrying amount of the assets and their estimated fair value. Fair value is based on current and anticipated future cash flows. Upon sa le or other dispositions of long-lived assets, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposals, is recorded in the Consolidated Statements of I ncome. Expendit ures for renewals or improvements that increase the estimated useful life or capacity of the assets are capitalized, whereas expenditures for repairs and maintenan ce are expensed when incurred. See Note 12 of Notes to Consolidated Financial Statements. Capitalized software: The Company capitalizes certain costs in connection with developing or obtaining software for internal use. These costs are amortized over a period of 3 to 5 years once the assets are ready for their intended use. In connection with the implementations and upgrades to the Company’s global transaction, consolidation and other related systems, approximatel y $1,289 and $1,350 of net costs were capitalized in property, plant and equipment on the Company’s December 31, 2015 and 2014 Consolidated Balance Sheets, respectively. Goodwill and other intangible assets: The Company records goodwill, definite-lived intangible assets and indefinite-lived intangible assets at fair value at the date of acq uisition. Goodwill and indefinite-lived intangible assets are not amortized, but tested for impairment at least annually. These tests will be performed more frequently if triggering events indicate potential impairment. Definite-lived intangible assets a re amortized over their estimated useful lives, gen erally for periods ranging from 4 to 20 years. The Company continually evaluates the reasonableness of the useful lives of these assets, consistent with the discussion of long-lived asset s, above. See Note 13 of Notes to Consolidated Financial Statements. Revenue recognition: The Company recognizes revenue in accordance with the terms of the underlying agreements, when title and risk of loss have been transferred, when collectability is reasonably assured, and when pricing is fixed or determinable. For the Company, t his generally occurs when products are shipped to customers or, for consignment-type arrangements, upon usage by the customer and when services are performed. License fee s and royalties are included in other income when recognized in accordance with their agreed-upon terms, when performance obligations are satisfied, when the amount is fixed or determinable, and when collectability is r easonably assured. 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 a principal, revenues are recognized on a gross reporting basis at the selling price negotiated with its customers. Where the Company acts as an agent, such revenue is recorded using net reporting as service revenue at the amount of the administrative fee earned by the Company for ordering the goods. Third-party products transferre d under arrangements resulting in net reporti ng totaled $48,580 , $46,844 and $41,553 for 2015 , 2014 and 2013 , respectively. Accounts receivable and allowance for doubtful accounts: Trade accounts receivable subject the Comp any to credit risk. Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses with its existing accounts re ceivable. Reserves for customers filing for bankruptcy protection are generally established at 75-100% of the amount outstanding at the bankruptcy filing date. However, initially establishing a reserve and the amount thereto is dependent on the Company’s evaluation of likely proceeds to be received from the bankruptcy process, which could result in the Company recognizing minimal or no reserve at the date of bankruptcy. Large and/or financially distressed customers are generally reserved for on a specifi c review basis while a general reserve is established for other customers based on historical experience. The Company performs a formal review of its allowance for doubtful accounts quarterly. Account balances are charged off against the allowance when t he Company feels it is probable the receivable will not be recovered. The Company does not have any off-balance-sheet credit exposure related to its customers. During 2015 , the Company’s five largest customers accounted for approximately 18% of its consolidated net sales with the largest customer ( Arcelor -Mittal Group) accounting for approximately 8% of the Company’s consolidated net sales. See Note 10 of Notes to Consolidated Financial Statements. Research and development costs: Research and development costs are expensed as incurred and are included in selling, general and administrative expenses (“SG&A”) . Research and development exp enses were $22,090 , $22,134 and $21,578 in 2015 , 2014 and 2013 , respectively. Environmental liabilities and expenditures: Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. If there is a range of est imated liability and no amount in that range is considered more probable than another, then the Company records the lowest amount in the range in accordance with generally accepted accounting principles. Accrued liabilities are exclusive of claims against third parties and are not discounted. Environmental costs and remediation costs are capitalized if the costs extend the life, increase the capacity or improve safety or efficiency of the property from the date acquired or constructed, and/or mitigate or p reven t contamination in the future. See Note 23 of Notes to Consolidated Financial Statements. Asset retirement obligations: The Company follows the FASB’s guidance regarding asset retirement obligations, which addresses the accounting and reporting f or obligations associated with the retirement of tangible long-lived assets and the associated retirement costs. Also, the Company follows the FASB’s guidance for conditional asset retirement obligations (“CARO”), which relates to legal obligations to per form an asset retirement activity in which the timing and (or) method of settlement are conditional on a future event that may or may not be within the control of the entity. In accordance with this guidance, the Company records a liability when there is enough information regarding the timing of the CARO to perform a probability-weighted discounted cash flow analysis. At December 31, 2015 and 2014 , the Company had limited exposure to such obligations and had immaterial liabilities recorde d for such on its Consolidated Balance Sheets. Pension and other postretirement benefits: The Company maintains various noncontributory retirement plans, the largest of which is in the U.S., covering substantially all of its employees in the U.S. and certa in other countries. The plans of the Company’s subsidiaries in The Netherlands, the United Kingdom (“U.K.”) , Mexico and Sweden are subject to the provisions of FASB’s guidance regarding employers’ accounting for defined benefit pension plans. The plans o f the remaining non-U.S. subsidiaries are, for the most part, either fully insured or integrated with the local governments’ plans and are not subject to the provisions of the guidance. The guidance requires that employers recognize on a prospective basis the funded status of their defined benefit pension and other postretirement plans on their consolidated balance sheet and, also, recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits tha t arise during the period but are not recognized as components of net periodic benefit cost. The Company’s U.S. pension plan year ends on November 30 and the measurement date is December 31. The measurement date for the Company’s other postretirement ben efits plan is December 31. The Company’s pension investment policy is designed to ensure that pension assets are invested in a manner consistent with meeting the future benefit obligations of the pension plans and maintaining compliance with various laws and regulations including the Employee Retirement Income Security Act of 1974 (“ERISA”). The Company establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent b alance between return and risk. The Company’s investment horizon is generally long term, and, accordingly, the target asset allocations encompass a long-term perspective of capital markets, expected risk and return and perceived future economic conditions while also considering the profile of plan liabilities. To the extent feasible, the short-term investment portfolio is managed to immunize the short-term obligations, the intermediate portfolio duration is immunized to reduce the risk of volatility in in termediate plan distributions, and the total return portfolio is expected to maximize the long-term real growth of plan assets. The critical investment principles of diversification, assessment of risk and targeting the optimal expected returns for given levels of risk are applied. The Company’s investment guidelines prohibit use of securities such as letter stock and other unregistered securities, commodities or commodity contracts, short sales, margin transactions, private placements (unless specificall y addressed by addendum), or any derivatives, options or futures for the purpose of portfolio leveraging. The target asset allocation is reviewed periodically and is determined based on a long-term projection of capital market outcomes, inflation rates, fixed income yields, returns, volatilities and correlation relationships. The interaction between plan assets and benefit obligations is periodically studied to assist in establishing such strategic asset allocation targets. Asset performance is monitor ed with an overall expectation that plan assets will meet or exceed benchmark performance over rolling five-year periods. The Company’s pension committee, as authorized by the Company’s Board of Directors, has discretion to manage the assets within establ ished asset allocation ranges approved by senior management of the Company. As of December 31, 2015 , the plan’s investments were in compliance with all approved ranges of asset allocations. See Note 18 of Notes to Consolidated Financial Statem ents. Comprehensive income (loss): The Company presents other comprehensive income (loss) in its Statement of Comprehensive Income. The Company follows the FASB’s guidance regarding the disclosure of reclas sifications from AOCI which requires the disclosu re of significant amounts reclassified from each component of AOCI, the related tax amounts and the income statement line items affected by such reclassifications. The Company elected to present the information in its Notes to the Consolidated Financial S tatements. See Note 20 of Notes to Consolidated Financial Statements. Income taxes and uncertain tax positions: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, de ferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year and the change in d eferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are re corded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The FASB’s guidance regarding accounting for uncertainty in income taxes prescribes the recognition threshold and measurement attributes for fina ncial statement recognition and measurement of tax positions taken or expected to be taken on a tax return. The guidance further requires the determination of whether the benefits of tax positions will be more likely than not sustained upon audit based up on the technical merits of the tax position. For tax positions that are determined to be more likely than not sustained upon audit, a company recognizes the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settleme nt in the financial statements. For tax positions that are not determined to be more likely than not sustained upon audit, a company does not recognize any portion of the benefit in the financial statements. Additionally, the Company monitors and adjusts for derecognition , classification, and penalties and interest in interim periods, with appropriate disclosure and transition thereto . A lso , the amount of interest expense and income related to uncertain tax positions is computed by applying the applicabl e statutory rate of interest to the difference between the tax position recognized, including timing differences, and the amount previously taken or expected to be taken in a tax return. The Company’s continuing practice is to recognize interest and/or pe nalties related to income tax matters in income tax expense. Finally, when applicable, t he Company net s its liability for unrecognized tax benefits against deferred tax assets related to net operating losses or other tax credit carryforwards that would ap ply if the uncertain tax position were settled for the presumed amount at the balance sheet date. See Note 8 of Notes to Consolidated Financial Statements. Derivatives: The Company is exposed to the impact of changes in interest rates, foreign currenc y fluctuations, changes in commodity prices and credit risk. The Company is currently not using derivative instruments to mitigate the risks associated with foreign currency fluctuations, changes in commodity prices or credit risk, but has used derivative financial instruments primarily for purposes of hedging exposures to fluctuations in interest rates in the past. When used, the Company recognized all derivatives on its balance sheet at fair value. For derivative instruments designated as cash flow hed ges, the effective portion of any hedge would be reported in AOCI until it was cleared to earnings during the same period in which the hedged item affected earnings. The Company currently uses no derivative instruments designated as hedges and , also, has not entered into derivative contracts for trading or speculative purposes. Fair value measurements: The Company utilizes the FASB’s guidance regarding fair value measurements, which establishes a common definition for fair value to be applied to guidance requiring use of fair value, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. Specifically, the guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into thr ee broad levels. See Note 22 of Notes to Consolidated Financial Statements. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions. Stock-based compensation: The Company applies the FASB’s guidance regarding share-based payments, which requires the recognition of the fair value of stock-based compensation as a component of expense. The Company has a long-term incentive program (“LTIP”) for key employees which provides for the granting of options to purchase stock at prices not less than its market value on the date of the grant. Most options become exercisable between one and three years after the date of the grant for a period of time determined by the Company, but not to exceed seven years from the date of grant. Restricted stock awards and r estricted s tock u nits (“RSU”) issued under the LTIP program are generally subject to time vesting over a one to five-year period. In ad dition, as part of the Company’s Global Annual Incentive Plan (“GAIP”), nonvested shares may be issued to key employees, which generally vest over a two to five-year period. Based on historical experience, the Company has assumed a forfeiture rate of 13% on its nonvested stock awards. The Company will record additional expense if the actual forfeiture rate is lower than estimated, and will record a recovery of prior expense if the actual forfeiture is higher than estimated. See Note 6 of Notes to Con solidated Financial Statements. Earnings per share: The Company follows the FASB’s guidance regarding the calculation of earnings per share (“EPS”) for nonvested stock awards with rights to non-forfeitable dividends. The guidance requires nonvested stock awards with rights to non-forfeitable dividends to be included as part of the basic weighted average share calculation under the two-class method. See Note 9 of Notes to Consolidated Financial Statements. Segments: The Company’s reporting segments are the same as the Company’s operating segments. The Company’s reportable operating segments evidence the structure of the Company’s internal organization, the method by which the Company’s resources are allocated and the manner by which the Company assesse s its performance. 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. See Note 5 of Notes to Consolidated Fina ncial Statements. Business combinations: The Company accounts for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets, and assumed liabilities at their respective acquisition date estimated fair values. Any excess of the purchase price over the estimated fair value of the identifiable net assets acquired is recorded as goodwill. The determination of the estimated fair value of assets acquired and liabi lities assumed requires significant estimates and assumptions. Based on the assessment of additional information during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the estimated fair value of assets acquired and liabilities as sumed. See Note 21 of Notes to Consolidated Financial Statements. Restructuring activities: Restructuring programs consist of employee severance, rationalization of manufacturing or other facilities and other related items. To account for such programs , the Company applies FASB’s guidance regarding exit or disposal cost obligations. This guidance requires that a liability for a cost associated with an exit or disposal activity be recognized when the liability is incurred, is estimable, and payment is probable. See Note 4 of Notes to Consolidated Financial Statements. Reclassifications : Certain information has been reclassified to conform to the current year presentation. Accounting estimates: The prepa ration of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilitie s and disclosure of contingencies at the date of the fina ncial statements and the reported amounts of net sales and expens es during the reporting period. Actual results c ould differ from such estimates. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 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 FASB issued an accounting standard update in November 2015 regarding the classification of deferred taxes on the balance sheet. The update requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The update does not change the existing requirement that only permits offsetting within a jurisdiction. The guidance within this accounting standards update is effective for annual and interim periods beginning after December 15, 2016, and may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively. Early adoption is permitted. The Company has not early adopted and is cu rrently evaluating the effects of this guidance but does not expect a material impact. The FASB issued an accounting standard update in September 2015 regarding the accounting and disclosure for measurement period adjustments for business combinations. Th e 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 stand ard update is effective for annual and interim periods beginning after December 15, 2015, and should be applied on a prospective basis to adjustments to provisional amounts that occur after the effective date, with earlier application permitted for financi al statements that have not been issued. As of and for the year ended December 31, 2015 the Company early adopted this guidance without 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 FIFO or average cost methods. Specifically, the update requires that inventory be measured at lower of cost or net realizable value. Net realizable value is the estimate d selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods wit hin those fiscal years. This guidance should be applied prospectively with early adoption permitted. The Company has not early adopted and is currently evaluating the effects of this guidance but does not expect a material impact. The FASB issued an acco unting standard update in May 2015 regarding the required disclosures for entities that elect to measure the fair value of certain investments using the net asset value per share (or its equivalent) practical expedient in accordance with the fair value mea surement 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 f or fiscal years 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 has not early adopted and is currently ev aluating 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, rather 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. Also, 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 has n ot early adopted and is currently evaluating the effects of this guidance, and the SEC’s announcement, 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 r ecognition. Specifically, the update outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, which will be common to both U.S. GAAP and International Financial Reporting Standards (“IFRS”) . The guidance was effective for annual and interim periods beginning after December 15, 2016, which allowed 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 one 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 n ew revenue standard early but not before the original effective date. The Company is currently evaluating the effects of this guidance. |
Out Of Period Adjustment
Out Of Period Adjustment | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | Note 3 – Out-of-Period Adjustment During 2012, the Company reassessed its ability to significantly influence the operating and financial policies of its captive in surance equity affiliate, Primex , Ltd. (“ Primex ”) . Based on its ownership percentage and other factors, the Company determined that, during 2012, the Company obtained the ability to significantly influence Primex and, as a result, changed its method of accounting fr om the cost to equity method. During the first quarter of 2013, the Company identified errors in Primex’s estimated 2012 financial statements, which primarily related to a reinsurance contract held by Primex . The identified errors resulted in a cumulative $1,038 understatement of the Company ’s equity in net income from associated companies for the year ended December 31, 2012. The Company corrected the errors related to Primex in the first quarter of 2013, which had the net effect of increasing equity in net income from associated companies by $ 1,038 for the three months ended March 31, 2013 and the year ended December 31, 2013. The Company did not believe this adjustment wa s material to its consolidated financial statements for the year ended December 31, 2012 or to the Company’s results fo r the year ended December 31, 2013 and, therefore, did not rest ate any prior period amounts. |
Restructuring and Related Activ
Restructuring and Related Activities | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities Disclosure [Text Block] | Note 4 – Restructuring and Related Activities In response to cont inued weak economic conditions and market declines in many regions, Quaker’s management approved a global restructuring plan (the “2015 Program”) in the fourth quarter of 2015 to reduce its operating costs. The 2015 Program includes re-organization of certain commercial functions, the closure of certain distribution, lab and administrative offices, and other related severances . In addition to these actions , the Company mad e a decision t o make available for sale certain technology of one of its existing businesses, which also resulted in employee severance and $340 of intangible assets being reclassified to other current assets as of December 31, 2015. The 2015 Program includes provisio ns for the reduction of total headcount by approximately 65 employees globally. As a result of this program , the Company recognized a $6,790, or $0.36 per diluted share, restructuring charge in the fourth quarter of 2015. Employee separation benefits vari ed depending on local regulations within certain foreign countries and included severance and other benefits. The Company expects to substantially complete all of the initiatives under the 2015 Program during 2016 and expects settlement of these charges t o occur primarily in 2016 as well . At this time, there are no material, additional, restructuring expenses expected to be incurred in connection with the 2015 Program. The restructuring charges have been recorded within r estructuring and related activiti es in the Consolidated Statements of Income , with the remaining a ccrued restructuring balances recorded as a ccrued restructuring on the Consolidated Balance Sheets. Restructuring activity recognized in connection with the 2015 Program is as follows: North South America EMEA Asia/Pacific America Total Accrued restructuring as of December 31, 2014 $ — $ — $ — $ — $ — Restructuring charges 2,025 4,390 338 37 6,790 Cash payments (158) (130) (202) — (490) Currency translation adjustments — 5 (1) (1) 3 Accrued restructuring as of December 31, 2015 $ 1,867 $ 4,265 $ 135 $ 36 $ 6,303 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Disclosures [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 5 – Business Segments The Company’s reportable operating segments are organized by geography as follows: ( i ) North America, (ii) EMEA, (iii) Asia/Pacific and (iv) South America. Operating earnings, excluding indirect operating expenses, for the Company’s reportable operating segments are comprised of revenues less costs of goods sold and SG&A directly related to the respective regions’ product sales. The indirect operating expenses consist of SG&A related expenses that are not directly attributa ble to the product sales of each respective reportable operating segment. Other items not specifically identified with the Company’s reportable operating segments include interest expense, interest income, license fees from non-consolidated affiliates and other (expense) income . The following tables present information about the performance of the Company’s reportable operating segments for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Net sales North America $ 344,248 $ 334,400 $ 308,353 EMEA 179,717 195,309 187,794 Asia/Pacific 181,056 185,974 169,505 South America 32,534 50,177 63,743 Total net sales $ 737,555 $ 765,860 $ 729,395 2015 2014 2013 Operating earnings, excluding indirect operating expenses North America $ 79,791 $ 68,296 $ 61,307 EMEA 27,979 32,589 29,643 Asia/Pacific 45,107 43,847 42,373 South America 1,785 4,292 9,177 Total operating earnings, excluding indirect operating expenses 154,662 149,024 142,500 Non-operating charges (69,602) (67,110) (67,145) Restructuring and related activities (6,790) — — Depreciation of corporate assets and amortization (7,010) (4,558) (4,112) Consolidated operating income 71,260 77,356 71,243 Other (expense) income, net (69) 767 3,519 Interest expense (2,585) (2,371) (2,922) Interest income 1,624 2,541 986 Consolidated income before taxes and equity in net income of associated companies $ 70,230 $ 78,293 $ 72,826 The following tables present information regarding the Company’s reportable segments’ assets as of December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Segment assets North America (including Corporate) $ 320,312 $ 340,385 $ 298,305 EMEA 163,787 124,273 103,414 Asia/Pacific 181,652 170,580 144,682 South America 19,762 30,288 37,745 Total segment assets $ 685,513 $ 665,526 $ 584,146 During 2014, the Company revised its December 31, 201 3 segment asset detail, (decreasing) / increasing its previously published amounts in North America by ($5,764), in EMEA by ($1,360) , in Asia/Pacific by $14,788 and in South America by ($7,664) . The Company considers such re visions to be immaterial. 2015 2014 2013 Segment long-lived assets North America (including Corporate) $ 87,421 $ 92,319 $ 91,464 EMEA 27,101 20,634 20,863 Asia/Pacific 23,096 24,392 24,695 South America 2,573 3,911 4,130 Total segment long-lived assets $ 140,191 $ 141,256 $ 141,152 The following tables present information regarding the Company’s reportable segments’ capital expenditures and depreciation as of December 31 , 2015 , 2014 and 2013 : 2015 2014 2013 Capital expenditures North America (including Corporate) $ 4,166 $ 3,658 $ 2,793 EMEA 3,081 4,811 1,391 Asia/Pacific 3,169 3,202 6,386 South America 617 1,381 869 Total segment capital expenditures $ 11,033 $ 13,052 $ 11,439 2015 2014 2013 Depreciation North America $ 5,577 $ 5,231 $ 5,236 EMEA 2,975 3,069 3,145 Asia/Pacific 2,812 2,713 2,080 South America 832 1,060 1,211 Total segment depreciation $ 12,196 $ 12,073 $ 11,672 The following table presents information regarding the Company’s product lines that represent more than 10% of consolidated revenues for December 31, 2015 , 2014 and 2013 , with the remaining product sales being impractical to present: 2015 2014 2013 Rolling lubricants 18.6 % 20.1 % 20.7 % Machining and grinding compounds 15.3 % 16.3 % 17.7 % Hydraulic fluids 12.6 % 13.0 % 12.9 % Corrosion preventives 12.0 % 12.5 % 12.5 % During the years ended December 31, 2015 , 2014 and 2013 , the North American segment had approximate ly $33,990 , $35,532 and $29,002 of net sales, respectively, which were attributable to non-domestic operations. At December 31, 2015 , 2014 and 2013 , the North American segment had approximate ly $2,687 , $3,145 and $3,649 of long-lived assets, respectively, which were attributable to non-domestic operations. Inter-segment revenue for the years ended December 31, 2015 , 2014 and 2013 was $9,064 , $8,001 and $8,984 for North Amer ica, $17,777 , $22,321 and $20,135 for EMEA, $1,005 , $414 and $504 for Asia /Pacific, and $13 , $0 and $0 for South America, respectively. However, all inter-segment transactions have been eliminated from each reportable operating segment’s net sales and earnings for all periods presented in the above ta bles. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 6 – Stock-Based Compensation The Company recognized the following share-based compensation expense in SG&A in its Consolidated Statement of Income for the years ended December 31, 2015 , 2014 and 2013 : December 31, 2015 2014 2013 Stock options $ 730 $ 663 $ 517 Nonvested stock awards and restricted stock units 2,937 2,473 1,900 Employee stock purchase plan 75 73 60 Non-elective and elective 401(k) matching contribution in stock 2,052 1,975 1,612 Director stock ownership plan 125 125 72 Total share-based compensation expense $ 5,919 $ 5,309 $ 4,161 As of December 31, 2015 , 2014 and 2013 , the Company recorded $384 , $453 and $815 , respectively, of excess tax benefits in capital in excess of par value on its Consolidated Balance Sheets related to stock option exercises. T he Company also recognized these benefits as a cash inflow from financing activities in its Consolidated Statement s of Cash Fl ows, which represents the Company’s estimate of cash savings during 2015 , 2014 and 2013 , re spectively . Stock option activity under all plans is as follows: Weighted Weighted Average Average Exercise Remaining Aggregate Number of Price Contractual Intrinsic Options (per option) Term (years) Value Options outstanding at January 1, 2015 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 December 31, 2015 99,671 $ 71.73 5.1 $ 967 Options expected to vest at December 31, 2015 68,214 $ 78.78 5.6 $ 286 Options exercisable at December 31, 2015 31,457 $ 56.46 4.1 $ 681 The total intrinsic value of options exercised during 2015 , 2014 and 2013 was approximately $852 , $1,139 and $2,237 , respective ly . 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 December 31, 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 1.1 18.82 2,367 18.82 $ 20.01 - $ 30.00 — — — — — $ 30.01 - $ 40.00 6,317 3.2 38.13 6,317 38.13 $ 40.01 - $ 50.00 — — — — — $ 50.01 - $ 60.00 21,055 4.2 58.26 11,997 58.26 $ 60.01 - $ 70.00 — — — — — $ 70.01 - $ 80.00 33,786 5.2 73.47 10,776 73.47 $ 80.01 - $ 90.00 36,146 6.2 87.30 — — 99,671 5.1 71.73 31,457 56.46 As of December 31, 2015 , unrecognized compensation expense related to options granted in 2013 , 2014 and 2015 was $36 , $296 and $595 , respectively . Consistent with prior years, the Company granted stock options under its LTIP plan that are subject only to time vesting over a three-year p eriod in the first quarters of 2012 , 2013 , 2014 and 2015 . Also, in connection with a transition of key employees during the second quarter of 2012, stock options were granted that are also only subject to time vesting over a three-year period. For the purposes of determining the fair value of stock option awards, the Company uses t he Black-Scholes option pricing model and the assumptions set forth in the table below: For the Year Ended December 31, June 30, 2015 2014 2013 2012 2012 Number of stock options granted 38,698 37,048 29,302 37,965 2,192 Dividend yield 1.55 % 2.00 % 2.49 % 3.09 % 2.69 % Expected volatility 36.32 % 43.34 % 57.28 % 69.90 % 69.09 % Risk-free interest rate 1.22 % 1.22 % 0.63 % 0.61 % 0.58 % Expected term (years) 4.0 4.0 4.0 4.0 4.0 These awards are being amortized on a straight-line b asis over the respective vesting period of each award. The c ompensation expense recorded on each award during 2015 , 2014 and 2013 , respectively , is as follows: Year Ended December 31, 2015 2014 2013 2015 Stock option awards $ 232 $ — $ — 2014 Stock option awards $ 257 $ 227 $ — 2013 Stock option awards $ 200 $ 213 $ 174 2012 Stock option awards $ 41 $ 199 $ 189 Activity of n onvested shares granted u nder 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 30,785 $ 86.26 Vested (33,681) $ 46.76 Forfeited (7,644) $ 61.12 Nonvested awards, December 31, 2015 113,910 $ 72.91 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 December 31, 2015 , unrecognized compensation expense related to these awards was $3,784 , to be recognized over a weighted averag e remaining period of 1.73 years. Activity of nonvested restricted stock units granted under the Company’s LTIP p lan 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, December 31, 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 December 31, 2015 , unrecognized compensation expense related to these awards was $165 to be recognized over a weighted average remaining period of 1.60 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 a ccount at the end of each month ( the “Investment Date” ). The purchase price of the stock is 85 % of the fair market value on the Investment Date. The plan is compensatory and the 15 % discount is expensed on the Investment Date. All employees, including officers, are eligible to participate in this plan. A participant may withdraw all uninvested payment balances credited to a participant’s account at any time . An employee whose stock ownership of the Company exceeds five percent of the outstanding common stock is not eligible to participate in this plan. 2013 Director Stock Ownership Plan In 2013, the Company adopted the 2013 Director Stock Ownership Plan (the “Plan”) , to encourage the Directors 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 Amount”), is required to receive 75% of the annual cash retainer in Quaker common stock and 25% of the retainer in cash, unless the director elects to receive a greater percentage of Quaker common stock (up to 100%) of the annual cash retainer for the applicable year. Each director who owns more than the Threshold Amount may elect to receive common stock in payment of a percentage (up to 100%) of the annual cash retainer. The annual retainer is $50 and the retainer payment date is June 1. |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Note 7 – Other (expense) income, net The components of other (expense) income, net for the years ended December 31, 2015 , 2014 and 2013 are as follows: 2015 2014 2013 Non-income tax refunds and other related credits $ 141 $ 582 $ 2,876 Change in fair value of acquisition-related liabilities — — 497 Income from third party license fees 875 1,063 1,027 Foreign exchange losses, net (1,184) (1,039) (1,076) Asset impairment related to a cost streamlining initiative — — (211) Gain on fixed asset disposals, net 6 128 382 Other non-operating income 261 329 247 Other non-operating expense (168) (296) (223) Total other (expense) income, net $ (69) $ 767 $ 3,519 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2015 | |
Taxes on Income and Uncertain Tax Positions [Abstract] | |
Taxes on Income [Text Block] | Note 8 – Taxes on Income and Uncertain Tax Positions Taxes (benefit) on income for the years ended December 31, 2015 , 2014 and 2013 are as follows: Year Ended December 31, 2015 2014 2013 Current: Federal $ 8,924 $ 8,086 $ 7,216 State 188 796 263 Foreign 11,074 13,650 13,040 20,186 22,532 20,519 Deferred: Federal 404 2,548 155 State (16) 57 138 Foreign (2,789) (1,598) (323) Total $ 17,785 $ 23,539 $ 20,489 The components of earnings before income taxes for the years ended December 31, 2015 , 2014 and 2013 are as follows: Year Ended December 31, 2015 2014 2013 Domestic $ 25,219 $ 32,391 $ 25,900 Foreign 45,011 45,902 46,926 Total $ 70,230 $ 78,293 $ 72,826 Total defe rred tax assets and liabilities are composed of the following at December 31, 2015 and 2014 : December 31, 2015 2014 Retirement benefits $ 9,621 $ 11,747 Allowance for doubtful accounts 2,367 2,237 Insurance and litigation reserves 787 860 Postretirement benefits 1,863 2,137 Supplemental retirement benefits 3,220 3,448 Performance incentives 4,777 4,705 Equity-based compensation 1,823 1,292 Insurance settlement 8,100 8,429 Operating loss carryforward 7,815 8,657 Uncertain tax positions 2,785 4,313 Restructuring 1,897 — Other 2,402 2,073 47,457 49,898 Valuation allowance (6,259) (7,345) Total deferred income tax assets, net $ 41,198 $ 42,553 Depreciation 5,924 4,616 Europe pension and other 1,107 1,654 Amortization and other 14,318 12,821 Total deferred income tax liabilities $ 21,349 $ 19,091 The f ollowing are the changes in the Company’s deferred tax asset valuation allowance for the years ended December 31, 2015 , 2014 and 2013 : Effect of Balance at Additional Allowance Exchange Balance Beginning Valuation Utilization Rate at End of Period Allowance and Other Changes of Period Valuation Allowance Year ended December 31, 2015 $ 7,345 $ 86 $ (802) $ (370) $ 6,259 Year ended December 31, 2014 $ 7,666 $ 5 $ (105) $ (221) $ 7,345 Year ended December 31, 2013 $ 7,858 $ 26 $ (1) $ (217) $ 7,666 The Company’s net deferred tax assets and liabilities are classified in the Consolidated Balance Sheet s as follows: 2015 2014 Current deferred tax assets $ 7,822 $ 8,367 Non-current deferred tax assets 27,071 24,411 Current deferred tax liabilities 41 732 Non-current deferred tax liabilities 15,003 8,584 Net deferred tax asset $ 19,849 $ 23,462 The following is a reconciliation of income taxes at the Federal statutory rate with income taxes recorded by the Company for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Income tax provision at the Federal statutory tax rate $ 24,578 $ 27,402 $ 25,489 Differences in tax rates on foreign earnings and remittances (5,097) (3,025) (2,487) Foreign dividends 2,690 3,278 1,922 Excess foreign tax credit utilization (4,141) (5,011) (3,664) Research and development activities credit utilization (245) (226) (200) Uncertain tax positions 226 263 (589) Domestic production activities deduction (910) (567) (560) State income tax provisions, net 133 517 171 Non-deductible entertainment and business meals expense 249 278 229 Miscellaneous items, net 302 630 178 Taxes on income $ 17,785 $ 23,539 $ 20,489 At December 31, 2015 , the Company domestically had a net deferred tax asset of $8,582 . In addition, the Company has foreign tax loss carryforwards of $10,538 of which $47 expires in 2016 , $150 expires in 2017 , $479 expires in 2018 , $374 expires in 2019 , $93 expires in 2020 , $354 expires in 2021 , $145 expires in 2022 , $6 expires in 2023 , $62 expires in 2024 , $103 expires in 2025 , $1,510 expires in 2030 , and $59 expires in 2035 ; the remaining foreign tax losses have no expiration dates. A partial valuation allowance has been established with respect to the tax benefit of these losses for $961 . U.S. income taxes have not been provided on the undistributed earnings of non-U.S. subsidiaries because it is the Company’s intention to continue to reinvest these earnings in those subsidiaries to support growth initiatives. U.S. and foreign income t axes that would be payable if such earnings were distributed may be lower than the amount computed at the U.S. statutory rate due to the availability of tax credits. The amount of such undistributed earnings at December 31, 2015 was approximately $203,000 . Any income tax liability, which might result from ultimate remittance of these earnings, is expected to be substantially offset by foreign tax credits. It is currently impractical to estimate any such incremental tax expense. As of December 31, 2015 , the Company’s cumulative liability for gross unrecognized tax benefits was $11,032 . The Company had accrued $1,890 for cumulative penalties and $1,465 for cumulative interest at December 31, 2015 . As of December 31, 2014 , the Company’s cumulative liability for gross unrecognized tax benefits was $11,845 . The Company had accrued $1,845 for cumulative penalties and $1,868 for cumulative interest at December 31, 2014 . 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 Consolidated Statement of Income. The Company r ecognized $225 for penalties and ($226) for interest (net of expirations and settlements) on its 2015 Consolidated Statement of Income, ($26) for penalties and ($31) for interest (net of expirations and settlements) on its 2014 Consolidated Statement of Income and $392 for penalties and ($247) for interest (net of expirations and settlements) on its 2013 Consolidated Statement of Income. The Company estimates that during the year end ing December 31, 2016 , it will reduce its cumulative liability for gross unrecognized tax benefits by approximately $1,900 to $2,000 due to the expiration of the statute of limitations with regard to certain tax positions. This estimat ed reduction in the cumulative liability for unrecognized tax benefits does not consider any increase in liability for unrecognized tax benefits with regard to existing tax positions or any increase in cumulative liability for unrecognized tax benefits wit h regard to new tax positions for the year ending December 31, 2016 . 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 t o examination by major tax jurisdictions include Brazil from 2000, Italy from 2007, the Netherlands from 2009, the United Kingdom from 2010, Spain from 2011, China and the United States from 2012, and various domestic state tax jurisdictions from 1993 . Dur ing 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 complet ed 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 adjustments for those years. In the fourth quarter of 2015, the Company paid the tax liability for these proposed adjustments in full. In the fourth quarter of 2015, the Dutch tax authorities assessed the Company’s Dutch subsidiary for additional income taxes related to the 2011 tax year and the Dutch subsidiary filed a prot est of the assessment. In January 2016, the French tax authorities gave notice that they were auditing the Company’s French subsidiary. In February 2016, the Italian tax authorities gave notice that they were starting an audit of the 2013 tax year for Qu aker Italia S.r.l . As of December 31, 2015 , the Company believes it has adequate reserves, where merited, for uncertain tax positions with respect to these audits. A reconciliation of the beginning and ending amounts of unrecognized tax benefits f or the years ended December 31, 2015 , 2014 and 2013 , respectively, is as follows: 2015 2014 2013 Unrecognized tax benefits at January 1 $ 11,845 $ 12,596 $ 12,410 (Decrease) increase in unrecognized tax benefits taken in prior periods (416) (93) 83 Increase in unrecognized tax benefits taken in current period 2,512 2,678 2,182 (Decrease) in unrecognized tax benefits due to lapse of statute of limitations (1,924) (2,078) (2,485) (Decrease) increase due to foreign exchange rates (985) (1,258) 406 Unrecognized tax benefits at December 31 $ 11,032 $ 11,845 $ 12,596 The amount of unrecognized tax benefits above that, if recognized, would impact the Company’s tax expense and effective tax rate is $1,137 , $1,066 and $1,194 in 2015 , 2014 and 2013 , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 9 – Earnings Per Share The following table summarizes EPS calculations for the years en ded December 31, 2015 , 2014 and 2013 : December 31, 2015 2014 2013 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 51,180 $ 56,492 $ 56,339 Less: income allocated to participating securities (443) (503) (481) Net income available to common shareholders $ 50,737 $ 55,989 $ 55,858 Basic weighted average common shares outstanding 13,199,630 13,126,759 13,044,842 Basic earnings per common share $ 3.84 $ 4.27 $ 4.28 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 51,180 $ 56,492 $ 56,339 Less: income allocated to participating securities (443) (503) (481) Net income available to common shareholders $ 50,737 $ 55,989 $ 55,858 Basic weighted average common shares outstanding 13,199,630 13,126,759 13,044,842 Effect of dilutive securities 15,219 21,309 24,770 Diluted weighted average common shares outstanding 13,214,849 13,148,068 13,069,612 Diluted earnings per common share $ 3.84 $ 4.26 $ 4.27 The following number of stock options are not included in dilut ed earnings per share since the effect would have been anti-dilutive : 6,684 in 2015 , 4,714 in 2014 an d 2,863 in 2013 . |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable and Allowance for Doubtful Accounts [Abstract] | |
Accounts Receivable and Allowance for Doubtful Accounts [Text Block] | Note 10 – Accounts Receivable and Allowance for Doubtful Accounts At December 31, 2015 and 2014 , the Company had gross trade accounts receivable totaling $196,115 and $195,982 with trade accounts receivable greater than 90 days past due of $15,653 and $10,149 , respectively. The following are changes in the allowance for doubtful accounts during the years e nded December 31, 2015 , 2014 an d 2013 : Exchange Rate Balance at Changes Write-Offs Changes Balance Beginning to Costs and Charged to and Other at End of Period Expenses Allowance Adjustments of Period Allowance for Doubtful Accounts Year ended December 31, 2015 $ 6,498 $ 1,460 $ (261) $ 121 $ 7,818 Year ended December 31, 2014 $ 7,133 $ (264) $ (296) $ (75) $ 6,498 Year ended December 31, 2013 $ 6,399 $ 1,136 $ (407) $ 5 $ 7,133 During 2015, 2014 and 2013, the Company recorded charges of $328 , or $0.02 per diluted share, $825 , or $0.05 per diluted share and $0, respectively, to its allowance for doubtful accounts and SG&A due to the bankruptcies of certain customers. Included in exchange rate changes and other adjustments are allowance for doubtful accounts of $380 , $77 and $0 acquired in 201 5 , 201 4 and 201 3 business acquisiti ons, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Inventories [Text Block] | Note 11 – Inventories Total inventories as of December 31, 2015 and 2014 were as follows : December 31, 2015 2014 Raw materials and supplies $ 36,876 $ 37,961 Work in process and finished goods 38,223 39,747 Total inventories $ 75,099 $ 77,708 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Text Block] | Note 12 – Property, Plant and Equipment Property, plant and equipment as of December 31, 2015 and 2014 were as follows: December 31, 2015 2014 Land $ 9,388 $ 7,962 Building and improvements 80,110 78,911 Machinery and equipment 136,329 142,102 Construction in progress 5,337 5,541 231,164 234,516 Less accumulated depreciation (143,545) (148,753) $ 87,619 $ 85,763 The Company currently leases certain equipment under capital leases in its North America segment. During 2014, the Company leased certain equipment under capital leases in its North America and EMEA segments. Gross property, plant and equipment includes $460 and $656 of capital leases with $341 and $455 of accumulated depreciation at December 31, 2015 and 2014 , respectively. The following is a schedule by years of future minimum lea se payments: 2016 $ 64 2017 59 2018 — 2019 — 2020 — 2021 and beyond — Total net minimum lease payments 123 Less amount representing interest (4) Present value of net minimum lease payments $ 119 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets Disclosure [Text Block] | Note 13 – 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. Changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 were as follows: North South America EMEA Asia/Pacific America Total Balance as of December 31, 2013 $ 28,127 $ 11,184 $ 15,018 $ 3,822 $ 58,151 Goodwill additions 14,612 6,130 1,075 — 21,817 Currency translation adjustments (62) (1,264) (87) (622) (2,035) Balance as of December 31, 2014 42,677 16,050 16,006 3,200 77,933 Goodwill additions 30 4,761 103 — 4,894 Currency translation adjustments (264) (1,531) (865) (1,056) (3,716) Balance as of December 31, 2015 $ 42,443 $ 19,280 $ 15,244 $ 2,144 $ 79,111 Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of December 31, 2015 and 2014 were as follows: Gross Carrying Accumulated Amount Amortization 2015 2014 2015 2014 Customer lists and rights to sell $ 67,435 $ 63,502 $ 15,806 $ 12,681 Trademarks and patents 23,147 18,944 5,538 4,066 Formulations and product technology 5,808 5,808 4,082 3,896 Other 5,788 6,647 4,565 4,950 Total definite-lived intangible assets $ 102,178 $ 94,901 $ 29,991 $ 25,593 The Company recorded $6,811 , $4,325 and $3,445 of amortization expense in 2015 , 2014 and 2013 , respectively. Estimated annual aggregate amortization expense for the subsequent five years is as follows: For the year ended December 31, 2016 $ 6,785 For the year ended December 31, 2017 6,369 For the year ended December 31, 2018 6,148 For the year ended December 31, 2019 6,047 For the year ended December 31, 2020 5,769 The Company has two indefinite-lived intangible assets totaling $ 1,100 for trademarks at December 31, 2015 and 2014 . |
Investments in Associated Compa
Investments in Associated Companies | 12 Months Ended |
Dec. 31, 2015 | |
Investments in Associated Companies [Abstract] | |
Investments in Associated Companies [Text Block] | Note 14 – Investments in Associated Companies As of December 31, 2015 , the Company held a 50% investment in and had significant influence over Kelko Quaker Chemical, S.A. (Venezuela), Nippon Quaker Chemical, Ltd. (Japan) and Kelko Quaker Chemical S.A. (Panama) and held a 33% investment in and had significant influence over Primex , Ltd. (Barbados). The carrying amount of the Company’s equity investments at December 31, 2015 was $20,354 , which includes its investm ents of $14,895 in Primex , Ltd. (Barbados); $5,014 in Nippon Quaker Chemical, Ltd. (Japan); $247 in Kelko Quaker Chemical, S.A. (Panama) ; and $198 in Kelko Quaker Chemical, S.A. (Venezuela). In 2003, the Venezuela government suspen ded the free exchange of bolivar fuerte (“ BsF ”) for foreign currency and implemented 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 thre e 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 Vene zuela government announced changes to its exchange controls. There continues to be three exchange mechanisms in Venezuela; however, they now consist of the CADIVI, a combined SICAD I and SICAD II auction mechanism (the “SICAD”) and a newly created, margin al currency system (the “SIMADI”). The CADIVI exchange largely 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 not fully disc losed who can access or trade on the newly formed combined SICAD market and minimal related auctions have occurred to date. Finally, the newly created SIMADI is legally available to all parties, however, at significantly higher exchange rates than the CAD IVI or SICAD. As of December 31, 2015 , the published rate for the SIMADI is approximately 198 BsF per U.S. dollar. Venezuela’s economy has been considered hyper inflationary under U.S. GAAP since 2010, at which time the Company’s Venezuela equity affiliate, Kelko Quaker Chemical, S.A. (“ Kelko Venezuela”), changed its functional currency 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, SICAD, S IMADI, or other published exchange rates are required to be recorded directly to the 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 quarter of 2015 cha nges 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 inves tment 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. As the government has yet to fully disclose who can access or trade on the SICAD mechanism and minimal related auctions have occurred to date, 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 i n a charge of approximately $2,806, or $0.21 per diluted share, recorded in the first quarter of 2015. As of December 31, 2015 , the Company’s equity investment in Kelko Venezuela continues to be valued at the SIMADI exchange rate. During the secon d quarter of 2014, the Company recorded a charge of $321, or $0.02 per diluted share, related to the conversion of certain BsF to U.S. d ollars on the historical SICAD II exchange. During the first quarter of 2013, the Venezuela Government announced a deva luation of the BsF , which resulted in a charge of $35 7, or $0.03 per diluted share. Summarized financial information of Kelko Quaker Chemical, S.A. (Venezuela), Nippon Quaker Chemical, Ltd. (Japan) and Kelko Quaker Chemical S.A. (Panama), in the aggregate, is as follows: December 31, 2015 2014 Current Assets $ 36,761 $ 42,828 Noncurrent Assets 606 1,105 Current Liabilities 26,039 28,797 Noncurrent Liabilities 410 397 Year Ended December 31, 2015 2014 2013 Net Sales $ 40,282 $ 48,834 $ 47,226 Gross Margin 12,887 15,698 16,096 Income Before Income Taxes (2,843) 3,546 3,687 Net Income (3,631) 2,263 2,142 During 2015, the Company identified a correction to the presentation of December 31, 2014 summarized financial information. As a result, the Company revised the December 31, 2014 current assets and current liabilities by increasing such amounts by $15,149 each, from previously disclosed amounts. The Company considers such revisions to the prior period to be immaterial. Summarized financial information of Primex , Ltd. is as follows: December 31, 2015 2014 Total Assets $ 105,585 $ 109,259 Total Liabilities 54,534 59,773 Year Ended December 31, 2015 2014 2013 Revenue $ 7,058 $ 10,755 $ 20,895 Income Before Income Taxes 8,407 10,929 25,625 Net Income 6,334 7,352 16,876 During the first quarter of 2013, the Company identified errors in Primex’s estimated 2012 financial statements, which primarily related to a reinsurance contract held by Primex . The identified errors resulted in increases to Primex’s revenue of $4,905, income before taxes of $5,240 and net income of $3,422, which are included in the 2013 summarized financial information for Primex above. The identified errors resulted in a cumulative $1,038 understatement of the Company’s equity in net income from assoc iated companies for the year ended December 31, 2012, which were corrected in the first quarter of 2013. See Note 3 of Notes to Consolidated Financial Statements for further information. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets [Text Block] | Note 15 – Other Assets O ther assets as of December 31, 2015 and 2014 were as follows : December 31, 2015 2014 Restricted insurance settlement $ 22,874 $ 23,599 Uncertain tax positions 6,054 5,516 Supplemental retirement income program 1,336 1,361 Deferred compensation assets — 779 Other 1,954 2,487 Total other assets $ 32,218 $ 33,742 Previously, an inactive subsidiary of the Company executed separate settlement and release agreements with two of its insurance carriers for $35,000, of which $22,874 remains. 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. The proceeds of the settlement and release agreements have been deposited into interest bearing accounts whic h earned approximately $35 and $44 in 2015 and 2014 , respectively, offset by $760 and $1,907 of net payments in 2015 and 2014 , respectively. Due to the restricted nature of the proceeds, a corr esponding deferred credit was established in “Other non-current liabilities” for an equal and offsetting amount, and will remain until the restrictions lapse or the funds are exhausted via payments of claims and costs of defense. See also Notes 19 and 23 of Notes to Consolidated Financial Statements. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Current Liabilities [Abstract] | |
Other Accrued Liabilities Disclosure [Text Block] | Note 16 – Other Current Liabilities Other current liabilities as of December 31, 2015 and 2014 were as follows : December 31, 2015 2014 Non-income taxes $ 6,815 $ 7,717 Income taxes payable 6,534 4,210 Selling expenses 1,848 3,352 Freight 2,354 1,547 Professional fees 1,358 1,638 Legal 1,165 754 Acquisition-related liabilities 1,384 246 Other 4,238 4,233 Total other current liabilities $ 25,696 $ 23,697 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Debt [Text Block] | Note 17 – Debt Debt as of December 31, 2015 and 2014 includes the following : December 31, 2015 2014 Credit facilities $ 62,884 $ 58,421 Industrial development bonds 15,000 15,000 Municipality-related loans 4,098 2,109 Other debt obligations (including capital leases) 119 201 82,101 75,731 Current portion of long-term debt (662) (403) $ 81,439 $ 75,328 Credit facilities The Company’s primary credit line is a $300,000 syndicated multicurrency credit agreement with a group of lenders, which matures in June 2018. The maximum amount available under this credit facility can be increased to $400,000 at the Company’s option if the lenders agree and the Company satisfies certain conditions. Borrowings under this credit facility generally bear interest at a base rate or LIBOR rate plus a margin. At December 31, 2015 and 2014 , the Compa ny had approximately $62,884 and $58,421 outstanding, primarily on this credit facility, at weighted average borrowing rates of 1.38% and 1.16%, respectively. Access to this credit facility is dependent on meeting certain financial, acquisition an d other covenants, but primarily depends on the Company’s consolidated leverage ratio calculation, which cannot exceed 3.50 to 1. As of December 31, 2015 and 2014 , the Company’s consolidated leverage ratio was below 1.0 to 1, respectively, and the Company was also in compliance with all of the other covenants. Industrial development b onds The Company has two fixed rate, industrial development authority demand bonds, with $5,000 due in 2018, bearing interest at a rate of 5.60%, and $10,000 d ue in 2028, bearing interest at a rate of 5.26%. These bonds have similar covenants to the credit facilities noted above. Municipality-related loans As part of a past expansion project at the Company’s Middletown, Ohio facility, it agreed to a low interes t rate $3,500 loan with the Ohio Department of Development. Principal repayment on this loan began in September 2010 with its final maturity being in February 2021. The current interest rate of 2% will rise to 3% beginning March 2019 until final maturity . As of December 31, 2015 and 2014 , there was $1,784 and $2,109 , respectively, outstanding on this loan. With the third quarter of 2015 acquisition of Verkol S.A. (“ Verkol ”), the Company assumed certain loans, issued by the local government, which are either interest-free or bear interest at a subsidized rate. These loans mature periodically, with the last maturity occurring in 2026. The Company recorded these loans at fair value based on market interest rates on the date of acq uisition and continues to measure the loans at amortized cost, recognizing the implicit interest incurred. As of December 31, 2015 , there was $2,314 outstanding for these loans. During the next five years, payments on the Company’s debt, in cluding capital lease maturities, are due as follows: 2016 $ 662 2017 719 2018 66,931 2019 656 2020 651 At December 31, 2015 and 2014 , the amounts at which the Company’s debt is recorded are not materially different from their fair market value. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Pension and Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits Disclosure [Text Block] | Note 18 – Pension and Other Postretirement Benefits The following table shows the Company’s plans’ funded status reconcile d with amounts reported in the Consolidated Balance S heet s as of December 31, 2015 and 2014 : Other Post- Pension Benefits Retirement Benefits 2015 2014 2015 2014 Change in benefit obligation Foreign Domestic Total Foreign Domestic Total Domestic Domestic Gross benefit obligation at beginning of year $ 106,827 $ 70,667 $ 177,494 $ 85,745 $ 66,369 $ 152,114 $ 6,045 $ 5,639 Service cost 2,799 250 3,049 2,626 250 2,876 17 19 Interest cost 2,476 2,541 5,017 3,210 2,823 6,033 195 232 Employee contributions 80 — 80 89 — 89 — — Effect of plan amendments — — — 242 — 242 — — Plan settlements (328) — (328) — — — — — Benefits paid (1,604) (4,249) (5,853) (1,985) (4,589) (6,574) (533) (533) Plan expenses and premiums paid (57) (250) (307) (361) (250) (611) — — Transfer in of business acquisition — — — 2,818 — 2,818 — — Actuarial (gain) loss (7,799) (2,097) (9,896) 26,412 6,064 32,476 (302) 688 Translation differences and other (9,988) — (9,988) (11,969) — (11,969) — — Gross benefit obligation at end of year $ 92,406 $ 66,862 $ 159,268 $ 106,827 $ 70,667 $ 177,494 $ 5,422 $ 6,045 Change in plan assets Fair value of plan assets at year beginning of year $ 86,523 $ 49,689 $ 136,212 $ 68,659 $ 50,650 $ 119,309 $ — $ — Actual (loss) return on plan assets (2,170) 223 (1,947) 23,981 2,591 26,572 — — Employer contributions 1,804 1,288 3,092 3,778 1,287 5,065 533 533 Employee contributions 80 — 80 89 — 89 — — Plan settlements (328) — (328) — — — — — Benefits paid (1,604) (4,249) (5,853) (1,985) (4,589) (6,574) (533) (533) Plan expenses and premiums paid (57) (250) (307) (361) (250) (611) — — Transfer in of business acquisition — — — 2,093 — 2,093 — — Translation differences (8,092) — (8,092) (9,731) — (9,731) — — Fair value of plan assets at end of year $ 76,156 $ 46,701 $ 122,857 $ 86,523 $ 49,689 $ 136,212 $ — $ — Net benefit obligation recognized $ (16,250) $ (20,161) $ (36,411) $ (20,304) $ (20,978) $ (41,282) $ (5,422) $ (6,045) Amounts recognized in the balance sheet consist of: Current liabilities $ (52) $ (575) $ (627) $ (94) $ (577) $ (671) $ (517) $ (568) Non-current liabilities (16,198) (19,586) (35,784) (20,210) (20,401) (40,611) (4,905) (5,477) Net benefit obligation recognized $ (16,250) $ (20,161) $ (36,411) $ (20,304) $ (20,978) $ (41,282) $ (5,422) $ (6,045) Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss: Prior service credit (cost) $ 1,910 $ (185) $ 1,725 $ 2,306 $ (248) $ 2,058 $ — $ — Accumulated loss (20,058) (31,906) (51,964) (27,486) (33,125) (60,611) (983) (1,368) Accumulated other comprehensive loss ("AOCI") (18,148) (32,091) (50,239) (25,180) (33,373) (58,553) (983) (1,368) Cumulative employer contributions in excess of or (below) net periodic benefit cost 1,898 11,930 13,828 4,876 12,395 17,271 (4,439) (4,677) Net benefit obligation recognized $ (16,250) $ (20,161) $ (36,411) $ (20,304) $ (20,978) $ (41,282) $ (5,422) $ (6,045) The accumulated benefit obligation for all defined benefit pension plans was $157,486 ( $66,862 Domestic and $90,624 Foreign) and $175,431 ( $70,667 Domestic and $104,764 Foreign) at December 31, 2015 and 2014 , respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets: 2015 2014 Foreign Domestic Total Foreign Domestic Total Projected benefit obligation $ 92,406 $ 66,862 $ 159,268 $ 106,827 $ 70,667 $ 177,494 Accumulated benefit obligation 90,624 66,862 157,486 104,764 70,667 175,431 Fair value of plan assets 76,156 46,701 122,857 86,523 49,689 136,212 Information for pension plans with a projected benefit obligation in excess of plan assets: 2015 2014 Foreign Domestic Total Foreign Domestic Total Projected benefit obligation $ 92,406 $ 66,862 $ 159,268 $ 106,827 $ 70,667 $ 177,494 Fair value of plan assets 76,156 46,701 122,857 86,523 49,689 136,212 Components of net periodic benefit costs – pension plans: 2015 2014 Foreign Domestic Total Foreign Domestic Total Service cost $ 2,799 $ 250 $ 3,049 $ 2,626 $ 250 $ 2,876 Interest cost 2,476 2,541 5,017 3,210 2,823 6,033 Expected return on plan assets (2,092) (3,453) (5,545) (2,543) (3,817) (6,360) Settlement loss 170 — 170 — — — Actuarial loss amortization 1,136 2,353 3,489 1,307 1,757 3,064 Prior service cost amortization (164) 63 (101) 736 63 799 Net periodic benefit cost $ 4,325 $ 1,754 $ 6,079 $ 5,336 $ 1,076 $ 6,412 2013 Foreign Domestic Total Service cost $ 2,864 $ 299 $ 3,163 Interest cost 3,150 2,437 5,587 Expected return on plan assets (2,245) (3,664) (5,909) Actuarial loss amortization 1,486 2,481 3,967 Prior service cost amortization 30 148 178 Net periodic benefit cost $ 5,285 $ 1,701 $ 6,986 Other changes recognized in other comprehensive income: 2015 2014 Foreign Domestic Total Foreign Domestic Total Net (gain) loss arising during the period $ (3,537) $ 1,134 $ (2,403) $ 4,973 $ 7,290 $ 12,263 Effect of plan amendment — — — 242 — 242 Recognition of amortization in net periodic benefit cost Prior service cost 164 (63) 101 (736) (63) (799) Actuarial loss (1,306) (2,353) (3,659) (1,307) (1,757) (3,064) Effect of exchange rates on amounts included in AOCI (2,353) — (2,353) (3,076) — (3,076) Total recognized in other comprehensive (income) loss (7,032) (1,282) (8,314) 96 5,470 5,566 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ (2,707) $ 472 $ (2,235) $ 5,432 $ 6,546 $ 11,978 2013 Foreign Domestic Total Net (gain) arising during period $ (1,558) $ (5,856) $ (7,414) Effect of plan amendment (2,138) — (2,138) Recognition of amortization in net periodic benefit cost Prior service cost (30) (148) (178) Actuarial loss (1,486) (2,481) (3,967) Effect of exchange rates on amounts included in AOCI 1,007 — 1,007 Total recognized in other comprehensive (income) (4,205) (8,485) (12,690) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 1,080 $ (6,784) $ (5,704) Components of net periodic benefit costs – other postretirement plan : 2015 2014 2013 Service cost $ 17 $ 19 $ 34 Interest cost 195 232 185 Actuarial loss amortization 83 65 32 Net periodic benefit costs $ 295 $ 316 $ 251 Other changes recognized in other comprehensive income – other postretirement benefit plans: 2015 2014 2013 Net (gain) loss arising during period $ (302) $ 688 $ (1,331) Amortization of actuarial loss in net periodic benefit costs (83) (65) (32) Total recognized in other comprehensive (income) loss (385) 623 (1,363) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ (90) $ 939 $ (1,112) Estimated amounts that will be amortized from accumulated other comprehensive loss over the next fiscal year : Other Post- Pension Plans Retirement Foreign Domestic Total Benefits Actuarial loss $ 843 $ 2,388 $ 3,231 $ 61 Prior service (credit) cost (161) 63 (98) — $ 682 $ 2,451 $ 3,133 $ 61 Weighted-average assumptions used to determine benefit obligations at December 31, 2015 and 2014 : Other Postretirement Pension Benefits Benefits 2015 2014 2015 2014 U.S. Plans: Discount rate 4.07 % 3.72 % 3.88 % 3.45 % Rate of compensation increase 3.63 % 3.63 % N/A N/A Foreign Plans: Discount rate 2.95 % 2.51 % N/A N/A Rate of compensation increase 2.41 % 3.05 % N/A N/A Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2015 and 2014 : Other Postretirement Pension Benefits Benefits 2015 2014 2015 2014 U.S. Plans: Discount rate 3.72 % 4.48 % 3.45 % 4.05 % Expected long-term return on plan assets 7.30 % 7.85 % N/A N/A Rate of compensation increase 3.63 % 3.63 % N/A N/A Foreign Plans: Discount rate 2.51 % 3.84 % N/A N/A Expected long-term return on plan assets 2.55 % 3.67 % N/A N/A Rate of compensation increase 3.05 % 3.05 % N/A N/A As of December 31, 2015, the Company has elected to use a split discount rate (spot-rate approach) for the U.S. plans and certain for eign plans. Under the spot rate approach, benefit obligations have been determined based on application of the spot rates on a given yield curve at each future year to eac h plan's projected cash flows. The use of the spot-rate approach did not have an impact on the Company's 2015 Consolidated Financial Statements. The long-term rates of return on assets were selected from within the reasonable range of rates determined by (a) historical real returns for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. See N ote 1 of Notes to Consolidated Financial Statements for further information. Assumed health care cost trend rates at December 31, 2015 and 2014 : 2015 2014 Health care cost trend rate for next year 6.70 % 6.90 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2037 2027 Assumed health care cost trend rates could have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: 1% Point 1% Point Increase Decrease Effect on total service and interest cost $ 20 $ (17) Effect on postretirement benefit obligations 484 (422) Plan Assets and Fair Value The Company’s pension plan target asset allocation and the weighted-average asset allocations at December 31, 2015 and 2014 by asset category were as follows: Asset Category Target 2015 2014 U.S. Plans Equity securities 61 % 65 % 66 % Debt securities 32 % 34 % 33 % Other 7 % 1 % 1 % Total 100 % 100 % 100 % Foreign Plans Equity securities and other 23 % 26 % 22 % Debt securities 77 % 74 % 78 % Total 100 % 100 % 100 % As of December 31, 2015 and 2014 , “Other” consisted principally of cash and cash equivalents (approximately 1% to 2% of plan assets in each respective period). The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy: Cash and Cash Equivalents Cash and cash equivalents consist of cash and money market funds and are classified as Level 1 inves tments. Common Stock Common stock is valued based on quoted market prices on an exchange in an active market and is classified as Level 1 investments. Registered Investment Companies The shares of registered investment companies, which represent the net as set values of shares held by the Plan, are valued based on quoted market prices o n an exchange in an active market and are classified as Level 1 investments. Fixed Income Corporate Securities Corporate fixed income securities are valued using third party pricing services which are based on a combi nation of quoted market prices o n an exchange in an active market as well as proprietary pricing models and inputs using observable market data and are classified as Level 2 investments. Fixed Income U.S. and Fo reign Government Securities U.S. and foreign government fixed income securities are valued using third party pricing services which are based on a combi nation of quoted market prices o n an exchange in an active market as well as proprietary pricing models and inputs using observable market data and are classified as Level 2 investments. Pooled Separate Accounts Investments in the U.S. pension plan pooled separate accounts consist of insurance annuity contracts and are valued based on the reported unit val ue at year end. Units of the pooled se parate accounts are not traded o n an exchange or in an active market; however, valuation is based on the underlying investments of the units and are classified as Level 2 investments. Insurance Contract Investments in the foreign pension plan insurance contract are valued at the highest value available for the Company at year end, either the reported cash surrender value of the contract or the vested benefit obligation. Both the cash surrender value and the vested benefit obligation are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations. The contract is clas sified as a Level 3 investment. Diversified Equity Securities - Registered Investment Companies Investments in the foreign pension plan diversified equity securities of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available o n an exchange or in an active market; however, the fair value is determined based on the underlying inve stments in the fund as traded on an exchange in an active market and are classified as Level 2 investments. Fixed Income – Foreign Registered Investment Companies Investments in the foreign pension plan fixed income securities of foreign registered investment companies are based upon the quoted redemption value of shares i n the fund owned by the plan at year end. The shares of the fund are not available o n an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market an d are classified as Level 2 investments. Real Estate The foreign pension plan’s investment in real estate consists of an investment in a property fund. The fund’s underlying investments consist of real property, which are valued using unobservable inputs. The property fund is classified as a Level 3 investment. Commingled Funds Investments in the foreign pension plan commingled funds represent pooled institutional investments, including primarily investment trusts. As of December 31, 2015, commingled fun ds include d approximately 30 percent of investments in equity , 61 percent of investments in fixed income, and 9 percent of other non-related investments. The comm ingled funds are not available o n an exchange or in an active market; however, the fair value is determined based on the underlying pooled investments. Generally, these und erlying investments are traded o n an exchange in an active market and , therefore, the funds are classified as Level 2 investments. As of December 31, 2015 and 2014 , the U.S. and foreign plans’ investments measured at fair value on a recurring basis were as follows: Fair Value Measurements at December 31, 2015 Total Using Fair Value Hierarchy U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 753 $ 753 $ — $ — Large capitalization common stock 13,346 13,346 — — Large capitalization registered investment companies 6,363 6,363 — — Small capitalization common stock 773 773 — — Small capitalization registered investment companies 2,333 2,333 — — International developed and emerging markets registered investment companies 5,166 5,166 — — International developed and emerging markets common stock 2,519 2,519 — — Fixed income corporate securities 9,601 — 9,601 — Fixed income registered investment companies 4,147 4,147 — — Fixed income U.S. and foreign government securities 308 — 308 — Pooled separate accounts 1,392 — 1,392 — Total U.S. pension plan assets $ 46,701 $ 35,400 $ 11,301 $ — Fair Value Measurements at December 31, 2015 Total Using Fair Value Hierarchy Foreign Pension Assets Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 7 $ 7 $ — $ — Insurance contract 62,409 — — 62,409 Diversified equity securities - registered investment companies 7,180 — 7,180 — Fixed income - foreign registered investment companies 2,290 — 2,290 — Commingled funds 1,882 — 1,882 — Real estate - registered investment companies 2,388 — — 2,388 Total foreign pension assets $ 76,156 $ 7 $ 11,352 $ 64,797 Total pension assets at fair value $ 122,857 $ 35,407 $ 22,653 $ 64,797 Fair Value Measurements at December 31, 2014 Total Using Fair Value Hierarchy U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 490 $ 490 $ — $ — Large capitalization common stock 14,956 14,956 — — Large capitalization registered investment companies 6,339 6,339 — — Small capitalization common stock 920 920 — — Small capitalization registered investment companies 2,416 2,416 — — International developed and emerging markets registered investment companies 5,638 5,638 — — International developed and emerging markets common stock 2,600 2,600 — — Fixed income corporate securities 9,848 — 9,848 — Fixed income registered investment companies 4,647 4,647 — — Fixed income U.S. and foreign government securities 406 — 406 — Pooled separate accounts 1,429 — 1,429 — Total U.S. pension plan assets $ 49,689 $ 38,006 $ 11,683 $ — Foreign Pension Assets Cash and cash equivalents $ 76 $ 76 $ — $ — Insurance contract 72,417 — — 72,417 Diversified equity securities - registered investment companies 6,565 — 6,565 — Fixed income - foreign registered investment companies 4,946 — 4,946 — Commingled funds 2,041 — 2,041 — Real estate - registered investment companies 478 — — 478 Total foreign pension assets $ 86,523 $ 76 $ 13,552 $ 72,895 Total pension assets at fair value $ 136,212 $ 38,082 $ 25,235 $ 72,895 Changes in the fair value of the foreign plans’ Level 3 investments during the years ended December 31, 2015 and 2014 were as follows: Insurance Real Estate Contract Fund Total Balance at December 31, 2013 $ 57,175 $ 434 $ 57,609 Purchases 3,044 — 3,044 Settlements (1,705) — (1,705) Unrealized gains 22,802 72 22,874 Currency translation adjustment (8,899) (28) (8,927) Balance at December 31, 2014 72,417 478 72,895 Purchases 953 1,937 2,890 Settlements (1,239) — (1,239) Unrealized (losses) gains (2,402) 60 (2,342) Currency translation adjustment (7,320) (87) (7,407) Balance at December 31, 2015 $ 62,409 $ 2,388 $ 64,797 U.S. pension assets include Company common stock in the amounts of $773 ( 2% of total U.S. plan assets) and $920 ( 2% of total U.S. plan assets) at December 31, 2015 and 2014 , respectively. During 2013, it was discovered that the Company’s subsidiary in the 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 pens ion 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 recorded costs of $902, or $0.05 per diluted share, related to prior service cost and interest cost, to appropriately reflect the past plan amendment related to the retirement age equalization law. Cash Flows Contributions The Company expects to make minimum cash contributions of $7,504 to its pension plans ( $4,775 Domestic and $2,729 Foreign) and $517 to its other postretirement benefit plan in 2016 . Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Other Post- Pension Benefits Retirement Foreign Domestic Total Benefits 2016 $ 1,779 $ 4,756 $ 6,535 $ 517 2017 1,906 4,535 6,441 512 2018 2,103 4,561 6,664 490 2019 2,248 4,575 6,823 471 2020 2,486 4,297 6,783 440 2021 to 2025 17,147 22,808 39,955 1,870 The Company maintains a plan under which supplemental retirement benefits are provided to certain officers. Benefits payable under the plan are based on a combination of years of service and existing postretirement benefits. Included in total pension costs are charges of $927 , $826 and $811 in 2015 , 2014 and 2013 , respectively, representing the annual accrued benefits under this plan. Defined Contribution Plan The Company has a 401(k) plan with an employer match covering a majority of its domestic employees. The plan allows for and the Company has paid a nonelective contribution on behalf of participants who have completed one year of service equal to 3% of the eligible participants’ compensation in the form of Company common stock. Total Company contributions were $2,601 , $2,498 and $2,027 for 2015 , 2014 and 2013 , respectively. |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Non-Current Liabilities [Abstract] | |
Other Non-Current Liabilities [Text Block] | Note 19 – Other Non- Current Liabilities O ther non-current liabilities as of December 31, 2015 and 2014 were as follows : December 31, 2015 2014 Restricted insurance settlement $ 22,874 $ 23,599 Uncertain tax positions (includes interest and penalties) 13,332 14,607 Deferred and other long-term compensation 5,866 6,492 Other 512 792 Total other non-current liabilities $ 42,584 $ 45,490 See also Notes 15 and 23 of Notes to Consolidated Financial Statements. |
Equity and Noncontrolling Inter
Equity and Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 20 – Equity and Accumulated Other Comprehensive Loss In May 2015, the Company’s Board of Directors authorized a share repurchase program for 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 repu rchase shares to at least offset the dilutive impact of shares issued each year as part of its employee benefit and share- based compensation plans, and could repurchase more if the Company considers the share p rice to be an amount that is an advantageou s return for its shareholders. 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 unutiliz ed 1995 and 2005 Board of Directors authorized share repurchase programs were terminated. In connection with the 2015 Share Repurchase Program, the Company acquired 87,386 shares of common stock for $7,276, during the year ended December 31, 2015 . The Company has elected not to hold treasury shares, and, therefore, has retired the shares as they are repurchased. It is the Company’s accounting policy to record the excess paid over par value as a reduction in retained earnings for all shares repurch ased. The Company has 30,000,000 shares of common stock authorized, with a par value of $1, and 13,288,113 and 13,300,891 shares issued as of December 31, 2015 and 2014 , respectively. The change in shares issued and outstanding during 2 01 5 was primarily related to 87,386 shares repurchased in connection with the 2015 Share Repurchase Program offset by 51,848 shares issued for equity- based compensation plans, 6,084 shares issued for the ESPP and 16,676 shares issued for the exercise of stock options and other employee and director- related share activity . Holders of record of the Company’s common stock for a period of less than 36 consecutive calendar months or less are entitled to one vote per share of common stock. Holders of record of the Company’s common stock for a period greater than 36 consecutive calendar months are entitled to 10 votes per share of common stock. The Company is authorized to issue 10,000,000 shares of preferred stock, $1 par v alue, subject to approval by the Board of Directors. The Board of Directors may designate one or more series of preferred stock and the number of shares, rights, preferences, and limitations of each series. As of December 31, 2015 , no preferred s tock had been issued. The following table shows the reclassifications from and resulting balances of AOCI for the years ended December 31, 2015 , 2014 and 2013 : Unrealized Defined Gain (Loss) in Currency Benefit Available-for- Translation Pension Sale Adjustments Plans Securities Total Balance at December 31, 2012 $ 3,336 $ (46,914) $ 1,723 $ (41,855) Other comprehensive (loss) income before reclassifications (2,184) 9,876 2,543 10,235 Amounts reclassified from AOCI — 4,177 (2,758) 1,419 Related tax amounts — (4,572) 73 (4,499) Balance at December 31, 2013 1,152 (37,433) 1,581 (34,700) Other comprehensive (loss) income before reclassifications (15,464) (9,232) 2,057 (22,639) Amounts reclassified from AOCI — 3,043 (2,245) 798 Related tax amounts — 2,071 64 2,135 Balance at December 31, 2014 (14,312) (41,551) 1,457 (54,406) Other comprehensive (loss) income before reclassifications (24,232) 5,057 (850) (20,025) Amounts reclassified from AOCI — 3,642 (632) 3,010 Related tax amounts — (2,399) 504 (1,895) Balance at December 31, 2015 $ (38,544) $ (35,251) $ 479 $ (73,316) Approximately 30% and 70% of the amounts reclassified from accumulated other comprehensive loss to the Consolidated Statement of Income for defined benefit retirement plans during the years e nded December 31, 2015 , 2014 and 2013 were recorded in cost of goods sold and SG&A, respectively. See Note 18 of Notes to Consolidated Financial Statements for further information. All reclassifications related to unrealized gain (loss) in available-for-sale securities relate to the Comp any’s equity interest in a captive insurance company and are recorded in equity in net income of associated companies. The amounts reported on the Consolidated Statement of Changes in Equity for non-controlling interest are related to currency translation adjustments. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 21 – Business Acquisitions In July 2015, the Company acquired Verkol , a leading specialty grease and other lubricants manufacturer based in northern Spain for its EMEA reportable operating segment for approximately 37,737 EUR, or approximately $41,393, which includes a post-closing adjustment of 1,282 EUR, or approximately $1,384, accrued for by the Company as of December 31, 2015 and subsequently paid in January 2016. The purchase included cash acquired of approximately 14,053 EUR, or approxim ately $15,423, 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 th is acquisition. Verkol 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. Als o, 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 $11,743 of the purchase price to intangible assets, comprised of tr ademarks and formulations, 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 recorded $5,165 of goodwill, including the $1,384 post -closing adjustment mentioned above, related to expected value not allocated to other acquired assets, none of which will be tax deductible. As of December 31, 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 necessary 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 assumed: Verkol Acquisition Current assets $ 30,998 Property, plant and equipment 7,941 Intangibles Customer lists and rights to sell 6,146 Trademarks and patents 5,378 Other intangibles 219 Goodwill 5,165 Other long-term assets 158 Total assets purchased 56,005 Current liabilities (6,681) Long-term debt (2,400) Other long-term liabilities (5,531) Total liabilities assumed (14,612) Cash paid for acquisitions $ 41,393 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 hold-back of consideration, which was paid out and settled during the fourth quarter of 2015. This acquisition provides a strategic opportunity for Quaker in the core Aus tralian mining market. The Company allocated $1,802 of the purchase price to 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 15 years. In addition, the Company recorded $1,178 of goodwill, related to expected value not allocated to other acquired assets, none of which will be tax deductible. In November 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 approximately $528, received by the Company as part of a po st-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 opportunity for Quaker to leverage Binol's environmentally fr iendly 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 $11,805 of the purchase price to 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 recorded $5,726 of goodwill, net of th e $528 post-closing adjustment mentioned above, related to expected value not allocated to other acquired assets, none of which will be tax deductible. In August 2014, the Company acquired ECLI Products, LLC (“ECLI”), a specialty grease manufacturer for i ts 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 sectors, including automotive, industrial, aerospace/mil itary, 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 $31,050 of the purchase price to 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 amortiz ed over 5 years. In addition, the Company recorded $14,642 of goodwill, related to expected value not allocated to other acquired assets, all of which will be tax deductible. During 2015, the Company identified 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 one-year measurement period following each acquisition. As of December 31, 2015 , the allocations of the purchase price for all of the Company’s 2014 acquisitions have been finalized. The following table presents the final 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 and 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 acquisition s was approximately $ 1,037 of cash acquired. Additionally, i n June 2014, the Company acquired the remaining 49% ownership interest in its Australian affiliate, Quaker Chemical (Australasia) Pty. Limited ("QCA") for 8,000 Australian d ollars, 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 no ncontrolling interest in Additional Paid in Capital. In May 2013, the Company acquired a business that primarily related to tin plating for its North American reportable operating segment for net consider ation of approximately $1,831. In January 2013, the Company acquired a chemical milling maskants distribution network for net consideration of approximately $647, which was assigned to the North America reportable operating segment. The Comp any also assumed a hold-back of consideration for potential in demnity obligations, which was paid to the former shareholders during the first quarter of 2014. In December 2010, the Company acquired Summit Lubricants, Inc., which manufactures and distributes specialty greases and lubricants, for approximately $29,83 3, including certain post-closing adjustments finalized in 2011. Liabilities assumed included an earnout to be paid to the former shareholders if certain earnings targets were met by the end of 2013. During 2013, the Company recorded net increases to oth er income of approximately $497 in its Consolidated Statement of Income to finalize the Company’s estimate of the fair value of this contingent consideration liability , which was settled and paid during the second quarter of 2014 with a payment to the form er shareholder of approximately $4,709. The results of operations of the acquired businesses and assets are included in the Consolidated Statements of Income from their respective acquisition dates. Transaction expenses associated with these acquisition s are included in SG&A in the Company’s 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 the Company for the periods pre sented. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 22 – Fair Value Measures 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 measuremen t were as follows: Fair Value Measurements at December 31, 2015 Total Using Fair Value Hierarchy Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,336 $ — $ 1,336 $ — Total $ 1,336 $ — $ 1,336 $ — 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 Consolidated Balance Sheet as of December 31, 2015. In connection with the termination of the Executive Deferred Compensation Plan, the Company 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 instru ments 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 December 31, 2015 and 2014, respectively, so related disclosures have not been included. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Text Block] | Note 23 – 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 compensatory and other damages related to the investigation and remediation of the contamination in the groundwater. Pursuant to a settlement agreement with OCWD, ACP agreed, among other things, to operate the two groundwater treatment systems to hydraulically contain groundwater contamination emanat ing 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 ceased operation at one of its two groundwater treatment sy stems, 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 one to three years . As of December 31, 2015 , the Company believes that the range of potenti al-known liabilities associated with the balance of ACP water remediation program is approximately $360 to $1,030 , for which the Company has sufficient reserves. The low and high ends of the range are based on the length of operation of the tr eatment system as determined by groundwater modeling. Costs of operation include the operation and maintenance of the extraction well, groundwater monitoring and program management. 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 $295 and $173 was accrued at December 31, 2015 and 2014 , respectively, to provide for such anticipated future environmental assessments and remediation costs. An inactive subsidiary of the Company that was acquired in 1978 sold certain products containing asbestos, primarily on an installed basis, and is among the defendants in numerous lawsuits alleging injury due to exposure to asbestos. The subsidiary discontinued operations in 1991 and has no remaining assets other than proceeds received from insurance settlements. To date, the overwhelming major ity of these claims have been disposed of without payment and there have been no adverse judgments against the subsidiary. Based on a continued analysis of the existing and anticipated future claims against this subsidiary, it is currently projected that the subsidiary’s total liability over the next 50 years for these claims is less than $3,000 ( excluding costs of defense). Although the Company has also been named as a defendant in certain of these cases, no claims have been actively pursued against the Company, and the Company has not contributed to the defense or settlement of any of these cases pursued against the subsidiary. These cases were handled by the subsidiary’s primary and excess insurers who had agreed in 1997 to pay all defense costs an d be responsible for all damages assessed against the subsidiary arising out of existing and future asbestos claims up to the aggregate limits of their policies. A significant portion of this primary insurance coverage was provided by an insurer that is i nsolvent, and the other primary insurers asserted that the aggregate limits of their policies have been exhausted. The subsidiary challenged the applicability of these limits to the claims being brought against the subsidiary. In response, two of the thr ee 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 associa ted 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 December 31, 2015 , no n otice of termination has been given under this agreement. At the end of the term of the agreement, the subsidiary may choose to again pursue its claim against this insurer regarding the application of the policy limits. The Company believes that, if the coverage issues under the primary policies with the remaining carrier are resolved adversely to the subsidiary and all settlement proceeds were used, the subsidiary may have limited additional coverage from a state guarantee fund established following the insolvency of one of the subsidiary’s primary insurers. Nevertheless, liabilities in respect of claims may exceed the assets and coverage available to the subsidiary. If the subsidiary’s assets and insurance coverage were to be exhausted, claimants of the subsidiary may actively pursue claims against the Company because of the parent-subsidiary relationship. The Company does not believe that such claims would have merit or that the Company would be held to have liability for any unsatisfied obligations of the subsidiary as a result of such claims. After evaluating the nature of the claims filed against the subsidiary and the small number of such claims that have resulted in any payment, the potential availability of additional insurance coverage at the su bsidiary level, the additional availability of the Company’s own insurance and the Company’s strong defenses to claims that it should be held responsible for the subsidiary’s obligations because of the parent-subsidiary relationship, the Company believes i t is not probable that the Company will incur losses. The Company has been successful to date having any claims naming it dismissed during initial proceedings. Since the Company may be in this stage of litigation for some time, it is not possible to esti mate 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-taxes (“VAT”) incorrectly and, in certain cases, may not have collected sufficient VAT from certain custome rs. 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 be en consistent in its VAT collection and remittance practices and had never been contacted by any tax authority relative to VAT. The subsidiary later determined that for certain products, a portion of the VAT was incorrectly paid and that the total VAT due 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 owed in resolution of those jurisdictions’ claims and no related accruals existed as of December 31, 2015 or 2014 . In 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 may ultimately be paid . The subsidiary filed an appeal of the assessment alleging certain errors by such jurisdiction related to the assessment. During the fourth quarter of 2015, the subsidiary participated in an amnesty program whereby it paid a reduced portion of the amount s owed in resolution of the jurisdictions’ claims, which was materially in line with the Company’s previous estimate. As a result, the Company has no remaining accrual for this or any other related tax assessment at December 31, 2015 . In analyzing the subsidiary’s exposure, it is difficult to estimate both the probability and the amount of any potential liabilities due to a number of factors, including: the decrease in exposure over time due to applicable statutes of limitations and action s taken by the subsidiary, the joint liability of customers and suppliers for a portion of the VAT, the availability of a VAT refund for VAT incorrectly paid through an administrative process, any amounts which may have been or will be paid by customers, a s well as the timing and structure of any tax amnesties or settlements. In addition, interest and penalties on any VAT due can be a multiple of the base tax. The subsidiary may contest any tax assessment administratively and/or judicially for an extended period of time, but may ultimately resolve its disputes through participation in tax amnesty programs, which are a common practice for settling tax disputes in the jurisdictions in question and which have historically occurred on a regular basis, resultin g in significant reductions of interest and penalties. Also, the timing of payments and refunds of VAT may not be contemporaneous, and, if additional VAT is owed, it may not be fully recoverable from customers. As of December 31, 2015 , the Compan y believes there is one potentially impacted jurisdiction remaining, and if the jurisdiction were to initiate audits and issue assessments, the remaining exposure, net of refunds, could be from $0 to $700 , assuming the continued availabilit y 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 ma nagement currently believes will not have a material adverse effect on the Company’s results of operations, cash flows or financial condition. The Company leases certain manufacturing and office facilities and equipment under non-cancelable operating lease s with various terms from 1 to 8 years expiring in 2023 . Rent expense for 2015 , 2014 and 2013 was $5,921 , $5,792 , and $5,510 , respectively. The Company’s minimum rental commitments under non-cancelable operating le ases at December 31, 2015 for future years were approximately: 2016 $ 5,291 2017 3,040 2018 779 2019 485 2020 172 2021 and beyond 81 |
Quarterly Results - Unaudited
Quarterly Results - Unaudited | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results (unaudited) [Abstract] | |
Quarterly Results - Unaudited [Text Block] | Note 24 – Quarterly Results (unaudited) First Second Third Fourth Quarter (1) Quarter (2) Quarter (3) Quarter (4) 2015 Net sales $ 181,330 $ 183,726 $ 189,224 $ 183,275 Gross profit 66,328 70,617 71,329 68,766 Operating income 17,864 21,445 18,728 13,223 Net income attributable to Quaker Chemical Corporation 10,378 15,038 14,371 11,393 Net income attributable to Quaker Chemical Corporation Common Shareholders - Basic $ 0.78 $ 1.13 $ 1.08 $ 0.86 Net income attributable to Quaker Chemical Corporation Common Shareholders - Diluted $ 0.78 $ 1.13 $ 1.08 $ 0.86 2014 Net sales $ 181,674 $ 191,286 $ 198,867 $ 194,033 Gross profit 65,114 68,216 70,300 69,576 Operating income 19,373 20,945 20,553 16,485 Net income attributable to Quaker Chemical Corporation 12,730 15,427 15,696 12,639 Net income attributable to Quaker Chemical Corporation Common Shareholders - Basic $ 0.96 $ 1.17 $ 1.18 $ 0.95 Net income attributable to Quaker Chemical Corporation Common Shareholders - Diluted $ 0.96 $ 1.16 $ 1.18 $ 0.95 (1) Net income attributable to Quaker Chemical Corporation for both the first quarter of 2015 and 2014 includes earnings from the Company’s equity interest in a captive insurance company of approximately $0.06 and $0.06 per diluted share, respectively. Net income attributable to Quaker Chemical Corporation in the first quarter of 2015 includes a currency conversion charge of approximately $0 .21 per diluted share related to the Company’s 50% owned equity affiliate in Venezuela and costs related to streamlining certain operations in the Company’s South America segment of approximately $0.01 per diluted share. Net income attributable to Quaker Chemical Corporation in the first quarter of 2014 includes a pension charge related to an amendment to the Company’s U.K. pension plan of approximately $0.05 per diluted share. (2) Net income attributable to Quaker Chemical Corporation for both the secon d quarter of 2015 and 2014 includes (losses) earnings from the Company’s equity interest in a captive insurance company of approximately ($0.01) and $0.09 per diluted share, respectively. Net income attributable to Quaker Chemical Corporation for the seco nd quarter of 2015 includes a charge due to a certain U.S. customer bankruptcy of approximately $0.01 per diluted share. Net income attributable to Quaker Chemical Corporation in the second quarter of 2014 includes costs related to streamlining certain op erations in the Company’s EMEA segment of approximately $0.02 per diluted share and a currency conversion charge of approximately $0.02 per diluted share related to the Company’s 50% owned equity affiliate in Venezuela. (3) Net income attributable to Q uaker Chemical Corporation for both the third quarter of 2015 and 2014 includes earnings from the Company’s equity interest in a captive insurance company of approximately $0.04 and $0.01 per diluted share, respectively. Net income attributable to Quaker Chemical Corporation for the third quarter of 2015 includes charges of approximately $0.15 per diluted share related to certain one-time transaction expenses associated with the Company’s third quarter acquisition of Verkol , S.A. Net income attributable t o Quaker Chemical Corporation for the third quarter of 2014 includes charges due to a U.S. customer bankruptcy of approximately $0.02 per diluted share. (4) Net income attributable to Quaker Chemical Corporation for both the fourth quarter of 2015 and 20 14 includes earnings from the Company’s equity interest in a captive insurance company of approximately $0.07 and $0.02 per diluted share, respectively. Net income attributable to Quaker Chemical Corporation for the fourth quarter of 2015 includes charges of approximately $0.36 per diluted share related to a global restructuring plan and approximately $0.01 per diluted share due to a U.S. customer bankruptcy. Net income attributable to Quaker Chemical Corporation for the fourth quarter of 2014 includes co sts of approximately $0.04 per diluted share related to streamlining certain operations in the Company’s South America segment and charges due to an EMEA customer bankruptcy of approximately $0.03 per diluted share. |
Significant Accounting Polici33
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | All majority-owned subsidiaries are included in the Company’s consolidated financial statements, with appropriate elimination of intercompany balances and transactions. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | The Financial Accounting Standards Board’s (“FASB’s”) guidance regarding the consolidation of certain Variable Interest Entities (“VIEs”) generally requires that assets, liabili ties and results of the activities of a VIE be consolidated into the financial statements of the enterprise that is considered the primary beneficiary. The consolidated financial statements include the accounts of the Company and all of its subsidiaries i n which a controlling interest is maintained and would include any VIEs if the Company was the primary beneficiary pursuant to the provisions of the applicable guidance. |
Equity and Cost Method Investments, Policy [Policy Text Block] | Investments in associated companies (less than majority-owned and in which the Company has significant influence) are accounted for under the equity method. The Company’s share of net income or losses in these investments in associated companies is included in the C onsolidated Statement of Income. The Company periodically reviews these investments for impairments and, if necessary, would adjust these investments to their fair value when a decline in market value or other impairment indicators are deemed to be other than temporary. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of foreign currency: Assets and liabilities of non-U.S. subsidiaries and a ssociated comp anies are translated into U.S. d ollars at the respective rates of exchange prevailing at the end of the year. Income and expense accounts are translated at average exchange rates prevailing during the year. Translation adjustments resulting from this process are recorded directly in equity as accumulated other comprehensive (loss) income (“AOCI”) and will be included as income or expense only upon sale or liquidation of the underlying investment. Generally, all of the Company’s non-U.S. sub sidiaries use their local currency as their functional currency. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents: The Company invests temporary and excess funds in money market securities and financial instruments having maturities typically within 90 days. The Company conside rs all highly liquid investments with original maturities of three months or less to be cash equivalents. |
Inventory, Policy [Policy Text Block] | Inventories: Inventories are valued at the lower of cost or market value, and are valued using the first-in, first-out (“FIFO”) method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Long-lived assets: Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method on a n individual asset basis over the following estimated useful lives: building s and improvements, 10 to 45 years; and machinery an d equipment, 1 to 15 years. The carrying value s of long-lived assets are evaluated whenever ch anges in circumstances or current events indicate the carrying amount of such assets may not be recoverable. An estimate of undiscounted cash flows produced by the asset, or the appropriate group of assets, is compared with the carrying value to determine whether an impairment exists. If necessary, the Company recognizes an impairment loss for the difference between the carrying amount of the assets and their estimated fair value. Fair value is based on current and anticipated future cash flows. Upon sa le or other dispositions of long-lived assets, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposals, is recorded in the Consolidated Statements of I ncome. Expendit ures for renewals or improvements that increase the estimated useful life or capacity of the assets are capitalized, whereas expenditures for repairs and maintenan ce are expensed when incurred. See Note 12 of Notes to Consolidated Financial Statements. |
Internal Use Software, Policy [Policy Text Block] | Capitalized software: The Company capitalizes certain costs in connection with developing or obtaining software for internal use. These costs are amortized over a period of 3 to 5 years once the assets are ready for their intended use. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and other intangible assets: The Company records goodwill, definite-lived intangible assets and indefinite-lived intangible assets at fair value at the date of acq uisition. Goodwill and indefinite-lived intangible assets are not amortized, but tested for impairment at least annually. These tests will be performed more frequently if triggering events indicate potential impairment. Definite-lived intangible assets a re amortized over their estimated useful lives, gen erally for periods ranging from 4 to 20 years. The Company continually evaluates the reasonableness of the useful lives of these assets, consistent with the discussion of long-lived asset s, above. |
Revenue Recognition Accounting Policy, Gross and Net Revenue Disclosure [Policy Text Block] | Revenue recognition: The Company recognizes revenue in accordance with the terms of the underlying agreements, when title and risk of loss have been transferred, when collectability is reasonably assured, and when pricing is fixed or determinable. For the Company, t his generally occurs when products are shipped to customers or, for consignment-type arrangements, upon usage by the customer and when services are performed. License fee s and royalties are included in other income when recognized in accordance with their agreed-upon terms, when performance obligations are satisfied, when the amount is fixed or determinable, and when collectability is r easonably assured. 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 a principal, revenues are recognized on a gross reporting basis at the selling price negotiated with its customers. Where the Company acts as an agent, such revenue is recorded using net reporting as service revenue at the amount of the administrative fee earned by the Company for ordering the goods. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts receivable and allowance for doubtful accounts: Trade accounts receivable subject the Comp any to credit risk. Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses with its existing accounts re ceivable. Reserves for customers filing for bankruptcy protection are generally established at 75-100% of the amount outstanding at the bankruptcy filing date. However, initially establishing a reserve and the amount thereto is dependent on the Company’s evaluation of likely proceeds to be received from the bankruptcy process, which could result in the Company recognizing minimal or no reserve at the date of bankruptcy. Large and/or financially distressed customers are generally reserved for on a specifi c review basis while a general reserve is established for other customers based on historical experience. The Company performs a formal review of its allowance for doubtful accounts quarterly. Account balances are charged off against the allowance when t he Company feels it is probable the receivable will not be recovered. The Company does not have any off-balance-sheet credit exposure related to its customers. |
Research and Development Expense, Policy [Policy Text Block] | Research and development costs: Research and development costs are expensed as incurred and are included in selling, general and administrative expenses (“SG&A”) . |
Environmental Costs, Policy [Policy Text Block] | Environmental liabilities and expenditures: Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. If there is a range of est imated liability and no amount in that range is considered more probable than another, then the Company records the lowest amount in the range in accordance with generally accepted accounting principles. Accrued liabilities are exclusive of claims against third parties and are not discounted. Environmental costs and remediation costs are capitalized if the costs extend the life, increase the capacity or improve safety or efficiency of the property from the date acquired or constructed, and/or mitigate or p reven t contamination in the future. |
Asset Retirement Obligations, Policy [Policy Text Block] | Asset retirement obligations: The Company follows the FASB’s guidance regarding asset retirement obligations, which addresses the accounting and reporting f or obligations associated with the retirement of tangible long-lived assets and the associated retirement costs. Also, the Company follows the FASB’s guidance for conditional asset retirement obligations (“CARO”), which relates to legal obligations to per form an asset retirement activity in which the timing and (or) method of settlement are conditional on a future event that may or may not be within the control of the entity. In accordance with this guidance, the Company records a liability when there is enough information regarding the timing of the CARO to perform a probability-weighted discounted cash flow analysis. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and other postretirement benefits: The Company maintains various noncontributory retirement plans, the largest of which is in the U.S., covering substantially all of its employees in the U.S. and certa in other countries. The plans of the Company’s subsidiaries in The Netherlands, the United Kingdom (“U.K.”) , Mexico and Sweden are subject to the provisions of FASB’s guidance regarding employers’ accounting for defined benefit pension plans. The plans o f the remaining non-U.S. subsidiaries are, for the most part, either fully insured or integrated with the local governments’ plans and are not subject to the provisions of the guidance. The guidance requires that employers recognize on a prospective basis the funded status of their defined benefit pension and other postretirement plans on their consolidated balance sheet and, also, recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits tha t arise during the period but are not recognized as components of net periodic benefit cost. The Company’s U.S. pension plan year ends on November 30 and the measurement date is December 31. The measurement date for the Company’s other postretirement ben efits plan is December 31. The Company’s pension investment policy is designed to ensure that pension assets are invested in a manner consistent with meeting the future benefit obligations of the pension plans and maintaining compliance with various laws and regulations including the Employee Retirement Income Security Act of 1974 (“ERISA”). The Company establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent b alance between return and risk. The Company’s investment horizon is generally long term, and, accordingly, the target asset allocations encompass a long-term perspective of capital markets, expected risk and return and perceived future economic conditions while also considering the profile of plan liabilities. To the extent feasible, the short-term investment portfolio is managed to immunize the short-term obligations, the intermediate portfolio duration is immunized to reduce the risk of volatility in in termediate plan distributions, and the total return portfolio is expected to maximize the long-term real growth of plan assets. The critical investment principles of diversification, assessment of risk and targeting the optimal expected returns for given levels of risk are applied. The Company’s investment guidelines prohibit use of securities such as letter stock and other unregistered securities, commodities or commodity contracts, short sales, margin transactions, private placements (unless specificall y addressed by addendum), or any derivatives, options or futures for the purpose of portfolio leveraging. The target asset allocation is reviewed periodically and is determined based on a long-term projection of capital market outcomes, inflation rates, fixed income yields, returns, volatilities and correlation relationships. The interaction between plan assets and benefit obligations is periodically studied to assist in establishing such strategic asset allocation targets. Asset performance is monitor ed with an overall expectation that plan assets will meet or exceed benchmark performance over rolling five-year periods. The Company’s pension committee, as authorized by the Company’s Board of Directors, has discretion to manage the assets within establ ished asset allocation ranges approved by senior management of the Company. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss): The Company presents other comprehensive income (loss) in its Statement of Comprehensive Income. The Company follows the FASB’s guidance regarding the disclosure of reclas sifications from AOCI which requires the disclosu re of significant amounts reclassified from each component of AOCI, the related tax amounts and the income statement line items affected by such reclassifications. The Company elected to present the information in its Notes to the Consolidated Financial S tatements. |
Income Tax, Policy [Policy Text Block] | Income taxes and uncertain tax positions: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, de ferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year and the change in d eferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are re corded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. |
Income Tax Uncertainties, Policy [Policy Text Block] | The FASB’s guidance regarding accounting for uncertainty in income taxes prescribes the recognition threshold and measurement attributes for fina ncial statement recognition and measurement of tax positions taken or expected to be taken on a tax return. The guidance further requires the determination of whether the benefits of tax positions will be more likely than not sustained upon audit based up on the technical merits of the tax position. For tax positions that are determined to be more likely than not sustained upon audit, a company recognizes the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settleme nt in the financial statements. For tax positions that are not determined to be more likely than not sustained upon audit, a company does not recognize any portion of the benefit in the financial statements. Additionally, the Company monitors and adjusts for derecognition , classification, and penalties and interest in interim periods, with appropriate disclosure and transition thereto . A lso , the amount of interest expense and income related to uncertain tax positions is computed by applying the applicabl e statutory rate of interest to the difference between the tax position recognized, including timing differences, and the amount previously taken or expected to be taken in a tax return. The Company’s continuing practice is to recognize interest and/or pe nalties related to income tax matters in income tax expense. Finally, when applicable, t he Company net s its liability for unrecognized tax benefits against deferred tax assets related to net operating losses or other tax credit carryforwards that would ap ply if the uncertain tax position were settled for the presumed amount at the balance sheet date. |
Derivatives, Policy [Policy Text Block] | Derivatives: The Company is exposed to the impact of changes in interest rates, foreign currenc y fluctuations, changes in commodity prices and credit risk. The Company is currently not using derivative instruments to mitigate the risks associated with foreign currency fluctuations, changes in commodity prices or credit risk, but has used derivative financial instruments primarily for purposes of hedging exposures to fluctuations in interest rates in the past. When used, the Company recognized all derivatives on its balance sheet at fair value. For derivative instruments designated as cash flow hed ges, the effective portion of any hedge would be reported in AOCI until it was cleared to earnings during the same period in which the hedged item affected earnings. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value measurements: The Company utilizes the FASB’s guidance regarding fair value measurements, which establishes a common definition for fair value to be applied to guidance requiring use of fair value, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. Specifically, the guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into thr ee broad levels. See Note 22 of Notes to Consolidated Financial Statements. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation: The Company applies the FASB’s guidance regarding share-based payments, which requires the recognition of the fair value of stock-based compensation as a component of expense. The Company has a long-term incentive program (“LTIP”) for key employees which provides for the granting of options to purchase stock at prices not less than its market value on the date of the grant. Most options become exercisable between one and three years after the date of the grant for a period of time determined by the Company, but not to exceed seven years from the date of grant. Restricted stock awards and r estricted s tock u nits (“RSU”) issued under the LTIP program are generally subject to time vesting over a one to five-year period. In ad dition, as part of the Company’s Global Annual Incentive Plan (“GAIP”), nonvested shares may be issued to key employees, which generally vest over a two to five-year period. Based on historical experience, the Company has assumed a forfeiture rate of 13% on its nonvested stock awards. The Company will record additional expense if the actual forfeiture rate is lower than estimated, and will record a recovery of prior expense if the actual forfeiture is higher than estimated. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share: The Company follows the FASB’s guidance regarding the calculation of earnings per share (“EPS”) for nonvested stock awards with rights to non-forfeitable dividends. The guidance requires nonvested stock awards with rights to non-forfeitable dividends to be included as part of the basic weighted average share calculation under the two-class method. |
Segment Reporting, Policy [Policy Text Block] | Segments: The Company’s reporting segments are the same as the Company’s operating segments. The Company’s reportable operating segments evidence the structure of the Company’s internal organization, the method by which the Company’s resources are allocated and the manner by which the Company assesse s its performance. |
Business Combinations Policy [Policy Text Block] | Business combinations: The Company accounts for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets, and assumed liabilities at their respective acquisition date estimated fair values. Any excess of the purchase price over the estimated fair value of the identifiable net assets acquired is recorded as goodwill. The determination of the estimated fair value of assets acquired and liabi lities assumed requires significant estimates and assumptions. Based on the assessment of additional information during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the estimated fair value of assets acquired and liabilities as sumed. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring activities: Restructuring programs consist of employee severance, rationalization of manufacturing or other facilities and other related items. To account for such programs , the Company applies FASB’s guidance regarding exit or disposal cost obligations. This guidance requires that a liability for a cost associated with an exit or disposal activity be recognized when the liability is incurred, is estimable, and payment is probable. |
Reclassification, Policy [Policy Text Block] | Reclassifications : Certain information has been reclassified to conform to the current year presentation. |
Use of Estimates, Policy [Policy Text Block] | Accounting estimates: The prepa ration of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilitie s and disclosure of contingencies at the date of the fina ncial statements and the reported amounts of net sales and expens es during the reporting period. Actual results c ould differ from such estimates. |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | North South America EMEA Asia/Pacific America Total Accrued restructuring as of December 31, 2014 $ — $ — $ — $ — $ — Restructuring charges 2,025 4,390 338 37 6,790 Cash payments (158) (130) (202) — (490) Currency translation adjustments — 5 (1) (1) 3 Accrued restructuring as of December 31, 2015 $ 1,867 $ 4,265 $ 135 $ 36 $ 6,303 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Disclosures [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2015 2014 2013 Segment assets North America (including Corporate) $ 320,312 $ 340,385 $ 298,305 EMEA 163,787 124,273 103,414 Asia/Pacific 181,652 170,580 144,682 South America 19,762 30,288 37,745 Total segment assets $ 685,513 $ 665,526 $ 584,146 2015 2014 2013 Segment long-lived assets North America (including Corporate) $ 87,421 $ 92,319 $ 91,464 EMEA 27,101 20,634 20,863 Asia/Pacific 23,096 24,392 24,695 South America 2,573 3,911 4,130 Total segment long-lived assets $ 140,191 $ 141,256 $ 141,152 2015 2014 2013 Capital expenditures North America (including Corporate) $ 4,166 $ 3,658 $ 2,793 EMEA 3,081 4,811 1,391 Asia/Pacific 3,169 3,202 6,386 South America 617 1,381 869 Total segment capital expenditures $ 11,033 $ 13,052 $ 11,439 2015 2014 2013 Depreciation North America $ 5,577 $ 5,231 $ 5,236 EMEA 2,975 3,069 3,145 Asia/Pacific 2,812 2,713 2,080 South America 832 1,060 1,211 Total segment depreciation $ 12,196 $ 12,073 $ 11,672 2015 2014 2013 Net sales North America $ 344,248 $ 334,400 $ 308,353 EMEA 179,717 195,309 187,794 Asia/Pacific 181,056 185,974 169,505 South America 32,534 50,177 63,743 Total net sales $ 737,555 $ 765,860 $ 729,395 2015 2014 2013 Operating earnings, excluding indirect operating expenses North America $ 79,791 $ 68,296 $ 61,307 EMEA 27,979 32,589 29,643 Asia/Pacific 45,107 43,847 42,373 South America 1,785 4,292 9,177 Total operating earnings, excluding indirect operating expenses 154,662 149,024 142,500 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | 2015 2014 2013 Total operating earnings, excluding indirect operating expenses 154,662 149,024 142,500 Non-operating charges (69,602) (67,110) (67,145) Restructuring and related activities (6,790) — — Depreciation of corporate assets and amortization (7,010) (4,558) (4,112) Consolidated operating income 71,260 77,356 71,243 Other (expense) income, net (69) 767 3,519 Interest expense (2,585) (2,371) (2,922) Interest income 1,624 2,541 986 Consolidated income before taxes and equity in net income of associated companies $ 70,230 $ 78,293 $ 72,826 |
Schedule of Product Information [Table Text Block] | 2015 2014 2013 Rolling lubricants 18.6 % 20.1 % 20.7 % Machining and grinding compounds 15.3 % 16.3 % 17.7 % Hydraulic fluids 12.6 % 13.0 % 12.9 % Corrosion preventives 12.0 % 12.5 % 12.5 % |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | December 31, 2015 2014 2013 Stock options $ 730 $ 663 $ 517 Nonvested stock awards and restricted stock units 2,937 2,473 1,900 Employee stock purchase plan 75 73 60 Non-elective and elective 401(k) matching contribution in stock 2,052 1,975 1,612 Director stock ownership plan 125 125 72 Total share-based compensation expense $ 5,919 $ 5,309 $ 4,161 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Average Exercise Remaining Aggregate Number of Price Contractual Intrinsic Options (per option) Term (years) Value Options outstanding at January 1, 2015 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 December 31, 2015 99,671 $ 71.73 5.1 $ 967 Options expected to vest at December 31, 2015 68,214 $ 78.78 5.6 $ 286 Options exercisable at December 31, 2015 31,457 $ 56.46 4.1 $ 681 |
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 1.1 18.82 2,367 18.82 $ 20.01 - $ 30.00 — — — — — $ 30.01 - $ 40.00 6,317 3.2 38.13 6,317 38.13 $ 40.01 - $ 50.00 — — — — — $ 50.01 - $ 60.00 21,055 4.2 58.26 11,997 58.26 $ 60.01 - $ 70.00 — — — — — $ 70.01 - $ 80.00 33,786 5.2 73.47 10,776 73.47 $ 80.01 - $ 90.00 36,146 6.2 87.30 — — 99,671 5.1 71.73 31,457 56.46 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Year Ended December 31, June 30, 2015 2014 2013 2012 2012 Number of stock options granted 38,698 37,048 29,302 37,965 2,192 Dividend yield 1.55 % 2.00 % 2.49 % 3.09 % 2.69 % Expected volatility 36.32 % 43.34 % 57.28 % 69.90 % 69.09 % Risk-free interest rate 1.22 % 1.22 % 0.63 % 0.61 % 0.58 % Expected term (years) 4.0 4.0 4.0 4.0 4.0 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended December 31, 2015 2014 2013 2015 Stock option awards $ 232 $ — $ — 2014 Stock option awards $ 257 $ 227 $ — 2013 Stock option awards $ 200 $ 213 $ 174 2012 Stock option awards $ 41 $ 199 $ 189 |
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 30,785 $ 86.26 Vested (33,681) $ 46.76 Forfeited (7,644) $ 61.12 Nonvested awards, December 31, 2015 113,910 $ 72.91 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | 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, December 31, 2015 6,174 $ 74.14 |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | 2015 2014 2013 Non-income tax refunds and other related credits $ 141 $ 582 $ 2,876 Change in fair value of acquisition-related liabilities — — 497 Income from third party license fees 875 1,063 1,027 Foreign exchange losses, net (1,184) (1,039) (1,076) Asset impairment related to a cost streamlining initiative — — (211) Gain on fixed asset disposals, net 6 128 382 Other non-operating income 261 329 247 Other non-operating expense (168) (296) (223) Total other (expense) income, net $ (69) $ 767 $ 3,519 |
Taxes on Income and Uncertain P
Taxes on Income and Uncertain Positions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Taxes on Income and Uncertain Tax Positions [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2015 2014 2013 Current: Federal $ 8,924 $ 8,086 $ 7,216 State 188 796 263 Foreign 11,074 13,650 13,040 20,186 22,532 20,519 Deferred: Federal 404 2,548 155 State (16) 57 138 Foreign (2,789) (1,598) (323) Total $ 17,785 $ 23,539 $ 20,489 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2015 2014 2013 Domestic $ 25,219 $ 32,391 $ 25,900 Foreign 45,011 45,902 46,926 Total $ 70,230 $ 78,293 $ 72,826 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2015 2014 Retirement benefits $ 9,621 $ 11,747 Allowance for doubtful accounts 2,367 2,237 Insurance and litigation reserves 787 860 Postretirement benefits 1,863 2,137 Supplemental retirement benefits 3,220 3,448 Performance incentives 4,777 4,705 Equity-based compensation 1,823 1,292 Insurance settlement 8,100 8,429 Operating loss carryforward 7,815 8,657 Uncertain tax positions 2,785 4,313 Restructuring 1,897 — Other 2,402 2,073 47,457 49,898 Valuation allowance (6,259) (7,345) Total deferred income tax assets, net $ 41,198 $ 42,553 Depreciation 5,924 4,616 Europe pension and other 1,107 1,654 Amortization and other 14,318 12,821 Total deferred income tax liabilities $ 21,349 $ 19,091 |
Schedule of Deferred Income Tax Assets Valuation Allowance [Table Text Block] | Effect of Balance at Additional Allowance Exchange Balance Beginning Valuation Utilization Rate at End of Period Allowance and Other Changes of Period Valuation Allowance Year ended December 31, 2015 $ 7,345 $ 86 $ (802) $ (370) $ 6,259 Year ended December 31, 2014 $ 7,666 $ 5 $ (105) $ (221) $ 7,345 Year ended December 31, 2013 $ 7,858 $ 26 $ (1) $ (217) $ 7,666 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 Income tax provision at the Federal statutory tax rate $ 24,578 $ 27,402 $ 25,489 Differences in tax rates on foreign earnings and remittances (5,097) (3,025) (2,487) Foreign dividends 2,690 3,278 1,922 Excess foreign tax credit utilization (4,141) (5,011) (3,664) Research and development activities credit utilization (245) (226) (200) Uncertain tax positions 226 263 (589) Domestic production activities deduction (910) (567) (560) State income tax provisions, net 133 517 171 Non-deductible entertainment and business meals expense 249 278 229 Miscellaneous items, net 302 630 178 Taxes on income $ 17,785 $ 23,539 $ 20,489 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2015 2014 2013 Unrecognized tax benefits at January 1 $ 11,845 $ 12,596 $ 12,410 (Decrease) increase in unrecognized tax benefits taken in prior periods (416) (93) 83 Increase in unrecognized tax benefits taken in current period 2,512 2,678 2,182 (Decrease) in unrecognized tax benefits due to lapse of statute of limitations (1,924) (2,078) (2,485) (Decrease) increase due to foreign exchange rates (985) (1,258) 406 Unrecognized tax benefits at December 31 $ 11,032 $ 11,845 $ 12,596 |
Schedule Of Deferred Tax Assets And Liabilities Balance Sheet Classification [Table Text Block] | 2015 2014 Current deferred tax assets $ 7,822 $ 8,367 Non-current deferred tax assets 27,071 24,411 Current deferred tax liabilities 41 732 Non-current deferred tax liabilities 15,003 8,584 Net deferred tax asset $ 19,849 $ 23,462 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | December 31, 2015 2014 2013 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 51,180 $ 56,492 $ 56,339 Less: income allocated to participating securities (443) (503) (481) Net income available to common shareholders $ 50,737 $ 55,989 $ 55,858 Basic weighted average common shares outstanding 13,199,630 13,126,759 13,044,842 Basic earnings per common share $ 3.84 $ 4.27 $ 4.28 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 51,180 $ 56,492 $ 56,339 Less: income allocated to participating securities (443) (503) (481) Net income available to common shareholders $ 50,737 $ 55,989 $ 55,858 Basic weighted average common shares outstanding 13,199,630 13,126,759 13,044,842 Effect of dilutive securities 15,219 21,309 24,770 Diluted weighted average common shares outstanding 13,214,849 13,148,068 13,069,612 Diluted earnings per common share $ 3.84 $ 4.26 $ 4.27 |
AR and Allowance for Doubtful A
AR and Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable and Allowance for Doubtful Accounts [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Exchange Rate Balance at Changes Write-Offs Changes Balance Beginning to Costs and Charged to and Other at End of Period Expenses Allowance Adjustments of Period Allowance for Doubtful Accounts Year ended December 31, 2015 $ 6,498 $ 1,460 $ (261) $ 121 $ 7,818 Year ended December 31, 2014 $ 7,133 $ (264) $ (296) $ (75) $ 6,498 Year ended December 31, 2013 $ 6,399 $ 1,136 $ (407) $ 5 $ 7,133 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2015 2014 Raw materials and supplies $ 36,876 $ 37,961 Work in process and finished goods 38,223 39,747 Total inventories $ 75,099 $ 77,708 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | 2016 $ 64 2017 59 2018 — 2019 — 2020 — 2021 and beyond — Total net minimum lease payments 123 Less amount representing interest (4) Present value of net minimum lease payments $ 119 |
Property, Plant and Equipment [Table Text Block] | December 31, 2015 2014 Land $ 9,388 $ 7,962 Building and improvements 80,110 78,911 Machinery and equipment 136,329 142,102 Construction in progress 5,337 5,541 231,164 234,516 Less accumulated depreciation (143,545) (148,753) $ 87,619 $ 85,763 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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, 2013 $ 28,127 $ 11,184 $ 15,018 $ 3,822 $ 58,151 Goodwill additions 14,612 6,130 1,075 — 21,817 Currency translation adjustments (62) (1,264) (87) (622) (2,035) Balance as of December 31, 2014 42,677 16,050 16,006 3,200 77,933 Goodwill additions 30 4,761 103 — 4,894 Currency translation adjustments (264) (1,531) (865) (1,056) (3,716) Balance as of December 31, 2015 $ 42,443 $ 19,280 $ 15,244 $ 2,144 $ 79,111 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Carrying Accumulated Amount Amortization 2015 2014 2015 2014 Customer lists and rights to sell $ 67,435 $ 63,502 $ 15,806 $ 12,681 Trademarks and patents 23,147 18,944 5,538 4,066 Formulations and product technology 5,808 5,808 4,082 3,896 Other 5,788 6,647 4,565 4,950 Total definite-lived intangible assets $ 102,178 $ 94,901 $ 29,991 $ 25,593 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the year ended December 31, 2016 $ 6,785 For the year ended December 31, 2017 6,369 For the year ended December 31, 2018 6,148 For the year ended December 31, 2019 6,047 For the year ended December 31, 2020 5,769 |
Investment in Associated Compan
Investment in Associated Companies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments in Associated Companies [Abstract] | |
Schedule of Equity Method Investments [Table Text Block] | December 31, 2015 2014 Current Assets $ 36,761 $ 42,828 Noncurrent Assets 606 1,105 Current Liabilities 26,039 28,797 Noncurrent Liabilities 410 397 Year Ended December 31, 2015 2014 2013 Net Sales $ 40,282 $ 48,834 $ 47,226 Gross Margin 12,887 15,698 16,096 Income Before Income Taxes (2,843) 3,546 3,687 Net Income (3,631) 2,263 2,142 December 31, 2015 2014 Total Assets $ 105,585 $ 109,259 Total Liabilities 54,534 59,773 Year Ended December 31, 2015 2014 2013 Revenue $ 7,058 $ 10,755 $ 20,895 Income Before Income Taxes 8,407 10,929 25,625 Net Income 6,334 7,352 16,876 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, 2015 2014 Restricted insurance settlement $ 22,874 $ 23,599 Uncertain tax positions 6,054 5,516 Supplemental retirement income program 1,336 1,361 Deferred compensation assets — 779 Other 1,954 2,487 Total other assets $ 32,218 $ 33,742 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Current Liabilities [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2015 2014 Non-income taxes $ 6,815 $ 7,717 Income taxes payable 6,534 4,210 Selling expenses 1,848 3,352 Freight 2,354 1,547 Professional fees 1,358 1,638 Legal 1,165 754 Acquisition-related liabilities 1,384 246 Other 4,238 4,233 Total other current liabilities $ 25,696 $ 23,697 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Schedule of Debt [Table Text Block] | December 31, 2015 2014 Credit facilities $ 62,884 $ 58,421 Industrial development bonds 15,000 15,000 Municipality-related loans 4,098 2,109 Other debt obligations (including capital leases) 119 201 82,101 75,731 Current portion of long-term debt (662) (403) $ 81,439 $ 75,328 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2016 $ 662 2017 719 2018 66,931 2019 656 2020 651 |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Pension and Other Postretirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Other Post- Pension Benefits Retirement Benefits 2015 2014 2015 2014 Change in benefit obligation Foreign Domestic Total Foreign Domestic Total Domestic Domestic Gross benefit obligation at beginning of year $ 106,827 $ 70,667 $ 177,494 $ 85,745 $ 66,369 $ 152,114 $ 6,045 $ 5,639 Service cost 2,799 250 3,049 2,626 250 2,876 17 19 Interest cost 2,476 2,541 5,017 3,210 2,823 6,033 195 232 Employee contributions 80 — 80 89 — 89 — — Effect of plan amendments — — — 242 — 242 — — Plan settlements (328) — (328) — — — — — Benefits paid (1,604) (4,249) (5,853) (1,985) (4,589) (6,574) (533) (533) Plan expenses and premiums paid (57) (250) (307) (361) (250) (611) — — Transfer in of business acquisition — — — 2,818 — 2,818 — — Actuarial (gain) loss (7,799) (2,097) (9,896) 26,412 6,064 32,476 (302) 688 Translation differences and other (9,988) — (9,988) (11,969) — (11,969) — — Gross benefit obligation at end of year $ 92,406 $ 66,862 $ 159,268 $ 106,827 $ 70,667 $ 177,494 $ 5,422 $ 6,045 Change in plan assets Fair value of plan assets at year beginning of year $ 86,523 $ 49,689 $ 136,212 $ 68,659 $ 50,650 $ 119,309 $ — $ — Actual (loss) return on plan assets (2,170) 223 (1,947) 23,981 2,591 26,572 — — Employer contributions 1,804 1,288 3,092 3,778 1,287 5,065 533 533 Employee contributions 80 — 80 89 — 89 — — Plan settlements (328) — (328) — — — — — Benefits paid (1,604) (4,249) (5,853) (1,985) (4,589) (6,574) (533) (533) Plan expenses and premiums paid (57) (250) (307) (361) (250) (611) — — Transfer in of business acquisition — — — 2,093 — 2,093 — — Translation differences (8,092) — (8,092) (9,731) — (9,731) — — Fair value of plan assets at end of year $ 76,156 $ 46,701 $ 122,857 $ 86,523 $ 49,689 $ 136,212 $ — $ — Net benefit obligation recognized $ (16,250) $ (20,161) $ (36,411) $ (20,304) $ (20,978) $ (41,282) $ (5,422) $ (6,045) Amounts recognized in the balance sheet consist of: Current liabilities $ (52) $ (575) $ (627) $ (94) $ (577) $ (671) $ (517) $ (568) Non-current liabilities (16,198) (19,586) (35,784) (20,210) (20,401) (40,611) (4,905) (5,477) Net benefit obligation recognized $ (16,250) $ (20,161) $ (36,411) $ (20,304) $ (20,978) $ (41,282) $ (5,422) $ (6,045) Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss: Prior service credit (cost) $ 1,910 $ (185) $ 1,725 $ 2,306 $ (248) $ 2,058 $ — $ — Accumulated loss (20,058) (31,906) (51,964) (27,486) (33,125) (60,611) (983) (1,368) Accumulated other comprehensive loss ("AOCI") (18,148) (32,091) (50,239) (25,180) (33,373) (58,553) (983) (1,368) Cumulative employer contributions in excess of or (below) net periodic benefit cost 1,898 11,930 13,828 4,876 12,395 17,271 (4,439) (4,677) Net benefit obligation recognized $ (16,250) $ (20,161) $ (36,411) $ (20,304) $ (20,978) $ (41,282) $ (5,422) $ (6,045) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 2015 2014 Foreign Domestic Total Foreign Domestic Total Projected benefit obligation $ 92,406 $ 66,862 $ 159,268 $ 106,827 $ 70,667 $ 177,494 Accumulated benefit obligation 90,624 66,862 157,486 104,764 70,667 175,431 Fair value of plan assets 76,156 46,701 122,857 86,523 49,689 136,212 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 2015 2014 Foreign Domestic Total Foreign Domestic Total Projected benefit obligation $ 92,406 $ 66,862 $ 159,268 $ 106,827 $ 70,667 $ 177,494 Fair value of plan assets 76,156 46,701 122,857 86,523 49,689 136,212 |
Schedule of Net Benefit Costs [Table Text Block] | 2015 2014 Foreign Domestic Total Foreign Domestic Total Service cost $ 2,799 $ 250 $ 3,049 $ 2,626 $ 250 $ 2,876 Interest cost 2,476 2,541 5,017 3,210 2,823 6,033 Expected return on plan assets (2,092) (3,453) (5,545) (2,543) (3,817) (6,360) Settlement loss 170 — 170 — — — Actuarial loss amortization 1,136 2,353 3,489 1,307 1,757 3,064 Prior service cost amortization (164) 63 (101) 736 63 799 Net periodic benefit cost $ 4,325 $ 1,754 $ 6,079 $ 5,336 $ 1,076 $ 6,412 2013 Foreign Domestic Total Service cost $ 2,864 $ 299 $ 3,163 Interest cost 3,150 2,437 5,587 Expected return on plan assets (2,245) (3,664) (5,909) Actuarial loss amortization 1,486 2,481 3,967 Prior service cost amortization 30 148 178 Net periodic benefit cost $ 5,285 $ 1,701 $ 6,986 2015 2014 2013 Service cost $ 17 $ 19 $ 34 Interest cost 195 232 185 Actuarial loss amortization 83 65 32 Net periodic benefit costs $ 295 $ 316 $ 251 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 2015 2014 Foreign Domestic Total Foreign Domestic Total Net (gain) loss arising during the period $ (3,537) $ 1,134 $ (2,403) $ 4,973 $ 7,290 $ 12,263 Effect of plan amendment — — — 242 — 242 Recognition of amortization in net periodic benefit cost Prior service cost 164 (63) 101 (736) (63) (799) Actuarial loss (1,306) (2,353) (3,659) (1,307) (1,757) (3,064) Effect of exchange rates on amounts included in AOCI (2,353) — (2,353) (3,076) — (3,076) Total recognized in other comprehensive (income) loss (7,032) (1,282) (8,314) 96 5,470 5,566 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ (2,707) $ 472 $ (2,235) $ 5,432 $ 6,546 $ 11,978 2013 Foreign Domestic Total Net (gain) arising during period $ (1,558) $ (5,856) $ (7,414) Effect of plan amendment (2,138) — (2,138) Recognition of amortization in net periodic benefit cost Prior service cost (30) (148) (178) Actuarial loss (1,486) (2,481) (3,967) Effect of exchange rates on amounts included in AOCI 1,007 — 1,007 Total recognized in other comprehensive (income) (4,205) (8,485) (12,690) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 1,080 $ (6,784) $ (5,704) 2015 2014 2013 Net (gain) loss arising during period $ (302) $ 688 $ (1,331) Amortization of actuarial loss in net periodic benefit costs (83) (65) (32) Total recognized in other comprehensive (income) loss (385) 623 (1,363) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ (90) $ 939 $ (1,112) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Other Post- Pension Plans Retirement Foreign Domestic Total Benefits Actuarial loss $ 843 $ 2,388 $ 3,231 $ 61 Prior service (credit) cost (161) 63 (98) — $ 682 $ 2,451 $ 3,133 $ 61 |
Schedule of Assumptions Used [Table Text Block] | Other Postretirement Pension Benefits Benefits 2015 2014 2015 2014 U.S. Plans: Discount rate 4.07 % 3.72 % 3.88 % 3.45 % Rate of compensation increase 3.63 % 3.63 % N/A N/A Foreign Plans: Discount rate 2.95 % 2.51 % N/A N/A Rate of compensation increase 2.41 % 3.05 % N/A N/A Other Postretirement Pension Benefits Benefits 2015 2014 2015 2014 U.S. Plans: Discount rate 3.72 % 4.48 % 3.45 % 4.05 % Expected long-term return on plan assets 7.30 % 7.85 % N/A N/A Rate of compensation increase 3.63 % 3.63 % N/A N/A Foreign Plans: Discount rate 2.51 % 3.84 % N/A N/A Expected long-term return on plan assets 2.55 % 3.67 % N/A N/A Rate of compensation increase 3.05 % 3.05 % N/A N/A 2015 2014 Health care cost trend rate for next year 6.70 % 6.90 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2037 2027 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 1% Point 1% Point Increase Decrease Effect on total service and interest cost $ 20 $ (17) Effect on postretirement benefit obligations 484 (422) |
Schedule of Allocation of Plan Assets [Table Text Block] | Asset Category Target 2015 2014 U.S. Plans Equity securities 61 % 65 % 66 % Debt securities 32 % 34 % 33 % Other 7 % 1 % 1 % Total 100 % 100 % 100 % Foreign Plans Equity securities and other 23 % 26 % 22 % Debt securities 77 % 74 % 78 % Total 100 % 100 % 100 % Fair Value Measurements at December 31, 2015 Total Using Fair Value Hierarchy U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 753 $ 753 $ — $ — Large capitalization common stock 13,346 13,346 — — Large capitalization registered investment companies 6,363 6,363 — — Small capitalization common stock 773 773 — — Small capitalization registered investment companies 2,333 2,333 — — International developed and emerging markets registered investment companies 5,166 5,166 — — International developed and emerging markets common stock 2,519 2,519 — — Fixed income corporate securities 9,601 — 9,601 — Fixed income registered investment companies 4,147 4,147 — — Fixed income U.S. and foreign government securities 308 — 308 — Pooled separate accounts 1,392 — 1,392 — Total U.S. pension plan assets $ 46,701 $ 35,400 $ 11,301 $ — Fair Value Measurements at December 31, 2015 Total Using Fair Value Hierarchy Foreign Pension Assets Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 7 $ 7 $ — $ — Insurance contract 62,409 — — 62,409 Diversified equity securities - registered investment companies 7,180 — 7,180 — Fixed income - foreign registered investment companies 2,290 — 2,290 — Commingled funds 1,882 — 1,882 — Real estate - registered investment companies 2,388 — — 2,388 Total foreign pension assets $ 76,156 $ 7 $ 11,352 $ 64,797 Total pension assets at fair value $ 122,857 $ 35,407 $ 22,653 $ 64,797 Fair Value Measurements at December 31, 2014 Total Using Fair Value Hierarchy U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 490 $ 490 $ — $ — Large capitalization common stock 14,956 14,956 — — Large capitalization registered investment companies 6,339 6,339 — — Small capitalization common stock 920 920 — — Small capitalization registered investment companies 2,416 2,416 — — International developed and emerging markets registered investment companies 5,638 5,638 — — International developed and emerging markets common stock 2,600 2,600 — — Fixed income corporate securities 9,848 — 9,848 — Fixed income registered investment companies 4,647 4,647 — — Fixed income U.S. and foreign government securities 406 — 406 — Pooled separate accounts 1,429 — 1,429 — Total U.S. pension plan assets $ 49,689 $ 38,006 $ 11,683 $ — Foreign Pension Assets Cash and cash equivalents $ 76 $ 76 $ — $ — Insurance contract 72,417 — — 72,417 Diversified equity securities - registered investment companies 6,565 — 6,565 — Fixed income - foreign registered investment companies 4,946 — 4,946 — Commingled funds 2,041 — 2,041 — Real estate - registered investment companies 478 — — 478 Total foreign pension assets $ 86,523 $ 76 $ 13,552 $ 72,895 Total pension assets at fair value $ 136,212 $ 38,082 $ 25,235 $ 72,895 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | Insurance Real Estate Contract Fund Total Balance at December 31, 2013 $ 57,175 $ 434 $ 57,609 Purchases 3,044 — 3,044 Settlements (1,705) — (1,705) Unrealized gains 22,802 72 22,874 Currency translation adjustment (8,899) (28) (8,927) Balance at December 31, 2014 72,417 478 72,895 Purchases 953 1,937 2,890 Settlements (1,239) — (1,239) Unrealized (losses) gains (2,402) 60 (2,342) Currency translation adjustment (7,320) (87) (7,407) Balance at December 31, 2015 $ 62,409 $ 2,388 $ 64,797 |
Schedule of Expected Benefit Payments [Table Text Block] | Other Post- Pension Benefits Retirement Foreign Domestic Total Benefits 2016 $ 1,779 $ 4,756 $ 6,535 $ 517 2017 1,906 4,535 6,441 512 2018 2,103 4,561 6,664 490 2019 2,248 4,575 6,823 471 2020 2,486 4,297 6,783 440 2021 to 2025 17,147 22,808 39,955 1,870 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Noncurrent [Abstract] | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | December 31, 2015 2014 Restricted insurance settlement $ 22,874 $ 23,599 Uncertain tax positions (includes interest and penalties) 13,332 14,607 Deferred and other long-term compensation 5,866 6,492 Other 512 792 Total other non-current liabilities $ 42,584 $ 45,490 |
Equity and Noncontrolling Int50
Equity and Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Defined Gain (Loss) in Currency Benefit Available-for- Translation Pension Sale Adjustments Plans Securities Total Balance at December 31, 2012 $ 3,336 $ (46,914) $ 1,723 $ (41,855) Other comprehensive (loss) income before reclassifications (2,184) 9,876 2,543 10,235 Amounts reclassified from AOCI — 4,177 (2,758) 1,419 Related tax amounts — (4,572) 73 (4,499) Balance at December 31, 2013 1,152 (37,433) 1,581 (34,700) Other comprehensive (loss) income before reclassifications (15,464) (9,232) 2,057 (22,639) Amounts reclassified from AOCI — 3,043 (2,245) 798 Related tax amounts — 2,071 64 2,135 Balance at December 31, 2014 (14,312) (41,551) 1,457 (54,406) Other comprehensive (loss) income before reclassifications (24,232) 5,057 (850) (20,025) Amounts reclassified from AOCI — 3,642 (632) 3,010 Related tax amounts — (2,399) 504 (1,895) Balance at December 31, 2015 $ (38,544) $ (35,251) $ 479 $ (73,316) |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Verkol Acquisition Current assets $ 30,998 Property, plant and equipment 7,941 Intangibles Customer lists and rights to sell 6,146 Trademarks and patents 5,378 Other intangibles 219 Goodwill 5,165 Other long-term assets 158 Total assets purchased 56,005 Current liabilities (6,681) Long-term debt (2,400) Other long-term liabilities (5,531) Total liabilities assumed (14,612) Cash paid for acquisitions $ 41,393 2014 Acquisitions Current assets $ 12,413 Property, plant and 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 (Table)
Fair Value Measurements (Table) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2015 Total Using Fair Value Hierarchy Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,336 $ — $ 1,336 $ — Total $ 1,336 $ — $ 1,336 $ — 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 $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Lease Maturities [Table Text Block] | 2016 $ 5,291 2017 3,040 2018 779 2019 485 2020 172 2021 and beyond 81 |
Quarterly Results - Unaudited (
Quarterly Results - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results (unaudited) [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | First Second Third Fourth Quarter (1) Quarter (2) Quarter (3) Quarter (4) 2015 Net sales $ 181,330 $ 183,726 $ 189,224 $ 183,275 Gross profit 66,328 70,617 71,329 68,766 Operating income 17,864 21,445 18,728 13,223 Net income attributable to Quaker Chemical Corporation 10,378 15,038 14,371 11,393 Net income attributable to Quaker Chemical Corporation Common Shareholders - Basic $ 0.78 $ 1.13 $ 1.08 $ 0.86 Net income attributable to Quaker Chemical Corporation Common Shareholders - Diluted $ 0.78 $ 1.13 $ 1.08 $ 0.86 2014 Net sales $ 181,674 $ 191,286 $ 198,867 $ 194,033 Gross profit 65,114 68,216 70,300 69,576 Operating income 19,373 20,945 20,553 16,485 Net income attributable to Quaker Chemical Corporation 12,730 15,427 15,696 12,639 Net income attributable to Quaker Chemical Corporation Common Shareholders - Basic $ 0.96 $ 1.17 $ 1.18 $ 0.95 Net income attributable to Quaker Chemical Corporation Common Shareholders - Diluted $ 0.96 $ 1.16 $ 1.18 $ 0.95 |
Significant Accounting Polici55
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | |||
Revenue Recognized Under Net Reporting Arrangements | $ 48,580 | $ 46,844 | $ 41,553 |
Research and Development Expense | $ 22,090 | 22,134 | 21,578 |
Measurement of Tax Benefit, Minimum Likelihood of the Largest Amount Being Realized Upon Ultimate Settlement | 50.00% | ||
Schedule Of Equity Method Investments [Line Items] | |||
Impact Of Restatement On Opening Retained Earnings Net Of Tax | $ 0 | $ 0 | $ (335) |
Significant Accounting Polici56
Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Capitalized Computer Software, Net | $ 1,289 | $ 1,350 |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 45 years | |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 1 year | |
Software Development [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Software Development [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years |
Significant Accounting Polici57
Significant Accounting Policies - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 4 years |
Significant Accounting Polici58
Significant Accounting Policies - Concentration Risk (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Top Five Customers Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Percentage of domestic pension assets | 18.00% |
Top Customer Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Percentage of domestic pension assets | 8.00% |
Significant Accounting Polici59
Significant Accounting Policies - Share-Based Compensation (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Award Vesting Period | 3 years |
Forfeiture rate, Nonvested Stock Awards | 13.00% |
Employee Stock Option [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Award Vesting Period | 3 years |
Options, Maximum Exercisable Life | 7 years |
Employee Stock Option [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Award Vesting Period | 1 year |
Restricted Stock [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Award Vesting Period | 5 years |
Restricted Stock [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Award Vesting Period | 1 year |
GAIP Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Award Vesting Period | 5 years |
GAIP Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Award Vesting Period | 2 years |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Award Vesting Period | 5 years |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Award Vesting Period | 1 year |
Out Of Period Adjustment (Detai
Out Of Period Adjustment (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2013 | Dec. 31, 2015 | |
Accounting Changes And Error Corrections [Abstract] | ||
Immaterial Error Correction | During the first quarter of 2013, the Company identified errors in Primex’s estimated 2012 financial statements, which primarily related to a reinsurance contract held by Primex. The identified errors resulted in a cumulative $1,038 understatement of the Company’s equity in net income from associated companies for the year ended December 31, 2012. The Company corrected the errors related to Primex in the first quarter of 2013, which had the net effect of increasing equity in net income from associated companies by $1,038 for the three months ended March 31, 2013 and the year ended December 31, 2013. The Company did not believe this adjustment was material to its consolidated financial statements for the year ended December 31, 2012 or to the Company’s results for the year ended December 31, 2013 and, therefore, did not restate any prior period amounts. | During 2015, the Company identified a correction to the presentation of December 31, 2014 summarized financial information. As a result, the Company revised the December 31, 2014 current assets and current liabilities by increasing such amounts by $15,149 each, from previously disclosed amounts. The Company considers such revisions to the prior period to be immaterial. |
Restructuring Activities - Narr
Restructuring Activities - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring And Related Activities [Abstract] | |||
Restructuring and related activities | $ 6,790 | $ 0 | $ 0 |
Effect Of Restructuring Costs Per Diluted Share | $ 0.36 | ||
Intangible Assets Reclassified as Held for Sale | $ 340 |
Restructuring Activities (Detai
Restructuring Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | $ 0 | ||
Restructuring and related activities | 6,790 | $ 0 | $ 0 |
Cash Payments | (490) | ||
Currency Translation Adjustments | 3 | ||
Accrued Restructuring, Ending Balance | 6,303 | 0 | |
North America [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | 0 | ||
Restructuring and related activities | 2,025 | ||
Cash Payments | (158) | ||
Currency Translation Adjustments | 0 | ||
Accrued Restructuring, Ending Balance | 1,867 | 0 | |
EMEA [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | 0 | ||
Restructuring and related activities | 4,390 | ||
Cash Payments | (130) | ||
Currency Translation Adjustments | 5 | ||
Accrued Restructuring, Ending Balance | 4,265 | 0 | |
Asia Pacific [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | 0 | ||
Restructuring and related activities | 338 | ||
Cash Payments | (202) | ||
Currency Translation Adjustments | (1) | ||
Accrued Restructuring, Ending Balance | 135 | 0 | |
South America [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | 0 | ||
Restructuring and related activities | 37 | ||
Cash Payments | 0 | ||
Currency Translation Adjustments | (1) | ||
Accrued Restructuring, Ending Balance | $ 36 | $ 0 |
Segments Table (Details)
Segments Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 183,275 | $ 189,224 | $ 183,726 | $ 181,330 | $ 194,033 | $ 198,867 | $ 191,286 | $ 181,674 | $ 737,555 | $ 765,860 | $ 729,395 |
Operating income for reportable segments | 154,662 | 149,024 | 154,662 | 149,024 | 142,500 | ||||||
Segment assets | 685,513 | 665,526 | 685,513 | 665,526 | 584,146 | ||||||
Long-Lived Assets | 140,191 | 141,256 | 140,191 | 141,256 | 141,152 | ||||||
Capital Expenditures | 11,033 | 13,052 | 11,439 | ||||||||
Depreciation | 12,196 | 12,073 | 11,672 | ||||||||
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 344,248 | 334,400 | 308,353 | ||||||||
Operating income for reportable segments | 79,791 | 68,296 | 79,791 | 68,296 | 61,307 | ||||||
Segment assets | 320,312 | 340,385 | 320,312 | 340,385 | 298,305 | ||||||
Long-Lived Assets | 87,421 | 92,319 | 87,421 | 92,319 | 91,464 | ||||||
Capital Expenditures | 4,166 | 3,658 | 2,793 | ||||||||
Depreciation | 5,577 | 5,231 | 5,236 | ||||||||
Increase (Decrease) In Segment Assets | (5,764) | ||||||||||
North America [Member] | Non Domestic [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 33,990 | 35,532 | 29,002 | ||||||||
Long-Lived Assets | 2,687 | 3,145 | 2,687 | 3,145 | 3,649 | ||||||
North America [Member] | Intersegment Sales Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 9,064 | 8,001 | 8,984 | ||||||||
EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 179,717 | 195,309 | 187,794 | ||||||||
Operating income for reportable segments | 27,979 | 32,589 | 27,979 | 32,589 | 29,643 | ||||||
Segment assets | 163,787 | 124,273 | 163,787 | 124,273 | 103,414 | ||||||
Long-Lived Assets | 27,101 | 20,634 | 27,101 | 20,634 | 20,863 | ||||||
Capital Expenditures | 3,081 | 4,811 | 1,391 | ||||||||
Depreciation | 2,975 | 3,069 | 3,145 | ||||||||
Increase (Decrease) In Segment Assets | (1,360) | ||||||||||
EMEA [Member] | Intersegment Sales Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 17,777 | 22,321 | 20,135 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 181,056 | 185,974 | 169,505 | ||||||||
Operating income for reportable segments | 45,107 | 43,847 | 45,107 | 43,847 | 42,373 | ||||||
Segment assets | 181,652 | 170,580 | 181,652 | 170,580 | 144,682 | ||||||
Long-Lived Assets | 23,096 | 24,392 | 23,096 | 24,392 | 24,695 | ||||||
Capital Expenditures | 3,169 | 3,202 | 6,386 | ||||||||
Depreciation | 2,812 | 2,713 | 2,080 | ||||||||
Increase (Decrease) In Segment Assets | 14,788 | ||||||||||
Asia Pacific [Member] | Intersegment Sales Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,005 | 414 | 504 | ||||||||
South America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 32,534 | 50,177 | 63,743 | ||||||||
Operating income for reportable segments | 1,785 | 4,292 | 1,785 | 4,292 | 9,177 | ||||||
Segment assets | 19,762 | 30,288 | 19,762 | 30,288 | 37,745 | ||||||
Long-Lived Assets | $ 2,573 | $ 3,911 | 2,573 | 3,911 | 4,130 | ||||||
Capital Expenditures | 617 | 1,381 | 869 | ||||||||
Depreciation | 832 | 1,060 | 1,211 | ||||||||
Increase (Decrease) In Segment Assets | (7,664) | ||||||||||
South America [Member] | Intersegment Sales Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 13 | $ 0 | $ 0 |
Segments Reconciliation (Detail
Segments Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation From Segment Totals To Consolidated Abstract | |||||||||||
Operating income for reportable segments | $ 154,662 | $ 149,024 | $ 154,662 | $ 149,024 | $ 142,500 | ||||||
Non-operating Charges | (69,602) | (67,110) | (67,145) | ||||||||
Restructuring and related activities | (6,790) | 0 | 0 | ||||||||
Depreciation of corporate assets and amortization | (7,010) | (4,558) | (4,112) | ||||||||
Operating income | $ 13,223 | $ 18,728 | $ 21,445 | $ 17,864 | $ 16,485 | $ 20,553 | $ 20,945 | $ 19,373 | 71,260 | 77,356 | 71,243 |
Interest expense | (2,585) | (2,371) | (2,922) | ||||||||
Interest income | 1,624 | 2,541 | 986 | ||||||||
Other (expense) income, net | (69) | 767 | 3,519 | ||||||||
Income before taxes and equity in net income of associated companies | $ 70,230 | $ 78,293 | $ 72,826 |
Segments - Product Lines (Detai
Segments - Product Lines (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rolling Lubricants Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of domestic pension assets | 18.60% | 20.10% | 20.70% |
Machining And Grinding Compounds Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of domestic pension assets | 15.30% | 16.30% | 17.70% |
Hydraulic Fluids Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of domestic pension assets | 12.60% | 13.00% | 12.90% |
Corrosion Preventives Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of domestic pension assets | 12.00% | 12.50% | 12.50% |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation [Abstract] | |||
Exercised Options, Intrinsic Value | $ 852 | $ 1,139 | $ 2,237 |
Equity Award Vesting Period | 3 years | ||
Share Based Compensation [Line Items] | |||
ESPP: Purchase Price Percentage | 85.00% | ||
ESPP: Discount from Market Price | 15.00% | ||
ESPP: Maximum Ownership of Outstanding Shares | An employee whose stock ownership of the Company exceeds five percent of the outstanding common stock is not eligible to participate in this plan. | ||
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. | ||
Director Retainer Annual Fee | $ 50 | ||
Restricted Stock [Member] | |||
Share Based Compensation [Line Items] | |||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | $ 3,784 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 1 year 9 months | ||
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation [Line Items] | |||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | $ 165 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 1 year 7 months |
Stock Based Compensation - Expe
Stock Based Compensation - Expense Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | $ 5,919 | $ 5,309 | $ 4,161 |
Stock Options Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 730 | 663 | 517 |
Nonvested Stock Awards Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 2,937 | 2,473 | 1,900 |
Employee Stock Purchase Plan Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 75 | 73 | 60 |
Matching Stock Contribution 401 K Plan Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 2,052 | 1,975 | 1,612 |
Directors Stock Ownership Plan Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | $ 125 | $ 125 | $ 72 |
Stock Based Compensation - Exce
Stock Based Compensation - Excess Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 384 | $ 453 | $ 815 |
Excess tax benefit from stock option exercises | $ 384 | $ 453 | $ 815 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Option Rollforward (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Roll [Forward] | |
Beginning Balance | shares | 87,075 |
Options Granted | shares | 38,698 |
Options Exercised | shares | (21,157) |
Options Forfeited | shares | (4,945) |
Ending Balance | shares | 99,671 |
Options Expected to Vest | shares | 68,214 |
Options Exerciseable | shares | 31,457 |
Weighted Average Exercise Price [Abstract] | |
Outstanding at beginning of year | $ / shares | $ 59.09 |
Options Granted | $ / shares | 87.3 |
Options Exercised | $ / shares | 46.61 |
Options Forfeited | $ / shares | 78.42 |
Outstanding at End of Period | $ / shares | 71.73 |
Options Expected to Vest | $ / shares | 78.78 |
Options Exerciseable | $ / shares | $ 56.46 |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |
Weighted Average Remaining Contractual Term, Outstanding | 5 years 1 month |
Weighted Average Remaining Contractual Term, Expected to Vest | 5 years 7 months |
Weighted Average Remaining Contractual Term, Exercisable | 4 years 1 month |
Outstanding Options, Intrinsic Value | $ | $ 967 |
Expected to Vest Options, Intrinsic Value | $ | 286 |
Exercisable Options, Intrinsic Value | $ | $ 681 |
Stock-Based Compensation - Op70
Stock-Based Compensation - Option Summary (Details) | 12 Months Ended |
Dec. 31, 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 1 month |
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 1 month |
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 2 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 2 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 2 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 2 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 - Op71
Stock-Based Compensation - Options Grants (Details) - shares | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Granted | 38,698 | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Granted | 2,192 | 38,698 | 37,048 | 29,302 | 37,965 |
Dividend Yield | 2.69% | 1.55% | 2.00% | 2.49% | 3.09% |
Expected Volatility | 69.09% | 36.32% | 43.34% | 57.28% | 69.90% |
Risk-free Interest Rate | 0.58% | 1.22% | 1.22% | 0.63% | 0.61% |
Expected Term (Years) | 4 years | 4 years | 4 years | 4 years | 4 years |
Stock-Based Compensation - Op72
Stock-Based Compensation - Option Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | $ 5,919 | $ 5,309 | $ 4,161 |
Current Year Stock Option Awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 232 | 0 | 0 |
Unrecognized Compensation Expense, Options | 595 | ||
Prior Year Stock Option Awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 257 | 227 | 0 |
Unrecognized Compensation Expense, Options | 296 | ||
Second Prior Year Stock Option Awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 200 | 213 | 174 |
Unrecognized Compensation Expense, Options | 36 | ||
Third Prior Year Stock Option Awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | $ 41 | $ 199 | $ 189 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Rollforward (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | |
Beginning Balance | shares | 124,450 |
Nonvested Stock Awards Granted | shares | 30,785 |
Nonvested Stock Awards Vested | shares | (33,681) |
Nonvested Stock Awards Forfeited | shares | (7,644) |
Ending Balance | shares | 113,910 |
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 | 86.26 |
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 | $ 72.91 |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | |
Beginning Balance | shares | 7,158 |
Nonvested Stock Awards Granted | shares | 1,450 |
Nonvested Stock Awards Vested | shares | (2,434) |
Ending Balance | shares | 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 |
Other Income (Expense) (Details
Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Non-Income Tax Refunds and Other Related Credits | $ 141 | $ 582 | $ 2,876 |
Change in Fair Value Estimate | 0 | 0 | 497 |
Income from Third Party License Fees | 875 | 1,063 | 1,027 |
Foreign Exchange Losses, Net | (1,184) | (1,039) | (1,076) |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | (211) |
Gain on Fixed Asset Disposals, Net | 6 | 128 | 382 |
Other Nonoperating Income | 261 | 329 | 247 |
Other Nonoperating Expense | (168) | (296) | (223) |
Other (Expense) Income, Net | $ (69) | $ 767 | $ 3,519 |
Income Taxes - Components of Ex
Income Taxes - Components of Expense and Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current Income Tax Expense (Benefit) [Abstract] | |||
Federal | $ 8,924 | $ 8,086 | $ 7,216 |
State | 188 | 796 | 263 |
Foreign | 11,074 | 13,650 | 13,040 |
Current Income Tax Expense (Benefit), Total | 20,186 | 22,532 | 20,519 |
Deferred Income Tax Expense (Benefit) [Abstract] | |||
Federal | 404 | 2,548 | 155 |
State | (16) | 57 | 138 |
Foreign | (2,789) | (1,598) | (323) |
Income Tax Expense (Benefit), Total | 17,785 | 23,539 | 20,489 |
Components Of Earnings Before Taxes [Abstract] | |||
Domestic | 25,219 | 32,391 | 25,900 |
Foreign | 45,011 | 45,902 | 46,926 |
Income before taxes and equity in net income of associated companies | $ 70,230 | $ 78,293 | $ 72,826 |
Income Taxes - Deferred Tax Bal
Income Taxes - Deferred Tax Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Retirement benefits | $ 9,621 | $ 11,747 |
Allowance for doubtful accounts | 2,367 | 2,237 |
Insurance and litigation reserves | 787 | 860 |
Postretirement benefits | 1,863 | 2,137 |
Supplemental retirement benefits | 3,220 | 3,448 |
Performance incentives | 4,777 | 4,705 |
Equity-based compensation | 1,823 | 1,292 |
Insurance settlement | 8,100 | 8,429 |
Operating loss carryforward | 7,815 | 8,657 |
Uncertain tax positions | 2,785 | 4,313 |
Restructuring | 1,897 | 0 |
Other | 2,402 | 2,073 |
Deferred Tax Assets, Gross, Total | 47,457 | 49,898 |
Valuation allowance | (6,259) | (7,345) |
Total deferred income tax assets, net | 41,198 | 42,553 |
Depreciation | 5,924 | 4,616 |
Europe Pension and Other | 1,107 | 1,654 |
Amortization and other | 14,318 | 12,821 |
Total deferred income tax liabilities | $ 21,349 | $ 19,091 |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance Rollforward (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances, Beginning Balance | $ 7,345 | $ 7,666 | $ 7,858 |
Additional Valuation Allowance | 86 | 5 | 26 |
Allowance Utilization and Other | (802) | (105) | (1) |
Effect of Exchange Rate Changes | (370) | (221) | (217) |
Valuation Allowance, Ending Balance | $ 6,259 | $ 7,345 | $ 7,666 |
Income Taxes - Net Deferred Bal
Income Taxes - Net Deferred Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Taxes on Income and Uncertain Tax Positions [Abstract] | ||
Current deferred tax assets | $ 7,822 | $ 8,367 |
Deferred Tax Assets Net Noncurrent | 27,071 | 24,411 |
Current deferred tax liabilities | 41 | 732 |
Non-current deferred tax liabilities | 15,003 | 8,584 |
Deferred Tax Assets, Net, Total | $ 19,849 | $ 23,462 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Income Tax Provision at the Federal Statutory Tax Rate | $ 24,578 | $ 27,402 | $ 25,489 |
Differences in Tax Rates on Foreign Earnings and Remittances | (5,097) | (3,025) | (2,487) |
Foreign Dividends | 2,690 | 3,278 | 1,922 |
Excess Foreign Tax Credit Utilization | (4,141) | (5,011) | (3,664) |
Research and Development Activities Credit Utilization | (245) | (226) | (200) |
Uncertain Tax Positions | 226 | 263 | (589) |
Domestic Production Activities Deduction | (910) | (567) | (560) |
State Income Tax Provisions, Net | 133 | 517 | 171 |
Non-deductible Entertainment and Business Meals Expense | 249 | 278 | 229 |
Miscellaneous Items, Net | 302 | 630 | 178 |
Income Tax Expense (Benefit), Total | $ 17,785 | $ 23,539 | $ 20,489 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets, Net | $ 41,198 | $ 42,553 |
Undistributed Earnings of Foreign Subsidiaries | 203,000 | |
Domestic Country [Member] | ||
Deferred Tax Assets, Net | 8,582 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards | 10,538 | |
Operating Loss Carryforwards, Valuation Allowance | 961 | |
Foreign Tax Authority [Member] | Expiration In Next Year [Member] | ||
Operating Loss Carryforwards | 47 | |
Foreign Tax Authority [Member] | Expiration In Year Two [Member] | ||
Operating Loss Carryforwards | 150 | |
Foreign Tax Authority [Member] | Expiration In Year Three [Member] | ||
Operating Loss Carryforwards | 479 | |
Foreign Tax Authority [Member] | Expiration In Year Four [Member] | ||
Operating Loss Carryforwards | 374 | |
Foreign Tax Authority [Member] | Expiration In Year Five [Member] | ||
Operating Loss Carryforwards | 93 | |
Foreign Tax Authority [Member] | Expiration In Year Six [Member] | ||
Operating Loss Carryforwards | 354 | |
Foreign Tax Authority [Member] | Expiration In Year Seven [Member] | ||
Operating Loss Carryforwards | 145 | |
Foreign Tax Authority [Member] | Expiration In Year Eight [Member] | ||
Operating Loss Carryforwards | 6 | |
Foreign Tax Authority [Member] | Expiration In Year Nine [Member] | ||
Operating Loss Carryforwards | 62 | |
Foreign Tax Authority [Member] | Expiration In Year Ten [Member] | ||
Operating Loss Carryforwards | 103 | |
Foreign Tax Authority [Member] | Expiration In Fifteen Years [Member] | ||
Operating Loss Carryforwards | 1,510 | |
Foreign Tax Authority [Member] | Expiration In Twenty Years [Member] | ||
Operating Loss Carryforwards | $ 59 |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Uncertain Tax Positions [Abstract] | ||||
Unrecognized Tax Benefits | $ 11,032 | $ 11,845 | $ 12,596 | $ 12,410 |
Accrued Interest | 1,465 | 1,868 | ||
Accrued Penalties | 1,890 | 1,845 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | (226) | (31) | (247) | |
Unrecognized Tax Benefits, Income Tax Penalties Expense | 225 | (26) | 392 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 1,900 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 2,000 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 1,137 | $ 1,066 | $ 1,194 | |
Internal Revenue Service (IRS) [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2,012 | |||
Foreign Tax Authority [Member] | The Netherlands [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2,009 | |||
Foreign Tax Authority [Member] | United Kingdom [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2,010 | |||
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 | 2,012 | |||
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 adjustments for those years. In the fourth quarter of 2015, the Company paid the tax liability for these proposed adjustments in full. In the fourth quarter of 2015, the Dutch tax authorities assessed the Company’s Dutch subsidiary for additional income taxes related to the 2011 tax year and the Dutch subsidiary filed a protest of the assessment. In January 2016, the French tax authorities gave notice that they were auditing the Company’s French subsidiary. In February 2016, the Italian tax authorities gave notice that they were starting an audit of the 2013 tax year for Quaker Italia S.r.l. As of December 31, 2015, the Company believes it has adequate reserves, where merited, for uncertain tax positions with respect to these audits. | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 1,993 |
Income Taxes - Uncertain Tax 82
Income Taxes - Uncertain Tax Positions - Tabular Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 11,845 | $ 12,596 | $ 12,410 |
(Decrease) Increase in Unrecognized Tax Benefits Taken in Prior Periods | (416) | (93) | 83 |
Increase in Unrecognized Tax Benefits Taken in Current Period | 2,512 | 2,678 | 2,182 |
(Decrease) in Unrecognized Tax Benefits Due to Lapse of Statute of Limitations | (1,924) | (2,078) | (2,485) |
(Decrease) Due to Foreign Exchange Rates | (985) | (1,258) | |
Increase Due to Foreign Exchange Rates | 406 | ||
Unrecognized Tax Benefits, Ending Balance | $ 11,032 | $ 11,845 | $ 12,596 |
Earnings Per Share - Basic (Det
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Quaker Chemical Corporation | $ 11,393 | $ 14,371 | $ 15,038 | $ 10,378 | $ 12,639 | $ 15,696 | $ 15,427 | $ 12,730 | $ 51,180 | $ 56,492 | $ 56,339 |
Less: Income Allocated to Participating Securities | (443) | (503) | (481) | ||||||||
Net income available to common shareholders | $ 50,737 | $ 55,989 | $ 55,858 | ||||||||
Basic weighted average common shares outstanding | 13,199,630 | 13,126,759 | 13,044,842 | ||||||||
Basic earnings per common share | $ 0.86 | $ 1.08 | $ 1.13 | $ 0.78 | $ 0.95 | $ 1.18 | $ 1.17 | $ 0.96 | $ 3.84 | $ 4.27 | $ 4.28 |
Earnings Per Share - Diluted (D
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Quaker Chemical Corporation | $ 11,393 | $ 14,371 | $ 15,038 | $ 10,378 | $ 12,639 | $ 15,696 | $ 15,427 | $ 12,730 | $ 51,180 | $ 56,492 | $ 56,339 |
Less: income allocated to participating securities | (443) | (503) | (481) | ||||||||
Net income available to common shareholders | $ 50,737 | $ 55,989 | $ 55,858 | ||||||||
Basic weighted average common shares outstanding | 13,199,630 | 13,126,759 | 13,044,842 | ||||||||
Effect of Dilutive Securities | 15,219 | 21,309 | 24,770 | ||||||||
Diluted weighted average common shares outstanding | 13,214,849 | 13,148,068 | 13,069,612 | ||||||||
Diluted earnings per common share | $ 0.86 | $ 1.08 | $ 1.13 | $ 0.78 | $ 0.95 | $ 1.18 | $ 1.16 | $ 0.96 | $ 3.84 | $ 4.26 | $ 4.27 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Antidilutive Shares | 6,684 | 4,714 | 2,863 |
Accounts Receivable - Narrative
Accounts Receivable - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Receivable and Allowance for Doubtful Accounts [Abstract] | |||
Accounts Receivable Gross Current | $ 196,115 | $ 195,982 | |
Accounts Receivable Greater Than 90 Days Past Due | 15,653 | 10,149 | |
Business Combination, Acquired Receivables, Estimated Uncollectible | 380 | 77 | $ 0 |
Customer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for Doubtful Accounts | $ 328 | $ 825 | $ 0 |
Effect Of Customer Bankruptcies Per Diluted Share | $ 0.02 | $ 0.05 | $ 0 |
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts - Rollforward (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 6,498 | $ 7,133 | $ 6,399 |
Charged to Costs and Expenses | 1,460 | (264) | 1,136 |
Write-Offs Charged to Allowance | (261) | (296) | (407) |
Effect of Exchange Rate Changes | 121 | (75) | 5 |
Ending Balance | $ 7,818 | $ 6,498 | $ 7,133 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw Materials And Supplies | $ 36,876 | $ 37,961 |
Work-In-Process and Finished Goods | 38,223 | 39,747 |
Inventories | $ 75,099 | $ 77,708 |
Property, Plant and Equipment89
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property Plant And Equipment Gross Abstract | ||
Land | $ 9,388 | $ 7,962 |
Building and Improvements | 80,110 | 78,911 |
Machinery and Equipment | 136,329 | 142,102 |
Construction In Progress | 5,337 | 5,541 |
Property, Plant and Equipment, Gross, Total | 231,164 | 234,516 |
Less: Accumulated Depreciation | (143,545) | (148,753) |
Property, Plant and Equipment, Net, Total | $ 87,619 | $ 85,763 |
Property, Plant and Equipment -
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Capital Leased Assets Gross | $ 460 | $ 656 |
Accumulated Depreciation, Leased Assets | $ 341 | $ 455 |
Property, Plant and Equipment91
Property, Plant and Equipment - Capital Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments Abstract | |
Capital Leases Future Minimum Payments, Due Current | $ 64 |
Capital Leases Future Minimum Payments, Due In Two Years | 59 |
Capital Leases Future Minimum Payments, Due In Three Years | 0 |
Capital Leases Future Minimum Payments, Due In Four Years | 0 |
Capital Leases Future Minimum Payments, Due In Five Years | 0 |
Capital Leases Future Minimum Payments, Due Thereafter | 0 |
Capital Leases, Future Minimum Payments Due, Total | 123 |
Less: Amount Representing Interest | (4) |
Present Value of Net Minimum Lease Payments | $ 119 |
Goodwill Assets (Details)
Goodwill Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | $ 77,933 | $ 58,151 |
Goodwill, Acquired During Period | 4,894 | 21,817 |
Goodwill, Translation Adjustments | (3,716) | (2,035) |
Goodwill, Ending Balance | 79,111 | 77,933 |
North America [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 42,677 | 28,127 |
Goodwill, Acquired During Period | 30 | 14,612 |
Goodwill, Translation Adjustments | (264) | (62) |
Goodwill, Ending Balance | 42,443 | 42,677 |
EMEA [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 16,050 | 11,184 |
Goodwill, Acquired During Period | 4,761 | 6,130 |
Goodwill, Translation Adjustments | (1,531) | (1,264) |
Goodwill, Ending Balance | 19,280 | 16,050 |
Asia Pacific [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 16,006 | 15,018 |
Goodwill, Acquired During Period | 103 | 1,075 |
Goodwill, Translation Adjustments | (865) | (87) |
Goodwill, Ending Balance | 15,244 | 16,006 |
South America [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 3,200 | 3,822 |
Goodwill, Acquired During Period | 0 | 0 |
Goodwill, Translation Adjustments | (1,056) | (622) |
Goodwill, Ending Balance | $ 2,144 | $ 3,200 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite Lived Intangible Assets Gross [Abstract] | ||
Finite Lived Customer Lists, Gross | $ 67,435 | $ 63,502 |
Finite Lived Trademarks, Gross | 23,147 | 18,944 |
Formulations And Product Technology | 5,808 | 5,808 |
Other Finite Lived Intangible Assets, Gross | 5,788 | 6,647 |
Total | 102,178 | 94,901 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 29,991 | 25,593 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 15,806 | 12,681 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 5,538 | 4,066 |
Formulations And Product Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 4,082 | 3,896 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | $ 4,565 | $ 4,950 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization | $ 6,811 | $ 4,325 | $ 3,445 |
Intangible Assets - Future Amor
Intangible Assets - Future Amortization (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the Year ended December 31, 2016 | $ 6,785 |
For the Year ended December 31, 2017 | 6,369 |
For the Year ended December 31, 2018 | 6,148 |
For the Year ended December 31, 2019 | 6,047 |
For the Year ended December 31, 2020 | $ 5,769 |
Intangible Assets - Indefinite
Intangible Assets - Indefinite Lived (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Indefinite Lived Intangible Assets Excluding Goodwill [Abstract] | ||
Indefinite Lived Trademarks | $ 1,100 | $ 1,100 |
Investment in Associated Comp97
Investment in Associated Companies - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investments | $ 20,354 | $ 21,751 | |||
Immaterial Error Correction | During the first quarter of 2013, the Company identified errors in Primex’s estimated 2012 financial statements, which primarily related to a reinsurance contract held by Primex. The identified errors resulted in a cumulative $1,038 understatement of the Company’s equity in net income from associated companies for the year ended December 31, 2012. The Company corrected the errors related to Primex in the first quarter of 2013, which had the net effect of increasing equity in net income from associated companies by $1,038 for the three months ended March 31, 2013 and the year ended December 31, 2013. The Company did not believe this adjustment was material to its consolidated financial statements for the year ended December 31, 2012 or to the Company’s results for the year ended December 31, 2013 and, therefore, did not restate any prior period amounts. | During 2015, the Company identified a correction to the presentation of December 31, 2014 summarized financial information. As a result, the Company revised the December 31, 2014 current assets and current liabilities by increasing such amounts by $15,149 each, from previously disclosed amounts. The Company considers such revisions to the prior period to be immaterial. | |||
Nippon Quaker (Japan) [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investment Ownership Percentage | 50.00% | ||||
Nippon Quaker (Japan) [Member] | Asia Pacific [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investments | $ 5,014 | ||||
Kelko (Venezuela) [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investment Ownership Percentage | 50.00% | ||||
Currency Conversion Adjustment | $ 2,806 | $ 321 | $ 357 | ||
Effect Of Currency Conversion Per Diluted Share | $ 0.21 | $ 0.02 | $ 0.03 | ||
Kelko (Venezuela) [Member] | South America [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investments | $ 198 | ||||
Kelko (Panama) [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investment Ownership Percentage | 50.00% | ||||
Kelko (Panama) [Member] | South America [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investments | $ 247 | ||||
Primex (Barbados) [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investment Ownership Percentage | 33.00% | ||||
Amount of Immaterial Misstatement | $ 1,038 | ||||
Primex (Barbados) [Member] | Revenue [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Amount of Immaterial Misstatement | 4,905 | ||||
Primex (Barbados) [Member] | Income Before Income Taxes [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Amount of Immaterial Misstatement | 5,240 | ||||
Primex (Barbados) [Member] | Equity Affiliate Net Income [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Amount of Immaterial Misstatement | $ 3,422 | ||||
Primex (Barbados) [Member] | North America [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investments | $ 14,895 |
Investments in Associated Com98
Investments in Associated Companies - Summarized Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Manufacturing And Services [Member] | |||
Equity Method Investment Summarized Financial Information Abstract | |||
Current Assets | $ 36,761 | $ 42,828 | |
Non-current Assets | 606 | 1,105 | |
Current Liabilities | 26,039 | 28,797 | |
Non-current Liabilities | 410 | 397 | |
Equity Method Investment Summarized Financial Information Income Statement [Abstract] | |||
Revenue | 40,282 | 48,834 | $ 47,226 |
Gross Profit | 12,887 | 15,698 | 16,096 |
Income Before Income Taxes | (2,843) | 3,546 | 3,687 |
Net Income | (3,631) | 2,263 | 2,142 |
Captive Insurance Company [Member] | |||
Equity Method Investment Summarized Financial Information Abstract | |||
Total Assets | 105,585 | 109,259 | |
Total Liabilities | 54,534 | 59,773 | |
Equity Method Investment Summarized Financial Information Income Statement [Abstract] | |||
Revenue | 7,058 | 10,755 | 20,895 |
Income Before Income Taxes | 8,407 | 10,929 | 25,625 |
Net Income | $ 6,334 | $ 7,352 | $ 16,876 |
Investments in Associated Com99
Investments in Associated Companies - Foreign Currency (Details) - VEF / $ | Dec. 31, 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 | 198 | 193 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets [Abstract] | ||
Restricted Insurance Settlement | $ 22,874 | $ 23,599 |
Uncertain Tax Positions | 6,054 | 5,516 |
Supplemental Retirement Income Program | 1,336 | 1,361 |
Deferred Compensation Plan Assets | 0 | 779 |
Other | 1,954 | 2,487 |
Total | $ 32,218 | $ 33,742 |
Other Assets - Narrative (Detai
Other Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Assets [Abstract] | |||
Loss Contingency, Settlement Agreement, Terms | Previously, an inactive subsidiary of the Company executed separate settlement and release agreements with two of its insurance carriers for $35,000, of which $22,874 remains. 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. | ||
Interest Earned, Restricted Cash | $ 35 | $ 44 | |
Payments Made, Restricted Cash | $ (760) | $ (1,907) | $ (988) |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Current Liabilities [Abstract] | ||
Non-Income Taxes | $ 6,815 | $ 7,717 |
Income Taxes Payable | 6,534 | 4,210 |
Selling Expenses | 1,848 | 3,352 |
Freight | 2,354 | 1,547 |
Professional Fees | 1,358 | 1,638 |
Legal | 1,165 | 754 |
Present Value of Acquisition-Related Liabilities | 1,384 | 246 |
Other Accrued Liabilities, Current | 4,238 | 4,233 |
Accrued Liabilities, Current, Total | $ 25,696 | $ 23,697 |
Debt - Table (Details)
Debt - Table (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt [Abstract] | ||
Credit facilities | $ 62,884 | $ 58,421 |
Industrial development bonds | 15,000 | 15,000 |
Municipality-Related Loans | 4,098 | 2,109 |
Other debt obligations (including capital leases) | 119 | 201 |
Debt And Capital Lease Obligations | 82,101 | 75,731 |
Current portion of long-term debt | (662) | (403) |
Long Term Debt And Capital Lease Obligations | $ 81,439 | $ 75,328 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Line Of Credit | $ 62,884 | $ 58,421 |
Line of Credit, Current Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 300,000 | |
Line Of Credit Facility Maximum Borrowing Capacity | $ 400,000 | |
Line Of Credit Maturity Date | 2018-06 | |
Line of Credit Facility, Covenant Compliance | As of December 31, 2015 and 2014, the Company’s consolidated leverage ratio was below 1.0 to 1, respectively, and the Company was also in compliance with all of the other covenants. | |
Line of Credit Facility, Covenant Terms | Access to this credit 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. | |
Long-term Debt, Weighted Average Interest Rate | 1.38% | 1.16% |
Ohio Department Of Development [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount of Long-Term Debt | $ 1,784 | $ 2,109 |
Ohio Department of Development Term Loan | $ 3,500 | |
Principal Repayment Commencement Date | 2010-09 | |
Debt Instrument Interest Rate Stated Percentage | 2.00% | |
Debt Instrument Interest Rate Stated Percentage In Year Four | 3.00% | |
Industrial Development Bond Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount of Long-Term Debt | $ 5,000 | 5,000 |
Debt Instrument Interest Rate Stated Percentage | 5.60% | |
Industrial Development Bond Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount of Long-Term Debt | $ 10,000 | 10,000 |
Debt Instrument Interest Rate Stated Percentage | 5.26% | |
Local Government Loans [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount of Long-Term Debt | $ 2,314 | $ 0 |
Debt - Maturity Schedules (Deta
Debt - Maturity Schedules (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Long Term Debt By Maturity Abstract | |
2,016 | $ 662 |
2,017 | 719 |
2,018 | 66,931 |
2,019 | 656 |
2,020 | $ 651 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits - Funded Status Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current Liabilities | $ (1,144) | $ (1,239) | |
Non-current Liabilities | (40,689) | (46,088) | |
Domestic [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 70,667 | 66,369 | |
Service Cost | 250 | 250 | $ 299 |
Interest Cost | 2,541 | 2,823 | 2,437 |
Employee Contributions | 0 | 0 | |
Effect of Plan Amendments | 0 | 0 | |
Benefits Paid | (4,249) | (4,589) | |
Plan Settlements | 0 | 0 | |
Plan Expenses and Premiums Paid | (250) | (250) | |
Transfer In of Business Acquisition | 0 | 0 | |
Actuarial (gain) Loss | (2,097) | 6,064 | |
Translation Difference and Other | 0 | 0 | |
Benefit Obligation at End of Year | 66,862 | 70,667 | 66,369 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 49,689 | 50,650 | |
Actual Return on Plan Assets | 223 | 2,591 | |
Employer Contributions | 1,288 | 1,287 | |
Employee Contributions | 0 | 0 | |
Benefits Paid | (4,249) | (4,589) | |
Plan Settlements | 0 | 0 | |
Plan Expenses and Premiums Paid | (250) | (250) | |
Transfer In of Business Acquisition | 0 | 0 | |
Translation Difference | 0 | 0 | |
Fair Value of Plan Assets at End of Year | 46,701 | 49,689 | 50,650 |
Defined Benefit Plan, Funded Status of Plan | (20,161) | (20,978) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current Liabilities | (575) | (577) | |
Non-current Liabilities | (19,586) | (20,401) | |
Net Amount Recognized | (20,161) | (20,978) | |
Amounts Not Yet Reflected in Net Periodic Benefit Costs and Included in Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Prior Service credit (cost) | (185) | (248) | |
Accumulated Loss | (31,906) | (33,125) | |
Accumulated Other Comprehensive Loss ("AOCI") | (32,091) | (33,373) | |
Cumulative Employer Contributions In Excess Of (or Below) Net Periodic Benefit Cost | 11,930 | 12,395 | |
Net Amount Recognized | (20,161) | (20,978) | |
Foreign [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 106,827 | 85,745 | |
Service Cost | 2,799 | 2,626 | 2,864 |
Interest Cost | 2,476 | 3,210 | 3,150 |
Employee Contributions | 80 | 89 | |
Effect of Plan Amendments | 0 | 242 | |
Benefits Paid | (1,604) | (1,985) | |
Plan Settlements | (328) | 0 | |
Plan Expenses and Premiums Paid | (57) | (361) | |
Transfer In of Business Acquisition | 0 | 2,818 | |
Actuarial (gain) Loss | (7,799) | 26,412 | |
Translation Difference and Other | (9,988) | (11,969) | |
Benefit Obligation at End of Year | 92,406 | 106,827 | 85,745 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 86,523 | 68,659 | |
Actual Return on Plan Assets | (2,170) | 23,981 | |
Employer Contributions | 1,804 | 3,778 | |
Employee Contributions | 80 | 89 | |
Benefits Paid | (1,604) | (1,985) | |
Plan Settlements | (328) | 0 | |
Plan Expenses and Premiums Paid | (57) | (361) | |
Transfer In of Business Acquisition | 0 | 2,093 | |
Translation Difference | (8,092) | (9,731) | |
Fair Value of Plan Assets at End of Year | 76,156 | 86,523 | 68,659 |
Defined Benefit Plan, Funded Status of Plan | (16,250) | (20,304) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current Liabilities | (52) | (94) | |
Non-current Liabilities | (16,198) | (20,210) | |
Net Amount Recognized | (16,250) | (20,304) | |
Amounts Not Yet Reflected in Net Periodic Benefit Costs and Included in Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Prior Service credit (cost) | 1,910 | 2,306 | |
Accumulated Loss | (20,058) | (27,486) | |
Accumulated Other Comprehensive Loss ("AOCI") | (18,148) | (25,180) | |
Cumulative Employer Contributions In Excess Of (or Below) Net Periodic Benefit Cost | 1,898 | 4,876 | |
Net Amount Recognized | (16,250) | (20,304) | |
Total Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 177,494 | 152,114 | |
Service Cost | 3,049 | 2,876 | 3,163 |
Interest Cost | 5,017 | 6,033 | 5,587 |
Employee Contributions | 80 | 89 | |
Effect of Plan Amendments | 0 | 242 | |
Benefits Paid | (5,853) | (6,574) | |
Plan Settlements | (328) | 0 | |
Plan Expenses and Premiums Paid | (307) | (611) | |
Transfer In of Business Acquisition | 0 | 2,818 | |
Actuarial (gain) Loss | (9,896) | 32,476 | |
Translation Difference and Other | (9,988) | (11,969) | |
Benefit Obligation at End of Year | 159,268 | 177,494 | 152,114 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 136,212 | 119,309 | |
Actual Return on Plan Assets | (1,947) | 26,572 | |
Employer Contributions | 3,092 | 5,065 | |
Employee Contributions | 80 | 89 | |
Benefits Paid | (5,853) | (6,574) | |
Plan Settlements | (328) | 0 | |
Plan Expenses and Premiums Paid | (307) | (611) | |
Transfer In of Business Acquisition | 0 | 2,093 | |
Translation Difference | (8,092) | (9,731) | |
Fair Value of Plan Assets at End of Year | 122,857 | 136,212 | 119,309 |
Defined Benefit Plan, Funded Status of Plan | (36,411) | (41,282) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current Liabilities | (627) | (671) | |
Non-current Liabilities | (35,784) | (40,611) | |
Net Amount Recognized | (36,411) | (41,282) | |
Amounts Not Yet Reflected in Net Periodic Benefit Costs and Included in Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Prior Service credit (cost) | 1,725 | 2,058 | |
Accumulated Loss | (51,964) | (60,611) | |
Accumulated Other Comprehensive Loss ("AOCI") | (50,239) | (58,553) | |
Cumulative Employer Contributions In Excess Of (or Below) Net Periodic Benefit Cost | 13,828 | 17,271 | |
Net Amount Recognized | (36,411) | (41,282) | |
Domestic Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 6,045 | 5,639 | |
Service Cost | 17 | 19 | 185 |
Interest Cost | 195 | 232 | 34 |
Employee Contributions | 0 | 0 | |
Effect of Plan Amendments | 0 | 0 | |
Benefits Paid | (533) | (533) | |
Plan Settlements | 0 | 0 | |
Plan Expenses and Premiums Paid | 0 | 0 | |
Transfer In of Business Acquisition | 0 | 0 | |
Actuarial (gain) Loss | (302) | 688 | |
Translation Difference and Other | 0 | 0 | |
Benefit Obligation at End of Year | 5,422 | 6,045 | 5,639 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 0 | 0 | |
Actual Return on Plan Assets | 0 | 0 | |
Employer Contributions | 533 | 533 | |
Employee Contributions | 0 | 0 | |
Benefits Paid | (533) | (533) | |
Plan Settlements | 0 | 0 | |
Plan Expenses and Premiums Paid | 0 | 0 | |
Transfer In of Business Acquisition | 0 | 0 | |
Translation Difference | 0 | 0 | |
Fair Value of Plan Assets at End of Year | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded Status of Plan | (5,422) | (6,045) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current Liabilities | (517) | (568) | |
Non-current Liabilities | (4,905) | (5,477) | |
Net Amount Recognized | (5,422) | (6,045) | |
Amounts Not Yet Reflected in Net Periodic Benefit Costs and Included in Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Prior Service credit (cost) | 0 | 0 | |
Accumulated Loss | (983) | (1,368) | |
Accumulated Other Comprehensive Loss ("AOCI") | (983) | (1,368) | |
Cumulative Employer Contributions In Excess Of (or Below) Net Periodic Benefit Cost | (4,439) | (4,677) | |
Net Amount Recognized | $ (5,422) | $ (6,045) |
Pension and Other Postretire107
Pension and Other Postretirement Benefits - Information About Accumulated and Projected Benefit Obligations In Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | $ 159,268 | $ 177,494 |
Accumulated Benefit Obligation | 157,486 | 175,431 |
Fair Value of Plan Assets | 122,857 | 136,212 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 159,268 | 177,494 |
Fair Value of Plan Assets | 122,857 | 136,212 |
Domestic [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 66,862 | 70,667 |
Accumulated Benefit Obligation | 66,862 | 70,667 |
Fair Value of Plan Assets | 46,701 | 49,689 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 66,862 | 70,667 |
Fair Value of Plan Assets | 46,701 | 49,689 |
Foreign [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 92,406 | 106,827 |
Accumulated Benefit Obligation | 90,624 | 104,764 |
Fair Value of Plan Assets | 76,156 | 86,523 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 92,406 | 106,827 |
Fair Value of Plan Assets | $ 76,156 | $ 86,523 |
Pension and Other Postretire108
Pension and Other Postretirement Benefits - Net Periodic Benefit Cost and Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Domestic [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | $ 250 | $ 250 | $ 299 |
Interest Cost | 2,541 | 2,823 | 2,437 |
Expected Return on Plan Assets | (3,453) | (3,817) | (3,664) |
Settlement Loss | 0 | 0 | 0 |
Actuarial Loss Amortization | 2,353 | 1,757 | 2,481 |
Prior Service Cost Amortization | 63 | 63 | 148 |
Net Periodic Benefit Cost | 1,754 | 1,076 | 1,701 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (Gain) Loss Arising During The Period | 1,134 | 7,290 | (5,856) |
Effect of Plan Amendment | 0 | 0 | 0 |
Prior Service Cost Amortization | (63) | (63) | (148) |
Actuarial Loss | (2,353) | (1,757) | (2,481) |
Foreign Currency Exchange Rate Changes | 0 | 0 | 0 |
Total Recognized in Other Comprehensive (Income) Loss | (1,282) | 5,470 | (8,485) |
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Loss Or (Income) | 472 | 6,546 | (6,784) |
Foreign [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 2,799 | 2,626 | 2,864 |
Interest Cost | 2,476 | 3,210 | 3,150 |
Expected Return on Plan Assets | (2,092) | (2,543) | (2,245) |
Settlement Loss | 170 | 0 | 0 |
Actuarial Loss Amortization | 1,136 | 1,307 | 1,486 |
Prior Service Cost Amortization | (164) | 736 | 30 |
Net Periodic Benefit Cost | 4,325 | 5,336 | 5,285 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (Gain) Loss Arising During The Period | (3,537) | 4,973 | (1,558) |
Effect of Plan Amendment | 0 | 242 | (2,138) |
Prior Service Cost Amortization | 164 | (736) | (30) |
Actuarial Loss | (1,306) | (1,307) | (1,486) |
Foreign Currency Exchange Rate Changes | (2,353) | (3,076) | 1,007 |
Total Recognized in Other Comprehensive (Income) Loss | (7,032) | 96 | (4,205) |
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Loss Or (Income) | (2,707) | 5,432 | 1,080 |
Total Pension Plans [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 3,049 | 2,876 | 3,163 |
Interest Cost | 5,017 | 6,033 | 5,587 |
Expected Return on Plan Assets | (5,545) | (6,360) | (5,909) |
Settlement Loss | 170 | 0 | 0 |
Actuarial Loss Amortization | 3,489 | 3,064 | 3,967 |
Prior Service Cost Amortization | (101) | 799 | 178 |
Net Periodic Benefit Cost | 6,079 | 6,412 | 6,986 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (Gain) Loss Arising During The Period | (2,403) | 12,263 | (7,414) |
Effect of Plan Amendment | 0 | 242 | (2,138) |
Prior Service Cost Amortization | 101 | (799) | (178) |
Actuarial Loss | (3,659) | (3,064) | (3,967) |
Foreign Currency Exchange Rate Changes | (2,353) | (3,076) | 1,007 |
Total Recognized in Other Comprehensive (Income) Loss | (8,314) | 5,566 | (12,690) |
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Loss Or (Income) | (2,235) | 11,978 | (5,704) |
Domestic Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 17 | 19 | 185 |
Interest Cost | 195 | 232 | 34 |
Actuarial Loss Amortization | 83 | 65 | 32 |
Net Periodic Benefit Cost | 295 | 316 | 251 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (Gain) Loss Arising During The Period | (302) | 688 | (1,331) |
Actuarial Loss | (83) | (65) | (32) |
Total Recognized in Other Comprehensive (Income) Loss | (385) | 623 | (1,363) |
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Loss Or (Income) | $ (90) | $ 939 | $ (1,112) |
Pension and Other Postretire109
Pension and Other Postretirement Benefits - Amounts to be Amortized From AOCI Over Next Fiscal Year (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial Loss | $ 3,231 |
Prior Service Cost | (98) |
Total | 3,133 |
Domestic [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial Loss | 2,388 |
Prior Service Cost | 63 |
Total | 2,451 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial Loss | 843 |
Prior Service Cost | (161) |
Total | 682 |
Domestic Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial Loss | 61 |
Prior Service Cost | 0 |
Total | $ 61 |
Pension and Other Postretire110
Pension and Other Postretirement Benefits - Assumptions Used in Determining Benefit Obligations and Net Periodic Pension Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Health Care Cost Trend Rate For Next Year | 6.70% | 6.90% |
Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) | 4.50% | 4.50% |
Year that Rate Reaches Ultimate Trend Rate | 2,037 | 2,027 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 20 | |
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 484 | |
Effect of One Percentage Point Decrease on Service and Interest Cost Components | (17) | |
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ (422) | |
Domestic [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount Rate | 4.07% | 3.72% |
Rate of Compensation Increase | 3.63% | 3.63% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount Rate | 3.72% | 4.48% |
Expected Long-Term Return on Plan Assets | 7.30% | 7.85% |
Rate of Compensation Increase | 3.63% | 3.63% |
Foreign [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount Rate | 2.95% | 2.51% |
Rate of Compensation Increase | 2.41% | 3.05% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount Rate | 2.51% | 3.84% |
Expected Long-Term Return on Plan Assets | 2.55% | 3.67% |
Rate of Compensation Increase | 3.05% | 3.05% |
Domestic Other Postretirement Benefits [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount Rate | 3.88% | 3.45% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount Rate | 3.45% | 4.05% |
Pension and Other Postretire111
Pension and Other Postretirement Benefits - Asset Allocations (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 100.00% | |
Actual Plan Asset Allocations | 100.00% | 100.00% |
Domestic [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 61.00% | |
Actual Plan Asset Allocations | 65.00% | 66.00% |
Domestic [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 32.00% | |
Actual Plan Asset Allocations | 34.00% | 33.00% |
Domestic [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 7.00% | |
Actual Plan Asset Allocations | 1.00% | 1.00% |
Percentage of domestic pension assets | 1.00% | 1.00% |
Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 100.00% | |
Actual Plan Asset Allocations | 100.00% | 100.00% |
Foreign [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 23.00% | |
Actual Plan Asset Allocations | 26.00% | 22.00% |
Foreign [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 77.00% | |
Actual Plan Asset Allocations | 74.00% | 78.00% |
Pension and Other Postretire112
Pension and Other Postretirement Benefits - Fair Value Hierarchy - Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 35,407 | $ 38,082 | |
Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 22,653 | 25,235 | |
Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 64,797 | 72,895 | $ 57,609 |
Insurance Contract [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 62,409 | 72,417 | 57,175 |
Real Estate Fund [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,388 | 478 | 434 |
Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 46,701 | 49,689 | 50,650 |
Domestic [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 35,400 | 38,006 | |
Domestic [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 11,301 | 11,683 | |
Domestic [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 753 | 490 | |
Domestic [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Equity Securities Large Cap [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 13,346 | 14,956 | |
Domestic [Member] | Equity Securities Large Cap [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Equity Securities Large Cap [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Equity Funds Large Cap [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 6,363 | 6,339 | |
Domestic [Member] | Equity Funds Large Cap [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Equity Funds Large Cap [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Equity Securities Small Cap [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 773 | 920 | |
Domestic [Member] | Equity Securities Small Cap [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Equity Securities Small Cap [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Equity Funds Small Cap [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,333 | 2,416 | |
Domestic [Member] | Equity Funds Small Cap [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Equity Funds Small Cap [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Equity Funds International Developed And Emerging Markets [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 5,166 | 5,638 | |
Domestic [Member] | Equity Funds International Developed And Emerging Markets [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Equity Funds International Developed And Emerging Markets [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Equity Securities International Developed And Emerging Markets [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,519 | 2,600 | |
Domestic [Member] | Equity Securities International Developed And Emerging Markets [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Equity Securities International Developed And Emerging Markets [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Corporate Debt Securities [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Corporate Debt Securities [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 9,601 | 9,848 | |
Domestic [Member] | Corporate Debt Securities [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Fixed Income Funds [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,147 | 4,647 | |
Domestic [Member] | Fixed Income Funds [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Fixed Income Funds [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Domestic And Foreign Government Debt Securities [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Domestic And Foreign Government Debt Securities [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 308 | 406 | |
Domestic [Member] | Domestic And Foreign Government Debt Securities [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Pooled Separate Accounts [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Domestic [Member] | Pooled Separate Accounts [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,392 | 1,429 | |
Domestic [Member] | Pooled Separate Accounts [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 76,156 | 86,523 | $ 68,659 |
Foreign [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7 | 76 | |
Foreign [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 11,352 | 13,552 | |
Foreign [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 64,797 | 72,895 | |
Foreign [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7 | 76 | |
Foreign [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Foreign [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Foreign [Member] | Fixed Income Funds [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Foreign [Member] | Fixed Income Funds [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,290 | 4,946 | |
Foreign [Member] | Fixed Income Funds [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Foreign [Member] | Insurance Contract [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Foreign [Member] | Insurance Contract [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Foreign [Member] | Insurance Contract [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 62,409 | 72,417 | |
Foreign [Member] | Equity Funds Diversified [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Foreign [Member] | Equity Funds Diversified [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7,180 | 6,565 | |
Foreign [Member] | Equity Funds Diversified [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Foreign [Member] | Real Estate Fund [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Foreign [Member] | Real Estate Fund [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Foreign [Member] | Real Estate Fund [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,388 | 478 | |
Foreign [Member] | Commingled Funds [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Foreign [Member] | Commingled Funds [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,882 | 2,041 | |
Foreign [Member] | Commingled Funds [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 0 | $ 0 |
Pension and Other Postretire113
Pension and Other Postretirement Benefits - Level 3 Asset Rollforward (Details) - Fair Value Inputs Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at Beginning of Year | $ 72,895 | $ 57,609 |
Purchases | 2,890 | 3,044 |
Settlements | (1,239) | (1,705) |
Unrealized Gains | (2,342) | 22,874 |
Translation Difference | (7,407) | (8,927) |
Fair Value of Plan Assets at End of Year | 64,797 | 72,895 |
Insurance Contract [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at Beginning of Year | 72,417 | 57,175 |
Purchases | 953 | 3,044 |
Settlements | (1,239) | (1,705) |
Unrealized Gains | (2,402) | 22,802 |
Translation Difference | (7,320) | (8,899) |
Fair Value of Plan Assets at End of Year | 62,409 | 72,417 |
Real Estate Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at Beginning of Year | 478 | 434 |
Purchases | 1,937 | 0 |
Settlements | 0 | 0 |
Unrealized Gains | 60 | 72 |
Translation Difference | (87) | (28) |
Fair Value of Plan Assets at End of Year | $ 2,388 | $ 478 |
Pension and Other Postretire114
Pension and Other Postretirement Benefits - Cash Flow (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum Cash Contributions, Next Fiscal Year | $ 7,504 |
Expected Benefit Payments, Next Twelve Months | 6,535 |
Expected Benefit Payments, Year Two | 6,441 |
Expected Benefit Payments, Year Three | 6,664 |
Expected Benefit Payments, Year Four | 6,823 |
Expected Benefit Payments, Year Five | 6,783 |
Expected Benefit Payments, Five Fiscal Years Thereafter | 39,955 |
Domestic [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum Cash Contributions, Next Fiscal Year | 4,775 |
Expected Benefit Payments, Next Twelve Months | 4,756 |
Expected Benefit Payments, Year Two | 4,535 |
Expected Benefit Payments, Year Three | 4,561 |
Expected Benefit Payments, Year Four | 4,575 |
Expected Benefit Payments, Year Five | 4,297 |
Expected Benefit Payments, Five Fiscal Years Thereafter | 22,808 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum Cash Contributions, Next Fiscal Year | 2,729 |
Expected Benefit Payments, Next Twelve Months | 1,779 |
Expected Benefit Payments, Year Two | 1,906 |
Expected Benefit Payments, Year Three | 2,103 |
Expected Benefit Payments, Year Four | 2,248 |
Expected Benefit Payments, Year Five | 2,486 |
Expected Benefit Payments, Five Fiscal Years Thereafter | 17,147 |
Domestic Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum Cash Contributions, Next Fiscal Year | 517 |
Expected Benefit Payments, Next Twelve Months | 517 |
Expected Benefit Payments, Year Two | 512 |
Expected Benefit Payments, Year Three | 490 |
Expected Benefit Payments, Year Four | 471 |
Expected Benefit Payments, Year Five | 440 |
Expected Benefit Payments, Five Fiscal Years Thereafter | $ 1,870 |
Pension and Other Postretire115
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension and Other Postretirement Benefits [Abstract] | ||||
Value of Employer Securities Included in Plan Assets | $ 773 | $ 920 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated Benefit Obligation | $ 157,486 | 175,431 | ||
Description of Defined Contribution Plan | The Company has a 401(k) plan with an employer match covering a majority of its domestic employees. The plan allows for and the Company has paid a nonelective contribution on behalf of participants who have completed one year of service equal to 3% of the eligible participants’ compensation in the form of Company common stock. | |||
Non-elective Match Percentage | 3.00% | |||
Total Contribution Amount | $ 2,601 | 2,498 | $ 2,027 | |
Domestic [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated Benefit Obligation | 66,862 | 70,667 | ||
Net Periodic Benefit Cost | 1,754 | 1,076 | 1,701 | |
Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated Benefit Obligation | $ 90,624 | 104,764 | ||
Commingled Fund Asset Allocation | Investments in the foreign pension plan commingled funds represent pooled institutional investments, including primarily investment trusts. As of December 31, 2015, commingled funds included approximately 30 percent of investments in equity, 61 percent of investments in fixed income, and 9 percent of other non-related investments. | |||
Net Periodic Benefit Cost | $ 4,325 | 5,336 | 5,285 | |
Prior Service Cost Charge | $ 902 | |||
Effect Of Prior Service Cost Charge Per Diluted Share | $ 0.05 | |||
Domestic Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net Periodic Benefit Cost | 295 | 316 | 251 | |
Supplemental Retirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net Periodic Benefit Cost | $ 927 | $ 826 | $ 811 | |
Company Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of domestic pension assets | 2.00% | 2.00% |
Other Noncurrent Liabilities (D
Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Noncurrent [Abstract] | ||
Restricted Insurance Settlements | $ 22,874 | $ 23,599 |
Uncertain Tax Positions (Includes Interest and Penalties) | 13,332 | 14,607 |
Deferred And Other Long-Term Compensation | 5,866 | 6,492 |
Other | 512 | 792 |
Total | $ 42,584 | $ 45,490 |
Equity and Noncontrolling In117
Equity and Noncontrolling Interest - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Class Of Treasury Stock [Line Items] | |||
Common Stock Par Value | $ 1 | $ 1 | |
Common Stock Shares Authorized | 30,000,000 | 30,000,000 | |
Common Stock Shares, Issued | 13,288,113 | 13,300,891 | |
Shares issued for equity based comp plans | 51,848 | ||
Shares issued for ESPP | 6,084 | ||
Shares issued for Options exercise and Other activity | 16,676 | ||
Common Stock Voting Rights | Holders of record of the Company’s common stock for a period of less than 36 consecutive calendar months or less are entitled to one vote per share of common stock. Holders of record of the Company’s common stock for a period greater than 36 consecutive calendar months are entitled to 10 votes per share of common stock. | ||
Preferred Stock Shares Authorized | 10,000,000 | ||
Preferred Stock Par Or Stated Value Per Share | $ 1 | ||
Payments For Repurchase Of Common Stock | $ 7,276 | $ 0 | $ 0 |
2015 Share Repurchase [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Stock Repurchase Program Authorized Amount | $ 100,000 | ||
Stock Repurchased And Retired During Period Shares | 87,386 | ||
Cost of Sales [Member] | |||
Concentration Risk [Line Items] | |||
Reclassification percentage | 30.00% | 30.00% | |
Operating Expense [Member] | |||
Concentration Risk [Line Items] | |||
Reclassification percentage | 70.00% | 70.00% |
Equity and Noncontrolling In118
Equity and Noncontrolling Interest - AOCI Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $ (54,406) | $ (34,700) | $ (41,855) |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | (20,025) | (22,639) | 10,235 |
Amounts Reclassed from AOCI | 3,010 | 798 | 1,419 |
Related Tax Amounts | (1,895) | 2,135 | (4,499) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (73,316) | (54,406) | (34,700) |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (14,312) | 1,152 | 3,336 |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | (24,232) | (15,464) | (2,184) |
Amounts Reclassed from AOCI | 0 | 0 | 0 |
Related Tax Amounts | 0 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (38,544) | (14,312) | 1,152 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (41,551) | (37,433) | (46,914) |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | 5,057 | (9,232) | 9,876 |
Amounts Reclassed from AOCI | 3,642 | 3,043 | 4,177 |
Related Tax Amounts | (2,399) | 2,071 | (4,572) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (35,251) | (41,551) | (37,433) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 1,457 | 1,581 | 1,723 |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | (850) | 2,057 | 2,543 |
Amounts Reclassed from AOCI | (632) | (2,245) | (2,758) |
Related Tax Amounts | 504 | 64 | 73 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $ 479 | $ 1,457 | $ 1,581 |
Business Acquisitions - Table (
Business Acquisitions - Table (Details) € in Thousands, SEK in Thousands, AUD in Thousands, $ in Thousands | Dec. 31, 2015USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | Dec. 31, 2014AUD | Dec. 31, 2014SEK | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014AUD | Jun. 30, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 30, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2010USD ($) |
Business Acquisition [Line Items] | |||||||||||||
Current Assets | $ 30,998 | ||||||||||||
Finite Lived Customer Lists, Gross | $ 67,435 | $ 63,502 | |||||||||||
Finite Lived Trademarks, Gross | 23,147 | 18,944 | |||||||||||
Other Finite Lived Intangible Assets, Gross | 5,788 | 6,647 | |||||||||||
Goodwill | 79,111 | 77,933 | $ 58,151 | ||||||||||
Summit [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price, Total | $ 29,833 | ||||||||||||
Distribution Network [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price, Total | $ 647 | ||||||||||||
Tin Plating [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price, Total | $ 1,831 | ||||||||||||
Australia [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price, Total | AUD 8,000 | $ 7,577 | |||||||||||
Mining [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangibles | 1,802 | ||||||||||||
Goodwill | 1,178 | ||||||||||||
Present Value of Holdback | AUD | AUD (300) | ||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price, Total | AUD 2,850 | 2,355 | |||||||||||
Binol [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangibles | 11,805 | ||||||||||||
Goodwill | 5,726 | ||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price, Total | SEK 136,500 | $ 18,536 | |||||||||||
ECLI [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangibles | $ 31,050 | ||||||||||||
Goodwill | 14,642 | ||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price, Total | $ 53,145 | ||||||||||||
Verkol [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Current Assets | 30,998 | ||||||||||||
Propery, Plant & Equipment | 7,941 | ||||||||||||
Intangibles | 11,743 | ||||||||||||
Finite Lived Customer Lists, Gross | 6,146 | ||||||||||||
Finite Lived Trademarks, Gross | 5,378 | ||||||||||||
Other Finite Lived Intangible Assets, Gross | 219 | ||||||||||||
Goodwill | 5,165 | 5,165 | |||||||||||
Other Long-term Assets | 158 | ||||||||||||
Total Assets Purchased | 56,005 | ||||||||||||
Other Current Liabilities | (6,681) | ||||||||||||
Long-term Debt | (2,400) | € (2,187) | (2,400) | ||||||||||
Other Non-Current Liabilities | (5,531) | ||||||||||||
Total Liabilities Assumed | (14,612) | ||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price, Total | 41,393 | € 37,737 | $ 41,393 | ||||||||||
2014 Acquisitions [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Current Assets | 12,413 | ||||||||||||
Propery, 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, Total | $ 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 | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($)$ / shares | Mar. 31, 2015SEK | Mar. 31, 2015USD ($) | Dec. 31, 2014AUD | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | Dec. 31, 2014SEK | Dec. 31, 2014USD ($) | Jun. 30, 2014AUD | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2010USD ($) | |
Business Acquisition [Line Items] | ||||||||||||||||||||
Goodwill | $ 79,111 | $ 79,111 | $ 58,151 | $ 77,933 | ||||||||||||||||
Contingent Consideration Paid | 226 | $ 4,709 | 0 | |||||||||||||||||
Change in Fair Value Estimate | 0 | $ 0 | (497) | |||||||||||||||||
Summit [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisition | $ 29,833 | |||||||||||||||||||
Contingent Consideration Paid | $ 4,709 | |||||||||||||||||||
Change in Fair Value Estimate | $ (497) | |||||||||||||||||||
Distribution Network [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisition | $ 647 | |||||||||||||||||||
Tin Plating [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisition | $ 1,831 | |||||||||||||||||||
Australia [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisition | AUD 8,000 | $ 7,577 | ||||||||||||||||||
Percentage of Voting Interests Acquired | 49.00% | 49.00% | ||||||||||||||||||
Adjustments To Additional Paid In Capital Other | $ 6,450 | |||||||||||||||||||
Mining [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisition | AUD 2,850 | 2,355 | ||||||||||||||||||
Goodwill | 1,178 | |||||||||||||||||||
Intangibles | 1,802 | |||||||||||||||||||
Present Value of Holdback | AUD | AUD 300 | |||||||||||||||||||
Mining [Member] | Customer Lists [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Intangible Assets, Amortizable Life | 15 years | |||||||||||||||||||
Mining [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Intangible Assets, Amortizable Life | 5 years | |||||||||||||||||||
Mining [Member] | Trademarks [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Intangible Assets, Amortizable Life | 15 years | |||||||||||||||||||
Binol [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisition | 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 | |||||||||||||||||||
Binol [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Intangible Assets, Amortizable Life | 5 years | |||||||||||||||||||
Binol [Member] | Trademarks [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Intangible Assets, Amortizable Life | 15 years | |||||||||||||||||||
ECLI [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisition | $ 53,145 | |||||||||||||||||||
Goodwill | 14,642 | |||||||||||||||||||
Intangibles | $ 31,050 | |||||||||||||||||||
ECLI [Member] | Customer Lists [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 | |||||||||||||||||||
2014 Acquisitions [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisition | 74,036 | 74,036 | ||||||||||||||||||
Goodwill | 21,546 | 21,546 | ||||||||||||||||||
Cash Acquired | $ 1,037 | |||||||||||||||||||
Verkol [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisition | 41,393 | 41,393 | € 37,737 | $ 41,393 | ||||||||||||||||
Long-term Debt | (2,400) | (2,400) | (2,187) | (2,400) | ||||||||||||||||
Goodwill | 5,165 | $ 5,165 | 5,165 | |||||||||||||||||
Intangibles | 11,743 | |||||||||||||||||||
Post Closing Adjustment | € 1,282 | $ 1,384 | ||||||||||||||||||
Cash Acquired | € 14,053 | $ 15,423 | ||||||||||||||||||
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 | |||||||||||||||||||
Verkol [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Intangible Assets, Amortizable Life | 4 years | |||||||||||||||||||
Verkol [Member] | Trademarks [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Intangible Assets, Amortizable Life | 15 years |
Fair Value - Assets (Details)
Fair Value - Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | $ 1,336 | $ 1,361 |
Company Owned Life Insurance - Deferred Compensation Assets | 0 | 310 |
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 | 1,336 | 1,805 |
Fair Value Inputs Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | 0 | 0 |
Company Owned Life Insurance - Deferred Compensation Assets | 0 | 0 |
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] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | 1,336 | 1,361 |
Company Owned Life Insurance - Deferred Compensation Assets | 0 | 310 |
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 | 1,336 | 1,671 |
Fair Value Inputs Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | 0 | 0 |
Company Owned Life Insurance - Deferred Compensation Assets | 0 | 0 |
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 - Liabilties (Detail
Fair Value - Liabilties (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Large Capitalization Registered Investment Companies | $ 0 | $ 404 |
Mid Capitalization Registered Investment Companies | 0 | 108 |
Small Capitalization Registered Investment Companies | 0 | 90 |
International Developed And Emerging Markets Registered Investment Companies | 0 | 179 |
Fixed Income Registered Investment Companies | 0 | 40 |
Fixed General Account | 0 | 160 |
Liabilities Fair Value Disclosure | 0 | 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 | 0 | 404 |
Mid Capitalization Registered Investment Companies | 0 | 108 |
Small Capitalization Registered Investment Companies | 0 | 90 |
International Developed And Emerging Markets Registered Investment Companies | 0 | 179 |
Fixed Income Registered Investment Companies | 0 | 40 |
Fixed General Account | 0 | 0 |
Liabilities Fair Value Disclosure | 0 | 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 | 0 |
Mid Capitalization Registered Investment Companies | 0 | 0 |
Small Capitalization Registered Investment Companies | 0 | 0 |
International Developed And Emerging Markets Registered Investment Companies | 0 | 0 |
Fixed Income Registered Investment Companies | 0 | 0 |
Fixed General Account | 0 | 160 |
Liabilities Fair Value Disclosure | 0 | 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 | 0 |
Mid Capitalization Registered Investment Companies | 0 | 0 |
Small Capitalization Registered Investment Companies | 0 | 0 |
International Developed And Emerging Markets Registered Investment Companies | 0 | 0 |
Fixed Income Registered Investment Companies | 0 | 0 |
Fixed General Account | 0 | 0 |
Liabilities Fair Value Disclosure | $ 0 | $ 0 |
Fair Value - Quantitative Discl
Fair Value - Quantitative Disclusure (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Fair Value Inputs Liabilities Quantitative Information [Line Items] | |
Deferred Compensation Arrangement WithIndividual Distributions Paid | $ 1,018 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Unrelated Environmental Liability Accruals | $ 295 | $ 173 | |
Loss Contingency, Settlement Agreement, Terms | Previously, an inactive subsidiary of the Company executed separate settlement and release agreements with two of its insurance carriers for $35,000, of which $22,874 remains. 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. | ||
ACP [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Range Of Possible Loss Minimum | $ 360 | ||
Loss Contingency Range Of Possible Loss Maximum | $ 1,030 | ||
P-2 well operation range estimate | one to three years | ||
SB Decking [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | $ 3,000 | ||
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 December 31, 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, Total [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Range Of Possible Loss Minimum | $ 0 | ||
Loss Contingency Range Of Possible Loss Maximum | $ 700 | ||
VAT Assessment Three [Member] | |||
Loss Contingencies [Line Items] | |||
Non-Income Tax Contingency Charge | $ 796 |
Commitments and Contingencie125
Commitments and Contingencies - Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 5,921 | $ 5,792 | $ 5,510 |
Future Operating Lease Minimum Payments, Due Next Year | 5,291 | ||
Future Operating Lease Minimum Payments, Due in Two Years | 3,040 | ||
Future Operating Lease Minimum Payments, Due in Three Years | 779 | ||
Future Operating Lease Minimum Payments, Due in Four Years | 485 | ||
Future Operating Lease Minimum Payments, Due in Five Years | 172 | ||
Future Operating Lease Minimum Payments, Due Therafter | $ 81 |
Quarterly Results - Unaudite126
Quarterly Results - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Results (unaudited) [Abstract] | |||||||||||
Net sales | $ 183,275 | $ 189,224 | $ 183,726 | $ 181,330 | $ 194,033 | $ 198,867 | $ 191,286 | $ 181,674 | $ 737,555 | $ 765,860 | $ 729,395 |
Gross Profit | 68,766 | 71,329 | 70,617 | 66,328 | 69,576 | 70,300 | 68,216 | 65,114 | |||
Operating income | 13,223 | 18,728 | 21,445 | 17,864 | 16,485 | 20,553 | 20,945 | 19,373 | 71,260 | 77,356 | 71,243 |
Net income attributable to Quaker Chemical Corporation | $ 11,393 | $ 14,371 | $ 15,038 | $ 10,378 | $ 12,639 | $ 15,696 | $ 15,427 | $ 12,730 | $ 51,180 | $ 56,492 | $ 56,339 |
Net income attributable to Quaker Chemical Corporation Common Shareholders - basic | $ 0.86 | $ 1.08 | $ 1.13 | $ 0.78 | $ 0.95 | $ 1.18 | $ 1.17 | $ 0.96 | $ 3.84 | $ 4.27 | $ 4.28 |
Net income attributable to Quaker Chemical Corporation Common Shareholders - diluted | $ 0.86 | $ 1.08 | $ 1.13 | $ 0.78 | $ 0.95 | $ 1.18 | $ 1.16 | $ 0.96 | $ 3.84 | $ 4.26 | $ 4.27 |
Quarterly Results - Unaudited -
Quarterly Results - Unaudited - Narrative (Details) - $ / shares | 3 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Captive Insurance Equity Affiliate [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | $ 0.07 | $ 0.04 | $ (0.01) | $ 0.06 | $ 0.02 | $ 0.01 | $ 0.09 | $ 0.06 |
Currency Conversion [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | 0.21 | 0.02 | ||||||
Cost Streamlining Initiative [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | $ 0.01 | 0.04 | $ 0.02 | |||||
Customer Bankruptcy [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | 0.01 | $ 0.01 | $ 0.03 | $ 0.02 | ||||
Pension Amendment [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | $ 0.05 | |||||||
Restructuring Charges [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | $ 0.36 | |||||||
Acquisition Related Transaction Expenses [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | $ 0.15 |