Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document period end date | Dec. 31, 2016 | ||
Amendment flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
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 | 13,279,729 | ||
Entity public float | $ 1,168,154,191 | ||
Trading Symbol | KWR |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 746,665 | $ 737,555 | $ 765,860 |
Cost of goods sold | 467,072 | 460,515 | 492,654 |
Selling, general and administrative expenses | 196,981 | 198,990 | 195,850 |
Restructuring and related activities | (439) | 6,790 | 0 |
Costs and Expenses, Total | 663,614 | 666,295 | 688,504 |
Operating income | 83,051 | 71,260 | 77,356 |
Other income (expense), net | 1,810 | (69) | 767 |
Interest expense | (2,889) | (2,585) | (2,371) |
Interest income | 2,037 | 1,624 | 2,541 |
Income before taxes and equity in net income of associated companies | 84,009 | 70,230 | 78,293 |
Taxes on income before equity in net income of associated companies | 23,226 | 17,785 | 23,539 |
Income before equity in net income of associated companies | 60,783 | 52,445 | 54,754 |
Equity in net income of associated companies | 2,256 | 261 | 3,543 |
Net income | 63,039 | 52,706 | 58,297 |
Net income attributable to noncontrolling interest | 1,636 | 1,526 | 1,805 |
Net income attributable to Quaker Chemical Corporation | $ 61,403 | $ 51,180 | $ 56,492 |
Per share data: | |||
Net income attributable to Quaker Chemical Corporation Common Shareholders - basic | $ 4.64 | $ 3.84 | $ 4.27 |
Net income attributable to Quaker Chemical Corporation Common Shareholders - diluted | $ 4.63 | $ 3.84 | $ 4.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Comprehensive Income [Abstract] | |||
Net income | $ 63,039 | $ 52,706 | $ 58,297 |
Currency translation adjustments | (13,772) | (24,869) | (15,701) |
Defined Benefit Plans [Abstract] | |||
Net gain (loss) arising during the period, other | (2,990) | 3,821 | (6,210) |
Amortization of actuarial loss | 2,155 | 2,561 | 2,162 |
Amortization of prior service (gain) loss | (82) | (82) | (70) |
Unrealized gain (loss) on available-for-sale securities | 537 | (978) | (124) |
Other Comprehensive Income (Loss) | (14,152) | (19,547) | (19,943) |
Comprehensive Income | 48,887 | 33,159 | 38,354 |
Less: comprehensive income attributable to noncontrolling interest | (1,575) | (889) | (1,568) |
Comprehensive income attributable to Quaker Chemical Corporation | $ 47,312 | $ 32,270 | $ 36,786 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 88,818 | $ 81,053 |
Accounts receivable, net | 195,225 | 188,297 |
Inventories, net | 77,082 | 75,099 |
Prepaid expenses and other current assets | 15,343 | 13,582 |
Total current assets | 376,468 | 358,031 |
Property, plant and equipment, net | 85,734 | 87,619 |
Goodwill | 80,804 | 79,111 |
Other intangible assets, net | 73,071 | 73,287 |
Investments in associated companies | 22,817 | 20,354 |
Non-current deferred tax assets | 24,382 | 30,107 |
Other assets | 28,752 | 32,218 |
Total assets | 692,028 | 680,727 |
Current liabilities | ||
Short-term borrowings and current portion of long-term debt | 707 | 662 |
Accounts payable | 77,583 | 67,291 |
Dividends payable | 4,581 | 4,252 |
Accrued compensation | 19,356 | 19,166 |
Accrued Restructuring | 670 | 6,303 |
Accrued Pension and Postretirement Benefits, Current | 1,086 | 1,144 |
Other current liabilities | 23,428 | 25,696 |
Total current liabilities | 127,411 | 124,514 |
Long-term debt | 65,769 | 81,439 |
Non-current deferred tax liabilities | 12,008 | 10,258 |
Accrued Pension and Postretirement Benefits, Non-current | 38,348 | 40,689 |
Other non-current liabilities | 35,886 | 42,584 |
Total liabilities | 279,422 | 299,484 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding 2016 - 13,277,832 shares; 2015 - 13,288,113 shares | 13,278 | 13,288 |
Capital in excess of par value | 112,475 | 106,333 |
Retained earnings | 364,414 | 326,740 |
Accumulated Other Comprehensive Loss | (87,407) | (73,316) |
Total Quaker shareholders equity | 402,760 | 373,045 |
Noncontrolling interest | 9,846 | 8,198 |
Total equity | 412,606 | 381,243 |
Total liabilities and equity | $ 692,028 | $ 680,727 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 13,277,832 | 13,288,113 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 63,039 | $ 52,706 | $ 58,297 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 12,557 | 12,395 | 12,306 |
Amortization | 7,009 | 6,811 | 4,325 |
Equity in undistributed earnings of associated companies, net of dividends | (1,969) | 578 | (3,180) |
Deferred income taxes | 5,488 | (2,401) | 1,007 |
Uncertain tax positions (non-deferred portion) | (3,206) | (1,122) | (1,256) |
Deferred compensation and other, net | (424) | 14 | 3,174 |
Stock-based compensation | 6,349 | 5,919 | 5,309 |
Restructuring and related activities | (439) | 6,790 | 0 |
(Gain) loss on disposal of property, plant and equipment and other assets | (18) | (12) | (86) |
Insurance settlement realized | (1,023) | (760) | (1,907) |
Pension and other postretirement benefits contributions | (3,420) | ||
Pension And Other Postretirement Benefit Expense | 2,591 | 1,265 | |
(Decrease) increase in cash from changes in current assets and current liabilities, net of acquisitions: | |||
Accounts receivable | (11,705) | (188) | (24,944) |
Inventories | (1,870) | 1,292 | (5,484) |
Prepaid expenses and other current assets | (703) | (721) | 2,003 |
Accounts payable and accrued liabilities | 14,566 | (9,040) | 2,999 |
Change in restructuring liabilities | (5,252) | (490) | 0 |
Estimated taxes on income | (5,226) | (930) | 862 |
Net cash provided by operating activities | 73,753 | 73,432 | 54,690 |
Cash flows from investing activities | |||
Investments in property, plant and equipment | (9,954) | (11,033) | (13,052) |
Payments related to acquisitions, net of cash acquired | (15,024) | (24,058) | (73,527) |
Proceeds from disposition of assets | 186 | 135 | 201 |
Insurance settlement interest earned | 32 | 35 | 44 |
Change in restricted cash, net | 991 | 725 | 1,863 |
Net cash used in investing activities | (23,769) | (34,196) | (84,471) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 0 | 6,163 | 58,771 |
Repayment of long-term debt | (14,513) | (477) | (1,368) |
Dividends paid | (17,625) | (16,513) | (14,562) |
Stock options exercised, other | (811) | 1,048 | 804 |
Payments for repurchase on common stock | (5,859) | (7,276) | 0 |
Excess tax benefit from stock option exercises | 678 | 384 | 453 |
Purchase of noncontrolling interest in affiliates, net | 0 | 0 | (7,422) |
Payment of acquisition-related liabilities | 0 | (226) | (4,709) |
Distributions to noncontrolling affiliate shareholders | 0 | 0 | (1,806) |
Net cash (used in) provided by financing activities | (38,130) | (16,897) | 30,161 |
Effect of exchange rate changes on cash | (4,089) | (6,017) | (4,141) |
Net increase (decrease) in cash and cash equivalents | 7,765 | 16,322 | (3,761) |
Cash and cash equivalents at beginning of period | 81,053 | 64,731 | 68,492 |
Cash and cash equivalents at end of period | 88,818 | 81,053 | 64,731 |
Supplemental Cash Flow Information [Abstract] | |||
Income Taxes Paid | 25,043 | 20,996 | 22,713 |
Interest Paid | 2,481 | 2,223 | 1,894 |
Other Noncash Investing And Financing Items [Abstract] | |||
Change in accrued purchases of property, plant and equipment, net | $ 363 | $ 209 | $ (1,158) |
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, 2013 | $ 344,696 | $ 13,196 | $ 99,038 | $ 258,285 | $ (34,700) | $ 8,877 |
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 |
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 |
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 |
Net income | 63,039 | 0 | 0 | 61,403 | 0 | 1,636 |
Amounts reported in other comprehensive income (loss) | (14,152) | 0 | 0 | 0 | (14,091) | (61) |
Repurchases of common stock | (5,859) | (84) | 0 | (5,775) | 0 | 0 |
Dividends common stock | (17,954) | 0 | 0 | (17,954) | 0 | 0 |
Acquisition of Noncontrolling Interests | 73 | 0 | 0 | 0 | 0 | 73 |
Shares issued upon exercise of stock options and other | (1,302) | 11 | (1,313) | 0 | 0 | 0 |
Shares issued for employee stock purchase plan | 491 | 6 | 485 | 0 | 0 | 0 |
Equity based compensation plans | 6,349 | 57 | 6,292 | 0 | 0 | 0 |
Excess tax benefit from stock option exercises | 678 | 0 | 678 | 0 | 0 | 0 |
Balance at at Dec. 31, 2016 | $ 412,606 | $ 13,278 | $ 112,475 | $ 364,414 | $ (87,407) | $ 9,846 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statement Of Changes In Equity Parentheticals [Abstract] | |||
Dividends declared | $ 1.355 | $ 1.26 | $ 1.15 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 s 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 13 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, liabil ities 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 in 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 associated 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 resultin g 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. su bsidiaries 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 consid ers 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 net realizab le val ue, and are valued using the first-in, first-out (“FIFO”) method. See Note 10 of Notes to Consolidated Financial Statements. Long-lived assets: Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line me thod on an 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 evaluate d whenever changes 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 fl ows. Upon sale 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 nco me. Expenditures 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 11 of Notes to Consolidated Financia l Statements. Capitalized software: The Company capitalizes certain costs in connection with developing or obtaining software for internal use , depending on the associated project . These costs are amortized over a period of 3 to 5 year s 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 $1.4 million and $1.3 million of net costs were capitalized in property, plant and equipment on the Company’s December 31, 2016 and 2015 Consolidated Balance Sheets, respectively. Goodwill and other intangible assets: The Company records goodwill, definite-lived intangible assets a nd indefinite-lived intangible assets at fair value at the date of acquisition. 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 ev ents indicate potential impairment. Definite-lived intangible assets are 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 l ives of these assets, consistent with the discussion of long-lived assets, above. See Note 12 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 fees 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 $43.5 million, $48.6 million and $46.8 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Accounts receivable and allowance for doubtful accounts: Trade accounts receivable subject the Company 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 receivable. 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 distress ed customers are generally reserved for on a specific 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 b alances are charged off against the allowance when the 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 the year ended December 31, 2016 , the Company’s five largest customers accounted for approximately 19% of its consolidated net s ales with the largest customer accounting for approximately 8% of the Company’s consolidated net sales. See Note 9 of Notes to Con solidated 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 $22.5 million, $22.1 million and $22.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Environmental liabilities and expenditures: Accruals for environmental matters are recorded when it is probable that a liabi lity has been incurred and the amount of the liability can be reasonably estimated. If there is a range of estimated 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 capac ity or improve safety or efficiency of the property from the date acquired or constructed, and/or mitigate or preven t contamination in the future. See Note 22 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 for 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 perform 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 t he 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, 2016 an d 2015 , the Company had limited exposure to such obligations and had immaterial liabilities recorded for such on its Consolidated Balance Sheets. Pension and other postretirement benefits: The Company maintains various noncontributory retirement pl ans, the largest of which is in the U.S., covering a portion of its employees in the U.S. and certain other countries. The plans of the Company’s subsidiaries in t he 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 of 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 that 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 th e measurement date is December 31. The measurement date for the Company’s other postretirement benefits plan is December 31. The Company’s global pension investment polic ies are 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 balance between return and risk. The Company’s investment horizon is gen erally 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 intermediate plan distributions, and the total return portfolio is expecte d 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 prohibi t use of securities such as letter stock and other unregistered securities, commodities or commodity contracts, short sales, margin transactions, private placements (unless specifically 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 monitored with an overall expectation that plan assets will meet or exceed bench mark 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 established asset allocation ranges approved by senior management of the Compan y. As of December 31, 2016 , the plan’s investments were in compliance with all approved ranges of asset allocations. See Note 17 of Notes to Consolidated Financial Statements. Comprehensive income (loss): The Company presents other comprehensi ve income (loss) in its Statement s of Comprehensive Income. The Company follows the FASB’s guidance regarding the disclosure of reclas sifications from AOCI which requires the disclosure of significant amounts reclassified from each component of AOCI, the related tax amounts and the income statement line items affected by such reclassifications. See Note 19 of Notes to Consolidated Financial Statements. Income taxes and uncertain tax positions: The provision for income taxes is determined using the asse t and liability approach of accounting for income taxes. Under this approach, deferred 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 deferred 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 recorded 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 inco me taxes prescribes the recognition threshold and measurement attributes for financial 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 ben efits of tax positions will be more likely than not sustained upon audit based upon 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 settlement 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 ben efit 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 an d income related to uncertain tax positions is computed by applying the applicable 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 penalties 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 apply if the uncertain tax position were settled for the presumed amount at the balance sheet date. See N ote 7 of Notes to Consolidated Financial Statements. Derivatives: The Company is exposed to the impact of changes in interest rates, foreign currency fluctuations, changes in commodity prices and credit risk. The Company is currently not using derivat ive 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 hedges, the effective portion of any hedge would be reported in AOCI until it was cleared to earnings durin g 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 Notes 17 and 21 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 Annu al 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 5 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 8 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 4 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 assumed. See Note 20 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 3 of Notes to Consolidated Financial Statements. Reclassifications : Certain information has been reclassified to conform to the current year presentation. During the first quarter of 2016 , the Company revised its Consolidated Balance Sheet for December 31, 2015, reducing non-current deferred tax assets and non-current deferred tax liabilities by $3.6 million each, to correct for offsetting deferred tax balances within related taxing jurisd ictions. The Company considers such revision to be immaterial and the revision had no impact on reported equity, net income or net cash provided by operating activities. In addition, during the fourth quarter of 2016, the Company early adopted an account ing standard update issued by the FASB in November 2015 regarding the classification of deferred taxes on the balance sheet. The Company applied the guidance in this accounting standard update retrospectively. See Note 2 of Notes to Consolidated Financia l Statements. Accounting estimates: The preparation 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 financial 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, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Description Of New Accounting Pronouncements Not Yet Adopted [Text Block] | The FASB issued an accounting standard update in January 2017, simplifying the test for goodwill impairment by eliminating the Step 2 computation. The accounting standard update modifies the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. The guidance removes the requirement to determ ine a goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The guidance within thi s accounting standard update should be applied on a prospective basis, and is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairmen t tests performed on testing dates after January 1, 2017. The Company is still evaluating the guidance but currently anticipates early adoption of the accounting standard update for its next annual goodwill impairment test during 2017, and does not expect a material impact to its financial statements. The FASB issued an accounting standard update in January 2017, amending and adding certain requirements regarding disclosure of the impact that specific recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. This update is based on recent SEC announcements regarding the staff’s view that a registrant should evaluate accounting standard updates that have not yet been adopted to determine the appropriate financial statement disclosures about the potential material effects of those accounting standard updates on the financial statements when adopted, particularly regarding the accounting for and disclosure of revenue rec ognition. The requirements of this accounting standard update are effective immediately and the Company has reviewed and considered this accounting standard update when revising certain disclosures, as applicable. The FASB issued an accounting standard update in January 2017 to clarify the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this accounting standard update provide a more robust framework to use in determining when a set of assets and activities is a business. The guidance within this accounting standard update is effective for annual and interim periods beginning after Decem ber 15, 2017. Early adoption is permitted in limited circumstances, and the amendments in this accounting standard update should be applied prospectively, with no disclosures required at transition. The Company does not currently meet the criteria for ea rly application of the amendments and therefore has not early adopted the guidance. The Company will evaluate the potential impact of this guidance on future transactions, as applicable. The FASB issued an accounting standard update in November 2016 req uiring that the statement of cash flows explain both the change in the total cash and cash equivalents, and, also, the amounts generally described as restricted cash or restricted cash equivalents. This will require amounts generally described as restrict ed cash or restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning and ending amounts shown on the statement of cash flows. The guidance within this accounting standard update is effective for annual and inter im periods beginning after December 15, 2017. Early adoption is permitted and the guidance requires application using a retrospective transition method to each period presented when adopted. While permitted, the Company has not early adopted the guidance and is currently evaluating the appropriate implementation strategy. Adoption of the guidance will not have an impact on the Company’s earnings or balance sheet but will result in changes to certain disclosures within the statement of cash flows, notably cash flows from investing activities. The FASB issued an accounting standard update in August 2016 to standardize how certain transactions are classified in the statement of cash flows. Specific transactions covered by the accounting standard update incl ude debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate a nd bank owned life insurance policies, distributions received from equity method investments and beneficial interest in securitization transactions. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted, provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. While permitted, the Company has not early adopted the gu idance and is currently evaluating the appropriate implementation strategy. Adoption of the guidance will not have an impact on the Company’s earnings or balance sheet but may result in certain reclassifications on the statement of cash flows, including r eclassifications between cash flows from operating activities, investing activities and financing activities, respectively. The FASB issued an accounting standard update in March 2016 involving several aspects of the accounting for share-based payment tran sactions, including the income tax consequences, classification of awards as either equity or liabilities, use of a forfeiture rate, and classification on the statement of cash flows. The guidance within this accounting standard update is effective for an nual and interim periods beginning after December 15, 2016. Early adoption is permitted, however, if early adoption is elected, all amendments in the update must be adopted in the same period. When adopted, application of the guidance will vary based on each aspect of the update, including adoption under retrospective, modified retrospective or prospective approaches. The Company has not early adopted and is currently evaluating the potential impact of this guidance and an appropriate implementation stra tegy. The Company will adopt the guidance in this accounting standard update during the first quarter of 2017, as required. The FASB issued an accounting standard update in February 2016 regarding the accounting and disclosure for leases. Specificall y, the update will require entities that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on the balance sheet, in most instances. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2018, and should be applied on a modified retrospective basis for the reporting periods presented. Early adoption is permitted. The Company has not early adopted and is currently evaluating the potential impact of this guidance and an appropriate implementation strategy. The Company has begun its impact assessment, including taking an inventory of its outstanding leases globally. While the Company’s evaluation of this guidance is in the early s tages, the Company currently expects adoption of this guidance to have an impact on its balance sheet. 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 guidan ce within this accounting standard 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. During the fourth quarter of 2016, the Company early adopted the guidance of this accounting standard update and applied the guidance in this accounting standard update retrospectively. Including the first quarter of 2016 revision noted in Note 1 of Not es to Consolidated Financial Statements, adoption of the accounting standard update resulted in a reclassification to the Company’s Consolidated Balance Sheet as of December 31, 2015, reducing current deferred tax assets by $7.8 million, current deferred t ax liabilities by less than $0.1 million, and non-current deferred tax liabilities by $4.7 million, and increasing non-current deferred tax assets by $3.0 million. Adoption of the guidance had no impact on the Company’s earnings or cash flow. See Note 7 of Notes to Consolidated Financial Statements. 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 met hods. Specifically, the update requires that inventory be measured at lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This guidance should be applied prospectively with early adoption permitted. During the first quarter of 2016, the Company elected to early adopt this guidance without a material impact. The FASB issued an accounting standard update in May 2015 regarding the required disclosures for entities that elect to measure the fair value of certai n investments using the net asset value (“NAV”) per share (or its equivalent) practical expedient in accordance with the fair value measurement authoritative guidance. The update removes the requirement to categorize within the fair value hierarchy, and a lso limits the requirement to make certain other disclosures, for all such investments. The amendments in this update are effective for 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 was permitted. During the first quarter of 2016, the Company adopted this guidance without a material impact. See Note 17 of Notes to Consolidated Financial Statements. 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 sep arate 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 was 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. During the first quarter of 2016, the Company adopted this guidance without a material impact. The FASB issued an accounting standard update in May 2014 regarding the accounting for and disclosure of revenue recognition. Specifically, the update outlined a single comprehensive model for entities to use in accounting for revenue arising from contrac ts 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, and 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 effect ive for annual and interim periods beginning after December 15, 2017. Entities will be permitted to adopt the new revenue standard early but not before the original effective date. During 2016, the FASB issued a series of accounting standard updates to c larify and expand on the implementation guidance, including principal versus agent considerations, identification of performance obligations, licensing, other technical corrections and adding certain practical expedients. The amendments in these 2016 upda tes do not change the core principle of the previously issued guidance in May 2014. During 2016, the Company reviewed its historical accounting policies and practices to identify potential differences with the requirements of the new revenue standard, as it relates to the Company’s contracts and sales arrangements. As of December 31, 2016, the Company has progressed its impact assessment for the implementation of the new revenue recognition guidance, including contract reviews and preliminary consideratio ns for the Company’s future financial reporting and disclosure requirements. While the impact assessment continues, the Company has not yet selected a method, and, also, has yet to conclude on the impact of the accounting standard update. The Company cur rently expects its determination will be near completion during the first half of 2017. The Company is still assessing the materiality and the potential impact on its earnings, cash flows, and balance sheet, however; the Company does expect its adoption t o increase the amount and level of disclosures concerning the Company’s net sales. |
Restructuring and Related Activ
Restructuring and Related Activities | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities Disclosure [Text Block] | Note 3 – Restructuring and Related Activities In response to continued 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 included the re-organization of certain commercial functions, the consolidation of certain distribution, laboratory and administrative offices, and other related severance charges. In addition to these actions, durin g the fourth quarter of 2015 the Company made a decision to make available-for-sale certain technology of one of its existing businesses, which also resulted in employee severance and $0.3 million of intangible assets being reclassified to other current as sets as of December 31, 2015. During the fourth quarter of 2016, the Company made a decision to no longer market or make available-for-sale this technology, which resulted in $0.3 million of other current assets being reclassified back to intangible asset s as of December 31, 2016. The 2015 Program include d provisions for the reduction of total headcount by approximately 65 employees globally. As a result of this program, the Company recognized a $6.8 million, or $0.36 per diluted share, restructuring ch arge in the fourth quarter of 2015. Employee separation costs varied depending on local regulations within certain foreign countries and included severance and other benefits. The Company substantially completed all of the initiatives under the 2015 Prog ram in 2016 and settlement of these charges occurred primarily in 2016 as well. During the fourth quarter of 2016, the Company recognized a restructuring credit of $0.4 million, or $0.02 per diluted share, in connection with the 2015 Program, due to custo mary and routine adjustments to initial estimates for employee separation costs, as well as the reversal of certain accrued employee separation costs as a result of the change in available-for-sale technology, noted above. At this time, the Company does n ot expect to incur material additional restructuring charges or credits under the 2015 Program . Restructuring activity recognized in each reportable operating segment in connection with the 2015 Program during the years ended December 31, 2016 an d 2015 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 Restructuring credits — (439) — — (439) Cash payments (1,671) (3,404) (138) (39) (5,252) Currency translation adjustments — 52 3 3 58 Accrued restructuring as of December 31, 2016 $ 196 $ 474 $ — $ — $ 670 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Disclosures [Abstract] | |
Segment Reporting Disclosure [Text Block] | 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 is comprised of revenues less costs of goods sold and SG&A directly related to the respective region’s product sales. The indirect operating expenses consist of SG&A not directly attributable to the product sales of each respective reportable operating segment. Other items not specifically identified with the Company’s reportable operating segments include interest expense, interest income, license fees from non-consolidated affiliates, amortization expense and othe r income (expense). The following tables present information about the performance of the Company’s reportable operating segments for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Net sales North America $ 336,174 $ 344,248 $ 334,400 EMEA 200,917 179,717 195,309 Asia/Pacific 179,131 181,056 185,974 South America 30,443 32,534 50,177 Total net sales $ 746,665 $ 737,555 $ 765,860 2016 2015 2014 Operating earnings, excluding indirect operating expenses North America $ 77,492 $ 79,791 $ 68,296 EMEA 33,634 27,979 32,589 Asia/Pacific 45,866 45,107 43,847 South America 1,386 1,785 4,292 Total operating earnings, excluding indirect operating expenses 158,378 154,662 149,024 Non-operating charges (68,632) (69,602) (67,110) Restructuring and related activities 439 (6,790) — Depreciation of corporate assets and amortization (7,134) (7,010) (4,558) Consolidated operating income 83,051 71,260 77,356 Other income (expense), net 1,810 (69) 767 Interest expense (2,889) (2,585) (2,371) Interest income 2,037 1,624 2,541 Consolidated income before taxes and equity in net income of associated companies $ 84,009 $ 70,230 $ 78,293 The following tables present information regarding the Company’s reportable segments’ assets and long-lived assets as of December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Segment assets North America (including Corporate) $ 321,404 $ 317,082 $ 340,139 EMEA 147,021 162,647 123,916 Asia/Pacific 200,218 181,389 170,444 South America 23,385 19,609 29,877 Total segment assets $ 692,028 $ 680,727 $ 664,376 During the fourth quarter of 2016, the Company early adopted an accounting standard update regarding the classification of deferred taxes on the balance sheet. The Company applied the guidance in this accounting standard update retrospectively. See Note 2 of Notes to Consolidated Financial Statements. As a result of adopting this guidance, the Company revised its December 31, 2015 and 2014 segment asset detail, decreasing its previously published amounts in North America by approximately $3.2 million an d $0.2 million, respectively, in EMEA by approximately $1.1 million and $0.4 million, respectively , in Asia/Pacific by approximately $0.3 million and $0.1 million, respectively, and in South America by approximately $0.2 million and $0.4 million, respectiv ely . 2016 2015 2014 Segment long-lived assets North America (including Corporate) $ 86,775 $ 87,421 $ 92,319 EMEA 25,630 27,101 20,634 Asia/Pacific 22,040 23,096 24,392 South America 2,858 2,573 3,911 Total segment long-lived assets $ 137,303 $ 140,191 $ 141,256 The following tables present information regarding the Company’s reportable segments’ capital expenditures and depreciation as of December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Capital expenditures North America (including Corporate) $ 2,918 $ 4,166 $ 3,658 EMEA 3,263 3,081 4,811 Asia/Pacific 3,269 3,169 3,202 South America 504 617 1,381 Total segment capital expenditures $ 9,954 $ 11,033 $ 13,052 2016 2015 2014 Depreciation North America $ 5,672 $ 5,577 $ 5,231 EMEA 3,323 2,975 3,069 Asia/Pacific 2,765 2,812 2,713 South America 672 832 1,060 Total segment depreciation $ 12,432 $ 12,196 $ 12,073 The following table presents information regarding the Company’s product lines that represent more than 10% of consolidated revenues for the years ended December 31, 2016 , 2015 and 2014 , with the remaining product sales being impractical to present: 2016 2015 2014 Rolling lubricants 19.0 % 18.6 % 20.1 % Machining and grinding compounds 14.9 % 15.3 % 16.3 % Hydraulic fluids 12.0 % 12.6 % 13.0 % Corrosion preventives 11.8 % 12.0 % 12.5 % Specialty greases 10.1 % 8.5 % 5.3 % During the years ended December 31, 2016 , 2015 and 2014 , the North American segment had approximate ly $35.8 million, $34.0 million and $35.5 million of net sales, respectively, which were attributable to non-domestic operations. At December 31, 2016 , 2015 and 2014 , the North American segment had approximate ly $4.9 million, $2.7 million and $3.1 millio n of long-lived assets, respectively, which were at tributable to non-domestic operations. Inter-segment revenue for the years ended December 31, 2016 , 2015 and 2014 was $8.3 million, $9.1 million and $8.0 million for North Amer ica, $18.1 million, $17.8 million and $22.3 million for EMEA, $0.7 million, $1.0 million and $0.4 million for Asia/Pacific and less than $0.1 million for the years end ed December 31, 2016 , 2015 and 2014 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 tables. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 5 – Stock-Based Compensation The Company recognized the following share-based compensation expense in SG&A in its Consolidated Statement s of Income for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Stock options $ 848 $ 730 $ 663 Nonvested stock awards and restricted stock units 3,121 2,937 2,473 Employee stock purchase plan 87 75 73 Non-elective and elective 401(k) matching contribution in stock 2,124 2,052 1,975 Director stock ownership plan 169 125 125 Total share-based compensation expense $ 6,349 $ 5,919 $ 5,309 As of December 31, 2016 , 2015 and 2014 , the Company recorded $0.7 million , $0.4 million and $0.5 million , 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 the years ended December 31, 2016 , 2015 and 2014 , respectively . 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, 2016 99,671 $ 71.73 Options granted 67,444 72.12 Options exercised (49,895) 63.78 Options outstanding at December 31, 2016 117,220 $ 75.34 5.5 $ 6,203 Options expected to vest after December 31, 2016 103,040 $ 75.82 5.7 $ 5,403 Options exercisable at December 31, 2016 14,180 $ 71.87 4.1 $ 800 The total intrinsic value of options exercised during the years ended December 31, 2016 , 2015 and 2014 was approximately $2.9 million, $0.9 million and $1.1 million, respectively . 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 as of December 31, 2016 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) $ 30.01 - $ 40.00 552 2.2 $ 38.13 552 $ 38.13 $ 40.01 - $ 50.00 — — — — — $ 50.01 - $ 60.00 3,714 3.2 58.26 3,714 52.26 $ 60.01 - $ 70.00 — — — — — $ 70.01 - $ 80.00 85,009 5.7 72.40 6,060 73.47 $ 80.01 - $ 90.00 27,945 5.1 87.30 3,854 87.30 117,220 5.5 75.34 14,180 71.87 As of December 31, 2016 , unrecognized compensation expense related to options granted in 2014 , 2015 and 2016 was less than $0.1 million , $0.3 million and $0.7 million, 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 2013 , 2014 , 2015 and 2016 . 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: 2016 2015 2014 2013 Number of stock options granted 67,444 38,698 37,048 29,302 Dividend yield 1.49 % 1.55 % 2.00 % 2.49 % Expected volatility 28.39 % 36.32 % 43.34 % 57.28 % Risk-free interest rate 1.08 % 1.22 % 1.22 % 0.63 % Expected term (years) 4.0 4.0 4.0 4.0 These awards are being amortized on a straight-line basis over the respective vesting period of each award. The compensation expense recorded on each award during the years ended December 31, 2016 , 2015 and 2014 , respectively, is as follows: 2016 2015 2014 2016 Stock option awards $ 282 $ — $ — 2015 Stock option awards $ 276 $ 232 $ — 2014 Stock option awards $ 254 $ 257 $ 227 2013 Stock option awards $ 36 $ 200 $ 213 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, 2015 113,910 $ 72.91 Granted 29,271 $ 76.33 Vested (32,604) $ 64.84 Forfeited (1,494) $ 73.07 Nonvested awards, December 31, 2016 109,083 $ 76.23 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, 2016 , unrecognized compensation expense related to these awards was $2.8 million , to be recognized over a weighted averag e remaining period of 1.44 years. Activity of nonvested restricted stock units granted under the Company’s LTIP plan is shown below: Weighted Average Grant Number of Date Fair Value Units (per unit) Nonvested awards, December 31, 2015 6,174 $ 74.14 Granted 2,141 $ 77.10 Vested (2,252) $ 64.54 Forfeited (292) $ 79.96 Nonvested awards, December 31, 2016 5,771 $ 78.69 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, 2016 , unrecognized compensation expense related to these awards was $0.2 million, to be recognized over a weighted average remaining period of 1.75 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 per centage 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 $0.1 million and the retainer payment date is June 1. |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Note 6 – Other Income (Expense), net The components of other income (expense) , net for the years ended December 31, 2016 , 2015 and 2014 are as follows: 2016 2015 2014 Non-income tax refunds and other related credits $ 398 $ 141 $ 582 Income from third party license fees 978 875 1,063 Foreign exchange gains (losses), net 172 (1,184) (1,039) Gain on fixed asset disposals, net 50 6 128 Other non-operating income 338 261 329 Other non-operating expense (126) (168) (296) Total other income (expense), net $ 1,810 $ (69) $ 767 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2016 | |
Taxes on Income and Uncertain Tax Positions [Abstract] | |
Taxes on Income [Text Block] | Note 7 – Taxes on Income and Uncertain Tax Positions Taxes (benefit) on income for the years ended December 31, 2016 , 2015 and 2014 are as follows: 2016 2015 2014 Current: Federal $ 4,680 $ 8,924 $ 8,086 State 518 188 796 Foreign 12,540 11,074 13,650 17,738 20,186 22,532 Deferred: Federal 4,601 404 2,548 State 104 (16) 57 Foreign 783 (2,789) (1,598) Total $ 23,226 $ 17,785 $ 23,539 The components of earnings before income taxes for the years ended December 31, 2016 , 2015 and 2014 are as follows: 2016 2015 2014 Domestic $ 31,175 $ 25,219 $ 32,391 Foreign 52,834 45,011 45,902 Total $ 84,009 $ 70,230 $ 78,293 Total defe rred tax assets and liabilities are composed of the following as of December 31, 2016 and 2015 : 2016 2015 Retirement benefits $ 8,236 $ 9,621 Allowance for doubtful accounts 1,925 2,367 Insurance and litigation reserves 707 787 Postretirement benefits 1,623 1,863 Supplemental retirement benefits 3,670 3,220 Performance incentives 5,197 4,777 Equity-based compensation 2,088 1,823 Insurance settlement 7,755 8,100 Operating loss carryforward 7,343 7,815 Uncertain tax positions (101) 2,785 Restructuring 217 1,897 Other 2,834 2,402 41,494 47,457 Valuation allowance (6,344) (6,259) Total deferred income tax assets, net $ 35,150 $ 41,198 Depreciation 5,709 5,924 Europe pension and other 1,055 1,107 Amortization and other 16,012 14,318 Total deferred income tax liabilities $ 22,776 $ 21,349 The f ollowing are the changes in the Company’s deferred tax asset valuation allowance for the years ended December 31, 2016 , 2015 and 2014 : 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, 2016 $ 6,259 $ 294 $ (187) $ (22) $ 6,344 Year ended December 31, 2015 $ 7,345 $ 86 $ (802) $ (370) $ 6,259 Year ended December 31, 2014 $ 7,666 $ 5 $ (105) $ (221) $ 7,345 The Company’s net deferred tax assets and liabilities are classified in the Consolidated Balance Sheet s as of December 31, 2016 and 2015 as follows: 2016 2015 Non-current deferred tax assets $ 24,382 $ 30,107 Non-current deferred tax liabilities 12,008 10,258 Net deferred tax asset $ 12,374 $ 19,849 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, 2016 , 2015 and 2014 : 2016 2015 2014 Income tax provision at the Federal statutory tax rate $ 29,403 $ 24,578 $ 27,402 Differences in tax rates on foreign earnings and remittances (2,862) (5,097) (3,025) Foreign dividends 2,939 2,690 3,278 Excess foreign tax credit utilization (5,493) (4,141) (5,011) Research and development activities credit utilization (238) (245) (226) Uncertain tax positions (833) 226 263 Domestic production activities deduction (875) (910) (567) State income tax provisions, net 357 133 517 Non-deductible entertainment and business meals expense 238 249 278 Miscellaneous items, net 590 302 630 Taxes on income $ 23,226 $ 17,785 $ 23,539 At December 31, 2016 , the Company domestically had a net deferred tax asset of $3.7 million. In addition, the Company has foreign tax loss carryforwards of $8.2 million of which $0.2 million expires in 2018 , $0.2 million expires in 2019 , $0.1 million expires in 2020 , $0.5 million expires in 2021 and $0.8 million expires thereafter . T he remaining foreign tax losses have no expiration dates. A partial valuation allowance ha s been established with respect to the tax benefit of these losses for $0.8 million. 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 th ese earnings in those subsidiaries to support growth initiatives. U.S. and foreign income taxes 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, 2016 was approximately $220 million . Any income tax liability, which might result from ultimate remittance of these earnings, is expected to be substantially offset by foreig n tax credits. It is currently impractical to estimate any such incremental tax expense. As of December 31, 2016 , the Company’s cumulative liability for gross unrecognized tax benefits was $6.2 million . The Company had accrued $1.6 million for cumulative penalties and $0.7 million for cumulative interest at December 31, 2016 . As of December 31, 2015 , the Company’s cumulative liability for gross unrecognized tax benefits was $11.0 million . The Company had accrued $1.9 million for cumulative penalt ies and $1.5 million for cumulative interest at December 31, 2015 . The Company continues to recognize interest and penalties associated with uncertain tax p ositions as a component of tax (benefit) expense on income before equity in net i ncome of associated companies in its Consolidated Statement s of Income. The Company recognized ($0.2) million for penalties and ($0.7) million for interest (net of expirations and settlements) in its 2016 Consolidated Statement of In come, $0.2 million for penalties and ($0.2) million for interest (net of expirations and settlements) in its 2015 Consolidated Statement of Income and less than ($0.1) million for both penalties and interest , respectively, ( net of expirations and settlements) in its 2014 Consolidated Statement of Income. The Company estimates that during the year ending December 31, 2017 , it will reduce its cumulative liability for gross unrecognized tax benefits by approxima tely $1.0 to $1.1 million due to the expiration of the statute of limitations with regard to certain tax positions. This estimated reduction in the cumulative liability for unrecognized tax benefits does not consider any increase in liabil ity for unrecognized tax benefits with regard to existing tax positions or any increase in cumulative liability for unrecognized tax benefits with regard to new tax positions for the year ending December 31, 2017 . The Company and its subsidiaries are subject to U.S. Federal income tax, as well as the income tax of various state and foreign tax jurisdictions. Tax years that remain subject to examination by major tax jurisdictions include Brazil from 2000, Italy from 2007, the Netherlands from 2010 , the United Kingdom from 2011, Spain and China from 2012, the United States from 2013, and various domestic state tax jurisdictions from 1993. In the fourth quarter o f 2015, the D utch tax authorities assessed the Company’s subsidiary, Quaker Chemical B.V., for additional income taxes related to the 2011 tax year and Quaker Chemical B.V. filed a protest of such assessment. During the third quarter of 2016 , the Company settled with the Dutch tax authorities for matters related to transfer pricing issues for 2011, 2012, 2013, 2014, and 2015, with no change to the income tax returns as filed. In the first quarter of 2016, the French tax authorities gave notice that they were auditing the Company’s subsidiary Quaker Chemical S.A, and subsequently, during t he second quarter of 2016, gave notice that they closed the audit with no additional tax assessed. As previously reported , t he Italian tax authorities have assessed additional tax due from the Company’s subsidiary, Quaker Italia S.r.l., relating to the ta x years 2007, 2008, 2009 and 2010. In the fourth quarter of 2016, the Italian tax authorities assessed Quaker Italia S.r.l. for additional tax due relating to the tax years 2011, 2012, and 2013. As of December 31, 2016 , the Company believes it has adequate reserves, where merited, for uncertain tax positions with respect to all of these audits. A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2016 , 2015 and 2014 , respectively, is as follows: 2016 2015 2014 Unrecognized tax benefits at January 1 $ 11,032 $ 11,845 $ 12,596 Decrease in unrecognized tax benefits taken in prior periods (869) (416) (93) Increase in unrecognized tax benefits taken in current period 1,921 2,512 2,678 Decrease in unrecognized tax benefits due to lapse of statute of limitations (5,744) (1,924) (2,078) Decrease due to foreign exchange rates (100) (985) (1,258) Unrecognized tax benefits at December 31 $ 6,240 $ 11,032 $ 11,845 The amount of unrecognized tax benefits above that, if recognized, would impact the Company’s tax expense and effective tax rate is $1.8 million , $1.1 million and $1.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 8 – Earnings Per Share The following table summarizes earnings per share calculations for the years en ded December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 61,403 $ 51,180 $ 56,492 Less: income allocated to participating securities (515) (443) (503) Net income available to common shareholders $ 60,888 $ 50,737 $ 55,989 Basic weighted average common shares outstanding 13,136,138 13,199,630 13,126,759 Basic earnings per common share $ 4.64 $ 3.84 $ 4.27 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 61,403 $ 51,180 $ 56,492 Less: income allocated to participating securities (514) (443) (503) Net income available to common shareholders $ 60,889 $ 50,737 $ 55,989 Basic weighted average common shares outstanding 13,136,138 13,199,630 13,126,759 Effect of dilutive securities 24,331 15,219 21,309 Diluted weighted average common shares outstanding 13,160,469 13,214,849 13,148,068 Diluted earnings per common share $ 4.63 $ 3.84 $ 4.26 The following number of stock options are not included in dilut ed earnings per share since the effect would have been anti-dilutive : 678 in 2016 , 6,684 in 2015 an d 4,714 in 2014 . |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable and Allowance for Doubtful Accounts [Abstract] | |
Accounts Receivable and Allowance for Doubtful Accounts [Text Block] | Note 9 – Accounts Receivable and Allowance for Doubtful Accounts At December 31, 2016 and 2015 , the Company had gross trade accounts receivable totaling $202.4 million and $196.1 million with trade accounts receivable greater than 90 days past due of $18.0 million and $15.7 million , respectively. The following are changes in the allowance for doubtful accounts during the years e nded December 31, 2016 , 2015 an d 2014 : 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, 2016 $ 7,818 $ 1,375 $ (1,949) $ (24) $ 7,220 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 During 2015 and 2014 , the Company recorded charges of $0.3 million, or $0.02 per diluted share and $0.8 million or $0.05 per diluted share, respectively, to its allowance for doubtful accounts and SG&A due to the bankruptcies of certain customers. There were no similar charges during 2016. Included in write-offs charged to allowance during 2016 was $1.6 million of outstan ding receivables related to a prior year customer bankruptcy which the Company previously reserved, but settled during 2016. Included in exchange rate changes and other adjustments for the years ended December 31, 2016, 2015, and 2014 are allowance for do ubtful accounts of less than $0.1 million , $0.4 million and $0.1 million acquired in 2016 , 2015 and 2014 business acquisitions, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Inventories [Text Block] | Note 10 – Inventories Total inventories as of December 31, 2016 and 2015 were as follows : 2016 2015 Raw materials and supplies $ 37,772 $ 36,876 Work in process and finished goods 39,310 38,223 Total inventories $ 77,082 $ 75,099 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Text Block] | Note 11 – Property, Plant and Equipment Property, plant and equipment as of December 31, 2016 and 2015 were as follows: 2016 2015 Land $ 9,707 $ 9,388 Building and improvements 80,740 80,110 Machinery and equipment 140,595 136,329 Construction in progress 4,964 5,337 236,006 231,164 Less accumulated depreciation (150,272) (143,545) $ 85,734 $ 87,619 Gross property, plant and equipment includes $0.5 million and $0.5 million of capital leases with $0.4 million and $0.3 million of related accumulated depreciation as of December 31, 2016 and 2015 , respectively. The Company currently leases certain equipment under capital leases in its North America segment. Future minimum lease payments for these capital leases are less than $0.1 million in 2017. There are no future minimum leas e payments beyond 2017. The amount of remaining minimum lease payments representing interest and the present value of minimum lease payments are also each less than $0.1 million. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets Disclosure [Text Block] | Note 12 – 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 2016 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, 2016 and 2015 were as follows: North South America EMEA Asia/Pacific America Total Balance as of December 31, 2014 $ 42,677 $ 16,050 $ 16,006 $ 3,200 $ 77,933 Goodwill additions 30 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 Goodwill additions (reductions) 3,311 (114) — — 3,197 Currency translation adjustments (264) (977) (678) 415 (1,504) Balance as of December 31, 2016 $ 45,490 $ 18,189 $ 14,566 $ 2,559 $ 80,804 Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of December 31, 2016 and 2015 were as follows: Gross Carrying Accumulated Amount Amortization 2016 2015 2016 2015 Customer lists and rights to sell $ 71,454 $ 67,435 $ 20,043 $ 15,806 Trademarks, formulations and product technology 31,436 28,955 11,748 9,620 Other 6,023 5,788 5,151 4,565 Total definite-lived intangible assets $ 108,913 $ 102,178 $ 36,942 $ 29,991 The Company recorded $7.0 million , $6.8 million and $4.3 million of amortization expense during the years ended December 31, 2016 , 2015 and 2014 , respectively. Estimated annual aggregate amortization expense for the subsequent five years is as follows: For the year ended December 31, 2017 $ 7,004 For the year ended December 31, 2018 6,770 For the year ended December 31, 2019 6,670 For the year ended December 31, 2020 6,400 For the year ended December 31, 2021 6,029 The Company has two indefinite-lived intangible assets totaling $ 1 . 1 million for trademarks at December 31, 2016 and 2015 . |
Investments in Associated Compa
Investments in Associated Companies | 12 Months Ended |
Dec. 31, 2016 | |
Investments in Associated Companies [Abstract] | |
Investments in Associated Companies [Text Block] | As of December 31, 2016 , 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, 2016 was $22.8 million , which includes its investments of $17.1 million in Primex , Ltd. (Barbados); $5.2 million in Nippon Quaker Chemical, Ltd. (Japan); $0.3 million in Kelko Quaker Chemical, S.A. (Panama) ; and $0.2 million in Kelko Quaker Chemical, S.A. (Venezuela). 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 from the bolivar fuerte (“BsF” ) to the U.S. dollar. Accordingly, all gains and losses resulting from the remeasurement of Kelko Venezuela’s monetary assets and liabilities to published exchange rates are required to be recorded directly to the Consolidated Statements of Income. As of December 31, 2014, there were three legally available exchange rates in Venezuela, the CADIVI (or the official rate, 6.3 BsF per U.S. dollar), the SICAD I and the SICAD II. 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. D uring the s econd quarter of 2014, the Company recorded a charge of $0.3 million, or $0.02 per diluted share, related to the conversion of certain BsF to U.S. dollars on the historical SICAD II exchange. During the first quarter of 2015, the Venezuela government ann ounced changes to its foreign exchange controls. There continued to be three exchange mechanisms, however, they consisted of the CADIVI, a combined SICAD I and SICAD II auction mechanism (the “SICAD”) and a newly created, marginal currency system (the “SI MADI”). In light of the first quarter of 2015 changes to Venezuela’s foreign exchange controls and the on-going economic challenges in Venezuela, the Company re-assessed Kelko Venezuela’s access to U.S. dollars, the impact on the operations of Kelko Venez uela, and the impact on the Company’s equity investment and other related assets, which resulted in revaluing its equity investment in Kelko Venezuela and other related assets to the SIMADI exchange rate of approximately 193 BsF per U.S. dollar as of March 31, 2015 . This resulted in a charge of $ 2.8 million, or $ 0.21 per diluted share, recorded in the first quarter of 2015. During the first quarter of 2016, the Venezuela government announced further changes to its foreign exchange controls, including eliminating the CADIVI, SICAD and SIMADI exchange rate mechanisms and replacing them with a new dual foreign exchange rate system, which consists of a protected “DIPRO” exchange rate, with a rate fixed at 10 BsF per U.S . dollar and, also, a floating supplementary market exchange rate known as the “DICOM.” The DIPRO rate is only available for payment of certain imports of essential goods in the food and health sectors while the DICOM governs all other transactions not co vered by the DIPRO. In light of these changes to the foreign exchange controls during the first quarter of 2016, the Company again re-assessed Kelko Venezuela’s access to U.S. dollars, the impact on the operations of Kelko Venezuela, and the impact on the Company’s equity investment and other related assets. The Company did not believe it had access to the DIPRO and, therefore, believed the DICOM to be the exchange rate system available to Kelko Venezuela. As of March 31, 2016, the published rate for the DICOM was approximately 273 BsF per U.S. dollar, which resulted in a currency conversion charge of $0.1 million, or $0.01 per diluted share in the first quarter of 2016. As of December 31, 2016 , the Company’s equity investment in Kelko Venezuela was valued at the DICOM exchange rate of approximately 673 BsF per U.S. dollar. 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: As of December 31, 2016 2015 Current Assets $ 37,998 $ 36,761 Noncurrent Assets 1,244 606 Current Liabilities 26,683 26,039 Noncurrent Liabilities 1,166 410 Year Ended December 31, 2016 2015 2014 Net Sales $ 41,448 $ 40,282 $ 48,834 Gross Margin 13,082 12,887 15,698 Income Before Income Taxes 2,289 (2,843) 3,546 Net Income 1,210 (3,631) 2,263 Summarized financial information of Primex, Ltd. is as follows: As of December 31, 2016 2015 Total Assets $ 116,742 $ 105,585 Total Liabilities 58,775 54,534 Year Ended December 31, 2016 2015 2014 Revenue $ 5,632 $ 7,058 $ 10,755 Income Before Income Taxes 5,622 8,407 10,929 Net Income 5,148 6,334 7,352 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Other Assets [Text Block] | Note 14 – Other Assets O ther assets as of December 31, 2016 and 2015 were as follows : 2016 2015 Restricted insurance settlement $ 21,883 $ 22,874 Uncertain tax positions 3,892 6,054 Supplemental retirement income program 1,410 1,336 Other 1,567 1,954 Total other assets $ 28,752 $ 32,218 Previously, an inactive subsidiary of the Company executed separate settlement and release agreements with two of its insurance carriers for $35 .0 million , of which $21.9 million 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 less than $0.1 million in the years ended December 31, 2016 and 2015 , respectively, offset by $1.0 million and $0.8 million of net payments in 2016 and 2015 , respectively. Due to the restricte d nature of the proceeds, a corresponding 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 def ense. See also Notes 18 and 22 of Notes to Consolidated Financial Statements. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Other Current Liabilities [Abstract] | |
Other Accrued Liabilities Disclosure [Text Block] | Note 15 – Other Current Liabilities Other current liabilities as of December 31, 2016 and 2015 were as follows : 2016 2015 Non-income taxes $ 9,278 $ 6,815 Income taxes payable 2,753 6,534 Selling expenses 2,699 1,848 Freight 2,212 2,354 Professional fees 1,980 1,358 Legal 754 1,165 Acquisition-related liabilities — 1,384 Other 3,752 4,238 Total other current liabilities $ 23,428 $ 25,696 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Debt [Text Block] | Note 16 – Debt Debt as of December 31, 2016 and 2015 includes the following : 2016 2015 Credit facilities $ 47,948 $ 62,884 Industrial development bonds 15,000 15,000 Municipality-related loans 3,470 4,098 Other debt obligations (including capital leases) 58 119 66,476 82,101 Short-term debt (including capital leases) (58) — Current portion of long-term debt (649) (662) $ 65,769 $ 81,439 Credit facilities The Company’s primary credit facility is a $300.0 million 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 $400.0 million 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. Access to this credit facility is dependent on meeting certain financial and other covenants, but primarily depends on the Company’s consolidated leverage ratio calculation which cannot exceed 3.50 to 1. As of December 31, 2016 and 2015 , 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. At December 31, 2016 and 2015 , the Company had total credit facility borrowings of approximately $47.9 million and $62.9 million, primarily under this credit facility, at weighted average borrowing rates of 1.25% and 1.38%, respectively. Industrial development b onds The Company has two fixed rate, industrial development authority demand bonds, with $5.0 million due in 2018, bearing interest at a rate of 5.60%, and $10.0 million due 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 C ompany’s Middletown, Ohio facility, it agreed to a low interest rate $3.5 million 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, 2016 and 2015 , there was $1.5 million and $1.8 million, respectively, outstanding on this loan. With the 2015 acquisition of Verkol S.A. U. (“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 acquisition and continues to measure the loans at amortized cost, recognizing the implicit interest incurred. As of December 31, 2016 and 2015 , there was $2.0 and $2.3 million, respectively, outstanding for these loans. During the next five years, payments on the Company’s debt, including capital lease maturities, are due as follows: 2017 $ 707 2018 53,364 2019 645 2020 641 2021 341 At December 31, 2016 and 2015 , 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, 2016 | |
Pension and Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits Disclosure [Text Block] | Note 17 – 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, 2016 and 2015 : Other Post- Pension Benefits Retirement Benefits 2016 2015 2016 2015 Change in benefit obligation Foreign Domestic Total Foreign Domestic Total Domestic Domestic Gross benefit obligation at beginning of year $ 92,406 $ 66,862 $ 159,268 $ 106,827 $ 70,667 $ 177,494 $ 5,422 $ 6,045 Service cost 2,378 298 2,676 2,799 250 3,049 10 17 Interest cost 2,314 2,114 4,428 2,476 2,541 5,017 142 195 Employee contributions 71 — 71 80 — 80 — — Plan settlements — — — (328) — (328) — — Benefits paid (1,583) (4,522) (6,105) (1,604) (4,249) (5,853) (443) (533) Plan expenses and premiums paid (155) (275) (430) (57) (250) (307) — — Actuarial loss (gain) 14,848 2,777 17,625 (7,799) (2,097) (9,896) (401) (302) Translation differences and other (6,788) — (6,788) (9,988) — (9,988) — — Gross benefit obligation at end of year $ 103,491 $ 67,254 $ 170,745 $ 92,406 $ 66,862 $ 159,268 $ 4,730 $ 5,422 Change in plan assets Fair value of plan assets at year beginning of year $ 76,156 $ 46,701 $ 122,857 $ 86,523 $ 49,689 $ 136,212 $ — $ — Actual return (loss) on plan assets 14,472 2,516 16,988 (2,170) 223 (1,947) — — Employer contributions 3,103 4,777 7,880 1,804 1,288 3,092 443 533 Employee contributions 71 — 71 80 — 80 — — Plan settlements — — — (328) — (328) — — Benefits paid (1,583) (4,522) (6,105) (1,604) (4,249) (5,853) (443) (533) Plan expenses and premiums paid (155) (275) (430) (57) (250) (307) — — Translation differences (5,220) — (5,220) (8,092) — (8,092) — — Fair value of plan assets at end of year $ 86,844 $ 49,197 $ 136,041 $ 76,156 $ 46,701 $ 122,857 $ — $ — Net benefit obligation recognized $ (16,647) $ (18,057) $ (34,704) $ (16,250) $ (20,161) $ (36,411) $ (4,730) $ (5,422) Amounts recognized in the balance sheet consist of: Current liabilities $ (61) $ (574) $ (635) $ (52) $ (575) $ (627) $ (451) $ (517) Non-current liabilities (16,586) (17,483) (34,069) (16,198) (19,586) (35,784) (4,279) (4,905) Net benefit obligation recognized $ (16,647) $ (18,057) $ (34,704) $ (16,250) $ (20,161) $ (36,411) $ (4,730) $ (5,422) Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss: Prior service credit (cost) $ 1,687 $ (122) $ 1,565 $ 1,910 $ (185) $ 1,725 $ — $ — Accumulated loss (20,214) (33,147) (53,361) (20,058) (31,906) (51,964) (581) (983) Accumulated other comprehensive loss ("AOCI") (18,527) (33,269) (51,796) (18,148) (32,091) (50,239) (581) (983) Cumulative employer contributions in excess of or (below) net periodic benefit cost 1,880 15,212 17,092 1,898 11,930 13,828 (4,149) (4,439) Net benefit obligation recognized $ (16,647) $ (18,057) $ (34,704) $ (16,250) $ (20,161) $ (36,411) $ (4,730) $ (5,422) The accumulated benefit obligation for all defined benefit pension plans was $167.1 million ( $66.7 million Domestic and approximately $100.4 million Foreign) and $157.5 million ( $66.9 million Domestic and $90.6 million Foreign ) at December 31, 2016 and 2015 , respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets: 2016 2015 Foreign Domestic Total Foreign Domestic Total Projected benefit obligation $ 103,491 $ 67,254 $ 170,745 $ 92,406 $ 66,862 $ 159,268 Accumulated benefit obligation 100,463 66,676 167,139 90,624 66,862 157,486 Fair value of plan assets 86,844 49,197 136,041 76,156 46,701 122,857 Information for pension plans with a projected benefit obligation in excess of plan assets: 2016 2015 Foreign Domestic Total Foreign Domestic Total Projected benefit obligation $ 103,491 $ 67,254 $ 170,745 $ 92,406 $ 66,862 $ 159,268 Fair value of plan assets 86,844 49,197 136,041 76,156 46,701 122,857 Components of net periodic benefit costs – pension plans: 2016 2015 Foreign Domestic Total Foreign Domestic Total Service cost $ 2,378 $ 298 $ 2,676 $ 2,799 $ 250 $ 3,049 Interest cost 2,314 2,114 4,428 2,476 2,541 5,017 Expected return on plan assets (2,026) (3,316) (5,342) (2,092) (3,453) (5,545) Settlement loss — — — 170 — 170 Actuarial loss amortization 839 2,336 3,175 1,136 2,353 3,489 Prior service (credit) cost amortization (164) 63 (101) (164) 63 (101) Net periodic benefit cost $ 3,341 $ 1,495 $ 4,836 $ 4,325 $ 1,754 $ 6,079 2014 Foreign Domestic Total Service cost $ 2,626 $ 250 $ 2,876 Interest cost 3,210 2,823 6,033 Expected return on plan assets (2,543) (3,817) (6,360) Actuarial loss amortization 1,307 1,757 3,064 Prior service cost amortization 736 63 799 Net periodic benefit cost $ 5,336 $ 1,076 $ 6,412 Other changes recognized in other comprehensive income: 2016 2015 Foreign Domestic Total Foreign Domestic Total Net loss (gain) arising during the period $ 2,401 $ 3,576 $ 5,977 $ (3,537) $ 1,134 $ (2,403) Recognition of amortization in net periodic benefit cost Prior service credit (cost) 164 (63) 101 164 (63) 101 Actuarial loss (839) (2,336) (3,175) (1,306) (2,353) (3,659) Effect of exchange rates on amounts included in AOCI (1,347) — (1,347) (2,353) — (2,353) Total recognized in other comprehensive loss (income) 379 1,177 1,556 (7,032) (1,282) (8,314) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 3,720 $ 2,672 $ 6,392 $ (2,707) $ 472 $ (2,235) 2014 Foreign Domestic Total Net loss arising during period $ 4,973 $ 7,290 $ 12,263 Effect of plan amendment 242 — 242 Recognition of amortization in net periodic benefit cost Prior service cost (736) (63) (799) Actuarial loss (1,307) (1,757) (3,064) Effect of exchange rates on amounts included in AOCI (3,076) — (3,076) Total recognized in other comprehensive loss 96 5,470 5,566 Total recognized in net periodic benefit cost and other comprehensive loss $ 5,432 $ 6,546 $ 11,978 Components of net periodic benefit costs – other postretirement plan : 2016 2015 2014 Service cost $ 10 $ 17 $ 19 Interest cost 142 195 232 Actuarial loss amortization — 83 65 Net periodic benefit costs $ 152 $ 295 $ 316 Other changes recognized in other comprehensive income – other postretirement benefit plans: 2016 2015 2014 Net (gain) loss arising during period $ (401) $ (302) $ 688 Amortization of actuarial loss in net periodic benefit costs — (83) (65) Total recognized in other comprehensive (income) loss (401) (385) 623 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ (249) $ (90) $ 939 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 $ 808 $ 2,658 $ 3,466 $ 22 Prior service (credit) cost (155) 63 (92) — $ 653 $ 2,721 $ 3,374 $ 22 Weighted-average assumptions used to determine benefit obligations at December 31, 2016 and 2015 : Other Postretirement Pension Benefits Benefits 2016 2015 2016 2015 U.S. Plans: Discount rate 3.88 % 4.07 % 3.73 % 3.88 % Rate of compensation increase 3.63 % 3.63 % N/A N/A Foreign Plans: Discount rate 2.17 % 2.95 % N/A N/A Rate of compensation increase 2.48 % 2.41 % N/A N/A Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2016 and 2015 : Other Postretirement Pension Benefits Benefits 2016 2015 2016 2015 U.S. Plans: Discount rate 4.07 % 3.72 % 3.88 % 3.45 % Expected long-term return on plan assets 7.20 % 7.30 % N/A N/A Rate of compensation increase 3.63 % 3.63 % N/A N/A Foreign Plans: Discount rate 2.95 % 2.51 % N/A N/A Expected long-term return on plan assets 2.65 % 2.55 % N/A N/A Rate of compensation increase 2.41 % 3.05 % N/A N/A As of December 31, 2015, the Company elected to use a split discount rate (spot-rate approach) for the U.S. plans and certain foreign plans, which includes the method used to estimate the service and interest components of net periodic benefit cost for pension and other postretirement benefits beginning in the first quarter of 2016. This change resulted in a decrease in the service and interest components for pension cost in the year ended December 31, 2016 compared to the year ended December 31, 2015. Historically, the Company estimated service and interest cost components utilizing a single weighted-average discount rate derived from a specific yield curve used to measure the benefit obligation at the beginning of the period. Under the spot-rate appr oach, service and interest cost components have been estimated based on the application of the spot rates on a given yield curve at each future year to each plan's projected cash flows to measure the benefit obligation at the beginning of the period. The Company made this change to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows and the corresponding spot yield curve rates. This change has been accounted for as a change in accounting estimate and, accordingly, accounted for prospectively during 2016 . 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 pol icy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. See Note 1 of Notes to Consolidated Financial Statements for further information. Assumed health care cost trend rates at December 31, 2016 and 2015 : 2016 2015 Health care cost trend rate for next year 6.70 % 6.70 % 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 2037 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 $ 12 $ (10) Effect on postretirement benefit obligations 352 (308) Plan Assets and Fair Value The Company’s pension plan target asset allocation and the weighted-average asset allocations at December 31, 2016 and 2015 by asset category were as follows: Asset Category Target 2016 2015 U.S. Plans Equity securities 61 % 60 % 65 % Debt securities 32 % 39 % 34 % Other 7 % 1 % 1 % Total 100 % 100 % 100 % Foreign Plans Equity securities and other 25 % 24 % 26 % Debt securities 75 % 76 % 74 % Total 100 % 100 % 100 % As of December 31, 2016 and 2015 , “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 , where applicable : Cash and Cash Equivalents Cash and cash equivalents consist of cash and money market funds and are classifie d as Level 1 investments. 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. Commingled Funds Investments in the U.S. pension plan and foreign pension plan commingl ed funds represent pooled institutional investments, including primarily collective investment trusts. The se commingled funds are not available o n an exchange or in an active market and these investments are valued using their NAV, which is generally base d on the underlying asset values of the pooled investments held in the trusts. In accordance with the accounting standard update adopted by the Company during 2016, these assets are no longer included in the fair value hierarchy. As of December 31, 2016 , the U.S. pension plan commingled funds include d approximately 61 percent of investments in equity securities and 39 percent of investments in fixed income securities. As of December 31, 2016, foreign pension plan commingled funds include d approximately 30 percent of investments in diversified equity securities, 60 percent of investments in fixed income securities , and 10 percent of other non-related investments , primarily real estate. 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 value at year end. Units of the pooled separate account are not traded on an exchange or in an active market and these investments are valued using t heir NAV. In accordance with the accounting standard update adopted by the Company during 2016, these assets are no longer included in the fair value hierarchy. Registered Investment Companies Investments in shares of registered investment companies in the U.S. pension plan as of December 31, 2015 which represent the net asset values of shares held by the Plan and were valued based on quoted market prices on an exchange in an active market and classified as Level 1 investments. Fixed Income Corporate Sec urities Investments in corporate fixed income securities in the U.S. pension plan as of December 31, 2015 were valued using third party pricing services which were based on a combination of quoted market prices on an exchange in an active market as well as proprietary pricing models and inputs using observable market data and were classified as Level 2 investments. Fixed Income U.S. and Foreign Government Securitie s Investments in U.S. and foreign government fixed income securities in the U.S. pension plan as of December 31, 2015 were valued using third party pricing services which are based on a combination of quoted market prices on an exchange in an active market as well as proprietary pricing models and inputs using observable market data and were classified as Level 2 investments. Insurance Contract Investments in the foreign pension plan insurance contract are valued at the highest value available for the Com pany 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 actuariall y determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations. The contract is classified as a Level 3 investment. Diversified Equity Securities - Registered Investment Companies Investments in t he 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 activ e 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 th e foreign pension plan fixed income securities of foreign 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 acti ve market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and 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 As of December 31, 2016 and 2015 , the U.S. and foreign plans’ investments measured at fair value on a recurring basis were as follows: Fair Value Measurements at December 31, 2016 Total Using Fair Value Hierarchy U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 302 $ 302 $ — $ — Small capitalization common stock 1,279 1,279 — — Subtotal U.S. pension plan assets in fair value hierarchy $ 1,581 $ 1,581 $ — $ — Commingled funds measured at NAV 46,185 Pooled separate accounts measured at NAV 1,431 Total U.S. pension plan assets $ 49,197 Foreign Pension Assets Cash and cash equivalents $ 130 $ 130 $ — $ — Insurance contract 72,778 — — 72,778 Diversified equity securities - registered investment companies 7,308 — 7,308 — Fixed income - foreign registered investment companies 2,753 — 2,753 — Real estate - registered investment companies 2,041 — — 2,041 Sub-total of foreign pension assets in fair value hierarchy $ 85,010 $ 130 $ 10,061 $ 74,819 Commingled funds measured at NAV 1,834 Total foreign pension assets $ 86,844 Total pension assets in fair value hierarchy $ 86,591 $ 1,711 $ 10,061 $ 74,819 Total pension assets measured at NAV 49,450 Total pension assets $ 136,041 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 — Subtotal U.S. pension plan assets in fair value hierarchy $ 45,309 $ 35,400 $ 9,909 $ — Pooled separate accounts measured at NAV 1,392 Total U.S. pension plan assets $ 46,701 Foreign Pension Assets 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 — Real estate - registered investment companies 2,388 — — 2,388 Subtotal foreign pension assets in fair value hierarchy $ 74,274 $ 7 $ 9,470 $ 64,797 Commingled funds measured at NAV 1,882 Total foreign pension plan assets $ 76,156 Total pension assets in fair value hierarchy $ 119,583 $ 35,407 $ 19,379 $ 64,797 Total pension assets measured at NAV 3,274 Total pension assets $ 122,857 Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not bee n classified in the fair value hierarchy . During 2016, the Company adopted the guidance in the accounting standard update issued in May, 2015 which removed the requirement to categorize within the fair value hierarchy all such investments . Adoption of this guidance was done on a retrospective basis, which required reclassifications to the fair value tables for the year ended December 31, 2015. The fair value amounts presented for these investments in the preceding tables are intended to permit reconciliation of the fair value hierarchies to t he line items presented in the statements of net assets available for benefits. Changes in the fair value of the foreign plans’ Level 3 investments during the years ended December 31, 2016 and 2015 were as follows: Insurance Real Estate Contract Fund Total 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 Purchases 2,584 — 2,584 Settlements (1,350) — (1,350) Unrealized gains 12,005 56 12,061 Currency translation adjustment (2,870) (403) (3,273) Balance at December 31, 2016 $ 72,778 $ 2,041 $ 74,819 U.S. pension assets include Company common stock in the amounts of $1.3 million ( 3% of total U.S. plan assets) and $0.8 million ( 2% of total U.S. plan assets) at December 31, 2016 and 2015 , respectively. During 2013, it was discovered that the Company’s subsidiary in the U.K. did not appropriately amend a trust for a lega cy change in its pension scheme as it related to a past retirement age equalization law. Given the lack of an official deed to the pen sion 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 $ 0. 9 mi llion , 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 $7.8 million to its pension plans ( $4.6 million Domestic and $3.2 million Foreign) and $0.5 million to its other postretirement benefit plan in 2017 . 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 2017 $ 1,780 $ 4,929 $ 6,709 $ 451 2018 1,946 4,642 6,588 444 2019 2,094 4,605 6,699 432 2020 2,311 4,354 6,665 407 2021 2,922 4,346 7,268 385 2022 to 2026 16,581 23,445 40,026 1,611 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 $0.9 million , $0.9 million and $0.8 million in 2016 , 2015 and 2014 , 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 participant s’ compensation in the form of Company common stock. Total Company contributions were $2.7 million , $2.6 million and $2.5 million for 2016 , 2015 and 2014 , respectively. |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Other Non-Current Liabilities [Abstract] | |
Other Non-Current Liabilities [Text Block] | Note 18 – Other Non- Current Liabilities O ther non-current liabilities as of December 31, 2016 and 2015 were as follows : 2016 2015 Restricted insurance settlement $ 21,883 $ 22,874 Uncertain tax positions (includes interest and penalties) 7,933 13,332 Deferred and other long-term compensation 5,550 5,866 Other 520 512 Total other non-current liabilities $ 35,886 $ 42,584 See also Notes 14 and 22 of Notes to Consolidated Financial Statements. |
Equity and Noncontrolling Inter
Equity and Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | In May 2015, the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to $100.0 million 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 currently intend s to repurchase 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 price to be at a level that offers an advantageous return for its shareholders. The purchases may be made in the open market or in private and negotiated transactions and will be in accordance with applicable laws, rules and regulations. In connection with the 2015 Share Repurchase Program, the remaining unutilized 1995 and 2005 Board of Directors authorized share repurchase programs were terminated. In connection with the 2015 Share Repurchase Program, the Company acquired 83,879 shares of common stock for $ 5.9 million, d uring the year ended December 31, 2016 , and 87,386 shares of common stock for $ 7.3 million during the year ended December 31, 2015 . The Company has elected not to hold treasury shares and therefore has retired the share s 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 repurchased. The Company has 30,000,000 shares of common stock authorized with a par value of $1, and 13,277,832 and 13,288,113 shares issued as of December 31, 2016 and 2015 , respectively. The change in shares issued and outstanding during 2016 was primarily related to 83,879 shares repurchased in connection with t he 2015 Share Repurchase Program offset by 55,982 shares issued for equity-based compensation plans, 6,130 shares issued for the ESPP and 11,486 shares issued for the exercise of stock options and other employee and director-rel ated 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 great er 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 with $1 par value, 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, 2016 , no preferred stock had been issued. The following table shows the reclassifications from and resulting balances of AOCI for the years ended December 31, 2016 , 2015 and 2014 : Unrealized Defined Gain (Loss) in Currency Benefit Available-for- Translation Pension Sale Adjustments Plans Securities Total 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) Other comprehensive (loss) income before reclassifications (13,711) (4,229) 834 (17,106) Amounts reclassified from AOCI — 3,075 (17) 3,058 Related tax amounts — 237 (280) (43) Balance at December 31, 2016 $ (52,255) $ (36,168) $ 1,016 $ (87,407) Approximately 30% and 70% of the amounts reclassified from accumulated other comprehensive loss to the Consolidated Statement s of Income for defined benefit retirement plans during the years e nded December 31, 2016 , 2015 and 2014 were recorded in cost of goods sold and SG&A, respectively. See Note 17 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 s of Changes in Equity for non-controlling interest are related to currency translatio n adjustments. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 20 – Business Acquisitions In November 2016, the Company acquired Lubricor , Inc. and its affiliated entities (“Lubricor”) , a metalworking fluids manufacturer headquartered in Waterloo, Ontario for its North America r eportable operating segment for 15.9 million CAD, or approximately $ 11.9 million, which includes an immaterial post-closing adjustment to be received by the Company in the first quarter of 2017. Lubricor’s technology provides the Company with additional offerings in synthetic coolants, hydroforming, and stamping products , and, also, it brings the Company its strong customer relationships , particularly in the North America automotive market. The Company allocated approximately $ 6.1 m illion of the purchase price to intangible assets, com prised of trademarks and formulations, to be amortized over 15 years; a non-compete agreement, to be amortized over 5 years; and customer relationships, to be amortized over 15 years. In addition, the Company recorded approximately $3.2 million of goodwil l, related to expected value not allocated to other acquired assets, none of which will be tax deductible. In May 2016, the Company acquired a business that is associated with dust control products for the mining industry for its North America reportable operating segment for $1.9 million. The acquisition provides a strategic opportunity to expand Quaker’s technology and product portfolio offering in the mining industry. The Company allocated $1.7 million of the purchase price to intangible assets, comp rised of trademarks and formulations, to be amortized over 15 years; a non-compete agreement, to be amortized over 5 years; and customer relationships, to be amortized over 15 years. In addition, the Company recorded $0.1 million of goodwill, related to e xpected value not allocated to other acquired assets, all of which will be tax deductible. As of December 31, 2016, the allocation of the purchase price for the 2016 acquisitions have not been finalized and the one-year measurement period for each acquis ition has not ended. 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 in all of the Company’s acquisitions in 2016: 2016 Acquisitions Current assets (includes cash acquired) $ 3,443 Property, plant and equipment 2,574 Intangibles Customer lists and rights to sell 5,041 Trademarks, formulations and product technology 2,543 Other intangibles 127 Goodwill 3,311 Total assets purchased 17,039 Current liabilities (1,198) Other long-term liabilities (2,019) Total liabilities assumed (3,217) Gross cash paid for acquisition $ 13,822 Less: cash acquired 105 Net cash paid for acquisition $ 13,717 In July 2015, the Company acquired Verkol, a leading specialty grease and other lubricants manufacturer based in northern Spain, included in its EMEA reportable operating segment, for 37.7 million EUR, or approximately $41.4 million. This includes a post-closing adjustment of 1.3 million EUR, or approximately $1.4 million that was accrued as of December 31, 2015 and paid during the first quarter of 2016. The purchase included cash acquired of 14.1 million EUR, or approximately $15.4 million, and assu med long-term debt of 2.2 million EUR, or approximately $2.4 million. During the first six months of 2016, the Company identified and recorded certain adjustments to the allocation of the purchase price for the Verkol acquisition. These adjustments were the result of the Company assessing additional information related to assets acquired during the one-year measurement period following the acquisition. As of June 30, 2016, the allocation of the purchase price for the Verkol acquisition was finalized. T he following table presents the final allocation of the purchase price of the assets acquired and liabilities assumed for the Verkol acquisition: Verkol Acquisition Current assets (includes cash acquired) $ 31,151 Property, plant and equipment 7,941 Intangibles Customer lists and rights to sell 6,146 Trademarks, formulations and product technology 5,378 Other intangibles 219 Goodwill 5,051 Other long-term assets 158 Total assets purchased 56,044 Current liabilities (6,720) Long-term debt (2,400) Other long-term liabilities (5,531) Total liabilities assumed (14,651) Gross cash paid for acquisition $ 41,393 Less: cash acquired 15,423 Net cash paid for acquisition $ 25,970 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 2.9 million AUD, or approximately $2.4 million. The Company also assumed an additional 0.3 million AUD, or approximately $0.2 million hold-back of consideration, which was paid out and settled during the fourth quarter of 2015. In November 2014, the Company acquired Binol AB, a leading bio-lubric ants producer primarily serving the Nordic region, included in it EMEA reportable operating segment, for 136.5 million SEK, or approximately $18.5 million, which is net of 4.4 million SEK, or approximately $0.5 million, received by the Company as part of a post-closing adjustment in the first quarter of 2015. In August 2014, the Company acquired ECLI Products, LLC (“ECLI”), a specialty grease manufacturer for its North American reportable operating segment for approximately $53.1 million, including certain post-closing adjustments. 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 were 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 (includes cash acquired) $ 12,413 Property, plant and equipment 4,158 Intangibles Customer lists and rights to sell 30,924 Trademarks, formulations and product technology 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) Gross cash paid for acquisition $ 74,036 Less: cash acquired 1,037 Net cash paid for acquisition $ 72,999 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 .0 million AUD , or approximately $7 .6 million , from its joint venture partner, Nuplex Industries. QCA is a part of the Company’s Asia/Pacific reportable operating segment. As this acquisition was a change in an existing controlling ownership, the Company recorded $6.5 million of excess purchase price ove r the carrying value of the noncontrolling interest in Capital in excess of par value. In December 2010, the Company acquired Summit Lubricants, Inc., which manufactures and distributes specialty greases and lubricants, for approximately $29 .8 million , i ncluding certain post-closing adjustments finalized in 2011. Liabilities assumed included an earnout to be paid to the former shareholders if certain earnings target s were met by the end of 2013, which was settled and paid during the second quarter of 201 4 with a payment to the former shareholder of approximately $4 .7 million . 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 acquisitions 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 presented. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 21 – Fair Value Measures The Company’s assets subject to fair value measuremen t were as follows: Fair Value Measurements at December 31, 2016 Total Using Fair Value Hierarchy Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,410 $ — $ 1,410 $ — Total $ 1,410 $ — $ 1,410 $ — 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 $ 1,366 $ — $ 1,366 $ — Total $ 1,366 $ — $ 1,366 $ — The fair values of Company-owned life insurance are based on quotes for like instruments with similar credit ratings and terms . The Company did not have liabilities subject to fair value measurement and did not hold Level 3 investments as of December 31, 2016 or 2015 , respectively, so related disclosures have not been included. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Text Block] | Note 22 – 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 2014, ACP ceased operation at one of its two groundwater treatment systems, as it had met the above condition for closure. As of December 31, 2016, ACP believes it is close to meeting the conditions for closure of the remaining groundwater treatment system, but continues to operate this system while in discussions with the relevant authorities . As of December 31, 2016 , the Company believes that the range of potential-known liabilities associated with the balance of ACP water remediation program is approximately $0.1 million to $1.0 million. The low and high ends o f the range are based on the length of operation of the treatment system as required by the conditions noted above, as determined by groundwater modeling . Costs of operation include the operation and maintenance of the extraction well, groundwater monitor ing 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 $0.2 million and $0.3 million was accrued at December 31, 2016 and 2015 , respectively, to provide for such anticipated future environmental assessments and remediation costs. An inactive subsidiary of t he 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 a nd has no remaining assets other than proceeds received from insurance settlements. To date, the overwhelming majority of these claims have been disposed of without payment and there have been no adverse judgments against the subsidiary. Based on a conti nued analysis of the existing and anticipated future claims against this subsidiary, it is currently projected that the subsidiary’s total liability over the next 50 years for these claims is approximately $2.2 million (excluding costs of defense). Alth ough the Company has also been named as a defendant in certain of these cases, no claims have been actively pursued against the Company, and the Company has not contributed to the defense or settlement of any of these cases pursued against the subsidiary. These cases were handled by the subsidiary’s primary and excess insurers who had agreed in 1997 to pay all defense costs and be responsible for all damages assessed against the subsidiary arising out of existing and future asbestos claims up to the aggreg ate limits of their policies. A significant portion of this primary insurance coverage was provided by an insurer that is insolvent, and the other primary insurers asserted that the aggregate limits of their policies have been exhausted. The subsidiary c hallenged the applicability of these limits to the claims being brought against the subsidiary. In response, two of the three carriers entered into separate settlement and release agreements with the subsidiary in 2005 and 2007 for $15.0 million and $20.0 million, 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 ente red 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, 2016 , no notice of termination has been given under this agreement. At the end of the term of the agreement, the subsidiary may c hoose 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 s ettlement 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 a ssets 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 d oes not believe that such claims would have merit or that the Company would be held to have liability for any unsatisfied obligations of the subsidiary as a result of such claims. After evaluating the nature of the claims filed against the subsidiary and the small number of such claims that have resulted in any payment, the potential availability of additional insurance coverage at the subsidiary level, the additional availability of the Company’s own insurance and the Company’s strong defenses to claims t hat it should be held responsible for the subsidiary’s obligations because of the parent-subsidiary relationship, the Company believes it is not probable that the Company will incur 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 estimate additional losses or range of loss, if any. As initially disclosed in 2010, one of the Company’s subsidiaries may h ave paid certain value-added-taxes (“VAT”) incorrectly and, in certain cases, may not have collected sufficient VAT from certain customers. The VAT rules and regulations at issue are complex, vary among the jurisdictions and can be contradictory, in parti cular as to how they relate to the subsidiary’s products and to sales between jurisdictions. Since its inception, the subsidiary had been consistent in its VAT collection and remittance practices and had never been contacted by any tax authority relative to VAT. The subsidiary later determined that for certain products, a portion of the VAT was incorrectly paid and that the total VAT due 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, in 2013, an additional jurisdiction issued an assessment against the subsidiary for certain tax years. As of December 3 1, 2016, the Company had no remaining accrual for this or any other related tax assessment, as the subsidiary had previously participated in an amnesty program or had entered into a settlement arrangement with each jurisdiction. Also, the Company believes there are no potentially impacted jurisdictions remaining due to the expiration of the applicable statutes of limitation on past assessments as of December 31, 2016 . The Company is party to other litigation which management currently believes will not hav e 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 leases with various terms from 1 to 15 years expiring in 20 31 . Rent expense for the years ended December 31, 2016 , 2015 and 2014 was $5.6 million, $5.9 million, and $5.8 million, respectively. 2017 $ 5,279 2018 2,967 2019 2,613 2020 2,225 2021 1,962 2022 and beyond 9,758 |
Quarterly Results - Unaudited
Quarterly Results - Unaudited | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Results (unaudited) [Abstract] | |
Quarterly Results - Unaudited [Text Block] | Note 23 – Quarterly Results (unaudited) First Second Third Fourth Quarter (1) Quarter (2) Quarter (3) Quarter (4) 2016 Net sales $ 178,077 $ 186,915 $ 190,428 $ 191,245 Gross profit 67,875 71,235 70,779 69,704 Operating income 19,234 22,093 21,339 20,385 Net income attributable to Quaker Chemical Corporation 12,946 15,015 16,008 17,434 Net income attributable to Quaker Chemical Corporation Common Shareholders - Basic $ 0.98 $ 1.13 $ 1.21 $ 1.31 Net income attributable to Quaker Chemical Corporation Common Shareholders - Diluted $ 0.98 $ 1.13 $ 1.21 $ 1.31 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 (1) Net income attributable to Quaker Chemical Corporation for both the first quarter of 2016 and 2015 includes earnings from the Company’s equity interest in a captive insurance company of approximately $0.01 and $0.06 per diluted share, respectively. Net income attributable to Quaker Chemical Corporation for both the first quarter of 2016 and 2015 includes a currency conversion charge of approximately $0.01 and $0.21 per diluted share, respectively, related to the Company’s 50% owned equity affiliate in Venezuela. Net income attributable to Quaker Chemical Corporation for the first quarter of 2015 includes costs related to streamlining certain operations in the Company’s South America segment of approximatel y $0.01 per diluted share. (2) Net income attributable to Quaker Chemical Corporation for both the second quarter of 2016 and 2015 includes earnings (losses) from the Company’s equity interest in a captive insurance company of approximately $0.02 and ( $0.01) per diluted share, respectively. Net income attributable to Quaker Chemical Corporation for the second quarter of 2015 includes a charge due to a certain U.S. customer bankruptcy of approximately $0.01 per diluted share. (3) Net income attrib utable to Quaker Chemical Corporation for both the third quarter of 2016 and 2015 includes earnings from the Company’s equity interest in a captive insurance company of approximately $0.04 and $0.04 per diluted share, respectively. Net income attributable to Quaker Chemical Corporation for both the third quarter of 2016 and 2015 includes charges of approximately $0.08 and $0.15 per diluted share, respectively, related to certain uncommon transaction-related costs incurred in connection with the execution o f, and diligence on, acquisition candidates (4) Net income attributable to Quaker Chemical Corporation for both the fourth quarter of 2016 and 2015 includes earnings from the Company’s equity interest in a captive insurance company of approximately $0.06 and $0.07 per diluted share, respectively. Net income attributable to Quaker Chemical Corporation for both the fourth quarter of 2016 and 2015 includes (credits) charges of approximately ($0.02) and $0.36 per diluted share, respectively, related to a glo bal restructuring plan. Net income attributable to Quaker Chemical Corporation for the fourth quarter of 2016 includes charges of approximately $0.03 per diluted share related to certain uncommon transaction-related costs incurred in connection with the e xecution of, and diligence on, acquisition candidates. Net income attributable to Quaker Chemical Corporation for the fourth quarter of 2015 includes approximately $0.01 per diluted share due to a U.S. customer bankruptcy. |
Significant Accounting Polici32
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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, liabil ities 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 in 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 s 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 associated 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 resultin g 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. su bsidiaries 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 consid ers 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 net realizab le val ue, 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 me thod on an 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 evaluate d whenever changes 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 fl ows. Upon sale 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 nco me. Expenditures 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. |
Internal Use Software, Policy [Policy Text Block] | Capitalized software: The Company capitalizes certain costs in connection with developing or obtaining software for internal use , depending on the associated project . These costs are amortized over a period of 3 to 5 year s 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 a nd indefinite-lived intangible assets at fair value at the date of acquisition. 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 ev ents indicate potential impairment. Definite-lived intangible assets are 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 l ives of these assets, consistent with the discussion of long-lived assets, 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 fees 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 Company 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 receivable. 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 distress ed customers are generally reserved for on a specific 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 b alances are charged off against the allowance when the 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 liabi lity has been incurred and the amount of the liability can be reasonably estimated. If there is a range of estimated 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 capac ity or improve safety or efficiency of the property from the date acquired or constructed, and/or mitigate or preven 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 for 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 perform 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 t he 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 pl ans, the largest of which is in the U.S., covering a portion of its employees in the U.S. and certain other countries. The plans of the Company’s subsidiaries in t he 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 of 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 that 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 th e measurement date is December 31. The measurement date for the Company’s other postretirement benefits plan is December 31. The Company’s global pension investment polic ies are 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 balance between return and risk. The Company’s investment horizon is gen erally 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 intermediate plan distributions, and the total return portfolio is expecte d 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 prohibi t use of securities such as letter stock and other unregistered securities, commodities or commodity contracts, short sales, margin transactions, private placements (unless specifically 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 monitored with an overall expectation that plan assets will meet or exceed bench mark 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 established asset allocation ranges approved by senior management of the Compan y. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss): The Company presents other comprehensi ve income (loss) in its Statement s of Comprehensive Income. The Company follows the FASB’s guidance regarding the disclosure of reclas sifications from AOCI which requires the disclosure of significant amounts reclassified from each component of AOCI, the related tax amounts and the income statement line items affected by such reclassifications. |
Income Tax, Policy [Policy Text Block] | Income taxes and uncertain tax positions: The provision for income taxes is determined using the asse t and liability approach of accounting for income taxes. Under this approach, deferred 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 deferred 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 recorded 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 inco me taxes prescribes the recognition threshold and measurement attributes for financial 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 ben efits of tax positions will be more likely than not sustained upon audit based upon 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 settlement 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 ben efit 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 an d income related to uncertain tax positions is computed by applying the applicable 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 penalties 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 apply 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 currency fluctuations, changes in commodity prices and credit risk. The Company is currently not using derivat ive 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 hedges, the effective portion of any hedge would be reported in AOCI until it was cleared to earnings durin g 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 Notes 17 and 21 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 Annu al 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 assumed. |
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 preparation 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 financial 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, 2016 | |
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 Restructuring credits — (439) — — (439) Cash payments (1,671) (3,404) (138) (39) (5,252) Currency translation adjustments — 52 3 3 58 Accrued restructuring as of December 31, 2016 $ 196 $ 474 $ — $ — $ 670 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Disclosures [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2016 2015 2014 Segment assets North America (including Corporate) $ 321,404 $ 317,082 $ 340,139 EMEA 147,021 162,647 123,916 Asia/Pacific 200,218 181,389 170,444 South America 23,385 19,609 29,877 Total segment assets $ 692,028 $ 680,727 $ 664,376 2016 2015 2014 Segment long-lived assets North America (including Corporate) $ 86,775 $ 87,421 $ 92,319 EMEA 25,630 27,101 20,634 Asia/Pacific 22,040 23,096 24,392 South America 2,858 2,573 3,911 Total segment long-lived assets $ 137,303 $ 140,191 $ 141,256 2016 2015 2014 Capital expenditures North America (including Corporate) $ 2,918 $ 4,166 $ 3,658 EMEA 3,263 3,081 4,811 Asia/Pacific 3,269 3,169 3,202 South America 504 617 1,381 Total segment capital expenditures $ 9,954 $ 11,033 $ 13,052 2016 2015 2014 Depreciation North America $ 5,672 $ 5,577 $ 5,231 EMEA 3,323 2,975 3,069 Asia/Pacific 2,765 2,812 2,713 South America 672 832 1,060 Total segment depreciation $ 12,432 $ 12,196 $ 12,073 2016 2015 2014 Net sales North America $ 336,174 $ 344,248 $ 334,400 EMEA 200,917 179,717 195,309 Asia/Pacific 179,131 181,056 185,974 South America 30,443 32,534 50,177 Total net sales $ 746,665 $ 737,555 $ 765,860 2016 2015 2014 Operating earnings, excluding indirect operating expenses North America $ 77,492 $ 79,791 $ 68,296 EMEA 33,634 27,979 32,589 Asia/Pacific 45,866 45,107 43,847 South America 1,386 1,785 4,292 Total operating earnings, excluding indirect operating expenses 158,378 154,662 149,024 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | 2016 2015 2014 Total operating earnings, excluding indirect operating expenses 158,378 154,662 149,024 Non-operating charges (68,632) (69,602) (69,602) Restructuring and related activities 439 (6,790) — Depreciation of corporate assets and amortization (7,134) (7,010) (7,010) Consolidated operating income 83,051 71,260 72,412 Other (expense) income, net 1,810 (69) 767 Interest expense (2,889) (2,585) (2,371) Interest income 2,037 1,624 2,541 Consolidated income before taxes and equity in net income of associated companies $ 84,009 $ 70,230 $ 73,349 |
Schedule of Product Information [Table Text Block] | 2016 2015 2014 Rolling lubricants 19.0 % 18.6 % 20.1 % Machining and grinding compounds 14.9 % 15.3 % 16.3 % Hydraulic fluids 12.0 % 12.6 % 13.0 % Corrosion preventives 11.8 % 12.0 % 12.5 % Specialty greases 10.1 % 8.5 % 5.3 % |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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] | 2016 2015 2014 Stock options $ 848 $ 730 $ 663 Nonvested stock awards and restricted stock units 3,121 2,937 2,473 Employee stock purchase plan 87 75 73 Non-elective and elective 401(k) matching contribution in stock 2,124 2,052 1,975 Director stock ownership plan 169 125 125 Total share-based compensation expense $ 6,349 $ 5,919 $ 5,309 |
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, 2016 99,671 $ 71.73 Options granted 67,444 72.12 Options exercised (49,895) 63.78 Options outstanding at December 31, 2016 117,220 $ 75.34 5.5 $ 6,203 Options expected to vest after December 31, 2016 103,040 $ 75.82 5.7 $ 5,403 Options exercisable at December 31, 2016 14,180 $ 71.87 4.1 $ 800 |
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) $ 30.01 - $ 40.00 552 2.2 $ 38.13 552 $ 38.13 $ 40.01 - $ 50.00 — — — — — $ 50.01 - $ 60.00 3,714 3.2 58.26 3,714 52.26 $ 60.01 - $ 70.00 — — — — — $ 70.01 - $ 80.00 85,009 5.7 72.40 6,060 73.47 $ 80.01 - $ 90.00 27,945 5.1 87.30 3,854 87.30 117,220 5.5 75.34 14,180 71.87 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 2014 2013 Number of stock options granted 67,444 38,698 37,048 29,302 Dividend yield 1.49 % 1.55 % 2.00 % 2.49 % Expected volatility 28.39 % 36.32 % 43.34 % 57.28 % Risk-free interest rate 1.08 % 1.22 % 1.22 % 0.63 % Expected term (years) 4.0 4.0 4.0 4.0 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 2016 2015 2014 2016 Stock option awards $ 282 $ — $ — 2015 Stock option awards $ 276 $ 232 $ — 2014 Stock option awards $ 254 $ 257 $ 227 2013 Stock option awards $ 36 $ 200 $ 213 |
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, 2015 113,910 $ 72.91 Granted 29,271 $ 76.33 Vested (32,604) $ 64.84 Forfeited (1,494) $ 73.07 Nonvested awards, December 31, 2016 109,083 $ 76.23 |
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, 2015 6,174 $ 74.14 Granted 2,141 $ 77.10 Vested (2,252) $ 64.54 Forfeited (292) $ 79.96 Nonvested awards, December 31, 2016 5,771 $ 78.69 |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | 2016 2015 2014 Non-income tax refunds and other related credits $ 398 $ 141 $ 582 Income from third party license fees 978 875 1,063 Foreign exchange gains (losses), net 172 (1,184) (1,039) Gain on fixed asset disposals, net 50 6 128 Other non-operating income 338 261 329 Other non-operating expense (126) (168) (296) Total other income (expense), net $ 1,810 $ (69) $ 767 |
Taxes on Income and Uncertain P
Taxes on Income and Uncertain Positions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Taxes on Income and Uncertain Tax Positions [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 2014 Current: Federal $ 4,680 $ 8,924 $ 8,086 State 518 188 796 Foreign 12,540 11,074 13,650 17,738 20,186 22,532 Deferred: Federal 4,601 404 2,548 State 104 (16) 57 Foreign 783 (2,789) (1,598) Total $ 23,226 $ 17,785 $ 23,539 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2016 2015 2014 Domestic $ 31,175 $ 25,219 $ 32,391 Foreign 52,834 45,011 45,902 Total $ 84,009 $ 70,230 $ 78,293 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Retirement benefits $ 8,236 $ 9,621 Allowance for doubtful accounts 1,925 2,367 Insurance and litigation reserves 707 787 Postretirement benefits 1,623 1,863 Supplemental retirement benefits 3,670 3,220 Performance incentives 5,197 4,777 Equity-based compensation 2,088 1,823 Insurance settlement 7,755 8,100 Operating loss carryforward 7,343 7,815 Uncertain tax positions (101) 2,785 Restructuring 217 1,897 Other 2,834 2,402 41,494 47,457 Valuation allowance (6,344) (6,259) Total deferred income tax assets, net $ 35,150 $ 41,198 Depreciation 5,709 5,924 Europe pension and other 1,055 1,107 Amortization and other 16,012 14,318 Total deferred income tax liabilities $ 22,776 $ 21,349 |
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, 2016 $ 6,259 $ 294 $ (187) $ (22) $ 6,344 Year ended December 31, 2015 $ 7,345 $ 86 $ (802) $ (370) $ 6,259 Year ended December 31, 2014 $ 7,666 $ 5 $ (105) $ (221) $ 7,345 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 2014 Income tax provision at the Federal statutory tax rate $ 29,403 $ 24,578 $ 27,402 Differences in tax rates on foreign earnings and remittances (2,862) (5,097) (3,025) Foreign dividends 2,939 2,690 3,278 Excess foreign tax credit utilization (5,493) (4,141) (5,011) Research and development activities credit utilization (238) (245) (226) Uncertain tax positions (833) 226 263 Domestic production activities deduction (875) (910) (567) State income tax provisions, net 357 133 517 Non-deductible entertainment and business meals expense 238 249 278 Miscellaneous items, net 590 302 630 Taxes on income $ 23,226 $ 17,785 $ 23,539 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2016 2015 2014 Unrecognized tax benefits at January 1 $ 11,032 $ 11,845 $ 12,596 Decrease in unrecognized tax benefits taken in prior periods (869) (416) (93) Increase in unrecognized tax benefits taken in current period 1,921 2,512 2,678 Decrease in unrecognized tax benefits due to lapse of statute of limitations (5,744) (1,924) (2,078) Decrease due to foreign exchange rates (100) (985) (1,258) Unrecognized tax benefits at December 31 $ 6,240 $ 11,032 $ 11,845 |
Schedule Of Deferred Tax Assets And Liabilities Balance Sheet Classification [Table Text Block] | 2016 2015 Non-current deferred tax assets $ 24,382 $ 30,107 Non-current deferred tax liabilities 12,008 10,258 Net deferred tax asset $ 12,374 $ 19,849 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 2014 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 61,403 $ 51,180 $ 56,492 Less: income allocated to participating securities (515) (443) (503) Net income available to common shareholders $ 60,888 $ 50,737 $ 55,989 Basic weighted average common shares outstanding 13,136,138 13,199,630 13,126,759 Basic earnings per common share $ 4.64 $ 3.84 $ 4.27 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 61,403 $ 51,180 $ 56,492 Less: income allocated to participating securities (514) (443) (503) Net income available to common shareholders $ 60,889 $ 50,737 $ 55,989 Basic weighted average common shares outstanding 13,136,138 13,199,630 13,126,759 Effect of dilutive securities 24,331 15,219 21,309 Diluted weighted average common shares outstanding 13,160,469 13,214,849 13,148,068 Diluted earnings per common share $ 4.63 $ 3.84 $ 4.26 |
AR and Allowance for Doubtful A
AR and Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 $ 7,818 $ 1,375 $ (1,949) $ (24) $ 7,220 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 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 2016 2015 Raw materials and supplies $ 37,772 $ 36,876 Work in process and finished goods 39,310 38,223 Total inventories $ 77,082 $ 75,099 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2016 2015 Land $ 9,707 $ 9,388 Building and improvements 80,740 80,110 Machinery and equipment 140,595 136,329 Construction in progress 4,964 5,337 236,006 231,164 Less accumulated depreciation (150,272) (143,545) $ 85,734 $ 87,619 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | North South America EMEA Asia/Pacific America Total Balance as of December 31, 2014 $ 42,677 $ 16,050 $ 16,006 $ 3,200 $ 77,933 Goodwill additions 30 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 Goodwill additions (reductions) 3,311 (114) — — 3,197 Currency translation adjustments (264) (977) (678) 415 (1,504) Balance as of December 31, 2016 $ 45,490 $ 18,189 $ 14,566 $ 2,559 $ 80,804 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Carrying Accumulated Amount Amortization 2016 2015 2016 2015 Customer lists and rights to sell $ 71,454 $ 67,435 $ 20,043 $ 15,806 Trademarks, formulations and product technology 31,436 28,955 11,748 9,620 Other 6,023 5,788 5,151 4,565 Total definite-lived intangible assets $ 108,913 $ 102,178 $ 36,942 $ 29,991 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the year ended December 31, 2017 $ 7,004 For the year ended December 31, 2018 6,770 For the year ended December 31, 2019 6,670 For the year ended December 31, 2020 6,400 For the year ended December 31, 2021 6,029 |
Investment in Associated Compan
Investment in Associated Companies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments in Associated Companies [Abstract] | |
Schedule of Equity Method Investments [Table Text Block] | As of December 31, 2016 2015 Current Assets $ 37,998 $ 36,761 Noncurrent Assets 1,244 606 Current Liabilities 26,683 26,039 Noncurrent Liabilities 1,166 410 Year Ended December 31, 2016 2015 2014 Net Sales $ 41,448 $ 40,282 $ 48,834 Gross Margin 13,082 12,887 15,698 Income Before Income Taxes 2,289 (2,843) 3,546 Net Income 1,210 (3,631) 2,263 As of December 31, 2016 2015 Total Assets $ 116,742 $ 105,585 Total Liabilities 58,775 54,534 Year Ended December 31, 2016 2015 2014 Revenue $ 5,632 $ 7,058 $ 10,755 Income Before Income Taxes 5,622 8,407 10,929 Net Income 5,148 6,334 7,352 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | 2016 2015 Restricted insurance settlement $ 21,883 $ 22,874 Uncertain tax positions 3,892 6,054 Supplemental retirement income program 1,410 1,336 Other 1,567 1,954 Total other assets $ 28,752 $ 32,218 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Current Liabilities [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | 2016 2015 Non-income taxes $ 9,278 $ 6,815 Income taxes payable 2,753 6,534 Selling expenses 2,699 1,848 Freight 2,212 2,354 Professional fees 1,980 1,358 Legal 754 1,165 Acquisition-related liabilities — 1,384 Other 3,752 4,238 Total other current liabilities $ 23,428 $ 25,696 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Schedule of Debt [Table Text Block] | 2016 2015 Credit facilities $ 47,948 $ 62,884 Industrial development bonds 15,000 15,000 Municipality-related loans 3,470 4,098 Other debt obligations (including capital leases) 58 119 66,476 82,101 Short-term debt (including capital leases) (58) — Current portion of long-term debt (649) (662) $ 65,769 $ 81,439 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2017 $ 707 2018 53,364 2019 645 2020 641 2021 341 |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Pension and Other Postretirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Other Post- Pension Benefits Retirement Benefits 2016 2015 2016 2015 Change in benefit obligation Foreign Domestic Total Foreign Domestic Total Domestic Domestic Gross benefit obligation at beginning of year $ 92,406 $ 66,862 $ 159,268 $ 106,827 $ 70,667 $ 177,494 $ 5,422 $ 6,045 Service cost 2,378 298 2,676 2,799 250 3,049 10 17 Interest cost 2,314 2,114 4,428 2,476 2,541 5,017 142 195 Employee contributions 71 — 71 80 — 80 — — Plan settlements — — — (328) — (328) — — Benefits paid (1,583) (4,522) (6,105) (1,604) (4,249) (5,853) (443) (533) Plan expenses and premiums paid (155) (275) (430) (57) (250) (307) — — Actuarial loss (gain) 14,848 2,777 17,625 (7,799) (2,097) (9,896) (401) (302) Translation differences and other (6,788) — (6,788) (9,988) — (9,988) — — Gross benefit obligation at end of year $ 103,491 $ 67,254 $ 170,745 $ 92,406 $ 66,862 $ 159,268 $ 4,730 $ 5,422 Change in plan assets Fair value of plan assets at year beginning of year $ 76,156 $ 46,701 $ 122,857 $ 86,523 $ 49,689 $ 136,212 $ — $ — Actual return (loss) on plan assets 14,472 2,516 16,988 (2,170) 223 (1,947) — — Employer contributions 3,103 4,777 7,880 1,804 1,288 3,092 443 533 Employee contributions 71 — 71 80 — 80 — — Plan settlements — — — (328) — (328) — — Benefits paid (1,583) (4,522) (6,105) (1,604) (4,249) (5,853) (443) (533) Plan expenses and premiums paid (155) (275) (430) (57) (250) (307) — — Translation differences (5,220) — (5,220) (8,092) — (8,092) — — Fair value of plan assets at end of year $ 86,844 $ 49,197 $ 136,041 $ 76,156 $ 46,701 $ 122,857 $ — $ — Net benefit obligation recognized $ (16,647) $ (18,057) $ (34,704) $ (16,250) $ (20,161) $ (36,411) $ (4,730) $ (5,422) Amounts recognized in the balance sheet consist of: Current liabilities $ (61) $ (574) $ (635) $ (52) $ (575) $ (627) $ (451) $ (517) Non-current liabilities (16,586) (17,483) (34,069) (16,198) (19,586) (35,784) (4,279) (4,905) Net benefit obligation recognized $ (16,647) $ (18,057) $ (34,704) $ (16,250) $ (20,161) $ (36,411) $ (4,730) $ (5,422) Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss: Prior service credit (cost) $ 1,687 $ (122) $ 1,565 $ 1,910 $ (185) $ 1,725 $ — $ — Accumulated loss (20,214) (33,147) (53,361) (20,058) (31,906) (51,964) (581) (983) Accumulated other comprehensive loss ("AOCI") (18,527) (33,269) (51,796) (18,148) (32,091) (50,239) (581) (983) Cumulative employer contributions in excess of or (below) net periodic benefit cost 1,880 15,212 17,092 1,898 11,930 13,828 (4,149) (4,439) Net benefit obligation recognized $ (16,647) $ (18,057) $ (34,704) $ (16,250) $ (20,161) $ (36,411) $ (4,730) $ (5,422) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 2016 2015 Foreign Domestic Total Foreign Domestic Total Projected benefit obligation $ 103,491 $ 67,254 $ 170,745 $ 92,406 $ 66,862 $ 159,268 Accumulated benefit obligation 100,463 66,676 167,139 90,624 66,862 157,486 Fair value of plan assets 86,844 49,197 136,041 76,156 46,701 122,857 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 2016 2015 Foreign Domestic Total Foreign Domestic Total Projected benefit obligation $ 103,491 $ 67,254 $ 170,745 $ 92,406 $ 66,862 $ 159,268 Fair value of plan assets 86,844 49,197 136,041 76,156 46,701 122,857 |
Schedule of Net Benefit Costs [Table Text Block] | 2016 2015 Foreign Domestic Total Foreign Domestic Total Service cost $ 2,378 $ 298 $ 2,676 $ 2,799 $ 250 $ 3,049 Interest cost 2,314 2,114 4,428 2,476 2,541 5,017 Expected return on plan assets (2,026) (3,316) (5,342) (2,092) (3,453) (5,545) Settlement loss — — — 170 — 170 Actuarial loss amortization 839 2,336 3,175 1,136 2,353 3,489 Prior service (credit) cost amortization (164) 63 (101) (164) 63 (101) Net periodic benefit cost $ 3,341 $ 1,495 $ 4,836 $ 4,325 $ 1,754 $ 6,079 2014 Foreign Domestic Total Service cost $ 2,626 $ 250 $ 2,876 Interest cost 3,210 2,823 6,033 Expected return on plan assets (2,543) (3,817) (6,360) Actuarial loss amortization 1,307 1,757 3,064 Prior service cost amortization 736 63 799 Net periodic benefit cost $ 5,336 $ 1,076 $ 6,412 2016 2015 2014 Service cost $ 10 $ 17 $ 19 Interest cost 142 195 232 Actuarial loss amortization — 83 65 Net periodic benefit costs $ 152 $ 295 $ 316 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 2016 2015 Foreign Domestic Total Foreign Domestic Total Net loss (gain) arising during the period $ 2,401 $ 3,576 $ 5,977 $ (3,537) $ 1,134 $ (2,403) Recognition of amortization in net periodic benefit cost Prior service credit (cost) 164 (63) 101 164 (63) 101 Actuarial loss (839) (2,336) (3,175) (1,306) (2,353) (3,659) Effect of exchange rates on amounts included in AOCI (1,347) — (1,347) (2,353) — (2,353) Total recognized in other comprehensive loss (income) 379 1,177 1,556 (7,032) (1,282) (8,314) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 3,720 $ 2,672 $ 6,392 $ (2,707) $ 472 $ (2,235) 2014 Foreign Domestic Total Net loss arising during period $ 4,973 $ 7,290 $ 12,263 Effect of plan amendment 242 — 242 Recognition of amortization in net periodic benefit cost Prior service cost (736) (63) (799) Actuarial loss (1,307) (1,757) (3,064) Effect of exchange rates on amounts included in AOCI (3,076) — (3,076) Total recognized in other comprehensive loss 96 5,470 5,566 Total recognized in net periodic benefit cost and other comprehensive loss $ 5,432 $ 6,546 $ 11,978 2016 2015 2014 Net (gain) loss arising during period $ (401) $ (302) $ 688 Amortization of actuarial loss in net periodic benefit costs — (83) (65) Total recognized in other comprehensive (income) loss (401) (385) 623 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ (249) $ (90) $ 939 |
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 $ 808 $ 2,658 $ 3,466 $ 22 Prior service (credit) cost (155) 63 (92) — $ 653 $ 2,721 $ 3,374 $ 22 |
Schedule of Assumptions Used [Table Text Block] | Other Postretirement Pension Benefits Benefits 2016 2015 2016 2015 U.S. Plans: Discount rate 3.88 % 4.07 % 3.73 % 3.88 % Rate of compensation increase 3.63 % 3.63 % N/A N/A Foreign Plans: Discount rate 2.17 % 2.95 % N/A N/A Rate of compensation increase 2.48 % 2.41 % N/A N/A Other Postretirement Pension Benefits Benefits 2016 2015 2016 2015 U.S. Plans: Discount rate 4.07 % 3.72 % 3.88 % 3.45 % Expected long-term return on plan assets 7.20 % 7.30 % N/A N/A Rate of compensation increase 3.63 % 3.63 % N/A N/A Foreign Plans: Discount rate 2.95 % 2.51 % N/A N/A Expected long-term return on plan assets 2.65 % 2.55 % N/A N/A Rate of compensation increase 2.41 % 3.05 % N/A N/A 2016 2015 Health care cost trend rate for next year 6.70 % 6.70 % 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 2037 |
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 $ 12 $ (10) Effect on postretirement benefit obligations 352 (308) |
Schedule of Allocation of Plan Assets [Table Text Block] | Asset Category Target 2016 2015 U.S. Plans Equity securities 61 % 60 % 65 % Debt securities 32 % 39 % 34 % Other 7 % 1 % 1 % Total 100 % 100 % 100 % Foreign Plans Equity securities and other 25 % 24 % 26 % Debt securities 75 % 76 % 74 % Total 100 % 100 % 100 % Fair Value Measurements at December 31, 2016 Total Using Fair Value Hierarchy U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 302 $ 302 $ — $ — Small capitalization common stock 1,279 1,279 — — Subtotal U.S. pension plan assets in fair value hierarchy $ 1,581 $ 1,581 $ — $ — Commingled funds measured at NAV 46,185 Pooled separate accounts measured at NAV 1,431 Total U.S. pension plan assets $ 49,197 Foreign Pension Assets Cash and cash equivalents $ 130 $ 130 $ — $ — Insurance contract 72,778 — — 72,778 Diversified equity securities - registered investment companies 7,308 — 7,308 — Fixed income - foreign registered investment companies 2,753 — 2,753 — Real estate - registered investment companies 2,041 — — 2,041 Sub-total of foreign pension assets in fair value hierarchy $ 85,010 $ 130 $ 10,061 $ 74,819 Commingled funds measured at NAV 1,834 Total foreign pension assets $ 86,844 Total pension assets in fair value hierarchy $ 86,591 $ 1,711 $ 10,061 $ 74,819 Total pension assets measured at NAV 49,450 Total pension assets $ 136,041 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 — Subtotal U.S. pension plan assets in fair value hierarchy $ 45,309 $ 35,400 $ 9,909 $ — Pooled separate accounts measured at NAV 1,392 Total U.S. pension plan assets $ 46,701 Foreign Pension Assets 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 — Real estate - registered investment companies 2,388 — — 2,388 Subtotal foreign pension assets in fair value hierarchy $ 74,274 $ 7 $ 9,470 $ 64,797 Commingled funds measured at NAV 1,882 Total foreign pension plan assets $ 76,156 Total pension assets in fair value hierarchy $ 119,583 $ 35,407 $ 19,379 $ 64,797 Total pension assets measured at NAV 3,274 Total pension assets $ 122,857 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | Insurance Real Estate Contract Fund Total 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 Purchases 2,584 — 2,584 Settlements (1,350) — (1,350) Unrealized gains 12,005 56 12,061 Currency translation adjustment (2,870) (403) (3,273) Balance at December 31, 2016 $ 72,778 $ 2,041 $ 74,819 |
Schedule of Expected Benefit Payments [Table Text Block] | Other Post- Pension Benefits Retirement Foreign Domestic Total Benefits 2017 $ 1,780 $ 4,929 $ 6,709 $ 451 2018 1,946 4,642 6,588 444 2019 2,094 4,605 6,699 432 2020 2,311 4,354 6,665 407 2021 2,922 4,346 7,268 385 2022 to 2026 16,581 23,445 40,026 1,611 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Noncurrent [Abstract] | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | 2016 2015 Restricted insurance settlement $ 21,883 $ 22,874 Uncertain tax positions (includes interest and penalties) 7,933 13,332 Deferred and other long-term compensation 5,550 5,866 Other 520 512 Total other non-current liabilities $ 35,886 $ 42,584 |
Equity and Noncontrolling Int49
Equity and Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 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) Other comprehensive (loss) income before reclassifications (13,711) (4,229) 834 (17,106) Amounts reclassified from AOCI — 3,075 (17) 3,058 Related tax amounts — 237 (280) (43) Balance at December 31, 2016 $ (52,255) $ (36,168) $ 1,016 $ (87,407) |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | 2016 Acquisitions Current assets (includes cash acquired) $ 3,443 Property, plant and equipment 2,574 Intangibles Customer lists and rights to sell 5,041 Trademarks, formulations and product technology 2,543 Other intangibles 127 Goodwill 3,311 Total assets purchased 17,039 Current liabilities (1,198) Other long-term liabilities (2,019) Total liabilities assumed (3,217) Gross cash paid for acquisition $ 13,822 Less: cash acquired 105 Net cash paid for acquisition $ 13,717 Verkol Acquisition Current assets (includes cash acquired) $ 31,151 Property, plant and equipment 7,941 Intangibles Customer lists and rights to sell 6,146 Trademarks, formulations and product technology 5,378 Other intangibles 219 Goodwill 5,051 Other long-term assets 158 Total assets purchased 56,044 Current liabilities (6,720) Long-term debt (2,400) Other long-term liabilities (5,531) Total liabilities assumed (14,651) Gross cash paid for acquisition $ 41,393 Less: cash acquired 15,423 Net cash paid for acquisition $ 25,970 2014 Acquisitions Current assets (includes cash acquired) $ 12,413 Property, plant and equipment 4,158 Intangibles Customer lists and rights to sell 30,924 Trademarks, formulations and product technology 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) Gross cash paid for acquisition $ 74,036 Less: cash acquired 1,037 Net cash paid for acquisition $ 72,999 |
Fair Value Measurements (Table)
Fair Value Measurements (Table) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2016 Total Using Fair Value Hierarchy Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,410 $ — $ 1,410 $ — Total $ 1,410 $ — $ 1,410 $ — 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 $ 1,366 $ — $ 1,366 $ — Total $ 1,366 $ — $ 1,366 $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Lease Maturities [Table Text Block] | 2017 $ 5,279 2018 2,967 2019 2,613 2020 2,225 2021 1,962 2022 and beyond 9,758 |
Quarterly Results - Unaudited (
Quarterly Results - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 Net sales $ 178,077 $ 186,915 $ 190,428 $ 191,245 Gross profit 67,875 71,235 70,779 69,704 Operating income 19,234 22,093 21,339 20,385 Net income attributable to Quaker Chemical Corporation 12,946 15,015 16,008 17,434 Net income attributable to Quaker Chemical Corporation Common Shareholders - Basic $ 0.98 $ 1.13 $ 1.21 $ 1.31 Net income attributable to Quaker Chemical Corporation Common Shareholders - Diluted $ 0.98 $ 1.13 $ 1.21 $ 1.31 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 |
Significant Accounting Polici54
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Significant Accounting Policies [Abstract] | ||||
Revenue Recognized Under Net Reporting Arrangements | $ 43.5 | $ 48.6 | $ 46.8 | |
Research and Development Expense | $ 22.5 | $ 22.1 | $ 22.1 | |
Measurement of Tax Benefit, Minimum Likelihood of the Largest Amount Being Realized Upon Ultimate Settlement | 50.00% | |||
Prior Period Reclassification Adjustment | $ 3.6 |
Significant Accounting Polici55
Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Capitalized Computer Software, Net | $ 1.4 | $ 1.3 |
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 Polici56
Significant Accounting Policies - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 Polici57
Significant Accounting Policies - Concentration Risk (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Top Five Customers Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk Percentage | 19.00% |
Top Customer Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk Percentage | 8.00% |
Significant Accounting Polici58
Significant Accounting Policies - Share-Based Compensation (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 |
Recently Issued Accounting St59
Recently Issued Accounting Standards - Narrative (Details) | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Prior Period Reclassifications | 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 standard 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. During the fourth quarter of 2016, the Company early adopted the guidance of this accounting standard update and applied the guidance in this accounting standard update retrospectively. Including the first quarter of 2016 revision noted in Note 1 of Notes to Consolidated Financial Statements, adoption of the accounting standard update resulted in a reclassification to the Company’s Consolidated Balance Sheet as of December 31, 2015, reducing current deferred tax assets by $7.8 million, current deferred tax liabilities by less than $0.1 million, and non-current deferred tax liabilities by $4.7 million, and increasing non-current deferred tax assets by $3.0 million. |
Restructuring Activities - Narr
Restructuring Activities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring And Related Activities [Abstract] | ||||
Restructuring and related activities | $ (439) | $ 6,790 | $ 0 | |
Intangible Assets Reclassified as Held for Sale | $ 300 | |||
Restructuring And Related Cost Description | The 2015 Program included provisions for the reduction of total headcount by approximately 65 employees globally. As a result of this program, the Company recognized a $6.8 million, or $0.36 per diluted share, restructuring charge in the fourth quarter of 2015. Employee separation costs varied depending on local regulations within certain foreign countries and included severance and other benefits. The Company substantially completed all of the initiatives under the 2015 Program in 2016 and settlement of these charges occurred primarily in 2016 as well. During the fourth quarter of 2016, the Company recognized a restructuring credit of $0.4 million, or $0.02 per diluted share, in connection with the 2015 Program, due to customary and routine adjustments to initial estimates for employee separation costs, as well as the reversal of certain accrued employee separation costs as a result of the change in available-for-sale technology, noted above. At this time, the Company does not expect to incur material additional restructuring charges or credits under the 2015 Program | |||
Disposal Group Including Discontinued Operation Changes To Plan Of Sale | During the fourth quarter of 2016, the Company made a decision to no longer market or make available-for-sale this technology, which resulted in $0.3 million of other current assets being reclassified back to intangible assets as of December 31, 2016. |
Restructuring Activities (Detai
Restructuring Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | $ 6,303 | $ 0 | |
Restructuring and related activities | (439) | 6,790 | $ 0 |
Cash Payments | (5,252) | (490) | |
Currency Translation Adjustments | 58 | 3 | |
Accrued Restructuring, Ending Balance | 670 | 6,303 | 0 |
North America [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | 1,867 | 0 | |
Restructuring and related activities | 0 | 2,025 | |
Cash Payments | (1,671) | (158) | |
Currency Translation Adjustments | 0 | 0 | |
Accrued Restructuring, Ending Balance | 196 | 1,867 | 0 |
EMEA [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | 4,265 | 0 | |
Restructuring and related activities | (439) | 4,390 | |
Cash Payments | (3,404) | (130) | |
Currency Translation Adjustments | 52 | 5 | |
Accrued Restructuring, Ending Balance | 474 | 4,265 | 0 |
Asia Pacific [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | 135 | 0 | |
Restructuring and related activities | 0 | 338 | |
Cash Payments | (138) | (202) | |
Currency Translation Adjustments | 3 | (1) | |
Accrued Restructuring, Ending Balance | 0 | 135 | 0 |
South America [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | 36 | 0 | |
Restructuring and related activities | 0 | 37 | |
Cash Payments | (39) | 0 | |
Currency Translation Adjustments | 3 | (1) | |
Accrued Restructuring, Ending Balance | $ 0 | $ 36 | $ 0 |
Segments Table (Details)
Segments Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 191,245 | $ 190,428 | $ 186,915 | $ 178,077 | $ 183,275 | $ 189,224 | $ 183,726 | $ 181,330 | $ 746,665 | $ 737,555 | $ 765,860 |
Operating income for reportable segments | 158,378 | 154,662 | 158,378 | 154,662 | 149,024 | ||||||
Segment assets | 692,028 | 680,727 | 692,028 | 680,727 | 664,376 | ||||||
Long-Lived Assets | 137,303 | 140,191 | 137,303 | 140,191 | 141,256 | ||||||
Capital Expenditures | 9,954 | 11,033 | 13,052 | ||||||||
Depreciation | 12,432 | 12,196 | 12,073 | ||||||||
Non Domestic [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 35,800 | 34,000 | 35,500 | ||||||||
Long-Lived Assets | 4,900 | 2,700 | 4,900 | 2,700 | 3,100 | ||||||
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 336,174 | 344,248 | 334,400 | ||||||||
Operating income for reportable segments | 77,492 | 79,791 | 77,492 | 79,791 | 68,296 | ||||||
Segment assets | 321,404 | 317,082 | 321,404 | 317,082 | 340,139 | ||||||
Long-Lived Assets | 86,775 | 87,421 | 86,775 | 87,421 | 92,319 | ||||||
Capital Expenditures | 2,918 | 4,166 | 3,658 | ||||||||
Depreciation | 5,672 | 5,577 | 5,231 | ||||||||
(Increase) Decrease In Segment Assets | 3,200 | 200 | |||||||||
EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 200,917 | 179,717 | 195,309 | ||||||||
Operating income for reportable segments | 33,634 | 27,979 | 33,634 | 27,979 | 32,589 | ||||||
Segment assets | 147,021 | 162,647 | 147,021 | 162,647 | 123,916 | ||||||
Long-Lived Assets | 25,630 | 27,101 | 25,630 | 27,101 | 20,634 | ||||||
Capital Expenditures | 3,263 | 3,081 | 4,811 | ||||||||
Depreciation | 3,323 | 2,975 | 3,069 | ||||||||
(Increase) Decrease In Segment Assets | 1,100 | 400 | |||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 179,131 | 181,056 | 185,974 | ||||||||
Operating income for reportable segments | 45,866 | 45,107 | 45,866 | 45,107 | 43,847 | ||||||
Segment assets | 200,218 | 181,389 | 200,218 | 181,389 | 170,444 | ||||||
Long-Lived Assets | 22,040 | 23,096 | 22,040 | 23,096 | 24,392 | ||||||
Capital Expenditures | 3,269 | 3,169 | 3,202 | ||||||||
Depreciation | 2,765 | 2,812 | 2,713 | ||||||||
(Increase) Decrease In Segment Assets | 300 | 100 | |||||||||
South America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 30,443 | 32,534 | 50,177 | ||||||||
Operating income for reportable segments | 1,386 | 1,785 | 1,386 | 1,785 | 4,292 | ||||||
Segment assets | 23,385 | 19,609 | 23,385 | 19,609 | 29,877 | ||||||
Long-Lived Assets | $ 2,858 | $ 2,573 | 2,858 | 2,573 | 3,911 | ||||||
Capital Expenditures | 504 | 617 | 1,381 | ||||||||
Depreciation | 672 | 832 | 1,060 | ||||||||
(Increase) Decrease In Segment Assets | 200 | 400 | |||||||||
Intersegment Sales Elimination [Member] | North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 8,300 | 9,100 | 8,000 | ||||||||
Intersegment Sales Elimination [Member] | EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 18,100 | 17,800 | 22,300 | ||||||||
Intersegment Sales Elimination [Member] | Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 700 | 1,000 | 400 | ||||||||
Intersegment Sales Elimination [Member] | South America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 100 | $ 100 | $ 100 |
Segments Reconciliation (Detail
Segments Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation From Segment Totals To Consolidated Abstract | |||||||||||
Operating income for reportable segments | $ 158,378 | $ 154,662 | $ 158,378 | $ 154,662 | $ 149,024 | ||||||
Non-operating Charges | (68,632) | (69,602) | (67,110) | ||||||||
Restructuring and related activities | 439 | (6,790) | 0 | ||||||||
Depreciation of corporate assets and amortization | (7,134) | (7,010) | (4,558) | ||||||||
Operating income | $ 20,385 | $ 21,339 | $ 22,093 | $ 19,234 | $ 13,223 | $ 18,728 | $ 21,445 | $ 17,864 | 83,051 | 71,260 | 77,356 |
Interest expense | (2,889) | (2,585) | (2,371) | ||||||||
Interest income | 2,037 | 1,624 | 2,541 | ||||||||
Other income (expense), net | 1,810 | (69) | 767 | ||||||||
Income before taxes and equity in net income of associated companies | $ 84,009 | $ 70,230 | $ 78,293 |
Segments - Product Lines (Detai
Segments - Product Lines (Details) - Sales Revenue Net [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Rolling Lubricants Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk Percentage | 19.00% | 18.60% | 20.10% |
Machining And Grinding Compounds Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk Percentage | 14.90% | 15.30% | 16.30% |
Hydraulic Fluids Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk Percentage | 12.00% | 12.60% | 13.00% |
Corrosion Preventives Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk Percentage | 11.80% | 12.00% | 12.50% |
Specialty Greases [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk Percentage | 10.10% | 8.50% | 5.30% |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation [Abstract] | |||
Exercised Options, Intrinsic Value | $ 2.9 | $ 0.9 | $ 1.1 |
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. Each director who owns more than the Threshold Amount may elect to receive common stock in payment of a percentage (up to 100%) of the annual cash retainer. | ||
Director Retainer Annual Fee | $ 0.1 | ||
Restricted Stock [Member] | |||
Share Based Compensation [Line Items] | |||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | $ 2.8 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 1 year 5 months | ||
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation [Line Items] | |||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | $ 0.2 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 1 year 9 months |
Stock Based Compensation - Expe
Stock Based Compensation - Expense Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | $ 6,349 | $ 5,919 | $ 5,309 |
Stock Options Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 848 | 730 | 663 |
Nonvested Stock Awards Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 3,121 | 2,937 | 2,473 |
Employee Stock Purchase Plan Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 87 | 75 | 73 |
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 | 2,124 | 2,052 | 1,975 |
Directors Stock Ownership Plan Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | $ 169 | $ 125 | $ 125 |
Stock Based Compensation - Exce
Stock Based Compensation - Excess Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 678 | $ 384 | $ 453 |
Excess tax benefit from stock option exercises | $ 678 | $ 384 | $ 453 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Option Rollforward (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Roll [Forward] | |
Beginning Balance | shares | 99,671 |
Options Granted | shares | 67,444 |
Options Exercised | shares | (49,895) |
Ending Balance | shares | 117,220 |
Options Expected to Vest | shares | 103,040 |
Options Exerciseable | shares | 14,180 |
Weighted Average Exercise Price [Abstract] | |
Outstanding at beginning of year | $ / shares | $ 71.73 |
Options Granted | $ / shares | 72.12 |
Options Exercised | $ / shares | 63.78 |
Outstanding at End of Period | $ / shares | 75.34 |
Options Expected to Vest | $ / shares | 75.82 |
Options Exerciseable | $ / shares | $ 71.87 |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |
Weighted Average Remaining Contractual Term, Outstanding | 5 years 6 months |
Weighted Average Remaining Contractual Term, Expected to Vest | 5 years 8 months |
Weighted Average Remaining Contractual Term, Exercisable | 4 years 1 month |
Outstanding Options, Intrinsic Value | $ | $ 6,203 |
Expected to Vest Options, Intrinsic Value | $ | 5,403 |
Exercisable Options, Intrinsic Value | $ | $ 800 |
Stock-Based Compensation - Op69
Stock-Based Compensation - Option Summary (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number of Outstanding Options, Exercise Price Range | shares | 117,220 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 5 years 6 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 75.34 |
Number of Exercisable Options, Exercise Price Range | shares | 14,180 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 71.87 |
$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 | 552 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 2 years 2 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 38.13 |
Number of Exercisable Options, Exercise Price Range | shares | 552 |
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 | 3,714 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 3 years 2 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 58.26 |
Number of Exercisable Options, Exercise Price Range | shares | 3,714 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 52.26 |
$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 | 85,009 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 5 years 8 months |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 72.4 |
Number of Exercisable Options, Exercise Price Range | shares | 6,060 |
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 | 27,945 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 5 years 1 month |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 87.3 |
Number of Exercisable Options, Exercise Price Range | shares | 3,854 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 87.3 |
Stock-Based Compensation - Op70
Stock-Based Compensation - Options Grants (Details) - shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Granted | 67,444 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Granted | 67,444 | 38,698 | 37,048 | 29,302 |
Dividend Yield | 1.49% | 1.55% | 2.00% | 2.49% |
Expected Volatility | 28.39% | 36.32% | 43.34% | 57.28% |
Risk-free Interest Rate | 1.08% | 1.22% | 1.22% | 0.63% |
Expected Term (Years) | 4 years | 4 years | 4 years | 4 years |
Stock-Based Compensation - Op71
Stock-Based Compensation - Option Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | $ 6,349 | $ 5,919 | $ 5,309 |
Current Year Stock Option Awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 282 | 0 | 0 |
Unrecognized Compensation Expense, Options | 700 | ||
Prior Year Stock Option Awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 276 | 232 | 0 |
Unrecognized Compensation Expense, Options | 300 | ||
Second Prior Year Stock Option Awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 254 | 257 | 227 |
Unrecognized Compensation Expense, Options | 100 | ||
Third Prior Year Stock Option Awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | $ 36 | $ 200 | $ 213 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Rollforward (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | |
Beginning Balance | shares | 113,910 |
Nonvested Stock Awards Granted | shares | 29,271 |
Nonvested Stock Awards Vested | shares | (32,604) |
Nonvested Stock Awards Forfeited | shares | (1,494) |
Ending Balance | shares | 109,083 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, Beginning of Period | $ / shares | $ 72.91 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Granted | $ / shares | 76.33 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Vested | $ / shares | 64.84 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Forfeited | $ / shares | 73.07 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, End of Period | $ / shares | $ 76.23 |
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 | 6,174 |
Nonvested Stock Awards Granted | shares | 2,141 |
Nonvested Stock Awards Vested | shares | (2,252) |
Nonvested Stock Awards Forfeited | shares | (292) |
Ending Balance | shares | 5,771 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, Beginning of Period | $ / shares | $ 74.14 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Granted | $ / shares | 77.1 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Vested | $ / shares | 64.54 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Forfeited | $ / shares | 79.96 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, End of Period | $ / shares | $ 78.69 |
Other Income (Expense) (Details
Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | |||
Non-Income Tax Refunds and Other Related Credits | $ 398 | $ 141 | $ 582 |
Income from Third Party License Fees | 978 | 875 | 1,063 |
Foreign Exchange Gains (Losses), Net | 172 | (1,184) | (1,039) |
Gain on Fixed Asset Disposals, Net | 50 | 6 | 128 |
Other Nonoperating Income | 338 | 261 | 329 |
Other Nonoperating Expense | (126) | (168) | (296) |
Other Income (Expense), Net | $ 1,810 | $ (69) | $ 767 |
Income Taxes - Components of Ex
Income Taxes - Components of Expense and Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current Income Tax Expense (Benefit) [Abstract] | |||
Federal | $ 4,680 | $ 8,924 | $ 8,086 |
State | 518 | 188 | 796 |
Foreign | 12,540 | 11,074 | 13,650 |
Current Income Tax Expense (Benefit), Total | 17,738 | 20,186 | 22,532 |
Deferred Income Tax Expense (Benefit) [Abstract] | |||
Federal | 4,601 | 404 | 2,548 |
State | 104 | (16) | 57 |
Foreign | 783 | (2,789) | (1,598) |
Income Tax Expense (Benefit), Total | 23,226 | 17,785 | 23,539 |
Components Of Earnings Before Taxes [Abstract] | |||
Domestic | 31,175 | 25,219 | 32,391 |
Foreign | 52,834 | 45,011 | 45,902 |
Income before taxes and equity in net income of associated companies | $ 84,009 | $ 70,230 | $ 78,293 |
Income Taxes - Deferred Tax Bal
Income Taxes - Deferred Tax Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Retirement benefits | $ 8,236 | $ 9,621 |
Allowance for doubtful accounts | 1,925 | 2,367 |
Insurance and litigation reserves | 707 | 787 |
Postretirement benefits | 1,623 | 1,863 |
Supplemental retirement benefits | 3,670 | 3,220 |
Performance incentives | 5,197 | 4,777 |
Equity-based compensation | 2,088 | 1,823 |
Insurance settlement | 7,755 | 8,100 |
Operating loss carryforward | 7,343 | 7,815 |
Uncertain tax positions | (101) | 2,785 |
Restructuring | 217 | 1,897 |
Other | 2,834 | 2,402 |
Deferred Tax Assets, Gross, Total | 41,494 | 47,457 |
Valuation allowance | (6,344) | (6,259) |
Total deferred income tax assets, net | 35,150 | 41,198 |
Depreciation | 5,709 | 5,924 |
Europe Pension and Other | 1,055 | 1,107 |
Amortization and other | 16,012 | 14,318 |
Total deferred income tax liabilities | $ 22,776 | $ 21,349 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances, Beginning Balance | $ 6,259 | $ 7,345 | $ 7,666 |
Additional Valuation Allowance | 294 | 86 | 5 |
Allowance Utilization and Other | (187) | (802) | (105) |
Effect of Exchange Rate Changes | (22) | (370) | (221) |
Valuation Allowance, Ending Balance | $ 6,344 | $ 6,259 | $ 7,345 |
Income Taxes - Net Deferred Bal
Income Taxes - Net Deferred Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Taxes on Income and Uncertain Tax Positions [Abstract] | ||
Deferred Tax Assets Net Noncurrent | $ 24,382 | $ 30,107 |
Non-current deferred tax liabilities | 12,008 | 10,258 |
Deferred Tax Assets, Net, Total | $ 12,374 | $ 19,849 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Income Tax Provision at the Federal Statutory Tax Rate | $ 29,403 | $ 24,578 | $ 27,402 |
Differences in Tax Rates on Foreign Earnings and Remittances | (2,862) | (5,097) | (3,025) |
Foreign Dividends | 2,939 | 2,690 | 3,278 |
Excess Foreign Tax Credit Utilization | (5,493) | (4,141) | (5,011) |
Research and Development Activities Credit Utilization | (238) | (245) | (226) |
Uncertain Tax Positions | (833) | 226 | 263 |
Domestic Production Activities Deduction | (875) | (910) | (567) |
State Income Tax Provisions, Net | 357 | 133 | 517 |
Non-deductible Entertainment and Business Meals Expense | 238 | 249 | 278 |
Miscellaneous Items, Net | 590 | 302 | 630 |
Income Tax Expense (Benefit), Total | $ 23,226 | $ 17,785 | $ 23,539 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets, Net | $ 35,150 | $ 41,198 |
Undistributed Earnings of Foreign Subsidiaries | 220,000,000 | |
Domestic Country [Member] | ||
Deferred Tax Assets, Net | 3,700 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards | 8,200 | |
Operating Loss Carryforwards, Valuation Allowance | 800 | |
Foreign Tax Authority [Member] | Expiration In Year Two [Member] | ||
Operating Loss Carryforwards | 200 | |
Foreign Tax Authority [Member] | Expiration In Year Three [Member] | ||
Operating Loss Carryforwards | 200 | |
Foreign Tax Authority [Member] | Expiration In Year Four [Member] | ||
Operating Loss Carryforwards | 100 | |
Foreign Tax Authority [Member] | Expiration In Year Five [Member] | ||
Operating Loss Carryforwards | 500 | |
Foreign Tax Authority [Member] | Expiration In Year Six [Member] | ||
Operating Loss Carryforwards | $ 800 |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Uncertain Tax Positions [Abstract] | ||||
Unrecognized Tax Benefits | $ 6,240 | $ 11,032 | $ 11,845 | $ 12,596 |
Accrued Interest | 700 | 1,500 | ||
Accrued Penalties | 1,600 | 1,900 | ||
Unrecognized Tax Benefits Tax Penalties Income | (200) | (100) | ||
Unrecognized Tax Benefits Interest Income On Income Taxes | (700) | (200) | (100) | |
Unrecognized Tax Benefits, Income Tax Penalties Expense | 200 | |||
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | 5,744 | 1,924 | 2,078 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 1,000 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 1,100 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 1,800 | $ 1,100 | $ 1,100 | |
Internal Revenue Service (IRS) [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2,013 | |||
Foreign Tax Authority [Member] | The Netherlands [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2,010 | |||
Income Tax Examination Description | In the fourth quarter of 2015, the Dutch tax authorities assessed the Company’s subsidiary, Quaker Chemical B.V., for additional income taxes related to the 2011 tax year and Quaker Chemical B.V. filed a protest of such assessment. During the third quarter of 2016, the Company settled with the Dutch tax authorities for matters related to transfer pricing issues for 2011, 2012, 2013, 2014, and 2015, with no change to the income tax returns as filed. | |||
Foreign Tax Authority [Member] | United Kingdom [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2,011 | |||
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 | 2,012 | |||
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 | As previously reported, the Italian tax authorities have assessed additional tax due from the Company’s subsidiary, Quaker Italia S.r.l., relating to the tax years 2007, 2008, 2009 and 2010. In the fourth quarter of 2016, the Italian tax authorities assessed Quaker Italia S.r.l. for additional tax due relating to the tax years 2011, 2012, and 2013. | |||
Foreign Tax Authority [Member] | France [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination Description | In the first quarter of 2016, the French tax authorities gave notice that they were auditing the Company’s subsidiary Quaker Chemical S.A, and subsequently, during the second quarter of 2016, gave notice that they closed the audit with no additional tax assessed. | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 1,993 |
Income Taxes - Uncertain Tax 81
Income Taxes - Uncertain Tax Positions - Tabular Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 11,032 | $ 11,845 | $ 12,596 |
(Decrease) in unrecognized tax benefits taken in prior periods | (869) | (416) | (93) |
Increase in Unrecognized Tax Benefits Taken in Current Period | 1,921 | 2,512 | 2,678 |
(Decrease) in Unrecognized Tax Benefits Due to Lapse of Statute of Limitations | (5,744) | (1,924) | (2,078) |
(Decrease) Due to Foreign Exchange Rates | (100) | (985) | (1,258) |
Unrecognized Tax Benefits, Ending Balance | $ 6,240 | $ 11,032 | $ 11,845 |
Earnings Per Share - Basic (Det
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Quaker Chemical Corporation | $ 17,434 | $ 16,008 | $ 15,015 | $ 12,946 | $ 11,393 | $ 14,371 | $ 15,038 | $ 10,378 | $ 61,403 | $ 51,180 | $ 56,492 |
Less: Income Allocated to Participating Securities | (515) | (443) | (503) | ||||||||
Net income available to common shareholders | $ 60,888 | $ 50,737 | $ 55,989 | ||||||||
Basic weighted average common shares outstanding | 13,136,138 | 13,199,630 | 13,126,759 | ||||||||
Basic earnings per common share | $ 1.31 | $ 1.21 | $ 1.13 | $ 0.98 | $ 0.86 | $ 1.08 | $ 1.13 | $ 0.78 | $ 4.64 | $ 3.84 | $ 4.27 |
Earnings Per Share - Diluted (D
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Quaker Chemical Corporation | $ 17,434 | $ 16,008 | $ 15,015 | $ 12,946 | $ 11,393 | $ 14,371 | $ 15,038 | $ 10,378 | $ 61,403 | $ 51,180 | $ 56,492 |
Less: income allocated to participating securities | (514) | (443) | (503) | ||||||||
Net income available to common shareholders | $ 60,889 | $ 50,737 | $ 55,989 | ||||||||
Basic weighted average common shares outstanding | 13,136,138 | 13,199,630 | 13,126,759 | ||||||||
Effect of Dilutive Securities | 24,331 | 15,219 | 21,309 | ||||||||
Diluted weighted average common shares outstanding | 13,160,469 | 13,214,849 | 13,148,068 | ||||||||
Diluted earnings per common share | $ 1.31 | $ 1.21 | $ 1.13 | $ 0.98 | $ 0.86 | $ 1.08 | $ 1.13 | $ 0.78 | $ 4.63 | $ 3.84 | $ 4.26 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Antidilutive Shares | 678 | 6,684 | 4,714 |
Accounts Receivable - Narrative
Accounts Receivable - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Receivable and Allowance for Doubtful Accounts [Abstract] | |||
Accounts Receivable Gross Current | $ 202.4 | $ 196.1 | |
Accounts Receivable Greater Than 90 Days Past Due | 18 | 15.7 | |
Business Combination, Acquired Receivables, Estimated Uncollectible | $ 0.1 | 0.4 | $ 0.1 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable Additional Narrative Disclosure | Included in write-offs charged to allowance during 2016 was $1.6 million of outstanding receivables related to a prior year customer bankruptcy which the Company previously reserved, but settled during 2016. | ||
Customer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for Doubtful Accounts | $ 0.3 | $ 0.8 | |
Effect Of Customer Bankruptcies Per Diluted Share | $ 0.02 | $ 0.05 |
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts - Rollforward (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 7,818 | $ 6,498 | $ 7,133 |
Charged to Costs and Expenses | 1,375 | 1,460 | (264) |
Write-Offs Charged to Allowance | (1,949) | (261) | (296) |
Effect of Exchange Rate Changes | (24) | 121 | (75) |
Ending Balance | $ 7,220 | $ 7,818 | $ 6,498 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventories [Abstract] | ||
Raw Materials And Supplies | $ 37,772 | $ 36,876 |
Work-In-Process and Finished Goods | 39,310 | 38,223 |
Inventories | $ 77,082 | $ 75,099 |
Property, Plant and Equipment88
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property Plant And Equipment Gross Abstract | ||
Land | $ 9,707 | $ 9,388 |
Building and Improvements | 80,740 | 80,110 |
Machinery and Equipment | 140,595 | 136,329 |
Construction In Progress | 4,964 | 5,337 |
Property, Plant and Equipment, Gross, Total | 236,006 | 231,164 |
Less: Accumulated Depreciation | (150,272) | (143,545) |
Property, Plant and Equipment, Net, Total | $ 85,734 | $ 87,619 |
Property, Plant and Equipment -
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Capital Leased Assets Gross | $ 0.5 | $ 0.5 |
Accumulated Depreciation, Leased Assets | $ 0.4 | $ 0.3 |
Property, Plant and Equipment90
Property, Plant and Equipment - Capital Leases (Details) $ in Millions | Dec. 31, 2016USD ($) |
Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments Abstract | |
Capital Leases Future Minimum Payments, Due Current | $ 0.1 |
Less: Amount Representing Interest | 0.1 |
Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments | $ 0.1 |
Goodwill Assets (Details)
Goodwill Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | $ 79,111 | $ 77,933 |
Goodwill Additions | 3,197 | 4,894 |
Goodwill, Translation Adjustments | (1,504) | (3,716) |
Goodwill, Ending Balance | 80,804 | 79,111 |
North America [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 42,443 | 42,677 |
Goodwill Additions | 3,311 | 30 |
Goodwill, Translation Adjustments | (264) | (264) |
Goodwill, Ending Balance | 45,490 | 42,443 |
EMEA [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 19,280 | 16,050 |
Goodwill Additions | 4,761 | |
Goodwill Reductions | (114) | |
Goodwill, Translation Adjustments | (977) | (1,531) |
Goodwill, Ending Balance | 18,189 | 19,280 |
Asia Pacific [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 15,244 | 16,006 |
Goodwill Additions | 0 | 103 |
Goodwill, Translation Adjustments | (678) | (865) |
Goodwill, Ending Balance | 14,566 | 15,244 |
South America [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 2,144 | 3,200 |
Goodwill Additions | 0 | 0 |
Goodwill, Translation Adjustments | 415 | (1,056) |
Goodwill, Ending Balance | $ 2,559 | $ 2,144 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite Lived Intangible Assets Gross [Abstract] | ||
Finite Lived Customer Lists, Gross | $ 71,454 | $ 67,435 |
Trademarks, Formulations And Product Technology | 31,436 | 28,955 |
Other Finite Lived Intangible Assets, Gross | 6,023 | 5,788 |
Total | 108,913 | 102,178 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 36,942 | 29,991 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 20,043 | 15,806 |
Trademarks Formulations And Product Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 11,748 | 9,620 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | $ 5,151 | $ 4,565 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization | $ 7,009 | $ 6,811 | $ 4,325 |
Intangible Assets - Future Amor
Intangible Assets - Future Amortization (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the Year ended December 31, 2017 | $ 7,004 |
For the Year ended December 31, 2018 | 6,770 |
For the Year ended December 31, 2019 | 6,670 |
For the Year ended December 31, 2020 | 6,400 |
For the Year ended December 31, 2021 | $ 6,029 |
Intangible Assets - Indefinite
Intangible Assets - Indefinite Lived (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Indefinite Lived Intangible Assets Excluding Goodwill [Abstract] | ||
Indefinite Lived Trademarks | $ 1.1 | $ 1.1 |
Investment in Associated Comp96
Investment in Associated Companies - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investments | $ 22,817 | $ 20,354 | |||
Noncontrolling Interest Increase From Subsidiary Equity Issuance | $ 73 | ||||
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 | $ 5,200 | ||||
Kelko (Venezuela) [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investment Ownership Percentage | 50.00% | ||||
Currency Conversion Adjustment | $ 100 | $ 2,800 | $ 300 | ||
Effect Of Currency Conversion Per Diluted Share | $ 0.01 | $ 0.21 | $ 0.02 | ||
Kelko (Venezuela) [Member] | South America [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investments | $ 200 | ||||
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 | $ 300 | ||||
Primex (Barbados) [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investment Ownership Percentage | 33.00% | ||||
Primex (Barbados) [Member] | North America [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity Method Investments | $ 17,100 |
Investments in Associated Com97
Investments in Associated Companies - Summarized Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Manufacturing And Services [Member] | |||
Equity Method Investment Summarized Financial Information Abstract | |||
Current Assets | $ 37,998 | $ 36,761 | |
Non-current Assets | 1,244 | 606 | |
Current Liabilities | 26,683 | 26,039 | |
Non-current Liabilities | 1,166 | 410 | |
Equity Method Investment Summarized Financial Information Income Statement [Abstract] | |||
Revenue | 41,448 | 40,282 | $ 48,834 |
Gross Profit | 13,082 | 12,887 | 15,698 |
Income Before Income Taxes | 2,289 | (2,843) | 3,546 |
Net Income | 1,210 | (3,631) | 2,263 |
Captive Insurance Company [Member] | |||
Equity Method Investment Summarized Financial Information Abstract | |||
Total Assets | 116,742 | 105,585 | |
Total Liabilities | 58,775 | 54,534 | |
Equity Method Investment Summarized Financial Information Income Statement [Abstract] | |||
Revenue | 5,632 | 7,058 | 10,755 |
Income Before Income Taxes | 5,622 | 8,407 | 10,929 |
Net Income | $ 5,148 | $ 6,334 | $ 7,352 |
Investments in Associated Com98
Investments in Associated Companies - Foreign Currency (Details) - VEF / $ | Dec. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 |
CADIVI [Member] | ||||
Schedule Of Foreign Currency [Line Items] | ||||
Venezuela Currency Exchange Rate | 6.3 | |||
SIMADI [Member] | ||||
Schedule Of Foreign Currency [Line Items] | ||||
Venezuela Currency Exchange Rate | 193 | |||
DIPRO [Member] | ||||
Schedule Of Foreign Currency [Line Items] | ||||
Venezuela Currency Exchange Rate | 10 | |||
DICOM [Member] | ||||
Schedule Of Foreign Currency [Line Items] | ||||
Venezuela Currency Exchange Rate | 673 | 273 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets [Abstract] | ||
Restricted Insurance Settlement | $ 21,883 | $ 22,874 |
Uncertain Tax Positions | 3,892 | 6,054 |
Supplemental Retirement Income Program | 1,410 | 1,336 |
Other | 1,567 | 1,954 |
Total | $ 28,752 | $ 32,218 |
Other Assets - Narrative (Detai
Other Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 $35.0 million, of which $21.9 million 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 | $ 100 | $ 100 | |
Payments Made, Restricted Cash | $ 1,023 | $ 760 | $ 1,907 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Current Liabilities [Abstract] | ||
Non-Income Taxes | $ 9,278 | $ 6,815 |
Income Taxes Payable | 2,753 | 6,534 |
Selling Expenses | 2,699 | 1,848 |
Freight | 2,212 | 2,354 |
Professional Fees | 1,980 | 1,358 |
Legal | 754 | 1,165 |
Present Value of Acquisition-Related Liabilities | 0 | 1,384 |
Other Accrued Liabilities, Current | 3,752 | 4,238 |
Accrued Liabilities, Current, Total | $ 23,428 | $ 25,696 |
Debt - Table (Details)
Debt - Table (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt [Abstract] | ||
Credit facilities | $ 47,948 | $ 62,884 |
Industrial development bonds | 15,000 | 15,000 |
Municipality-Related Loans | 3,470 | 4,098 |
Other debt obligations (including capital leases) | 58 | 119 |
Debt And Capital Lease Obligations | 66,476 | 82,101 |
Short-term Debt (including capital leases) | (58) | 0 |
Current portion of long-term debt | (649) | (662) |
Long-term Debt and Capital Lease Obligations | $ 65,769 | $ 81,439 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Line Of Credit | $ 47,948 | $ 62,884 |
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, 2016 and 2015, 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 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 | 1.25% | 1.38% |
Ohio Department Of Development [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount of Long-Term Debt | $ 1,500 | $ 1,800 |
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 | |
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 | |
Debt Instrument Interest Rate Stated Percentage | 5.26% | |
Local Government Loans [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount of Long-Term Debt | $ 2,000 | $ 2,300 |
Debt - Maturity Schedules (Deta
Debt - Maturity Schedules (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Long Term Debt By Maturity Abstract | |
2,017 | $ 707 |
2,018 | 53,364 |
2,019 | 645 |
2,020 | 641 |
2,021 | $ 341 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits - Funded Status Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | $ 122,857 | ||
Fair Value of Plan Assets at End of Year | 136,041 | $ 122,857 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current Liabilities | (1,086) | (1,144) | |
Non-current Liabilities | (38,348) | (40,689) | |
Domestic [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 66,862 | 70,667 | |
Service Cost | 298 | 250 | $ 250 |
Interest Cost | 2,114 | 2,541 | 2,823 |
Employee Contributions | 0 | 0 | |
Effect of Plan Amendments | 0 | ||
Benefits Paid | (4,522) | (4,249) | |
Plan Settlements | 0 | 0 | |
Plan Expenses and Premiums Paid | (275) | (250) | |
Actuarial (gain) Loss | 2,777 | (2,097) | |
Translation Difference and Other | 0 | 0 | |
Benefit Obligation at End of Year | 67,254 | 66,862 | 70,667 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 46,701 | 49,689 | |
Actual Return on Plan Assets | 2,516 | 223 | |
Employer Contributions | 4,777 | 1,288 | |
Employee Contributions | 0 | 0 | |
Benefits Paid | (4,522) | (4,249) | |
Plan Settlements | 0 | 0 | |
Plan Expenses and Premiums Paid | (275) | (250) | |
Translation Difference | 0 | 0 | |
Fair Value of Plan Assets at End of Year | 49,197 | 46,701 | 49,689 |
Defined Benefit Plan, Funded Status of Plan | (18,057) | (20,161) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current Liabilities | (574) | (575) | |
Non-current Liabilities | (17,483) | (19,586) | |
Net Amount Recognized | (18,057) | (20,161) | |
Amounts Not Yet Reflected in Net Periodic Benefit Costs and Included in Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Prior Service credit (cost) | (122) | (185) | |
Accumulated Loss | (33,147) | (31,906) | |
Accumulated Other Comprehensive Loss ("AOCI") | (33,269) | (32,091) | |
Cumulative Employer Contributions In Excess Of (or Below) Net Periodic Benefit Cost | 15,212 | 11,930 | |
Net Amount Recognized | (18,057) | (20,161) | |
Foreign [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 92,406 | 106,827 | |
Service Cost | 2,378 | 2,799 | 2,626 |
Interest Cost | 2,314 | 2,476 | 3,210 |
Employee Contributions | 71 | 80 | |
Effect of Plan Amendments | 0 | ||
Benefits Paid | (1,583) | (1,604) | |
Plan Settlements | 0 | (328) | |
Plan Expenses and Premiums Paid | (155) | (57) | |
Actuarial (gain) Loss | 14,848 | (7,799) | |
Translation Difference and Other | (6,788) | (9,988) | |
Benefit Obligation at End of Year | 103,491 | 92,406 | 106,827 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 76,156 | 86,523 | |
Actual Return on Plan Assets | 14,472 | (2,170) | |
Employer Contributions | 3,103 | 1,804 | |
Employee Contributions | 71 | 80 | |
Benefits Paid | (1,583) | (1,604) | |
Plan Settlements | 0 | (328) | |
Plan Expenses and Premiums Paid | (155) | (57) | |
Translation Difference | (5,220) | (8,092) | |
Fair Value of Plan Assets at End of Year | 86,844 | 76,156 | 86,523 |
Defined Benefit Plan, Funded Status of Plan | (16,647) | (16,250) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current Liabilities | (61) | (52) | |
Non-current Liabilities | (16,586) | (16,198) | |
Net Amount Recognized | (16,647) | (16,250) | |
Amounts Not Yet Reflected in Net Periodic Benefit Costs and Included in Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Prior Service credit (cost) | 1,687 | 1,910 | |
Accumulated Loss | (20,214) | (20,058) | |
Accumulated Other Comprehensive Loss ("AOCI") | (18,527) | (18,148) | |
Cumulative Employer Contributions In Excess Of (or Below) Net Periodic Benefit Cost | 1,880 | 1,898 | |
Net Amount Recognized | (16,647) | (16,250) | |
Total Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 159,268 | 177,494 | |
Service Cost | 2,676 | 3,049 | 2,876 |
Interest Cost | 4,428 | 5,017 | 6,033 |
Employee Contributions | 71 | 80 | |
Effect of Plan Amendments | 0 | ||
Benefits Paid | (6,105) | (5,853) | |
Plan Settlements | 0 | (328) | |
Plan Expenses and Premiums Paid | (430) | (307) | |
Actuarial (gain) Loss | 17,625 | (9,896) | |
Translation Difference and Other | (6,788) | (9,988) | |
Benefit Obligation at End of Year | 170,745 | 159,268 | 177,494 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 122,857 | 136,212 | |
Actual Return on Plan Assets | 16,988 | (1,947) | |
Employer Contributions | 7,880 | 3,092 | |
Employee Contributions | 71 | 80 | |
Benefits Paid | (6,105) | (5,853) | |
Plan Settlements | 0 | (328) | |
Plan Expenses and Premiums Paid | (430) | (307) | |
Translation Difference | (5,220) | (8,092) | |
Fair Value of Plan Assets at End of Year | 136,041 | 122,857 | 136,212 |
Defined Benefit Plan, Funded Status of Plan | (34,704) | (36,411) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current Liabilities | (635) | (627) | |
Non-current Liabilities | (34,069) | (35,784) | |
Net Amount Recognized | (34,704) | (36,411) | |
Amounts Not Yet Reflected in Net Periodic Benefit Costs and Included in Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Prior Service credit (cost) | 1,565 | 1,725 | |
Accumulated Loss | (53,361) | (51,964) | |
Accumulated Other Comprehensive Loss ("AOCI") | (51,796) | (50,239) | |
Cumulative Employer Contributions In Excess Of (or Below) Net Periodic Benefit Cost | 17,092 | 13,828 | |
Net Amount Recognized | (34,704) | (36,411) | |
Domestic Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 5,422 | 6,045 | |
Service Cost | 10 | 17 | 19 |
Interest Cost | 142 | 195 | 232 |
Employee Contributions | 0 | 0 | |
Effect of Plan Amendments | 0 | ||
Benefits Paid | (443) | (533) | |
Plan Settlements | 0 | 0 | |
Plan Expenses and Premiums Paid | 0 | 0 | |
Actuarial (gain) Loss | (401) | (302) | |
Translation Difference and Other | 0 | 0 | |
Benefit Obligation at End of Year | 4,730 | 5,422 | 6,045 |
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 | 443 | 533 | |
Employee Contributions | 0 | 0 | |
Benefits Paid | (443) | (533) | |
Plan Settlements | 0 | 0 | |
Plan Expenses and Premiums Paid | 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 | (4,730) | (5,422) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current Liabilities | (451) | (517) | |
Non-current Liabilities | (4,279) | (4,905) | |
Net Amount Recognized | (4,730) | (5,422) | |
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 | (581) | (983) | |
Accumulated Other Comprehensive Loss ("AOCI") | (581) | (983) | |
Cumulative Employer Contributions In Excess Of (or Below) Net Periodic Benefit Cost | (4,149) | (4,439) | |
Net Amount Recognized | $ (4,730) | $ (5,422) |
Pension and Other Postretire106
Pension and Other Postretirement Benefits - Information About Accumulated and Projected Benefit Obligations In Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | $ 170,745 | $ 159,268 |
Accumulated Benefit Obligation | 167,139 | 157,486 |
Fair Value of Plan Assets | 136,041 | 122,857 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 170,745 | 159,268 |
Fair Value of Plan Assets | 136,041 | 122,857 |
Domestic [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 67,254 | 66,862 |
Accumulated Benefit Obligation | 66,676 | 66,862 |
Fair Value of Plan Assets | 49,197 | 46,701 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 67,254 | 66,862 |
Fair Value of Plan Assets | 49,197 | 46,701 |
Foreign [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 103,491 | 92,406 |
Accumulated Benefit Obligation | 100,463 | 90,624 |
Fair Value of Plan Assets | 86,844 | 76,156 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 103,491 | 92,406 |
Fair Value of Plan Assets | $ 86,844 | $ 76,156 |
Pension and Other Postretire107
Pension and Other Postretirement Benefits - Net Periodic Benefit Cost and Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Domestic [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | $ 298 | $ 250 | $ 250 |
Interest Cost | 2,114 | 2,541 | 2,823 |
Expected Return on Plan Assets | (3,316) | (3,453) | (3,817) |
Settlement Loss | 0 | 0 | 0 |
Actuarial Loss Amortization | 2,336 | 2,353 | 1,757 |
Prior Service (Credit) Cost Amortization | 63 | 63 | 63 |
Net Periodic Benefit Cost | 1,495 | 1,754 | 1,076 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (Gain) Loss Arising During The Period | 3,576 | 1,134 | 7,290 |
Effect of Plan Amendment | 0 | 0 | 0 |
Prior Service (Credit) Cost Amortization | (63) | (63) | (63) |
Actuarial Loss | (2,336) | (2,353) | (1,757) |
Foreign Currency Exchange Rate Changes | 0 | 0 | 0 |
Total Recognized in Other Comprehensive (Income) Loss | 1,177 | (1,282) | 5,470 |
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Loss Or (Income) | 2,672 | 472 | 6,546 |
Foreign [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 2,378 | 2,799 | 2,626 |
Interest Cost | 2,314 | 2,476 | 3,210 |
Expected Return on Plan Assets | (2,026) | (2,092) | (2,543) |
Settlement Loss | 0 | 170 | 0 |
Actuarial Loss Amortization | 839 | 1,136 | 1,307 |
Prior Service (Credit) Cost Amortization | (164) | (164) | 736 |
Net Periodic Benefit Cost | 3,341 | 4,325 | 5,336 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (Gain) Loss Arising During The Period | 2,401 | (3,537) | 4,973 |
Effect of Plan Amendment | 0 | 0 | 242 |
Prior Service (Credit) Cost Amortization | 164 | 164 | (736) |
Actuarial Loss | (839) | (1,306) | (1,307) |
Foreign Currency Exchange Rate Changes | (1,347) | (2,353) | (3,076) |
Total Recognized in Other Comprehensive (Income) Loss | 379 | (7,032) | 96 |
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Loss Or (Income) | 3,720 | (2,707) | 5,432 |
Total Pension Plans [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 2,676 | 3,049 | 2,876 |
Interest Cost | 4,428 | 5,017 | 6,033 |
Expected Return on Plan Assets | (5,342) | (5,545) | (6,360) |
Settlement Loss | 0 | 170 | 0 |
Actuarial Loss Amortization | 3,175 | 3,489 | 3,064 |
Prior Service (Credit) Cost Amortization | (101) | (101) | 799 |
Net Periodic Benefit Cost | 4,836 | 6,079 | 6,412 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (Gain) Loss Arising During The Period | 5,977 | (2,403) | 12,263 |
Effect of Plan Amendment | 0 | 0 | 242 |
Prior Service (Credit) Cost Amortization | 101 | 101 | (799) |
Actuarial Loss | (3,175) | (3,659) | (3,064) |
Foreign Currency Exchange Rate Changes | (1,347) | (2,353) | (3,076) |
Total Recognized in Other Comprehensive (Income) Loss | 1,556 | (8,314) | 5,566 |
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Loss Or (Income) | 6,392 | (2,235) | 11,978 |
Domestic Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 10 | 17 | 19 |
Interest Cost | 142 | 195 | 232 |
Actuarial Loss Amortization | 0 | 83 | 65 |
Net Periodic Benefit Cost | 152 | 295 | 316 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (Gain) Loss Arising During The Period | (401) | (302) | 688 |
Actuarial Loss | 0 | (83) | (65) |
Total Recognized in Other Comprehensive (Income) Loss | (401) | (385) | 623 |
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Loss Or (Income) | $ (249) | $ (90) | $ 939 |
Pension and Other Postretire108
Pension and Other Postretirement Benefits - Amounts to be Amortized From AOCI Over Next Fiscal Year (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial Loss | $ 3,466 |
Prior Service (Credit) Cost | (92) |
Total | 3,374 |
Domestic [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial Loss | 2,658 |
Prior Service (Credit) Cost | 63 |
Total | 2,721 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial Loss | 808 |
Prior Service (Credit) Cost | (155) |
Total | 653 |
Domestic Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial Loss | 22 |
Prior Service (Credit) Cost | 0 |
Total | $ 22 |
Pension and Other Postretire109
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, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Health Care Cost Trend Rate For Next Year | 6.70% | 6.70% |
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 | 2,037 |
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 | $ 12 | |
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 352 | |
Effect of One Percentage Point Decrease on Service and Interest Cost Components | (10) | |
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ (308) | |
Domestic [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount Rate | 3.88% | 4.07% |
Rate of Compensation Increase | 3.63% | 3.63% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount Rate | 4.07% | 3.72% |
Expected Long-Term Return on Plan Assets | 7.20% | 7.30% |
Rate of Compensation Increase | 3.63% | 3.63% |
Foreign [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount Rate | 2.17% | 2.95% |
Rate of Compensation Increase | 2.48% | 2.41% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount Rate | 2.95% | 2.51% |
Expected Long-Term Return on Plan Assets | 2.65% | 2.55% |
Rate of Compensation Increase | 2.41% | 3.05% |
Domestic Other Postretirement Benefits [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount Rate | 3.73% | 3.88% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount Rate | 3.88% | 3.45% |
Pension and Other Postretire110
Pension and Other Postretirement Benefits - Asset Allocations (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 60.00% | 65.00% |
Domestic [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 32.00% | |
Actual Plan Asset Allocations | 39.00% | 34.00% |
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% |
Concentration Risk Percentage | 1.00% | 2.00% |
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 | 25.00% | |
Actual Plan Asset Allocations | 24.00% | 26.00% |
Foreign [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 75.00% | |
Actual Plan Asset Allocations | 76.00% | 74.00% |
Pension and Other Postretire111
Pension and Other Postretirement Benefits - Fair Value Hierarchy - Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | $ 86,591 | $ 119,583 | |
Fair Value of Plan Assets measured at NAV | 49,450 | 3,274 | |
Fair Value of Plan Assets | 136,041 | 122,857 | |
Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,711 | 35,407 | |
Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 10,061 | 19,379 | |
Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 74,819 | 64,797 | $ 72,895 |
Insurance Contract [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 72,778 | 62,409 | 72,417 |
Real Estate Fund [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,041 | 2,388 | 478 |
Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 1,581 | 45,309 | |
Fair Value of Plan Assets | 49,197 | 46,701 | 49,689 |
Domestic [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,581 | 35,400 | |
Domestic [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 9,909 | |
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] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 302 | 753 | |
Domestic [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 302 | 753 | |
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] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 13,346 | ||
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 | ||
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 | ||
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 | ||
Domestic [Member] | Equity Funds Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 6,363 | ||
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 | ||
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 | ||
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 | ||
Domestic [Member] | Equity Securities Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,279 | 773 | |
Domestic [Member] | Equity Securities Small Cap [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,279 | 773 | |
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] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,333 | ||
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 | ||
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 | ||
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 | ||
Domestic [Member] | Equity Funds International Developed And Emerging Markets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 5,166 | ||
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 | ||
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 | ||
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 | ||
Domestic [Member] | Equity Securities International Developed And Emerging Markets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,519 | ||
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 | ||
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 | ||
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 | ||
Domestic [Member] | Corporate Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 9,601 | ||
Domestic [Member] | Corporate Debt Securities [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 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 | ||
Domestic [Member] | Corporate Debt Securities [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Domestic [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,147 | ||
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 | ||
Domestic [Member] | Fixed Income Funds [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 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 | ||
Domestic [Member] | Domestic And Foreign Government Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 308 | ||
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 | ||
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 | ||
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 | ||
Domestic [Member] | Pooled Separate Accounts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets measured at NAV | 1,431 | 1,392 | |
Domestic [Member] | Commingled Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets measured at NAV | 46,185 | ||
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 85,010 | 74,274 | |
Fair Value of Plan Assets | 86,844 | 76,156 | $ 86,523 |
Foreign [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 130 | 7 | |
Foreign [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 10,061 | 9,470 | |
Foreign [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 74,819 | 64,797 | |
Foreign [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 130 | 7 | |
Foreign [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 130 | 7 | |
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] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,753 | 2,290 | |
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 | 2,753 | 2,290 | |
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] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 72,778 | 62,409 | |
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 | 72,778 | 62,409 | |
Foreign [Member] | Equity Funds Diversified [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7,308 | 7,180 | |
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 | 7,308 | 7,180 | |
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] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,041 | 2,388 | |
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 | 2,041 | 2,388 | |
Foreign [Member] | Commingled Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets measured at NAV | $ 1,834 | $ 1,882 |
Pension and Other Postretire112
Pension and Other Postretirement Benefits - Level 3 Asset Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at Beginning of Year | $ 122,857 | |
Fair Value of Plan Assets at End of Year | 136,041 | $ 122,857 |
Fair Value Inputs Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at Beginning of Year | 64,797 | 72,895 |
Purchases | 2,584 | 2,890 |
Settlements | (1,350) | (1,239) |
Unrealized Gains | 12,061 | (2,342) |
Translation Difference | (3,273) | (7,407) |
Fair Value of Plan Assets at End of Year | 74,819 | 64,797 |
Insurance Contract [Member] | Fair Value Inputs Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at Beginning of Year | 62,409 | 72,417 |
Purchases | 2,584 | 953 |
Settlements | (1,350) | (1,239) |
Unrealized Gains | 12,005 | (2,402) |
Translation Difference | (2,870) | (7,320) |
Fair Value of Plan Assets at End of Year | 72,778 | 62,409 |
Real Estate Fund [Member] | Fair Value Inputs Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at Beginning of Year | 2,388 | 478 |
Purchases | 0 | 1,937 |
Unrealized Gains | 56 | 60 |
Translation Difference | (403) | (87) |
Fair Value of Plan Assets at End of Year | $ 2,041 | $ 2,388 |
Pension and Other Postretire113
Pension and Other Postretirement Benefits - Cash Flow (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum Cash Contributions, Next Fiscal Year | $ 7,800 |
Expected Benefit Payments, Next Twelve Months | 6,709 |
Expected Benefit Payments, Year Two | 6,588 |
Expected Benefit Payments, Year Three | 6,699 |
Expected Benefit Payments, Year Four | 6,665 |
Expected Benefit Payments, Year Five | 7,268 |
Expected Benefit Payments, Five Fiscal Years Thereafter | 40,026 |
Domestic [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum Cash Contributions, Next Fiscal Year | 4,600 |
Expected Benefit Payments, Next Twelve Months | 4,929 |
Expected Benefit Payments, Year Two | 4,642 |
Expected Benefit Payments, Year Three | 4,605 |
Expected Benefit Payments, Year Four | 4,354 |
Expected Benefit Payments, Year Five | 4,346 |
Expected Benefit Payments, Five Fiscal Years Thereafter | 23,445 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum Cash Contributions, Next Fiscal Year | 3,200 |
Expected Benefit Payments, Next Twelve Months | 1,780 |
Expected Benefit Payments, Year Two | 1,946 |
Expected Benefit Payments, Year Three | 2,094 |
Expected Benefit Payments, Year Four | 2,311 |
Expected Benefit Payments, Year Five | 2,922 |
Expected Benefit Payments, Five Fiscal Years Thereafter | 16,581 |
Domestic Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum Cash Contributions, Next Fiscal Year | 500 |
Expected Benefit Payments, Next Twelve Months | 451 |
Expected Benefit Payments, Year Two | 444 |
Expected Benefit Payments, Year Three | 432 |
Expected Benefit Payments, Year Four | 407 |
Expected Benefit Payments, Year Five | 385 |
Expected Benefit Payments, Five Fiscal Years Thereafter | $ 1,611 |
Pension and Other Postretire114
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension and Other Postretirement Benefits [Abstract] | ||||
Value of Employer Securities Included in Plan Assets | $ 1,300 | $ 800 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated Benefit Obligation | $ 167,100 | 157,500 | ||
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 | $ 2,700 | 2,600 | $ 2,500 | |
Domestic [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated Benefit Obligation | $ 66,700 | 66,900 | ||
Commingled Fund Asset Allocation | As of December 31, 2016, the U.S. pension plan commingled funds included approximately 61 percent of investments in equity securities and 39 percent of investments in fixed income securities. | |||
Net Periodic Benefit Cost | $ 1,495 | 1,754 | 1,076 | |
Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated Benefit Obligation | $ 100,400 | 90,600 | ||
Commingled Fund Asset Allocation | As of December 31, 2016, foreign pension plan commingled funds included approximately 30 percent of investments in diversified equity securities, 60 percent of investments in fixed income securities, and 10 percent of other non-related investments, primarily real estate. | |||
Net Periodic Benefit Cost | $ 3,341 | 4,325 | 5,336 | |
Prior Service Cost Charge | $ 900 | |||
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 | 152 | 295 | 316 | |
Supplemental Retirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net Periodic Benefit Cost | $ 900 | $ 900 | $ 800 | |
Company Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of domestic pension assets | 3.00% | 2.00% |
Other Noncurrent Liabilities (D
Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Liabilities Noncurrent [Abstract] | ||
Restricted Insurance Settlements | $ 21,883 | $ 22,874 |
Uncertain Tax Positions (Includes Interest and Penalties) | 7,933 | 13,332 |
Deferred And Other Long-Term Compensation | 5,550 | 5,866 |
Other | 520 | 512 |
Total | $ 35,886 | $ 42,584 |
Equity and Noncontrolling In116
Equity and Noncontrolling Interest - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 13,277,832 | 13,288,113 | |
Shares issued for equity based comp plans | 55,982 | ||
Shares issued for ESPP | 6,130 | ||
Shares issued for Options exercise and Other activity | 11,486 | ||
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 | ||
Stock Repurchased And Retired During Period Shares | 83,879 | ||
Payments For Repurchase Of Common Stock | $ 5,859 | $ 7,276 | $ 0 |
2015 Share Repurchase [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Stock Repurchase Program Authorized Amount | $ 100,000 | $ 100,000 | |
Stock Repurchased And Retired During Period Shares | 83,879 | 87,386 | |
Payments For Repurchase Of Common Stock | $ 5,900 | $ 7,300 | |
Cost of Sales [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of domestic pension assets | 30.00% | 30.00% | |
Operating Expense [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of domestic pension assets | 70.00% | 70.00% |
Equity and Noncontrolling In117
Equity and Noncontrolling Interest - AOCI Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $ (73,316) | $ (54,406) | $ (34,700) |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | (17,106) | (20,025) | (22,639) |
Amounts Reclassed from AOCI | 3,058 | 3,010 | 798 |
Related Tax Amounts | (43) | (1,895) | 2,135 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (87,407) | (73,316) | (54,406) |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (38,544) | (14,312) | 1,152 |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | (13,711) | (24,232) | (15,464) |
Amounts Reclassed from AOCI | 0 | 0 | 0 |
Related Tax Amounts | 0 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (52,255) | (38,544) | (14,312) |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (35,251) | (41,551) | (37,433) |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | (4,229) | 5,057 | (9,232) |
Amounts Reclassed from AOCI | 3,075 | 3,642 | 3,043 |
Related Tax Amounts | 237 | (2,399) | 2,071 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (36,168) | (35,251) | (41,551) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 479 | 1,457 | 1,581 |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | 834 | (850) | 2,057 |
Amounts Reclassed from AOCI | (17) | (632) | (2,245) |
Related Tax Amounts | (280) | 504 | 64 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $ 1,016 | $ 479 | $ 1,457 |
Business Acquisitions - Table (
Business Acquisitions - Table (Details) $ in Thousands, € in Millions, SEK in Millions, AUD in Millions | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | 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 ($) | Dec. 31, 2010USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Current Assets | $ 31,151 | |||||||||||
Finite Lived Customer Lists, Gross | 71,454 | $ 67,435 | ||||||||||
Other Finite Lived Intangible Assets, Gross | 6,023 | 5,788 | ||||||||||
Goodwill | 80,804 | $ 79,111 | $ 77,933 | |||||||||
Summit [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 29,800 | |||||||||||
Australia [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | AUD 8 | $ 7,600 | ||||||||||
Mining [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangibles | $ 1,700 | |||||||||||
Goodwill | 100 | |||||||||||
Present Value of Holdback | AUD (0.3) | (200) | ||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 1,900 | AUD 2.9 | 2,400 | |||||||||
Binol [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | SEK 136.5 | 18,500 | ||||||||||
ECLI [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 53,100 | |||||||||||
Verkol [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Current Assets | 31,151 | |||||||||||
Propery, Plant & Equipment | 7,941 | |||||||||||
Finite Lived Customer Lists, Gross | 6,146 | |||||||||||
Finite Lived Trademarks, Gross | 5,378 | |||||||||||
Other Finite Lived Intangible Assets, Gross | 219 | |||||||||||
Goodwill | 5,051 | |||||||||||
Other Long-term Assets | 158 | |||||||||||
Total Assets Purchased | 56,044 | |||||||||||
Other Current Liabilities | (6,720) | |||||||||||
Long-term Debt | (2,400) | € (2.2) | $ (2,400) | |||||||||
Other Non-Current Liabilities | (5,531) | |||||||||||
Total Liabilities Assumed | (14,651) | |||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price, Gross | 41,393 | |||||||||||
Cash Acquired | 15,423 | 14.1 | 15,400 | |||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | 25,970 | € 37.7 | $ 41,400 | |||||||||
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, Gross | 74,036 | |||||||||||
Cash Acquired | 1,037 | |||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 72,999 | |||||||||||
2016 Acquisitions [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Current Assets | 3,443 | |||||||||||
Propery, Plant & Equipment | 2,574 | |||||||||||
Finite Lived Customer Lists, Gross | 5,041 | |||||||||||
Finite Lived Trademarks, Gross | 2,543 | |||||||||||
Other Finite Lived Intangible Assets, Gross | 127 | |||||||||||
Goodwill | 3,311 | |||||||||||
Total Assets Purchased | 17,039 | |||||||||||
Other Current Liabilities | (1,198) | |||||||||||
Other Non-Current Liabilities | (2,019) | |||||||||||
Total Liabilities Assumed | (3,217) | |||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price, Gross | 13,822 | |||||||||||
Cash Acquired | 105 | |||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 13,717 |
Business Acquisitions - Narrati
Business Acquisitions - Narrative (Details) $ in Thousands, € in Millions, SEK in Millions, CAD in Millions, AUD in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016CAD | Jun. 30, 2016USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Mar. 31, 2015SEK | Mar. 31, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) | 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, 2010USD ($) | |
Business Acquisition [Line Items] | ||||||||||||||||||||
Goodwill | $ 79,111 | $ 79,111 | $ 80,804 | $ 77,933 | ||||||||||||||||
Contingent Consideration Paid | $ 0 | $ 226 | $ 4,709 | |||||||||||||||||
Summit [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisitions | $ 29,800 | |||||||||||||||||||
Contingent Consideration Paid | $ 4,700 | |||||||||||||||||||
Australia [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisitions | AUD 8 | $ 7,600 | ||||||||||||||||||
Percentage of Voting Interests Acquired | 49.00% | 49.00% | ||||||||||||||||||
Adjustments To Additional Paid In Capital Other | $ 6,500 | |||||||||||||||||||
Mining [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisitions | $ 1,900 | AUD 2.9 | 2,400 | |||||||||||||||||
Goodwill | 100 | |||||||||||||||||||
Intangibles | $ 1,700 | |||||||||||||||||||
Present Value of Holdback | AUD 0.3 | 200 | ||||||||||||||||||
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 Acquisitions | SEK 136.5 | 18,500 | ||||||||||||||||||
Post Closing Adjustment | SEK 4.4 | $ 500 | ||||||||||||||||||
ECLI [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisitions | $ 53,100 | |||||||||||||||||||
2014 Acquisitions [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisitions | 72,999 | |||||||||||||||||||
Goodwill | 21,546 | |||||||||||||||||||
Cash Acquired | $ 1,037 | |||||||||||||||||||
Verkol [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisitions | 25,970 | € 37.7 | $ 41,400 | |||||||||||||||||
Long-term Debt | (2,400) | (2.2) | (2,400) | |||||||||||||||||
Goodwill | 5,051 | |||||||||||||||||||
Post Closing Adjustment | € 1.3 | $ 1,400 | ||||||||||||||||||
Cash Acquired | 15,423 | € 14.1 | $ 15,400 | |||||||||||||||||
Lubricor [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Cash Paid for Acquisitions | CAD 15.9 | 11,900 | ||||||||||||||||||
Goodwill | 3,200 | |||||||||||||||||||
Intangibles | $ 6,100 | |||||||||||||||||||
Lubricor [Member] | Customer Lists [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Intangible Assets, Amortizable Life | 15 years | |||||||||||||||||||
Lubricor [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Intangible Assets, Amortizable Life | 5 years | |||||||||||||||||||
Lubricor [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, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | $ 1,410 | $ 1,366 |
Assets Fair Value Disclosure | 1,410 | 1,366 |
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 |
Assets Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | 1,410 | 1,366 |
Assets Fair Value Disclosure | 1,410 | 1,366 |
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 |
Assets Fair Value Disclosure | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||
Unrelated Environmental Liability Accruals | $ 0.2 | $ 0.3 |
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 $35.0 million, of which $21.9 million 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] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 1 | |
ACP [Member] | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 0.1 | |
SB Decking [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 2.2 | |
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 $15.0 million and $20.0 million, respectively. The proceeds of both settlements are restricted and can only be used to pay claims and costs of defense associated with the subsidiary’s asbestos litigation. In 2007, the subsidiary and the remaining primary insurance carrier entered into a Claim Handling and Funding Agreement, under which the carrier is paying 27% of defense and indemnity costs incurred by or on behalf of the subsidiary in connection with asbestos bodily injury claims. The agreement continues until terminated and can only be terminated by either party by providing a minimum of two years prior written notice. As of December 31, 2016, no notice of termination has been given under this agreement. At the end of the term of the agreement, the subsidiary may choose to again pursue its claim against this insurer regarding the application of the policy limits. |
Commitments and Contingencie122
Commitments and Contingencies - Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 5,600 | $ 5,900 | $ 5,800 |
Future Operating Lease Minimum Payments, Due Next Year | 5,279 | ||
Future Operating Lease Minimum Payments, Due in Two Years | 2,967 | ||
Future Operating Lease Minimum Payments, Due in Three Years | 2,613 | ||
Future Operating Lease Minimum Payments, Due in Four Years | 2,225 | ||
Future Operating Lease Minimum Payments, Due in Five Years | 1,962 | ||
Future Operating Lease Minimum Payments, Due Therafter | $ 9,758 |
Quarterly Results - Unaudite123
Quarterly Results - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Results (unaudited) [Abstract] | |||||||||||
Net sales | $ 191,245 | $ 190,428 | $ 186,915 | $ 178,077 | $ 183,275 | $ 189,224 | $ 183,726 | $ 181,330 | $ 746,665 | $ 737,555 | $ 765,860 |
Gross Profit | 69,704 | 70,779 | 71,235 | 67,875 | 68,766 | 71,329 | 70,617 | 66,328 | |||
Operating income | 20,385 | 21,339 | 22,093 | 19,234 | 13,223 | 18,728 | 21,445 | 17,864 | 83,051 | 71,260 | 77,356 |
Net income attributable to Quaker Chemical Corporation | $ 17,434 | $ 16,008 | $ 15,015 | $ 12,946 | $ 11,393 | $ 14,371 | $ 15,038 | $ 10,378 | $ 61,403 | $ 51,180 | $ 56,492 |
Net income attributable to Quaker Chemical Corporation Common Shareholders - basic | $ 1.31 | $ 1.21 | $ 1.13 | $ 0.98 | $ 0.86 | $ 1.08 | $ 1.13 | $ 0.78 | $ 4.64 | $ 3.84 | $ 4.27 |
Net income attributable to Quaker Chemical Corporation Common Shareholders - diluted | $ 1.31 | $ 1.21 | $ 1.13 | $ 0.98 | $ 0.86 | $ 1.08 | $ 1.13 | $ 0.78 | $ 4.63 | $ 3.84 | $ 4.26 |
Quarterly Results - Unaudited -
Quarterly Results - Unaudited - Narrative (Details) - $ / shares | 3 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Captive Insurance Equity Affiliate [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | $ 0.06 | $ 0.04 | $ 0.02 | $ 0.01 | $ 0.07 | $ 0.04 | $ (0.01) | $ 0.06 |
Currency Conversion [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | $ 0.01 | 0.21 | ||||||
Cost Streamlining Initiative [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | $ 0.01 | |||||||
Customer Bankruptcy [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | 0.01 | $ 0.01 | ||||||
Restructuring Charges (Credits) [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | (0.02) | $ 0.36 | ||||||
Uncommon Transaction Related Costs [Member] | ||||||||
Quarterly Charges And Credits, Per Diluted Share | $ 0.03 | $ 0.08 | $ 0.15 |