Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 29, 2020 | Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Document period end date | Dec. 31, 2019 | ||
Current fiscal year end date | --12-31 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Amendment flag | false | ||
Entity File Number | 001-12019 | ||
Entity registrant name | QUAKER CHEMICAL CORPORATION | ||
Entity Incorporation State Country Code | PA | ||
Entity Tax Identification Number | 23-0993790 | ||
Entity central index key | 0000081362 | ||
Entity Address Address Line | 901 E. Hector Street | ||
Entity Address City Or Town | Conshohocken | ||
Entity Address State Or Province | PA | ||
Entity Address Postal Zip Code | 19428-2380 | ||
City Area Code | 610 | ||
Local Phone Number | 832-4000 | ||
Entity well known seasoned issuer | Yes | ||
Entity voluntary filers | No | ||
Entity current reporting status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity filer category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Security 12(b) Title | Common Stock, $1 par value | ||
Trading Symbol | KWR | ||
Entity common stock shares outstanding | 17,732,818 | ||
Entity public float | $ 2,671,540,476 | ||
Security Exchange Name | NYSE | ||
Documents Incorporated By Reference [Text Block] | Portions of the Registrant’s definitive Proxy Statement relating to the 2020 Annual Meeting of Shareholders are incorporated by reference into Part III. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 1,133,503 | $ 867,520 | $ 820,082 |
Cost of goods sold | 741,386 | 555,206 | 528,587 |
Gross profit | 392,117 | 312,314 | 291,495 |
Selling, general and administrative expenses | 283,828 | 207,872 | 198,813 |
Restructuring and related charges | 26,678 | 0 | 0 |
Combination and acquisition-related expenses | 35,477 | 16,661 | 29,938 |
Operating income | 46,134 | 87,781 | 62,744 |
Other expense, net | (254) | (642) | (718) |
Interest expense, net | (16,976) | (4,041) | (1,358) |
Income before taxes and equity in net income of associated companies | 28,904 | 83,098 | 60,668 |
Taxes on income before equity in net income of associated companies | 2,084 | 25,050 | 41,653 |
Income before equity in net income of associated companies | 26,820 | 58,048 | 19,015 |
Equity in net income of associated companies | 5,064 | 1,763 | 3,285 |
Net income | 31,884 | 59,811 | 22,300 |
Net income attributable to noncontrolling interest | 262 | 338 | 2,022 |
Net income attributable to Quaker Chemical Corporation | $ 31,622 | $ 59,473 | $ 20,278 |
Per share data: | |||
Net income attributable to Quaker Chemical Corporation common shareholders - basic | $ 2.08 | $ 4.46 | $ 1.53 |
Net income attributable to Quaker Chemical Corporation common shareholders - diluted | $ 2.08 | $ 4.45 | $ 1.52 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Comprehensive Income [Abstract] | |||
Net income | $ 31,884 | $ 59,811 | $ 22,300 |
Currency translation adjustments | 4,779 | (17,519) | 21,076 |
Defined Benefit Plans [Abstract] | |||
Net (loss) gain arising during the period, other | (6,289) | 1,119 | (96) |
Amortization of actuarial loss | 2,458 | 2,507 | 2,255 |
Amortization of prior service gain | (151) | (84) | (84) |
Current period change in fair value of derivatives | (320) | 0 | 0 |
Unrealized gain (loss) on available-for-sale securities | 2,093 | (1,728) | (130) |
Other comprehensive income (loss) | 2,570 | (15,705) | 23,021 |
Comprehensive Income | 34,454 | 44,106 | 45,321 |
Less: comprehensive income attributable to noncontrolling interest | (287) | (248) | (2,736) |
Comprehensive income attributable to Quaker Chemical Corporation | $ 34,167 | $ 43,858 | $ 42,585 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 123,524 | $ 104,147 |
Accounts receivable, net | 375,982 | 202,139 |
Inventories, net | 174,950 | 94,090 |
Prepaid expenses and other current assets | 41,516 | 18,134 |
Total current assets | 715,972 | 418,510 |
Property, plant and equipment, net | 213,469 | 83,923 |
Right of use lease assets | 42,905 | 0 |
Goodwill | 607,205 | 83,333 |
Other intangible assets, net | 1,121,765 | 63,582 |
Investments in associated companies | 93,822 | 21,316 |
Deferred tax assets | 14,745 | 6,946 |
Other non-current assets | 40,433 | 32,055 |
Total assets | 2,850,316 | 709,665 |
Current liabilities | ||
Short-term borrowings and current portion of long-term debt | 38,332 | 670 |
Accounts payable | 164,101 | 87,819 |
Dividends payable | 6,828 | 4,935 |
Accrued compensation | 45,620 | 25,727 |
Accrued restructuring | 18,043 | 0 |
Accrued pension and postretirement benefits | 3,405 | 1,211 |
Other accrued liabilities | 83,605 | 31,108 |
Total current liabilities | 359,934 | 151,470 |
Long-term debt | 882,437 | 35,934 |
Long-term lease liabilities | 31,273 | 0 |
Deferred tax liabilities | 211,094 | 10,003 |
Non-current accrued pension and post-retirment benefits | 56,828 | 32,360 |
Other non-current liabilities | 66,384 | 43,529 |
Total liabilities | 1,607,950 | 273,296 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Common stock, $1 par value; authorized 30,000,000 shares; issued and outstanding 2019 - 17,735,162 shares; 2018 - 13,338,026 shares | 17,735 | 13,338 |
Capital in excess of par value | 888,218 | 97,304 |
Retained earnings | 412,979 | 405,125 |
Accumulated other comprehensive loss | (78,170) | (80,715) |
Total Quaker shareholders' equity | 1,240,762 | 435,052 |
Noncontrolling interest | 1,604 | 1,317 |
Total equity | 1,242,366 | 436,369 |
Total liabilities and equity | $ 2,850,316 | $ 709,665 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 17,735,162 | 13,338,026 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 31,884 | $ 59,811 | $ 22,300 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of debt issuance costs | 1,979 | 70 | 241 |
Depreciation and amortization | 44,895 | 19,714 | 19,966 |
Equity in undistributed earnings of associated companies, net of dividends | (2,115) | 2,784 | (2,895) |
Acquisition-related fair value adjustments related to inventory | 11,714 | 0 | 0 |
Deferred income taxes | (24,242) | 8,197 | 3,754 |
Uncertain tax positions (non-deferred portion) | 958 | (89) | (817) |
Non-current income taxes payable | 856 | (8,181) | 15,825 |
Deferred compensation and other, net | (6,789) | 2,914 | 833 |
Share-based compensation | 4,861 | 3,724 | 4,190 |
(Gain) loss on disposal of property, plant and equipment and other assets | (58) | (657) | 79 |
Insurance settlement realized | (822) | (1,055) | (762) |
Combination and other acquisition-related expenses, net of payements | (14,414) | 2,727 | 4,952 |
Restructuring and related charges | 26,678 | 0 | 0 |
Pension and other postretirement benefits contributions | (1,392) | (123) | |
Pension And Other Postretirement Benefit Expense | 46 | ||
Increase (decrease) in cash from changes in current assets and current liabilities, net of acquisitions: | |||
Accounts receivable | 19,926 | (2,822) | (1,941) |
Inventories | 10,844 | (10,548) | (6,135) |
Prepaid expenses and other current assets | (4,640) | (1,540) | (2,932) |
Change in restructuring liabilities | (8,899) | 0 | (675) |
Accounts payable and accrued liabilities | (8,915) | 190 | 12,381 |
Estimated taxes on income | (1,373) | 4,932 | (3,479) |
Net cash provided by operating activities | 82,374 | 78,779 | 64,762 |
Cash flows from investing activities | |||
Investments in property, plant and equipment | (15,545) | (12,886) | (10,872) |
Payments related to acquisitions, net of cash acquired | (893,412) | (500) | (5,363) |
Proceeds from disposition of assets | 103 | 866 | 1,577 |
Insurance settlement interest earned | 222 | 162 | 50 |
Net cash used in investing activities | (908,632) | (12,358) | (14,608) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 750,000 | 0 | 0 |
Borrowings (repayments) on revolving credit facilities, net | 147,135 | (21,120) | 566 |
Repayments on other debt, net | (8,798) | (5,671) | (3,419) |
Financing-related debt issuance costs | (23,747) | 0 | 0 |
Dividends paid | (21,830) | (19,319) | (18,613) |
Stock options exercised, other | 1,370 | 82 | (1,956) |
Purchase of noncontrolling interest in affiliates, net | 0 | 0 | (31,787) |
Distributions to noncontrolling affiliate shareholders | 0 | (877) | 0 |
Net cash provided by (used in) financing activities | 844,130 | (46,905) | (55,209) |
Effect of exchange rate changes on cash | 1,258 | (6,141) | 5,404 |
Net increase in cash, cash equivalents and restricted cash | 19,130 | 13,375 | 349 |
Cash, Cash Equivalents and Restricted Cash at the beginning of the period | 124,425 | 111,050 | 110,701 |
Cash, Cash Equivalents and Restricted Cash at the end of the period | 143,555 | 124,425 | 111,050 |
Supplemental Cash Flow Information [Abstract] | |||
Income taxes, net of refunds | 15,499 | 19,617 | 21,544 |
Interest | 19,553 | 2,417 | 2,767 |
Other Noncash Investing And Financing Items [Abstract] | |||
Change in accrued purchases of property, plant and equipment, net | $ 1,978 | $ 281 | |
Change in accrued purchases of property, plant and equipment, net | $ (240) |
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 Dec. 31, 2016 | $ 412,606 | $ 13,278 | $ 112,475 | $ 364,414 | $ (87,407) | $ 9,846 |
Net income | 22,300 | 0 | 0 | 20,278 | 0 | 2,022 |
Amounts reported in other comprehensive income (loss) | 23,021 | 0 | 0 | 0 | 22,307 | 714 |
Dividends common stock | (18,756) | 0 | 0 | (18,756) | 0 | 0 |
Acquisition of noncontrolling interests | (31,787) | 0 | (21,151) | 0 | 0 | (10,636) |
Shares issued upon exercise of stock options and other | (2,451) | 5 | (2,456) | 0 | 0 | 0 |
Shares issued for employee stock purchase plan | 495 | 4 | 491 | 0 | 0 | 0 |
Share based compensation plans | 4,190 | 21 | 4,169 | 0 | 0 | 0 |
Balance at Dec. 31, 2017 | 409,618 | 13,308 | 93,528 | 365,936 | (65,100) | 1,946 |
Cumulative effect of accounting change | (754) | 0 | 0 | (754) | 0 | 0 |
Adjusted Shareholders Equity Balance | 408,864 | 13,308 | 93,528 | 365,182 | (65,100) | 1,946 |
Net income | 59,811 | 0 | 0 | 59,473 | 0 | 338 |
Amounts reported in other comprehensive income (loss) | (15,705) | 0 | 0 | 0 | (15,615) | (90) |
Dividends common stock | (19,530) | 0 | 0 | (19,530) | 0 | 0 |
Distributions to noncontrolling affiliate shareholders | (877) | 0 | 0 | 0 | 0 | (877) |
Shares issued upon exercise of stock options and other | (423) | 9 | (432) | 0 | 0 | 0 |
Shares issued for employee stock purchase plan | 505 | 3 | 502 | 0 | 0 | 0 |
Share based compensation plans | 3,724 | 18 | 3,706 | 0 | 0 | 0 |
Balance at Dec. 31, 2018 | 436,369 | 13,338 | 97,304 | 405,125 | (80,715) | 1,317 |
Cumulative effect of accounting change | (44) | 0 | 0 | (44) | 0 | 0 |
Adjusted Shareholders Equity Balance | 436,325 | 13,338 | 97,304 | 405,081 | (80,715) | 1,317 |
Net income | 31,884 | 0 | 0 | 31,622 | 0 | 262 |
Amounts reported in other comprehensive income (loss) | 2,570 | 0 | 0 | 0 | 2,545 | 25 |
Dividends common stock | (23,724) | 0 | 0 | (23,724) | 0 | 0 |
Shares issued related to the Combination | 789,080 | 4,329 | 784,751 | 0 | 0 | 0 |
Shares issued upon exercise of stock options and other | 894 | 23 | 871 | 0 | 0 | 0 |
Shares issued for employee stock purchase plan | 476 | 3 | 473 | 0 | 0 | 0 |
Share based compensation plans | 4,861 | 42 | 4,819 | 0 | 0 | 0 |
Balance at Dec. 31, 2019 | $ 1,242,366 | $ 17,735 | $ 888,218 | $ 412,979 | $ (78,170) | $ 1,604 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statement Of Changes In Equity Parentheticals [Abstract] | |||
Dividends declared | $ 1.525 | $ 1.465 | $ 1.410 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 1 – Significant Accounting Policies As used in these Notes to Consolidated Financial Statements, the terms “Quaker”, “Quaker Houghton”, the “Company”, “we”, and “our” refer to Quaker Chemical Corporation (doing business as Quaker Houghton), its subsidiaries, and associated companies, unless the context otherwise requires. As used in these Notes to Consolidated Financial Statements, the term Legacy Quaker refers to the Company prior to the closing of its combination with Houghton International, Inc. (“Houghton”) (herein referred to as the “Combination”). 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 Consolidated Statements 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 17 of Notes to Consolidated Financial Statements. The Company is not the primary beneficiary of any variable interest entities (“VIEs”) and therefore the Company’s consolidated financial statements do not include the accounts of any VIEs. Translation of foreign currency: Assets and liabilities of non-U.S. subsidiaries and associated companies are translated into U.S. dollars at the respective rates of exchange prevailing at the end of the year. Income and expense accounts are translated at average exchange rates prevailing during the year. Translation adjustments resulting from this process are recorded directly in equity as accumulated other comprehensive (loss) income (“AOCI”) and will be included as income or expense only upon sale or liquidation of the underlying entity or asset. Generally, all of the Company’s non-U.S. subsidiaries 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 within 90 days. The Company considers 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 realizable value, and are valued using the first-in, first-out method. See Note 14 of Notes to Consolidated Financial Statements. Long-lived assets: Property, plant and equipment (“PP&E”) are stated at gross cost, less accumulated depreciation. Depreciation is computed using the straight-line method on an individual asset basis over the following estimated useful lives: buildings and improvements, 10 45 1 15 See Notes 9 and 15 of Notes to Consolidated Financial 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 5 In connection with the implementations and upgrades to the Company’s global transaction, consolidation and other related systems, approximately $2.6 $1.1 Goodwill and other intangible assets: The Company records goodwill, definite-lived intangible assets and indefinite-lived intangible assets at fair value at the date of 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 events indicate potential impairment. Definite-lived intangible assets are amortized over their estimated useful lives, generally for periods ranging from 4 20 See Note 16 of Notes to Consolidated Financial Statements. Revenue recognition: The Company applies the Financial Accounting Standards Board’s (“FASB’s”) guidance on revenue recognition which requires the Company to recognize revenue in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services transferred to its customers. To do this, the Company applies the five-step model in the FASB’s guidance, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company adopted the new revenue recognition guidance electing to use a modified retrospective adoption approach applied to those contracts which were not completed as of January 1, 2018. Therefore, comparative information has not been restated and continues to be accounted for and reported under the historical revenue recognition accounting standards in effect for those periods. As a result of the Company’s adoption, using the modified retrospective adoption approach, the Company recorded a cumulative effect of an accounting change as of January 1, 2018 to adjust the Company’s estimate of variable consideration related to the customer’s expected rights to return product. This adjustment resulted in an increase to other accrued liabilities of $ 1.0 million, an increase to deferred tax assets of $ 0.2 million and a decrease to retained earnings of $ 0.8 million. Prior to this adoption, the Company recognized revenue in accordance with the terms of the underlying agreements, when title and risk of loss had been transferred, when collectability was reasonably assured, and when pricing was fixed or determinable. This generally occurred when products were shipped or delivered to customers or, for consignment-type arrangements, upon usage by the customer and when services were performed. See Notes 3 and 5 of Notes to Consolidated Financial Statements. 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 established based on a percentage of the amount outstanding at the bankruptcy filing date. However, initially establishing a reserve and the amount thereto is dependent on the Company’s evaluation of likely proceeds to be received from the bankruptcy process, which could result in the Company recognizing minimal or no reserve at the date of bankruptcy. Large and/or financially distressed customers are generally reserved for on a 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 balances are charged off against the allowance when the Company deems it is probable the receivable will not be recovered. The Company does not have any off-balance-sheet credit exposure related to its customers. See Note 13 of Notes to Consolidated Financial Statements. Research and development costs: Research and development costs are expensed as incurred and are included in selling, general and administrative expenses (“SG&A”). Research and development expenses were $32.1 $24.5 $23.9 Environmental liabilities and expenditures: Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. If there is a range of 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 in the United States (“U.S. GAAP”). Environmental costs and remediation costs are capitalized if the costs extend the life, increase the capacity or improve safety or efficiency of the property from the date acquired or constructed, and/or mitigate or prevent contamination in the future. See Note 26 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 the control of the entity. In accordance with this guidance, the Company records a liability when there is enough information regarding the timing of the CARO to perform a probability-weighted discounted cash flow analysis. As of December 31, 2019 and 2018, 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 plans, 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 the Netherlands, the United Kingdom (“U.K.”), Mexico and Sweden are subject to the provisions of FASB’s guidance regarding employers’ accounting for defined benefit pension plans. In connection with the Combination, the Company indirectly acquired all of Houghton’s defined benefit pension plans, covering a portion of its employees in the U.S. and certain other countries. The plans of Houghton’s subsidiaries in France, Germany and the U.K. 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 AOCI, 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. In addition, the guidance requires that an employer recognize a settlement charge in their consolidated statement of income when certain events occur, including plan termination or the settlement of certain plan liabilities. A settlement charge represents the immediate recognition into expense of a portion of the unrecognized loss within AOCI on the balance sheet in proportion to the share of the projected benefit obligation that was settled. The Company’s Legacy Quaker U.S. pension plan year ends on November 30 and the measurement date is December 31. The measurement date for the Company’s other postretirement benefits plan is December 31. The Company’s global pension investment policies 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. The Company establishes strategic asset allocation percentage targets and benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. The Company’s investment horizon is generally long term, and, accordingly, the target asset allocations encompass a long-term perspective of capital markets, expected risk and return and perceived future economic conditions while also considering the profile of plan liabilities. To the extent feasible, the short-term investment portfolio is managed to match the short-term obligations, the intermediate portfolio duration is matched to reduce the risk of volatility in intermediate plan distributions, and the total return portfolio is managed to maximize the long-term real growth of plan assets. The critical investment principles of diversification, assessment of risk and targeting the optimal expected returns for given levels of risk are applied. The Company’s investment guidelines prohibit the 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 benchmark performance over rolling five-year periods. The Company’s pension committee, as authorized by the Company’s Board of Directors, has discretion to manage the assets within established asset allocation ranges approved by senior management of the Company. As of December 31, 2019, the plan’s investments were in compliance with all approved ranges of asset allocations. See Note 21 of Notes to Consolidated Financial Statements. Comprehensive income (loss): The Company presents other comprehensive income (loss) in its Statements of Comprehensive Income. The Company follows the FASB’s guidance regarding the disclosure of reclassifications 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 23 of Notes to Consolidated Financial Statements. Income taxes and uncertain tax positions: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, 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 income 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 benefits of tax positions are probable or 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 lso, the amount of interest expense and 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, the Company nets 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. Pursuant to the Tax Cuts and Jobs Act (“U.S. Tax Reform”), specifically the one-time tax on deemed repatriation (the “Transition Tax”), the Company has provided for U.S. income tax on its undistributed earnings of non-U.S. subsidiaries, however, the Company is subject to and will incur other taxes, such as withholding taxes and dividend distribution taxes, if these undistributed earnings were ultimately remitted to the U.S. It is the Company’s current intention to reinvest its future undistributed earnings of non-U.S. subsidiaries to support working capital needs and certain other growth initiatives of those subsidiaries. However, in certain cases the Company has and may in the future change its indefinite reinvestment assertion for any or all of these undistributed earnings. In this case, the Company would estimate and record a tax liability and corresponding tax expense for the amount of non-U.S. income taxes it would incur to ultimately remit these earnings to the U.S. See Note 10 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 utilizes interest rate swap agreements to enhance its ability to manage risk, including exposure to variability in interest payments associated with its variable rate debt. Derivative instruments are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. As of December 31, 2019, the Company had certain interest rate swap agreements that were designated as cash flow hedges. Interest rate swaps are entered into with a limited number of counterparties, each of which allows for net settlement of all contracts through a single payment in a single currency in the event of a default on or termination of any one contract. The Company records these instruments on a net basis within the Consolidated Balance Sheets. The effective portion of the change in fair value of the agreement is recorded in AOCI and will be recognized in the Consolidated Statements of Income when the hedge item affects earnings or losses or it becomes probable that the forecasted transaction will not occur. See Note 25 of Notes to Consolidated Financial Statements. 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 three broad levels. See Notes 21 and 24 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: The Company applies the FASB’s guidance regarding share-based payments, which requires the recognition of the fair value of share-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 within three years seven years one three-year two five-year 13 See Note 8 of Notes to Consolidated Financial Statements. Earnings per share: The Company follows the FASB’s guidance regarding the calculation of earnings per share 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 11 of Notes to Consolidated Financial Statements. Segments: The Company’s reportable segments reflect 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 and the chief operating decision maker assess its performance. See Note 4 of Notes to Consolidated Financial Statements. Hyper-inflationary accounting: Economies that have a cumulative three-year rate of inflation exceeding 100% are considered hyper-inflationary in accordance with U.S. GAAP. A legal entity that operates within an economy deemed to be hyper-inflationary is required to remeasure its monetary assets and liabilities to the applicable published exchange rates and record the associated gains or losses resulting from the remeasurement directly to the Consolidated Statements of Income. Venezuela’s economy has been considered hyper-inflationary under U.S. GAAP since 2010. The Company has a 50% equity interest in a Venezuelan affiliate, Kelko Quaker Chemical, S.A (“Kelko Venezuela”). Due to heightened foreign exchange controls and restrictions currently present within Venezuela, during the third quarter of 2018 the Company concluded that it no longer had significant influence over this affiliate. Prior to this determination, the Company historically accounted for this affiliate under the equity method. As of December 31, 2019 and 2018, the Company had no remaining carrying value for its investment in Kelko Venezuela. See Note 17 of Notes to Consolidated Financial Statements. Based on various indices or index compilations currently being used to monitor inflation in Argentina as well as recent economic instability, effective July 1, 2018, Argentina’s economy was considered hyper-inflationary under U.S. GAAP. As a result, the Company began applying hyper-inflationary accounting with respect to the Company's wholly owned Argentine subsidiary beginning July 1, 2018. In addition, Houghton has an Argentine subsidiary to which hyper-inflationary accounting also is applied. As of, and for the year ended December 31, 2019, the Company's Argentine subsidiaries represented less than 1% of the Company’s consolidated total assets and net sales, respectively. During the years ended December 31, 2019, 2018 and 2017, the Company recorded $ 1.0 million, $ 0.7 million, and $ 0.4 million, respectively, of remeasurement losses associated with the applicable currency conversions related to Venezuela and Argentina. 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 liabilities 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 2 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 7 of Notes to Consolidated Financial Statements. Reclassifications: Certain information has been reclassified to conform to the current year presentation. 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, liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from such estimates . |
Houghton Combination
Houghton Combination | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 2 – Business Combinations Houghton On August 1, 2019, the Company completed the Combination with Houghton, whereby the Company acquired all of the issued and outstanding shares of Houghton from Gulf Houghton Lubricants, Ltd. and certain other selling shareholders in exchange for a combination of cash and shares of the Company’s common stock in accordance with the share purchase agreement dated April 4, 2017. Houghton is a leading global provider of specialty chemicals and technical services for metalworking and other industrial applications. The Company believes that combining Quaker’s and Houghton’s products and service offerings will allow Quaker Houghton to better serve its customers in its various end markets. The Combination was subject to certain regulatory and shareholder approvals. At a shareholder meeting held during 2017, the Company’s shareholders approved the issuance of new shares of the Company’s common stock at closing of the Combination. Also in 2017, the Company received regulatory approvals for the Combination from China and Australia. The Company received regulatory approvals from the European Commission (“EC”) during the second quarter of 2019 and the U.S. Federal Trade Commission (“FTC”) in July 2019. The approvals from the FTC and the EC required the concurrent divestiture of certain steel and aluminum related product lines of Houghton, which were sold by Houghton on August 1, 2019 for approximately $ 37 million in cash. The final remedy agreed with the EC and the FTC was consistent with the Company’s previous expectation that the total divested product lines would be approximately 3% of the combined company’s net sales. The following table summarizes the fair value of consideration transferred in the Combination: Cash transferred to Houghton shareholders (a) $ 170,829 Cash paid to extinguish Houghton debt obligations 702,556 Fair value of common stock issued as consideration (b) 789,080 Total fair value of consideration transferred $ 1,662,465 (a) A portion is held in escrow by a third party, subject to indemnification rights that lapse upon the achievement of certain milestones. (b) Amount was determined based on approximately 4.3 million shares, comprising approximately 24.5% of the common stock of the Company at closing, and the closing price per share of Quaker Chemical Corporation common stock of $ 182.27 on August 1, 2019. The Company accounted for the Combination under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets, at their fair value on the acquisition date. 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, including indefinite and definite-lived intangible assets, requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, customer attrition rates, royalty rates, asset lives and market multiples, among other items. Fair values were determined by management, using a variety of methodologies and resources, including external independent valuation experts. The valuation methods included physical appraisals, discounted cash flow analyses, excess earnings, relief from royalty, and other appropriate valuation techniques to determine the fair value of assets acquired and liabilities assumed. The following table presents the current preliminary estimated fair values of Houghton net assets acquired: August 1, 2019 Measurement (as Initially Period August 1, 2019 Reported) Adjustments (as adjusted) Cash and cash equivalents $ 75,821 $ — $ 75,821 Accounts receivable, net 179,745 ( 823) 178,922 Inventories, net 95,193 — 95,193 Prepaid expenses and other assets 11,373 ( 721) 10,652 Deferred tax assets 8,703 ( 8,703) — Property, plant and equipment 125,099 ( 9,570) 115,529 Right of use lease assets 10,747 ( 74) 10,673 Investments in associated companies 69,683 ( 3,236) 66,447 Other non-current assets 1,368 3,342 4,710 Intangible assets 1,022,500 5,900 1,028,400 Goodwill 483,921 10,994 494,915 Total assets purchased 2,084,153 ( 2,891) 2,081,262 Short-term borrowings, not refinanced at closing 9,297 — 9,297 Accounts payable, accrued expenses and other accrued liabilities 152,829 ( 2,751) 150,078 Deferred tax liabilities 213,779 ( 8,697) 205,082 Long-term lease liabilities 6,655 ( 48) 6,607 Other non-current liabilities 39,128 8,605 47,733 Total liabilities assumed 421,688 ( 2,891) 418,797 Total consideration paid for Houghton 1,662,465 — 1,662,465 Less: cash acquired 75,821 — 75,821 Less: fair value of common stock issued as consideration 789,080 — 789,080 Net cash paid for Houghton $ 797,564 $ — $ 797,564 As of December 31, 2019, the allocation of the purchase price for the Combination has not been finalized and the one-year Accounts receivable, net, presented in the table above, including the measurement period adjustment recorded during the fourth quarter of 2019, represents the Company’s fair value estimate of receivables acquired, which includes the gross contractual receivables less the Company’s estimate of the amounts that will not be collected. See Note 13 of Notes to Consolidated Financial Statements. Measurement period adjustments recorded during the fourth quarter of 2019 related to deferred tax assets, deferred tax liabilities, other non-current assets and other non-current liabilities are primarily due to additional information obtained regarding certain tax audits, valuation allowances related to foreign tax credits and deferred taxes related to the step-up in intangibles and property, plant and equipment. See Note 10 of Notes to Consolidated Financial Statements. In addition, the Company recorded measurement period adjustments to accounts payable, accrued expenses and other accrued liabilities and other non-current liabilities, presented in the table above, primarily due to additional information obtained related to the projected obligations for certain environmental matters. See Note 26 of Notes to Consolidated Financial Statements. The measurement period adjustment recorded during the fourth quarter of 2019 related to property, plant and equipment presented in the table above is the result of additional information obtained related to the estimated fair value of certain real property acquired. Investments in associated companies presented in the table above, including the measurement period adjustment recorded during the fourth quarter of 2019, represents the Company’s fair value estimate of its 50% interest in a Houghton joint venture in Korea (“Houghton Korea”). The Company accounts for this interest under the equity method of accounting. See Note 17 of Notes to Consolidated Financial Statements. The Company allocated $ 1,028.4 million of the purchase price to intangible assets, including certain measurement period adjustments recorded during the fourth quarter of 2019, comprised of $ 242.0 million of trademarks and formulations, to which management has assigned indefinite lives; $ 677.3 million of customer relationships, to be amortized over 15 to 18 years; and $ 109.1 million of existing product technology, to be amortized over 20 years. In addition, the Company recorded $ 494.9 million of goodwill, including measurement period adjustments during the fourth quarter of 2019, related to expected value not allocated to other acquired assets, none of which will be tax deductible. See Note 16 of Notes to Consolidated Financial Statements. Factors contributing to the purchase price that resulted in goodwill included the acquisition of management, technology, intellectual property, business processes and personnel that will allow Quaker Houghton to better serve its customers. The expanded portfolio is expected to generate significant cross-selling opportunities and allow further expansion into certain emerging growth markets. Commencing August 1, 2019, the Company’s Consolidated Statements of Income included the results of Houghton. Net sales of Houghton subsequent to closing of the Combination and included in the Company’s Consolidated Statements of Income were $ 299.8 million. The following unaudited pro forma consolidated financial information has been prepared as if the Combination had taken place on January 1, 2018. The unaudited pro forma results include certain adjustments to each company’s historical actual results, including: (i) additional depreciation and amortization expense based on the initial estimates of fair value step up and estimated useful lives of depreciable fixed assets, definite-lived intangible assets and investment in associated companies acquired; (ii) adoption of required accounting guidance and alignment of related accounting policies, (iii) elimination of transactions between Quaker and Houghton; (iv) elimination of results associated with the divested product lines; (v) adjustment to interest expense, net, to reflect the impact of the financing and capital structure of the combined Company; and (vi) adjustment for certain Combination and other acquisition-related costs to reflect such costs as if they were incurred in the period immediately following the pro-forma closing of the Combination on January 1, 2018. The adjustments described in (vi) include an expense recorded in costs of goods sold (“COGS”) associated with selling inventory acquired in the Combination which was adjusted to fair value as part of purchase accounting, restructuring expense incurred associated with the Company’s global restructuring program initiated post-closing of the Combination and certain other integration costs incurred post-closing included in combination and other acquisition-related expenses. These costs have been presented in the unaudited pro forma results as if they were incurred during the year ended December 31, 2018. Unaudited pro forma results are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the date indicated, or that may result in the future for various reasons, including the potential impact of revenue and cost synergies on the business. Unaudited Pro Forma For the years ending December 31, (as if the Combination occurred on January 1, 2018) 2019 2018 Net sales $ 1,562,427 $ 1,654,588 Net income attributable to Quaker Chemical Corporation 94,537 35,337 Combination and other acquisition-related expenses have been and are expected to continue to be significant. The Company incurred total costs of $ 38.0 million, $ 19.5 million and $ 30.8 million for the years ended December 31, 2019, 2018 and 2017 related to the Combination and other acquisition-related activities. These costs included certain legal, financial and other advisory and consultant costs related to due diligence, regulatory approvals and integration planning as well as professional fees associated with closing the Combination. These costs also include interest costs to maintain the bank commitment (“ticking fees”) for the Combination during each of the years ended December 31, 2019 and 2018, accelerated depreciation charges during the year ended December 31, 2019, and a gain on the sale of a held-for-sale asset during the year ended December 31, 2018. As of December 31, 2019 and 2018, the Company had current liabilities related to the Combination and other acquisition-related activities of $ 6.6 million and $ 8.2 million, respectively, primarily recorded within other accrued liabilities on its Consolidated Balance Sheets. Norman Hay On October 1, 2019, the Company completed its acquisition of the operating divisions of Norman Hay plc, a private U.K. company that provides specialty chemicals, operating equipment, and services to industrial end markets. The acquisition adds new technologies in automotive, original equipment manufacturer (“OEM”), and aerospace, as well as engineering expertise which is expected to strengthen the existing equipment solutions platform inside Quaker Houghton. The acquired Norman Hay assets and liabilities were assigned to the Global Specialty Businesses reportable segment. The original purchase price was 80.0 million GBP, on a cash-free and debt-free basis, subject to routine and customary post-closing adjustments related to working capital and net indebtedness levels. The Company expects to finalize its post-closing adjustments for the Norman Hay acquisition in the first half of 2020 and currently estimates that it will pay approximately 2.7 million GBP to settle such adjustments. The Company has accrued for this estimated additional purchase price as of December 31, 2019. The following table presents the preliminary estimated fair values of Norman Hay net assets acquired: Cash and cash equivalents $ 18,981 Accounts receivable, net 15,471 Inventories, net 8,213 Prepaid expenses and other assets 4,203 Property, plant and equipment 14,981 Right of use lease assets 10,608 Intangible assets 51,088 Goodwill 29,384 Total assets purchased 152,929 Long-term debt included current portions 485 Accounts payable, accrued expenses and other accrued liabilities 13,488 Deferred tax liabilities 12,746 Long-term lease liabilities 8,594 Total liabilities assumed 35,313 Total consideration paid for Norman Hay 117,616 Less: estimated purchase price settlement 3,287 Less: cash acquired 18,981 Net cash paid for Norman Hay $ 95,348 The Company allocated $ 51.1 million of the purchase price to intangible assets, comprised of $ 36.9 million of customer relationships, to be amortized over 13 to 17 years; $ 7.5 million of existing product technology, to be amortized over 20 years; $ 6.3 million of trademarks, to be amortized over 16 to 17 years; and $ 0.4 million of non-compete agreements, to be amortized over 2 to 11 years. In addition, the Company recorded $ 29.4 million of goodwill related to expected value not allocated to other acquired assets, none of which will be tax deductible. Factors contributing to the purchase price that resulted in goodwill included the acquisition of management, technology, intellectual property, business processes and personnel that will allow Quaker Houghton to better serve its customers. As of December 31, 2019, the allocation of the purchase price for Norman Hay has not been finalized and the one-year measurement period has not ended. Further adjustments may be necessary as a result of the Company’s on-going assessment of additional information related to the fair value of assets acquired and liabilities assumed. The results of operations of Norman Hay are included in the Consolidated Statements of Income as of October 1, 2019. Transaction expenses associated with this acquisition are included in Combination and other acquisition-related expenses in the Company’s Consolidated Statements of Income. Certain pro forma and other information is not presented, as the operations of Norman Hay represent less than approximately 5% of the Company’s operations and are therefore considered not material to the overall operations of the Company for the periods presented. Other Acquisitions In March 2018, the Company purchased certain formulations and product technology for the mining industry for $ 1.0 million. The Company allocated the entire purchase price to intangible assets representing formulations and product technology, to be amortized over 10 years. In accordance with the terms of the applicable purchase agreement, $ 0.5 million of the purchase price was paid at signing, and the remaining $ 0.5 million of the purchase price was paid during the first quarter of 2019. In December 2017, the Company acquired the remaining 45% ownership interest in its India affiliate, Quaker Chemical India Private Limited (“QCIL”) for 2,025.0 million INR, or approximately $ 31.8 million, from its joint venture partner, Asianol Lubricants Limited. QCIL sells products to the steel and metalworking industries in India and has associates based in various locations around India. The Company had been a joint venture partner in QCIL for 20 years. QCIL is a part of the Company’s Asia/Pacific reportable segment. As this acquisition was a change in an existing controlling ownership, the Company recorded $ 21.2 million of excess purchase price over the carrying value of the noncontrolling interest in Capital in excess of par value. In May 2017, the Company acquired assets associated with a business that markets, sells and manufactures certain metalworking fluids for its previous North America reportable segment for 7.3 million CAD, or approximately $ 5.4 million. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Description Of New Accounting Pronouncements Not Yet Adopted [Text Block] | Note 3 – Recently Issued Accounting Standards Recently Issued Accounting Standards Not Yet Adopted The FASB issued an accounting standard update in January 2020 clarifying the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives. The new guidance, among other things, states that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting, for the purposes of applying the fair value measurement alternative immediately before applying or upon discontinuing the equity method. The new guidance also addresses the measurement of certain purchased options and forward contracts used to acquire investments. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2020 and is to be applied prospectively. Early adoption is permitted. The Company has not early adopted the guidance and is currently evaluating its implementation. The FASB issued an accounting standard update in December 2019 to simplify the accounting for income taxes. The guidance within this accounting standard update removes certain exceptions, including the exception to the incremental approach for certain intra-period tax allocations, to the requirement to recognize or not recognize certain deferred tax liabilities for equity method investments and foreign subsidiaries, and to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. Further, the guidance simplifies the accounting related to franchise taxes, the step up in tax basis for goodwill, current and deferred tax expense, and codification improvements for income taxes related to employee stock ownership plans. The guidance is effective for annual and interim periods beginning after December 15, 2020. Early adoption is permitted. The Company has not early adopted the guidance and is currently evaluating its implementation. The FASB issued an accounting standard update in August 2018 that modifies certain disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this accounting standard update remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of certain disclosures, and add new disclosure requirements as relevant. The guidance within this accounting standard update is effective for annual periods beginning after December 15, 2020, and should be applied retrospectively to all periods presented. Early adoption is permitted. The Company has not early adopted the guidance and is currently evaluating its implementation. The FASB also issued an accounting standard update in August 2018 that clarifies the accounting for implementation costs incurred in a cloud computing arrangement under a service contract. This guidance generally aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement under a service contract with the requirements for capitalizing implementation costs related to internal-use software. The guidance within this accounting standard update is effective for annual periods beginning after December 15, 2019 and may be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Early adoption is permitted. The Company has not early adopted the guidance, is currently working through the implementation of this guidance and does not currently expect the guidance to have a material impact to its financial statements. The FASB issued an additional accounting standard update in August 2018 that modifies certain disclosure requirements for fair value measurements. The guidance removes certain disclosure requirements regarding transfers between levels of the fair value hierarchy as well as certain disclosures related to the valuation processes for certain fair value measurements. Further, the guidance added certain disclosure requirements including unrealized gains and losses and significant unobservable inputs used to develop certain fair value measurements. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2019, and may be applied prospectively in the initial year of adoption or retrospectively to all periods presented, depending on the amended disclosure requirement. Early adoption is permitted. The Company has not early adopted the guidance, is currently working through the implementation of this guidance and does not currently expect the guidance to have a material impact to its financial statements. The FASB issued an accounting standard update in June 2016 related to the accounting for and disclosure of credit losses. In May 2019, the FASB issued an accounting standard update to provide targeted transition relief to increase comparability of financial statements. The guidance introduces a new model for recognizing credit losses on financial instruments, including customer accounts receivable, based on an estimate of current expected credit losses. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2019, and aspects of the guidance which may be applicable to the Company should be applied on a modified retrospective basis. Early adoption is permitted. The Company has not early adopted the guidance, is currently working through the implementation of this guidance and does not currently expect the guidance to have a material impact to its financial statements. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Standards Adopted The FASB issued an accounting standard update in February 2018 that allows a reclassification from AOCI to retained earnings for stranded tax effects resulting from the U.S. Tax Reform enacted in December 2017. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2018, and may be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in U.S. Tax Reform is recognized. Early adoption was permitted. The Company adopted this guidance in the first quarter of 2019, as required, but elected not to reclassify any stranded tax effects resulting from U.S. Tax Reform, therefore adoption of this guidance did not have any impact on its financial statements. The FASB issued an accounting standard update in February 2016 regarding the accounting and disclosure for leases. During 2018 and 2019, the FASB issued a series of accounting standard updates to clarify and expand on the original 2016 implementation guidance, including providing an accounting policy election for lessors, certain targeted improvements around comparative reporting requirements and accounting for lease and non-lease components by lessors as well as other technical corrections and improvements. The amendments in these 2018 and 2019 updates did not change the core principles of the guidance previously issued in February 2016. The guidance within all of the leasing accounting standard updates were effective for annual and interim periods beginning after December 15, 2018, and are to be applied on a modified retrospective basis, applying the transition requirements either (a) at the beginning of the earliest period presented in the financial statements in the year of adoption (January 1, 2017) or (b) in the period of adoption (January 1, 2019). Early adoption was permitted. As part of the Company’s implementation planning and its impact assessment related to the new lease accounting guidance, the Company developed a detailed project plan, identified and established a cross-functional implementation team and developed pre-adoption internal controls. In addition, the Company gathered an inventory of the Company’s outstanding leases globally, performed certain review procedures to ensure completeness of its lease population and abstracted required information from its lease population for inclusion within the Company’s leasing software. The Company performed similar implementation planning and impact assessment procedures as it relates to Houghton and Norman Hay. For Legacy Quaker, the Company adopted the guidance in the first quarter of 2019, as required, electing to use a modified retrospective transition approach and applied transition requirements as of January 1, 2019, as permitted. Subsequent to the acquisitions of Houghton and Norman Hay, previously private companies, the Company adopted the guidance and elected to use a modified retrospective transition approach and applied transition requirements as of August 1, 2019 and October 1, 2019, respectively. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. In addition, the Company elected to apply certain of the permitted transition practical expedients within the new lease accounting related to lease identification, lease classification, and initial direct costs. The Company made certain accounting policy elections as a result of adopting the new lease accounting guidance, which include not separating lease and non-lease components, applying a portfolio approach in the development of the Company’s discount rates, applying the short-term lease exemption and establishing a capitalization threshold policy. Adoption of the lease accounting guidance did not have a material impact on the Company’s reported earnings or cash flows, however, adoption did result in a material impact to the Company’s balance sheet to establish the right of use lease assets and associated lease liabilities. As of January 1, 2019, Legacy Quaker recorded a cumulative effect of an accounting change that resulted in an increase to its right of use lease assets of $ 27.3 million, an increase of $ 5.3 million of short-term lease liabilities and $ 21.4 million of long-term lease liabilities, a decrease in PP&E, net of $ 1.1 million, a decrease in other accrued liabilities of $ 0.4 million and a decrease to retained earnings of less than $ 0.1 million. The cumulative effect of an accounting change related to Houghton as of August 1, 2019 resulted in an increase to its right of use lease assets of $ 10.7 million, and an increase of $ 4.1 million of short-term lease liabilities and approximately $ 6.6 million of long-term lease liabilities. The cumulative effect of an accounting change related to Norman Hay as of October 1, 2019 resulted in an increase to its right of use lease assets of $ 10.6 million, and an increase of $ 2.0 million of short-term lease liabilities and approximately $ 8.6 million of long-term lease liabilities. See Note 6 of Notes to Consolidated Financial Statements. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Disclosures [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 4 – Business Segments The Company’s operating segments, which are consistent with its reportable segments, reflect 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 and the chief operating decision maker assess its performance. During the third quarter of 2019 and in connection with the Combination, the Company reorganized its executive management team to align with its new business structure, which reflects the method by which the chief operating decision maker of Company assesses its performance and allocates its resources. The Company’s new reportable segment structure includes four segments: (i) Americas; (ii) Europe, Middle East and Africa (“EMEA”); (iii) Asia/Pacific; and (iv) Global Specialty Businesses. The three geographic segments are composed of the net sales and operations in each respective region, excluding net sales and operations managed globally by the Global Specialty Businesses segment, which includes the Company’s container, metal finishing, mining, offshore, specialty coatings, specialty grease and Norman Hay businesses. All prior period information for Legacy Quaker has been recast to reflect these four segments as the Company’s new reportable segments. Prior to the Company’s re-segmentation during the third quarter of 2019, the Company’s historical reportable segments were four geographic regions: (i) North America; (ii) EMEA; (iii) Asia/Pacific; and (iv) South America. Though the Company changed its reportable segments in the third quarter of 2019, the calculation of the reportable segments’ measures of earnings remains otherwise generally consistent with past practices. Segment operating earnings for the Company’s reportable segments are comprised of net sales less COGS and SG&A directly related to the respective segment’s product sales. Operating expenses not directly attributable to the net sales of each respective segment are excluded from segment operating earnings, which includes certain corporate and administrative costs, Combination and other acquisition-related expenses, Restructuring and related charges and COGS related to acquired Houghton inventory sold, which was adjusted to fair value as a part of purchase accounting. Other items not specifically identified with the Company’s reportable segments include interest expense, net and other expense, net. The following tables present information about the performance of the Company’s reportable segments for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Net sales Americas $ 392,121 $ 297,601 $ 283,460 EMEA 285,570 216,984 208,522 Asia/Pacific 247,839 192,502 181,134 Global Specialty Businesses 207,973 160,433 146,966 Total net sales $ 1,133,503 $ 867,520 $ 820,082 2019 2018 2017 Segment operating earnings Americas $ 78,268 $ 62,686 $ 56,088 EMEA 47,388 36,119 34,431 Asia/Pacific 67,573 53,739 46,330 Global Specialty Businesses 58,475 42,931 39,553 Total segment operating earnings 251,704 195,475 176,402 Combination and other acquisition-related expenses ( 35,477) ( 16,661) ( 29,938) Restructuring and related charges ( 26,678) — — Fair value step up of inventory sold ( 11,714) — — Non-operating and administrative expenses ( 104,572) ( 83,515) ( 76,231) Depreciation of corporate assets and amortization ( 27,129) ( 7,518) ( 7,489) Operating income 46,134 87,781 62,744 Other expense, net ( 254) ( 642) ( 718) Interest expense, net ( 16,976) ( 4,041) ( 1,358) Income before taxes and equity in net income of associated companies $ 28,904 $ 83,098 $ 60,668 The following tables present information regarding the Company’s reportable segments’ assets and long-lived assets, including certain identifiable assets as well as an allocation of shared assets, of December 31, 2019, 2018 and 2017: 2019 2018 2017 Segment assets Americas $ 926,122 $ 180,037 $ 189,645 EMEA 688,663 149,984 167,243 Asia/Pacific 685,476 205,424 190,633 Global Specialty Businesses 550,055 174,220 174,605 Total segment assets $ 2,850,316 $ 709,665 $ 722,126 2019 2018 2017 Segment long-lived assets Americas $ 139,170 $ 60,745 $ 66,380 EMEA 56,108 23,383 24,795 Asia/Pacific 126,166 26,217 24,876 Global Specialty Businesses 69,184 26,949 26,392 Total segment long-lived assets $ 390,628 $ 137,294 $ 142,443 The following tables present information regarding the Company’s reportable segments’ capital expenditures and depreciation for identifiable assets for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Capital expenditures Americas $ 6,404 $ 3,401 $ 3,685 EMEA 3,263 2,081 3,936 Asia/Pacific 3,857 6,059 2,458 Global Specialty Businesses 2,021 1,345 793 Total segment capital expenditures $ 15,545 $ 12,886 $ 10,872 2019 2018 2017 Depreciation Americas $ 7,500 $ 4,225 $ 4,395 EMEA 4,560 3,434 3,368 Asia/Pacific 3,458 2,552 2,669 Global Specialty Businesses 2,248 1,985 2,045 Total segment depreciation $ 17,766 $ 12,196 $ 12,477 During the years ended December 31, 2019, 2018 and 2017, the Company had approximately $719.8 $534.6 $513.1 $174.4 $60.8 $61.8 Inter-segment revenue for the years ended December 31, 2019, 2018 and 2017 was $7.3 $8.3 $9.4 $20.3 $21.9 $20.8 $0.2 $0.5 $1.5 $5.4 $5.3 $4.4 |
Net Sales and Revenue Recogniti
Net Sales and Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue From Contract With Customer [TextBlock] | Note 5 – Net Sales and Revenue Recognition Business Description The Company develops, produces, and markets a broad range of formulated specialty chemical products and offers chemical management services (“Fluidcare”) for various heavy industrial and manufacturing applications throughout its four segments. The Combination increased the Company’s addressable metalworking, metals and industrial end markets, including steel, aluminum, aerospace, defense, transportation-OEM, transportation-components, offshore sub-sea energy, architectural aluminum, construction, tube and pipe, can and container, mining, specialty coatings and specialty greases. The Combination also strengthened the product portfolio of the combined Company. The major product lines of Quaker Houghton include metal removal fluids, cleaning fluids, corrosion inhibitors, metal drawing and forming fluids, die cast mold releases, heat treatment and quenchants, metal forging fluids, hydraulic fluids, specialty greases, offshore sub-sea energy control fluids, rolling lubricants, rod and wire drawing fluids and surface treatment chemicals. A substantial portion of the Company’s sales worldwide are made directly through its own employees and its Fluidcare programs, with the balance being handled through distributors and agents. The Company’s employees visit the plants of customers regularly, work on site, and, through training and experience, identify production needs which can be resolved or otherwise addressed either by adapting the Company’s existing products or by applying new formulations developed in its laboratories. The specialty chemical industry comprises many companies similar in size to the Company, as well as companies larger and smaller than Quaker Houghton. The offerings of many of the Company’s competitors differ from those of Quaker Houghton; some offer a broad portfolio of fluids, including general lubricants, while others have a more specialized product range. All competitors provide different levels of technical services to individual customers. Competition in the industry is based primarily on the ability to provide products that meet the needs of the customer, render technical services and laboratory assistance to the customer and, to a lesser extent, on price. As part of the Company’s Fluidcare business, 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, revenue is recognized on a net reporting basis generally at the amount of the administrative fee earned by the Company for ordering the goods. In determining whether the Company is acting as a principal or an agent in each arrangement, the Company considers whether it is primarily responsible for the obligation to provide the specified good, has inventory risk before the specified good has been transferred to the customer and has discretion in establishing the prices for the specified goods. The Company transferred third-party products under arrangements resulting in net reporting of $ 48.0 million, $ 47.1 million and $ 44.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. A significant portion of the Company’s revenues are realized from the sale of process fluids and services to manufacturers of steel, aluminum, automobiles, aircraft, industrial equipment, and durable goods, and, therefore, the Company is subject to the same business cycles as those experienced by these manufacturers and their customers. The Company’s financial performance is generally correlated to the volume of global production within the industries it serves, rather than discretely related to the financial performance of such industries. Furthermore, steel and aluminum customers typically have limited manufacturing locations compared to metalworking customers and generally use higher volumes of products at a single location. During the year ended December 31, 2019, the Company’s five largest customers (each composed of multiple subsidiaries or divisions with semiautonomous purchasing authority) accounted for approximately 12% of consolidated net sales, with its largest customer accounting for approximately 6% of consolidated net sales. Revenue Recognition Model The Company applies the FASB’s guidance on revenue recognition which requires the Company to recognize revenue in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services transferred to its customers. To do this, the Company applies the five-step model in the FASB’s guidance, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company identifies a contract with a customer when a sales agreement indicates approval and commitment of the parties; identifies the rights of the parties; identifies the payment terms; has commercial substance; and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. In most instances, the Company’s contract with a customer is the customer’s purchase order. For certain customers, the Company may also enter into a sales agreement which outlines a framework of terms and conditions which apply to all future and subsequent purchase orders for that customer. In these situations, the Company’s contract with the customer includes both the sales agreement and the specific customer purchase order. Because the Company’s contract with a customer is typically for a single transaction or customer purchase order, the duration of the contract is almost always one year or less. As a result, the Company has elected to apply certain practical expedients and omit certain disclosures of remaining performance obligations for contracts that have an initial term of one year or less as permitted by the FASB. The Company identifies a performance obligation in a contract for each promised good or service that is separately identifiable from other obligations in the contract and for which the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer. The Company determines the transaction price as the amount of consideration it expects to be entitled to in exchange for fulfilling the performance obligations, including the effects of any variable consideration, significant financing elements, amounts payable to the customer or noncash consideration. For any contracts that have more than one performance obligation, the Company allocates the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the Company expects to be entitled in exchange for satisfying each performance obligation. In accordance with the last step of the FASB’s guidance, the Company recognizes revenue when, or as, it satisfies the performance obligation in a contract by transferring control of a promised good or providing the service to the customer. The Company recognizes revenue over time as the customer receives and consumes the benefits provided by the Company’s performance; the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or the Company’s performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment, including a profit margin, for performance completed to date. For performance obligations not satisfied over time, the Company determines the point in time at which a customer obtains control of an asset and the Company satisfies a performance obligation by considering when the Company has a right to payment for the asset; the customer has legal title to the asset; the Company has transferred physical possession of the asset; the customer has the significant risks and rewards of ownership of the asset; or the customer has accepted the asset. The Company typically satisfies its performance obligations and recognizes revenue at a point in time for product sales, generally when products are shipped or delivered to the customer, depending on the terms underlying each arrangement. In circumstances where the Company’s products are on consignment, revenue is generally recognized upon usage or consumption by the customer. For any Fluidcare or other services provided by the Company to the customer, the Company typically satisfies its performance obligations and recognizes revenue over time, as the promised services are performed. The Company uses input methods to recognize revenue over time related to these services, including labor costs and time incurred. The Company believes that these input methods represent the most indicative measure of the Fluidcare or other service work performed by the Company. Other Considerations The Company does not have standard payment terms for all customers globally, however the Company’s general payment terms require customers to pay for products or services provided after the performance obligation is satisfied. The Company does not have significant financing arrangements with its customers. The Company does not have significant amounts of variable consideration in its contracts with customers and where applicable, the Company’s estimates of variable consideration are not constrained. The Company records certain third-party license fees in other income (expense), net, in its Consolidated Statement of Income, which generally include sales-based royalties in exchange for the license of intellectual property. These license fees are recognized in accordance with their agreed-upon terms and when performance obligations are satisfied, which is generally when the third party has a subsequent sale. Practical Expedients and Accounting Policy Elections The Company has made certain accounting policy elections and elected to use certain practical expedients as permitted by the FASB in applying the guidance on revenue recognition. It is the Company’s policy not to adjust the promised amount of consideration for the effects of a significant financing component because the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service will be one year or less. In addition, it is the Company’s policy to expense costs to obtain a contract as incurred when the expected period of benefit, and therefore the amortization period, is one year or less. It is also the Company’s accounting policy to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, value added, excise and various other taxes. Lastly, the Company has elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfilment cost, rather than an additional promised service. Contract Assets and Liabilities The Company recognizes a contract asset or receivable on its Consolidated Balance Sheet when the Company performs a service or transfers a good in advance of receiving consideration. A receivable is the Company’s right to consideration that is unconditional and only the passage of time is required before payment of that consideration is due. A contract asset is the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer. The Company had no material contract assets recorded on its Consolidated Balance Sheets as of December 31, 2019 or December 31, 2018. A contract liability is recognized when the Company receives consideration, or if it has the unconditional right to receive consideration, in advance of performance. A contract liability is the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration, or a specified amount of consideration is due, from the customer. The Company’s contract liabilities primarily represent deferred revenue recorded for customer payments received by the Company prior to the Company satisfying the associated performance obligation. The Company acquired and recorded an immaterial amount of deferred revenue as of the respective opening balance sheet dates related to the Combination and Norman Hay acquisition. Deferred revenues are presented within other accrued liabilities in the Company’s Consolidated Balance Sheets. The Company had approximately $ 2.2 million and $ 1.3 million of deferred revenue as of December 31, 2019 and 2018, respectively. During the years ended December 31, 2019 and 2018, respectively, the Company satisfied all of the associated performance obligations and recognized into revenue the advance payments received and recorded as of December 31, 2018 and 2017, respectively. Disaggregated Revenue The Company sells its various industrial process fluids, its specialty chemicals and its technical expertise as a global product portfolio. The Company generally manages and evaluates its performance by segment first, and then by customer industry, rather than by individual product lines. Also, net sales of each of the Company’s major product lines are generally spread throughout all three of the Company’s geographic regions, and in most cases, approximately proportionate to the level of total sales in each region. The following tables present disaggregated information regarding the Company’s net sales, first by major product lines that represent approximately 10% or more of consolidated net sales for any of the years ended December 31, 2019, 2018 and 2017, and followed then by a disaggregation of the Company’s net sales by segment, geographic region, customer industry, and timing of revenue recognized for the years ended December 31, 2019 and December 31, 2018. The Company has made certain reclassifications of disaggregated customer industry disclosures for the year ended December 31, 2018 to conform with the Company’s current period customer industry segmentation. 2019 2018 2017 Rolling lubricants 21.9 % 25.5 % 26.7 % Metal removal fluids 19.9 % 15.4 % 15.1 % Hydraulic fluids 13.0 % 13.0 % 13.7 % Net sales for the year ending December 31, 2019 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 171,784 $ 100,605 $ 141,870 $ 414,259 Metalworking and other 220,337 184,965 105,969 511,271 392,121 285,570 247,839 925,530 Global Specialty Businesses 149,428 30,115 28,430 207,973 $ 541,549 $ 315,685 $ 276,269 $ 1,133,503 Timing of Revenue Recognized Product sales at a point in time $ 525,802 $ 310,274 $ 269,228 $ 1,105,304 Services transferred over time 15,747 5,411 7,041 28,199 $ 541,549 $ 315,685 $ 276,269 $ 1,133,503 Net sales for the year ending December 31, 2018 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 164,263 $ 101,028 $ 120,627 $ 385,918 Metalworking and other 133,338 115,956 71,875 321,169 297,601 216,984 192,502 707,087 Global Specialty Businesses 122,165 16,613 21,655 160,433 $ 419,766 $ 233,597 $ 214,157 $ 867,520 Timing of Revenue Recognized Product sales at a point in time $ 408,402 $ 233,372 $ 206,112 $ 847,886 Services transferred over time 11,364 225 8,045 19,634 $ 419,766 $ 233,597 $ 214,157 $ 867,520 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Note 6 – Leases The Company determines if an arrangement is a lease at its inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for consideration. Control of an underlying asset is conveyed if the Company obtains the rights to direct the use of, and obtains substantially all of the economic benefits from the use of, the underlying asset. Lease expense for variable leases and short-term leases is recognized when the obligation is incurred. The Company has operating leases for certain facilities, vehicles and machinery and equipment with remaining lease terms up to 12 years. In addition, the Company has certain land use leases with remaining lease terms up to 96 years. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by an option to extend the lease that the Company is reasonably certain it will exercise. Operating leases are included in right of use lease assets, other accrued liabilities and long-term lease liabilities on the Consolidated Balance Sheet. Right of use lease assets and liabilities are recognized at each lease’s commencement date based on the present value of its lease payments over its respective lease term. The Company uses the stated borrowing rate for a lease when readily determinable. When a stated borrowing rate is not available in a lease agreement, the Company uses its incremental borrowing rate based on information available at the lease’s commencement date to determine the present value of its lease payments. In determining the incremental borrowing rate used to present value each of its leases, the Company considers certain information including fully secured borrowing rates readily available to the Company and its subsidiaries. The Company has immaterial finance leases, which are included in PP&E, current portion of long-term debt and long-term debt on the Consolidated Balance Sheet. Operating lease expense is recognized on a straight-line basis over the lease term. Operating lease expense for the year ended December 31, 2019 was $ 9.4 million. Short-term lease expense for the year ended December 31, 2019 was $ 1.5 million. The Company has no material variable lease costs or sublease income for the year ended December 31, 2019. Cash paid for operating leases during the year ended December 31, 2019 was $ 9.2 million. Subsequent to the Company’s adoption of the new lease accounting guidance, the Company recorded new right of use lease assets and associated lease liabilities of $ 2.6 million during the year ended December 31, 2019. Supplemental balance sheet information related to the Company’s leases is as follows: December 31, 2019 Right of use lease assets $ 42,905 Other accrued liabilities 11,177 Long-term lease liabilities 31,273 Total operating lease liabilities $ 42,450 Weighted average remaining lease term (years) 6.2 Weighted average discount rate 4.21% Maturities of operating lease liabilities as of December 31, 2019 were as follows: December 31, 2019 For the year ended December 31, 2020 $ 12,731 For the year ended December 31, 2021 10,095 For the year ended December 31, 2022 6,570 For the year ended December 31, 2023 4,692 For the year ended December 31, 2024 3,859 For the year ended December 31, 2025 and beyond 10,982 Total lease payments 48,929 Less: imputed interest ( 6,479) Present value of lease liabilities $ 42,450 Pursuant to the Company’s adoption of the new lease accounting guidance using a modified retrospective transition approach, as permitted, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. As previously disclosed in its Annual Report filed on Form 10-K, as amended by Form 10-K/A, for the year ended December 31, 2018, the following table presents the Company’s future minimum rental commitments under operating leases as of December 31, 2018: For the year ended 2019 $ 7,068 For the year ended 2020 5,635 For the year ended 2021 4,509 For the year ended 2022 3,523 For the year ended 2023 2,659 For the year ended 2024 and beyond 7,779 |
Restructuring and Related Activ
Restructuring and Related Activities | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities Disclosure [Text Block] | Note 7 – Restructuring and Related Activities During the third quarter of 2019, the Company’s management approved and the Company initiated a global restructuring plan (the “QH Program”) as part of its plan to realize certain cost synergies associated with the Combination. The QH Program will include restructuring and associated severance costs to reduce total headcount by approximately 275 people globally and plans for the closure of certain manufacturing and non-manufacturing facilities. The exact timing and total costs associated with the QH Program will depend on a number of factors and is subject to change; however, the Company currently expects reduction in headcount and site closures to occur over the next two years under the QH Program and estimates that total costs related to the QH Program will approximate one-times the anticipated cost synergies realized. Employee separation benefits will vary depending on local regulations within certain foreign countries and will include severance and other benefits. All costs incurred to date related to severance costs to reduce headcount and are recorded in Restructuring and related charges in the Company’s Statements of Income. As described in Note 4 of Notes to Consolidated Financial Statements, restructuring and related charges are not included in the Company’s calculation of reportable segments’ measure of earnings and therefore these costs are not reviewed by or recorded to reportable segments. Activity in the Company’s accrual for restructuring under the QH Program for the year ended December 31, 2019 is as follows: QH Program Accrued restructuring as of December 31, 2018 $ - Restructuring expense, net 26,678 Cash payments ( 8,899) Currency translation adjustments 264 Accrued restructuring as of December 31, 2019 $ 18,043 In response to weak economic conditions and market declines in many regions, the Company’s management approved a global restructuring plan (the “2015 Program”) in the fourth quarter of 2015 and had only $ 0.7 million of remaining accrued restructuring as of December 31, 2016. The Company completed all of the remaining initiatives under the 2015 Program in the first half of 2017, including final cash payments of $ 0.7 million. There were no restructuring expenses incurred under the 2015 Program during 2017. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 8 – Share-Based Compensation The Company recognized the following share-based compensation expense in its Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Stock options $ 1,448 $ 1,053 $ 958 Nonvested stock awards and restricted stock units 3,206 2,459 2,935 Employee stock purchase plan 84 89 88 Non-elective and elective 401(k) matching contribution in stock — — 72 Director stock ownership plan 123 123 137 Total share-based compensation expense $ 4,861 $ 3,724 $ 4,190 Share-based compensation expense is recorded in SG&A, except for $ 0.9 million and $ 0.1 million during the years ended December 2019 and 2018, respectively, recorded within Combination and other acquisition-related expenses. Stock Options 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 as of January 1, 2019 122,072 $ 116.39 Options granted 51,610 154.92 Options exercised ( 28,535) 80.22 Options forfeited ( 735) 147.01 Options outstanding as of December 31, 2019 144,412 $ 137.15 4.8 $ 4,066 Options expected to vest after December 31, 2019 84,839 $ 151.12 5.6 $ 1,204 Options exercisable as of December 31, 2019 59,573 $ 117.27 3.7 $ 2,862 The total intrinsic value of options exercised during the years ended December 31, 2019, 2018 and 2017 was approximately $2.5 million, $2.0 million and $3.4 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, 2019 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) $ 50.01 - $ 60.00 874 0.2 $ 58.26 874 $ 58.26 $ 60.01 - $ 70.00 — — — — — $ 70.01 - $ 80.00 17,268 2.7 72.29 17,268 72.29 $ 80.01 - $ 90.00 2,797 2.1 87.30 2,797 87.30 $ 90.01 - $ 130.00 — — — — — $ 130.01 - $ 140.00 37,167 4.0 134.60 24,898 134.60 $ 140.01 - $ 150.00 — — — — — $ 150.01 - $ 160.00 86,306 5.7 153.65 13,736 152.26 144,412 4.8 137.15 59,573 117.27 As of December 31, 2019, unrecognized compensation expense related to options granted in 2019, 2018 and 2017 was $1.0 million, $0.4 million and less than $0.1 million, respectively, to be recognized over a weighted average period of 1.3 years. The Company granted stock options under its LTIP plan that are subject only to time vesting generally over a three-year period during 2019, 2018, 2017 and 2016. For the purposes of determining the fair value of stock option awards, the Company uses the Black-Scholes option pricing model and the assumptions set forth in the table below: 2019 2018 2017 2016 Number of stock options granted 51,610 35,842 42,477 67,444 Dividend yield 1.12 % 1.37 % 1.49 % 1.49 % Expected volatility 26.29 % 24.73 % 25.52 % 28.39 % Risk-free interest rate 1.52 % 2.54 % 1.67 % 1.08 % 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, 2019, 2018 and 2017, respectively, is as follows: 2019 2018 2017 2019 Stock option awards $ 665 $ — $ — 2018 Stock option awards 364 310 — 2017 Stock option awards 369 367 308 2016 Stock option awards 50 332 332 Restricted Stock Awards Activity of nonvested restricted stock awards granted under the Company’s LTIP plan is shown below: Number of Weighted Average Grant Shares Date Fair Value (per share) Nonvested awards, December 31, 2018 52,785 $ 112.09 Granted 40,382 158.16 Vested ( 27,572) 84.19 Forfeited ( 1,095) 123.27 Nonvested awards, December 31, 2019 64,500 $ 152.67 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, 2019, unrecognized compensation expense related to these awards was $5.5 1.9 years. Restricted Stock Units Activity of nonvested restricted stock units granted under the Company’s LTIP plan is shown below: Number of Weighted Average Grant Units Date Fair Value (per unit) Nonvested awards, December 31, 2018 4,650 $ 117.03 Granted 6,060 154.92 Vested ( 1,972) 78.36 Forfeited ( 83) 145.96 Nonvested awards, December 31, 2019 8,655 $ 152.09 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, 2019, unrecognized compensation expense related to these awards was $0.8 million, to be recognized over a weighted average remaining period of 1.8 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, which was in place and active as of December 31, 2019. Purchases were made from the plan and credited to each participant’s account on the last day of each calendar month in which the organized securities trading markets in the United States were open for business (the “Investment Date”). The purchase price of the stock was 85% of the fair market value on the Investment Date. The plan was compensatory, and the 15% discount was expensed on the Investment Date. All employees, including officers, were eligible to participate in this plan. A participant could 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 was not eligible to participate in this plan. Effective January 1, 2020, the Company discontinued the ESPP. 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 $0.1 |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Note 9 – Other Expense, net Other expense, net, for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Income from third party license fees $ 1,035 $ 862 $ 861 Foreign exchange gains (losses), net 223 ( 807) 891 Gain (loss) on fixed asset disposals, net 58 657 ( 79) Non-income tax refunds and other related credits 1,118 668 1,015 Pension and postretirement benefit costs, non-service components ( 2,805) ( 2,285) ( 4,234) Insurance insolvency recovery 60 90 600 Other non-operating income 455 425 380 Other non-operating expense ( 398) ( 252) ( 152) Total other expense, net $ ( 254) $ ( 642) $ ( 718) Foreign exchange gains (losses), net, during the years ended December 31, 2019 and 2018, include foreign currency transaction losses of $ 1.0 million and $ 0.4 million, respectively, related to hyper-inflationary accounting for the Company’s Argentine subsidiaries, and specific to 2018, a foreign currency transaction gain of approximately $ 0.4 million related to the liquidation of an inactive legal entity. See Note 1 of Notes to Consolidated Financial Statements. Gain (loss) on fixed asset disposals, net, during the year ended December 31, 2018 and 2017, includes a $ 0.6 million gain and a $ 0.1 million loss, respectively, on the sale of held-for-sale assets in each period. Pension and postretirement benefit costs, non-service components during the year ended December 31, 2017 includes a $ 1.9 million pension settlement charge. See Note 21 of Notes to Consolidated Financial Statements. Insurance insolvency recovery during the years ended December 31, 2019, 2018 and 2017 represents cash proceeds from an insolvent insurance carrier with respect to a previously filed recovery claim by an inactive subsidiary of the Company. |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2019 | |
Taxes on Income and Uncertain Tax Positions [Abstract] | |
Taxes on Income [Text Block] | Note 10 – Taxes on Income On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as U.S. Tax Reform. U.S. Tax Reform implemented a new system of taxation for non-U.S. earnings which eliminated U.S. federal income taxes on dividends from certain foreign subsidiaries and imposed a one-time transition tax on the deemed repatriation of undistributed earnings of certain foreign subsidiaries that is payable over eight years. Following numerous regulations, notices, and other formal guidance published by the Internal Revenue Service (“I.R.S.”), U.S. Department of Treasury, and various state taxing authorities, the Company has completed its accounting for the transition tax and has elected to pay its $ 15.5 million transition tax in installments over eight years as permitted under U.S. Tax Reform. As of December 31, 2019, $ 7.0 million in installments have been paid with the remaining $ 8.5 million to be paid through installments in future years. As of December 31, 2019, the Company has a deferred tax liability of $ 8.2 million on certain undistributed foreign earnings, which primarily represents the Company’s estimate of the non-U.S. income taxes the Company will incur to ultimately remit certain earnings to the U.S. The Company’s reinvestment assertions are further explained below. Taxes on income before equity in net income of associated companies for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Current: Federal $ ( 239) $ 6,583 $ 21,265 State 352 ( 1,844) 2,529 Foreign 26,213 12,114 14,105 26,326 16,853 37,899 Deferred: Federal ( 9,267) 7,859 6,889 State ( 396) ( 173) ( 36) Foreign ( 14,579) 511 ( 3,099) Total $ 2,084 $ 25,050 $ 41,653 The components of earnings before income taxes for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 U.S. $ ( 46,697) $ 27,387 $ 10,468 Foreign 75,601 55,711 50,200 Total $ 28,904 $ 83,098 $ 60,668 Total deferred tax assets and liabilities are composed of the following as of December 31, 2019 and 2018: 2019 2018 Retirement benefits $ 15,142 $ 8,185 Allowance for doubtful accounts 2,253 1,160 Insurance and litigation reserves 1,002 357 Performance incentives 7,213 4,364 Equity-based compensation 1,050 753 Prepaid expense 2,976 ( 6) Insurance settlement 3,895 3,962 Operating loss carryforward 16,044 8,434 Foreign tax credit and other credits 34,384 — Interest 11,479 614 Restructuring reserves 2,167 ( 802) Right of use lease assets 10,015 — Royalties and license fees 2,156 325 Inventory reserves 2,163 841 Research and development 2,580 ( 5) Other 1,317 489 115,836 28,671 Valuation allowance ( 13,834) ( 7,520) Total deferred tax assets, net $ 102,002 $ 21,151 Depreciation 17,754 4,098 Foreign pension and other 1,269 1,062 Amortization and other 254,359 11,191 Lease liabilities 9,965 — Outside basis in equity investment 6,776 — Unremitted Earnings 8,228 7,857 Total deferred tax liabilities $ 298,351 $ 24,208 The Company has $ 11.9 million of deferred tax assets related to state net operating losses. A partial valuation allowance of $ 10.6 million has been established against this amount resulting in a net $ 1.3 million expected future benefit. Management analyzed the expected impact of the reversal of existing taxable temporary differences, considered expiration dates, analyzed current state tax laws, and determined that $ 1.3 million of state net operating loss carryforwards will be realized based on the reversal of deferred tax liabilities. These state net operating losses are subject to various carryforward periods of 5 years to 20 years or an indefinite carryforward period. The Company has $ 4.2 million of deferred tax assets related to foreign net operating loss carryforwards. A partial valuation allowance of $ 2.2 million has been established against the $ 4.2 million due to the expected expiration of these losses before they are able to be utilized. These foreign net operating losses are subject to various carryforward periods with the majority having an indefinite carryforward period. In conjunction with the Combination, the Company acquired foreign tax credit deferred tax assets of $ 41.8 million expiring between 2019 and 2028. Foreign tax credits may be carried forward for 10 years. Management analyzed the expected impact of the utilization of pre-acquisition foreign tax credits based on projected US taxable income, overall domestic loss recapture, annual limitations due to the ownership change limitations provided by the Internal Revenue Code, and enacted tax law as of August 1, 2019. As of the opening balance sheet, management determined that foreign tax credits of $ 33.1 million will be realized prior to expiration and recorded an $ 8.7 million valuation allowance of which $ 7.7 million related to credits expected to expire at December 31, 2019. The Company analyzed the realizability of its foreign tax credit deferred tax assets as of the balance sheet date based on revised taxable income projections and expirations. As of December 31, 2019, the Company had net realizable foreign tax credits of $ 32.7 million on its balance sheet expected to be utilized between 2020 and 2026. The Company also acquired disallowed interest deferred tax assets of $ 13.2 million as part of the Combination. Disallowed interest may be carried forward indefinitely. Management analyzed the expected impact of the utilization of disallowed interest carryforwards based on projected US taxable income and determined that the Company will utilize all expected future benefits by 2022. As of December 31, 2019, the Company had a net realizable disallowed interest carryforward of $ 10.9 million on its balance sheet. As of December 31, 2019, the Company had deferred tax liabilities of $ 254.4 million primarily related to the step-up in intangibles resulting from the Combination and Norman Hay acquisition. As part of the Combination, the Company acquired a 50% interest in the Korea Houghton Corporation joint venture and has recorded a $ 6.8 million deferred tax liability for its outside basis difference. The following are the changes in the Company’s deferred tax asset valuation allowance for the years ended December 31, 2019, 2018 and 2017: Effect of Balance at Purchase Additional Allowance Exchange Balance Beginning Accounting Valuation Utilization Rate at End of Period Adjustments Allowance and Other Changes of Period Valuation Allowance Year ended December 31, 2019 $ 7,520 $ 13,752 $ 832 $ ( 8,227) $ ( 43) $ 13,834 Year ended December 31, 2018 $ 7,401 $ — $ 650 $ ( 471) $ ( 60) $ 7,520 Year ended December 31, 2017 $ 6,344 $ — $ 1,127 $ ( 61) $ ( 9) $ 7,401 Included in the additional valuation allowance column in the table above is $ 13.8 million of valuation allowances established as part of purchase accounting related to the Combination. The Company’s net deferred tax assets and liabilities are classified in the Consolidated Balance Sheets as of December 31, 2019 and 2018 as follows: 2019 2018 Non-current deferred tax assets $ 14,745 $ 6,946 Non-current deferred tax liabilities 211,094 10,003 Net deferred tax liability $ ( 196,349) $ ( 3,057) 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, 2019, 2018 and 2017: 2019 2018 2017 Income tax provision at the Federal statutory tax rate $ 6,070 $ 17,458 $ 21,229 Unremitted Earnings 1,743 7,857 — Transition Tax ( 416) ( 3,118) 18,388 Revaluation of U.S. deferred tax assets and liabilities — — 4,470 Global intangible low taxed income — 1,211 — Foreign derived intangible income ( 2,380) ( 1,034) — Non-deductible acquisition expenses 1,970 1,019 4,779 Share-based compensation ( 540) 259 ( 1,419) Differences in tax rates on foreign earnings and remittances 920 1,081 ( 2,663) Foreign tax credits — — ( 2,761) Research and development credit ( 385) ( 230) ( 235) Uncertain tax positions 899 ( 79) ( 651) U.S. domestic production activities deduction — — ( 1,155) State income tax provisions, net ( 117) 196 569 Non-deductible meals and entertainment 318 415 248 Intercompany transfer of intangible assets ( 5,318) — — Miscellaneous items, net ( 680) 15 854 Taxes on income before equity in net income of associated companies $ 2,084 $ 25,050 $ 41,653 Pursuant to U.S. Tax Reform, the Company recorded a $ 15.5 million transition tax liability for U.S. income taxes on the undistributed earnings of non-U.S. subsidiaries. However, the Company may also be subject to other taxes, such as withholding taxes and dividend distribution taxes, if these undistributed earnings are ultimately remitted to the U.S. As a result of the Combination, additional third-party debt was incurred resulting in the Company re-evaluating its global cash strategy in order to meet its goal of reducing leverage in upcoming years. As of December 31, 2019, the Company has a deferred tax liability $ 8.2 million, which primarily represents the estimate of the non-U.S. taxes the Company will incur to ultimately remit these earnings to the U.S. It is the Company’s current intention to reinvest its additional undistributed earnings of non-U.S. subsidiaries to support working capital needs and certain other growth initiatives outside of the U.S. The amount of such undistributed earnings at December 31, 2019 was approximately $ 255.3 million. It is currently impractical to estimate any such incremental tax expense. As of December 31, 2019, the Company’s cumulative liability for gross unrecognized tax benefits was $ 19.1 million. The Company had accrued approximately $ 3.1 2.3 7.1 million. The Company had accrued approximately $ 0.8 0.6 The Company continues to recognize interest and penalties associated with uncertain tax positions as a component of tax expense on income before equity in net income of associated companies in its Consolidated Statements of Income. The Company recognized a credit of $ 0.2 0.2 million for interest (net of expirations and settlements) in its Consolidated Statement of Income for the year ended December 31, 2019, a credit of $ 0.2 0.1 million for interest (net of expirations and settlements) in its Consolidated Statement of Income for the year ended December 31, 2018, and a credit of $ 0.7 0.2 million for interest (net of expirations and settlements) in its Consolidated Statement of Income for the year ended December 31, 2017. The Company estimates that during the year ending December 31, 2020, it will reduce its cumulative liability for gross unrecognized tax benefits by approximately $ 3.9 2019 2018 2017 Unrecognized tax benefits as of January 1 $ 7,050 $ 6,761 $ 6,240 Increase (decrease) in unrecognized tax benefits taken in prior periods ( 28) ( 183) ( 308) Increase in unrecognized tax benefits taken in current period 1,935 2,023 2,347 Decrease in unrecognized tax benefits due to lapse of statute of limitations ( 1,029) ( 1,292) ( 2,116) Increase in unrecognized tax benefits due to acquisition 11,301 — — (Decrease) increase due to foreign exchange rates ( 132) ( 259) 598 Unrecognized tax benefits as of December 31 $ 19,097 $ 7,050 $ 6,761 The amount of net unrecognized tax benefits above that, if recognized, would impact the Company’s tax expense and effective tax rate is $ 13.3 million, $ 2.2 million and $ 2.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. 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 2006, China from 2009, Canada from 2010, the Netherlands from 2013, the United Kingdom from 2014, Mexico, Spain, and Germany from 2015 , the U.S. from 2016, India from fiscal year beginning April 1, 2017 and ending March 31, 2018, and various U.S. state tax jurisdictions from 2010. 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 through 2013. The Company has filed for competent authority relief from these assessments under the Mutual Agreement Procedures (“MAP”) of the Organization for Economic Co-Operation and Development for all years except 2007. During the second quarter of 2018, the Italian tax authorities assessed additional tax due from Quaker Italia, S.r.l., relating to the tax years 2014 and 2015. The Company met with the Italian tax authorities in the fourth quarter of 2018 to discuss these assessments and no resolution was agreed upon, so the Company filed an appeal with the first level of tax court in Italy. If the appeal is not successful in materially reducing the assessed tax, then the Company will further evaluate its options including potentially filing for competent authority relief from these assessments under MAP, consistent with the Company’s previous filings for 2008 through 2013. As of December 31, 2019, the Company believes it has adequate reserves for uncertain tax positions with respect to these and all other audits. Houghton Italia, S.r.l is also currently involved in a corporate income tax audit with the Italian tax authorities covering tax years 2014 through 2017. As part of the purchase accounting related to the Houghton combination, the Company has established a $ 4.0 million reserve for uncertain tax positions. These amounts relate to the 2014 to 2017 audit period as well as 2018 and the 2019 short-period prior to the August 1, 2019 combination. Since these amounts relate to tax periods prior to the combination, the Company expects that it would file an indemnification claim with Houghton’s former owners for any tax liabilities arising pre-Combination. As a result, a corresponding $ 4.0 million indemnification receivable has also been established through purchase accounting that would offset the $ 4.0 million in tax liabilities also booked through purchase accounting. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 11 – Earnings Per Share The following table summarizes earnings per share calculations for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 31,622 $ 59,473 $ 20,278 Less: income allocated to participating securities ( 90) ( 253) ( 137) Net income available to common shareholders $ 31,532 $ 59,220 $ 20,141 Basic weighted average common shares outstanding 15,126,928 13,268,047 13,204,872 Basic earnings per common share $ 2.08 $ 4.46 $ 1.53 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 31,622 $ 59,473 $ 20,278 Less: income allocated to participating securities ( 90) ( 252) ( 137) Net income available to common shareholders $ 31,532 $ 59,221 $ 20,141 Basic weighted average common shares outstanding 15,126,928 13,268,047 13,204,872 Effect of dilutive securities 36,243 36,685 41,074 Diluted weighted average common shares outstanding 15,163,171 13,304,732 13,245,946 Diluted earnings per common share $ 2.08 $ 4.45 $ 1.52 The Company’s calculation of earnings per diluted share attributable to Quaker Chemical Corporation common shareholders for the year ended December 31, 2019 was impacted by the variability of its reported earnings and the approximately 4.3 million share issuance in connection with closing the Combination, comprising approximately 24.5% of the common stock of the Company as of December 31, 2019. C ertain stock options and restricted stock units are not included in the diluted earnings per share calculation since the effect would have been anti-dilutive. The calculated amount of anti-diluted shares not included were 108 in 2019, 1,808 in 2018 and 3,671 in 2017. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2019 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
Cash And Cash Equivalents Disclosure [Text Block] | Note 12 – Restricted Cash The Company has restricted cash recorded in other assets related to proceeds from an inactive subsidiary of the Company which previously executed separate settlement and release agreements with two of its insurance carriers for an original total value of $35.0 million. 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 which earned $ million in both the years ended December 31, 2019 and 2018, offset by $ 0.8 million and $ 1.1 million of net payments during 2019 and 2018, respectively See Notes 18, 22 and 26 of Notes to Consolidated Financial Statements. The following table provides a reconciliation of cash, cash equivalents and restricted cash as December 31, 2019, 2018, 2017 and 2016: 2019 2018 2017 2016 Cash and cash equivalents $ 123,524 $ 104,147 $ 89,879 $ 88,818 Restricted cash included in other current assets 353 — — — Restricted cash included in other assets 19,678 20,278 21,171 21,883 Cash, cash equivalents and restricted cash $ 143,555 $ 124,425 $ 111,050 $ 110,701 |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Receivable and Allowance for Doubtful Accounts [Abstract] | |
Accounts Receivable and Allowance for Doubtful Accounts [Text Block] | Note 13 – Accounts Receivable and Allowance for Doubtful Accounts As of December 31, 2019 and 2018, the Company had gross trade accounts receivable totaling $387.7 $207.3 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, 2019 $ 5,187 $ 1,925 $ ( 322) $ 4,926 $ 11,716 Year ended December 31, 2018 $ 5,457 $ 493 $ ( 295) $ ( 468) $ 5,187 Year ended December 31, 2017 $ 7,220 $ 137 $ ( 2,206) $ 306 $ 5,457 Included in exchange rate changes and other adjustments for the year ended December 31, 2019 are the allowance for doubtful accounts of $ 5.0 million related to the acquired receivables in connection with the Combination and Norman Hay acquisition. See Note 2 of Notes to Consolidated Financial Statements. Included in exchange rate changes and other adjustments for the year ended December 31, 2018 is a reclassification of $ 0.3 million to other assets related to certain customer receivables due greater than a year. There were no similar adjustments in 2019 or 2017. Included in write-offs charged to allowance during the year ended December 31, 2017 were outstanding receivables related to certain prior year customer bankruptcies, which the Company previously reserved for, but settled during 2017. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Inventories [Text Block] | Note 14 – Inventories Inventories, net, as of December 31, 2019 and 2018 were as follows: 2019 2018 Raw materials and supplies $ 82,058 $ 48,134 Work in process, finished goods and reserves 92,892 45,956 Total inventories, net $ 174,950 $ 94,090 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Text Block] | Note 15 – Property, Plant and Equipment Property, plant and equipment as of December 31, 2019 and 2018 were as follows: 2019 2018 Land $ 34,686 $ 10,170 Building and improvements 130,462 84,980 Machinery and equipment 225,636 151,180 Construction in progress 8,050 7,907 Property, Plant and Equipment, at cost 398,834 254,237 Less accumulated depreciation ( 185,365) ( 170,314) Total Property, Plant and Equipment, net $ 213,469 $ 83,923 As of December 31, 2019, PP&E includes $ 0.2 million of capital lease assets and future minimum lease payments. In connection with the Combination, $2.3 million of initial fair value assigned to certain PP&E was reclassified to prepaid expenses and other current assets as of December 31, 2019 as it is currently held-for-sale. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets Disclosure [Text Block] | Note 16 – Goodwill and Other Intangible Assets The Company completes its annual goodwill impairment test during the fourth quarter of each year, or more frequently if triggering events indicate a possible impairment in one or more of its reporting units. As described in Note 4 of Notes to Consolidated Financial Statements, during the third quarter of 2019, the Company changed its reportable segments and associated reporting units. In connection with this change, the Company performed a qualitative assessment and concluded that there was no evidence of events or circumstances that would indicate a material change from the Company’s prior year quantitative impairment assessment. The Company completed its annual impairment assessment during the fourth quarter of 2019 and concluded no impairment charge was warranted. The Company has recorded no impairment charges in its past and continually evaluates 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. In connection with the change in its reportable segments, noted above, the Company reallocated existing goodwill to each of the new reportable segments and associated reporting units, based on management’s estimate of the relative fair value of each reporting unit. The result of this reallocation of goodwill has been recast, by reportable segment, as of December 31, 2017 and 2018 and for all activity within the periods presented. Changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 were as follows: Global Specialty Americas EMEA Asia/Pacific Businesses Total Balance as of December 31, 2017 $ 28,921 $ 18,476 $ 13,933 $ 24,704 $ 86,034 Currency translation adjustments ( 457) ( 1,053) ( 784) ( 407) ( 2,701) Balance as of December 31, 2018 28,464 17,423 13,149 24,297 83,333 Goodwill additions 188,494 114,167 130,091 91,545 524,297 Currency translation adjustments ( 573) 1,428 ( 1,513) 233 ( 425) Balance as of December 31, 2019 $ 216,385 $ 133,018 $ 141,727 $ 116,075 $ 607,205 Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of December 31, 2019 and 2018 were as follows: Gross Carrying Accumulated Amount Amortization 2019 2018 2019 2018 Customer lists and rights to sell $ 792,362 $ 74,989 $ 49,932 $ 29,587 Trademarks, formulations and product technology 157,049 33,275 21,299 16,469 Other 6,261 5,840 5,776 5,566 Total definite-lived intangible assets $ 955,672 $ 114,104 $ 77,007 $ 51,622 The Company recorded $ 26.7 million, $ 7.3 million and $ 7.4 million of amortization expense during the years ended December 31, 2019, 2018 and 2017, respectively. Amortization is recorded within SG&A in the Company’s Consolidated Statements of Income. Estimated annual aggregate amortization expense for the subsequent five years is as follows: For the year ended December 31, 2020 $ 55,977 For the year ended December 31, 2021 55,630 For the year ended December 31, 2022 55,476 For the year ended December 31, 2023 55,259 For the year ended December 31, 2024 54,728 The Company has four indefinite-lived intangible assets totaling $ 243.1 million as of December 31, 2019, including $ 242.0 million of indefinite-lived intangible assets for trademarks and tradenames associated with the Combination. Comparatively, the Company had two indefinite-lived intangible assets for trademarks and tradenames totaling $ 1.1 million as of December 31, 2018. |
Investments in Associated Compa
Investments in Associated Companies | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Associated Companies [Abstract] | |
Investments in Associated Companies [Text Block] | Note 17 – Investments in Associated Companies As of December 31, 2019, the Company held a 50% investment in and had significant influence over Nippon Quaker Chemical, Ltd. (“Nippon Japan”) and Kelko Quaker Chemical, S.A. (“Kelko Panama”) and held a 33% investment in and had significant influence over Primex, Ltd. (“Primex”). In connection with the Combination, the Company acquired a 50% investment in Houghton Korea, which the Company also has significant influence over. See Note 2 of Notes to Consolidated Financial Statements. The carrying amount of the Company’s equity investments as of December 31, 2019 was $ 93.8 million, which includes investments of $ 70.4 million in Houghton Korea; $ 16.2 million in Primex; $ 7.0 million in Nippon Japan; and $ 0.2 million in Kelko Panama. The Company also has a 50% equity interest in Kelko Venezuela. Due to heightened foreign exchange controls, deteriorating economic circumstances and other restrictions in Venezuela, during 2018 the Company concluded that it no longer had significant influence over this affiliate. Prior to this determination, the Company historically accounted for this affiliate under the equity method. As of December 31, 2019 and 2018, the Company had no remaining carrying value for its investment in Kelko Venezuela. The following table is a summary of equity income in associated companies by investment for the years ending December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Houghton Korea $ 2,337 $ - $ - Nippon Japan 850 713 585 Kelko Panama 55 222 195 Kelko Venezuela - ( 138) ( 42) Primex 1,822 966 2,547 Total equity in net income of associated companies $ 5,064 $ 1,763 $ 3,285 As the Combination closed on August 1, 2019, the Company included five months of equity income from Houghton Korea in its December 31, 2019 Consolidated Statement of Income. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets [Text Block] | Note 18 – Other Non-Current Assets Other non-current assets as of December 31, 2019 and 2018 were as follows : 2019 2018 Restricted insurance settlement $ 19,678 $ 20,278 Debt issuance costs 7,571 — Indemnification assets 4,006 — Uncertain tax positions 4,993 4,861 Supplemental retirement income program 1,782 1,491 Pension assets — 3,656 Other 2,403 1,769 Total other assets $ 40,433 $ 32,055 As of December 31, 2019, indemnification assets relates to tax position of certain Houghton foreign subsidiaries for which the Company expects it will incur additional tax amounts which are subject to indemnification under the terms of the Combination share and purchase agreement. These indemnification assets have a corresponding uncertain tax position recorded in other non-current liabilities. Additionally, during 2019 the Company capitalized certain third-party debt issuance costs in connection with executing the New Credit Facility for which amounts attributed to the revolver are included within the table above. See Notes 10, 20 and 22 of Notes to Consolidated Financial Statements. As of December 31, 2018, one of the Company’s U.S. pension plan’s fair value of plan assets exceeded its gross benefit obligation and was therefore over-funded, which is represented by the line Pension assets in the table above. As of December 31, 2019, as a result of the plan termination expected to be finalized in early 2020, the plan was valued on a basis where plan liabilities approximate the estimated expected payouts resulting from plan termination and therefore this pension plan is no longer in an over-funded position on this basis. See also Note 21 of Notes to Consolidated Financial Statements. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Current Liabilities [Abstract] | |
Other Accrued Liabilities Disclosure [Text Block] | Note 19 – Other Accrued Liabilities Other accrued liabilities as of December 31, 2019 and 2018 were as follows : 2019 2018 Non-income taxes $ 21,176 $ 8,462 Short-term lease liabilities 11,177 - Professional fees 11,220 3,831 Current income taxes payable 7,503 1,358 Selling expenses 6,646 3,582 Customer advances and sales return reserves 5,554 2,187 Freight 4,704 2,188 Acquisition-related accruals 3,521 - Legal 2,362 1,067 Environmental 734 - Accrued rent and facilities 994 763 Accrued interest 855 4,340 Other 7,159 3,330 Total other accrued liabilities $ 83,605 $ 31,108 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt [Abstract] | |
Debt [Text Block] | Note 20 – Debt Debt as of December 31, 2019 and 2018 includes the following: As of December 31, 2019 As of December 31, 2018 Interest Outstanding Interest Outstanding Rate Balance Rate Balance Credit Facilities: Revolver 3.20% $ 171,169 1.00% $ 24,034 U.S. Term Loan 3.20% 600,000 N/A — EURO Term Loan 1.50% 151,188 N/A — Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 2,608 Various 2,570 Total debt $ 934,965 $ 36,604 Less: debt issuance costs ( 14,196) — Less: short-term and current portion of long-term debts ( 38,332) ( 670) Total long-term debt $ 882,437 $ 35,934 Credit facilities Prior to the Combination, the Company secured commitments from certain banks for a new credit facility (as amended, the “New Credit Facility”). Concurrent with the closing of the Combination on August 1, 2019, those banks, Bank of America N.A. as administrative agent, the Company and certain other parties closed on the New Credit Facility, replacing the Company’s previous revolving credit facility (the “Old Credit Facility”). The New Credit Facility is comprised of a $ 400.0 million multicurrency revolver (“the Revolver”), a $ 600.0 million U.S. term loan (the “U.S. Term Loan”), each with the Company as borrower, and a $ 150.0 million (as of August 1, 2019) Euro equivalent term loan (the “EURO Term Loan” and together with the “U.S. Term Loan”, the “Term Loans”) with Quaker Chemical B.V., a Dutch subsidiary of the Company as borrower, each with a five-year term maturing in August 2024 300.0 million at the Company’s request if there are lenders who agree to accept additional commitments and the Company has satisfied certain other conditions. Borrowings under the New Credit Facility bear interest at a base rate or LIBOR plus an applicable margin based upon the Company’s consolidated net leverage ratio. There are LIBOR replacement provisions that contemplate a further amendment if and when LIBOR ceases to be reported. Interest incurred on the outstanding borrowings under the New Credit Facility post-closing of the Combination through December 31, 2019 was approximately 3.1% per annum. In addition to paying interest on outstanding principal under the New Credit Facility, the Company is required to pay a 0.25% commitment fee to the lenders under the Revolver in respect of the unutilized commitments thereunder. The Company has unused capacity under the Revolver of approximately $ 221 million, net of bank letters of credit of approximately $ 8 million, as of December 31, 2019. Until closing of the Combination, the Company incurred ticking fees to maintain the bank commitment, which began to accrue on September 29, 2017. Concurrent with closing of the Combination and executing the New Credit Facility, the Company paid approximately $ 6.3 million of ticking fees. The New Credit Facility is subject to certain financial and other covenants. The Company’s initial consolidated net debt to consolidated adjusted EBITDA ratio cannot exceed 4.25 to 1, with step downs in the permitted ratio over the course of the New Credit Facility. The Company’s consolidated adjusted EBITDA to interest expense ratio cannot be less than 3.0 to 1. Such covenants are more fully defined in the New Credit Facility, of which the associated credit agreement is included as an exhibit to this Report. The New Credit Facility has limitations on the ability of the Company to pay dividends; it may not pay cash dividends if it is in default and the amount it may pay each year is limited to the greater of $50.0 million and 20% of consolidated adjusted EBITDA unless the ratio of consolidated net debt to consolidated adjusted EBITDA is less than 2.0 to 1, in which case there is no such limitation on amount. At the closing of the Combination and as of December 31, 2019, the Company was in compliance with all of the New Credit Facility covenants. The Term Loans have quarterly principal amortization during their respective five-year maturities, with 5.0% amortization of the principal balance due in years 1 and 2, 7.5% in year 3, and 10.0% in years 4 and 5, with the remaining principal amount due at maturity. The New Credit Facility is guaranteed by certain of the Company’s domestic subsidiaries and is secured by first priority liens on substantially all of the assets of the Company and the domestic subsidiary guarantors, subject to certain customary exclusions. The obligations of the Dutch borrower only are guaranteed by certain foreign subsidiaries on an unsecured basis. On March 17, 2020 , the Company, the administrative agent, and certain other parties entered into an amendment (the “Amendment”) to the New Credit Facility. The New Credit Facility requires the Company to deliver to the administrative agent and each lender the audited consolidated financial statements of the Company at the end of each fiscal year. Without having obtained the Amendment, failing to observe this financial statements covenant by March 17, 2020 with respect to the Company’s financial statements for 2019 would have been an event of default under the New Credit Facility, thereby entitling the administrative agent and the lenders to accelerate the payment of the unpaid principal amount of all outstanding loans and all interest accrued and unpaid thereon, among other remedies. The Amendment extends the delivery dates for the foregoing financial statements to April 16, 2020. The New Credit Facility required the Company to fix its variable interest rates on at least 20% of its total Term Loans. In order to satisfy this requirement as well as to manage the Company’s exposure to variable interest rate risk associated with the New Credit Facility, in November 2019, the Company entered into $ 170.0 million notional amounts of three-year interest rate swaps at a base rate of 1.64% plus an applicable margin as provided in the New Credit Facility, based on the Company’s consolidated net leverage ratio. At the time the Company entered into the swaps, this aggregate rate was 3.1%. See Note 25 of Notes to Consolidated Financial Statements. The Company capitalized $ 23.7 million of certain third-party debt issuance costs in connection with executing the New Credit Facility. Approximately $ 15.5 million of the capitalized costs were attributed to the Term Loans and recorded as a direct reduction of long-term debt on the Company’s Consolidated Balance Sheet. Approximately $ 8.3 million of the capitalized costs were attributed to the Revolver and recorded within other assets on the Company’s Consolidated Balance Sheet. These capitalized costs will be amortized into interest expense over the five-year term of the New Credit Facility. The Old Credit Facility was a $ 300.0 million syndicated multicurrency, unsecured revolving credit facility with a group of lenders. Borrowings under the Old Credit Facility generally bore interest at a base rate or LIBOR rate plus a margin. The Old Credit Facility had certain financial and other covenants, with the key financial covenant requiring that the Company’s consolidated total debt to adjusted EBITDA ratio could not exceed 3.50 to 1. During July 2019, the Old Credit Facility was amended and restated to extend the maturity date to August 31, 2020 and was subsequently replaced by the New Credit Facility as of August 1, 2019. Industrial development bonds As of December 31, 2019 and 2018, the Company had fixed rate, industrial development authority bonds due in 2028. As of December 31, 2017, the Company also had a $ 5.0 million industrial development authority bond bearing interest at a rate of 5.60%, which matured and was paid off during the fourth quarter of 2018. These bonds have similar covenants to the credit facilities noted above. Bank lines of credit and other debt obligations In connection with the Combination, the Company assumed certain unsecured bank lines of credit and discounting facilities in one of its foreign subsidiaries, which are not collateralized. The Company’s other debt obligations primarily consist of certain domestic and foreign low interest rate or interest-free municipality-related loans, local credit facilities of certain foreign subsidiaries and capital lease obligations. Total unused capacity under these arrangements as of December 31, 2019 was approximately $ 28 million. In addition to the bank letters of credit described in the Credit facilities section above, the Company’s only other off-balance sheet arrangements include financial guarantees. The Company’s total bank letters of credit and guarantees outstanding as of December 31, 2019 were approximately $ 15 million. At December 31, 2019, annual maturities on long-term borrowings maturing in the next five fiscal years (excluding the reduction to long-term debt attributed to capitalized and unamortized debt issuance costs) are as follows: 2020 $ 38,686 2021 38,007 2022 56,661 2023 75,414 2024 716,021 The Company incurred the following debt related expenses included within Interest expense, net, in the Consolidated Statements of Income: Year Ended December 31, 2019 2018 2017 Interest expense $ 16,788 $ 6,158 $ 3,892 Amortization of debt issuance costs 1,979 70 241 Total $ 18,767 $ 6,228 $ 4,133 Based on the variable interest rates associated with the New Credit Facility and the Old Credit Facility, as of December 31, 2019 and 2018, the amounts at which the Company’s total debt were recorded are not materially different from their fair market value. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Pension and Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits Disclosure [Text Block] | Note 21 – Pension and Other Postretirement Benefits The following table shows the funded status of the Company’s plans’ reconciled with amounts reported in the Consolidated Balance Sheets as of December 31, 2019 and 2018: Other Post- Pension Benefits Retirement Benefits 2019 2018 2019 2018 Change in benefit obligation Foreign U.S. Total Foreign U.S. Total U.S. U.S. Gross benefit obligation at beginning of year $ 111,316 $ 58,734 $ 170,050 $ 118,352 $ 62,977 $ 181,329 $ 4,106 $ 4,729 Service cost 3,507 434 3,941 3,426 383 3,809 6 7 Interest cost 3,046 3,313 6,359 2,254 1,847 4,101 143 130 Employee contributions 73 — 73 73 — 73 — — Effect of plan amendments 30 — 30 — — — — — Plan settlements ( 1,087) — ( 1,087) ( 10) — ( 10) — — Benefits paid ( 3,832) ( 6,034) ( 9,866) ( 1,639) ( 4,330) ( 5,969) ( 384) ( 317) Plan expenses and premiums paid ( 129) — ( 129) ( 161) — ( 161) — — Transfer in of business acquisition 85,658 86,414 172,072 — — — — — Actuarial loss (gain) 13,616 10,862 24,478 ( 5,561) ( 2,143) ( 7,704) 395 ( 443) Translation differences and other 5,695 — 5,695 ( 5,418) — ( 5,418) — — Gross benefit obligation at end of year $ 217,893 $ 153,723 $ 371,616 $ 111,316 $ 58,734 $ 170,050 $ 4,266 $ 4,106 Change in plan assets Fair value of plan assets at year beginning of year $ 94,826 $ 49,415 $ 144,241 $ 98,622 $ 51,964 $ 150,586 $ — $ — Actual return on plan assets 13,458 10,663 24,121 ( 2,670) 457 ( 2,213) — — Employer contributions 5,223 1,087 6,310 5,269 1,574 6,843 384 317 Employee contributions 73 — 73 73 — 73 — — Plan settlements ( 1,087) — ( 1,087) ( 10) — ( 10) — — Benefits paid ( 3,832) ( 6,034) ( 9,866) ( 1,639) ( 4,330) ( 5,969) ( 384) ( 317) Plan expenses and premiums paid ( 129) ( 500) ( 629) ( 161) ( 250) ( 411) — — Transfer in of business acquisition 81,068 65,919 146,987 — — — — — Translation differences 5,499 — 5,499 ( 4,658) — ( 4,658) — — Fair value of plan assets at end of year $ 195,099 $ 120,550 $ 315,649 $ 94,826 $ 49,415 $ 144,241 $ — $ — Net benefit obligation recognized $ ( 22,794) $ ( 33,173) $ ( 55,967) $ ( 16,490) $ ( 9,319) $ ( 25,809) $ ( 4,266) $ ( 4,106) Other Post- Pension Benefits Retirement Benefits 2019 2018 2019 2018 Foreign U.S. Total Foreign U.S. Total U.S. U.S. Amounts recognized in the balance sheet consist of: Non-current assets $ — $ — $ — $ — $ 3,656 $ 3,656 $ — $ — Current liabilities ( 359) ( 2,620) ( 2,979) ( 206) ( 559) ( 765) ( 426) ( 446) Non-current liabilities ( 22,435) ( 30,553) ( 52,988) ( 16,284) ( 12,416) ( 28,700) ( 3,840) ( 3,660) Net benefit obligation recognized $ ( 22,794) $ ( 33,173) $ ( 55,967) $ ( 16,490) $ ( 9,319) $ ( 25,809) $ ( 4,266) $ ( 4,106) Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss: Prior service credit $ 1,271 $ — $ 1,271 $ 1,497 $ — $ 1,497 $ — $ — Accumulated loss ( 22,816) ( 46,560) ( 69,376) ( 20,089) ( 25,310) ( 45,399) ( 734) ( 338) AOCI ( 21,545) ( 46,560) ( 68,105) ( 18,592) ( 25,310) ( 43,902) ( 734) ( 338) Cumulative employer contributions (below) or in excess of net periodic benefit cost ( 1,249) 13,387 12,138 2,102 15,991 18,093 ( 3,532) ( 3,768) Net benefit obligation recognized $ ( 22,794) $ ( 33,173) $ ( 55,967) $ ( 16,490) $ ( 9,319) $ ( 25,809) $ ( 4,266) $ ( 4,106) The accumulated benefit obligation for all defined benefit pension plans was $366.0 ($152.9 $213.1 $165.3 $57.6 $107.7 Information for pension plans with an accumulated benefit obligation in excess of plan assets: 2019 2018 Foreign U.S. Total Foreign U.S. Total Projected benefit obligation $ 217,893 $ 153,723 $ 371,616 $ 111,316 $ 12,975 $ 124,291 Accumulated benefit obligation 213,060 152,930 365,990 107,685 11,808 119,493 Fair value of plan assets 195,099 120,550 315,649 94,826 — 94,826 Information for pension plans with a projected benefit obligation in excess of plan assets: 2019 2018 Foreign U.S. Total Foreign U.S. Total Projected benefit obligation $ 217,893 $ 153,723 $ 371,616 $ 111,316 $ 12,975 $ 124,291 Fair value of plan assets 195,099 120,550 315,649 94,826 — 94,826 Components of net periodic benefit costs – pension plans: 2019 2018 Foreign U.S. Total Foreign U.S. Total Service cost $ 3,507 $ 434 $ 3,941 $ 3,426 $ 383 $ 3,809 Interest cost 3,046 3,313 6,359 2,254 1,847 4,101 Expected return on plan assets ( 3,668) ( 3,227) ( 6,895) ( 2,228) ( 2,803) ( 5,031) Settlement loss 258 — 258 2 — 2 Actuarial loss amortization 757 2,348 3,105 881 2,276 3,157 Prior service (credit) cost amortization ( 165) — ( 165) ( 175) 59 ( 116) Net periodic benefit cost $ 3,735 $ 2,869 $ 6,603 $ 4,160 $ 1,762 $ 5,922 2017 Foreign U.S. Total Service cost $ 3,219 $ 337 $ 3,556 Interest cost 2,066 1,932 3,998 Expected return on plan assets ( 1,994) ( 3,067) ( 5,061) Settlement loss — 1,946 1,946 Actuarial loss amortization 862 2,396 3,258 Prior service (credit) cost amortization ( 167) 63 ( 104) Net periodic benefit cost $ 3,986 $ 3,607 $ 7,593 Other changes recognized in other comprehensive income – pension plans: 2019 2018 Foreign U.S. Total Foreign U.S. Total Net loss (gain) arising during the period $ 3,826 $ 3,926 $ 7,752 $ ( 663) $ 453 $ ( 210) Recognition of amortization in net periodic benefit cost Prior service credit (cost) 196 — 196 175 ( 59) 116 Actuarial loss ( 1,015) ( 2,347) ( 3,362) ( 883) ( 2,276) ( 3,159) Effect of exchange rates on amounts included in AOCI ( 61) — ( 61) ( 890) — ( 890) Total recognized in other comprehensive loss (income) 2,946 1,579 4,525 ( 2,261) ( 1,882) ( 4,143) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 6,681 $ 4,448 $ 11,128 $ 1,899 $ ( 120) $ 1,779 2017 Foreign U.S. Total Net gain arising during period $ 715 $ ( 1,672) $ ( 957) Recognition of amortization in net periodic benefit Prior service credit (cost) 167 ( 63) 104 Actuarial loss ( 862) ( 4,342) ( 5,204) Effect of exchange rates on amounts included in AOCI 2,308 — 2,308 Total recognized in other comprehensive loss 2,328 ( 6,077) ( 3,749) Total recognized in net periodic benefit cost and other comprehensive loss $ 6,314 $ ( 2,470) $ 3,844 Components of net periodic benefit costs – other postretirement plan: 2019 2018 2017 Service cost $ 6 $ 7 $ 8 Interest cost 143 130 144 Actuarial loss amortization — 42 54 Net periodic benefit costs $ 149 $ 179 $ 206 Other changes recognized in other comprehensive income – other postretirement benefit plans: 2019 2018 2017 Net (gain) loss arising during period $ 395 $ ( 443) $ 295 Amortization of actuarial loss in net periodic benefit costs — ( 42) ( 54) Total recognized in other comprehensive (income) loss 395 ( 485) 241 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 544 $ ( 306) $ 447 Estimated amounts that will be amortized from accumulated other comprehensive loss over the next fiscal year: Other Post- Pension Plans Retirement Foreign U.S. Total Benefits Actuarial loss $ 889 $ 2,034 $ 2,923 $ — Prior service credit ( 164) — ( 164) — $ 725 $ 2,034 $ 2,759 $ — Weighted-average assumptions used to determine benefit obligations as of December 31, 2019 and 2018: Other Postretirement Pension Benefits Benefits 2019 2018 2019 2018 U.S. Plans: Discount rate 3.06 % 4.07 % 2.98 % 4.03 % Rate of compensation increase 6.00 % 3.63 % N/A N/A Foreign Plans: Discount rate 1.83 % 2.47 % N/A N/A Rate of compensation increase 2.58 % 2.89 % N/A N/A Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2019 and 2018: Other Postretirement Pension Benefits Benefits 2019 2018 2019 2018 U.S. Plans: Discount rate 4.08 % 3.44 % 4.03 % 3.39 % Expected long-term return on plan assets 5.75 % 5.95 % N/A N/A Rate of compensation increase 5.50 % 3.63 % N/A N/A Foreign Plans: Discount rate 2.30 % 2.33 % N/A N/A Expected long-term return on plan assets 3.13 % 2.22 % N/A N/A Rate of compensation increase 2.87 % 2.89 % N/A N/A The long-term rates of return on assets were selected from within the reasonable range of rates determined by (a) historical real returns for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. See Note 1 of Notes to Consolidated Financial Statements for further information. Assumed health care cost trend rates as of December 31, 2019 and 2018: 2019 2018 Health care cost trend rate for next year 5.90 % 6.20 % 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 $ 11 $ ( 10) Effect on postretirement benefit obligations 311 ( 272) Plan Assets and Fair Value The Company’s pension plan target asset allocation and the weighted-average asset allocations as of December 31, 2019 and 2018 by asset category were as follows: Asset Category Target 2019 2018 U.S. Plans Equity securities 10 % 32 % 9 % Debt securities 90 % 64 % 90 % Other — % 4 % 1 % Total 100 % 100 % 100 % Foreign Plans Equity securities 38 % 34 % 21 % Debt securities 51 % 45 % 76 % Other 11 % 21 % 3 % Total 100 % 100 % 100 % During the year ended December 31, 2018, the Company elected to adjust the asset allocation of the Company’s primary noncontributory U.S. pension plan (the “Legacy Quaker U.S. Pension Plan”) along a glide path based on the funded status of the Legacy Quaker U.S. Pension Plan. As funded status improved, the assets were allocated more heavily to debt securities with lengthened duration to match projected liability movements. As of December 31, 2019 and 2018, “Other” consisted principally of cash and cash equivalents, and investments in real estate funds. 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 classified as Level 1 investments. Commingled Funds Investments in the U.S. pension plan and foreign pension plan commingled funds represent pooled institutional investments, including primarily collective investment trusts. These commingled funds are not available on an exchange or in an active market and these investments are valued using their net asset value (“NAV”), which is generally based on the underlying asset values of the investments held in the trusts. As of December 31, 2019 , the U.S. pension plan commingled funds were 100 percent invested in fixed income securities. As of December 31, 2019 , the foreign pension plan commingled funds included approximately 32 percent of investments in equity securities, 55 percent of investments in fixed income securities, and 13 percent of other non-related investments, primarily real estate. Pooled Separate Accounts Investments in the U.S. pension plan pooled separate accounts consist of 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; however, valuation is based on the underlying investments of each pooled separate account and are classified as Level 2 investments. As of December 31, 2019, the U.S. pension plan pooled separate accounts included approximately 60 percent of investments in equity securities and 40 percent of investments in fixed income securities. Fixed Income Government Securities Investments in foreign pension plans fixed income government securities 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 are classified as Level 2 investments. Insurance Contract Investments in the foreign pension plan insurance contract are valued at the highest value available for the Company at year end, either the reported cash surrender value of the contract or the vested benefit obligation. Both the cash surrender value and the vested benefit obligation are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations. The contract is classified as a Level 3 investment. Diversified Equity Securities - Registered Investment Companies Investments in the foreign pension plans 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 on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments. Fixed Income – Foreign Registered Investment Companies Investments in the foreign pension plans 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 on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments. Diversified Investment Fund - Registered Investment Companies Investments in the foreign pension plan diversified investment fund of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. This fund is not available on an exchange or in an active market and this investment is valued using its NAV, which is generally based on the underlying asset values of the investments held. As of December 31, 2019, the diversified investment funds included approximately 65 percent of investments in equity securities, 24 percent of investments in fixed income securities, and 11 percent of other alternative investments. Other – Alternative Investments Investments in the foreign pension plans include certain other alternative investments such as inflation and interest rate swaps. These investments are valued based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of future cash flows of the contract and benefit obligations. These alternative investments are classified as Level 3 investments. Real Estate The U.S. and foreign pension plans’ investment in real estate consists of investments in property funds. The funds’ underlying investments consist of real property which are valued using unobservable inputs. These property funds are classified as a Level 3 investment. As of December 31, 2019 and 2018, the U.S. and foreign plans’ investments measured at fair value on a recurring basis were as follows: Fair Value Measurements at December 31, 2019 Total Using Fair Value Hierarchy U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 450 $ 450 $ — $ — Pooled separate accounts 64,636 — 64,636 — Real estate 4,060 — — 4,060 Subtotal U.S. pension plan assets in fair value hierarchy $ 69,146 $ 450 $ 64,636 $ 4,060 Commingled funds measured at NAV 51,404 Total U.S. pension plan assets $ 120,550 Foreign Pension Assets Cash and cash equivalents $ 1,502 $ 1,502 $ — $ — Insurance contract 92,657 — — 92,657 Diversified equity securities - registered investment companies 8,604 — 8,604 — Fixed income – foreign registered investment companies 3,021 — 3,021 — Fixed income government securities 32,512 — 32,512 — Real estate 5,521 — — 5,521 Other - alternative investments 9,436 — — 9,436 Sub-total of foreign pension assets in fair value hierarchy $ 153,253 $ 1,502 $ 44,137 $ 107,614 Commingled funds measured at NAV 2,037 Diversified investment fund - registered investment companies measured at NAV 39,809 Total foreign pension assets $ 195,099 Total pension assets in fair value hierarchy $ 222,399 $ 1,952 $ 108,773 $ 111,674 Total pension assets measured at NAV 93,250 Total pension assets $ 315,649 Fair Value Measurements at December 31, 2018 Total Using Fair Value Hierarchy U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 450 $ 450 $ — $ — Subtotal U.S. pension plan assets in fair value hierarchy $ 450 $ 450 $ — $ — Commingled funds measured at NAV 48,965 Total U.S. pension plan assets $ 49,415 Foreign Pension Assets Cash and cash equivalents $ 209 $ 209 $ — $ — Insurance contract 79,873 — — 79,873 Diversified equity securities - registered investment companies 7,701 — 7,701 — Fixed income - foreign registered investment companies 2,658 — 2,658 — Real estate 2,382 — — 2,382 Subtotal foreign pension assets in fair value hierarchy $ 92,823 $ 209 $ 10,359 $ 82,255 Commingled funds measured at NAV 2,003 Total foreign pension plan assets $ 94,826 Total pension assets in fair value hierarchy $ 93,273 $ 659 $ 10,359 $ 82,255 Total pension assets measured at NAV 50,968 Total pension assets $ 144,241 Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented for these investments in the preceding tables are intended to permit reconciliation of the fair value hierarchies to the line items presented in the statements of net assets available for benefits. Changes in the fair value of the plans’ Level 3 investments during the years ended December 31, 2019 and 2018 were as follows: Insurance Alternative Contract Real Estate Investments Total Balance as of December 31, 2017 $ 82,092 $ 2,428 $ — $ 84,520 Purchases 4,707 — — 4,707 Settlements ( 1,399) — — ( 1,399) Unrealized (losses) gains ( 1,817) 94 — ( 1,723) Currency translation adjustment ( 3,710) ( 140) — ( 3,850) Balance as of December 31, 2018 79,873 2,382 — 82,255 Purchases 3,762 — 1,029 4,791 Assets acquired in business combinations 129 7,058 8,914 16,101 Sales — ( 238) ( 278) ( 516) Settlements ( 1,730) — — ( 1,730) Unrealized gains (losses) 12,199 403 ( 960) 11,642 Currency translation adjustment ( 1,576) ( 24) 731 ( 869) Balance as of December 31, 2019 $ 92,657 $ 9,581 $ 9,436 $ 111,674 During the second quarter of 2017, the Legacy Quaker U.S. Pension Plan offered a cash settlement to its vested terminated participants, which allowed them to receive the value of their pension benefits as a single lump sum payment. As payments from the Legacy Quaker U.S. Pension Plan for this cash out offering exceeded the service and interest cost components of the Legacy Quaker U.S. Pension Plan expense for the year ended December 31, 2017, the Company recorded a settlement charge of approximately $ 1.9 million. This settlement charge represented the immediate recognition into expense of a portion of the unrecognized loss within AOCI on the balance sheet in proportion to the share of the projected benefit obligation that was settled by these payments. The gross pension benefit obligation was reduced by approximately $ 4.0 million as a result of these payments. In the fourth quarter of 2018, the Company began the process of terminating the Legacy Quaker U.S. Pension Plan. Prior to December 31, 2005, the Legacy Quaker U.S. Pension Plan covered substantially all employees of the Company’s U.S. subsidiary who had at least one year of eligible service and had attained age 21. Effective December 31, 2005, the Legacy Quaker U.S. Pension Plan was amended to freeze benefit accruals with respect to participants who were not part of a collective bargaining unit and effective after November 30, 2013, the Legacy Quaker U.S. Pension Plan was further amended to freeze benefit accruals for the remaining participants. U.S. Pension Plan participants will have their benefits either converted into a lump sum cash payment or an annuity contract placed with an insurance carrier. In order to terminate the plan in accordance with I.R.S. and pension benefit guaranty corporation requirements, the Company will be required to fully fund the Legacy Quaker U.S. Pension Plan on a termination basis and will commit to contribute the additional assets necessary, if any, to do so. The amount necessary to do so is currently estimated to be between $ 1 and $ 2 million. In addition, the Company expects to record a pension settlement charge at plan termination. This settlement charge will include the immediate recognition into expense of the unrecognized losses within AOCI on the balance sheet as of the plan termination date. The Company does not have a current estimate for this future settlement charge, however, the gross AOCI related to this plan was approximately $ 24 million as of December 31, 2019. The Company currently estimates that the Legacy Quaker U.S. Pension Plan termination will be completed in the first half of 2020. Houghton Pension Plans In connection with the Combination, the Company indirectly acquired all of Houghton’s defined benefit pension plans. The pension plans cover certain U.S. salaried and hourly employees (“Houghton U.S. Plans”) as well as certain employees in the U.K., France and Germany (“Houghton Foreign Plans”). The Houghton U.S. Plans provide benefits based on an employee’s years of service and compensation received for the highest five consecutive years of earnings. Houghton management made the decision to freeze benefits for non-union employees as of March 31, 2009 for the Houghton U.S. Plans. The Houghton Foreign Plans provide benefits based on a formula of years of service and a percentage of compensation which varies among the Houghton Foreign Plans. Houghton management made the decision to freeze its U.K. plan benefits as of May 1, 2013. Subsequent to closing the Combination, during the year ended December 31, 2019, the Company made approximately $ 1.1 million of contributions to the Houghton U.S. and Houghton Foreign Plans. As of December 31, 2019, the acquired pension balance for these plans was $ 19.0 million, which is recorded within other current and other non-current liabilities on the Company’s Consolidated Balance Sheet. In connection with the Combination, the Company now contributes to a multiemployer defined benefit pension plan under terms of a collective bargaining union contract (the Cleveland Bakers and Teamsters Pension Fund, Employer Identification Number: 34-0904419-001 ). The expiration date of the collective bargaining contract is May 1, 2022. As of January 1, 2018, the last valuation date available for the multiemployer plan, total plan liabilities were approximately $ 592 million. As of December 31, 2018, the multiemployer pension plan had total plan assets of approximately $ 315 million. The Company’s contribution rate to the multiemployer pension plan is specified in the collective bargaining union contract and contributions are made to the plan based on its union employee payroll. The Company contributed less than $ 0.1 million during the year ended December 31, 2019. The Employee Retirement Income Security Act of 1974, as amended by the Multi-Employer Pension Plan Amendments Act of 1980, imposes certain contingent liabilities upon an employer who is a contributor to a multiemployer pension plan if the employer withdraws from the plan or the plan is terminated or experiences a mass withdrawal. While the Company may also have additional liabilities imposed by law as a result of its participation in the multiemployer defined benefit pension plan, there is no liability as of December 31, 2019. The Pension Protection Act of 2006 (the “PPA”) also added special funding and operational rules generally applicable to plan years beginning after 2007 for multiemployer plans with certain classifications based on a multitude of factors (including, for example, the plan’s funded percentage, cash flow position and whether the plan is projected to experience a minimum funding deficiency). The plan to which the Company contributes is in “critical” status. Plans in the “critical” status classification must adopt measures to improve their funded status through a funding improvement or rehabilitation plan which may require additional contributions from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree benefits. The amount of additional funds that the Company may be obligated to contribute to the plan in the future cannot be estimated as such amounts will be likely based on future levels of work that require the specific use of those union employees covered by the plan, and the amount of that future work and the number of affected employees that may be needed is not reasonably estimable. Cash Flows Contributions The Company expects to make minimum cash contributions of approximately $10.0 $2.7 $7.3 $0.4 Other Post- Pension Benefits Retirement Foreign U.S. Total Benefits 2020 $ 5,600 $ 5,947 $ 11,547 $ 426 2021 6,219 5,209 11,428 400 2022 6,297 5,191 11,488 373 2023 6,740 6,054 12,794 354 2024 6,797 6,238 13,035 326 2024 to 2028 41,379 31,026 72,405 1,291 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 $ 1.8 million, $ 1.6 million and $ 1.4 million for the years ended December 31, 2019, 2018 and 2017, 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 U.S. employees. The plan allows for and the Company previously 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. During the first quarter of 2017, the Company began matching both non-elective and elective 401(k) contributions in cash, rather than stock. Total Company contributions were $ 4.0 million, $ 3.1 million and $ 2.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Non-Current Liabilities [Abstract] | |
Other Non-Current Liabilities [Text Block] | Note 22 – Other Non-Current Liabilities Other non-current liabilities as of December 31, 2019 and 2018 were as follows : 2019 2018 Restricted insurance settlement $ 19,678 $ 20,278 Non-current income taxes payable 8,500 7,644 Uncertain tax positions (includes interest and penalties) 24,609 8,097 Fair value of interest rate swaps 415 — Environmental reserves 5,259 — Deferred and other long-term compensation 6,625 6,886 Other 1,298 624 Total other non-current liabilities $ 66,384 $ 43,529 |
Equity and Noncontrolling Inter
Equity and Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 23 – Equity and Accumulated Other Comprehensive Loss The Company has 30,000,000 shares of common stock authorized with a par value of $ 1, and 17,735,162 and 13,338,026 shares issued and outstanding as of December 31, 2019 and 2018, respectively. The change in shares issued and outstanding during 2019 was primarily related to 4,329,176 shares issued for the Combination, 42,073 3,081 22,806 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, 2019, no preferred stock had been issued. The Company has a share repurchase program that was approved by its Board of Directors in 2015 for the repurchase of up to $ 100.0 million of Quaker Chemical Corporation common stock, which the Company has not used in the three years ended December 31, 2019, 2018, and 2017. As of December 31, 2019, there was approximately $ 86.9 million of common stock remaining to be purchased under this share repurchase program. The following table shows the reclassifications from and resulting balances of AOCI for the years ended December 31, 2019, 2018 and 2017: Unrealized Gain (Loss) in Defined Currency Benefit Available-for- Translation Pension Sale Derivative Adjustments Plans Securities Instruments Total Balance as of December 31, 2016 $ ( 52,255) $ ( 36,168) $ 1,016 $ — $ ( 87,407) Other comprehensive income (loss) before reclassifications 20,362 ( 1,646) 2,299 — 21,015 Amounts reclassified from AOCI — 5,154 ( 2,494) — 2,660 Related tax amounts — ( 1,433) 65 — ( 1,368) Balance as of December 31, 2017 ( 31,893) ( 34,093) 886 — ( 65,100) Other comprehensive (loss) income before reclassifications ( 17,429) 1,543 ( 2,622) — ( 18,508) Amounts reclassified from AOCI — 3,085 435 — 3,520 Related tax amounts — ( 1,086) 459 — ( 627) Balance as of December 31, 2018 ( 49,322) ( 30,551) ( 842) — ( 80,715) Other comprehensive income (loss) before reclassifications 4,754 ( 8,088) 2,951 ( 415) ( 798) Amounts reclassified from AOCI — 3,169 ( 301) — 2,868 Related tax amounts — 937 ( 557) 95 475 Balance as of December 31, 2019 $ ( 44,568) $ ( 34,533) $ 1,251 $ ( 320) $ ( 78,170) All reclassifications related to unrealized gain (loss) in available-for-sale securities relate to the Company’s equity interest in Primex, a captive insurance company and are recorded in equity in net income of associated companies. The amounts reported on the Consolidated Statements of Changes in Equity for non-controlling interest are related to currency translation adjustments. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 24 – Fair Value Measures The Company has valued its company-owned life insurance policies at fair value. These assets are subject to fair value measurement as follows: Fair Value Measurements at December 31, 2019 Total Using Fair Value Hierarchy Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,782 $ — $ 1,782 $ — Total $ 1,782 $ — $ 1,782 $ — Fair Value Measurements at December 31, 2018 Total Using Fair Value Hierarchy Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,491 $ — $ 1,491 $ — Total $ 1,491 $ — $ 1,491 $ — 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 hold any Level 3 investments as of December 31, 2019 or 2018, respectively, so related disclosures have not been included. |
Hedging Activities
Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Derivative Instruments And Hedging Activities Disclosure [Text Block] | Note 25 – Hedging Activities The New Credit Facility required the Company to fix its variable interest rates on at least 20% of its total Term Loans. In order to satisfy this requirement as well as to manage the Company’s exposure to variable interest rate risk associated with the New Credit Facility, in November 2019, the Company entered into $ 170.0 million notional amounts of three-year interest rate swaps at a base rate of 1.64% plus an applicable margin as provided in the New Credit Facility, based on the Company’s consolidated net leverage ratio. At the time the Company entered into the swaps, this aggregate rate was 3.1%. See Note 20 of Notes to Consolidated Financial Statements. The Company has previously used derivative financial instruments primarily for the purposes of hedging exposures to fluctuations in interest rates. These interest rate swaps are designated as cash flow hedges and, as such, the contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI to the extent effective and reclassified to interest expense in the period during which the transaction effects earnings or it becomes probable that the forecasted transaction will not occur. The Company did not utilize derivatives designated as cash flow hedges during the years ended December 31, 2018 and 2017. The balance sheet classification and fair values of the Company’s derivative instruments, which are Level 2 measurements, are as follows: Fair Value Consolidated Balance Sheet December 31, Location 2019 2018 Derivatives designated as cash flow hedges: Interest rate swaps Other non-current liabilities $ 415 $ — $ 415 $ — The following table presents the net unrealized loss deferred to AOCI: December 31, 2019 2018 Derivatives designated as cash flow hedges: Interest rate swaps $ 320 $ — $ 320 $ — The following table presents the net gain reclassified from AOCI to earnings: For the Years Ended December 31, 2019 2018 2017 Amount and location of income reclassified from AOCI into Income (Effective Portion) Interest expense, net $ 29 $ — $ — Interest rate swaps are entered into with a limited number of counterparties, each of which allows for net settlement of all contracts through a single payment in a single currency in the event of a default on or termination of any one contract. As such, in accordance with the Company’s accounting policy, these derivative instruments are recorded on a net basis by counterparty within the Consolidated Balance Sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Text Block] | Note 26 – 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, 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 emanating from ACP’s site until the concentrations of PERC released by ACP fell below the current Federal maximum contaminant level for four consecutive quarterly sampling events. In 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, 2019, 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, 2019, the Company believes that the range of potential-known liabilities associated with the balance of ACP water remediation program is approximately $ 0.1 1.0 An inactive subsidiary of the Company that was acquired in 1978 sold certain products containing asbestos, primarily on an installed basis, and is among the defendants in numerous lawsuits alleging injury due to exposure to asbestos. The subsidiary discontinued operations in 1991 and has no remaining assets other than proceeds received from insurance settlements. To date, the overwhelming majority of these claims have been disposed of without payment and there have been no adverse judgments against the subsidiary. Based on a continued analysis of the existing and anticipated future claims against this subsidiary, it is currently projected that the subsidiary’s total liability over the next 50 years for these claims is approximately $ 0.5 million (excluding costs of defense). Although the Company has also been named as a defendant in certain of these cases, no claims have been actively pursued against the Company, and the Company has not contributed to the defense or settlement of any of these cases pursued against the subsidiary. These cases were handled by the subsidiary’s primary and excess insurers who had agreed in 1997 to pay all defense costs and be responsible for all damages assessed against the subsidiary arising out of existing and future asbestos claims up to the aggregate limits of 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 had been exhausted. The subsidiary challenged the applicability of these limits to the claims being brought against the subsidiary. In response, two of the three carriers entered into separate settlement and release agreements with the subsidiary in 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, 2019, 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. If the subsidiary’s assets and insurance coverage were to be exhausted, claimants of the subsidiary may actively pursue claims against the Company because of the parent-subsidiary relationship. The Company does not believe that such claims would have merit or that the Company would be held to have liability for any unsatisfied obligations of the subsidiary as a result of such claims. After evaluating the nature of the claims filed against the subsidiary and the small number of such claims that have resulted in any payment, the potential availability of additional insurance coverage at the subsidiary level, the additional availability of the Company’s own insurance and the Company’s strong defenses to claims that it should be held responsible for the subsidiary’s obligations because of the parent-subsidiary relationship, the Company believes it is not probable that the Company will incur 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 a result of the closing of the Combination on August 1, 2019, the Company is now party to Houghton environmental matters related to certain domestic and foreign properties currently or previously owned, described below. The Company continually evaluates its obligations related to such matters, and based on historical costs incurred and projected costs to be incurred over the next 28 years, has estimated the present value range of costs for all of the Houghton environmental matters, on a discounted basis, to be between approximately $ 6 million and $ 7 million as of December 31, 2019, for which $ 6.6 million is accrued within other accrued liabilities and other non-current liabilities on the Company’s Consolidated Balance Sheet as of December 31, 2019. Houghton’s Sao Paulo, Brazil site was required under Brazilian environmental, health and safety regulations to perform an environmental assessment as part of a permit renewal process. Initial investigations identified soil and ground water contamination in select areas of the site. The site has conducted a multi-year soil and groundwater investigation and corresponding risk assessments based on the result of the investigations. In 2017, the site had to submit a new 5-year permit renewal request and was asked to complete additional investigations to further delineate the site based on review of the technical data by the local regulatory agency, Companhia Ambiental do Estado de São Paulo (“CETESB”). Based on review of the updated investigation data, CETESB issued a Technical Opinion regarding the investigation and remedial actions taken to date. The site developed an action plan and submitted it to CETESB in 2018 based on CETESB requirements. The site intervention plan primarily requires the site, amongst other actions, to conduct periodic monitoring for methane in soil vapors, source zone delineation, groundwater plume delineation, bedrock aquifer assessment, update the human health risk assessment, develop a current site conceptual model and conduct a remedial feasibility study and provide a revised intervention plan. In December 2019, the site submitted a report on the activities completed including the revised site conceptual model and results of the remedial feasibility study and recommended remedial strategy for the site. Other Houghton environmental matters include participation in certain payments in connection with four currently active environmental consent orders related to certain hazardous waste cleanup activities under the U.S. Federal Superfund statute. Houghton has been designated a potentially responsible party (“PRP”) by the Environmental Protection Agency along with other PRPs depending on the site, and has other obligations to perform cleanup activities at certain other foreign subsidiaries. These environmental matters primarily require the Company to perform long-term monitoring as well as operating and maintenance at each of the applicable sites. 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 was accrued as of December 31, 2019 and 2018, respectively, to provide for such anticipated future environmental assessments and remediation costs. The Company is party to other litigation which management currently believes will not have a material adverse effect on the Company’s results of operations, cash flows or financial condition. In addition, the Company has an immaterial amount of contractual purchase obligations. |
Quarterly Results - Unaudited
Quarterly Results - Unaudited | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Results (unaudited) [Abstract] | |
Quarterly Results - Unaudited [Text Block] | Note 27 – Quarterly Results (unaudited) First Second Third Fourth Quarter (1) Quarter (2) Quarter (3) Quarter (4) 2019 Net sales $ 211,210 $ 205,869 $ 325,130 $ 391,294 Gross profit 75,767 75,161 105,057 136,132 Operating income (loss) 19,829 20,531 ( 14,502) 20,276 Net income (loss) attributable to Quaker Chemical Corporation 13,844 15,591 ( 13,053) 15,240 Net income (loss) attributable to Quaker Chemical Corporation Common Shareholders - Basic (5) $ 1.04 $ 1.17 $ ( 0.80) $ 0.86 Net income (loss) attributable to Quaker Chemical Corporation Common Shareholders - Diluted (5) $ 1.03 $ 1.17 $ ( 0.80) $ 0.86 2018 Net sales $ 212,055 $ 221,962 $ 222,022 $ 211,481 Gross profit 75,447 80,937 81,093 74,838 Operating income 20,231 22,563 24,919 20,068 Net income attributable to Quaker Chemical Corporation 12,732 19,246 19,690 7,805 Net income attributable to Quaker Chemical Corporation Common Shareholders - Basic (5) $ 0.96 $ 1.44 $ 1.48 $ 0.59 Net income attributable to Quaker Chemical Corporation Common Shareholders - Diluted (5) $ 0.95 $ 1.44 $ 1.47 $ 0.58 (1) Net income attributable to Quaker Chemical Corporation for both the first quarters of 2019 and 2018 includes: earnings of $ 0.3 million and a loss of $ 0.4 million, respectively, from the Company’s equity interest in a captive insurance company; total Houghton combination and other acquisition-related expenses of $ 5.4 million and $ 6.1 million, respectively; $ 0.9 million and $ 0.6 million, respectively of charges related to the non-service component of the Company’s pension and postretirement net periodic benefit cost; and currency conversion impacts related to hyper-inflationary accounting of $ 0.2 million in both the first quarters of 2019 and 2018. (2) Net income attributable to Quaker Chemical Corporation for both the second quarters of 2019 and 2018 includes: earnings from the Company’s equity interest in a captive insurance company of $ 0.4 million and $ 1.0 million, respectively; total Houghton combination and other acquisition-related expenses of $ 5.5 million and $ 4.5 million, respectively; $ 0.9 million and $ 0.6 million, respectively, of charges related to the non-service component of the Company’s pension and postretirement net periodic benefit cost and currency conversion impacts related to hyper-inflationary accounting of income of less than $ 0.1 million and charges of less than $ 0.1 million, respectively. Net income attributable to Quaker Chemical Corporation for the second quarter of 2019 also includes a $ 0.4 million charge related to a one-time, uncommon, customer settlement associated with the prior sale of non-core equipment, while net income attributable to Quaker Chemical Corporation for the second quarter of 2018 includes a tax adjustment of $ 1.2 million related to U.S. Tax Reform. (3) The third quarter of 2019 includes two months of Houghton’s operations as the Combination occurred on August 1, 2019. Net income (loss) attributable to Quaker Chemical Corporation for both the third quarters of 2019 and 2018 includes: earnings from the Company’s equity interest in a captive insurance company of $ 0.5 million and $ 0.4 million, respectively; total Houghton combination and other acquisition-related expenses of $ 15.1 million and $ 3.8 million, respectively; $ 0.5 million and $ 0.6 million, respectively, of charges related to the non-service component of the Company’s pension and postretirement net periodic benefit cost; currency conversion impacts of hyper-inflationary accounting of $ 0.7 million and $ 0.5 million, respectively; and tax benefits of $ 0.4 million and $ 1.1 million, respectively, related to U.S. Tax Reform. Net income (loss) attributable to Quaker Chemical Corporation for the third quarter of 2019 also includes $ 10.2 million related to an expense associated with selling inventory acquired in the Combination which was adjusted to fair value as a part of purchase accounting and $ 24.0 million of restructuring expense associated with the Company’s global restructuring program initiated as part of the Company’s plan to realize cost synergies associated with the Combination. Net income (loss) attributable to Quaker Chemical Corporation for the third quarter of 2018 also includes a $ 0.4 million foreign currency transaction gain related to the liquidation of an inactive legal entity. (4) The fourth quarter of 2019 includes three months of Houghton’s operations and three months of Norman Hay’s operations as the Company closed the Combination on August 1, 2019 and acquired Norman Hay on October 1, 2019. Net income attributable to Quaker Chemical Corporation for both the fourth quarters of 2019 and 2018 includes: earnings of $ 0.6 million and a loss of $ 0.1 million, respectively, from the Company’s equity interest in a captive insurance company; total Houghton combination and other acquisition-related expenses of $ 12.2 million and $ 5.1 million, respectively; $ 0.5 million and $ 0.6 million, respectively, of charges related to the non-service component of the Company’s pension and postretirement net periodic benefit cost; other income of $ 0.1 million related to cash proceeds from an insolvent insurance carrier with respect to previously filed recovery claims by an inactive subsidiary of the Company in both periods; and currency conversion impacts related to hyper-inflationary accounting of a charge of $ 0.1 million and income of less than $ 0.1 million, respectively. Net income attributable to the fourth quarter of 2019 also includes: $ 2.6 million of restructuring expense associated with the Company’s global restructuring program initiated as part of the Company’s plan to realize cost synergies associated with the Combination; $ 1.1 million of costs associated with reserving for trade accounts receivable of certain customers who filed for bankruptcy protection; and $ 1.5 million related to an expense associated with selling inventory acquired with Norman Hay which was adjusted to fair value as a part of purchase accounting. Net income attributable to Quaker Chemical Corporation for both the fourth quarters of 2019 and 2018 also includes certain tax adjustments, including a deferred tax benefit on an intercompany intangible asset transfer of $ 5.3 million in the fourth quarter of 2019 and an $ 8.1 incremental tax charge related to U.S. Tax Reform in the fourth quarter of 2018. (5) The Company’s calculation of income (loss) attributable to Quaker Chemical Corporation Common Shareholders Basic and Diluted for the third and fourth quarters of 2019 were impacted by the approximately 4.3 million share issuance in connection with closing the Combination, comprising approximately 24.5% of the common stock of the Company, as well as the variability of its reported earnings in those periods. Therefore, the per diluted share result for each of the four quarters of 2019, as reported on a standalone basis, does not sum to the full year per diluted share result for the year ended December 31, 2019. Whereas, for the year ended December 31, 2018, basic and diluted per share amounts of net income attributable to Quaker Chemical Corporation common shareholders for all four quarters above does not total to the full year amounts presented in the Company’s consolidated financial statements due to rounding. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events Abstract [Abstract] | |
Subsequent Events Disclosure [Text Block] | Note 28 – Subsequent Events Beginning in early 2020, there has been an outbreak of coronavirus (COVID-19), initially in China and which has spread to other jurisdictions, including locations where the Company does business. The full extent of the outbreak, related business and travel restrictions and changes to behavior intended to reduce its spread are uncertain as of the date of the Report as this continues to evolve globally. Therefore, the full extent to which coronavirus may impact the Company’s results of operations, liquidity or financial position is uncertain. This outbreak has already had a material disruption on the operations of the Company and its suppliers and customers. Management continues to monitor the impact that the COVID-19 pandemic is having on the Company, the specialty chemical industry and the economies in which the Company operates. The Company anticipates that its future results of operations, including the results for 2020, will be materially impacted by the coronavirus outbreak, but at this time does not currently expect that the impact from the coronavirus outbreak will have a material effect on the Company’s liquidity or financial position. However, given the speed and frequency of continuously evolving developments with respect to this pandemic, the Company cannot reasonably estimate the magnitude of the impact to its results of operations, and, if the outbreak continues on its current trajectory, such impacts could grow and become material to its liquidity or financial position. To the extent that the Company’s customers and suppliers continue to be materially and adversely impacted by the coronavirus outbreak, this could reduce the availability, or result in delays, of materials or supplies to or from the Company, which in turn could materially interrupt the Company’s business operations. There were no other subsequent events which would require additional disclosures to the financial statements, except for those already disclosed throughout the Notes to Consolidated Financial Statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 Company is not the primary beneficiary of any variable interest entities (“VIEs”) and therefore the Company’s consolidated financial statements do not include the accounts of any VIEs. |
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 Consolidated Statements 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] | Assets and liabilities of non-U.S. subsidiaries and associated companies are translated into U.S. dollars at the respective rates of exchange prevailing at the end of the year. Income and expense accounts are translated at average exchange rates prevailing during the year. Translation adjustments resulting from this process are recorded directly in equity as accumulated other comprehensive (loss) income (“AOCI”) and will be included as income or expense only upon sale or liquidation of the underlying entity or asset. Generally, all of the Company’s non-U.S. subsidiaries use their local currency as their functional currency. |
Cash and Cash Equivalents, Policy [Policy Text Block] | The Company invests temporary and excess funds in money market securities and financial instruments having maturities within 90 days. The Company considers 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. |
Inventory, Policy [Policy Text Block] | Inventories are valued at the lower of cost or net realizable value, and are valued using the first-in, first-out method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment (“PP&E”) are stated at gross cost, less accumulated depreciation. Depreciation is computed using the straight-line method on an individual asset basis over the following estimated useful lives: buildings and improvements, 10 45 1 15 |
Internal Use Software, Policy [Policy Text Block] | 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 5 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | The Company records goodwill, definite-lived intangible assets and 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 events indicate potential impairment. Definite-lived intangible assets are amortized over their estimated useful lives, generally for periods ranging from 4 20 |
Revenue From Contract With Customer [Policy Text Block] | The Company applies the Financial Accounting Standards Board’s (“FASB’s”) guidance on revenue recognition which requires the Company to recognize revenue in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services transferred to its customers. To do this, the Company applies the five-step model in the FASB’s guidance, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company adopted the new revenue recognition guidance electing to use a modified retrospective adoption approach applied to those contracts which were not completed as of January 1, 2018. Therefore, comparative information has not been restated and continues to be accounted for and reported under the historical revenue recognition accounting standards in effect for those periods. As a result of the Company’s adoption, using the modified retrospective adoption approach, the Company recorded a cumulative effect of an accounting change as of January 1, 2018 to adjust the Company’s estimate of variable consideration related to the customer’s expected rights to return product. This adjustment resulted in an increase to other accrued liabilities of $ 1.0 million, an increase to deferred tax assets of $ 0.2 million and a decrease to retained earnings of $ 0.8 million. Prior to this adoption, the Company recognized revenue in accordance with the terms of the underlying agreements, when title and risk of loss had been transferred, when collectability was reasonably assured, and when pricing was fixed or determinable. This generally occurred when products were shipped or delivered to customers or, for consignment-type arrangements, upon usage by the customer and when services were performed. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | 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 established based on a percentage of the amount outstanding at the bankruptcy filing date. However, initially establishing a reserve and the amount thereto is dependent on the Company’s evaluation of likely proceeds to be received from the bankruptcy process, which could result in the Company recognizing minimal or no reserve at the date of bankruptcy. Large and/or financially distressed customers are generally reserved for on a 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 balances are charged off against the allowance when the Company deems it is probable the receivable will not be recovered. |
Research and Development Expense, Policy [Policy Text Block] | 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] | Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. If there is a range of 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 in the United States (“U.S. GAAP”). Environmental costs and remediation costs are capitalized if the costs extend the life, increase the capacity or improve safety or efficiency of the property from the date acquired or constructed, and/or mitigate or prevent contamination in the future. |
Asset Retirement Obligations, Policy [Policy Text Block] | 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 the control of the entity. In accordance with this guidance, the Company records a liability when there is enough information regarding the timing of the CARO to perform a probability-weighted discounted cash flow analysis. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | The Company maintains various noncontributory retirement plans, 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 the Netherlands, the United Kingdom (“U.K.”), Mexico and Sweden are subject to the provisions of FASB’s guidance regarding employers’ accounting for defined benefit pension plans. In connection with the Combination, the Company indirectly acquired all of Houghton’s defined benefit pension plans, covering a portion of its employees in the U.S. and certain other countries. The plans of Houghton’s subsidiaries in France, Germany and the U.K. 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 AOCI, 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. In addition, the guidance requires that an employer recognize a settlement charge in their consolidated statement of income when certain events occur, including plan termination or the settlement of certain plan liabilities. A settlement charge represents the immediate recognition into expense of a portion of the unrecognized loss within AOCI on the balance sheet in proportion to the share of the projected benefit obligation that was settled. The Company’s Legacy Quaker U.S. pension plan year ends on November 30 and the measurement date is December 31. The measurement date for the Company’s other postretirement benefits plan is December 31. The Company’s global pension investment policies 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. The Company establishes strategic asset allocation percentage targets and benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. The Company’s investment horizon is generally long term, and, accordingly, the target asset allocations encompass a long-term perspective of capital markets, expected risk and return and perceived future economic conditions while also considering the profile of plan liabilities. To the extent feasible, the short-term investment portfolio is managed to match the short-term obligations, the intermediate portfolio duration is matched to reduce the risk of volatility in intermediate plan distributions, and the total return portfolio is managed to maximize the long-term real growth of plan assets. The critical investment principles of diversification, assessment of risk and targeting the optimal expected returns for given levels of risk are applied. The Company’s investment guidelines prohibit the 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 benchmark performance over rolling five-year periods. The Company’s pension committee, as authorized by the Company’s Board of Directors, has discretion to manage the assets within established asset allocation ranges approved by senior management of the Company. |
Comprehensive Income, Policy [Policy Text Block] | The Company presents other comprehensive income (loss) in its Statements of Comprehensive Income. The Company follows the FASB’s guidance regarding the disclosure of reclassifications 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 Uncertainties, Policy [Policy Text Block] | The provision for income taxes is determined using the asset 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 income 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 benefits of tax positions are probable or 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 lso, the amount of interest expense and 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, the Company nets 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] | The Company is exposed to the impact of changes in interest rates, foreign currency fluctuations, changes in commodity prices and credit risk. The Company utilizes interest rate swap agreements to enhance its ability to manage risk, including exposure to variability in interest payments associated with its variable rate debt. Derivative instruments are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. As of December 31, 2019, the Company had certain interest rate swap agreements that were designated as cash flow hedges. Interest rate swaps are entered into with a limited number of counterparties, each of which allows for net settlement of all contracts through a single payment in a single currency in the event of a default on or termination of any one contract. The Company records these instruments on a net basis within the Consolidated Balance Sheets. The effective portion of the change in fair value of the agreement is recorded in AOCI and will be recognized in the Consolidated Statements of Income when the hedge item affects earnings or losses or it becomes probable that the forecasted transaction will not occur. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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 three broad levels. See Notes 21 and 24 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] | The Company applies the FASB’s guidance regarding share-based payments, which requires the recognition of the fair value of share-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 within three years seven years one three-year two five-year 13 |
Earnings Per Share, Policy [Policy Text Block] | The Company follows the FASB’s guidance regarding the calculation of earnings per share 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] | The Company’s reportable segments reflect 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 and the chief operating decision maker assess its performance. |
Business Combinations Policy [Policy Text Block] | 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 liabilities 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 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] | Certain information has been reclassified to conform to the current year presentation. |
Use of Estimates, Policy [Policy Text Block] | 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, liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from such estimates |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash transferred to Houghton shareholders (a) $ 170,829 Cash paid to extinguish Houghton debt obligations 702,556 Fair value of common stock issued as consideration (b) 789,080 Total fair value of consideration transferred $ 1,662,465 (a) A portion is held in escrow by a third party, subject to indemnification rights that lapse upon the achievement of certain milestones. (b) Amount was determined based on approximately 4.3 million shares, comprising approximately 24.5% of the common stock of the Company at closing, and the closing price per share of Quaker Chemical Corporation common stock of $ 182.27 on August 1, 2019. |
Business Acquisition Pro Forma Information [Text Block] | Unaudited Pro Forma For the years ending December 31, (as if the Combination occurred on January 1, 2018) 2019 2018 Net sales $ 1,562,427 $ 1,654,588 Net income attributable to Quaker Chemical Corporation 94,537 35,337 |
Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed [Table Text Block] | August 1, 2019 Measurement (as Initially Period August 1, 2019 Reported) Adjustments (as adjusted) Cash and cash equivalents $ 75,821 $ — $ 75,821 Accounts receivable, net 179,745 ( 823) 178,922 Inventories, net 95,193 — 95,193 Prepaid expenses and other assets 11,373 ( 721) 10,652 Deferred tax assets 8,703 ( 8,703) — Property, plant and equipment 125,099 ( 9,570) 115,529 Right of use lease assets 10,747 ( 74) 10,673 Investments in associated companies 69,683 ( 3,236) 66,447 Other non-current assets 1,368 3,342 4,710 Intangible assets 1,022,500 5,900 1,028,400 Goodwill 483,921 10,994 494,915 Total assets purchased 2,084,153 ( 2,891) 2,081,262 Short-term borrowings, not refinanced at closing 9,297 — 9,297 Accounts payable, accrued expenses and other accrued liabilities 152,829 ( 2,751) 150,078 Deferred tax liabilities 213,779 ( 8,697) 205,082 Long-term lease liabilities 6,655 ( 48) 6,607 Other non-current liabilities 39,128 8,605 47,733 Total liabilities assumed 421,688 ( 2,891) 418,797 Total consideration paid for Houghton 1,662,465 — 1,662,465 Less: cash acquired 75,821 — 75,821 Less: fair value of common stock issued as consideration 789,080 — 789,080 Net cash paid for Houghton $ 797,564 $ — $ 797,564 Cash and cash equivalents $ 18,981 Accounts receivable, net 15,471 Inventories, net 8,213 Prepaid expenses and other assets 4,203 Property, plant and equipment 14,981 Right of use lease assets 10,608 Intangible assets 51,088 Goodwill 29,384 Total assets purchased 152,929 Long-term debt included current portions 485 Accounts payable, accrued expenses and other accrued liabilities 13,488 Deferred tax liabilities 12,746 Long-term lease liabilities 8,594 Total liabilities assumed 35,313 Total consideration paid for Norman Hay 117,616 Less: estimated purchase price settlement 3,287 Less: cash acquired 18,981 Net cash paid for Norman Hay $ 95,348 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Disclosures [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2019 2018 2017 Net sales Americas $ 392,121 $ 297,601 $ 283,460 EMEA 285,570 216,984 208,522 Asia/Pacific 247,839 192,502 181,134 Global Specialty Businesses 207,973 160,433 146,966 Total net sales $ 1,133,503 $ 867,520 $ 820,082 2019 2018 2017 Segment assets Americas $ 926,122 $ 180,037 $ 189,645 EMEA 688,663 149,984 167,243 Asia/Pacific 685,476 205,424 190,633 Global Specialty Businesses 550,055 174,220 174,605 Total segment assets $ 2,850,316 $ 709,665 $ 722,126 2019 2018 2017 Segment long-lived assets Americas $ 139,170 $ 60,745 $ 66,380 EMEA 56,108 23,383 24,795 Asia/Pacific 126,166 26,217 24,876 Global Specialty Businesses 69,184 26,949 26,392 Total segment long-lived assets $ 390,628 $ 137,294 $ 142,443 2019 2018 2017 Capital expenditures Americas $ 6,404 $ 3,401 $ 3,685 EMEA 3,263 2,081 3,936 Asia/Pacific 3,857 6,059 2,458 Global Specialty Businesses 2,021 1,345 793 Total segment capital expenditures $ 15,545 $ 12,886 $ 10,872 2019 2018 2017 Depreciation Americas $ 7,500 $ 4,225 $ 4,395 EMEA 4,560 3,434 3,368 Asia/Pacific 3,458 2,552 2,669 Global Specialty Businesses 2,248 1,985 2,045 Total segment depreciation $ 17,766 $ 12,196 $ 12,477 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | 2019 2018 2017 Segment operating earnings Americas $ 78,268 $ 62,686 $ 56,088 EMEA 47,388 36,119 34,431 Asia/Pacific 67,573 53,739 46,330 Global Specialty Businesses 58,475 42,931 39,553 Total segment operating earnings 251,704 195,475 176,402 Combination and other acquisition-related expenses ( 35,477) ( 16,661) ( 29,938) Restructuring and related charges ( 26,678) — — Fair value step up of inventory sold ( 11,714) — — Non-operating and administrative expenses ( 104,572) ( 83,515) ( 76,231) Depreciation of corporate assets and amortization ( 27,129) ( 7,518) ( 7,489) Operating income 46,134 87,781 62,744 Other expense, net ( 254) ( 642) ( 718) Interest expense, net ( 16,976) ( 4,041) ( 1,358) Income before taxes and equity in net income of associated companies $ 28,904 $ 83,098 $ 60,668 |
Net Sales and Revenue Recogni_2
Net Sales and Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation Of Revenue [Table Text Block] | 2019 2018 2017 Rolling lubricants 21.9 % 25.5 % 26.7 % Metal removal fluids 19.9 % 15.4 % 15.1 % Hydraulic fluids 13.0 % 13.0 % 13.7 % Net sales for the year ending December 31, 2019 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 171,784 $ 100,605 $ 141,870 $ 414,259 Metalworking and other 220,337 184,965 105,969 511,271 392,121 285,570 247,839 925,530 Global Specialty Businesses 149,428 30,115 28,430 207,973 $ 541,549 $ 315,685 $ 276,269 $ 1,133,503 Timing of Revenue Recognized Product sales at a point in time $ 525,802 $ 310,274 $ 269,228 $ 1,105,304 Services transferred over time 15,747 5,411 7,041 28,199 $ 541,549 $ 315,685 $ 276,269 $ 1,133,503 Net sales for the year ending December 31, 2018 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 164,263 $ 101,028 $ 120,627 $ 385,918 Metalworking and other 133,338 115,956 71,875 321,169 297,601 216,984 192,502 707,087 Global Specialty Businesses 122,165 16,613 21,655 160,433 $ 419,766 $ 233,597 $ 214,157 $ 867,520 Timing of Revenue Recognized Product sales at a point in time $ 408,402 $ 233,372 $ 206,112 $ 847,886 Services transferred over time 11,364 225 8,045 19,634 $ 419,766 $ 233,597 $ 214,157 $ 867,520 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Assets and Liabilities, Operating Leases [Table Text Block] | December 31, 2019 Right of use lease assets $ 42,905 Other accrued liabilities 11,177 Long-term lease liabilities 31,273 Total operating lease liabilities $ 42,450 Weighted average remaining lease term (years) 6.2 Weighted average discount rate 4.21% |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, 2019 For the year ended December 31, 2020 $ 12,731 For the year ended December 31, 2021 10,095 For the year ended December 31, 2022 6,570 For the year ended December 31, 2023 4,692 For the year ended December 31, 2024 3,859 For the year ended December 31, 2025 and beyond 10,982 Total lease payments 48,929 Less: imputed interest ( 6,479) Present value of lease liabilities $ 42,450 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the year ended 2019 $ 7,068 For the year ended 2020 5,635 For the year ended 2021 4,509 For the year ended 2022 3,523 For the year ended 2023 2,659 For the year ended 2024 and beyond 7,779 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | QH Program Accrued restructuring as of December 31, 2018 $ - Restructuring expense, net 26,678 Cash payments ( 8,899) Currency translation adjustments 264 Accrued restructuring as of December 31, 2019 $ 18,043 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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] | 2019 2018 2017 Stock options $ 1,448 $ 1,053 $ 958 Nonvested stock awards and restricted stock units 3,206 2,459 2,935 Employee stock purchase plan 84 89 88 Non-elective and elective 401(k) matching contribution in stock — — 72 Director stock ownership plan 123 123 137 Total share-based compensation expense $ 4,861 $ 3,724 $ 4,190 |
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 as of January 1, 2019 122,072 $ 116.39 Options granted 51,610 154.92 Options exercised ( 28,535) 80.22 Options forfeited ( 735) 147.01 Options outstanding as of December 31, 2019 144,412 $ 137.15 4.8 $ 4,066 Options expected to vest after December 31, 2019 84,839 $ 151.12 5.6 $ 1,204 Options exercisable as of December 31, 2019 59,573 $ 117.27 3.7 $ 2,862 |
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) $ 50.01 - $ 60.00 874 0.2 $ 58.26 874 $ 58.26 $ 60.01 - $ 70.00 — — — — — $ 70.01 - $ 80.00 17,268 2.7 72.29 17,268 72.29 $ 80.01 - $ 90.00 2,797 2.1 87.30 2,797 87.30 $ 90.01 - $ 130.00 — — — — — $ 130.01 - $ 140.00 37,167 4.0 134.60 24,898 134.60 $ 140.01 - $ 150.00 — — — — — $ 150.01 - $ 160.00 86,306 5.7 153.65 13,736 152.26 144,412 4.8 137.15 59,573 117.27 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2019 2018 2017 2016 Number of stock options granted 51,610 35,842 42,477 67,444 Dividend yield 1.12 % 1.37 % 1.49 % 1.49 % Expected volatility 26.29 % 24.73 % 25.52 % 28.39 % Risk-free interest rate 1.52 % 2.54 % 1.67 % 1.08 % 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] | 2019 2018 2017 2019 Stock option awards $ 665 $ — $ — 2018 Stock option awards 364 310 — 2017 Stock option awards 369 367 308 2016 Stock option awards 50 332 332 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Weighted Average Grant Shares Date Fair Value (per share) Nonvested awards, December 31, 2018 52,785 $ 112.09 Granted 40,382 158.16 Vested ( 27,572) 84.19 Forfeited ( 1,095) 123.27 Nonvested awards, December 31, 2019 64,500 $ 152.67 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Number of Weighted Average Grant Units Date Fair Value (per unit) Nonvested awards, December 31, 2018 4,650 $ 117.03 Granted 6,060 154.92 Vested ( 1,972) 78.36 Forfeited ( 83) 145.96 Nonvested awards, December 31, 2019 8,655 $ 152.09 |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | 2019 2018 2017 Income from third party license fees $ 1,035 $ 862 $ 861 Foreign exchange gains (losses), net 223 ( 807) 891 Gain (loss) on fixed asset disposals, net 58 657 ( 79) Non-income tax refunds and other related credits 1,118 668 1,015 Pension and postretirement benefit costs, non-service components ( 2,805) ( 2,285) ( 4,234) Insurance insolvency recovery 60 90 600 Other non-operating income 455 425 380 Other non-operating expense ( 398) ( 252) ( 152) Total other expense, net $ ( 254) $ ( 642) $ ( 718) |
Taxes on Income and Uncertain P
Taxes on Income and Uncertain Positions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Taxes on Income and Uncertain Tax Positions [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2019 2018 2017 Current: Federal $ ( 239) $ 6,583 $ 21,265 State 352 ( 1,844) 2,529 Foreign 26,213 12,114 14,105 26,326 16,853 37,899 Deferred: Federal ( 9,267) 7,859 6,889 State ( 396) ( 173) ( 36) Foreign ( 14,579) 511 ( 3,099) Total $ 2,084 $ 25,050 $ 41,653 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2019 2018 2017 U.S. $ ( 46,697) $ 27,387 $ 10,468 Foreign 75,601 55,711 50,200 Total $ 28,904 $ 83,098 $ 60,668 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 Retirement benefits $ 15,142 $ 8,185 Allowance for doubtful accounts 2,253 1,160 Insurance and litigation reserves 1,002 357 Performance incentives 7,213 4,364 Equity-based compensation 1,050 753 Prepaid expense 2,976 ( 6) Insurance settlement 3,895 3,962 Operating loss carryforward 16,044 8,434 Foreign tax credit and other credits 34,384 — Interest 11,479 614 Restructuring reserves 2,167 ( 802) Right of use lease assets 10,015 — Royalties and license fees 2,156 325 Inventory reserves 2,163 841 Research and development 2,580 ( 5) Other 1,317 489 115,836 28,671 Valuation allowance ( 13,834) ( 7,520) Total deferred tax assets, net $ 102,002 $ 21,151 Depreciation 17,754 4,098 Foreign pension and other 1,269 1,062 Amortization and other 254,359 11,191 Lease liabilities 9,965 — Outside basis in equity investment 6,776 — Unremitted Earnings 8,228 7,857 Total deferred tax liabilities $ 298,351 $ 24,208 |
Schedule of Deferred Income Tax Assets Valuation Allowance [Table Text Block] | Effect of Balance at Purchase Additional Allowance Exchange Balance Beginning Accounting Valuation Utilization Rate at End of Period Adjustments Allowance and Other Changes of Period Valuation Allowance Year ended December 31, 2019 $ 7,520 $ 13,752 $ 832 $ ( 8,227) $ ( 43) $ 13,834 Year ended December 31, 2018 $ 7,401 $ — $ 650 $ ( 471) $ ( 60) $ 7,520 Year ended December 31, 2017 $ 6,344 $ — $ 1,127 $ ( 61) $ ( 9) $ 7,401 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 2017 Income tax provision at the Federal statutory tax rate $ 6,070 $ 17,458 $ 21,229 Unremitted Earnings 1,743 7,857 — Transition Tax ( 416) ( 3,118) 18,388 Revaluation of U.S. deferred tax assets and liabilities — — 4,470 Global intangible low taxed income — 1,211 — Foreign derived intangible income ( 2,380) ( 1,034) — Non-deductible acquisition expenses 1,970 1,019 4,779 Share-based compensation ( 540) 259 ( 1,419) Differences in tax rates on foreign earnings and remittances 920 1,081 ( 2,663) Foreign tax credits — — ( 2,761) Research and development credit ( 385) ( 230) ( 235) Uncertain tax positions 899 ( 79) ( 651) U.S. domestic production activities deduction — — ( 1,155) State income tax provisions, net ( 117) 196 569 Non-deductible meals and entertainment 318 415 248 Intercompany transfer of intangible assets ( 5,318) — — Miscellaneous items, net ( 680) 15 854 Taxes on income before equity in net income of associated companies $ 2,084 $ 25,050 $ 41,653 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2019 2018 2017 Unrecognized tax benefits as of January 1 $ 7,050 $ 6,761 $ 6,240 Increase (decrease) in unrecognized tax benefits taken in prior periods ( 28) ( 183) ( 308) Increase in unrecognized tax benefits taken in current period 1,935 2,023 2,347 Decrease in unrecognized tax benefits due to lapse of statute of limitations ( 1,029) ( 1,292) ( 2,116) Increase in unrecognized tax benefits due to acquisition 11,301 — — (Decrease) increase due to foreign exchange rates ( 132) ( 259) 598 Unrecognized tax benefits as of December 31 $ 19,097 $ 7,050 $ 6,761 |
Schedule Of Deferred Tax Assets And Liabilities Balance Sheet Classification [Table Text Block] | 2019 2018 Non-current deferred tax assets $ 14,745 $ 6,946 Non-current deferred tax liabilities 211,094 10,003 Net deferred tax liability $ ( 196,349) $ ( 3,057) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2019 2018 2017 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 31,622 $ 59,473 $ 20,278 Less: income allocated to participating securities ( 90) ( 253) ( 137) Net income available to common shareholders $ 31,532 $ 59,220 $ 20,141 Basic weighted average common shares outstanding 15,126,928 13,268,047 13,204,872 Basic earnings per common share $ 2.08 $ 4.46 $ 1.53 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 31,622 $ 59,473 $ 20,278 Less: income allocated to participating securities ( 90) ( 252) ( 137) Net income available to common shareholders $ 31,532 $ 59,221 $ 20,141 Basic weighted average common shares outstanding 15,126,928 13,268,047 13,204,872 Effect of dilutive securities 36,243 36,685 41,074 Diluted weighted average common shares outstanding 15,163,171 13,304,732 13,245,946 Diluted earnings per common share $ 2.08 $ 4.45 $ 1.52 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
Schedule Of Cash And Cash Equivalents [Table Text Block] | 2019 2018 2017 2016 Cash and cash equivalents $ 123,524 $ 104,147 $ 89,879 $ 88,818 Restricted cash included in other current assets 353 — — — Restricted cash included in other assets 19,678 20,278 21,171 21,883 Cash, cash equivalents and restricted cash $ 143,555 $ 124,425 $ 111,050 $ 110,701 |
AR and Allowance for Doubtful A
AR and Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 $ 5,187 $ 1,925 $ ( 322) $ 4,926 $ 11,716 Year ended December 31, 2018 $ 5,457 $ 493 $ ( 295) $ ( 468) $ 5,187 Year ended December 31, 2017 $ 7,220 $ 137 $ ( 2,206) $ 306 $ 5,457 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 2019 2018 Raw materials and supplies $ 82,058 $ 48,134 Work in process, finished goods and reserves 92,892 45,956 Total inventories, net $ 174,950 $ 94,090 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2019 2018 Land $ 34,686 $ 10,170 Building and improvements 130,462 84,980 Machinery and equipment 225,636 151,180 Construction in progress 8,050 7,907 Property, Plant and Equipment, at cost 398,834 254,237 Less accumulated depreciation ( 185,365) ( 170,314) Total Property, Plant and Equipment, net $ 213,469 $ 83,923 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Global Specialty Americas EMEA Asia/Pacific Businesses Total Balance as of December 31, 2017 $ 28,921 $ 18,476 $ 13,933 $ 24,704 $ 86,034 Currency translation adjustments ( 457) ( 1,053) ( 784) ( 407) ( 2,701) Balance as of December 31, 2018 28,464 17,423 13,149 24,297 83,333 Goodwill additions 188,494 114,167 130,091 91,545 524,297 Currency translation adjustments ( 573) 1,428 ( 1,513) 233 ( 425) Balance as of December 31, 2019 $ 216,385 $ 133,018 $ 141,727 $ 116,075 $ 607,205 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Carrying Accumulated Amount Amortization 2019 2018 2019 2018 Customer lists and rights to sell $ 792,362 $ 74,989 $ 49,932 $ 29,587 Trademarks, formulations and product technology 157,049 33,275 21,299 16,469 Other 6,261 5,840 5,776 5,566 Total definite-lived intangible assets $ 955,672 $ 114,104 $ 77,007 $ 51,622 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the year ended December 31, 2020 $ 55,977 For the year ended December 31, 2021 55,630 For the year ended December 31, 2022 55,476 For the year ended December 31, 2023 55,259 For the year ended December 31, 2024 54,728 |
Investment in Associated Compan
Investment in Associated Companies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Associated Companies [Abstract] | |
Schedule of Equity Method Investments [Table Text Block] | Year Ended December 31, 2019 2018 2017 Houghton Korea $ 2,337 $ - $ - Nippon Japan 850 713 585 Kelko Panama 55 222 195 Kelko Venezuela - ( 138) ( 42) Primex 1,822 966 2,547 Total equity in net income of associated companies $ 5,064 $ 1,763 $ 3,285 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | 2019 2018 Restricted insurance settlement $ 19,678 $ 20,278 Debt issuance costs 7,571 — Indemnification assets 4,006 — Uncertain tax positions 4,993 4,861 Supplemental retirement income program 1,782 1,491 Pension assets — 3,656 Other 2,403 1,769 Total other assets $ 40,433 $ 32,055 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Current Liabilities [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | 2019 2018 Non-income taxes $ 21,176 $ 8,462 Short-term lease liabilities 11,177 - Professional fees 11,220 3,831 Current income taxes payable 7,503 1,358 Selling expenses 6,646 3,582 Customer advances and sales return reserves 5,554 2,187 Freight 4,704 2,188 Acquisition-related accruals 3,521 - Legal 2,362 1,067 Environmental 734 - Accrued rent and facilities 994 763 Accrued interest 855 4,340 Other 7,159 3,330 Total other accrued liabilities $ 83,605 $ 31,108 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt [Abstract] | |
Schedule of Debt [Table Text Block] | As of December 31, 2019 As of December 31, 2018 Interest Outstanding Interest Outstanding Rate Balance Rate Balance Credit Facilities: Revolver 3.20% $ 171,169 1.00% $ 24,034 U.S. Term Loan 3.20% 600,000 N/A — EURO Term Loan 1.50% 151,188 N/A — Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 2,608 Various 2,570 Total debt $ 934,965 $ 36,604 Less: debt issuance costs ( 14,196) — Less: short-term and current portion of long-term debts ( 38,332) ( 670) Total long-term debt $ 882,437 $ 35,934 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2020 $ 38,686 2021 38,007 2022 56,661 2023 75,414 2024 716,021 |
Debt related expenses included within Interest expense [Table Text Block] | Year Ended December 31, 2019 2018 2017 Interest expense $ 16,788 $ 6,158 $ 3,892 Amortization of debt issuance costs 1,979 70 241 Total $ 18,767 $ 6,228 $ 4,133 |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Pension and Other Postretirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Other Post- Pension Benefits Retirement Benefits 2019 2018 2019 2018 Change in benefit obligation Foreign U.S. Total Foreign U.S. Total U.S. U.S. Gross benefit obligation at beginning of year $ 111,316 $ 58,734 $ 170,050 $ 118,352 $ 62,977 $ 181,329 $ 4,106 $ 4,729 Service cost 3,507 434 3,941 3,426 383 3,809 6 7 Interest cost 3,046 3,313 6,359 2,254 1,847 4,101 143 130 Employee contributions 73 — 73 73 — 73 — — Effect of plan amendments 30 — 30 — — — — — Plan settlements ( 1,087) — ( 1,087) ( 10) — ( 10) — — Benefits paid ( 3,832) ( 6,034) ( 9,866) ( 1,639) ( 4,330) ( 5,969) ( 384) ( 317) Plan expenses and premiums paid ( 129) — ( 129) ( 161) — ( 161) — — Transfer in of business acquisition 85,658 86,414 172,072 — — — — — Actuarial loss (gain) 13,616 10,862 24,478 ( 5,561) ( 2,143) ( 7,704) 395 ( 443) Translation differences and other 5,695 — 5,695 ( 5,418) — ( 5,418) — — Gross benefit obligation at end of year $ 217,893 $ 153,723 $ 371,616 $ 111,316 $ 58,734 $ 170,050 $ 4,266 $ 4,106 Change in plan assets Fair value of plan assets at year beginning of year $ 94,826 $ 49,415 $ 144,241 $ 98,622 $ 51,964 $ 150,586 $ — $ — Actual return on plan assets 13,458 10,663 24,121 ( 2,670) 457 ( 2,213) — — Employer contributions 5,223 1,087 6,310 5,269 1,574 6,843 384 317 Employee contributions 73 — 73 73 — 73 — — Plan settlements ( 1,087) — ( 1,087) ( 10) — ( 10) — — Benefits paid ( 3,832) ( 6,034) ( 9,866) ( 1,639) ( 4,330) ( 5,969) ( 384) ( 317) Plan expenses and premiums paid ( 129) ( 500) ( 629) ( 161) ( 250) ( 411) — — Transfer in of business acquisition 81,068 65,919 146,987 — — — — — Translation differences 5,499 — 5,499 ( 4,658) — ( 4,658) — — Fair value of plan assets at end of year $ 195,099 $ 120,550 $ 315,649 $ 94,826 $ 49,415 $ 144,241 $ — $ — Net benefit obligation recognized $ ( 22,794) $ ( 33,173) $ ( 55,967) $ ( 16,490) $ ( 9,319) $ ( 25,809) $ ( 4,266) $ ( 4,106) Other Post- Pension Benefits Retirement Benefits 2019 2018 2019 2018 Foreign U.S. Total Foreign U.S. Total U.S. U.S. Amounts recognized in the balance sheet consist of: Non-current assets $ — $ — $ — $ — $ 3,656 $ 3,656 $ — $ — Current liabilities ( 359) ( 2,620) ( 2,979) ( 206) ( 559) ( 765) ( 426) ( 446) Non-current liabilities ( 22,435) ( 30,553) ( 52,988) ( 16,284) ( 12,416) ( 28,700) ( 3,840) ( 3,660) Net benefit obligation recognized $ ( 22,794) $ ( 33,173) $ ( 55,967) $ ( 16,490) $ ( 9,319) $ ( 25,809) $ ( 4,266) $ ( 4,106) Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss: Prior service credit $ 1,271 $ — $ 1,271 $ 1,497 $ — $ 1,497 $ — $ — Accumulated loss ( 22,816) ( 46,560) ( 69,376) ( 20,089) ( 25,310) ( 45,399) ( 734) ( 338) AOCI ( 21,545) ( 46,560) ( 68,105) ( 18,592) ( 25,310) ( 43,902) ( 734) ( 338) Cumulative employer contributions (below) or in excess of net periodic benefit cost ( 1,249) 13,387 12,138 2,102 15,991 18,093 ( 3,532) ( 3,768) Net benefit obligation recognized $ ( 22,794) $ ( 33,173) $ ( 55,967) $ ( 16,490) $ ( 9,319) $ ( 25,809) $ ( 4,266) $ ( 4,106) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 2019 2018 Foreign U.S. Total Foreign U.S. Total Projected benefit obligation $ 217,893 $ 153,723 $ 371,616 $ 111,316 $ 12,975 $ 124,291 Accumulated benefit obligation 213,060 152,930 365,990 107,685 11,808 119,493 Fair value of plan assets 195,099 120,550 315,649 94,826 — 94,826 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 2019 2018 Foreign U.S. Total Foreign U.S. Total Projected benefit obligation $ 217,893 $ 153,723 $ 371,616 $ 111,316 $ 12,975 $ 124,291 Fair value of plan assets 195,099 120,550 315,649 94,826 — 94,826 |
Schedule of Net Benefit Costs [Table Text Block] | 2019 2018 Foreign U.S. Total Foreign U.S. Total Service cost $ 3,507 $ 434 $ 3,941 $ 3,426 $ 383 $ 3,809 Interest cost 3,046 3,313 6,359 2,254 1,847 4,101 Expected return on plan assets ( 3,668) ( 3,227) ( 6,895) ( 2,228) ( 2,803) ( 5,031) Settlement loss 258 — 258 2 — 2 Actuarial loss amortization 757 2,348 3,105 881 2,276 3,157 Prior service (credit) cost amortization ( 165) — ( 165) ( 175) 59 ( 116) Net periodic benefit cost $ 3,735 $ 2,869 $ 6,603 $ 4,160 $ 1,762 $ 5,922 2017 Foreign U.S. Total Service cost $ 3,219 $ 337 $ 3,556 Interest cost 2,066 1,932 3,998 Expected return on plan assets ( 1,994) ( 3,067) ( 5,061) Settlement loss — 1,946 1,946 Actuarial loss amortization 862 2,396 3,258 Prior service (credit) cost amortization ( 167) 63 ( 104) Net periodic benefit cost $ 3,986 $ 3,607 $ 7,593 2019 2018 2017 Service cost $ 6 $ 7 $ 8 Interest cost 143 130 144 Actuarial loss amortization — 42 54 Net periodic benefit costs $ 149 $ 179 $ 206 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 2019 2018 Foreign U.S. Total Foreign U.S. Total Net loss (gain) arising during the period $ 3,826 $ 3,926 $ 7,752 $ ( 663) $ 453 $ ( 210) Recognition of amortization in net periodic benefit cost Prior service credit (cost) 196 — 196 175 ( 59) 116 Actuarial loss ( 1,015) ( 2,347) ( 3,362) ( 883) ( 2,276) ( 3,159) Effect of exchange rates on amounts included in AOCI ( 61) — ( 61) ( 890) — ( 890) Total recognized in other comprehensive loss (income) 2,946 1,579 4,525 ( 2,261) ( 1,882) ( 4,143) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 6,681 $ 4,448 $ 11,128 $ 1,899 $ ( 120) $ 1,779 2017 Foreign U.S. Total Net gain arising during period $ 715 $ ( 1,672) $ ( 957) Recognition of amortization in net periodic benefit Prior service credit (cost) 167 ( 63) 104 Actuarial loss ( 862) ( 4,342) ( 5,204) Effect of exchange rates on amounts included in AOCI 2,308 — 2,308 Total recognized in other comprehensive loss 2,328 ( 6,077) ( 3,749) Total recognized in net periodic benefit cost and other comprehensive loss $ 6,314 $ ( 2,470) $ 3,844 2019 2018 2017 Net (gain) loss arising during period $ 395 $ ( 443) $ 295 Amortization of actuarial loss in net periodic benefit costs — ( 42) ( 54) Total recognized in other comprehensive (income) loss 395 ( 485) 241 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 544 $ ( 306) $ 447 |
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 U.S. Total Benefits Actuarial loss $ 889 $ 2,034 $ 2,923 $ — Prior service credit ( 164) — ( 164) — $ 725 $ 2,034 $ 2,759 $ — |
Schedule of Assumptions Used [Table Text Block] | Other Postretirement Pension Benefits Benefits 2019 2018 2019 2018 U.S. Plans: Discount rate 3.06 % 4.07 % 2.98 % 4.03 % Rate of compensation increase 6.00 % 3.63 % N/A N/A Foreign Plans: Discount rate 1.83 % 2.47 % N/A N/A Rate of compensation increase 2.58 % 2.89 % N/A N/A Other Postretirement Pension Benefits Benefits 2019 2018 2019 2018 U.S. Plans: Discount rate 4.08 % 3.44 % 4.03 % 3.39 % Expected long-term return on plan assets 5.75 % 5.95 % N/A N/A Rate of compensation increase 5.50 % 3.63 % N/A N/A Foreign Plans: Discount rate 2.30 % 2.33 % N/A N/A Expected long-term return on plan assets 3.13 % 2.22 % N/A N/A Rate of compensation increase 2.87 % 2.89 % N/A N/A 2019 2018 Health care cost trend rate for next year 5.90 % 6.20 % 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 $ 11 $ ( 10) Effect on postretirement benefit obligations 311 ( 272) |
Schedule of Allocation of Plan Assets [Table Text Block] | Asset Category Target 2019 2018 U.S. Plans Equity securities 10 % 32 % 9 % Debt securities 90 % 64 % 90 % Other — % 4 % 1 % Total 100 % 100 % 100 % Foreign Plans Equity securities 38 % 34 % 21 % Debt securities 51 % 45 % 76 % Other 11 % 21 % 3 % Total 100 % 100 % 100 % Fair Value Measurements at December 31, 2019 Total Using Fair Value Hierarchy U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 450 $ 450 $ — $ — Pooled separate accounts 64,636 — 64,636 — Real estate 4,060 — — 4,060 Subtotal U.S. pension plan assets in fair value hierarchy $ 69,146 $ 450 $ 64,636 $ 4,060 Commingled funds measured at NAV 51,404 Total U.S. pension plan assets $ 120,550 Foreign Pension Assets Cash and cash equivalents $ 1,502 $ 1,502 $ — $ — Insurance contract 92,657 — — 92,657 Diversified equity securities - registered investment companies 8,604 — 8,604 — Fixed income – foreign registered investment companies 3,021 — 3,021 — Fixed income government securities 32,512 — 32,512 — Real estate 5,521 — — 5,521 Other - alternative investments 9,436 — — 9,436 Sub-total of foreign pension assets in fair value hierarchy $ 153,253 $ 1,502 $ 44,137 $ 107,614 Commingled funds measured at NAV 2,037 Diversified investment fund - registered investment companies measured at NAV 39,809 Total foreign pension assets $ 195,099 Total pension assets in fair value hierarchy $ 222,399 $ 1,952 $ 108,773 $ 111,674 Total pension assets measured at NAV 93,250 Total pension assets $ 315,649 Fair Value Measurements at December 31, 2018 Total Using Fair Value Hierarchy U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 450 $ 450 $ — $ — Subtotal U.S. pension plan assets in fair value hierarchy $ 450 $ 450 $ — $ — Commingled funds measured at NAV 48,965 Total U.S. pension plan assets $ 49,415 Foreign Pension Assets Cash and cash equivalents $ 209 $ 209 $ — $ — Insurance contract 79,873 — — 79,873 Diversified equity securities - registered investment companies 7,701 — 7,701 — Fixed income - foreign registered investment companies 2,658 — 2,658 — Real estate 2,382 — — 2,382 Subtotal foreign pension assets in fair value hierarchy $ 92,823 $ 209 $ 10,359 $ 82,255 Commingled funds measured at NAV 2,003 Total foreign pension plan assets $ 94,826 Total pension assets in fair value hierarchy $ 93,273 $ 659 $ 10,359 $ 82,255 Total pension assets measured at NAV 50,968 Total pension assets $ 144,241 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | Insurance Alternative Contract Real Estate Investments Total Balance as of December 31, 2017 $ 82,092 $ 2,428 $ — $ 84,520 Purchases 4,707 — — 4,707 Settlements ( 1,399) — — ( 1,399) Unrealized (losses) gains ( 1,817) 94 — ( 1,723) Currency translation adjustment ( 3,710) ( 140) — ( 3,850) Balance as of December 31, 2018 79,873 2,382 — 82,255 Purchases 3,762 — 1,029 4,791 Assets acquired in business combinations 129 7,058 8,914 16,101 Sales — ( 238) ( 278) ( 516) Settlements ( 1,730) — — ( 1,730) Unrealized gains (losses) 12,199 403 ( 960) 11,642 Currency translation adjustment ( 1,576) ( 24) 731 ( 869) Balance as of December 31, 2019 $ 92,657 $ 9,581 $ 9,436 $ 111,674 |
Schedule of Expected Benefit Payments [Table Text Block] | Other Post- Pension Benefits Retirement Foreign U.S. Total Benefits 2020 $ 5,600 $ 5,947 $ 11,547 $ 426 2021 6,219 5,209 11,428 400 2022 6,297 5,191 11,488 373 2023 6,740 6,054 12,794 354 2024 6,797 6,238 13,035 326 2024 to 2028 41,379 31,026 72,405 1,291 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Noncurrent [Abstract] | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | 2019 2018 Restricted insurance settlement $ 19,678 $ 20,278 Non-current income taxes payable 8,500 7,644 Uncertain tax positions (includes interest and penalties) 24,609 8,097 Fair value of interest rate swaps 415 — Environmental reserves 5,259 — Deferred and other long-term compensation 6,625 6,886 Other 1,298 624 Total other non-current liabilities $ 66,384 $ 43,529 |
Equity and Noncontrolling Int_2
Equity and Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gain (Loss) in Defined Currency Benefit Available-for- Translation Pension Sale Derivative Adjustments Plans Securities Instruments Total Balance as of December 31, 2016 $ ( 52,255) $ ( 36,168) $ 1,016 $ — $ ( 87,407) Other comprehensive income (loss) before reclassifications 20,362 ( 1,646) 2,299 — 21,015 Amounts reclassified from AOCI — 5,154 ( 2,494) — 2,660 Related tax amounts — ( 1,433) 65 — ( 1,368) Balance as of December 31, 2017 ( 31,893) ( 34,093) 886 — ( 65,100) Other comprehensive (loss) income before reclassifications ( 17,429) 1,543 ( 2,622) — ( 18,508) Amounts reclassified from AOCI — 3,085 435 — 3,520 Related tax amounts — ( 1,086) 459 — ( 627) Balance as of December 31, 2018 ( 49,322) ( 30,551) ( 842) — ( 80,715) Other comprehensive income (loss) before reclassifications 4,754 ( 8,088) 2,951 ( 415) ( 798) Amounts reclassified from AOCI — 3,169 ( 301) — 2,868 Related tax amounts — 937 ( 557) 95 475 Balance as of December 31, 2019 $ ( 44,568) $ ( 34,533) $ 1,251 $ ( 320) $ ( 78,170) |
Fair Value Measurements (Table)
Fair Value Measurements (Table) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2019 Total Using Fair Value Hierarchy Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,782 $ — $ 1,782 $ — Total $ 1,782 $ — $ 1,782 $ — Fair Value Measurements at December 31, 2018 Total Using Fair Value Hierarchy Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,491 $ — $ 1,491 $ — Total $ 1,491 $ — $ 1,491 $ — |
Hedging Activities (Tables)
Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value Consolidated Balance Sheet December 31, Location 2019 2018 Derivatives designated as cash flow hedges: Interest rate swaps Other non-current liabilities $ 415 $ — $ 415 $ — December 31, 2019 2018 Derivatives designated as cash flow hedges: Interest rate swaps $ 320 $ — $ 320 $ — For the Years Ended December 31, 2019 2018 2017 Amount and location of income reclassified from AOCI into Income (Effective Portion) Interest expense, net $ 29 $ — $ — |
Quarterly Results - Unaudited (
Quarterly Results - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 Net sales $ 211,210 $ 205,869 $ 325,130 $ 391,294 Gross profit 75,767 75,161 105,057 136,132 Operating income (loss) 19,829 20,531 ( 14,502) 20,276 Net income (loss) attributable to Quaker Chemical Corporation 13,844 15,591 ( 13,053) 15,240 Net income (loss) attributable to Quaker Chemical Corporation Common Shareholders - Basic (5) $ 1.04 $ 1.17 $ ( 0.80) $ 0.86 Net income (loss) attributable to Quaker Chemical Corporation Common Shareholders - Diluted (5) $ 1.03 $ 1.17 $ ( 0.80) $ 0.86 2018 Net sales $ 212,055 $ 221,962 $ 222,022 $ 211,481 Gross profit 75,447 80,937 81,093 74,838 Operating income 20,231 22,563 24,919 20,068 Net income attributable to Quaker Chemical Corporation 12,732 19,246 19,690 7,805 Net income attributable to Quaker Chemical Corporation Common Shareholders - Basic (5) $ 0.96 $ 1.44 $ 1.48 $ 0.59 Net income attributable to Quaker Chemical Corporation Common Shareholders - Diluted (5) $ 0.95 $ 1.44 $ 1.47 $ 0.58 |
Significant Accounting Polici_3
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |||
Research and Development Expense | $ 32.1 | $ 24.5 | $ 23.9 |
Cash and cash equivalents description | The Company invests temporary and excess funds in money market securities and financial instruments having maturities within 90 days. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. | ||
Schedule Of Equity Method Investments [Line Items] | |||
Prior Period Reclassification Adjustment | $ 1 | ||
Restatement Of Prior Year Income Tax Effects | 0.2 | ||
Impact Of Restatement On Opening Retained Earnings Net Of Tax | $ 0.8 | ||
Income Tax Examination Minimum Likelihood Of Tax Benefits Being Realized Upon Ultimate Settlement | 50.00% | ||
Measurement period | 1 year | ||
New Accounting Pronouncement Or Change In Accounting Principle Description | As a result of the Company’s adoption, using the modified retrospective adoption approach, the Company recorded a cumulative effect of an accounting change as of January 1, 2018 to adjust the Company’s estimate of variable consideration related to the customer’s expected rights to return product. This adjustment resulted in an increase to other accrued liabilities of $1.0 million, an increase to deferred tax assets of $0.2 million and a decrease to retained earnings of $0.8 million. |
Significant Accounting Polici_4
Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Capitalized Computer Software, Net | $ 2.6 | $ 1.1 |
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 Polici_5
Significant Accounting Policies - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 Polici_6
Significant Accounting Policies - Concentration Risk (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Top Customer Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 6.00% |
Significant Accounting Polici_7
Significant Accounting Policies - Share-Based Compensation (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 |
Restricted Stock [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Award Vesting Period | 3 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 | 3 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 |
Siginficant Accounting Policies
Siginficant Accounting Policies - Hyperinflationary accounting (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Statement Line Items With Differences In Reported Amount And Reporting Currency Denominated Amounts [Line Items] | |||
Inflationary Percentage | 100.00% | ||
Argentina [Member] | |||
Financial Statement Line Items With Differences In Reported Amount And Reporting Currency Denominated Amounts [Line Items] | |||
Equity Method Investment Ownership Percentage | 50.00% | ||
Amount Recognized In Income Due To Inflationary Accounting | $ 1 | $ 0.7 | $ 0.4 |
Currency Conversion Impacts Of HyperInflationary Accounting | During the years ended December 31, 2019, 2018 and 2017, the Company recorded $1.0 million, $0.7 million, and $0.4 million, respectively, of remeasurement losses associated with the applicable currency conversions related to Venezuela and Argentina. | ||
Inflationary Percentage | 100.00% | ||
Argentina Assets Total [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 1.00% | ||
Argentina Sales Revenue Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 1.00% |
Business Combination - Houghton
Business Combination - Houghton (Details) $ / shares in Units, $ in Thousands, shares in Millions | Aug. 01, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Business Combination, Consideration Transferred [Abstract] | |||||
Fair value of common stock issued as consideration | $ 789,080 | ||||
Houghton [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Date of Acquisition Agreement | Aug. 1, 2019 | ||||
Business Acquisition Name Of Acquired Entity | Houghton | ||||
Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed | 38,000 | $ 19,500 | $ 30,800 | ||
Business Combination Separately Recognized Transactions Liabilities Recognized | 6,600 | $ 8,200 | |||
Business Combination, Consideration Transferred [Abstract] | |||||
Cash transferred to Houghton shareholders | [1] | 170,829 | |||
Cash paid to extinguish Houghton debt obligation | 702,556 | ||||
Fair value of common stock issued as consideration | [2] | 789,080 | |||
Total fair value of consideration transferred | $ 1,662,465 | ||||
Business Acquisitions, Shares Acquired | shares | 4.3 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 24.50% | ||||
Business Acquisition Share Price | $ / shares | $ 182.27 | ||||
Houghton [Member] | Disposal Group, Not Discontinued Operations [Member] | Certain steel and aluminum related product lines [Member] | |||||
Business Acquisition [Line Items] | |||||
Proceeds From Divestiture Of Businesses | $ 37,000 | ||||
Divested product lines impact on Net Sales, percent | 0.03 | ||||
[1] | A portion is held in escrow by a third party, subject to indemnification rights that lapse upon the achievement of certain milestones. | ||||
[2] | Amount was determined based on approximately 4.3 million shares, comprising approximately 24.5% of the common stock of the Company at closing, and the closing price per share of Quaker Chemical Corporation common stock of $ 182.27 on August 1, 2019. |
Business Combination - Hought_2
Business Combination - Houghton - Estimated Fair Values of Houghton Net Assets Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Oct. 31, 2019 | Aug. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 607,205 | $ 83,333 | $ 86,034 | ||
Houghton [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 75,821 | $ 0 | $ 75,821 | ||
Accounts receivable, net | 178,922 | (823) | 179,745 | ||
Inventories, net | 95,193 | 0 | 95,193 | ||
Prepaid expenses and other assets | 10,652 | (721) | 11,373 | ||
Deferred tax assets | 0 | (8,703) | 8,703 | ||
Propery, plant & equipment | 115,529 | (9,570) | 125,099 | ||
Right of use lease assets | 10,673 | (74) | 10,747 | ||
Investments in associated companies | 66,447 | (3,236) | 69,683 | ||
Other non-current assets | 4,710 | 3,342 | 1,368 | ||
Intangible assets | 1,028,400 | 5,900 | 1,022,500 | ||
Goodwill | 494,915 | 10,994 | 483,921 | ||
Total Assets Purchased | 2,081,262 | (2,891) | 2,084,153 | ||
Short-term borrowings, not refinanced at closing | 9,297 | 0 | 9,297 | ||
Accounts payable, accrued expenses and other accrued liabilities | 150,078 | (2,751) | 152,829 | ||
Long-term lease liabilities | 6,607 | (48) | 6,655 | ||
Other Non-Current Liabilities | 47,733 | 8,605 | 39,128 | ||
Deferred tax liabilities | 205,082 | (8,697) | 213,779 | ||
Total Liabilities Assumed | 418,797 | (2,891) | 421,688 | ||
Total consideration paid for Houghton | 1,662,465 | 0 | 1,662,465 | ||
Cash Acquired | 75,821 | 0 | 75,821 | ||
Fair value of common stock issued as consideration | 789,080 | 0 | 789,080 | ||
Net cash paid for Houghton | $ 797,564 | $ 0 | $ 797,564 |
Business Combination - Hought_3
Business Combination - Houghton - Narrative and Pro Forma Information (Details) - USD ($) $ in Thousands | Aug. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 607,205 | $ 83,333 | $ 86,034 | ||
Measurement period | 1 year | ||||
Other accrued liabilities | $ 83,605 | 31,108 | |||
Houghton [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of Voting Interests Acquired | 24.50% | ||||
Intangible assets | $ 1,022,500 | 1,028,400 | $ 5,900 | ||
Goodwill | 483,921 | 494,915 | $ 10,994 | ||
Revenue of Acquiree | $ 299,800 | ||||
Business Combination Transaction-related Expenses | 38,000 | 19,500 | $ 30,800 | ||
Business Combination Separately Recognized Transactions Liabilities Recognized | $ 6,600 | 8,200 | |||
Measurement period | 1 year | ||||
Business Acquisition Pro Forma Information [Abstract] | |||||
Business Acquisitions Pro Forma Revenue | $ 1,562,427 | 1,654,588 | |||
Net income attributable to Quaker Chemical Corporation | 94,537 | $ 35,337 | |||
Houghton [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 677,300 | ||||
Houghton [Member] | Customer Relationships [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible Assets, Amortizable Life | 15 years | ||||
Houghton [Member] | Customer Relationships [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible Assets, Amortizable Life | 18 years | ||||
Houghton [Member] | Trademarks [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 242,000 | ||||
Houghton [Member] | Trademarks Formulations And Product Technology [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 109,100 | ||||
Intangible Assets, Amortizable Life | 20 years | ||||
Korea Houghton Coporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of Voting Interests Acquired | 50.00% |
Business Combination - Norman H
Business Combination - Norman Hay - Narrative (Details) $ in Thousands, £ in Millions | Oct. 01, 2019GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill | $ 607,205 | $ 83,333 | $ 86,034 | |
Norman Hay [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Date of Acquisition Agreement | Oct. 1, 2019 | |||
Business Acquisition Name Of Acquired Entity | Norman Hay plc | |||
Purchase price | £ | £ 80 | |||
Post Closing Adjustment | £ | £ 2.7 | |||
Intangible assets | 51,088 | |||
Goodwill | $ 29,384 | |||
Business Acquisition Pro Forma Information Description | The results of operations of Norman Hay are included in the Consolidated Statements of Income as of October 1, 2019. Transaction expenses associated with this acquisition are included in Combination and other acquisition-related expenses in the Company’s Consolidated Statements of Income. Certain pro forma and other information is not presented, as the operations of Norman Hay represent less than approximately 5% of the Company’s operations and are therefore considered not material to the overall operations of the Company for the periods presented. | |||
Norman Hay [Member] | Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 36,900 | |||
Norman Hay [Member] | Customer Relationships [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets, Amortizable Life | 13 years | |||
Norman Hay [Member] | Customer Relationships [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets, Amortizable Life | 17 years | |||
Norman Hay [Member] | Product technology [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 7,500 | |||
Intangible Assets, Amortizable Life | 20 years | |||
Norman Hay [Member] | Trademarks [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 6,300 | |||
Norman Hay [Member] | Trademarks [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets, Amortizable Life | 16 years | |||
Norman Hay [Member] | Trademarks [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets, Amortizable Life | 17 years | |||
Norman Hay [Member] | Noncompete Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 400 | |||
Norman Hay [Member] | Noncompete Agreements [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets, Amortizable Life | 2 years | |||
Norman Hay [Member] | Noncompete Agreements [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets, Amortizable Life | 11 years |
Business Combination - Norman_2
Business Combination - Norman Hay - Estimated Fair Values of Norman Hay Net Assets Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 607,205 | $ 83,333 | $ 86,034 |
Norman Hay [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 18,981 | ||
Accounts receivable, net | 15,471 | ||
Inventories, net | 8,213 | ||
Prepaid expenses and other assets | 4,203 | ||
Propery, plant & equipment | 14,981 | ||
Right of use lease assets | 10,608 | ||
Intangible assets | 51,088 | ||
Goodwill | 29,384 | ||
Total Assets Purchased | 152,929 | ||
Long-term debt included current portions | 485 | ||
Accounts payable, accrued expenses and other accrued liabilities | 13,488 | ||
Deferred tax liabilities | 12,746 | ||
Long-term lease liabilities | 8,594 | ||
Total Liabilities Assumed | 35,313 | ||
Total consideration paid for Norman Hay | 117,616 | ||
Estimated purchase price settlement | 3,287 | ||
Cash Acquired | 18,981 | ||
Net cash paid for Norman Hay | $ 95,348 |
Business Combination - Other Ac
Business Combination - Other Acquisitions - Narrative (Details) $ in Thousands, ₨ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2017INR (₨) | Dec. 31, 2017USD ($) | Jun. 30, 2017CAD ($) | Jun. 30, 2017USD ($) | |
Business Acquisition [Line Items] | |||||||||
Payments related to acquisitions, net of cash acquired | $ 893,412 | $ 500 | $ 5,363 | ||||||
Mining North America [Member] | North America reportable segment [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets | $ 1,000 | ||||||||
Intangible Assets, Amortizable Life | 10 years | ||||||||
Cash Paid for Acquisitions | $ 500 | $ 500 | |||||||
India [Member] | North America reportable segment [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Percentage of Voting Interests Acquired | 45.00% | 45.00% | |||||||
Cash Paid for Acquisitions | ₨ 2,025 | $ 31,800 | |||||||
Adjustments To Additional Paid In Capital Other | $ 21,200 | ||||||||
Metalworking North America [Member] | North America reportable segment [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash Paid for Acquisitions | $ 7.3 | $ 5,400 |
Recently Issued Accounting St_2
Recently Issued Accounting Standards - Narrative (Details) - USD ($) $ in Millions | Oct. 01, 2019 | Aug. 01, 2019 | Jan. 01, 2019 | Dec. 31, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Prior Period Reclassification Adjustment | $ 1 | |||
New Accounting Pronouncement Or Change In Accounting Principle Description | As a result of the Company’s adoption, using the modified retrospective adoption approach, the Company recorded a cumulative effect of an accounting change as of January 1, 2018 to adjust the Company’s estimate of variable consideration related to the customer’s expected rights to return product. This adjustment resulted in an increase to other accrued liabilities of $1.0 million, an increase to deferred tax assets of $0.2 million and a decrease to retained earnings of $0.8 million. | |||
Accounting Standards Update 2018-11 [Member] | Right Of Use Lease Assets And Liabilities [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification | $ 27.3 | |||
Accounting Standards Update 2018-11 [Member] | Right Of Use Lease Assets And Liabilities [Member] | Houghton [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification | $ 10.7 | |||
Accounting Standards Update 2018-11 [Member] | Right Of Use Lease Assets And Liabilities [Member] | Norman Hay [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification | $ 10.6 | |||
Accounting Standards Update 2018-11 [Member] | Short-term lease liabilities [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification | 5.3 | |||
Accounting Standards Update 2018-11 [Member] | Short-term lease liabilities [Member] | Houghton [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification | 4.1 | |||
Accounting Standards Update 2018-11 [Member] | Short-term lease liabilities [Member] | Norman Hay [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification | 2 | |||
Accounting Standards Update 2018-11 [Member] | Long-term lease liabilities [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification | 21.4 | |||
Accounting Standards Update 2018-11 [Member] | Long-term lease liabilities [Member] | Houghton [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification | $ 6.6 | |||
Accounting Standards Update 2018-11 [Member] | Long-term lease liabilities [Member] | Norman Hay [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification | $ 8.6 | |||
Accounting Standards Update 2018-11 [Member] | Property, Plant and Equipment [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification | (1.1) | |||
Accounting Standards Update 2018-11 [Member] | Other accrued liabilities [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification | (0.4) | |||
Accounting Standards Update 2018-11 [Member] | Retained earnings [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification | $ (0.1) |
Segments Table (Details)
Segments Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 391,294 | $ 325,130 | $ 205,869 | $ 211,210 | $ 211,481 | $ 222,022 | $ 221,962 | $ 212,055 | $ 1,133,503 | $ 867,520 | $ 820,082 |
Operating Earnings, Excluding Indirect Operating Expenses | 251,704 | 195,475 | 176,402 | ||||||||
Segment assets | 2,850,316 | 709,665 | 2,850,316 | 709,665 | 722,126 | ||||||
Long-Lived Assets | 390,628 | 137,294 | 390,628 | 137,294 | 142,443 | ||||||
Capital Expenditures | 15,545 | 12,886 | 10,872 | ||||||||
Depreciation | 17,766 | 12,196 | 12,477 | ||||||||
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 392,121 | 297,601 | 283,460 | ||||||||
Operating Earnings, Excluding Indirect Operating Expenses | 78,268 | 62,686 | 56,088 | ||||||||
Segment assets | 926,122 | 180,037 | 926,122 | 180,037 | 189,645 | ||||||
Long-Lived Assets | 139,170 | 60,745 | 139,170 | 60,745 | 66,380 | ||||||
Capital Expenditures | 6,404 | 3,401 | 3,685 | ||||||||
Depreciation | 7,500 | 4,225 | 4,395 | ||||||||
Americas [Member] | Intersegment Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 7,300 | 8,300 | 9,400 | ||||||||
EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 285,570 | 216,984 | 208,522 | ||||||||
Operating Earnings, Excluding Indirect Operating Expenses | 47,388 | 36,119 | 34,431 | ||||||||
Segment assets | 688,663 | 149,984 | 688,663 | 149,984 | 167,243 | ||||||
Long-Lived Assets | 56,108 | 23,383 | 56,108 | 23,383 | 24,795 | ||||||
Capital Expenditures | 3,263 | 2,081 | 3,936 | ||||||||
Depreciation | 4,560 | 3,434 | 3,368 | ||||||||
EMEA [Member] | Intersegment Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 20,300 | 21,900 | 20,800 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 247,839 | 192,502 | 181,134 | ||||||||
Operating Earnings, Excluding Indirect Operating Expenses | 67,573 | 53,739 | 46,330 | ||||||||
Segment assets | 685,476 | 205,424 | 685,476 | 205,424 | 190,633 | ||||||
Long-Lived Assets | 126,166 | 26,217 | 126,166 | 26,217 | 24,876 | ||||||
Capital Expenditures | 3,857 | 6,059 | 2,458 | ||||||||
Depreciation | 3,458 | 2,552 | 2,669 | ||||||||
Asia Pacific [Member] | Intersegment Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 200 | 500 | 1,500 | ||||||||
Non Domestic [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 719,800 | 534,600 | 513,100 | ||||||||
Long-Lived Assets | 174,400 | 60,800 | 174,400 | 60,800 | 61,800 | ||||||
Global Specialty Businesses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 207,973 | 160,433 | 146,966 | ||||||||
Operating Earnings, Excluding Indirect Operating Expenses | 58,475 | 42,931 | 39,553 | ||||||||
Segment assets | 550,055 | 174,220 | 550,055 | 174,220 | 174,605 | ||||||
Long-Lived Assets | $ 69,184 | $ 26,949 | 69,184 | 26,949 | 26,392 | ||||||
Capital Expenditures | 2,021 | 1,345 | 793 | ||||||||
Depreciation | 2,248 | 1,985 | 2,045 | ||||||||
Global Specialty Businesses [Member] | Intersegment Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 5,400 | $ 5,300 | $ 4,400 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019Item | |
Segment Disclosures [Abstract] | |
Number of reportable segments | 4 |
Segments - Reconciliation (Deta
Segments - Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation From Segment Totals To Consolidated Abstract | |||||||||||
Operating Earnings, Excluding Indirect Operating Expenses | $ 251,704 | $ 195,475 | $ 176,402 | ||||||||
Combination-related expenses | (35,477) | (16,661) | (29,938) | ||||||||
Restructuring and related charges | (26,678) | 0 | 0 | ||||||||
Fair value step up of inventory sold | (11,714) | 0 | 0 | ||||||||
Non-operating Charges | (104,572) | (83,515) | (76,231) | ||||||||
Depreciation of corporate assets and amortization | (27,129) | (7,518) | (7,489) | ||||||||
Operating income | $ 20,276 | $ (14,502) | $ 20,531 | $ 19,829 | $ 20,068 | $ 24,919 | $ 22,563 | $ 20,231 | 46,134 | 87,781 | 62,744 |
Other expense, net | (254) | (642) | (718) | ||||||||
Interest expense, net | (16,976) | (4,041) | (1,358) | ||||||||
Income before taxes and equity in net income of associated companies | $ 28,904 | $ 83,098 | $ 60,668 |
Net Sales and Revenue Recogni_3
Net Sales and Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues [Abstract] | |||
Net Reporting Amount | $ 48 | $ 47.1 | $ 44.5 |
Deferred Revenue | $ 2.2 | $ 1.3 | |
Top Five Customers Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% | ||
Top Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 6.00% |
Net Sales and Revenue Recogni_4
Net Sales and Revenue Recognition - Product Lines (Details) - Sales Revenue Net [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 1.00% | ||
Rolling Lubricants Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 21.90% | 25.50% | 26.70% |
Machining And Grinding Compounds Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 19.90% | 15.40% | 15.10% |
Hydraulic Fluids Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 13.00% | 13.00% | 13.70% |
Net Sales and Revenue Recogni_5
Net Sales and Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Product Information [Line Items] | |||||||||||
Net sales | $ 391,294 | $ 325,130 | $ 205,869 | $ 211,210 | $ 211,481 | $ 222,022 | $ 221,962 | $ 212,055 | $ 1,133,503 | $ 867,520 | $ 820,082 |
Americas [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 392,121 | 297,601 | 283,460 | ||||||||
EMEA [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 285,570 | 216,984 | 208,522 | ||||||||
Asia Pacific [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 247,839 | 192,502 | 181,134 | ||||||||
Transferred At Point In Time [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,105,304 | 847,886 | |||||||||
Transferred At Point In Time [Member] | Americas [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 525,802 | 408,402 | |||||||||
Transferred At Point In Time [Member] | EMEA [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 310,274 | 233,372 | |||||||||
Transferred At Point In Time [Member] | Asia Pacific [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 269,228 | 206,112 | |||||||||
Transferred Over Time [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 28,199 | 19,634 | |||||||||
Transferred Over Time [Member] | Americas [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 15,747 | 11,364 | |||||||||
Transferred Over Time [Member] | EMEA [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 5,411 | 225 | |||||||||
Transferred Over Time [Member] | Asia Pacific [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 7,041 | 8,045 | |||||||||
Product [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 925,530 | 707,087 | |||||||||
Product [Member] | EMEA [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 285,570 | 216,984 | 208,522 | ||||||||
Product [Member] | Asia Pacific [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 247,839 | 192,502 | $ 181,134 | ||||||||
Primary Metals [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 414,259 | 385,918 | |||||||||
Primary Metals [Member] | Americas [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 171,784 | 164,263 | |||||||||
Primary Metals [Member] | EMEA [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 100,605 | 101,028 | |||||||||
Primary Metals [Member] | Asia Pacific [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 141,870 | 120,627 | |||||||||
Metalworking [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 511,271 | 321,169 | |||||||||
Metalworking [Member] | Americas [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 220,337 | 133,338 | |||||||||
Metalworking [Member] | EMEA [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 184,965 | 115,956 | |||||||||
Metalworking [Member] | Asia Pacific [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 105,969 | 71,875 | |||||||||
Global Specialty Businesses [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 207,973 | 160,433 | |||||||||
Global Specialty Businesses [Member] | Americas [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 149,428 | 122,165 | |||||||||
Global Specialty Businesses [Member] | EMEA [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 30,115 | 16,613 | |||||||||
Global Specialty Businesses [Member] | Asia Pacific [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 28,430 | 21,655 | |||||||||
Total Sales With Global Specialty Businesses [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,133,503 | 867,520 | |||||||||
Total Sales With Global Specialty Businesses [Member] | Americas [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 541,549 | 419,766 | |||||||||
Total Sales With Global Specialty Businesses [Member] | EMEA [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 315,685 | 233,597 | |||||||||
Total Sales With Global Specialty Businesses [Member] | Asia Pacific [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | $ 276,269 | $ 214,157 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating Lease Cost | $ 9,400,000 |
Short Term Lease Cost | 1,500,000 |
Variable Lease Cost | 0 |
Sublease Income | 0 |
Operating Lease Payments | 9,200,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 2,600,000 |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee Operating Lease Term Of Contract | 12 years |
Land [Member] | Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee Operating Lease Term Of Contract | 96 years |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | ||
Right of use lease assets | $ 42,905 | $ 0 |
Total operating lease liabilities | $ 42,450 | |
Operating Lease Weighted Average Remaining Lease Term | 6 years 2 months 12 days | |
Operating Lease Weighted Average Discount Rate Percent | 4.21% | |
Other accrued liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Total operating lease liabilities | $ 11,177 | |
Long-term lease liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Total operating lease liabilities | $ 31,273 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
For the year ended December 31, 2020 | $ 12,731 |
For the year ended December 31, 2021 | 10,095 |
For the year ended December 31, 2022 | 6,570 |
For the year ended December 31, 2023 | 4,692 |
For the year ended December 31, 2024 | 3,859 |
For the year ended December 31, 2025 and beyond | 10,982 |
Total lease payments | 48,929 |
Less: imputed interest | (6,479) |
Present value of lease liabilities | $ 42,450 |
Leases - Future Minimum Rental
Leases - Future Minimum Rental Commitments Under Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Lease Liabilities, Future Minimum Rental Payments Due [Abstract] | |
For the year ended 2019 | $ 7,068 |
For the year ended 2020 | 5,635 |
For the year ended 2021 | 4,509 |
For the year ended 2022 | 3,523 |
For the year ended 2023 | 2,659 |
For the year ended 2024 and beyond | $ 7,779 |
Restructuring Activities - Narr
Restructuring Activities - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($) | Sep. 30, 2019People | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related charges | $ 26,678,000 | $ 0 | $ 0 | |||
Two Zero One Five Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring And Related Cost Expected Cost Remaining | $ 700,000 | |||||
Restructuring, Cash Payments | $ 700,000 | $ 0 | ||||
QH Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related charges | 26,678,000 | |||||
Restructuring And Related Cost Expected Number Of Positions Eliminated | People | 275 | |||||
Restructuring, Cash Payments | $ 8,899,000 |
Restructuring Activities (Detai
Restructuring Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | $ 0 | ||
Restructuring and related charges | 26,678 | $ 0 | $ 0 |
Accrued Restructuring, Ending Balance | 0 | ||
QH Program [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued Restructuring, Beginning Balance | 0 | ||
Restructuring and related charges | 26,678 | ||
Cash Payments | (8,899) | ||
Currency Translation Adjustments | 264 | ||
Accrued Restructuring, Ending Balance | $ 18,043 | $ 0 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |||
Exercised Options, Intrinsic Value | $ 2,500 | $ 2,000 | $ 3,400 |
Share Based Compensation [Line Items] | |||
ESPP: Purchase Price Percentage | 85.00% | ||
ESPP: Discount from Market Price | 15.00% | ||
Director Stock Ownership Plan Maximum Number of Shares Authorized Under Plan | 75,000 | ||
Director Stock Ownership Plan Terms | In 2013, the Company adopted the 2013 Director Stock Ownership Plan (the “Plan”), to encourage the Directors to increase their investment in the Company, which was approved at the Company’s May 2013 shareholders’ meeting. The Plan authorizes the issuance of up to 75,000 shares of Quaker common stock in accordance with the terms of the Plan in payment of all or a portion of the annual cash retainer payable to each of the Company’s non-employee directors in 2013 and subsequent years during the term of the Plan. Under the Plan, each director who, on May 1 of the applicable calendar year, owns less than 400% of the annual cash retainer for the applicable calendar year, divided by the average of the closing price of a share of Quaker Common Stock as reported by the composite tape of the New York Stock Exchange for the previous calendar year (the “Threshold Amount”), is required to receive 75% of the annual cash retainer in Quaker common stock and 25% of the retainer in cash, unless the director elects to receive a greater percentage of Quaker common stock, up to 100% of the annual cash retainer for the applicable year. Each director who owns more than the Threshold Amount may elect to receive common stock in payment of a percentage (up to 100%) of the annual cash retainer. The annual retainer is $0.1 million and the retainer payment date is June 1. | ||
Director Retainer Annual Fee | $ 100 | ||
Share-based Compensation Expense | $ 4,861 | 3,724 | $ 4,190 |
Employee Stock Option [Member] | |||
Share Based Compensation [Line Items] | |||
Weighted Average Remaining Life, Nonvested Stock Awards | 1 year 3 months 18 days | ||
Restricted Stock [Member] | |||
Share Based Compensation [Line Items] | |||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | $ 5,500 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 1 year 10 months 24 days | ||
GAIP Plan [Member] | |||
Share Based Compensation [Line Items] | |||
Weighted Average Remaining Life, Nonvested Stock Awards | 1 year 9 months 18 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation [Line Items] | |||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | $ 800 | ||
Combination And Other Acquisition-Related [Member] | |||
Share Based Compensation [Line Items] | |||
Share-based Compensation Expense | $ 900 | $ 100 |
Share-Based Compensation - Expe
Share-Based Compensation - Expense Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | $ 4,861 | $ 3,724 | $ 4,190 |
Stock Options Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 1,448 | 1,053 | 958 |
Nonvested Stock Awards Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 3,206 | 2,459 | 2,935 |
Employee Stock Purchase Plan Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 84 | 89 | 88 |
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 | 0 | 0 | 72 |
Directors Stock Ownership Plan Compensation Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | $ 123 | $ 123 | $ 137 |
Share-Based Compensation - Opti
Share-Based Compensation - Option Rollforward (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Roll [Forward] | |
Beginning Balance | shares | 122,072 |
Options Granted | shares | 51,610 |
Options Exercised | shares | (28,535) |
Options Forfeited | shares | (735) |
Ending Balance | shares | 144,412 |
Options Expected to Vest | shares | 84,839 |
Options Exerciseable | shares | 59,573 |
Weighted Average Exercise Price [Abstract] | |
Outstanding at beginning of year | $ / shares | $ 116.39 |
Options Granted | $ / shares | 154.92 |
Options Exercised | $ / shares | 80.22 |
Options Forfeited | $ / shares | 147.01 |
Outstanding at End of Period | $ / shares | 137.15 |
Options Expected to Vest | $ / shares | 151.12 |
Options Exerciseable | $ / shares | $ 117.27 |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |
Weighted Average Remaining Contractual Term, Outstanding | 4 years 9 months 18 days |
Weighted Average Remaining Contractual Term, Expected to Vest | 5 years 7 months 6 days |
Weighted Average Remaining Contractual Term, Exercisable | 3 years 8 months 12 days |
Outstanding Options, Intrinsic Value | $ | $ 4,066 |
Expected to Vest Options, Intrinsic Value | $ | 1,204 |
Exercisable Options, Intrinsic Value | $ | $ 2,862 |
Share-Based Compensation - Op_2
Share-Based Compensation - Option Summary (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number of Outstanding Options, Exercise Price Range | shares | 144,412 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 4 years 9 months 18 days |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 137.15 |
Number of Exercisable Options, Exercise Price Range | shares | 59,573 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 117.27 |
$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 | 874 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 2 months 12 days |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 58.26 |
Number of Exercisable Options, Exercise Price Range | shares | 874 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 58.26 |
$60.01 - $70.00 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 60.01 |
Exercise Price Range, Upper Range Limit | $ 70 |
Number of Outstanding Options, Exercise Price Range | shares | 0 |
Weighted Average 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 | 17,268 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 2 years 8 months 12 days |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 72.29 |
Number of Exercisable Options, Exercise Price Range | shares | 17,268 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 72.29 |
$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 | 2,797 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 2 years 1 month 6 days |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 87.30 |
Number of Exercisable Options, Exercise Price Range | shares | 2,797 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 87.30 |
$90.01 - $130.00 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 90.01 |
Exercise Price Range, Upper Range Limit | $ 130 |
Number of Outstanding Options, Exercise Price Range | shares | 0 |
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 |
$130.01 - $140.00 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 130.01 |
Exercise Price Range, Upper Range Limit | $ 140 |
Number of Outstanding Options, Exercise Price Range | shares | 37,167 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 4 years |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 134.60 |
Number of Exercisable Options, Exercise Price Range | shares | 24,898 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 134.60 |
$140.01 - $150.00 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 140.01 |
Exercise Price Range, Upper Range Limit | $ 150 |
Number of Outstanding Options, Exercise Price Range | shares | 0 |
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 |
$150.01 - $160.00 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 150.01 |
Exercise Price Range, Upper Range Limit | $ 160 |
Number of Outstanding Options, Exercise Price Range | shares | 86,306 |
Weighted Average Contractual Life, Outstanding Options, Exercise Price Range | 5 years 8 months 12 days |
Weighted Average Exercise Price, Outstanding Options, Exercise Price Range | $ 153.65 |
Number of Exercisable Options, Exercise Price Range | shares | 13,736 |
Weighted Average Exercise Price, Exercisable Options, Exercise Price Range | $ 152.26 |
Share-Based Compensation - Op_3
Share-Based Compensation - Options Grants (Details) - shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Granted | 51,610 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Granted | 51,610 | 35,842 | 42,477 | 67,444 |
Dividend Yield | 1.12% | 1.37% | 1.49% | 1.49% |
Expected Volatility | 26.29% | 24.73% | 25.52% | 28.39% |
Risk-free Interest Rate | 1.52% | 2.54% | 1.67% | 1.08% |
Expected Term (Years) | 4 years | 4 years | 4 years | 4 years |
Share-Based Compensation - Op_4
Share-Based Compensation - Option Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | $ 4,861 | $ 3,724 | $ 4,190 |
Current Year Stock Option Awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 665 | 0 | 0 |
Unrecognized Compensation Expense, Options | 1,000 | ||
Prior Year Stock Option Awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 364 | 310 | 0 |
Unrecognized Compensation Expense, Options | 400 | ||
Second Prior Year Stock Option Awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based Compensation Expense | 369 | 367 | 308 |
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 | $ 50 | $ 332 | $ 332 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Rollforward (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | |
Beginning Balance | shares | 52,785 |
Nonvested Stock Awards Granted | shares | 40,382 |
Nonvested Stock Awards Vested | shares | (27,572) |
Nonvested Stock Awards Forfeited | shares | (1,095) |
Ending Balance | shares | 64,500 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, Beginning of Period | $ / shares | $ 112.09 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Granted | $ / shares | 158.16 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Vested | $ / shares | 84.19 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Forfeited | $ / shares | 123.27 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, End of Period | $ / shares | $ 152.67 |
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 | 4,650 |
Nonvested Stock Awards Granted | shares | 6,060 |
Nonvested Stock Awards Vested | shares | (1,972) |
Nonvested Stock Awards Forfeited | shares | (83) |
Ending Balance | shares | 8,655 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, Beginning of Period | $ / shares | $ 117.03 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Granted | $ / shares | 154.92 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Vested | $ / shares | 78.36 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards Forfeited | $ / shares | 145.96 |
Weighted Average Grant Date Fair Value, Nonvested Stock Awards, End of Period | $ / shares | $ 152.09 |
Other Income (Expense) (Details
Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
Income from third party license fees | $ 1,035 | $ 862 | $ 861 |
Foreign exchange gains (losses), net | 223 | (807) | 891 |
Gain (loss) on fixed asset disposals, net | 58 | 657 | (79) |
Non-income tax refunds and other related credits | 1,118 | 668 | 1,015 |
Pension and post retirement benefit costs, non-service components | (2,805) | (2,285) | (4,234) |
Insurance solvency recovery | 60 | 90 | 600 |
Other non-operating income | 455 | 425 | 380 |
Other non-operating expense | (398) | (252) | (152) |
Other Income (Expense), Net | $ (254) | (642) | (718) |
Property Plant And Equipment Additional Disclosures | Gain (loss) on fixed asset disposals, net, during the year ended December 31, 2018 and 2017, includes a $0.6 million gain and a $0.1 million loss, respectively, on the sale of held-for-sale assets in each period. | ||
Foreign Currency Transactions Description | Foreign exchange gains (losses), net, during the years ended December 31, 2019 and 2018, include foreign currency transaction losses of $1.0 million and $0.4 million, respectively, related to hyper-inflationary accounting for the Company’s Argentine subsidiaries, and specific to 2018, a foreign currency transaction gain of approximately $0.4 million related to the liquidation of an inactive legal entity. | ||
Defined Benefit Plan Benefit Obligation Increase Decrease For Remeasurement Due To Settlement | 1,900 | ||
Narrative [Abstract] | |||
Foreign Currency Transaction Loss Before Tax | $ 1,000 | 400 | |
Foreign Currency Transaction Gain, before Tax | 400 | ||
Gain (loss) on disposition of assets | $ 600 | $ (100) |
Income Taxes - Components of Ex
Income Taxes - Components of Expense and Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current Income Tax Expense (Benefit) [Abstract] | |||
Federal | $ (239) | $ 6,583 | $ 21,265 |
State | 352 | (1,844) | 2,529 |
Foreign | 26,213 | 12,114 | 14,105 |
Current Income Tax Expense (Benefit), Total | 26,326 | 16,853 | 37,899 |
Deferred Income Tax Expense (Benefit) [Abstract] | |||
Federal | (9,267) | 7,859 | 6,889 |
State | (396) | (173) | (36) |
Foreign | (14,579) | 511 | (3,099) |
Income Tax Expense (Benefit), Total | 2,084 | 25,050 | 41,653 |
Components Of Earnings Before Taxes [Abstract] | |||
Domestic | (46,697) | 27,387 | 10,468 |
Foreign | 75,601 | 55,711 | 50,200 |
Income before taxes and equity in net income of associated companies | $ 28,904 | $ 83,098 | $ 60,668 |
Income Taxes - Deferred Tax Bal
Income Taxes - Deferred Tax Balances (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement benefits | $ 15,142,000 | $ 8,185,000 |
Allowance for doubtful accounts | 2,253,000 | 1,160,000 |
Insurance and litigation reserves | 1,002,000 | 357,000 |
Performance incentives | 7,213,000 | 4,364,000 |
Equity-based compensation | 1,050,000 | 753,000 |
Prepaid expense | 2,976,000 | (6,000) |
Insurance settlement | 3,895,000 | 3,962,000 |
Operating loss carryforward | 16,044,000 | 8,434,000 |
Foreign tax credit and other credits | 34,384,000 | 0 |
Interest | 11,479,000 | 614,000 |
Restructuring reserves | 2,167,000 | |
Restructuring reserves | (802,000) | |
Right of use lease assets | 10,015,000 | 0 |
Royalties and license fees | 2,156,000 | 325,000 |
Inventory reserves | 2,163,000 | 841,000 |
Research and development | 2,580,000 | |
Research and development | (5,000) | |
Other | 1,317,000 | 489,000 |
Total deferred tax assets, gross | 115,836,000 | 28,671,000 |
Valuation allowance | (13,834,000) | (7,520,000) |
Total deferred tax assets, net | 102,002,000 | 21,151,000 |
Depreciation | 17,754,000 | 4,098,000 |
Foreign pension and other | 1,269,000 | 1,062,000 |
Amortization and other | 254,359,000 | 11,191,000 |
Lease liabilities | 9,965,000 | 0 |
Outside basis in equity investment | 6,776,000 | 0 |
Unremitted earnings | 8,228,000 | 7,857,000 |
Total deferred tax liabilities | $ 298,351,000 | $ 24,208,000 |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance Rollforward (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances, Beginning Balance | $ 7,520,000 | $ 7,401,000 | $ 6,344,000 |
Purchase Accounting Adjustment | 13,752,000 | 0 | 0 |
Additional Valuation Allowance | 832,000 | 650,000 | 1,127,000 |
Allowance Utilization and Other | (8,227,000) | (471,000) | (61,000) |
Exchange Rate Changes and Other Adjustments | (43,000) | (60,000) | (9,000) |
Valuation Allowance, Ending Balance | $ 13,834,000 | $ 7,520,000 | $ 7,401,000 |
Income Taxes - Net Deferred Bal
Income Taxes - Net Deferred Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Taxes on Income and Uncertain Tax Positions [Abstract] | ||
Deferred Tax Assets Net Noncurrent | $ 14,745 | $ 6,946 |
Deferred tax liabilities | 211,094 | 10,003 |
Deferred Tax (Liability) Asset Net | $ (196,349) | $ (3,057) |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Income tax provision at the federal statutory tax rate | $ 6,070,000 | $ 17,458,000 | $ 21,229,000 |
Unremitted Earnings | 1,743,000 | 7,857,000 | 0 |
Transition Tax | (416,000) | (3,118,000) | 18,388,000 |
Revaluation of U.S deferred tax assets and liabilities | 0 | 0 | 4,470,000 |
Global intangible low taxed income | 0 | 1,211,000 | 0 |
Foreign derived intangible income | (2,380,000) | (1,034,000) | 0 |
Non-deductible acquisition expenses | 1,970,000 | 1,019,000 | 4,779,000 |
Share-based compensation | (540,000) | 259,000 | (1,419,000) |
Differences in tax rates on foreign earnings and remittances | 920,000 | 1,081,000 | (2,663,000) |
Excess Foreign Tax Credit Utilization | 0 | 0 | (2,761,000) |
Research and development activities credit utilization | (385,000) | (230,000) | (235,000) |
Uncertain tax positions | 899,000 | (79,000) | (651,000) |
U.S. domestic production activities deduction | 0 | 0 | (1,155,000) |
State income tax provisions, net | (117,000) | 196,000 | 569,000 |
Non-deductible meals and entertainment | 318,000 | 415,000 | 248,000 |
Intercompany transfer of intellectual property | (5,318,000) | 0 | 0 |
Miscellaneous items, net | (680,000) | 15,000 | 854,000 |
Income Tax Expense (Benefit), Total | $ 2,084,000 | $ 25,050,000 | $ 41,653,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Tax Assets, Net | $ 102,002 | $ 21,151 | ||
Defered Tax Liabilties, Net | 298,351 | 24,208 | ||
Operating Loss Carryforwards, Valuation Allowance | 8,700 | |||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability | 15,500 | |||
Tax Cuts And Jobs Act Of 2017 Transition Tax For Accumulated Foreign Earnings Liability Installments Paid | 7,000 | |||
Tax Cuts And Jobs Act Of 2017 Transition Tax For Accumulated Foreign Earnings Liability Remaining Installments | 8,500 | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 11,900 | |||
Deferred Tax Assets, Partial Valuation Allowance, Net Expected Future Benefit | 1,300 | |||
Operating Loss Carryforwards, State, Partial Valuation Allowance | 10,600 | |||
Operating Loss Carryforwards, Foreign, Partial Valuation Allowance | 2,200 | |||
Deferred Tax Assets Operating Loss Carryforwards State And Local Based On Reversal Of Deferred Tax Liabilities | $ 1,300 | |||
Deferred Tax Assets Operating Loss Carryforwards Foreign Expiration Period | 10 years | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 4,200 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 34,384 | 0 | ||
Deferred Tax Assets Tax Credit Carryforwards Foreign Expected To Expire | 7,700 | 33,100 | ||
Deferred Tax Assets Tax Credit Carryforwards Foreign Expected To Expire Next Five Years | 32,700 | |||
Deferred Tax Assets, Acquired Disallowed Interest | 10,900 | |||
Tax Cuts and Jobs Act, Incomplete Accounting, Provisional Undistributed Accumulated Earnings of Foreign Subsidiary | 255,300 | |||
Unrecognized Tax Benefits | 19,097 | 7,050 | $ 6,761 | $ 6,240 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 3,100 | 800 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 2,300 | 600 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 200 | 100 | 200 | |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | 1,029 | 1,292 | 2,116 | |
Unrecognized Tax Benefits If Recognized | 13,300 | 2,200 | 2,200 | |
Unrecognized Tax Benefits Reserve | 4,000 | |||
FDIC Indemnification Asset | 4,000 | |||
Offset In Tax Liabilities Through Purchase Accounting | 4,000 | |||
Valuation allowance, amount Related To Business Combination | 13,800 | |||
Income Tax Reconciliation Change In Enacted Tax Rate | $ (416) | $ (3,118) | $ 18,388 | |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate | 35.00% | |||
Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate | 21.00% | |||
Business Combination Indemnification Assets Description | Since these amounts relate to tax periods prior to the combination, the Company expects that it would file an indemnification claim with Houghton’s former owners for any tax liabilities arising pre-Combination. As a result, a corresponding $4.0 million indemnification receivable has also been established through purchase accounting that would offset the $4.0 million in tax liabilities also booked through purchase accounting. | |||
Combination And Norman Hay [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 41,800 | |||
Deferred Tax Assets, Acquired Disallowed Interest | 13,200 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 254,400 | |||
Korea Houghton Coporation [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 6,800 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||
Expiration In Year Five [Member] | ||||
Deferred Tax Assets Operating Loss Carryforwards State And Local Expiration Period | 5 years | |||
Expiration In Twenty Years [Member] | ||||
Deferred Tax Assets Operating Loss Carryforwards State And Local Expiration Period | 20 years | |||
Foreign Tax Authority [Member] | ||||
Defered Tax Liabilties, Net | $ 8,200 |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Uncertain Tax Positions [Abstract] | ||||
Unrecognized Tax Benefits | $ 19,097 | $ 7,050 | $ 6,761 | $ 6,240 |
Accrued Interest | 2,300 | 600 | ||
Accrued Penalties | 3,100 | 800 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 200 | 100 | 200 | |
Unrecognized Tax Benefits Tax Penalties Income | 200 | 200 | 700 | |
Unrecognized Tax Benefits Interest Income On Income Taxes | (200) | 100 | (200) | |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | 1,029 | 1,292 | 2,116 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 3,900 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 13,300 | $ 2,200 | $ 2,200 | |
Internal Revenue Service (IRS) [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2016 | |||
Foreign Tax Authority [Member] | The Netherlands [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2013 | |||
Foreign Tax Authority [Member] | United Kingdom [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2014 | |||
Foreign Tax Authority [Member] | Brazil [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2000 | |||
Foreign Tax Authority [Member] | Spain [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2015 | |||
Foreign Tax Authority [Member] | China [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2009 | |||
Foreign Tax Authority [Member] | Italy [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2006 | |||
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 through 2013. The Company has filed for competent authority relief from these assessments under the Mutual Agreement Procedures (“MAP”) of the Organization for Economic Co-Operation and Development for all years except 2007. During the second quarter of 2018, the Italian tax authorities assessed additional tax due from Quaker Italia, S.r.l., relating to the tax years 2014 and 2015. The Company met with the Italian tax authorities in the fourth quarter of 2018 to discuss these assessments and no resolution was agreed upon, so the Company filed an appeal with the first level of tax court in Italy. If the appeal is not successful in materially reducing the assessed tax, then the Company will further evaluate its options including potentially filing forcompetent authority relief from these assessments under MAP, consistent with the Company’s previous filings for 2008 through 2013. As of December 31, 2019, the Company believes it has adequate reserves for uncertain tax positions with respect to these and all other audits.Houghton Italia, S.r.l is also currently involved in a corporate income tax audit with the Italian tax authorities covering tax years 2014 through 2017. | |||
Foreign Tax Authority [Member] | Mexico [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2015 | |||
Foreign Tax Authority [Member] | India [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2018 | |||
Foreign Tax Authority [Member] | Canada [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2010 | |||
Foreign Tax Authority [Member] | Germany [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2015 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Year under Examination | 2010 |
Income Taxes - Uncertain Tax _2
Income Taxes - Uncertain Tax Positions - Tabular Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 7,050 | $ 6,761 | $ 6,240 |
Decrease in unrecognized tax benefits taken in prior periods | (28) | (183) | (308) |
Increase in Unrecognized Tax Benefits Taken in Current Period | 1,935 | 2,023 | 2,347 |
Decrease in Unrecognized Tax Benefits Due to Lapse of Statute of Limitations | (1,029) | (1,292) | (2,116) |
Increase in unrecognized tax benefits due to acquisition | 11,301 | 0 | 0 |
(Decrease) Due to Foreign Exchange Rates | (132) | (259) | |
Increase Due to Foreign Exchange Rates | 598 | ||
Unrecognized Tax Benefits, Ending Balance | $ 19,097 | $ 7,050 | $ 6,761 |
Earnings Per Share - Basic (Det
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Quaker Chemical Corporation | $ 15,240 | $ (13,053) | $ 15,591 | $ 13,844 | $ 7,805 | $ 19,690 | $ 19,246 | $ 12,732 | $ 31,622 | $ 59,473 | $ 20,278 |
Less: Income Allocated to Participating Securities | (90) | (253) | (137) | ||||||||
Net income available to common shareholders | $ 31,532 | $ 59,220 | $ 20,141 | ||||||||
Basic weighted average common shares outstanding | 15,126,928 | 13,268,047 | 13,204,872 | ||||||||
Basic earnings per common share | $ 0.86 | $ (0.80) | $ 1.17 | $ 1.04 | $ 0.59 | $ 1.48 | $ 1.44 | $ 0.96 | $ 2.08 | $ 4.46 | $ 1.53 |
Earnings Per Share - Diluted (D
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Quaker Chemical Corporation | $ 15,240 | $ (13,053) | $ 15,591 | $ 13,844 | $ 7,805 | $ 19,690 | $ 19,246 | $ 12,732 | $ 31,622 | $ 59,473 | $ 20,278 |
Less: income allocated to participating securities | (90) | (252) | (137) | ||||||||
Net income available to common shareholders | $ 31,532 | $ 59,221 | $ 20,141 | ||||||||
Basic weighted average common shares outstanding | 15,126,928 | 13,268,047 | 13,204,872 | ||||||||
Effect of Dilutive Securities | 36,243 | 36,685 | 41,074 | ||||||||
Diluted weighted average common shares outstanding | 15,163,171 | 13,304,732 | 13,245,946 | ||||||||
Diluted earnings per common share | $ 0.86 | $ (0.80) | $ 1.17 | $ 1.03 | $ 0.58 | $ 1.47 | $ 1.44 | $ 0.95 | $ 2.08 | $ 4.45 | $ 1.52 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Antidilutive Shares | 108 | 1,808 | 3,671 |
Combination [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 4,300,000 | ||
Business Acquisition, Equity Interest Issued or Issuable, Percentage Of Company in Shares Issued | 24.50% |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 123,524 | $ 104,147 | $ 89,879 | $ 88,818 |
Restricted cash included in other current assets | 353 | 0 | 0 | 0 |
Restricted cash included in other assets | 19,678 | 20,278 | 21,171 | 21,883 |
Cash cash equivalents restricted cash and restricted cash equivalents | $ 143,555 | 124,425 | $ 111,050 | $ 110,701 |
Loss Contingency, Settlement Agreement, Terms | The Company has restricted cash recorded in other assets related to proceeds from an inactive subsidiary of the Company which previously executed separate settlement and release agreements with two of its insurance carriers for an original total value of $35.0 million. 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 which earned $0.2 million in both the years ended December 31, 2019 and 2018, offset by $0.8 million and $1.1 million of net payments during 2019 and 2018, respectively | |||
Proceeds Of Settlement And Release Agreements | $ 200 | 200 | ||
Payments Of Settlement and Release Agreements | $ 800 | $ 1,100 |
Accounts Receivable - Narrative
Accounts Receivable - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | |
Accounts Receivable and Allowance for Doubtful Accounts [Abstract] | ||
Accounts Receivable Gross Current | $ 207.3 | $ 387.7 |
Business Combination, Acquired Receivables, Estimated Uncollectible | $ 5 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Reclassification Of Allowance For Doubtful Accounts, Other Assets | $ 0.3 |
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts - Rollforward (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 5,187 | $ 5,457 | $ 7,220 |
Charged to Costs and Expenses | 1,925 | 493 | 137 |
Write-Offs Charged to Allowance | (322) | (295) | (2,206) |
Exchange Rate Changes and Other Adjustments | 4,926 | (468) | 306 |
Balance at End of Period | $ 11,716 | $ 5,187 | $ 5,457 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Raw Materials And Supplies | $ 82,058 | $ 48,134 |
Work-In-Process and Finished Goods | 92,892 | 45,956 |
Inventories | $ 174,950 | $ 94,090 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment Gross Abstract | ||
Land | $ 34,686 | $ 10,170 |
Building and Improvements | 130,462 | 84,980 |
Machinery and Equipment | 225,636 | 151,180 |
Construction In Progress | 8,050 | 7,907 |
Property, Plant and Equipment, Gross, Total | 398,834 | 254,237 |
Less: Accumulated Depreciation | (185,365) | (170,314) |
Property, Plant and Equipment, Net, Total | $ 213,469 | $ 83,923 |
Property, Plant and Equipment -
Property, Plant and Equipment - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Abstract] | |
Capital Leased Assets Gross | $ 0.2 |
Long Lived Assets Held For Sale Description | In connection with the Combination, $2.3 million of initial fair value assigned to certain PP&E was reclassified to prepaid expenses and other current assets as of December 31, 2019 as it is currently held-for-sale. |
Goodwill Assets (Details)
Goodwill Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | $ 83,333 | $ 86,034 |
Goodwill Additions | 524,297 | 0 |
Goodwill, Translation Adjustments | (425) | (2,701) |
Goodwill, Ending Balance | 607,205 | 83,333 |
Americas [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 28,464 | 28,921 |
Goodwill Additions | 188,494 | 0 |
Goodwill, Translation Adjustments | (573) | (457) |
Goodwill, Ending Balance | 216,385 | 28,464 |
EMEA [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 17,423 | 18,476 |
Goodwill Additions | 114,167 | 0 |
Goodwill, Translation Adjustments | 1,428 | (1,053) |
Goodwill, Ending Balance | 133,018 | 17,423 |
Asia Pacific [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 13,149 | 13,933 |
Goodwill Additions | 130,091 | 0 |
Goodwill, Translation Adjustments | (1,513) | (784) |
Goodwill, Ending Balance | 141,727 | 13,149 |
Global Specialty Businesses [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 24,297 | 24,704 |
Goodwill Additions | 91,545 | 0 |
Goodwill, Translation Adjustments | 233 | (407) |
Goodwill, Ending Balance | $ 116,075 | $ 24,297 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite Lived Intangible Assets Gross [Abstract] | ||
Finite Lived Customer Lists, Gross | $ 792,362 | $ 74,989 |
Trademarks, Formulations And Product Technology | 157,049 | 33,275 |
Other Finite Lived Intangible Assets, Gross | 6,261 | 5,840 |
Total | 955,672 | 114,104 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 77,007 | 51,622 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 49,932 | 29,587 |
Trademarks Formulations And Product Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | 21,299 | 16,469 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Accumulated Amortization | $ 5,776 | $ 5,566 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization | $ 26.7 | $ 7.3 | $ 7.4 |
Intangible Assets - Future Amor
Intangible Assets - Future Amortization (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the Year ended December 31, 2020 | $ 55,977 |
For the Year ended December 31, 2021 | 55,630 |
For the Year ended December 31, 2022 | 55,476 |
For the Year ended December 31, 2023 | 55,259 |
For the Year ended December 31, 2024 | $ 54,728 |
Intangible Assets - Indefinite
Intangible Assets - Indefinite Lived (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Indefinite Lived Intangible Assets Excluding Goodwill [Abstract] | ||
Indefinite Lived Trademarks | $ 242 | $ 1.1 |
Indefinite lived intangible assets | $ 243.1 |
Investment in Associated Comp_2
Investment in Associated Companies - Narrative (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 93,822,000 | $ 21,316,000 |
Nippon Quaker (Japan) [Member] | Asia Pacific [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity Method Investment Ownership Percentage | 50.00% | |
Equity Method Investments | $ 7,000,000 | |
Kelko (Venezuela) [Member] | Americas [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity Method Investment Ownership Percentage | 50.00% | |
Equity Method Investments | $ 0 | |
Kelko (Panama) [Member] | Americas [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity Method Investment Ownership Percentage | 50.00% | |
Equity Method Investments | $ 200,000 | |
Primex (Barbados) [Member] | Americas [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity Method Investment Ownership Percentage | 33.00% | |
Equity Method Investments | $ 16,200,000 | |
Houghton Korea [Member] | Asia Pacific [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity Method Investment Ownership Percentage | 50.00% | |
Equity Method Investments | $ 70,400,000 |
Investments in Associated Com_2
Investments in Associated Companies - Summarized Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investment Summarized Financial Information Income Statement [Abstract] | |||
Equity in net income of associated companies | $ 5,064 | $ 1,763 | $ 3,285 |
Korea Houghton Coporation [Member] | |||
Equity Method Investment Summarized Financial Information Income Statement [Abstract] | |||
Equity in net income of associated companies | 2,337 | 0 | 0 |
Equity Method Investee Name Nippon Quaker Japan [Member] | |||
Equity Method Investment Summarized Financial Information Income Statement [Abstract] | |||
Equity in net income of associated companies | 850 | 713 | 585 |
Equity Method Investee Name Kelko Panama [Member] | |||
Equity Method Investment Summarized Financial Information Income Statement [Abstract] | |||
Equity in net income of associated companies | 55 | 222 | 195 |
Equity Method Investee Name Kelko Venezuela [Member] | |||
Equity Method Investment Summarized Financial Information Income Statement [Abstract] | |||
Equity in net income of associated companies | 0 | (138) | (42) |
Equity Method Investee Name Primex [Member] | |||
Equity Method Investment Summarized Financial Information Income Statement [Abstract] | |||
Equity in net income of associated companies | $ 1,822 | $ 966 | $ 2,547 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Restricted insurance settlement | $ 19,678 | $ 20,278 |
Debt issuance costs | 7,571 | 0 |
Indemnification assets | 4,006 | 0 |
Uncertain Tax Positions | 4,993 | 4,861 |
Supplemental Retirement Income Program | 1,782 | 1,491 |
Pension assets | 0 | 3,656 |
Other | 2,403 | 1,769 |
Total other assets | $ 40,433 | $ 32,055 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Current Liabilities [Abstract] | ||
Non-Income Taxes | $ 21,176 | $ 8,462 |
Short-term lease liabilities | 11,177 | 0 |
Professional Fees | 11,220 | 3,831 |
Current Income Taxes Payable | 7,503 | 1,358 |
Selling Expenses | 6,646 | 3,582 |
Customer Advances and Sales Return Reserves | 5,554 | 2,187 |
Freight | 4,704 | 2,188 |
Acquisition-related accruals | 3,521 | 0 |
Legal | 2,362 | 1,067 |
Environmental | 734 | 0 |
Accrued Rent and Facilities | 994 | 763 |
Accrued Interest | 855 | 4,340 |
Other | 7,159 | 3,330 |
Total other accrued liabilities | $ 83,605 | $ 31,108 |
Debt - Table (Details)
Debt - Table (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Aug. 01, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Total debt | $ 934,965 | $ 36,604 | |
Less: debt issuance costs | (14,196) | 0 | |
Less: short-term and current portion of long-term debts | (38,332) | (670) | |
Total long-term debt | $ 882,437 | $ 35,934 | |
Line Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 3.20% | 1.00% | |
Total debt | $ 171,169 | $ 24,034 | |
U.S. Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 3.20% | ||
Total debt | $ 600,000 | $ 600,000 | 0 |
EURO Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 1.50% | ||
Total debt | $ 151,188 | $ 150,000 | $ 0 |
Industrial development bonds [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 5.26% | 5.26% | |
Total debt | $ 10,000 | $ 10,000 | |
Bank lines of credit and other debt obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 2,608 | $ 2,570 |
Debt - Maturity Schedules (Deta
Debt - Maturity Schedules (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Long Term Debt By Maturity Abstract | |
2020 | $ 38,686 |
2021 | 38,007 |
2022 | 56,661 |
2023 | 75,414 |
2024 | $ 716,021 |
Debt - Debt related expenses in
Debt - Debt related expenses included within Interest expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt related expenses included within Interest expense: | |||
Interest Expense, Debt | $ 16,788 | $ 6,158 | $ 3,892 |
Amortization of debt issuance costs | 1,979 | 70 | 241 |
Total | $ 18,767 | $ 6,228 | $ 4,133 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2019 | Aug. 01, 2019 | |
Debt [Abstract] | |||||
Subsequent Events Date | Mar. 17, 2020 | ||||
Subsequent Event Description | On March 17, 2020, the Company, the administrative agent, and certain other parties entered into an amendment (the “Amendment”) to the New Credit Facility. The New Credit Facility requires the Company to deliver to the administrative agent and each lender the audited consolidated financial statements of the Company at the end of each fiscal year. Without having obtained the Amendment, failing to observe this financial statements covenant by March 17, 2020 with respect to the Company’s financial statements for 2019 would have been an event of default under the New Credit Facility, thereby entitling the administrative agent and the lenders to accelerate the payment of the unpaid principal amount of all outstanding loans and all interest accrued and unpaid thereon, among other remedies. The Amendment extends the delivery dates for the foregoing financial statements to April 16, 2020. | ||||
Debt Instrument [Line Items] | |||||
Credit facilities | $ 934,965,000 | $ 36,604,000 | |||
Financing-related debt issuance costs | 23,747,000 | 0 | $ 0 | ||
New Credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facilities | 171,169,000 | 24,034,000 | |||
Increase in credit facility | $ 300,000,000 | ||||
Debt Instrument, Maturity Date | Aug. 1, 2024 | ||||
Interest incurred on the outstanding borrowings during the current period | 3.10% | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||
Financing-related debt issuance costs | $ 6,300,000 | ||||
Line of Credit Facility, Covenant Compliance | At the closing of the Combination and as of December 31, 2019, the Company was in compliance with all of the New Credit Facility covenants. | ||||
Line of Credit Facility, Covenant Terms | The Company’s initial consolidated net debt to consolidated adjusted EBITDA ratio cannot exceed 4.25 to 1, with step downs in the permitted ratio over the course of the New Credit Facility. The Company’s consolidated adjusted EBITDA to interest expense ratio cannot be less than 3.0 to 1. Such covenants are more fully defined in the New Credit Facility, of which the associated credit agreement is included as an exhibit to this Report. The New Credit Facility has limitations on the ability of the Company to pay dividends; it may not pay cash dividends if it is in default and the amount it may pay each year is limited to the greater of $50.0 million and 20% of consolidated adjusted EBITDA unless the ratio of consolidated net debt to consolidated adjusted EBITDA is less than 2.0 to 1, in which case there is no such limitation on amount. | ||||
Percentage of term loan borrowings | 20.00% | ||||
Derivative Liability Notional Amount | $ 170,000,000 | ||||
Derivative Fixed Interest Rate | 3.10% | ||||
Base rate | 1.64% | ||||
Deferred Finance Costs Noncurrent Gross | $ 23,700,000 | ||||
New Credit facility [Member] | Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters Of Credit Outstanding Amount | 8,000,000 | ||||
U.S. Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facilities | 600,000,000 | 0 | $ 600,000,000 | ||
EURO Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facilities | $ 151,188,000 | 0 | 150,000,000 | ||
Term loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of term loan principal amortization year one | 5.00% | ||||
Percentage of term loan principal amortization year two | 5.00% | ||||
Percentage of term loan principal amortization year three | 7.50% | ||||
Percentage of term loan principal amortization year four and five | 10.00% | ||||
Deferred Finance Costs Noncurrent Gross | $ 15,500,000 | ||||
The Revolver [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facilities | $ 400,000,000 | ||||
Unused capacity | 221,000,000 | ||||
Deferred Finance Costs Noncurrent Gross | 8,300,000 | ||||
Old credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facilities | $ 300,000,000 | ||||
Line of Credit Facility, Covenant Terms | The Old Credit Facility had certain financial and other covenants, with the key financial covenant requiring that the Company’s consolidated total debt to adjusted EBITDA ratio could not exceed 3.50 to 1. | ||||
Industrial Development Bond Due 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Ohio Department of Development Term Loan | $ 5,000,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 5.60% | ||||
Bank lines of credit and other debt obligations [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facilities | $ 2,608,000 | $ 2,570,000 | |||
Unused capacity | 28,000,000 | ||||
Letters Of Credit Outstanding Amount | $ 15,000,000 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits - Funded Status Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | $ 144,241 | ||
Fair Value of Plan Assets at End of Year | 315,649 | $ 144,241 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Non-current Asset | 0 | 3,656 | |
Current Liabilities | (3,405) | (1,211) | |
Non-current Liabilities | (56,828) | (32,360) | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 170,050 | 181,329 | |
Service Cost | 3,941 | 3,809 | |
Interest Cost | 6,359 | 4,101 | |
Employee Contributions | 73 | 73 | |
Effect of Plan Amendments | 30 | 0 | |
Plan Settlements | (1,087) | (10) | |
Benefits Paid | (9,866) | (5,969) | |
Plan Expenses and Premiums Paid | (129) | (161) | |
Transfer In of Business Acquisition | 172,072 | 0 | |
Actuarial (gain) Loss | 24,478 | (7,704) | |
Translation Difference and Other | 5,695 | (5,418) | |
Benefit Obligation at End of Year | 371,616 | 170,050 | $ 181,329 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 144,241 | 150,586 | |
Actual Return on Plan Assets | 24,121 | (2,213) | |
Employer Contributions | 6,310 | 6,843 | |
Employee Contributions | 73 | 73 | |
Plan Settlements | (1,087) | (10) | |
Benefits Paid | (9,866) | (5,969) | |
Plan Expenses and Premiums Paid | (629) | (411) | |
Transfer In of Business Acquisition | 146,987 | 0 | |
Translation Difference | 5,499 | (4,658) | |
Fair Value of Plan Assets at End of Year | 315,649 | 144,241 | 150,586 |
Defined Benefit Plan, Funded Status of Plan | (55,967) | (25,809) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Non-current Asset | 0 | 3,656 | |
Current Liabilities | (2,979) | (765) | |
Non-current Liabilities | (52,988) | (28,700) | |
Net Amount Recognized | (55,967) | (25,809) | |
Amounts Not Yet Reflected in Net Periodic Benefit Costs and Included in Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Prior Service credit (cost) | 1,271 | 1,497 | |
Accumulated Loss | (69,376) | (45,399) | |
Accumulated Other Comprehensive Loss ("AOCI") | (68,105) | (43,902) | |
Cumulative Employer Contributions In Excess Of (or Below) Net Periodic Benefit Cost | 12,138 | 18,093 | |
Net Amount Recognized | (55,967) | (25,809) | |
Domestic plan [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 49,415 | ||
Fair Value of Plan Assets at End of Year | 120,550 | 49,415 | |
Domestic plan [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 58,734 | 62,977 | |
Service Cost | 434 | 383 | 337 |
Interest Cost | 3,313 | 1,847 | 1,932 |
Employee Contributions | 0 | 0 | |
Effect of Plan Amendments | 0 | 0 | |
Plan Settlements | 0 | 0 | |
Benefits Paid | (6,034) | (4,330) | |
Plan Expenses and Premiums Paid | 0 | 0 | |
Transfer In of Business Acquisition | 86,414 | 0 | |
Actuarial (gain) Loss | 10,862 | (2,143) | |
Translation Difference and Other | 0 | 0 | |
Benefit Obligation at End of Year | 153,723 | 58,734 | 62,977 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 49,415 | 51,964 | |
Actual Return on Plan Assets | 10,663 | 457 | |
Employer Contributions | 1,087 | 1,574 | |
Employee Contributions | 0 | 0 | |
Plan Settlements | 0 | 0 | |
Benefits Paid | (6,034) | (4,330) | |
Plan Expenses and Premiums Paid | (500) | (250) | |
Transfer In of Business Acquisition | 65,919 | 0 | |
Translation Difference | 0 | 0 | |
Fair Value of Plan Assets at End of Year | 120,550 | 49,415 | 51,964 |
Defined Benefit Plan, Funded Status of Plan | (33,173) | (9,319) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Non-current Asset | 0 | 3,656 | |
Current Liabilities | (2,620) | (559) | |
Non-current Liabilities | (30,553) | (12,416) | |
Net Amount Recognized | (33,173) | (9,319) | |
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 | (46,560) | (25,310) | |
Accumulated Other Comprehensive Loss ("AOCI") | (46,560) | (25,310) | |
Cumulative Employer Contributions In Excess Of (or Below) Net Periodic Benefit Cost | 13,387 | 15,991 | |
Net Amount Recognized | (33,173) | (9,319) | |
Domestic plan [Member] | Other Postretirement Benefit Plans Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 4,106 | 4,729 | |
Service Cost | 6 | 7 | 8 |
Interest Cost | 143 | 130 | 144 |
Employee Contributions | 0 | 0 | |
Effect of Plan Amendments | 0 | 0 | |
Plan Settlements | 0 | 0 | |
Benefits Paid | (384) | (317) | |
Plan Expenses and Premiums Paid | 0 | 0 | |
Transfer In of Business Acquisition | 0 | 0 | |
Actuarial (gain) Loss | 395 | (443) | |
Translation Difference and Other | 0 | 0 | |
Benefit Obligation at End of Year | 4,266 | 4,106 | 4,729 |
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 | 384 | 317 | |
Employee Contributions | 0 | 0 | |
Plan Settlements | 0 | 0 | |
Benefits Paid | (384) | (317) | |
Plan Expenses and Premiums Paid | 0 | 0 | |
Transfer In of Business Acquisition | 0 | 0 | |
Translation Difference | 0 | 0 | |
Fair Value of Plan Assets at End of Year | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan | (4,266) | (4,106) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Non-current Asset | 0 | 0 | |
Current Liabilities | (426) | (446) | |
Non-current Liabilities | (3,840) | (3,660) | |
Net Amount Recognized | (4,266) | (4,106) | |
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 | (734) | (338) | |
Accumulated Other Comprehensive Loss ("AOCI") | (734) | (338) | |
Cumulative Employer Contributions In Excess Of (or Below) Net Periodic Benefit Cost | (3,532) | (3,768) | |
Net Amount Recognized | (4,266) | (4,106) | |
Foreign [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 94,826 | ||
Fair Value of Plan Assets at End of Year | 195,099 | 94,826 | |
Foreign [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 111,316 | 118,352 | |
Service Cost | 3,507 | 3,426 | 3,219 |
Interest Cost | 3,046 | 2,254 | 2,066 |
Employee Contributions | 73 | 73 | |
Effect of Plan Amendments | 30 | 0 | |
Plan Settlements | (1,087) | (10) | |
Benefits Paid | (3,832) | (1,639) | |
Plan Expenses and Premiums Paid | (129) | (161) | |
Transfer In of Business Acquisition | 85,658 | 0 | |
Actuarial (gain) Loss | 13,616 | (5,561) | |
Translation Difference and Other | 5,695 | (5,418) | |
Benefit Obligation at End of Year | 217,893 | 111,316 | 118,352 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 94,826 | 98,622 | |
Actual Return on Plan Assets | 13,458 | (2,670) | |
Employer Contributions | 5,223 | 5,269 | |
Employee Contributions | 73 | 73 | |
Plan Settlements | (1,087) | (10) | |
Benefits Paid | (3,832) | (1,639) | |
Plan Expenses and Premiums Paid | (129) | (161) | |
Transfer In of Business Acquisition | 81,068 | 0 | |
Translation Difference | 5,499 | (4,658) | |
Fair Value of Plan Assets at End of Year | 195,099 | 94,826 | $ 98,622 |
Defined Benefit Plan, Funded Status of Plan | (22,794) | (16,490) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Non-current Asset | 0 | 0 | |
Current Liabilities | (359) | (206) | |
Non-current Liabilities | (22,435) | (16,284) | |
Net Amount Recognized | (22,794) | (16,490) | |
Amounts Not Yet Reflected in Net Periodic Benefit Costs and Included in Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Prior Service credit (cost) | 1,271 | 1,497 | |
Accumulated Loss | (22,816) | (20,089) | |
Accumulated Other Comprehensive Loss ("AOCI") | (21,545) | (18,592) | |
Cumulative Employer Contributions In Excess Of (or Below) Net Periodic Benefit Cost | (1,249) | 2,102 | |
Net Amount Recognized | $ (22,794) | $ (16,490) |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits - Information About Accumulated and Projected Benefit Obligations In Excess of Plan Assets (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | $ 371,616 | $ 124,291 |
Accumulated Benefit Obligation | 365,990 | 119,493 |
Fair Value of Plan Assets | 315,649 | 94,826 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 371,616 | 124,291 |
Fair Value of Plan Assets | 315,649 | 94,826 |
Domestic plan [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 153,723 | 12,975 |
Accumulated Benefit Obligation | 152,930 | 11,808 |
Fair Value of Plan Assets | 120,550 | 0 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 153,723 | 12,975 |
Fair Value of Plan Assets | 120,550 | 0 |
Foreign [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 217,893 | 111,316 |
Accumulated Benefit Obligation | 213,060 | 107,685 |
Fair Value of Plan Assets | 195,099 | 94,826 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected Benefit Obligation | 217,893 | 111,316 |
Fair Value of Plan Assets | $ 195,099 | $ 94,826 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Net Periodic Benefit Cost and Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | $ 3,941 | $ 3,809 | |
Interest Cost | 6,359 | 4,101 | |
Domestic plan [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 434 | 383 | $ 337 |
Interest Cost | 3,313 | 1,847 | 1,932 |
Expected Return on Plan Assets | (3,227) | (2,803) | (3,067) |
Settlement Loss | 0 | 0 | 1,946 |
Actuarial Loss Amortization | 2,348 | 2,276 | 2,396 |
Prior Service (Credit) Cost Amortization | 0 | 59 | 63 |
Net Periodic Benefit Cost | 2,869 | 1,762 | 3,607 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net Loss (Gain) Arising During The Period | 3,926 | (453) | (1,672) |
Prior service credit (cost) | 0 | (59) | (63) |
Actuarial Loss | (2,347) | (2,276) | (4,342) |
Foreign Currency Exchange Rate Changes | 0 | 0 | 0 |
Total Recognized in Other Comprehensive (Income) Loss | 1,579 | (1,882) | (6,077) |
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Loss Or (Income) | 4,448 | (120) | (2,470) |
Domestic plan [Member] | Other Postretirement Benefit Plans Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 6 | 7 | 8 |
Interest Cost | 143 | 130 | 144 |
Prior Service (Credit) Cost Amortization | 0 | 42 | 54 |
Net Periodic Benefit Cost | 149 | 179 | 206 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net Loss (Gain) Arising During The Period | 395 | (443) | 295 |
Actuarial Loss | 0 | (42) | (54) |
Total Recognized in Other Comprehensive (Income) Loss | 395 | (485) | 241 |
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Loss Or (Income) | 544 | (306) | 447 |
Foreign [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 3,507 | 3,426 | 3,219 |
Interest Cost | 3,046 | 2,254 | 2,066 |
Expected Return on Plan Assets | (3,668) | (2,228) | (1,994) |
Settlement Loss | 258 | 2 | 0 |
Actuarial Loss Amortization | 757 | 881 | 862 |
Prior Service (Credit) Cost Amortization | (165) | (175) | (167) |
Net Periodic Benefit Cost | 3,735 | 4,160 | 3,986 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net Loss (Gain) Arising During The Period | 3,826 | (663) | 715 |
Prior service credit (cost) | 196 | 175 | 167 |
Actuarial Loss | (1,015) | (883) | (862) |
Foreign Currency Exchange Rate Changes | (61) | (890) | 2,308 |
Total Recognized in Other Comprehensive (Income) Loss | 2,946 | (2,261) | 2,328 |
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Loss Or (Income) | 6,681 | 1,899 | 6,314 |
Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 3,941 | 3,809 | 3,556 |
Interest Cost | 6,359 | 4,101 | 3,998 |
Expected Return on Plan Assets | (6,895) | (5,031) | (5,061) |
Settlement Loss | 258 | 2 | 1,946 |
Actuarial Loss Amortization | 3,105 | 3,157 | 3,258 |
Prior Service (Credit) Cost Amortization | (165) | (116) | (104) |
Net Periodic Benefit Cost | 6,603 | 5,922 | 7,593 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net Loss (Gain) Arising During The Period | 7,752 | (210) | (957) |
Prior service credit (cost) | 196 | 116 | 104 |
Actuarial Loss | (3,362) | (3,159) | (5,204) |
Foreign Currency Exchange Rate Changes | (61) | (890) | 2,308 |
Total Recognized in Other Comprehensive (Income) Loss | 4,525 | (4,143) | (3,749) |
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Loss Or (Income) | $ 11,128 | $ 1,779 | $ 3,844 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Amounts to be Amortized From AOCI Over Next Fiscal Year (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial Loss | $ 2,923 |
Prior Service (Credit) Cost | (164) |
Total | 2,759 |
Other Postretirement Benefit Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial Loss | 0 |
Prior Service (Credit) Cost | 0 |
Total | 0 |
Domestic plan [Member] | Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial Loss | 2,034 |
Prior Service (Credit) Cost | 0 |
Total | 2,034 |
Foreign [Member] | Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial Loss | 889 |
Prior Service (Credit) Cost | (164) |
Total | $ 725 |
Pension and Other Postretirem_5
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, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Health Care Cost Trend Rate For Next Year | 5.90% | 6.20% |
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 | 2037 | 2037 |
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 | $ 11 | |
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 311 | |
Effect of One Percentage Point Decrease on Service and Interest Cost Components | (10) | |
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ (272) | |
Domestic plan [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount Rate | 3.06% | 4.07% |
Rate of Compensation Increase | 6.00% | 3.63% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount Rate | 4.08% | 3.44% |
Expected Long-Term Return on Plan Assets | 5.75% | 5.95% |
Rate of Compensation Increase | 5.50% | 3.63% |
Domestic plan [Member] | Other Postretirement Benefit Plans Defined Benefit [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount Rate | 2.98% | 4.03% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount Rate | 4.03% | 3.39% |
Foreign [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount Rate | 1.83% | 2.47% |
Rate of Compensation Increase | 2.58% | 2.89% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount Rate | 2.30% | 2.33% |
Expected Long-Term Return on Plan Assets | 3.13% | 2.22% |
Rate of Compensation Increase | 2.87% | 2.89% |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits - Asset Allocations (Details) - Pension Plans, Defined Benefit [Member] | Dec. 31, 2019 | Dec. 31, 2018 |
Domestic plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 100.00% | |
Actual Plan Asset Allocations | 100.00% | 100.00% |
Domestic plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 10.00% | |
Actual Plan Asset Allocations | 32.00% | 9.00% |
Domestic plan [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 90.00% | |
Actual Plan Asset Allocations | 64.00% | 90.00% |
Domestic plan [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 0.00% | |
Actual Plan Asset Allocations | 4.00% | 1.00% |
Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 100.00% | |
Actual Plan Asset Allocations | 100.00% | 100.00% |
Foreign [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 38.00% | |
Actual Plan Asset Allocations | 34.00% | 21.00% |
Foreign [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 51.00% | |
Actual Plan Asset Allocations | 45.00% | 76.00% |
Foreign [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 11.00% | |
Actual Plan Asset Allocations | 21.00% | 3.00% |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits - Fair Value Hierarchy - Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | $ 222,399,000 | $ 93,273,000 | |
Fair Value of Plan Assets measured at NAV | 93,250,000 | 50,968,000 | |
Fair Value of Plan Assets | 315,649,000 | 144,241,000 | |
Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,952,000 | 659,000 | |
Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 108,773,000 | 10,359,000 | |
Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 111,674,000 | 82,255,000 | $ 84,520,000 |
Insurance Contract [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 92,657,000 | ||
Fair Value of Plan Assets | 92,657,000 | 79,873,000 | 82,092,000 |
Real Estate Fund [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 9,581,000 | 2,382,000 | 2,428,000 |
Other-alternative investments [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 9,436,000 | 0 | $ 0 |
Domestic plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 69,146,000 | 450,000 | |
Fair Value of Plan Assets | 120,550,000 | 49,415,000 | |
Domestic plan [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 450,000 | 450,000 | |
Domestic plan [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 64,636,000 | 0 | |
Domestic plan [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 4,060,000 | 0 | |
Domestic plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 450,000 | 450,000 | |
Domestic plan [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 450,000 | 450,000 | |
Domestic plan [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 0 | 0 | |
Domestic plan [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 0 | 0 | |
Domestic plan [Member] | Pooled Separate Accounts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 64,636,000 | ||
Domestic plan [Member] | Pooled Separate Accounts [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 0 | ||
Domestic plan [Member] | Pooled Separate Accounts [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 64,636,000 | ||
Domestic plan [Member] | Pooled Separate Accounts [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 0 | ||
Domestic plan [Member] | Real Estate Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 4,060,000 | ||
Domestic plan [Member] | Real Estate Fund [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 0 | ||
Domestic plan [Member] | Real Estate Fund [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 0 | ||
Domestic plan [Member] | Real Estate Fund [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 4,060,000 | ||
Domestic plan [Member] | Commingled Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets measured at NAV | 51,404,000 | 48,965,000 | |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 153,253,000 | 92,823,000 | |
Fair Value of Plan Assets measured at NAV | 2,003,000 | ||
Fair Value of Plan Assets | 195,099,000 | 94,826,000 | |
Foreign [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 1,502,000 | 209,000 | |
Foreign [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 44,137,000 | 10,359,000 | |
Foreign [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 107,614,000 | 82,255,000 | |
Foreign [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 1,502,000 | 209,000 | |
Foreign [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 1,502,000 | 209,000 | |
Foreign [Member] | Cash and Cash Equivalents [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 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 excluding assets measured at NAV | 0 | 0 | |
Foreign [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 3,021,000 | 2,658,000 | |
Foreign [Member] | Fixed Income Funds [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 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 excluding assets measured at NAV | 3,021,000 | 2,658,000 | |
Foreign [Member] | Fixed Income Funds [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 0 | 0 | |
Foreign [Member] | Domestic And Foreign Government Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 32,512,000 | ||
Foreign [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 excluding assets measured at NAV | 0 | ||
Foreign [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 excluding assets measured at NAV | 32,512,000 | ||
Foreign [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 excluding assets measured at NAV | 0 | ||
Foreign [Member] | Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 92,657,000 | 79,873,000 | |
Foreign [Member] | Insurance Contract [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 0 | 0 | |
Foreign [Member] | Insurance Contract [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 0 | 0 | |
Foreign [Member] | Insurance Contract [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 92,657,000 | 79,873,000 | |
Foreign [Member] | Equity Funds Diversified [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 8,604,000 | 7,701,000 | |
Foreign [Member] | Equity Funds Diversified [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 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 excluding assets measured at NAV | 8,604,000 | 7,701,000 | |
Foreign [Member] | Equity Funds Diversified [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 0 | 0 | |
Foreign [Member] | Real Estate Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 5,521,000 | 2,382,000 | |
Foreign [Member] | Real Estate Fund [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 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 excluding assets measured at NAV | 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 excluding assets measured at NAV | 5,521,000 | 2,382,000 | |
Foreign [Member] | Commingled Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets measured at NAV | 2,037,000 | $ 2,003,000 | |
Foreign [Member] | Diversified investment fund - registered investment companies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets measured at NAV | 39,809,000 | ||
Foreign [Member] | Other-alternative investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 9,436,000 | ||
Foreign [Member] | Other-alternative investments [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 0 | ||
Foreign [Member] | Other-alternative investments [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | 0 | ||
Foreign [Member] | Other-alternative investments [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets excluding assets measured at NAV | $ 9,436,000 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits - Level 3 Asset Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at Beginning of Year | $ 144,241 | |
Fair Value of Plan Assets at End of Year | 315,649 | $ 144,241 |
Fair Value Inputs Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at Beginning of Year | 82,255 | 84,520 |
Purchases | 4,791 | 4,707 |
Assets acquired in business combinations | 16,101 | |
Sales | (516) | |
Settlements | (1,730) | (1,399) |
Unrealized Gains | 11,642 | (1,723) |
Translation Difference | (869) | (3,850) |
Fair Value of Plan Assets at End of Year | 111,674 | 82,255 |
Insurance Contract [Member] | Fair Value Inputs Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at Beginning of Year | 79,873 | 82,092 |
Purchases | 3,762 | 4,707 |
Assets acquired in business combinations | 129 | |
Sales | 0 | |
Settlements | (1,730) | (1,399) |
Unrealized Gains | 12,199 | (1,817) |
Translation Difference | (1,576) | (3,710) |
Fair Value of Plan Assets at End of Year | 92,657 | 79,873 |
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 | 2,382 | 2,428 |
Purchases | 0 | 0 |
Assets acquired in business combinations | 7,058 | |
Sales | (238) | |
Settlements | 0 | 0 |
Unrealized Gains | 403 | 94 |
Translation Difference | (24) | (140) |
Fair Value of Plan Assets at End of Year | 9,581 | 2,382 |
Other-alternative investments [Member] | Fair Value Inputs Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | 0 |
Purchases | 1,029 | 0 |
Assets acquired in business combinations | 8,914 | |
Sales | (278) | |
Settlements | 0 | 0 |
Unrealized Gains | (960) | 0 |
Translation Difference | 731 | 0 |
Fair Value of Plan Assets at End of Year | $ 9,436 | $ 0 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits - Cash Flow (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum Cash Contributions, Next Fiscal Year | $ 10,000 |
Expected Benefit Payments, Next Twelve Months | 11,547 |
Expected Benefit Payments, Year Two | 11,428 |
Expected Benefit Payments, Year Three | 11,488 |
Expected Benefit Payments, Year Four | 12,794 |
Expected Benefit Payments, Year Five | 13,035 |
Expected Benefit Payments, Five Fiscal Years Thereafter | 72,405 |
Other Postretirement Benefit Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum Cash Contributions, Next Fiscal Year | 400 |
Domestic plan [Member] | Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum Cash Contributions, Next Fiscal Year | 2,700 |
Expected Benefit Payments, Next Twelve Months | 5,947 |
Expected Benefit Payments, Year Two | 5,209 |
Expected Benefit Payments, Year Three | 5,191 |
Expected Benefit Payments, Year Four | 6,054 |
Expected Benefit Payments, Year Five | 6,238 |
Expected Benefit Payments, Five Fiscal Years Thereafter | 31,026 |
Domestic plan [Member] | Other Postretirement Benefit Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected Benefit Payments, Next Twelve Months | 426 |
Expected Benefit Payments, Year Two | 400 |
Expected Benefit Payments, Year Three | 373 |
Expected Benefit Payments, Year Four | 354 |
Expected Benefit Payments, Year Five | 326 |
Expected Benefit Payments, Five Fiscal Years Thereafter | 1,291 |
Foreign [Member] | Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum Cash Contributions, Next Fiscal Year | 7,300 |
Expected Benefit Payments, Next Twelve Months | 5,600 |
Expected Benefit Payments, Year Two | 6,219 |
Expected Benefit Payments, Year Three | 6,297 |
Expected Benefit Payments, Year Four | 6,740 |
Expected Benefit Payments, Year Five | 6,797 |
Expected Benefit Payments, Five Fiscal Years Thereafter | $ 41,379 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Description of Defined Contribution Plan | The Company has a 401(k) plan with an employer match covering a majority of its U.S. employees. The plan allows for and the Company previously paid a nonelective contribution on behalf of participants who have completed one year of service equal to 3% of the eligible participants’ compensation in the form of Company common stock. | ||
Total Contribution Amount | $ 4,000 | $ 3,100 | $ 2,900 |
Defined Benefit Plan Explanation Of Significant Change In Benefit Obligation Or Plan Assets Not Apparent From Other Required Disclosures | During the second quarter of 2017, the Legacy Quaker U.S. Pension Plan offered a cash settlement to its vested terminated participants, which allowed them to receive the value of their pension benefits as a single lump sum payment. As payments from the Legacy Quaker U.S. Pension Plan for this cash out offering exceeded the service and interest cost components of the Legacy Quaker U.S. Pension Plan expense for the year ended December 31, 2017, the Company recorded a settlement charge of approximately $1.9 million. This settlement charge represented the immediate recognition into expense of a portion of the unrecognized loss within AOCI on the balance sheet in proportion to the share of the projected benefit obligation that was settled by these payments. The gross pension benefit obligation was reduced by approximately $4.0 million as a result of these payments. | ||
Pooled Separate account percentage | As of December 31, 2019, the U.S. pension plan pooled separate accounts included approximately 60 percent of investments in equity securities and 40 percent of investments in fixed income securities. | ||
Defined Benefit Plans Investment Description | As of December 31, 2019, the diversified investment funds included approximately 65 percent of investments in equity securities, 24 percent of investments in fixed income securities, and 11 percent of other alternative investments. | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated Benefit Obligation | $ 366,000 | 165,300 | |
Gross AOCI | (68,105) | (43,902) | |
Domestic plan [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated Benefit Obligation | 152,900 | 57,600 | |
Net Periodic Benefit Cost | 2,869 | 1,762 | 3,607 |
Gross AOCI | (46,560) | (25,310) | |
Domestic plan [Member] | Pension Plans, Defined Benefit [Member] | Legacy Quaker U.S. Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Benefit Obligation Payment For Settlement | 1,900 | ||
Defined Benefit Plan Benefit Obligation Period Increase (Decrease) | (4,000) | ||
Gross AOCI | 24,000 | ||
Domestic plan [Member] | Pension Plans, Defined Benefit [Member] | Legacy Quaker U.S. Pension Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Termination | 1,000 | ||
Domestic plan [Member] | Pension Plans, Defined Benefit [Member] | Legacy Quaker U.S. Pension Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Termination | $ 2,000 | ||
Domestic plan [Member] | Pension Plans, Defined Benefit [Member] | Defined Benefit Plan Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Commingled Fund Asset Allocation | 100.00% | ||
Domestic plan [Member] | Other Postretirement Benefit Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net Periodic Benefit Cost | $ 149 | 179 | 206 |
Gross AOCI | (734) | (338) | |
Domestic plan [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net Periodic Benefit Cost | 1,800 | 1,600 | 1,400 |
Foreign [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated Benefit Obligation | 213,100 | 107,700 | |
Net Periodic Benefit Cost | 3,735 | 4,160 | $ 3,986 |
Gross AOCI | $ (21,545) | $ (18,592) | |
Foreign [Member] | Pension Plans, Defined Benefit [Member] | Defined Benefit Plan Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Commingled Fund Asset Allocation | 32.00% | ||
Foreign [Member] | Pension Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Commingled Fund Asset Allocation | 55.00% | ||
Foreign [Member] | Pension Plans, Defined Benefit [Member] | Other Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Commingled Fund Asset Allocation | 13.00% |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits - Houghton and Cash Flow Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $ 6,310,000 | $ 6,843,000 | |
Acquired pension balance | 55,967,000 | 25,809,000 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 10,000,000 | ||
Pension Plans, Defined Benefit [Member] | Cleveland Bakers and Teamsters Pension Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer Plan, Plan Liabilities | 0 | $ 592,000,000 | |
Multiemployer Plans Plan Assets | 315,000,000 | ||
Multiemployer Plans Plan Contributions | 100,000 | ||
Other Postretirement Benefit Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 400,000 | ||
Other Current and Other Non-current Liabilities [Member] | Pension Plans, Defined Benefit [Member] | Cleveland Bakers and Teamsters Pension Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer Plans Collective Bargaining Arrangement Expiration Date | May 1, 2022 | ||
Domestic plan [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $ 1,087,000 | 1,574,000 | |
Acquired pension balance | 33,173,000 | 9,319,000 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 2,700,000 | ||
Domestic plan [Member] | Other Postretirement Benefit Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | 384,000 | 317,000 | |
Acquired pension balance | 4,266,000 | 4,106,000 | |
Foreign Plan [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | 5,223,000 | 5,269,000 | |
Acquired pension balance | 22,794,000 | $ 16,490,000 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 7,300,000 | ||
Houghton Foreign Plans [Member] | Foreign Plan [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | 1,100,000 | ||
Houghton Foreign Plans [Member] | Foreign Plan [Member] | Other Current and Other Non-current Liabilities [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Acquired pension balance | $ (19,000,000) |
Other Noncurrent Liabilities (D
Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Noncurrent [Abstract] | ||
Restricted Insurance Settlements | $ 19,678 | $ 20,278 |
Non-current income taxes payable | 8,500 | 7,644 |
Uncertain Tax Positions (Includes Interest and Penalties) | 24,609 | 8,097 |
Fair value of interst rate swaps | 415 | 0 |
Environmental reserves | 5,259 | 0 |
Deferred And Other Long-Term Compensation | 6,625 | 6,886 |
Other | 1,298 | 624 |
Total | $ 66,384 | $ 43,529 |
Equity and Noncontrolling Int_3
Equity and Noncontrolling Interest - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 17,735,162 | 13,338,026 |
Shares issued for equity based comp plans | 42,073 | |
Shares issued for ESPP | 3,081 | |
Shares issued for Options exercise and Other activity | 22,806 | |
Preferred Stock Shares Authorized | 10,000,000 | |
Preferred Stock Par Or Stated Value Per Share | $ 1 | |
Combination [Member] | ||
Equity Class Of Treasury Stock [Line Items] | ||
Common Stock Shares, Issued | 4,329,176 | |
Stock Repurchase Program Authorized Amount | $ 86.9 | |
2015 Share Repurchase [Member] | ||
Equity Class Of Treasury Stock [Line Items] | ||
Stock Repurchase Program Authorized Amount | $ 100 |
Equity and Noncontrolling Int_4
Equity and Noncontrolling Interest - AOCI Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $ (80,715) | $ (65,100) | $ (87,407) |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | (798) | (18,508) | 21,015 |
Amounts Reclassed from AOCI | 2,868 | 3,520 | 2,660 |
Related Tax Amounts | 475 | (627) | (1,368) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (78,170) | (80,715) | (65,100) |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (49,322) | (31,893) | (52,255) |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | 4,754 | (17,429) | 20,362 |
Amounts Reclassed from AOCI | 0 | 0 | 0 |
Related Tax Amounts | 0 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (44,568) | (49,322) | (31,893) |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (30,551) | (34,093) | (36,168) |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | (8,088) | 1,543 | (1,646) |
Amounts Reclassed from AOCI | 3,169 | 3,085 | 5,154 |
Related Tax Amounts | 937 | (1,086) | (1,433) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (34,533) | (30,551) | (34,093) |
Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 0 | 0 | 0 |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | (415) | 0 | 0 |
Amounts Reclassed from AOCI | 0 | 0 | 0 |
Related Tax Amounts | 95 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (320) | 0 | 0 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (842) | 886 | 1,016 |
Other Comprehensive (Loss) Income, before Reclassifications, before Tax | 2,951 | (2,622) | 2,299 |
Amounts Reclassed from AOCI | (301) | 435 | (2,494) |
Related Tax Amounts | (557) | 459 | 65 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $ 1,251 | $ (842) | $ 886 |
Fair Value - Assets (Details)
Fair Value - Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | $ 1,782 | $ 1,491 |
Assets Fair Value Disclosure | 1,782 | 1,491 |
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 | 1,782 | 1,491 |
Assets Fair Value Disclosure | 1,782 | 1,491 |
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 |
Hedging Activities - Narrative
Hedging Activities - Narrative (Details) - Interest Rate Swap [Member] - Other Liabilities Current [Member] $ in Millions | Nov. 30, 2019USD ($) |
Derivatives, Fair Value [Line Items] | |
Derivative Liability Notional Amount | $ 170 |
Derivative Variable Interest Rate | 1.64% |
Derivative Fixed Interest Rate | 3.10% |
Percentage of term loan borrowings | 20.00% |
Hedging Activities - Table (Det
Hedging Activities - Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments Gain Loss [Line Items] | |||
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net | $ 415 | $ 0 | |
Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net | 320 | 0 | |
Interest Expense [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net | 29 | 0 | $ 0 |
Interest Rate Swap [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net | 320 | 0 | |
Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net | $ 415 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2007 | Dec. 31, 2005 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||||
Loss Contingency Actions Taken By Defendant | The Company continually evaluates its obligations related to such matters, and based on historical costs incurred and projected costs to be incurred over the next 28 years, has estimated the present value range of costs for all of the Houghton environmental matters, on a discounted basis, to be between approximately $6 million and $7 million as of December 31, 2019, for which $6.6 million is accrued within other accrued liabilities and other non-current liabilities on the Company’s Consolidated Balance Sheet as of December 31, 2019.Houghton’s Sao Paulo, Brazil site was required under Brazilian environmental, health and safety regulations to perform an environmental assessment as part of a permit renewal process. Initial investigations identified soil and ground water contamination in select areas of the site. The site has conducted a multi-year soil and groundwater investigation and corresponding risk assessments based on the result of the investigations. In 2017, the site had to submit a new 5-year permit renewal request and was asked to complete additional investigations to further delineate the site based on review of the technical data by the local regulatory agency, Companhia Ambiental do Estado de São Paulo (“CETESB”). Based on review of the updated investigation data, CETESB issued a Technical Opinion regarding the investigation and remedial actions taken to date. The site developed an action plan and submitted it to CETESB in 2018 based on CETESB requirements. The site intervention plan primarily requires the site, amongst other actions, to conduct periodic monitoring for methane in soil vapors, source zone delineation, groundwater plume delineation, bedrock aquifer assessment, update the human health risk assessment, develop a current site conceptual model and conduct a remedial feasibility study and provide a revised intervention plan. In December 2019, the site submitted a report on the activities completed including the revised site conceptual model and results of the remedial feasibility study and recommended remedial strategy for the site. | |||
Unrelated Environmental Liability Accruals | $ 0.2 | $ 0.2 | ||
Loss Contingency, Settlement Agreement, Terms | The Company has restricted cash recorded in other assets related to proceeds from an inactive subsidiary of the Company which previously executed separate settlement and release agreements with two of its insurance carriers for an original total value of $35.0 million. 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 which earned $0.2 million in both the years ended December 31, 2019 and 2018, offset by $0.8 million and $1.1 million of net payments during 2019 and 2018, respectively | |||
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] | ||||
Gain (Loss) Related To Litigation Settlement | $ 20 | $ 15 | ||
Loss Contingency, Estimate of Possible Loss | $ 0.5 | |||
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, 2019, no notice of termination has been given under this agreement. At the end of the term of the agreement, the subsidiary may choose to again pursue its claim against this insurer regarding the application of the policy limits. | |||
Percentage of defense and indemnity costs | 27.00% | |||
Houghton Combination [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ 6.6 | |||
Houghton environmental matters [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 7 | |||
Houghton environmental matters [Member] | Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ 6 |
Quarterly Results - Unaudited_2
Quarterly Results - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Results (unaudited) [Abstract] | |||||||||||
Net sales | $ 391,294 | $ 325,130 | $ 205,869 | $ 211,210 | $ 211,481 | $ 222,022 | $ 221,962 | $ 212,055 | $ 1,133,503 | $ 867,520 | $ 820,082 |
Gross Profit | 136,132 | 105,057 | 75,161 | 75,767 | 74,838 | 81,093 | 80,937 | 75,447 | 392,117 | 312,314 | 291,495 |
Operating income | 20,276 | (14,502) | 20,531 | 19,829 | 20,068 | 24,919 | 22,563 | 20,231 | 46,134 | 87,781 | 62,744 |
Net income attributable to Quaker Chemical Corporation | $ 15,240 | $ (13,053) | $ 15,591 | $ 13,844 | $ 7,805 | $ 19,690 | $ 19,246 | $ 12,732 | $ 31,622 | $ 59,473 | $ 20,278 |
Net income attributable to Quaker Chemical Corporation common shareholders - basic | $ 0.86 | $ (0.80) | $ 1.17 | $ 1.04 | $ 0.59 | $ 1.48 | $ 1.44 | $ 0.96 | $ 2.08 | $ 4.46 | $ 1.53 |
Net income attributable to Quaker Chemical Corporation common shareholders - diluted | $ 0.86 | $ (0.80) | $ 1.17 | $ 1.03 | $ 0.58 | $ 1.47 | $ 1.44 | $ 0.95 | $ 2.08 | $ 4.45 | $ 1.52 |
Quarterly Results - Unaudited -
Quarterly Results - Unaudited - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Captive Insurance Equity Affiliate [Member] | ||||||||
Quarterly Charges And Credits | $ 0.6 | $ 0.5 | $ 0.4 | $ 0.3 | $ (0.1) | $ 0.4 | $ 1 | $ 0.4 |
Currency Conversion [Member] | ||||||||
Quarterly Charges And Credits | (0.1) | 0.7 | (0.1) | 0.2 | 0.1 | 0.5 | 0.1 | 0.2 |
Customer Settlement [Member] | ||||||||
Quarterly Charges And Credits | 0.4 | |||||||
Customer Bankruptcy [Member] | ||||||||
Quarterly Charges And Credits | 1.1 | |||||||
Restructuring Charges (Credits) [Member] | ||||||||
Quarterly Charges And Credits | 2.6 | 24 | ||||||
Houghton Combination-related expenses [Member] | ||||||||
Quarterly Charges And Credits | 12.2 | 15.1 | 5.5 | 5.4 | 5.1 | 3.8 | 4.5 | 6.1 |
Pension and postretirement benefit costs, non-service components [Member] | ||||||||
Quarterly Charges And Credits | 0.5 | 0.5 | $ 0.9 | $ 0.9 | 0.6 | 0.6 | 0.6 | $ 0.6 |
U.S. Tax Reform Charges [Member] | ||||||||
Quarterly Charges And Credits | 5.3 | 0.4 | 8.1 | 1.1 | $ 1.2 | |||
Sale Of Inventory [Member] | ||||||||
Quarterly Charges And Credits | 1.5 | $ 10.2 | ||||||
Insurance Insolvency Recovery [Member] | ||||||||
Quarterly Charges And Credits | $ 0.1 | $ 0.1 | ||||||
Gain On Liquidation Of Inactive Legal Entity [Member] | ||||||||
Quarterly Charges And Credits | $ 0.4 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events Abstract [Abstract] | |
Subsequent Event Description | On March 17, 2020, the Company, the administrative agent, and certain other parties entered into an amendment (the “Amendment”) to the New Credit Facility. The New Credit Facility requires the Company to deliver to the administrative agent and each lender the audited consolidated financial statements of the Company at the end of each fiscal year. Without having obtained the Amendment, failing to observe this financial statements covenant by March 17, 2020 with respect to the Company’s financial statements for 2019 would have been an event of default under the New Credit Facility, thereby entitling the administrative agent and the lenders to accelerate the payment of the unpaid principal amount of all outstanding loans and all interest accrued and unpaid thereon, among other remedies. The Amendment extends the delivery dates for the foregoing financial statements to April 16, 2020. |