Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period Focus | Q3 | |
Document quarterly report | true | |
Document Fiscal Year Focus | 2021 | |
Document period end date | Sep. 30, 2021 | |
Current fiscal year end date | --12-31 | |
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 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, $1 par value | |
Trading Symbol | KWR | |
Entity common stock shares outstanding | 17,894,480 | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 449,072 | $ 367,224 | $ 1,314,117 | $ 1,031,825 |
Cost of goods sold (excluding amortization expense - See Note 14) | 303,941 | 227,032 | 858,341 | 660,396 |
Gross profit | 145,131 | 140,192 | 455,776 | 371,429 |
Selling, general and administrative expenses | 104,215 | 97,037 | 317,204 | 282,405 |
Indefinite-lived intangible asset impairment | 0 | 0 | 0 | 38,000 |
Restructuring and related charges | (880) | 1,383 | 593 | 3,585 |
Combination, integration and other acquisition-related | 5,786 | 6,913 | 18,259 | 22,786 |
Operating income (loss) | 36,010 | 34,859 | 119,720 | 24,653 |
Other income (expense), net | 647 | (239) | 19,344 | (22,407) |
Interest expense, net | (5,637) | (6,837) | (16,725) | (22,109) |
Income (loss) before taxes and equity in net income of associated companies | 31,020 | 27,783 | 122,339 | (19,863) |
Taxes on income (loss) before equity in net income of associated companies | 795 | 2,245 | 26,702 | (7,603) |
Income (loss) before equity in net income of associated companies | 30,225 | 25,538 | 95,637 | (12,260) |
Equity in net income of associated companies | 848 | 1,804 | 7,668 | 3,536 |
Net income (loss) | 31,073 | 27,342 | 103,305 | (8,724) |
Less: Net income attributable to noncontrolling interest | 15 | 38 | 62 | 88 |
Net income (loss) attributable to Quaker Chemical Corporation | $ 31,058 | $ 27,304 | $ 103,243 | $ (8,812) |
Per share data: | ||||
Net income (loss) attributable to Quaker Chemical Corporation common shareholders - basic | $ 1.74 | $ 1.53 | $ 5.78 | $ (0.50) |
Net income (loss) attributable to Quaker Chemical Corporation common shareholders - diluted | 1.73 | 1.53 | 5.76 | (0.50) |
Dividends declared | $ 0.415 | $ 0.395 | $ 1.205 | $ 1.165 |
Condensed Consolidated Stateme
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 31,073 | $ 27,342 | $ 103,305 | $ (8,724) |
Currency translation adjustments | (19,905) | 33,618 | (29,201) | (10,582) |
Defined Benefit Plans [Abstract] | ||||
Defined Benefit Retirement Plans | 904 | (257) | 2,593 | 16,913 |
Current period change in fair value of derivatives | 436 | 354 | 1,450 | (3,738) |
Unrealized (loss) gain on available-for-sale securities | (215) | 556 | (2,961) | 453 |
Other comprehensive (loss) income | (18,780) | 34,271 | (28,119) | 3,046 |
Comprehensive income (loss) | 12,293 | 61,613 | 75,186 | (5,678) |
Less: (income) loss attributable to noncontrolling interest | (15) | (56) | (68) | 25 |
Comprehensive income (loss) attributable to Quaker Chemical Corporation | $ 12,278 | $ 61,557 | $ 75,118 | $ (5,653) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 141,393 | $ 181,833 |
Accounts receivable, net | 433,631 | 372,974 |
Inventories | ||
Raw materials and supplies | 121,951 | 86,148 |
Work-in-process and finished goods | 132,943 | 101,616 |
Prepaid expenses and other current assets | 63,278 | 50,156 |
Total current assets | 893,196 | 792,727 |
Property, Plant and Equipment, at Cost | 423,469 | 423,253 |
Less: Accumulated Depreciation | (232,636) | (219,370) |
Property, Plant and Equipment, net | 190,833 | 203,883 |
Right of use lease assets | 34,314 | 38,507 |
Goodwill | 630,669 | 631,212 |
Other intangible assets, net | 1,048,688 | 1,081,358 |
Investments in associated companies | 94,110 | 95,785 |
Deferred tax assets | 18,409 | 16,566 |
Other non-current assets | 31,608 | 31,796 |
Total assets | 2,941,827 | 2,891,834 |
Current liabilities | ||
Short-term borrowings and current portion of long-term debt | 52,611 | 38,967 |
Accounts and Other Payables | 219,601 | 198,872 |
Accrued compensation | 40,655 | 43,300 |
Accrued restructuring | 4,050 | 8,248 |
Other accrued liabilities | 93,042 | 93,573 |
Total current liabilities | 409,959 | 382,960 |
Long-term debt | 839,275 | 849,068 |
Long-term lease liabilities | 24,599 | 27,070 |
Deferred tax liabilities | 174,405 | 192,763 |
Other non-current liabilities | 109,893 | 119,059 |
Total liabilities | 1,558,131 | 1,570,920 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Common stock, $1 par value; authorized 30,000,000 shares; issued and outstanding 2021 -17,888,577 shares; 2020 - 17,850,616 shares | 17,889 | 17,851 |
Capital in excess of par value | 914,277 | 905,171 |
Retained earnings | 505,635 | 423,940 |
Accumulated other comprehensive loss | (54,723) | (26,598) |
Total Quaker shareholders' equity | 1,383,078 | 1,320,364 |
Noncontrolling interest | 618 | 550 |
Total equity | 1,383,696 | 1,320,914 |
Total liabilities and equity | $ 2,941,827 | $ 2,891,834 |
Condensed Consolidated Balan_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
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 | 17,888,577 | 17,850,616 |
Common stock shares, outstanding | 17,888,577 | 17,850,616 |
Condensed Consolidated State_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net income (loss) | $ 103,305 | $ (8,724) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Amortization of debt issuance costs | 3,562 | 3,562 |
Depreciation and amortization | 65,440 | 62,818 |
Equity in undistributed earnings of associated companies, net of dividends | (7,563) | 1,415 |
Acquisition-related fair value adjustments related to inventory | 801 | 229 |
Deferred compensation, deferred taxes and other, net | (21,865) | (30,657) |
Share-based compensation | 8,441 | 17,820 |
(Gain) loss on disposal of property, plant, equipment and other assets | (4,819) | 105 |
Insurance settlement realized | 0 | (818) |
Indefinite-lived intangible asset impairment | 0 | 38,000 |
Combination and other acquisition-related expenses, net of payments | (1,705) | 2,498 |
Restructuring and related charges | 593 | 3,585 |
Pension And Other Postretirement Benefit Expense | (5,638) | 16,219 |
(Decrease) increase in cash from changes in current assets and current liabilities, net of acquisitions: | ||
Accounts receivable | (68,664) | 30,225 |
Inventories | (72,962) | 2,137 |
Prepaid expenses and other current assets | (24,512) | (113) |
Change in restructuring liabilities | (4,557) | (12,772) |
Accounts payable and accrued liabilities | 32,652 | (13,481) |
Net cash provided by operating activities | 2,509 | 112,048 |
Cash flows from investing activities | ||
Investments in property, plant and equipment | (12,823) | (12,184) |
Payments related to acquisitions, net of cash acquired | (31,975) | (3,132) |
Proceeds from disposition of assets | 14,744 | 11 |
Insurance settlement interest earned | 0 | 41 |
Net cash used in investing activities | (30,054) | (15,264) |
Cash flows from financing activities | ||
Payments of term loan debt | 28,558 | 28,132 |
Borrowings (repayments) on revolving credit facilities, net | 39,143 | (16,485) |
Repayments on other debt, net | (585) | (527) |
Dividends paid | (21,175) | (20,520) |
Stock options exercised, other | 704 | 2,385 |
Purchase of noncontrolling interest in affiliates, net | 0 | (1,047) |
Distributions to noncontrolling affiliate shareholders | 0 | (751) |
Net cash (used in) by financing activities | (10,471) | (65,077) |
Effect of foreign exchange rate changes on cash | (2,486) | (529) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (40,502) | 31,178 |
Cash, Cash Equivalents and Restricted Cash at the beginning of the period | 181,895 | 143,555 |
Cash, Cash Equivalents and Restricted Cash at the end of the period | $ 141,393 | $ 174,733 |
Basis of Presentation and Descr
Basis of Presentation and Description of Business | 9 Months Ended |
Sep. 30, 2021 | |
Basis of Presentation and Description of Business [Abstract] | |
Basis of Presentation and Description of Business [Text Block] | Note 1 – Basis of Presentation and Description of Business Basis of Presentation As used in these Notes to Condensed Consolidated Financial Statements of ended September 30, 2021 (the “Report”), Chemical Corporation (doing business as Quaker Houghton), its subsidiaries, and requires. prior to the closing of its combination with Houghton International, Inc. (“Houghton”) condensed consolidated financial statements included herein are accepted accounting principles in the United States (“U.S. GAAP”) for interim Exchange Commission (“SEC”) regulations. prepared in accordance with U.S. GAAP have been condensed or omitted management, the financial statements reflect all adjustments consisting fair statement of the financial position, results of operations and cash ended September 30, 2021 are not necessarily indicative of the results to be expected should be read in conjunction with the Company’s “2020 Form 10-K”). During the three months ended September 30, 2020, the Company to the three months ended March 31, 2020 as well as the three and six months Company’s over-recognition associated tax impact of these adjustments, in the Company’s ended March 31, 2020 and the three and six months ended June 30, 2020. reportable segment. was approximately $ 1.7 0.7 approximately $ 1.0 Description of Business The Company was organized in 1918, incorporated as a Pennsylvania completed the Combination with Houghton to form Quaker Houghton. fluids. 25 the world’s most advanced and specialized companies. chemical management services (which the Company refers to as “Fluidcare”) applications throughout its four Businesses. Hyper-inflationary economies Based on various indices or index compilations being used to monitor inflation effective July 1, 2018, Argentina’s months ended September 30, 2021, the Company's Argentine 1 % of the Company’s consolidated total assets and net sales, respectively. $ 0.1 0.3 Argentina. 0.2 0.3 million, respectively, were recorded within foreign exchange losses, net, which is a component Condensed Consolidated Statements of Operations. COVID-19 Management continues to monitor the impact that the COVID-19 pandemic chemical industry, and related business and travel restrictions and changes to business and consumer behavior the date of the Report as COVID-19 and the responses of governmental Further, management continues to evaluate financial reporting processes, internal control over financial reporting, circumstances have presented and are expected to continue to present challenges, COVID-19 has had a material impact on financial reporting processes, internal controls and procedures. The Company cannot reasonably estimate the magnitude of the effects the future as they are subject to significant uncertainties relating to the ultimate severity of the symptoms, the duration or resurgences acceptance and efficacy of vaccines, the length of the travel restrictions countries, and the economic response by governments of impacted countries, To the extent could reduce the availability, interrupt the Company’s business operations. and the Company’s liquidity this pandemic, the Company cannot reasonably estimate the magnitude or Company’s results of operations, |
Business Acquisitions
Business Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Acquisitions [Abstract] | |
Business acquisitions disclosure [Text Block] | Note 2 – Business Acquisitions 2021 Acquisitions In September 2021, the Company acquired the remaining interest in Grindaix-GmbH provider of coolant control and delivery systems for approximately 2.4 2.9 Specialty Businesses reportable segment. 38 % ownership interest in Grindaix for approximately 1.4 1.7 investment within the Condensed Consolidated Financial Statements and acquisition whereby the Company remeasured the previously held In June 2021, the Company acquired certain assets for its chemical maskants reportable segment for 2.3 2.8 acquisition method under ASC 805, Business Combinations . In February 2021, the Company acquired a tin-plating solutions business 25 This acquisition is part of each of the Company’s 19.6 purchase price to intangible assets, comprised of $ 18.3 19 years ; $ 0.9 of existing product technology to be amortized over 14 years ; and $ 0.4 3 years . In addition, the Company recorded $ 5.0 which is expected to be tax deductible in various jurisdictions in which we purchase price has not been finalized and the one year result of the Company’s on-going assumed. The results of operations of the acquired assets and businesses subsequent to the Condensed Consolidated Statements of Operations as of September 30, 2021. acquisitions are included in Combination, integration and other acquisition Consolidated Statements of Operations. assets and businesses are not considered material to the overall operations of the In November 2021, the Company closed two additional acquisitions that expand Company’s presence in its core metalworking 10 million, subject to post-closing adjustments as well as certain earn-out 4 Transaction expenses associated with these expenses in the Condensed Consolidated Statements of Operations. included in the Consolidated Statements of Operations because the date of Preliminary purchase price allocation of assets acquired and liabilities assumed available as of the date of these Condensed Consolidated Financial Statements. Previous Acquisitions In December 2020, the Company completed its acquisition of Coral Chemical provider of metal finishing fluid solutions. metalworking and wastewater treatment applications to the beverage price was approximately $ 54.1 indebtedness levels. quarter of 2021. The following table presents the preliminary estimated fair values of Measurement December 22, December 22, Period 2020 2020 (1) Adjustments (as adjusted) Cash and cash equivalents $ 958 $ — $ 958 Accounts receivable 8,473 — 8,473 Inventories 4,527 — 4,527 Prepaid expenses and other assets 181 — 181 Property, plant and equipment 10,467 652 11,119 Intangible assets 30,300 (500) 29,800 Goodwill 2,814 270 3,084 Total assets purchased 57,720 422 58,142 Long-term debt including current portions and finance leases 183 556 739 Accounts payable, accrued expenses and other accrued liabilities 3,482 — 3,482 Total liabilities assumed 3,665 556 4,221 Total consideration 54,055 (134) 53,921 Less: estimated purchase price settlement — (134) (134) Less: cash acquired 958 — 958 Net cash paid for Coral $ 53,097 $ — $ 53,097 (1) As previously disclosed in the Company’s . Measurement period adjustments recorded during the first nine months of original estimates for assets and liabilities for certain acquired finance of post-closing working capital and net indebtedness true ups to the original purchase of the purchase price for Coral has not been finalized and the one year be necessary as a result of the Company’s and liabilities assumed. In May 2020, the Company acquired Tel in high pressure aluminum die casting for its EMEA reportable segment. promissory note in the amount of 20.0 2.9 the Company’s common stock. 0.4 0.1 made as a result of finalizing a post-closing settlement in the second 2.4 million of the purchase price to intangible assets to be amortized over 17 years . $ 0.5 September 30, 2021, the allocation of the purchase price of TEL was finalized one year In March 2020, the Company acquired the remaining 49 % ownership interest in one of its South African affiliates, Quaker Chemical South Africa Limited (“QSA”) for 16.7 1.0 Holdings South Africa. controlling ownership, the Company recorded $ 0.7 interest in Capital in excess of par value. In October 2019, the Company completed its acquisition of the operating U.K. company that provides specialty chemicals, operating equipment, and price was 80.0 working capital and net indebtedness levels. paid approximately 2.5 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 3 – Recently Issued Accounting Standards Recently Issued Accounting Standards The Financial Accounting Standards Board (“FASB”) ASU 2019-12 , Income Taxes (Topic guidance within this accounting standard update removes certain intra-period tax allocations, to the requirement to recognize investments and foreign subsidiaries, and to the general methodology for date loss exceeds the anticipated loss for the year. up in tax basis for goodwill, current and deferred tax expense, and codification stock ownership plans. adopted this standard on a prospective basis, effective January retained earnings on January 1, 2021. The FASB issued ASU 2020 Reference Rate Reform (Topic Financial Reporting Reference Rate Reform (Topic January 2021 which clarified the guidance but did not materially change amendments provide temporary optional expedients and exceptions relationships and other transactions to ease the potential accounting from reference rates that are expected to be discontinued, including effective for the Company as of March 12, 2020 and generally can the expedients provided in ASU 2020-04 do not presently impact potential impacts on its consolidated financial statements. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2021 | |
Business Segment Disclosures [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 4 – Business Segments The Company’s operating internal organization, the method by which the Company’s decision maker assesses the Company’s four Asia/Pacific; and (iv) Global Specialty Businesses. each respective region, excluding net sales and operations managed globally includes the Company’s container, Segment operating earnings for each of the Company’s related COGS and selling, general and administrative expenses (“SG&A”). sales of each respective segment, such as certain corporate and administrative costs, Combination, related expenses, and Restructuring and related charges, identified with the Company’s reportable The following table presents information about the performance of the Company’s months ended September 30, 2021 and 2020. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net sales Americas $ 150,799 $ 119,540 $ 425,343 $ 330,012 EMEA 122,241 94,005 365,491 276,546 Asia/Pacific 98,659 84,877 286,924 226,850 Global Specialty Businesses 77,373 68,802 236,359 198,417 Total net sales $ 449,072 $ 367,224 $ 1,314,117 $ 1,031,825 Segment operating earnings Americas $ 31,273 $ 31,099 $ 97,155 $ 70,590 EMEA 20,153 17,439 68,802 46,269 Asia/Pacific 23,285 27,304 73,990 66,106 Global Specialty Businesses 20,663 21,161 69,041 58,114 Total segment operating 95,374 97,003 308,988 241,079 Combination, integration and other acquisition-related expenses (5,786) (6,913) (18,259) (22,786) Restructuring and related charges 880 (1,383) (593) (3,585) Fair value step up of acquired inventory sold — — (801) (226) Indefinite-lived intangible asset impairment — — — (38,000) Non-operating and administrative expenses (38,691) (39,786) (122,760) (110,282) Depreciation (15,767) (14,062) (46,855) (41,547) Operating income 36,010 34,859 119,720 24,653 Other income (expense), net 647 (239) 19,344 (22,407) Interest expense, net (5,637) (6,837) (16,725) (22,109) Income (loss) before taxes and equity in net income of associated companies $ 31,020 $ 27,783 $ 122,339 $ (19,863) Inter-segment revenues for the three and nine months ended September 3.6 9.3 $ 6.8 21.9 0.8 1.3 1.8 5.9 Specialty Businesses, respectively. 1.7 million and $ 7.0 5.3 16.1 0.2 0.5 $ 1.1 3.4 eliminated from each reportable operating segment’s |
Net Sales and Revenue Recogniti
Net Sales and Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
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 management services (“Fluidcare”) for various heavy industrial and significant portion of the Company’s through its own employees and its Fluidcare programs, with the balance As part of the Company’s Fluidcare the Company acts as a principal, revenues are recognized on a gross reporting Where the Company acts as an agent, revenue is recognized on a net reporting the Company for ordering the goods. basis of $ 18.9 53.4 11.1 $ 29.9 As previously disclosed in the Company’s of multiple subsidiaries or divisions with semiautonomous purchasing 10 % of consolidated net sales, with its largest customer accounting for approximately 3 % of consolidated net sales. Revenue Recognition Model The Company applies the five-step model in the FASB’s customer; (ii) identify the performance obligations in the contract; (iii) price to the performance obligations in the contract; and (v) recognize obligation. including its practical expedients and accounting policy elections. Allowance for Doubtful Accounts As previously disclosed in the Company’s standard update related to the accounting and disclosure of credit losses effective The Company recognizes an allowance for credit losses, which represents the portion of its trade accounts over the contractual life, considering past events and reasonable and Company’s allowance for each outstanding receivable and customer, estimates for certain past due aging categories, and also, the general risk amounts determined to be uncollectible. Contract Assets and Liabilities The Company recognizes a contract asset or receivable on its Condensed performs a service or transfers a good in advance of receiving consideration. is unconditional and only the passage of time is required before payment Company’s right to consideration had no material contract assets recorded on its Condensed Consolidated 2020. A contract liability is recognized when the Company receives consideration, consideration, in advance of performance. for which the Company has received consideration, or a specified amount contract liabilities primarily represent deferred revenue recorded Company satisfying the associated performance obligation. Company’s Condensed Consolidated 4.4 4.0 revenue as of September 30, 2021 and December 31, 2020, respectively. Company satisfied all of the associated performance obligations recorded as of December 31, 2020. Disaggregated Revenue The following tables disaggregate the Company’s revenue recognized for the three and nine months ended September 30, 2021 Three Months Ended September 30, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 56,954 $ 38,483 $ 53,994 $ 149,431 Metalworking and other 93,845 83,758 44,665 222,268 150,799 122,241 98,659 371,699 Global Specialty Businesses 46,008 19,253 12,112 77,373 $ 196,807 $ 141,494 $ 110,771 $ 449,072 Timing of Revenue Recognized Product sales at a point in time $ 188,340 $ 131,982 $ 108,559 $ 428,881 Services transferred over time 8,467 9,512 2,212 20,191 $ 196,807 $ 141,494 $ 110,771 $ 449,072 Three Months Ended September 30, 2020 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 42,098 $ 25,362 $ 45,001 $ 112,461 Metalworking and other 77,442 68,643 39,876 185,961 119,540 94,005 84,877 298,422 Global Specialty Businesses 39,197 17,429 12,176 68,802 $ 158,737 $ 111,434 $ 97,053 $ 367,224 Timing of Revenue Recognized Product sales at a point in time $ 153,820 $ 107,093 $ 94,660 $ 355,573 Services transferred over time 4,917 4,341 2,393 11,651 $ 158,737 $ 111,434 $ 97,053 $ 367,224 Nine Months Ended September 30, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 155,546 $ 108,391 $ 151,944 $ 415,881 Metalworking and other 269,797 257,100 134,980 661,877 425,343 365,491 286,924 1,077,758 Global Specialty Businesses 137,447 61,203 37,709 236,359 $ 562,790 $ 426,694 $ 324,633 $ 1,314,117 Timing of Revenue Recognized Product sales at a point in time $ 537,161 $ 400,982 $ 316,222 $ 1,254,365 Services transferred over time 25,629 25,712 8,411 59,752 $ 562,790 $ 426,694 $ 324,633 $ 1,314,117 Nine Months Ended September 30, 2020 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 121,458 $ 80,174 $ 122,006 $ 323,638 Metalworking and other 208,554 196,372 104,844 509,770 330,012 276,546 226,850 833,408 Global Specialty Businesses 115,722 49,603 33,092 198,417 $ 445,734 $ 326,149 $ 259,942 $ 1,031,825 Timing of Revenue Recognized Product sales at a point in time $ 431,266 $ 313,511 $ 254,011 $ 998,788 Services transferred over time 14,468 12,638 5,931 33,037 $ 445,734 $ 326,149 $ 259,942 $ 1,031,825 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases Disclosure [TextBlock] | Note 6 – Leases The Company determines if an arrangement is a lease at its inception. arrangement conveys the right to control the use of an identified fixed asset explicitly consideration. substantially all of the economic benefits from the use of, the underlying leases is recognized when the obligation is incurred. The Company has operating leases for certain facilities, vehicles and machinery 10 years . 94 years . Company’s leases includes the non that the Company is reasonably certain it will exercise. liabilities and long-term lease liabilities on the Condensed Consolidated recognized at each lease’s commencement Company uses the stated borrowing rate for a lease when readily determinable. lease agreement, the Company uses its incremental borrowing rate based on to determine the present value of its lease payments. leases, the Company considers certain information including fully subsidiaries. long-term debt and long-term debt on the Condensed Consolidated Balance Operating lease expense is recognized on a straight-line basis over the months ended September 30, 2021 was $ 3.4 10.6 three and nine months ended September 30, 2020 was $ 3.7 10.6 three and nine months ended September 30, 2021 was $ 0.2 0.8 expense for the three and nine months ended September 30, 2020 0.2 1.1 no Cash paid for operating leases during the nine months ended September 30, 2021 10.4 10.5 respectively. 5.6 months ended September 30, 2021. Supplemental balance sheet information related to the Company’s September 30, December 31, 2021 2020 Right of use lease assets $ 34,314 $ 38,507 Other current liabilities 9,356 10,901 Long-term lease liabilities 24,599 27,070 Total operating lease liabilities $ 33,955 $ 37,971 Weighted average 5.7 6.0 Weighted average 4.26% 4.20% Maturities of operating lease liabilities as of September 30, 2021 were September 30, 2021 For the remainder of 2021 $ 2,978 For the year ended December 31, 2022 9,695 For the year ended December 31, 2023 7,564 For the year ended December 31, 2024 5,623 For the year ended December 31, 2025 4,340 For the year ended December 31, 2026 and beyond 8,104 Total lease payments 38,304 Less: imputed interest (4,349) Present value of lease liabilities $ 33,955 |
Restructuring and Related Activ
Restructuring and Related Activities | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities Disclosure [Text Block] | Note 7 – Restructuring and Related Activities The Company’s management approved a global restructuring plan (the “QH Program”) as part of its plan to realize certain cost synergies associated with the Combination in the third quarter of 2019. The QH Program includes restructuring and associated severance costs to reduce total headcount by approximately 400 people globally, as well as 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 continue to occur throughout 2021 and into 2022 under the QH Program and estimates that anticipated cost synergies realized from the QH Program will approximate one-times the restructuring costs incurred. 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 relate to severance costs to reduce headcount, estimates for employee separation costs, as well as costs to close certain facilities and charges in the Company’s Financial Statements, restructuring and related charges of operating earnings and therefore these costs are not reviewed by Activity in the Company’s accrual follows: QH Program Accrued restructuring as of December 31, 2020 $ 8,248 Restructuring and related charges 593 Cash payments (4,557) Currency translation adjustments (234) Accrued restructuring as of September 30, 2021 $ 4,050 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
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 Operations for the three and nine months ended September 30, 2021 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Stock options $ 298 $ 353 $ 938 $ 1,138 Non-vested stock awards and restricted stock units 1,277 1,259 3,963 3,782 Non-elective and elective 401(k) matching contribution in stock — 910 1,553 2,072 Director stock ownership plan 241 243 660 337 Performance stock units 491 280 1,327 560 Annual incentive plan — 7,102 — 9,931 Total share-based $ 2,307 $ 10,147 $ 8,441 $ 17,820 Share-based compensation expense is recorded in SG&A, except for $ 0.2 0.7 ended September 30, 2021, respectively, 0.4 1.2 respectively, recorded Stock Options During the first nine months of 2021, the Company granted stock options subject only to time-based vesting over a three Company used a Black-Scholes option pricing model and which primarily used Number of options granted 25,250 Dividend yield 0.85 % Expected volatility 37.33 % Risk-free interest rate 0.60 % Expected term (years) 4.0 The fair value of these options is amortized on a straight-line basis over the unrecognized compensation expense related to all stock options granted was $ 2.1 remaining period of 2.1 Restricted Stock Awards During the nine months ended September 30, 2021, the Company granted 17,692 2,791 vested restricted stock units under its LTIP, three year of these grants is based on the trading price of the Company’s date fair value of these awards for expected forfeitures based on historical experience. compensation expense related to the non-vested restricted 5.1 remaining period of 1.7 0.9 to be recognized over a weighted average remaining period of 2.0 Performance Stock Units During the first nine months of 2021, the Company granted performance LTIP, fully vested shares that may ultimately be issued as settlement for each award 0 % up to 200 % of the target award, subject to the achievement of the Company’s group, the S&P Midcap 400 Materials group. period for the PSUs is from January 1 of the year of grant through December 31 of the year prior settlement. Compensation expense for PSUs is measured based on their grant date fair value the three year a Monte Carlo simulation on the grant date and using the following assumptions: 0.29 %; (ii) an expected term of 3.0 As of September 30, 2021, the Company estimates that it will issue approximately 23,756 settlement date of all outstanding PSUs awards based on the conditions September 30, 2021, there was approximately $ 3.7 Company expects to recognize over a weighted-average period of 2.1 Annual Incentive Plan The Company maintains an Annual Incentive Plan (“AIP”), which may be performance-based and time-based vesting conditions. 2020 AIP in shares, and therefore, expense associated with the AIP in 2020 compensation expense. the share-based compensation associated with the AIP during the of share-based compensation expense to incentive compensation. classification of AIP expense within the Company’s component of SG&A. Defined Contribution Plan The Company has a 401(k) plan with an employer match covering 50 % of the first 6 % of compensation that is contributed to the plan, with a maximum matching contribution of 3 % of compensation. Additionally, of service equal to 3 % of the eligible participants’ compensation. Company matched both non-elective and elective 401(k) contributions than cash. no September 30, 2021, total contributions were $ 1.5 September 30, 2020 were $ 0.9 2.1 |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Pension and Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits Disclosure [Text Block] | Note 9 – Pension and Other Postretirement The components of net periodic benefit cost for the three and nine months Three Months Ended September 30, Nine Months Ended September 30, Other Other Postretirement Postretirement Pension Benefits Benefits Pension Benefits Benefits 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ 289 $ 1,227 $ (2) $ 2 $ 921 $ 3,565 $ 1 $ 5 Interest cost 1,078 1,527 (1) 25 3,262 4,782 20 77 Expected return on plan assets (2,075) (3,526) — — (6,250) (7,246) — — Settlement charge — — — — — 22,667 — — Actuarial loss amortization 737 626 (85) 15 2,449 2,288 (85) 46 Prior service cost amortization 3 (42) — — 8 (123) — — Net periodic benefit cost $ 32 $ (188) $ (88) $ 42 $ 390 $ 25,933 $ (64) $ 128 As disclosed in the Company’s 2020 legacy Quaker non-contributory U.S. pension plan (“Legacy Quaker Company received a favorable termination determination letter from the Legacy Quaker U.S. Pension Plan termination during the first quarter of 2020. Plan in accordance with I.R.S. and Pension Benefit Guaranty Corporation requirements, Legacy Quaker U.S. Pension Plan on a termination basis and the amount 1.8 final true up adjustments, quarter of 2020 of approximately $ 1.6 termination of approximately $ 22.7 unrecognized losses within accumulated other comprehensive (loss) income date. Employer Contributions As of September 30, 2021, $ 5.7 0.2 pension plans and its other postretirement benefit plans, respectively requirements, the Company expects to make full year cash contributions 6 plans and less than $ 1 |
Other Income (Expense)
Other Income (Expense) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Note 10 – Other Income (Expense), Net The components of other income (expense), net, for the three and nine months follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Income from third party license fees $ 314 $ 190 $ 1,026 $ 702 Foreign exchange gains (losses), net 368 (1,897) (1,948) (3,080) (Loss) gain on disposals of property, assets, net (537) (24) 4,819 (105) Non-income tax refunds and other related credits 3 — 14,395 2,131 Pension and postretirement benefit income (costs), non-service components 343 1,375 596 (22,491) Other non-operating income, net 156 117 456 436 Total other income $ 647 $ (239) $ 19,344 $ (22,407) The (Loss) gain on disposals of property, 2021, Conshohocken, Pennsylvania headquarters, described in Note 19 of Notes during the nine months ended September 30, 2021, includes the gain on the the Combination. certain non-income tax credits for the Company’s Financial Statements. months ended September 30, 2020 includes the refund in premium described Statements. months ended September 30, 2020, also described in Note 9 of Notes to |
Income Taxes and Uncertain Inco
Income Taxes and Uncertain Income Tax Positions | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes and Uncertain Tax Positions [Abstract] | |
Taxes on Income [Text Block] | Note 11 – Income Taxes The Company’s effective 2.6 % and 21.8 %, respectively, compared 8.1 % and a benefit of 38.3 % for the three and nine months ended September 30, 2020, respectively. changes in foreign tax credit valuation allowances, tax law changes in a foreign intercompany intangible asset transfer and the income tax impacts of certain Brazilian subsidiaries described in Note 19 of Notes to Condensed Consolidated effective tax rates were impacted by the tax effect prior year period including those related to changes in tax regulations and law changes in foreign jurisdictions and the tax impacts of the Company’s As of December 31, 2020, the Company had a deferred tax liability of $ 5.9 estimate of non-U.S. taxes it will incur to repatriate certain foreign earnings to $ 5.8 24.0 increase of $ 1.9 The Company continues to recognize interest and penalties associated with uncertain income (loss) before equity in net income of associated companies Company recognized an expense for interest of approximately $ 0.2 0.4 0.1 $ 0.2 2021, respectively, 0.2 0.4 less than $ 0.1 0.5 September 30, 2020, respectively. 3.3 3.5 million for cumulative penalties in its Condensed Consolidated 3.0 $ 3.9 the Company recognized decreases of $ 1.2 1.9 benefits due to the expiration of the applicable statutes of limitations for The Company estimates that during the year ending December 31, 2021 unrecognized tax benefits by approximately $ 1.5 positions. for unrecognized tax benefits with regard to existing tax positions or any increase with regard to new tax positions for the year ending December 31, 2021. The Company and its subsidiaries are subject to U.S. Federal income tax, tax jurisdictions. 2006 , Brazil from 2011 , the Netherlands and China from 2015 , Mexico, Spain, Germany and the United Kingdom from 2016 , Canada and the U.S. from 2018 , India from fiscal year beginning April 1, 2018 and ending March 31, 2019 , and various U.S. state tax jurisdictions from 2011 . 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 2015. 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. In 2020, the respective tax authorities in Italy, Spain and the Netherlands reached agreement with respect to the MAP proceedings which the Company has accepted. 1.6 Netherlands and Spain and currently expects to pay $ 2.6 the Company believes it has adequate reserves for the remaining uncertain Houghton Italia, S.r.l is also involved 2014 through 2018 . 6.0 related to this audit. purchase accounting related to the Combination. escrow by Houghton’s former 5.4 established through purchase accounting. income tax audit with the Italian tax authorities for the tax year 2015. through 2018 and believes it has adequate reserves for the remaining uncertain Houghton Deutschland GmbH is also under audit by the German tax authorities for 2015 2017 . preliminary audit findings, primarily related to transfer pricing, 0.9 30, 2021. 0.8 indemnification claim with Houghton’s $ 0.8 0.8 Company received a settlement proposal from the German former owners. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 12 – Earnings Per Share The following table summarizes earnings per share calculations for 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Basic earnings (loss) per common share Net income (loss) attributable to Quaker Chemical Corporation $ 31,058 $ 27,304 $ 103,243 $ (8,812) Less: (income) loss allocated to participating securities (119) (113) (413) 44 Net income (loss) available to common shareholders $ 30,939 $ 27,191 $ 102,830 $ (8,768) Basic weighted average common shares outstanding 17,812,216 17,743,538 17,800,082 17,704,662 Basic earnings (loss) per common share $ 1.74 $ 1.53 $ 5.78 $ (0.50) Diluted earnings (loss) per common share Net income (loss) attributable to Quaker Chemical Corporation $ 31,058 $ 27,304 $ 103,243 $ (8,812) Less: (income) loss allocated to participating securities (119) (113) (412) 44 Net income (loss) available to common shareholders $ 30,939 $ 27,191 $ 102,831 $ (8,768) Basic weighted average common shares outstanding 17,812,216 17,743,538 17,800,082 17,704,662 Effect of dilutive securities 58,176 57,327 59,986 — Diluted weighted average common shares outstanding 17,870,392 17,800,865 17,860,068 17,704,662 Diluted earnings (loss) per common share $ 1.73 $ 1.53 $ 5.76 $ (0.50) Certain stock options and restricted stock units are not included in the diluted would have been anti-dilutive. 5,531 3,722 months ended September 30, 2021, September 30, 2020 are anti-dilutive and not included in the dilutive loss per during the period. no ended September 30, 2020. |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2021 | |
Restricted Cash Abstract] | |
Cash And Cash Equivalents Disclosure [Text Block] | Note 13 – Restricted Cash Prior to December 2020, the Company had 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. of defense associated with the subsidiary’s into interest bearing accounts that earned less than $ 0.1 0.8 September 30, 2020. liabilities for an equal and offsetting amount that continued 10-K, during December 2020, the restrictions ended on these previously the cash into an operating account. The following table provides a reconciliation of cash, cash equivalents well as December 31, 2020 and 2019: September 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 141,393 $ 155,750 $ 181,833 $ 123,524 Restricted cash included in other current assets — 82 62 353 Restricted cash included in other assets — 18,901 — 19,678 Cash, cash equivalents and restricted cash $ 141,393 $ 174,733 $ 181,895 $ 143,555 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets Disclosure [Text Block] | Note 14 – Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the nine months ended Global Specialty Americas EMEA Asia/Pacific Businesses Total Balance as of December 31, 2020 $ 213,242 $ 140,162 $ 158,090 $ 119,718 $ 631,212 Goodwill additions 1,208 2,626 1,308 1,951 7,093 Currency translation and other adjustments (621) (5,530) 1,109 (2,594) (7,636) Balance as of September 30, 2021 $ 213,829 $ 137,258 $ 160,507 $ 119,075 $ 630,669 Gross carrying amounts and accumulated amortization for definite-lived December 31, 2020 were as follows: Gross Carrying Accumulated Amount Amortization 2021 2020 2021 2020 Customer lists and rights to sell $ 847,909 $ 839,551 $ 135,571 $ 99,806 Trademarks, formulations and product 167,682 166,448 36,871 30,483 Other 6,325 6,372 5,886 5,824 Total definite-lived $ 1,021,916 $ 1,012,371 $ 178,328 $ 136,113 The Company amortizes definite-lived intangible assets on a straight-line basis over $ 14.9 44.7 Comparatively, 14.0 41.7 September 30, 2020, respectively. Estimated annual aggregate amortization expense for the current year For the year ended December 31, 2021 $ 58,852 For the year ended December 31, 2022 59,173 For the year ended December 31, 2023 59,005 For the year ended December 31, 2024 58,338 For the year ended December 31, 2025 57,653 For the year ended December 31, 2026 57,346 The Company has four indefinite-lived intangible assets totaling $ 205.1 2020, including $ 204.0 Goodwill and intangible assets that have indefinite lives are not amortized and impairment. quarter of each year. reporting units or indefinite-lived or long-lived assets. The Company previously disclosed in its 2020 Form 10-K that as of March 31, 2020, COVID-19 did not represent a triggering event with regards to the Company’s except for the Company’s Houghton estimated fair value of the Houghton and Fluidcare trademarks and tradename royalty valuation method, which requires management’s including assumptions with respect to the weighted average cost of capital rates and terminal growth rates. legacy Houghton net sales during that year and the impact of the sales decline on an increase in the WACC fair values of the Houghton and Fluidcare trademarks and tradename result, an impairment charge of $ 38.0 intangible assets to their estimated fair values. As of September 30, 2021, the Company continued to evaluate all potential triggering COVID-19 on the Company’s operations, determine if this indicated it was more likely than not that the carrying value lived or long-lived intangible assets were not recoverable. triggering event as of September 30, 2021. event as of September 30, 2021, the Company will continue to evaluate the projected results. If the current economic conditions worsen or projections the Company may conclude in the future that the impact from COVID-19 impairment tests, which could result in additional impairment charges |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt [Abstract] | |
Debt [Text Block] | Note 15 – Debt Debt as of September 30, 2021 and December 31, 2020 includes the following: As of September 30, 2021 As of December 31, 2020 Interest Outstanding Interest Outstanding Rate Balance Rate Balance Credit Facilities: Revolver 1.58% $ 198,543 1.65% $ 160,000 U.S. Term Loan 1.58% 547,500 1.65% 570,000 EURO Term Loan 1.50% 142,559 1.50% 157,062 Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 2,060 Various 2,072 Total debt $ 900,662 $ 899,134 Less: debt issuance costs (8,776) (11,099) Less: short-term and current portion of long-term debts (52,611) (38,967) Total long-term debt $ 839,275 $ 849,068 Credit facilities The Company’s primary credit facility 400.0 revolver (the “Revolver”), a $ 600.0 150.0 million (as of August 1, 2019) Euro equivalent term loan (the “EURO Term “Term Loans”) five year August 2024. borrowers. 300.0 request if there are lenders who agree to accept additional commitments and Borrowings under the Credit Facility bear interest at a base rate or LIBOR plus an consolidated net leverage ratio. to be reported. months ended September 30, 2021 was approximately 1.6 %. Facility, the Company 0.2 % to 0.3 % depending on the Company’s consolidated leverage ratio to the lenders under the Revolver in respect of the unutilized capacity under the Revolver of approximately $ 197 4 30, 2021. The Credit Facility is subject to certain financial and other covenants. The Company’s initial consolidated net debt to consolidated adjusted EBITDA ratio could not exceed 4.25 to 1, with step downs in the permitted ratio over the term of the Credit Facility. 4.00 consolidated adjusted EBITDA to interest expense ratio cannot be less than 3.0 Facility also prohibits the payment of cash dividends if the Company exceeds the greater of $ 50.0 20 % of consolidated adjusted EBITDA unless the ratio of consolidated net debt consolidated adjusted EBITDA is less than 2.0 As of September 30, 2021 and December 31, 2020, the Company was in compliance with all of the Credit Facility covenants. principal amortization during their five year 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. 2021, the Company made quarterly amortization payments related to the 28.6 guaranteed by certain of the Company’s the Company and the domestic subsidiary guarantors, subject to certain are guaranteed only by certain foreign subsidiaries on an unsecured basis. The Credit Facility required the Company to fix its variable interest rates on at least 20 % of its total Term Loans. satisfy this requirement as well as to manage the Company’s in November 2019, the Company entered into $ 170.0 1.64 % plus an applicable margin as provided in the Credit Facility, Company entered into the swaps, and as of September 30, 2021, the plus an applicable margin, was 3.1 %. The Company capitalized $ 23.7 Approximately $ 15.5 term debt on the Company’s Condensed 8.3 attributed to the Revolver and recorded within other assets on the Company’s capitalized costs are being amortized into interest expense over the and December 31, 2020, the Company had $ 8.8 11.1 of long-term debt. 4.7 5.9 of debt issuance costs recorded within other assets. Industrial development bonds As of September 30, 2021 and December 31, 2020, the Company had fixed $ 10.0 2028 . Bank lines of credit and other debt obligations The Company has certain unsecured bank lines of credit and discounting collateralized. free municipality-related loans, local credit facilities of certain foreign subsidiaries capacity under these arrangements as of September 30, 2021 was approximately 39 In addition to the bank letters of credit described in the “Credit facilities” subsection above, the Company’s only other off-balance sheet arrangements include certain financial and other guarantees. The Company’s total bank letters of credit and guarantees outstanding as of September 30, 2021 were approximately $7 million. The Company incurred the following debt related expenses included Statements of Operations: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Interest expense $ 4,779 $ 5,957 $ 14,242 $ 19,621 Amortization of debt issuance costs 1,187 1,188 3,562 3,562 Total $ 5,966 $ 7,145 $ 17,804 $ 23,183 Based on the variable interest rates associated with the Credit Facility, amounts at which the Company’s |
Equity
Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Equity [Text Block] | Note 16 – Equity The following tables present the changes in equity, Accumulated Capital in Other Common Excess of Retained Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest Total Balance at June 30, 2021 $ 17,878 $ 910,862 $ 482,001 $ (35,943) $ 603 $ 1,375,401 Net income — — 31,058 — 15 31,073 Amounts reported in other comprehensive loss — — — (18,780) — (18,780) Dividends ($ 0.415 — — (7,424) — — (7,424) Share issuance and equity-based compensation plans 11 3,415 — — — 3,426 Balance at September 30, 2021 $ 17,889 $ 914,277 $ 505,635 $ (54,723) $ 618 $ 1,383,696 Balance at June 30, 2020 $ 17,800 $ 896,108 $ 362,265 $ (109,264) $ 432 $ 1,167,341 Net income — — 27,304 — 38 27,342 Amounts reported in other comprehensive income — — — 34,254 17 34,271 Dividends ($ 0.395 — — (7,048) — — (7,048) Share issuance and equity-based compensation plans 31 4,494 — — — 4,525 Balance at September 30, 2020 $ 17,831 $ 900,602 $ 382,521 $ (75,010) $ 487 $ 1,226,431 Accumulated Capital in Other Common Excess of Retained Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest Total Balance at December 31, 2020 $ 17,851 $ 905,171 $ 423,940 $ (26,598) $ 550 $ 1,320,914 Net income — — 103,243 — 62 103,305 Amounts reported in other comprehensive (loss) income — — — (28,125) 6 (28,119) Dividends ($ 1.205 — — (21,548) — — (21,548) Share issuance and equity-based compensation plans 38 9,106 — — — 9,144 Balance at September 30, 2021 $ 17,889 $ 914,277 $ 505,635 $ (54,723) $ 618 $ 1,383,696 Balance at December 31, 2019 $ 17,735 $ 888,218 $ 412,979 $ (78,170) $ 1,604 $ 1,242,366 Cumulative effect of an accounting change — — (911) — — (911) Balance at January 1, 2020 17,735 888,218 412,068 (78,170) 1,604 1,241,455 Net (loss) income — — (8,812) — 88 (8,724) Amounts reported in other comprehensive income (loss) — — — 3,160 (114) 3,046 Dividends ($ 1.165 — — (20,735) — — (20,735) Acquisition of noncontrolling interest — (707) — — (340) (1,047) Distributions to noncontrolling affiliate shareholders — — — — (751) (751) Share issuance and equity-based compensation plans 96 13,091 — — — 13,187 Balance at September 30, 2020 $ 17,831 $ 900,602 $ 382,521 $ (75,010) $ 487 $ 1,226,431 The following tables show the reclassifications from and resulting balances September 30, 2021 and 2020: Defined Unrealized Currency Benefit Gain (Loss) in Translation Pension Available-for- Derivative Adjustments Plans Sale Securities Instruments Total Balance at June 30, 2021 $ (12,177) $ (21,778) $ 596 $ (2,584) $ (35,943) Other comprehensive (loss) income before reclassifications (19,905) 488 (85) 567 (18,935) Amounts reclassified from AOCI — 709 (176) — 533 Related tax amounts — (293) 46 (131) (378) Balance at September 30, 2021 $ (32,082) $ (20,874) $ 381 $ (2,148) $ (54,723) Balance at June 30, 2020 $ (88,637) $ (17,363) $ 1,148 $ (4,412) $ (109,264) Other comprehensive income (loss) before reclassifications 33,601 (901) 810 460 33,970 Amounts reclassified from AOCI — 584 (104) — 480 Related tax amounts — 60 (150) (106) (196) Balance at September 30, 2020 $ (55,036) $ (17,620) $ 1,704 $ (4,058) $ (75,010) Defined Unrealized Currency Benefit Gain (Loss) in Translation Pension Available-for- Derivative Adjustments Plans Sale Securities Instruments Total Balance at December 31, 2020 $ (2,875) $ (23,467) $ 3,342 $ (3,598) $ (26,598) Other comprehensive (loss) income before reclassifications (29,207) 1,009 (489) 1,883 (26,804) Amounts reclassified from AOCI — 2,423 (3,259) — (836) Related tax amounts — (839) 787 (433) (485) Balance at September 30, 2021 $ (32,082) $ (20,874) $ 381 $ (2,148) $ (54,723) Balance at December 31, 2019 $ (44,568) $ (34,533) $ 1,251 $ (320) $ (78,170) Other comprehensive (loss) income before reclassifications (10,468) (409) 802 (4,855) (14,930) Amounts reclassified from AOCI — 25,550 (229) — 25,321 Related tax amounts — (8,228) (120) 1,117 (7,231) Balance at September 30, 2020 $ (55,036) $ (17,620) $ 1,704 $ (4,058) $ (75,010) All reclassifications related to unrealized gain (loss) in available-for-sale securities relate captive insurance company and are recorded in equity in net income comprehensive income for noncontrolling interest are related to currency |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 17 – Fair Value The Company has valued its company-owned life insurance policies at fair value. measurement as follows: Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 2,135 $ — $ 2,135 $ — Total $ 2,135 $ — $ 2,135 $ — Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,961 $ — $ 1,961 $ — Total $ 1,961 $ — $ 1,961 $ — The fair values of Company-owned life insurance assets are based on quotes terms. disclosures have not been included. |
Hedging Activities
Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Derivative Instruments And Hedging Activities Disclosure [Text Block] | Note 18 – Hedging Activities In order to satisfy certain requirements of the Credit Facility as well as to manage rate risk associated with the Credit Facility, 170.0 three year designated as cash flow hedges and, as such, the contracts are marked-to-market losses are included in AOCI to the extent effective and reclassified to interest affects earnings or it becomes probable that the forecasted The balance sheet classification and fair values of the Company’s follows: Fair Value Condensed Consolidated September 30, December 31, Balance Sheet Location 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps Other non-current liabilities $ 2,789 $ 4,672 $ 2,789 $ 4,672 The following table presents the net unrealized loss deferred to AOCI: September 30, December 31, 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps AOCI $ 2,148 $ 3,598 $ 2,148 $ 3,598 The following table presents the net loss reclassified from AOCI to earnings: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Amount and location of expense reclassified from AOCI into expense (effective portion) Interest expense, net $ (672) $ (640) $ (1,974) $ (1,105) Interest rate swaps are entered into with a limited number of counterparties, contracts through a single payment in a single currency in the event of a default accordance with the Company’s accounting Consolidated Balance Sheets. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Text Block] | Note 19 – Commitments and Contingencies The Company previously disclosed in its 2020 Form 10-K that AC Products, Inc. operating a groundwater treatment system to hydraulically contain groundwater principal contaminant of which is perchloroethylene. closure of the groundwater treatment system, but continues to operate As of September 30, 2021, the Company believes that the range of potential water remediation program is approximately $ 0.1 1.0 of operation of the treatment system as determined by groundwater modeling. maintenance of the extraction well, groundwater monitoring and The Company previously disclosed in its 2020 Form 10-K that an inactive sold certain products containing asbestos, primarily on an installed basis, and injury due to exposure to asbestos. changes to the facts or circumstances of this previously disclosed matter, with this litigation. projected that the subsidiary’s total 0.4 defense). The Company previously disclosed in its 2020 Form 10-K that it is party to certain environmental domestic and foreign properties currently or previously owned by Houghton. Company to perform long-term monitoring as well as operating and nine months ended September 30, 2021, there have been no significant disclosed matters, aside from on-going monitoring and maintenance The Company continually evaluates its obligations related to such matters, to be incurred over the next 28 years, has estimated the present value a discounted basis, to be between approximately $ 5.5 6.5 5.7 accrued within other accrued liabilities and other non-current liabilities on of September 30, 2021. 6.0 matters. The Company believes, although there can be no assurance regarding the outcome it has made adequate accruals for costs associated with other environmental 0.3 million and $ 0.1 future environmental assessments and remediation costs. The Company previously disclosed in its 2020 Form 10-K that during the fourth subsidiaries received a notice of inspection from a taxing authority to a non-income (indirect) tax that may be applicable to certain products the Company’s subsidiary received on this development, during the third quarter of 2021, the Company reversed 1.8 this matter. 1.1 related to a Houghton entity acquired in the Combination and for be indemnified by Houghton’s anticipate further tax inspection or liabilities related to this matter to be During the first half of 2021, one of the Company’s legal claim in regard to certain non-income (indirect) taxes that had been to companies’ rights to exclude the state tax on goods circulation (a valued-added-tax VAT equivalent, known in Brazil as “ICMS”) from the calculation of certain additional indirect taxes (specifically the program financing of social security (“COFINS”)) levied by the Brazilian States on the sale of Court concluded that ICMS should not be included in the tax base of PIS calculating the PIS and COFINS tax credit claims to which taxpayers are filed legal or administrative disputes on this matter and are entitled to receive preceding the date of their legal claims. non-income tax credits of 67.0 13.3 8.4 and COFINS tax credits as well as interest on these tax credits of $ 4.9 subsidiaries are entitled are claimable once registered with the tax credits in October 2021. anticipates using the full amount of credits during the five year period of Brazilian Supreme Court ruled that interest income to which companies are taxable, which resulted in a reduction to the estimated income tax expense In connection with obtaining regulatory approvals for the Combination, Houghton were divested on August 1, 2019. In July 2021, the entity that acquired indemnification claim for certain alleged breaches of representation made had been divested. through November 30, 2021 so that both parties can evaluate the other’s The Company is evaluating the merits of the alleged losses in the indemnification Company does not believe it is reasonably possible to determine or quantify During the third quarter of 2021, two of the Company’s Company maintains property insurance for all of its facilities globally. headquarters as well as its laboratory experienced property damages Company’s North American resulted in damage and the temporary shutdown of production, The Company, its insurance with these events and at this time the Company has concluded, based on all available adjuster and insurance carrier, that the losses incurred insurance coverage, net of an aggregate deductible of $ 2.0 $ 1.0 incurred) of $ 1.7 of the electrical fire on the production facility’s as of the date of this Report, the Company cannot reasonably estimate any recoverable, therefore the Company has not recorded a gain contingency September 30, 2021. The Company is party to other litigation which management currently Company’s results of operations, purchase obligations. |
Basis of Presentation and Des_2
Basis of Presentation and Description of Business (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Basis of Presentation and Description of Business [Abstract] | |
Basis Of Accounting Policy [Policy Text Block] | Basis of Presentation As used in these Notes to Condensed Consolidated Financial Statements of ended September 30, 2021 (the “Report”), Chemical Corporation (doing business as Quaker Houghton), its subsidiaries, and requires. prior to the closing of its combination with Houghton International, Inc. (“Houghton”) condensed consolidated financial statements included herein are accepted accounting principles in the United States (“U.S. GAAP”) for interim Exchange Commission (“SEC”) regulations. prepared in accordance with U.S. GAAP have been condensed or omitted management, the financial statements reflect all adjustments consisting fair statement of the financial position, results of operations and cash ended September 30, 2021 are not necessarily indicative of the results to be expected should be read in conjunction with the Company’s “2020 Form 10-K”). During the three months ended September 30, 2020, the Company to the three months ended March 31, 2020 as well as the three and six months Company’s over-recognition associated tax impact of these adjustments, in the Company’s ended March 31, 2020 and the three and six months ended June 30, 2020. reportable segment. was approximately $ 1.7 0.7 approximately $ 1.0 |
Segments [Policy Text Block] | The Company’s operating internal organization, the method by which the Company’s decision maker assesses the Company’s four Asia/Pacific; and (iv) Global Specialty Businesses. each respective region, excluding net sales and operations managed globally includes the Company’s container, |
Revenue Recognition [Policy Text Block] | The Company applies the five-step model in the FASB’s customer; (ii) identify the performance obligations in the contract; (iii) price to the performance obligations in the contract; and (v) recognize obligation. including its practical expedients and accounting policy elections. The Company recognizes a contract asset or receivable on its Condensed performs a service or transfers a good in advance of receiving consideration. is unconditional and only the passage of time is required before payment Company’s right to consideration A contract liability is recognized when the Company receives consideration, consideration, in advance of performance. for which the Company has received consideration, or a specified amount contract liabilities primarily represent deferred revenue recorded Company satisfying the associated performance obligation. Company’s Condensed Consolidated |
Revenue From Contract With Customer [Policy Text Block] | As part of the Company’s Fluidcare the Company acts as a principal, revenues are recognized on a gross reporting Where the Company acts as an agent, revenue is recognized on a net reporting the Company for ordering the goods. |
Goodwill And Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and intangible assets that have indefinite lives are not amortized and impairment. quarter of each year. reporting units or indefinite-lived or long-lived assets. |
Lessee Leases [Policy Text Block] | The Company determines if an arrangement is a lease at its inception. arrangement conveys the right to control the use of an identified fixed asset explicitly consideration. substantially all of the economic benefits from the use of, the underlying leases is recognized when the obligation is incurred. |
Credit Loss Financial Instrument [Policy Text Block] | The Company recognizes an allowance for credit losses, which represents the portion of its trade accounts over the contractual life, considering past events and reasonable and Company’s allowance for each outstanding receivable and customer, estimates for certain past due aging categories, and also, the general risk amounts determined to be uncollectible. |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Acquisition [Line Items] | |
Schedule of estimated fair values of net assets acquired [Table Text Block] | Measurement December 22, December 22, Period 2020 2020 (1) Adjustments (as adjusted) Cash and cash equivalents $ 958 $ — $ 958 Accounts receivable 8,473 — 8,473 Inventories 4,527 — 4,527 Prepaid expenses and other assets 181 — 181 Property, plant and equipment 10,467 652 11,119 Intangible assets 30,300 (500) 29,800 Goodwill 2,814 270 3,084 Total assets purchased 57,720 422 58,142 Long-term debt including current portions and finance leases 183 556 739 Accounts payable, accrued expenses and other accrued liabilities 3,482 — 3,482 Total liabilities assumed 3,665 556 4,221 Total consideration 54,055 (134) 53,921 Less: estimated purchase price settlement — (134) (134) Less: cash acquired 958 — 958 Net cash paid for Coral $ 53,097 $ — $ 53,097 (1) As previously disclosed in the Company’s |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Segment Disclosures [Abstract] | |
Schedule of information about the performance of the Company's reportable segments, sales and total assets [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net sales Americas $ 150,799 $ 119,540 $ 425,343 $ 330,012 EMEA 122,241 94,005 365,491 276,546 Asia/Pacific 98,659 84,877 286,924 226,850 Global Specialty Businesses 77,373 68,802 236,359 198,417 Total net sales $ 449,072 $ 367,224 $ 1,314,117 $ 1,031,825 Segment operating earnings Americas $ 31,273 $ 31,099 $ 97,155 $ 70,590 EMEA 20,153 17,439 68,802 46,269 Asia/Pacific 23,285 27,304 73,990 66,106 Global Specialty Businesses 20,663 21,161 69,041 58,114 Total segment operating 95,374 97,003 308,988 241,079 Combination, integration and other acquisition-related expenses (5,786) (6,913) (18,259) (22,786) Restructuring and related charges 880 (1,383) (593) (3,585) Fair value step up of acquired inventory sold — — (801) (226) Indefinite-lived intangible asset impairment — — — (38,000) Non-operating and administrative expenses (38,691) (39,786) (122,760) (110,282) Depreciation (15,767) (14,062) (46,855) (41,547) Operating income 36,010 34,859 119,720 24,653 Other income (expense), net 647 (239) 19,344 (22,407) Interest expense, net (5,637) (6,837) (16,725) (22,109) Income (loss) before taxes and equity in net income of associated companies $ 31,020 $ 27,783 $ 122,339 $ (19,863) |
Net Sales and Revenue Recogni_2
Net Sales and Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation Of Revenue [Table Text Block] | Three Months Ended September 30, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 56,954 $ 38,483 $ 53,994 $ 149,431 Metalworking and other 93,845 83,758 44,665 222,268 150,799 122,241 98,659 371,699 Global Specialty Businesses 46,008 19,253 12,112 77,373 $ 196,807 $ 141,494 $ 110,771 $ 449,072 Timing of Revenue Recognized Product sales at a point in time $ 188,340 $ 131,982 $ 108,559 $ 428,881 Services transferred over time 8,467 9,512 2,212 20,191 $ 196,807 $ 141,494 $ 110,771 $ 449,072 Three Months Ended September 30, 2020 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 42,098 $ 25,362 $ 45,001 $ 112,461 Metalworking and other 77,442 68,643 39,876 185,961 119,540 94,005 84,877 298,422 Global Specialty Businesses 39,197 17,429 12,176 68,802 $ 158,737 $ 111,434 $ 97,053 $ 367,224 Timing of Revenue Recognized Product sales at a point in time $ 153,820 $ 107,093 $ 94,660 $ 355,573 Services transferred over time 4,917 4,341 2,393 11,651 $ 158,737 $ 111,434 $ 97,053 $ 367,224 Nine Months Ended September 30, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 155,546 $ 108,391 $ 151,944 $ 415,881 Metalworking and other 269,797 257,100 134,980 661,877 425,343 365,491 286,924 1,077,758 Global Specialty Businesses 137,447 61,203 37,709 236,359 $ 562,790 $ 426,694 $ 324,633 $ 1,314,117 Timing of Revenue Recognized Product sales at a point in time $ 537,161 $ 400,982 $ 316,222 $ 1,254,365 Services transferred over time 25,629 25,712 8,411 59,752 $ 562,790 $ 426,694 $ 324,633 $ 1,314,117 Nine Months Ended September 30, 2020 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 121,458 $ 80,174 $ 122,006 $ 323,638 Metalworking and other 208,554 196,372 104,844 509,770 330,012 276,546 226,850 833,408 Global Specialty Businesses 115,722 49,603 33,092 198,417 $ 445,734 $ 326,149 $ 259,942 $ 1,031,825 Timing of Revenue Recognized Product sales at a point in time $ 431,266 $ 313,511 $ 254,011 $ 998,788 Services transferred over time 14,468 12,638 5,931 33,037 $ 445,734 $ 326,149 $ 259,942 $ 1,031,825 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Maturities of operating lease liabilities [Table Text Block] | September 30, December 31, 2021 2020 Right of use lease assets $ 34,314 $ 38,507 Other current liabilities 9,356 10,901 Long-term lease liabilities 24,599 27,070 Total operating lease liabilities $ 33,955 $ 37,971 Weighted average 5.7 6.0 Weighted average 4.26% 4.20% |
Schedule of Company's future minimum rental commitments under operating leases [Table Text Block] | September 30, 2021 For the remainder of 2021 $ 2,978 For the year ended December 31, 2022 9,695 For the year ended December 31, 2023 7,564 For the year ended December 31, 2024 5,623 For the year ended December 31, 2025 4,340 For the year ended December 31, 2026 and beyond 8,104 Total lease payments 38,304 Less: imputed interest (4,349) Present value of lease liabilities $ 33,955 |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | QH Program Accrued restructuring as of December 31, 2020 $ 8,248 Restructuring and related charges 593 Cash payments (4,557) Currency translation adjustments (234) Accrued restructuring as of September 30, 2021 $ 4,050 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of share-based compensation expense in its Consolidated Statements of Income [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Stock options $ 298 $ 353 $ 938 $ 1,138 Non-vested stock awards and restricted stock units 1,277 1,259 3,963 3,782 Non-elective and elective 401(k) matching contribution in stock — 910 1,553 2,072 Director stock ownership plan 241 243 660 337 Performance stock units 491 280 1,327 560 Annual incentive plan — 7,102 — 9,931 Total share-based $ 2,307 $ 10,147 $ 8,441 $ 17,820 |
Schedule of Black-Scholes option pricing model and the assumptions [Table Text Block] | Number of options granted 25,250 Dividend yield 0.85 % Expected volatility 37.33 % Risk-free interest rate 0.60 % Expected term (years) 4.0 |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of components of net periodic benefit costs - pension plans [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Other Other Postretirement Postretirement Pension Benefits Benefits Pension Benefits Benefits 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ 289 $ 1,227 $ (2) $ 2 $ 921 $ 3,565 $ 1 $ 5 Interest cost 1,078 1,527 (1) 25 3,262 4,782 20 77 Expected return on plan assets (2,075) (3,526) — — (6,250) (7,246) — — Settlement charge — — — — — 22,667 — — Actuarial loss amortization 737 626 (85) 15 2,449 2,288 (85) 46 Prior service cost amortization 3 (42) — — 8 (123) — — Net periodic benefit cost $ 32 $ (188) $ (88) $ 42 $ 390 $ 25,933 $ (64) $ 128 |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of other expense, net [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Income from third party license fees $ 314 $ 190 $ 1,026 $ 702 Foreign exchange gains (losses), net 368 (1,897) (1,948) (3,080) (Loss) gain on disposals of property, assets, net (537) (24) 4,819 (105) Non-income tax refunds and other related credits 3 — 14,395 2,131 Pension and postretirement benefit income (costs), non-service components 343 1,375 596 (22,491) Other non-operating income, net 156 117 456 436 Total other income $ 647 $ (239) $ 19,344 $ (22,407) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Basic earnings (loss) per common share Net income (loss) attributable to Quaker Chemical Corporation $ 31,058 $ 27,304 $ 103,243 $ (8,812) Less: (income) loss allocated to participating securities (119) (113) (413) 44 Net income (loss) available to common shareholders $ 30,939 $ 27,191 $ 102,830 $ (8,768) Basic weighted average common shares outstanding 17,812,216 17,743,538 17,800,082 17,704,662 Basic earnings (loss) per common share $ 1.74 $ 1.53 $ 5.78 $ (0.50) Diluted earnings (loss) per common share Net income (loss) attributable to Quaker Chemical Corporation $ 31,058 $ 27,304 $ 103,243 $ (8,812) Less: (income) loss allocated to participating securities (119) (113) (412) 44 Net income (loss) available to common shareholders $ 30,939 $ 27,191 $ 102,831 $ (8,768) Basic weighted average common shares outstanding 17,812,216 17,743,538 17,800,082 17,704,662 Effect of dilutive securities 58,176 57,327 59,986 — Diluted weighted average common shares outstanding 17,870,392 17,800,865 17,860,068 17,704,662 Diluted earnings (loss) per common share $ 1.73 $ 1.53 $ 5.76 $ (0.50) |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restricted Cash Abstract] | |
Schedule Of Cash And Cash Equivalents [Table Text Block] | September 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 141,393 $ 155,750 $ 181,833 $ 123,524 Restricted cash included in other current assets — 82 62 353 Restricted cash included in other assets — 18,901 — 19,678 Cash, cash equivalents and restricted cash $ 141,393 $ 174,733 $ 181,895 $ 143,555 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020 $ 213,242 $ 140,162 $ 158,090 $ 119,718 $ 631,212 Goodwill additions 1,208 2,626 1,308 1,951 7,093 Currency translation and other adjustments (621) (5,530) 1,109 (2,594) (7,636) Balance as of September 30, 2021 $ 213,829 $ 137,258 $ 160,507 $ 119,075 $ 630,669 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Carrying Accumulated Amount Amortization 2021 2020 2021 2020 Customer lists and rights to sell $ 847,909 $ 839,551 $ 135,571 $ 99,806 Trademarks, formulations and product 167,682 166,448 36,871 30,483 Other 6,325 6,372 5,886 5,824 Total definite-lived $ 1,021,916 $ 1,012,371 $ 178,328 $ 136,113 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the year ended December 31, 2021 $ 58,852 For the year ended December 31, 2022 59,173 For the year ended December 31, 2023 59,005 For the year ended December 31, 2024 58,338 For the year ended December 31, 2025 57,653 For the year ended December 31, 2026 57,346 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt [Abstract] | |
Schedule of Debt [Table Text Block] | As of September 30, 2021 As of December 31, 2020 Interest Outstanding Interest Outstanding Rate Balance Rate Balance Credit Facilities: Revolver 1.58% $ 198,543 1.65% $ 160,000 U.S. Term Loan 1.58% 547,500 1.65% 570,000 EURO Term Loan 1.50% 142,559 1.50% 157,062 Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 2,060 Various 2,072 Total debt $ 900,662 $ 899,134 Less: debt issuance costs (8,776) (11,099) Less: short-term and current portion of long-term debts (52,611) (38,967) Total long-term debt $ 839,275 $ 849,068 |
Interest Income And Interest Expense Disclosure [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Interest expense $ 4,779 $ 5,957 $ 14,242 $ 19,621 Amortization of debt issuance costs 1,187 1,188 3,562 3,562 Total $ 5,966 $ 7,145 $ 17,804 $ 23,183 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Defined Unrealized Currency Benefit Gain (Loss) in Translation Pension Available-for- Derivative Adjustments Plans Sale Securities Instruments Total Balance at June 30, 2021 $ (12,177) $ (21,778) $ 596 $ (2,584) $ (35,943) Other comprehensive (loss) income before reclassifications (19,905) 488 (85) 567 (18,935) Amounts reclassified from AOCI — 709 (176) — 533 Related tax amounts — (293) 46 (131) (378) Balance at September 30, 2021 $ (32,082) $ (20,874) $ 381 $ (2,148) $ (54,723) Balance at June 30, 2020 $ (88,637) $ (17,363) $ 1,148 $ (4,412) $ (109,264) Other comprehensive income (loss) before reclassifications 33,601 (901) 810 460 33,970 Amounts reclassified from AOCI — 584 (104) — 480 Related tax amounts — 60 (150) (106) (196) Balance at September 30, 2020 $ (55,036) $ (17,620) $ 1,704 $ (4,058) $ (75,010) Defined Unrealized Currency Benefit Gain (Loss) in Translation Pension Available-for- Derivative Adjustments Plans Sale Securities Instruments Total Balance at December 31, 2020 $ (2,875) $ (23,467) $ 3,342 $ (3,598) $ (26,598) Other comprehensive (loss) income before reclassifications (29,207) 1,009 (489) 1,883 (26,804) Amounts reclassified from AOCI — 2,423 (3,259) — (836) Related tax amounts — (839) 787 (433) (485) Balance at September 30, 2021 $ (32,082) $ (20,874) $ 381 $ (2,148) $ (54,723) Balance at December 31, 2019 $ (44,568) $ (34,533) $ 1,251 $ (320) $ (78,170) Other comprehensive (loss) income before reclassifications (10,468) (409) 802 (4,855) (14,930) Amounts reclassified from AOCI — 25,550 (229) — 25,321 Related tax amounts — (8,228) (120) 1,117 (7,231) Balance at September 30, 2020 $ (55,036) $ (17,620) $ 1,704 $ (4,058) $ (75,010) |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Capital in Other Common Excess of Retained Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest Total Balance at June 30, 2021 $ 17,878 $ 910,862 $ 482,001 $ (35,943) $ 603 $ 1,375,401 Net income — — 31,058 — 15 31,073 Amounts reported in other comprehensive loss — — — (18,780) — (18,780) Dividends ($ 0.415 — — (7,424) — — (7,424) Share issuance and equity-based compensation plans 11 3,415 — — — 3,426 Balance at September 30, 2021 $ 17,889 $ 914,277 $ 505,635 $ (54,723) $ 618 $ 1,383,696 Balance at June 30, 2020 $ 17,800 $ 896,108 $ 362,265 $ (109,264) $ 432 $ 1,167,341 Net income — — 27,304 — 38 27,342 Amounts reported in other comprehensive income — — — 34,254 17 34,271 Dividends ($ 0.395 — — (7,048) — — (7,048) Share issuance and equity-based compensation plans 31 4,494 — — — 4,525 Balance at September 30, 2020 $ 17,831 $ 900,602 $ 382,521 $ (75,010) $ 487 $ 1,226,431 Accumulated Capital in Other Common Excess of Retained Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest Total Balance at December 31, 2020 $ 17,851 $ 905,171 $ 423,940 $ (26,598) $ 550 $ 1,320,914 Net income — — 103,243 — 62 103,305 Amounts reported in other comprehensive (loss) income — — — (28,125) 6 (28,119) Dividends ($ 1.205 — — (21,548) — — (21,548) Share issuance and equity-based compensation plans 38 9,106 — — — 9,144 Balance at September 30, 2021 $ 17,889 $ 914,277 $ 505,635 $ (54,723) $ 618 $ 1,383,696 Balance at December 31, 2019 $ 17,735 $ 888,218 $ 412,979 $ (78,170) $ 1,604 $ 1,242,366 Cumulative effect of an accounting change — — (911) — — (911) Balance at January 1, 2020 17,735 888,218 412,068 (78,170) 1,604 1,241,455 Net (loss) income — — (8,812) — 88 (8,724) Amounts reported in other comprehensive income (loss) — — — 3,160 (114) 3,046 Dividends ($ 1.165 — — (20,735) — — (20,735) Acquisition of noncontrolling interest — (707) — — (340) (1,047) Distributions to noncontrolling affiliate shareholders — — — — (751) (751) Share issuance and equity-based compensation plans 96 13,091 — — — 13,187 Balance at September 30, 2020 $ 17,831 $ 900,602 $ 382,521 $ (75,010) $ 487 $ 1,226,431 |
Fair Value Measurements (Table)
Fair Value Measurements (Table) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 2,135 $ — $ 2,135 $ — Total $ 2,135 $ — $ 2,135 $ — Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,961 $ — $ 1,961 $ — Total $ 1,961 $ — $ 1,961 $ — |
Hedging Activities (Tables)
Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Scheudule of fair values of the Company''s derivative instruments, Level 2 measurements [Table Text Block] | Fair Value Condensed Consolidated September 30, December 31, Balance Sheet Location 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps Other non-current liabilities $ 2,789 $ 4,672 $ 2,789 $ 4,672 September 30, December 31, 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps AOCI $ 2,148 $ 3,598 $ 2,148 $ 3,598 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Amount and location of expense reclassified from AOCI into expense (effective portion) Interest expense, net $ (672) $ (640) $ (1,974) $ (1,105) |
Basis of Presentation and Des_3
Basis of Presentation and Description of Business (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($)Countries | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)SegmentsCountries | Sep. 30, 2020USD ($) | |
Basis of Presentation and Description of Business [Abstract] | ||||||
Number Of Countries In Which Entity Operates | Countries | 25 | 25 | ||||
Number Of Reportable Segments | Segments | 4 | |||||
Cost of goods sold | $ 303,941 | $ 227,032 | $ 858,341 | $ 660,396 | ||
Error Correction Other [Member] | ||||||
Cost of goods sold | 1,700 | $ 1,000 | $ 700 | 1,700 | ||
Subsidiaries [Member] | Geographic Concentration Risk [Member] | ||||||
Currency conversion impacts of hyper-inflationary accounting | $ 300 | |||||
Subsidiaries [Member] | Argentina [Member] | ||||||
Currency conversion impacts of hyper-inflationary accounting | $ 100 | $ 200 | $ 300 | |||
Assets Total [Member] | Subsidiaries [Member] | Argentina [Member] | Geographic Concentration Risk [Member] | ||||||
Concentration Risk, Percentage | 1.00% | 1.00% | 1.00% | 1.00% | ||
Sales Revenue Net [Member] | Subsidiaries [Member] | Argentina [Member] | Geographic Concentration Risk [Member] | ||||||
Concentration Risk, Percentage | 1.00% | 1.00% | 1.00% | 1.00% |
Business Acquisitions - Narrati
Business Acquisitions - Narrative (Details) $ in Thousands, € in Millions, £ in Millions, kr in Millions, R in Millions | Dec. 22, 2020USD ($) | Nov. 30, 2021USD ($) | Sep. 30, 2021EUR (€) | Sep. 30, 2021USD ($) | Feb. 28, 2021EUR (€) | Feb. 28, 2021USD ($) | May 31, 2020DKK (kr) | May 31, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020ZAR (R) | Oct. 31, 2019GBP (£) | Sep. 30, 2020DKK (kr) | Mar. 31, 2020GBP (£) | Sep. 30, 2021EUR (€) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | |||||||||||||||||
Payments related to acquisitions, net of cash acquired | $ 31,975 | $ 3,132 | |||||||||||||||
Goodwill, Acquired During Period | $ 7,093 | ||||||||||||||||
Tin Plating Solutions [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets | $ 19,600 | ||||||||||||||||
Payments related to acquisitions, net of cash acquired | 25,000 | ||||||||||||||||
Goodwill, Acquired During Period | 5,000 | ||||||||||||||||
Business Combination, Measurement Period | 1 year | 1 year | |||||||||||||||
Tin Plating Solutions [Member] | Customer lists and rights to sell [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets | $ 18,300 | ||||||||||||||||
Intangible Assets, Amortizable Life | 19 years | 19 years | |||||||||||||||
Tin Plating Solutions [Member] | Licensed Trademark [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets | $ 400 | ||||||||||||||||
Intangible Assets, Amortizable Life | 3 years | 3 years | |||||||||||||||
Tin Plating Solutions [Member] | Product technology [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets | $ 900 | ||||||||||||||||
Intangible Assets, Amortizable Life | 14 years | 14 years | |||||||||||||||
Grindaix GmbH [Member] | Global Specialty Businesses [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 38.00% | ||||||||||||||||
Cash Paid for Acquisitions | € 2.4 | $ 2,900 | € 1.4 | $ 1,700 | |||||||||||||
Coral Chemical Company (Coral) [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets | $ 29,800 | ||||||||||||||||
Payments related to acquisitions, net of cash acquired | $ 54,100 | ||||||||||||||||
Cash Paid for Acquisitions | 53,921 | ||||||||||||||||
Total Assets Purchased | 58,142 | ||||||||||||||||
Business Combination, Measurement Period | 1 year | 1 year | |||||||||||||||
Post Closing Adjustment | $ (134) | ||||||||||||||||
Tel Nordic ApS[Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Intangible assets | $ 2,400 | ||||||||||||||||
Intangible Assets, Amortizable Life | 17 years | 17 years | |||||||||||||||
Payments related to acquisitions, net of cash acquired | kr 20 | $ 2,900 | |||||||||||||||
Goodwill, Acquired During Period | 500 | ||||||||||||||||
Business Combination, Measurement Period | 1 year | 1 year | |||||||||||||||
Post Closing Adjustment | $ 100 | kr 0.4 | |||||||||||||||
South Africa Equity Affiliate [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Payments related to acquisitions, net of cash acquired | $ 1,000 | R 16.7 | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 49.00% | 49.00% | 49.00% | ||||||||||||||
Adjustments To Additional Paid In Capital Other | $ 700 | ||||||||||||||||
Norman Hay [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Payments related to acquisitions, net of cash acquired | £ | £ 80 | ||||||||||||||||
Post Closing Adjustment | £ | £ 2.5 | ||||||||||||||||
2021 Acquisitions [Member] | Subsequent Event [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Cash Paid for Acquisitions | $ 10,000 | ||||||||||||||||
Earn-out provisions | $ 4,000 | ||||||||||||||||
Chemical maskants product line [Member] | Global Specialty Businesses [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Asset Acquisition, Consideration Transferred | € 2.3 | $ 2,800 |
Business Acquisitions - Prelimi
Business Acquisitions - Preliminary Estimated Fair Values of Coral Net Assets Acquired (Details) - USD ($) $ in Thousands | Dec. 22, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 630,669 | $ 631,212 | |
Coral Chemical Company (Coral) [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 958 | ||
Accounts receivable, net | 8,473 | ||
Inventories | 4,527 | ||
Prepaid expenses and other assets | 181 | ||
Propery, plant & equipment | 11,119 | ||
Intangible assets | 29,800 | ||
Goodwill | 3,084 | ||
Total Assets Purchased | 58,142 | ||
Long-term debt including current portions and finance leases | 739 | ||
Accounts payable, accrued expenses and other accrued liabilities | 3,482 | ||
Total Liabilities Assumed | 4,221 | ||
Total consideration paid for Coral | 53,921 | ||
Less: estimated purchase price settlement | (134) | ||
Less: cash Acquired | 958 | ||
Net cash paid for Coral | 53,097 | ||
Coral Chemical Company (Coral) [Member] | As initially Reported [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 958 | ||
Accounts receivable, net | 8,473 | ||
Inventories | 4,527 | ||
Prepaid expenses and other assets | 181 | ||
Propery, plant & equipment | 10,467 | ||
Intangible assets | 30,300 | ||
Goodwill | 2,814 | ||
Total Assets Purchased | 57,720 | ||
Long-term debt including current portions and finance leases | 183 | ||
Accounts payable, accrued expenses and other accrued liabilities | 3,482 | ||
Total Liabilities Assumed | 3,665 | ||
Total consideration paid for Coral | 54,055 | ||
Less: estimated purchase price settlement | 0 | ||
Less: cash Acquired | 958 | ||
Net cash paid for Coral | 53,097 | ||
Coral Chemical Company (Coral) [Member] | Measurement period adjustments [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 0 | ||
Accounts receivable, net | 0 | ||
Inventories | 0 | ||
Prepaid expenses and other assets | 0 | ||
Propery, plant & equipment | 652 | ||
Intangible assets | (500) | ||
Goodwill | 270 | ||
Total Assets Purchased | 422 | ||
Long-term debt including current portions and finance leases | 556 | ||
Accounts payable, accrued expenses and other accrued liabilities | 0 | ||
Total Liabilities Assumed | 556 | ||
Total consideration paid for Coral | (134) | ||
Less: estimated purchase price settlement | (134) | ||
Less: cash Acquired | 0 | ||
Net cash paid for Coral | $ 0 |
Business Acquisitions - Coral -
Business Acquisitions - Coral - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Coral Chemical Company (Coral) [Member] | |
Business Acquisition [Line Items] | |
Measurement period | 1 year |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021Segments | |
Business Segment Disclosures [Abstract] | |
Number of reportable segments | 4 |
Business Segments - Performance
Business Segments - Performance of reportable segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 449,072 | $ 367,224 | $ 1,314,117 | $ 1,031,825 | |
Combination, integration and other acquisition-related expenses | (5,786) | (6,913) | (18,259) | (22,786) | |
Restructuring charges | 880 | (1,383) | (593) | (3,585) | |
Fair value step up of acquired inventory sold | 0 | 0 | (801) | (226) | |
Indefinite-lived intangible asset impairment | 0 | 0 | $ (38,000) | 0 | (38,000) |
Non-operating and administrative expenses | (38,691) | (39,786) | (122,760) | (110,282) | |
Depreciation of corporate assets and amortization | (15,767) | (14,062) | (46,855) | (41,547) | |
Operating income | 36,010 | 34,859 | 119,720 | 24,653 | |
Other income (expense), net | 647 | (239) | 19,344 | (22,407) | |
Interest expense, net | (5,637) | (6,837) | (16,725) | (22,109) | |
Income (loss) before taxes and equity in net income of associated companies | 31,020 | 27,783 | 122,339 | (19,863) | |
Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 196,807 | 158,737 | 562,790 | 445,734 | |
EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 141,494 | 111,434 | 426,694 | 326,149 | |
Asia Pacific [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 110,771 | 97,053 | 324,633 | 259,942 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 371,699 | 298,422 | 1,077,758 | 833,408 | |
Segment operating earnings | 95,374 | 97,003 | 308,988 | 241,079 | |
Operating Segments [Member] | Global Specialty Businesses [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 77,373 | 68,802 | 236,359 | 198,417 | |
Segment operating earnings | 20,663 | 21,161 | 69,041 | 58,114 | |
Operating Segments [Member] | Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 150,799 | 119,540 | 425,343 | 330,012 | |
Segment operating earnings | 31,273 | 31,099 | 97,155 | 70,590 | |
Operating Segments [Member] | Americas [Member] | Global Specialty Businesses [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 46,008 | 39,197 | 137,447 | 115,722 | |
Operating Segments [Member] | EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 122,241 | 94,005 | 365,491 | 276,546 | |
Segment operating earnings | 20,153 | 17,439 | 68,802 | 46,269 | |
Operating Segments [Member] | EMEA [Member] | Global Specialty Businesses [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 19,253 | 17,429 | 61,203 | 49,603 | |
Operating Segments [Member] | Asia Pacific [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 98,659 | 84,877 | 286,924 | 226,850 | |
Segment operating earnings | 23,285 | 27,304 | 73,990 | 66,106 | |
Operating Segments [Member] | Asia Pacific [Member] | Global Specialty Businesses [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 12,112 | 12,176 | 37,709 | 33,092 | |
Intersegment Elimination [Member] | Global Specialty Businesses [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,800 | 1,100 | 5,900 | 3,400 | |
Intersegment Elimination [Member] | Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 3,600 | 1,700 | 9,300 | 7,000 | |
Intersegment Elimination [Member] | EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 6,800 | 5,300 | 21,900 | 16,100 | |
Intersegment Elimination [Member] | Asia Pacific [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | $ 800 | $ 200 | $ 1,300 | $ 500 |
Net Sales and Revenue Recogni_3
Net Sales and Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenues [Abstract] | |||||
Net Reporting Amount | $ 18.9 | $ 11.1 | $ 53.4 | $ 29.9 | |
Deferred Revenue | $ 4.4 | $ 4.4 | $ 4 | ||
Customer Concentration Risk [Member] | Sales Revenue Net [Member] | Top Five Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | ||||
Customer Concentration Risk [Member] | Sales Revenue Net [Member] | Largest customer [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 3.00% |
Net Sales and Revenue Recogni_4
Net Sales and Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Product Information [Line Items] | ||||
Net sales | $ 449,072 | $ 367,224 | $ 1,314,117 | $ 1,031,825 |
Product sales at a point in time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 428,881 | 355,573 | 1,254,365 | 998,788 |
Services transferred over time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 20,191 | 11,651 | 59,752 | 33,037 |
Americas [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 196,807 | 158,737 | 562,790 | 445,734 |
Americas [Member] | Product sales at a point in time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 188,340 | 153,820 | 537,161 | 431,266 |
Americas [Member] | Services transferred over time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 8,467 | 4,917 | 25,629 | 14,468 |
EMEA [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 141,494 | 111,434 | 426,694 | 326,149 |
EMEA [Member] | Product sales at a point in time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 131,982 | 107,093 | 400,982 | 313,511 |
EMEA [Member] | Services transferred over time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 9,512 | 4,341 | 25,712 | 12,638 |
Asia Pacific [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 110,771 | 97,053 | 324,633 | 259,942 |
Asia Pacific [Member] | Product sales at a point in time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 108,559 | 94,660 | 316,222 | 254,011 |
Asia Pacific [Member] | Services transferred over time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 2,212 | 2,393 | 8,411 | 5,931 |
Operating Segments [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 371,699 | 298,422 | 1,077,758 | 833,408 |
Operating Segments [Member] | Metals [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 149,431 | 112,461 | 415,881 | 323,638 |
Operating Segments [Member] | Metalworking and other [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 222,268 | 185,961 | 661,877 | 509,770 |
Operating Segments [Member] | Global Specialty Businesses [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 77,373 | 68,802 | 236,359 | 198,417 |
Operating Segments [Member] | Americas [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 150,799 | 119,540 | 425,343 | 330,012 |
Operating Segments [Member] | Americas [Member] | Metals [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 56,954 | 42,098 | 155,546 | 121,458 |
Operating Segments [Member] | Americas [Member] | Metalworking and other [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 93,845 | 77,442 | 269,797 | 208,554 |
Operating Segments [Member] | Americas [Member] | Global Specialty Businesses [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 46,008 | 39,197 | 137,447 | 115,722 |
Operating Segments [Member] | EMEA [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 122,241 | 94,005 | 365,491 | 276,546 |
Operating Segments [Member] | EMEA [Member] | Metals [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 38,483 | 25,362 | 108,391 | 80,174 |
Operating Segments [Member] | EMEA [Member] | Metalworking and other [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 83,758 | 68,643 | 257,100 | 196,372 |
Operating Segments [Member] | EMEA [Member] | Global Specialty Businesses [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 19,253 | 17,429 | 61,203 | 49,603 |
Operating Segments [Member] | Asia Pacific [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 98,659 | 84,877 | 286,924 | 226,850 |
Operating Segments [Member] | Asia Pacific [Member] | Metals [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 53,994 | 45,001 | 151,944 | 122,006 |
Operating Segments [Member] | Asia Pacific [Member] | Metalworking and other [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 44,665 | 39,876 | 134,980 | 104,844 |
Operating Segments [Member] | Asia Pacific [Member] | Global Specialty Businesses [Member] | ||||
Product Information [Line Items] | ||||
Net sales | $ 12,112 | $ 12,176 | $ 37,709 | $ 33,092 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Operating Lease Cost | $ 3,400,000 | $ 3,700,000 | $ 10,600,000 | $ 10,600,000 |
Short Term Lease Cost | 200,000 | 200,000 | 800,000 | 1,100,000 |
Variable Lease Cost | 0 | 0 | 0 | 0 |
Sublease Income | $ 0 | $ 0 | 0 | 0 |
Operating Lease Payments | 10,400,000 | $ 10,500,000 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 5,600,000 | |||
Land [Member] | Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee Operating Lease Term Of Contract | 94 years | 94 years | ||
Facilities vehicles and machinery and equipment [Member] | Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee Operating Lease Term Of Contract | 10 years | 10 years |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Abstract] | ||
Right of use lease assets | $ 34,314 | $ 38,507 |
Other current liabilities | 9,356 | 10,901 |
Long-term lease liabilities | 24,599 | 27,070 |
Total operating lease liabilities | $ 33,955 | $ 37,971 |
Weighted average remaining lease term (years) | 5 years 8 months 12 days | 6 years |
Weighted average discount rate | 4.26% | 4.20% |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Lease Liabilities Payments Due [Abstract] | ||
For the remainder of 2021 | $ 2,978 | |
For the year ended December 31, 2022 | 9,695 | |
For the year ended December 31, 2023 | 7,564 | |
For the year ended December 31, 2024 | 5,623 | |
For the year ended December 31, 2025 | 4,340 | |
For the year ended December 31, 2026 and beyond | 8,104 | |
Total lease payments | 38,304 | |
Less: imputed interest | (4,349) | |
Present value of lease liabilities | $ 33,955 | $ 37,971 |
Restructuring and Related Act_3
Restructuring and Related Activities - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021People | |
Restructuring Cost and Reserve [Abstract] | |
Restructuring And Related Cost Description | The Company’s management approved a global restructuring plan (the “QH Program”) as part of its plan to realize certain cost synergies associated with the Combination in the third quarter of 2019. The QH Program includes restructuring and associated severance costs to reduce total headcount by approximately 400 people globally, as well as 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 continue to occur throughout 2021 and into 2022 under the QH Program and estimates that anticipated cost synergies realized from the QH Program will approximate one-times the restructuring costs incurred. Employee separation benefits will vary depending on local regulations within certain foreign countries and will include severance and other benefits. |
Restructuring And Related Cost Expected Number Of Positions Eliminated | 400 |
Restructuring and Related Act_4
Restructuring and Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring and related charges | $ (880) | $ 1,383 | $ 593 | $ 3,585 |
QH Program [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrued Restructuring, Beginning Balance | 8,248 | |||
Restructuring and related charges | 593 | |||
Cash Payments | (4,557) | |||
Currency Translation Adjustments | (234) | |||
Accrued Restructuring, Ending Balance | $ 4,050 | $ 4,050 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation [Line Items] | ||||
Share-based Compensation Expense | $ 2,307,000 | $ 10,147,000 | $ 8,441,000 | $ 17,820,000 |
Option Award Vesting Period | 3 years | |||
Risk-free Interest Rate | 60.00% | |||
Expected Term (Years) | 4 years | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross | 25,250 | |||
Employee Stock Option [Member] | ||||
Share Based Compensation [Line Items] | ||||
Unrecognized Compensation Expense, Options | 2,100,000 | $ 2,100,000 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 2 years 1 month 6 days | |||
Restricted Stock LTIP [Member] | ||||
Share Based Compensation [Line Items] | ||||
Option Award Vesting Period | 3 years | |||
Nonvested Stock Awards Granted | 17,692 | |||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | 5,100,000 | $ 5,100,000 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 1 year 8 months 12 days | |||
Annual Incentive Plan [Member] | ||||
Share Based Compensation [Line Items] | ||||
Share-based Compensation Expense | 0 | 7,102,000 | $ 0 | 9,931,000 |
Restricted Stock Units (RSUs) LTIP Plan [Member] | ||||
Share Based Compensation [Line Items] | ||||
Nonvested Stock Awards Granted | 2,791 | |||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | 900,000 | $ 900,000 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 2 years | |||
Combination And Other Acquisition-Related [Member] | ||||
Share Based Compensation [Line Items] | ||||
Share-based Compensation Expense | 200,000 | 400,000 | $ 700,000 | 1,200,000 |
Performance Stock Units [Member] | ||||
Share Based Compensation [Line Items] | ||||
Share-based Compensation Expense | 491,000 | 280,000 | $ 1,327,000 | 560,000 |
Option Award Vesting Period | 3 years | |||
Vesting Shares Target Lower Percent | 0.00% | |||
Vesting Shares Target Upper Percent | 200.00% | |||
Risk-free Interest Rate | 0.29% | |||
Expected Term (Years) | 3 years | |||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | 3,700,000 | $ 3,700,000 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 2 years 1 month 6 days | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross | 23,756 | |||
Defined Contribution Plan [Member] | ||||
Share Based Compensation [Line Items] | ||||
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 6.00% | |||
Defined contribution plan employer matching contribution percent maximum | 3.00% | |||
Defined contribution plan employer non-elective nondiscretionary contributions percent | 3.00% | |||
Defined Contribution Plan Employer Discretionary Contribution Amount | $ 0 | $ 900,000 | $ 1,500,000 | $ 2,100,000 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | $ 2,307 | $ 10,147 | $ 8,441 | $ 17,820 |
Stock Options [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | 298 | 353 | 938 | 1,138 |
Non-vested stock awards and restricted stock units [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | 1,277 | 1,259 | 3,963 | 3,782 |
Non-elective and elective 401(k) matching contribution in stock [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | 0 | 910 | 1,553 | 2,072 |
Director stock ownership plan [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | 241 | 243 | 660 | 337 |
Performance Stock Units [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | 491 | 280 | 1,327 | 560 |
Annual Incentive Plan [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | $ 0 | $ 7,102 | $ 0 | $ 9,931 |
Share-Based Compensation - Blac
Share-Based Compensation - Black-Scholes Option Pricing Model (Details) | 9 Months Ended |
Sep. 30, 2021shares | |
Black-Scholes option pricing model | |
Number of options granted | 25,250 |
Dividend Yield | 0.85% |
Expected Volatility | 37.33% |
Risk-free Interest Rate | 60.00% |
Expected Term (Years) | 4 years |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Benefit [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service Cost | $ 289 | $ 1,227 | $ 921 | $ 3,565 |
Interest Cost | 1,078 | 1,527 | 3,262 | 4,782 |
Expected Return on Plan Assets | (2,075) | (3,526) | (6,250) | (7,246) |
Settlement Loss | 0 | 0 | 0 | 22,667 |
Actuarial Loss Amortization | 737 | 626 | 2,449 | 2,288 |
Prior service cost amortization | 3 | (42) | 8 | (123) |
Net Periodic Benefit Cost | 32 | (188) | 390 | 25,933 |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service Cost | (2) | 2 | 1 | 5 |
Interest Cost | (1) | 25 | 20 | 77 |
Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Settlement Loss | 0 | 0 | 0 | 0 |
Actuarial Loss Amortization | (85) | 15 | (85) | 46 |
Prior service cost amortization | 0 | 0 | 0 | 0 |
Net Periodic Benefit Cost | $ (88) | $ 42 | $ (64) | $ 128 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $ 5.7 | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 6 | ||
Other Postretirement Benefit Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | 0.2 | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 1 | ||
Defined benefit plan settlement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $ 1.8 | ||
Defined Benefit Plan Premium Refund | $ 1.6 | ||
Defined Benefit Plan Effect Of Settlements And Curtailments On Accumulated Benefit Obligation | $ 22.7 |
Other Income (Expense) (Details
Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Income from third party license fees | $ 314 | $ 190 | $ 1,026 | $ 702 |
Foreign exchange gains (losses), net | 368 | (1,897) | (1,948) | (3,080) |
Gain (loss) on fixed asset disposals, net | (537) | (24) | 4,819 | (105) |
Non-income tax refunds and other related credits | 3 | 0 | 14,395 | 2,131 |
Pension and post retirement benefit costs, non-service components | 343 | 1,375 | 596 | (22,491) |
Other Operating Income Expense Net | 156 | 117 | 456 | 436 |
Total other income (expense), net | $ 647 | $ (239) | $ 19,344 | $ (22,407) |
Income Taxes and Uncertain In_2
Income Taxes and Uncertain Income Tax Positions - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Defered Tax Liabilties, Net | $ 5.8 | $ 5.8 | $ 5.9 | ||
Unrecognized Tax Benefits | 24 | 24 | |||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 3.5 | 3.5 | 3.9 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 3.3 | 3.3 | $ 3 | ||
Unrecognized Tax Benefits, Income Tax Penalties Expense | (0.1) | $ 0.1 | 0.2 | $ 0.5 | |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 0.2 | $ 0.2 | 0.4 | 0.4 | |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | $ 1.2 | $ 1.9 |
Income Taxes and Uncertain In_3
Income Taxes and Uncertain Income Tax Positions 2 - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes and Uncertain Tax Positions [Abstract] | ||||||
Effective Income Tax Rate, Continuing Operations | 2.60% | 8.10% | 21.80% | (38.30%) | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 0.2 | $ 0.2 | $ 0.4 | $ 0.4 | ||
Accrued Interest | 3.3 | 3.3 | $ 3 | |||
Accrued Penalties | 3.5 | 3.5 | 3.9 | |||
Unrecognized Tax Benefits, Income Tax Penalties Expense | (0.1) | $ 0.1 | 0.2 | 0.5 | ||
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | 1.2 | $ 1.9 | ||||
Unrecognized Tax Benefits | 24 | 24 | ||||
Income Tax Examination [Line Items] | ||||||
Deferred Tax Liabilities | 5.8 | 5.8 | $ 5.9 | |||
Unrecognized Tax Benefits Period Increase | $ 1.9 | |||||
Forecast [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | $ 1.5 | |||||
Italy [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
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 2015. 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. In 2020, the respective tax authorities in Italy, Spain and the Netherlands reached agreement with respect to the MAP proceedings which the Company has accepted. | |||||
Germany [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Unrecognized Tax Benefits Reserve | 0.9 | $ 0.9 | ||||
Liability For Uncertain Tax Positions Noncurrent | 0.8 | 0.8 | ||||
Germany [Member] | Houghton [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Indemnification assets | 0.8 | $ 0.8 | ||||
Internal Revenue Service (IRS) [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2018 | |||||
Foreign Tax Authority [Member] | The Netherlands [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2015 | |||||
Foreign Tax Authority [Member] | United Kingdom [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2016 | |||||
Foreign Tax Authority [Member] | Brazil [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2011 | |||||
Foreign Tax Authority [Member] | China [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2015 | |||||
Foreign Tax Authority [Member] | Italy [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2006 | |||||
Income Tax Examination Liability Refund Adjustment from Settlement with Taxing Authority | 2.6 | $ 2.6 | ||||
Foreign Tax Authority [Member] | Italy [Member] | Maximum [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2015 | |||||
Foreign Tax Authority [Member] | Italy [Member] | Minimum [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2007 | |||||
Foreign Tax Authority [Member] | Italy [Member] | Houghton [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Unrecognized Tax Benefits Reserve | 6 | $ 6 | ||||
Indemnification assets | 5.4 | $ 5.4 | ||||
Foreign Tax Authority [Member] | Italy [Member] | Houghton [Member] | Maximum [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2018 | |||||
Foreign Tax Authority [Member] | Italy [Member] | Houghton [Member] | Minimum [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2014 | |||||
Foreign Tax Authority [Member] | Mexico [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2016 | |||||
Foreign Tax Authority [Member] | India [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2019 | |||||
Foreign Tax Authority [Member] | Germany [Member] | Houghton [Member] | Maximum [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2017 | |||||
Foreign Tax Authority [Member] | Germany [Member] | Houghton [Member] | Minimum [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2015 | |||||
Foreign Tax Authority [Member] | Netherlands and Spain [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination Liability Refund Adjustment from Settlement with Taxing Authority | $ (1.6) | $ (1.6) | ||||
State and Local Jurisdiction [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2011 | |||||
State and Local Jurisdiction [Member] | Canada [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income Tax Examination, Year under Examination | 2018 |
Earnings Per Share - Earnings p
Earnings Per Share - Earnings per Share Calculations Basic (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Quaker Chemical Corporation | $ 31,058 | $ 27,304 | $ 103,243 | $ (8,812) |
Less: (income) loss allocated to participating securities | (119) | (113) | (413) | 44 |
Net income (loss) available to common shareholders | $ 30,939 | $ 27,191 | $ 102,830 | $ (8,768) |
Basic weighted average common shares outstanding | 17,812,216 | 17,743,538 | 17,800,082 | 17,704,662 |
Basic earnings (loss) per common share | $ 1.74 | $ 1.53 | $ 5.78 | $ (0.50) |
Earnings Per Share - Earnings_2
Earnings Per Share - Earnings per Share Calculations Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Quaker Chemical Corporation | $ 31,058 | $ 27,304 | $ 103,243 | $ (8,812) |
Less: income allocated to participating securities | (119) | (113) | (412) | 44 |
Net income (loss) available to common shareholders | $ 30,939 | $ 27,191 | $ 102,831 | $ (8,768) |
Basic weighted average common shares outstanding | 17,812,216 | 17,743,538 | 17,800,082 | 17,704,662 |
Effect of Dilutive Securities | 58,176 | 57,327 | 59,986 | 0 |
Diluted weighted average common shares outstanding | 17,870,392 | 17,800,865 | 17,860,068 | 17,704,662 |
Diluted earnings (loss) per common share | $ 1.73 | $ 1.53 | $ 5.76 | $ (0.50) |
Earnings Per Share - Earnings_3
Earnings Per Share - Earnings per Share Calculations Antidilutive Shares (Details) - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | |||
Antidilutive Shares | 5,531 | 0 | 3,722 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Cash Abstract] | ||||
Cash and cash equivalents | $ 141,393 | $ 155,750 | $ 181,833 | $ 123,524 |
Restricted cash included in other current assets | 0 | 82 | 62 | 353 |
Restricted cash included in other assets | 0 | 18,901 | 0 | 19,678 |
Cash cash equivalents restricted cash and restricted cash equivalents | $ 141,393 | 174,733 | 181,895 | $ 143,555 |
Loss Contingency, Settlement Agreement, Terms | Prior to December 2020, the Company had 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. | |||
Proceeds Of Settlement And Release Agreements | $ 35,000 | |||
Payments Of Settlement and Release Agreements | 800 | |||
Interest Income Other | $ 100 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill Roll Forward | |
Goodwill, Beginning Balance | $ 631,212 |
Goodwill Additions | 7,093 |
Currency translation and other adjustments | (7,636) |
Goodwill, Ending Balance | 630,669 |
Operating Segments [Member] | Global Specialty Businesses [Member] | |
Goodwill Roll Forward | |
Goodwill, Beginning Balance | 119,718 |
Goodwill Additions | 1,951 |
Currency translation and other adjustments | (2,594) |
Goodwill, Ending Balance | 119,075 |
Operating Segments [Member] | Americas [Member] | |
Goodwill Roll Forward | |
Goodwill, Beginning Balance | 213,242 |
Goodwill Additions | 1,208 |
Currency translation and other adjustments | (621) |
Goodwill, Ending Balance | 213,829 |
Operating Segments [Member] | EMEA [Member] | |
Goodwill Roll Forward | |
Goodwill, Beginning Balance | 140,162 |
Goodwill Additions | 2,626 |
Currency translation and other adjustments | (5,530) |
Goodwill, Ending Balance | 137,258 |
Operating Segments [Member] | Asia Pacific [Member] | |
Goodwill Roll Forward | |
Goodwill, Beginning Balance | 158,090 |
Goodwill Additions | 1,308 |
Currency translation and other adjustments | 1,109 |
Goodwill, Ending Balance | $ 160,507 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Gross Carrying Amounts and Accumulated Amortization for Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Finite Lived Intangible Assets Gross [Abstract] | |||||
Amortization | $ 14,900 | $ 14,000 | $ 44,700 | $ 41,700 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 1,021,916 | 1,021,916 | $ 1,012,371 | ||
Accumumlated Amortization | 178,328 | 178,328 | 136,113 | ||
Customer lists and rights to sell [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 847,909 | 847,909 | 839,551 | ||
Accumumlated Amortization | 135,571 | 135,571 | 99,806 | ||
Trademarks Formulations And Product Technology [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 167,682 | 167,682 | 166,448 | ||
Accumumlated Amortization | 36,871 | 36,871 | 30,483 | ||
Other Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 6,325 | 6,325 | 6,372 | ||
Accumumlated Amortization | $ 5,886 | $ 5,886 | $ 5,824 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets - Future Amortization (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the year ended December 31, 2021 | $ 58,852 |
For the Year ended December 31, 2022 | 59,173 |
For the Year ended December 31, 2023 | 59,005 |
For the Year ended December 31, 2024 | 58,338 |
For the Year ended December 31, 2025 | 57,653 |
For the Year ended December 31, 2026 | $ 57,346 |
Intangible Assets - Indefinite
Intangible Assets - Indefinite Lived (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Indefinite lived intangible assets | $ 205,100 | $ 205,100 | $ 205,100 | ||||
Indefinite-lived intangible asset impairment | 0 | $ 0 | $ 38,000 | 0 | $ 38,000 | ||
Houghton Combination [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Indefinite Lived Trademarks | $ 204,000 | $ 204,000 | $ 204,000 | ||||
Indefinite-lived intangible asset impairment | $ 38,000 |
Debt - Table (Details)
Debt - Table (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Total debt | $ 900,662 | $ 899,134 |
Less: debt issuance costs | (8,776) | (11,099) |
Less: short-term and current portion of long-term debts | (52,611) | (38,967) |
Total long-term debt | $ 839,275 | $ 849,068 |
Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.58% | 1.65% |
Total debt | $ 198,543 | $ 160,000 |
U.S. Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.58% | 1.65% |
Total debt | $ 547,500 | $ 570,000 |
EURO Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.50% | 1.50% |
Total debt | $ 142,559 | $ 157,062 |
Industrial development bonds [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.26% | 5.26% |
Total debt | $ 10,000 | $ 10,000 |
Bank lines of credit and other debt obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate Terms | Various | Various |
Total debt | $ 2,060 | $ 2,072 |
Debt - Debt related expenses in
Debt - Debt related expenses included within Interest expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt related expenses included within Interest expense: | ||||
Interest Expense, Debt | $ 4,779 | $ 5,957 | $ 14,242 | $ 19,621 |
Amortization of debt issuance costs | 1,187 | 1,188 | 3,562 | 3,562 |
Total | $ 5,966 | $ 7,145 | $ 17,804 | $ 23,183 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Nov. 30, 2019 | |
Debt Instrument [Line Items] | |||
Letters Of Credit Outstanding Amount | $ 4 | ||
Initial consolidated net debt to consolidated EBITDA ratio | 4.25 | ||
Consolidated adjusted EBITDA to interest expense ratio | 3 | ||
Maximum annual cash dividends restriction based on covenants | $ 50 | ||
Percentage of cash dividends of consolidated adjusted EBITDA | 20.00% | ||
Debt Issuance Costs, Current, Net | $ 8.8 | $ 11.1 | |
Deferred Finance Costs Noncurrent Gross | 23.7 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 300 | ||
Line of Credit Facility, Covenant Compliance | As of September 30, 2021 and December 31, 2020, the Company was in compliance with all of the Credit Facility covenants. | ||
Line of Credit Facility, Covenant Terms | The Credit Facility is subject to certain financial and other covenants. The Company’s initial consolidated net debt to consolidated adjusted EBITDA ratio could not exceed 4.25 to 1, with step downs in the permitted ratio over the term of the Credit Facility. | ||
Other off balance sheet arrangements | In addition to the bank letters of credit described in the “Credit facilities” subsection above, the Company’s only other off-balance sheet arrangements include certain financial and other guarantees. The Company’s total bank letters of credit and guarantees outstanding as of September 30, 2021 were approximately $7 million. | ||
Other Assets [Member] | |||
Debt Instrument [Line Items] | |||
Debt Issuance Costs, Current, Net | $ 4.7 | 5.9 | |
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Net debt to consolidated adjusted EBITDA ratio | 4 | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Net debt to consolidated adjusted EBITDA ratio | 2 | ||
Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative Liability Notional Amount | $ 170 | ||
New Credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.60% | ||
U.S. Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 600 | ||
EURO Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 150 | ||
Term loan [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of term loan principal amortization year one and 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% | ||
Percentage of term loan borrowings | 20.00% | ||
Derivative Liability Notional Amount | $ 170 | ||
Derivative Fixed Interest Rate | 3.10% | ||
Derivative, Basis Spread on Variable Rate | 1.64% | ||
Payments of long-term debt | $ 28.6 | ||
Deferred Finance Costs Noncurrent Gross | $ 15.5 | ||
Long Term Debt Term | 5 years | ||
The Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 197 | ||
Deferred Finance Costs Noncurrent Gross | 8.3 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 400 | ||
Long Term Debt Term | 5 years | ||
The Revolver [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||
The Revolver [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||
Industrial Development Bond Due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Maturity Date Description | 2028 | ||
Industrial Development Revenue Bond | $ 10 | $ 10 | |
Bank lines of credit and other debt obligations [Member] | |||
Debt Instrument [Line Items] | |||
Letters Of Credit Outstanding Amount | 7 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 39 |
Equity - Changes in Equity (Det
Equity - Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning Balance | $ 1,375,401 | $ 1,167,341 | $ 1,320,914 | $ 1,242,366 |
Net income (loss) | 31,073 | 27,342 | 103,305 | (8,724) |
Amounts reported in other comprehensive income (loss) | (18,780) | 34,271 | (28,119) | 3,046 |
Dividends | (7,424) | (7,048) | (21,548) | (20,735) |
Acquisition of noncontrolling interest | (1,047) | |||
Distributions to noncontrolling affiliate shareholders | (751) | |||
Share issuance and equity-based compensation plans | 3,426 | 4,525 | 9,144 | 13,187 |
Ending Balance | 1,383,696 | 1,226,431 | 1,383,696 | 1,226,431 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning Balance | (911) | |||
Adjusted Balance [Member] | ||||
Beginning Balance | 1,241,455 | |||
Common Stock [Member] | ||||
Beginning Balance | 17,878 | 17,800 | 17,851 | 17,735 |
Net income (loss) | 0 | 0 | 0 | 0 |
Amounts reported in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 | 0 |
Acquisition of noncontrolling interest | 0 | |||
Distributions to noncontrolling affiliate shareholders | 0 | |||
Share issuance and equity-based compensation plans | 11 | 31 | 38 | 96 |
Ending Balance | 17,889 | 17,831 | 17,889 | 17,831 |
Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning Balance | 0 | |||
Common Stock [Member] | Adjusted Balance [Member] | ||||
Beginning Balance | 17,735 | |||
Capital in Excess of Par Value [Member] | ||||
Beginning Balance | 910,862 | 896,108 | 905,171 | 888,218 |
Net income (loss) | 0 | 0 | 0 | 0 |
Amounts reported in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 | 0 |
Acquisition of noncontrolling interest | (707) | |||
Distributions to noncontrolling affiliate shareholders | 0 | |||
Share issuance and equity-based compensation plans | 3,415 | 4,494 | 9,106 | 13,091 |
Ending Balance | 914,277 | 900,602 | 914,277 | 900,602 |
Capital in Excess of Par Value [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning Balance | 0 | |||
Capital in Excess of Par Value [Member] | Adjusted Balance [Member] | ||||
Beginning Balance | 888,218 | |||
Retained Earnings [Member] | ||||
Beginning Balance | 482,001 | 362,265 | 423,940 | 412,979 |
Net income (loss) | 31,058 | 27,304 | 103,243 | (8,812) |
Amounts reported in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Dividends | (7,424) | (7,048) | (21,548) | (20,735) |
Acquisition of noncontrolling interest | 0 | |||
Distributions to noncontrolling affiliate shareholders | 0 | |||
Share issuance and equity-based compensation plans | 0 | 0 | 0 | 0 |
Ending Balance | 505,635 | 382,521 | 505,635 | 382,521 |
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning Balance | (911) | |||
Retained Earnings [Member] | Adjusted Balance [Member] | ||||
Beginning Balance | 412,068 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Beginning Balance | (35,943) | (109,264) | (26,598) | (78,170) |
Net income (loss) | 0 | 0 | 0 | 0 |
Amounts reported in other comprehensive income (loss) | (18,780) | 34,254 | (28,125) | 3,160 |
Dividends | 0 | 0 | 0 | 0 |
Acquisition of noncontrolling interest | 0 | |||
Distributions to noncontrolling affiliate shareholders | 0 | |||
Share issuance and equity-based compensation plans | 0 | 0 | 0 | 0 |
Ending Balance | (54,723) | (75,010) | (54,723) | (75,010) |
Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning Balance | 0 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | Adjusted Balance [Member] | ||||
Beginning Balance | (78,170) | |||
Noncontrolling Interest [Member] | ||||
Beginning Balance | 603 | 432 | 550 | 1,604 |
Net income (loss) | 15 | 38 | 62 | 88 |
Amounts reported in other comprehensive income (loss) | 0 | 17 | 6 | (114) |
Dividends | 0 | 0 | 0 | 0 |
Acquisition of noncontrolling interest | (340) | |||
Distributions to noncontrolling affiliate shareholders | (751) | |||
Share issuance and equity-based compensation plans | 0 | 0 | 0 | 0 |
Ending Balance | $ 618 | $ 487 | $ 618 | 487 |
Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning Balance | 0 | |||
Noncontrolling Interest [Member] | Adjusted Balance [Member] | ||||
Beginning Balance | $ 1,604 |
Equity - Changes in Equity (Par
Equity - Changes in Equity (Parentheticals) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Consolidated Statement Of Changes In Equity Parentheticals [Abstract] | ||||
Dividends declared | $ 0.415 | $ 0.395 | $ 1.205 | $ 1.165 |
Equity - AOCI Reclassifications
Equity - AOCI Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning Balance | $ (35,943) | $ (109,264) | $ (26,598) | $ (78,170) |
Other Comprehensive (Loss) Income, before reclassifications | (18,935) | 33,970 | (26,804) | (14,930) |
Amounts Reclassed from AOCI | 533 | 480 | (836) | 25,321 |
Related Tax Amounts | (378) | (196) | (485) | (7,231) |
Ending Balance | (54,723) | (75,010) | (54,723) | (75,010) |
Currency Translation Adjustments [Member] | ||||
Beginning Balance | (12,177) | (88,637) | (2,875) | (44,568) |
Other Comprehensive (Loss) Income, before reclassifications | (19,905) | 33,601 | (29,207) | (10,468) |
Amounts Reclassed from AOCI | 0 | 0 | 0 | 0 |
Related Tax Amounts | 0 | 0 | 0 | 0 |
Ending Balance | (32,082) | (55,036) | (32,082) | (55,036) |
Defined Benefit Pension Plans [Member] | ||||
Beginning Balance | (21,778) | (17,363) | (23,467) | (34,533) |
Other Comprehensive (Loss) Income, before reclassifications | 488 | (901) | 1,009 | (409) |
Amounts Reclassed from AOCI | 709 | 584 | 2,423 | 25,550 |
Related Tax Amounts | (293) | 60 | (839) | (8,228) |
Ending Balance | (20,874) | (17,620) | (20,874) | (17,620) |
Unrealized Gain (Loss) in Available-for-Sale Securities [Member] | ||||
Beginning Balance | 596 | 1,148 | 3,342 | 1,251 |
Other Comprehensive (Loss) Income, before reclassifications | (85) | 810 | (489) | 802 |
Amounts Reclassed from AOCI | (176) | (104) | (3,259) | (229) |
Related Tax Amounts | 46 | (150) | 787 | (120) |
Ending Balance | 381 | 1,704 | 381 | 1,704 |
Derivative Instruments | ||||
Beginning Balance | (2,584) | (4,412) | (3,598) | (320) |
Other Comprehensive (Loss) Income, before reclassifications | 567 | 460 | 1,883 | (4,855) |
Amounts Reclassed from AOCI | 0 | 0 | 0 | 0 |
Related Tax Amounts | (131) | (106) | (433) | 1,117 |
Ending Balance | $ (2,148) | $ (4,058) | $ (2,148) | $ (4,058) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Subject to Fair Value Measurement (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | $ 2,135 | $ 1,961 |
Assets Fair Value Disclosure | 2,135 | 1,961 |
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 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | 2,135 | 1,961 |
Assets Fair Value Disclosure | 2,135 | 1,961 |
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] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Nov. 30, 2019 | |
Derivatives, Fair Value [Line Items] | ||
Derivative Liability Notional Amount | $ 170 | |
Derivative, Term of Contract | 3 years |
Hedging Activities - Balance Sh
Hedging Activities - Balance Sheet Classification and Fair Values (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments Gain Loss [Line Items] | |||||
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net | $ 2,148,000 | $ 3,598,000 | |||
Interest Rate Cash Flow Hedge Liability At Fair Value | $ 2,789,000 | 2,789,000 | 4,672,000 | ||
Interest Expense [Member] | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount and location of expense reclassified from AOCI into expense (effective portion) | (672,000) | $ (640,000) | (1,974,000) | $ (1,105,000) | |
Other Noncurrent Liabilities [Member] | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Interest Rate Cash Flow Hedge Liability At Fair Value | $ 2,789,000 | 2,789,000 | 4,672,000 | ||
Interest Rate Swap [Member] | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net | $ 2,148,000 | $ 3,598,000 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands, R$ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021BRL (R$) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | ||||||
Loss Contingency Accrual At Carrying Value | $ 300 | $ 300 | $ 100 | |||
Interest Income Other | $ 100 | |||||
Income Tax Expense (Benefit) | 795 | $ 2,245 | 26,702 | $ (7,603) | ||
ACP [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 1,000 | 1,000 | ||||
ACP [Member] | Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 100 | 100 | ||||
SB Decking [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 400 | 400 | ||||
Houghton Combination [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 5,700 | 5,700 | $ 6,000 | |||
Houghton environmental matters [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 6,500 | 6,500 | ||||
Houghton environmental matters [Member] | Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 5,500 | 5,500 | ||||
Foreign Consumption Tax [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
(Reversal) of previously recorded liability of best estimate of indirect tax owed | (1,800) | |||||
(Reversal) of indemnification receivable | (1,100) | |||||
Brazilian Indirect Taxes [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Gain (Loss) Related To Litigation Settlement | R$ 67 | 13,300 | ||||
Interest Income Other | 4,900 | |||||
Income Tax Expense (Benefit) | (8,400) | |||||
Insurance claim [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Gain (Loss) Related To Litigation Settlement | 1,000 | |||||
Proceeds from Insurance Settlement, Operating Activities | 1,700 | |||||
Insurance Settlements Receivable | $ 2,000 | $ 2,000 |