Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period Focus | Q2 | |
Document quarterly report | true | |
Document Fiscal Year Focus | 2022 | |
Document period end date | Jun. 30, 2022 | |
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, $1 par value | |
Trading Symbol | KWR | |
Entity common stock shares outstanding | 17,929,045 | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 492,388 | $ 435,262 | $ 966,559 | $ 865,045 |
Cost of goods sold (excluding amortization expense - See Note 13) | 342,824 | 280,811 | 670,924 | 554,400 |
Gross profit | 149,564 | 154,451 | 295,635 | 310,645 |
Selling, general and administrative expenses | 115,830 | 108,679 | 227,625 | 212,989 |
Restructuring and related charges | (1) | 298 | 819 | 1,473 |
Combination, integration and other acquisition-related expenses | 1,832 | 6,658 | 5,885 | 12,473 |
Operating income | 31,903 | 38,816 | 61,306 | 83,710 |
Other (expense) income, net | (8,399) | 14,010 | (10,605) | 18,697 |
Interest expense, net | (6,494) | (5,618) | (11,839) | (11,088) |
Income before taxes and equity in net income of associated companies | 17,010 | 47,208 | 38,862 | 91,319 |
Taxes on income before equity in net income of associated companies | 1,374 | 15,218 | 4,240 | 25,907 |
Income before equity in net income of associated companies | 15,636 | 31,990 | 34,622 | 65,412 |
Equity in net (loss) income of associated companies | (1,265) | 1,610 | (430) | 6,820 |
Net income | 14,371 | 33,600 | 34,192 | 72,232 |
Less: Net income attributable to noncontrolling | 28 | 30 | 33 | 47 |
Net income attributable to Quaker Chemical Corporation | $ 14,343 | $ 33,570 | $ 34,159 | $ 72,185 |
Per share data: | ||||
Net income attributable to Quaker Chemical Corporation common shareholders - basic | $ 0.80 | $ 1.88 | $ 1.91 | $ 4.04 |
Net income attributable to Quaker Chemical Corporation common shareholders - diluted | 0.80 | 1.88 | 1.91 | 4.03 |
Dividends declared | $ 0.415 | $ 0.395 | $ 0.830 | $ 0.790 |
Condensed Consolidated Stateme
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement Of Comprehensive Income [Abstract] | ||||
Net income | $ 14,371 | $ 33,600 | $ 34,192 | $ 72,232 |
Currency translation adjustments | (76,433) | 16,165 | (83,299) | (9,296) |
Defined Benefit Plans [Abstract] | ||||
Defined benefit retirement plans | 1,407 | 397 | 1,903 | 1,689 |
Current period change in fair value of derivatives | 575 | 452 | 1,675 | 1,014 |
Unrealized (loss) gain on available-for-sale securities | (567) | 279 | (1,567) | (2,746) |
Other comprehensive (loss) income | (75,018) | 17,293 | (81,288) | (9,339) |
Comprehensive (loss) income | (60,647) | 50,893 | (47,096) | 62,893 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 5 | (38) | (1) | (53) |
Comprehensive (loss) income attributable to Quaker Corporation | $ (60,642) | $ 50,855 | $ (47,097) | $ 62,840 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 202,348 | $ 165,176 |
Accounts receivable, net | 465,352 | 430,676 |
Inventories | ||
Raw materials and supplies | 163,055 | 129,382 |
Work-in-process and finished goods | 150,387 | 135,149 |
Prepaid expenses and other current assets | 64,674 | 59,871 |
Total current assets | 1,045,816 | 920,254 |
Property, plant and equipment, at cost | 432,068 | 434,344 |
Less accumulated depreciation | (239,571) | (236,824) |
Property, plant and equipment, net | 192,497 | 197,520 |
Right of use lease assets | 36,317 | 36,635 |
Goodwill | 610,167 | 631,194 |
Other intangible assets, net | 962,580 | 1,027,782 |
Investments in associated companies | 83,678 | 95,278 |
Deferred tax assets | 10,897 | 16,138 |
Other non-current assets | 28,804 | 30,959 |
Total assets | 2,970,756 | 2,955,760 |
Current liabilities | ||
Short-term borrowings and current portion of long-term debt | 14,485 | 56,935 |
Accounts payable | 246,345 | 226,656 |
Dividends payable | 7,437 | 7,427 |
Accrued compensation | 29,359 | 38,197 |
Accrued restructuring | 3,812 | 4,087 |
Accrued pension and postretirement benefits | 1,541 | 1,548 |
Other accrued liabilities | 97,746 | 95,617 |
Total current liabilities | 400,725 | 430,467 |
Long-term debt | 972,369 | 836,412 |
Long-term lease liabilities | 25,695 | 26,335 |
Deferred tax liabilities | 156,468 | 179,025 |
Non-current accrued pension and postretirement benefits | 42,755 | 45,984 |
Other non-current liabilities | 42,178 | 49,615 |
Total liabilities | 1,640,190 | 1,567,838 |
Equity | ||
Common stock, $1 par value; authorized 30,000,000 shares; issued and outstanding 2022 - 17,919,750 shares; 2021 - 17,897,033 shares | 17,920 | 17,897 |
Capital in excess of par value | 921,642 | 917,053 |
Retained earnings | 535,621 | 516,334 |
Accumulated other comprehensive loss | (145,246) | (63,990) |
Total Quaker shareholders' equity | 1,329,937 | 1,387,294 |
Noncontrolling interest | 629 | 628 |
Total equity | 1,330,566 | 1,387,922 |
Total liabilities and equity | $ 2,970,756 | $ 2,955,760 |
Condensed Consolidated Balan_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
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 | 17,919,750 | 17,897,033 |
Common stock shares, outstanding | 17,919,750 | 17,897,033 |
Condensed Consolidated State_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net income | $ 34,192 | $ 72,232 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Amortization of debt issuance costs | 2,236 | 2,375 |
Depreciation and amortization | 41,036 | 44,188 |
Equity in undistributed earnings of associated companies, net of dividends | 3,400 | (6,715) |
Acquisition-related fair value adjustments related to inventory | 0 | 801 |
Deferred compensation, deferred taxes and other, net | (10,223) | (13,849) |
Share-based compensation | 5,433 | 6,134 |
Loss on extinguishment of debt | 5,246 | 0 |
Loss (gain) on disposal of property, plant, equipment and other assets | 15 | (5,356) |
Combination and other acquisition-related expenses, net of payments | (3,880) | (2,305) |
Restructuring and related charges | 819 | 1,473 |
Pension And Other Postretirement Benefit Expense | (2,269) | (2,223) |
(Decrease) increase in cash from changes in current assets and current liabilities, net of acquisitions: | ||
Accounts receivable | (51,944) | (47,252) |
Inventories | (58,427) | (57,020) |
Prepaid expenses and other current assets | (5,558) | (20,111) |
Change in restructuring liabilities | (797) | (4,214) |
Accounts payable and accrued liabilities | 32,298 | 22,274 |
Net cash used in operating activities | (8,423) | (9,568) |
Cash flows from investing activities | ||
Investments in property, plant and equipment | (15,138) | (6,974) |
Payments related to acquisitions, net of cash acquired | (9,383) | (29,424) |
Proceeds from disposition of assets | 85 | 14,744 |
Net cash used in investing activities | (24,436) | (21,654) |
Cash flows from financing activities | ||
Payments of long-term debt | (668,500) | (19,065) |
Proceeds from long-term debt | 750,000 | 0 |
Borrowings on revolving credit facilities, net | 16,703 | 29,433 |
Repayments on other debt, net | (155) | (219) |
Financing-related debt issuance costs | (3,734) | 0 |
Dividends paid | (14,862) | (14,113) |
Stock options exercised, other | (821) | (416) |
Net cash provided by (used in) financing activities | 78,631 | (4,380) |
Effect of foreign exchange rate changes on cash | (8,600) | (683) |
Net increase (decrease) in cash and cash equivalents | 37,172 | (36,285) |
Cash and cash equivalents at the beginning of the period | 165,176 | 181,895 |
Cash and cash equivalents at the end of the period | $ 202,348 | $ 145,610 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2020 | $ 1,320,914 | $ 17,851 | $ 905,171 | $ 423,940 | $ (26,598) | $ 550 |
Net income | 38,632 | 0 | 0 | 38,615 | 0 | 17 |
Amounts reported in other comprehensive loss | (26,632) | 0 | 0 | 0 | (26,630) | (2) |
Dividends ($0.395 per share) ($0.415 per share) | (7,062) | 0 | 0 | (7,062) | 0 | 0 |
Share issuance and equity-based compensation plans | 3,601 | 24 | 3,577 | 0 | 0 | 0 |
Ending Balance at Mar. 31, 2021 | 1,329,453 | 17,875 | 908,748 | 455,493 | (53,228) | 565 |
Beginning Balance at Dec. 31, 2020 | 1,320,914 | 17,851 | 905,171 | 423,940 | (26,598) | 550 |
Net income | 72,232 | |||||
Amounts reported in other comprehensive loss | (9,339) | |||||
Ending Balance at Jun. 30, 2021 | 1,375,401 | 17,878 | 910,862 | 482,001 | (35,943) | 603 |
Beginning Balance at Mar. 31, 2021 | 1,329,453 | 17,875 | 908,748 | 455,493 | (53,228) | 565 |
Net income | 33,600 | 0 | 0 | 33,570 | 0 | 30 |
Amounts reported in other comprehensive loss | 17,293 | 0 | 0 | 0 | 17,285 | 8 |
Dividends ($0.395 per share) ($0.415 per share) | (7,062) | 0 | 0 | (7,062) | 0 | 0 |
Share issuance and equity-based compensation plans | 2,117 | 3 | 2,114 | 0 | 0 | 0 |
Ending Balance at Jun. 30, 2021 | 1,375,401 | 17,878 | 910,862 | 482,001 | (35,943) | 603 |
Beginning Balance at Dec. 31, 2021 | 1,387,922 | 17,897 | 917,053 | 516,334 | (63,990) | 628 |
Net income | 19,821 | 0 | 0 | 19,816 | 0 | 5 |
Amounts reported in other comprehensive loss | (6,270) | 0 | 0 | 0 | (6,271) | 1 |
Dividends ($0.395 per share) ($0.415 per share) | (7,434) | 0 | 0 | (7,434) | 0 | 0 |
Share issuance and equity-based compensation plans | 1,661 | 15 | 1,646 | 0 | 0 | 0 |
Ending Balance at Mar. 31, 2022 | 1,395,700 | 17,912 | 918,699 | 528,716 | (70,261) | 634 |
Beginning Balance at Dec. 31, 2021 | 1,387,922 | 17,897 | 917,053 | 516,334 | (63,990) | 628 |
Net income | 34,192 | |||||
Amounts reported in other comprehensive loss | (81,288) | |||||
Ending Balance at Jun. 30, 2022 | 1,330,566 | 17,920 | 921,642 | 535,621 | (145,246) | 629 |
Beginning Balance at Mar. 31, 2022 | 1,395,700 | 17,912 | 918,699 | 528,716 | (70,261) | 634 |
Net income | 14,371 | 0 | 0 | 14,343 | 0 | 28 |
Amounts reported in other comprehensive loss | (75,018) | 0 | 0 | 0 | (74,985) | (33) |
Dividends ($0.395 per share) ($0.415 per share) | (7,438) | 0 | 0 | (7,438) | 0 | 0 |
Share issuance and equity-based compensation plans | 2,951 | 8 | 2,943 | 0 | 0 | 0 |
Ending Balance at Jun. 30, 2022 | $ 1,330,566 | $ 17,920 | $ 921,642 | $ 535,621 | $ (145,246) | $ 629 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Changes in Equity [Abstract] | ||||||
Dividend per share | $ 0.415 | $ 0.415 | $ 0.395 | $ 0.395 | $ 0.830 | $ 0.790 |
Basis of Presentation and Descr
Basis of Presentation and Description of Business | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 (the “Report”), Corporation (doing business as Quaker Houghton), its subsidiaries, and As used in these Notes to Condensed Consolidated Financial Statements, with Houghton International, Inc. (“Houghton”). have been prepared in accordance with generally accepted accounting principles financial reporting and the United States Securities and Exchange Commission disclosures normally included in financial statements prepared in accordance pursuant to such rules and regulations. of normal recurring adjustments which are necessary for a fair statement of for the interim periods. for the full year. the year ended December 31, 2021 (the “2021 Form 10-K”). 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 TM ”) for various heavy industrial and manufacturing 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 June 30, 2022, the Company's Argentine 1 % of the Company’s consolidated assets and net sales, respectively. 0.1 and $ 0.2 Comparatively, 0.1 0.3 respectively, of remeasurement recorded within foreign exchange losses, net, which is a component of other Consolidated Statements of Income. |
Business Acquisitions
Business Acquisitions | 6 Months Ended |
Jun. 30, 2022 | |
Business Acquisitions [Abstract] | |
Business acquisitions [Text Block] | Note 2 – Business Acquisitions 2022 Acquisitions lubricants and stamping oil for metalworking, and various other lubrication, Americas reportable segment for approximately $ 8.0 existing metals and metalworking business in the Americas region. 5.6 intangible assets, comprised of $ 5.1 14 years ; and $ 0.5 product technologies to be amortized over 14 years . 1.8 value not allocated to other acquired assets, all of which is expected to be tax deductible Company operates. sector, as well as impregnation resin and for approximately 1.2 1.4 Germany as well as broadens its product offerings and The results of operations of the 2022 acquisitions subsequent to the respective Condensed Consolidated Statements of Income for the six month period ended associated with these acquisitions are included in Combination, unaudited Condensed Consolidated Statements of Income. of the acquisitions are not considered material to the overall operations Previous Acquisitions impregnation services of castings, powder metals and electrical components for $ 11.0 7.1 provisions initially estimated at $ 3.9 could total a maximum of $ 4.5 8.0 1.1 property, plant and 1.5 0.3 acquired. 0.4 comprised $ 7.2 15 years ; and $ 0.8 amortized over 13 years . in Turkey for its EMEA reportable segment for 3.2 3.7 In September 2021, the Company acquired the remaining interest in Grindaix provider of coolant control and delivery systems for its Global Specialty Businesses reportable 2.4 approximately $ 2.9 0.3 Company acquired a 38 % ownership interest in Grindaix for 1.4 1.7 its initial investment as an equity method investment within the Condensed Consolidated purchase of the remaining interest as a step acquisition whereby the Company investment to its fair value. In June 2021, the Company acquired certain assets for its chemical milling Businesses reportable segment for 2.3 2.8 In February 2021, the Company acquired a tin-plating solutions business 25.0 acquisition is part of each of the Company’s 19.6 price to intangible assets, comprised of $ 18.3 19 years ; $ 0.9 product technology to be amortized over 14 years ; and $ 0.4 3 years . the Company recorded $ 5.0 expected to be tax deductible in various jurisdictions in which we operate. goodwill included the acquisition of business processes and personne Turkey, necessary as a result of the Company’s liabilities assumed. finishing fluid solutions. certain post-closing adjustments. certain amounts owed related to tax attributes of the acquisition. Sellers, the Company believes the potential range of exposure for this claim is $ 0 1.5 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2022 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards [Text Block] | Note 3 – Recently Issued Accounting Standards Recently Issued Accounting Standards 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 Company entered into an amendment to its primary credit facility which, LIBOR successor rate (the Secured Overnight Financing Rate (“SOFR”)). Statements. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2022 | |
Business Segment Disclosures [Abstract] | |
Business segments [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 Specialty Businesses segment includes the Company’s grease and Norman Hay businesses. Segment operating earnings for each of the Company’s related cost of goods sold (“COGS”) and selling, general and administrative attributable to the net sales of each respective segment, such as certain corporate and other acquisition-related expenses, and Restructuring and related charges, items not specifically identified with the Company’s net. The following table presents information about the performance of months ended June 30, 2022 and 2021. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net sales Americas $ 172,747 $ 139,673 $ 326,891 $ 274,544 EMEA 123,053 123,436 248,740 243,250 Asia/Pacific 99,828 91,559 204,062 188,265 Global Specialty Businesses 96,760 80,594 186,866 158,986 Total net sales $ 492,388 $ 435,262 $ 966,559 $ 865,045 Segment operating earnings Americas $ 33,785 $ 33,648 $ 63,005 $ 65,882 EMEA 13,283 23,405 30,049 48,649 Asia/Pacific 22,226 23,227 44,133 50,705 Global Specialty Businesses 27,841 24,209 52,876 48,378 Total segment operating 97,135 104,489 190,063 213,614 Combination, integration and other acquisition-related expenses (1,832) (6,658) (5,885) (12,473) Restructuring and related credits (charges), net 1 (298) (819) (1,473) Fair value step up of acquired inventory sold — — — (801) Non-operating and administrative expenses (48,579) (43,077) (92,042) (84,069) Depreciation of corporate assets and amortization (14,822) (15,640) (30,011) (31,088) Operating income 31,903 38,816 61,306 83,710 Other (expense) income, net (8,399) 14,010 (10,605) 18,697 Interest expense, net (6,494) (5,618) (11,839) (11,088) Income before taxes and equity in net (loss) income of associated companies $ 17,010 $ 47,208 $ 38,862 $ 91,319 Inter-segment revenues for the three and six months ended 3.3 6.2 12.4 million and $ 21.3 0.1 0.4 2.0 3.7 Specialty Businesses, respectively. 2.4 $ 5.7 6.3 15.1 0.4 0.5 2.1 and $ 4.1 each reportable operating segment’s |
Net Sales and Revenue Recogniti
Net Sales and Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
Net Sales and Revenue Recognition [Abstract] | |
Net Sales and Revenue Recognition [TextBlock] | Note 5 – Net Sales and Revenue Recognition Arrangements Resulting in Net Reporting As part of the Company’s Fluidcare TM Company transferred third-party products under arrangements recognized 20.5 40.3 for the three and six months ended June 30, 2022, respectively, 16.7 34.5 June 30, 2021, respectively. Customer Concentration A significant portion of the Company’s steel, aluminum, automobiles, aerospace, Company’s 2021 Form 10-K, during multiple subsidiaries or divisions with semiautonomous purchasing authority) 10 % of consolidated net sales, with its largest customer accounting for approximately 3 % of consolidated net sales. Contract Assets and Liabilities The Company had no material contract assets recorded on its Condensed December 31, 2021. The Company had approximately $ 6.6 7.0 respectively. recognized into revenue the advance payments received and recorded Disaggregated Revenue The Company sells its various industrial process fluids, its specialty chemicals portfolio. by individual product lines. the Company’s geographic The following tables disaggregate the Company’s revenue recognized for the three and six months ended June 30, 2022 Three Months Ended June 30, 2022 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 63,373 $ 37,586 $ 55,596 $ 156,555 Metalworking and other 109,374 85,467 44,232 239,073 172,747 123,053 99,828 395,628 Global Specialty Businesses 62,367 21,324 13,069 96,760 $ 235,114 $ 144,377 $ 112,897 $ 492,388 Timing of Revenue Recognized Product sales at a point in time $ 225,135 $ 136,622 $ 110,190 $ 471,947 Services transferred over time 9,979 7,755 2,707 20,441 $ 235,114 $ 144,377 $ 112,897 $ 492,388 Three Months Ended June 30, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 51,799 $ 35,634 $ 48,207 $ 135,640 Metalworking and other 87,874 87,802 43,352 219,028 139,673 123,436 91,559 354,668 Global Specialty Businesses 46,183 21,678 12,733 80,594 $ 185,856 $ 145,114 $ 104,292 $ 435,262 Timing of Revenue Recognized Product sales at a point in time $ 177,227 $ 137,838 $ 101,264 $ 416,329 Services transferred over time 8,629 7,276 3,028 18,933 $ 185,856 $ 145,114 $ 104,292 $ 435,262 Six Months Ended June 30, 2022 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 119,533 $ 74,425 $ 110,883 $ 304,841 Metalworking and other 207,358 174,315 93,179 474,852 326,891 248,740 204,062 779,693 Global Specialty Businesses 119,631 41,345 25,890 186,866 $ 446,522 $ 290,085 $ 229,952 $ 966,559 Timing of Revenue Recognized Product sales at a point in time $ 426,419 $ 273,825 $ 224,815 $ 925,059 Services transferred over time 20,103 16,260 5,137 41,500 $ 446,522 $ 290,085 $ 229,952 $ 966,559 Six Months Ended June 30, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 98,592 $ 69,908 $ 97,950 $ 266,450 Metalworking and other 175,952 173,342 90,315 439,609 274,544 243,250 188,265 706,059 Global Specialty Businesses 91,439 41,950 25,597 158,986 $ 365,983 $ 285,200 $ 213,862 $ 865,045 Timing of Revenue Recognized Product sales at a point in time $ 348,821 $ 269,000 $ 207,663 $ 825,484 Services transferred over time 17,162 16,200 6,199 39,561 $ 365,983 $ 285,200 $ 213,862 $ 865,045 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases [TextBlock] | Note 6 - Leases The Company has operating leases for certain facilities, vehicles and machinery 10 years . use leases with remaining lease terms up to 93 years . The Company has no 2022 and 2021. The following table sets forth the components of the Company’s 2022 and 2021: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Operating lease expense $ 3,519 $ 3,548 $ 6,928 $ 7,160 Short-term lease expense 205 283 424 534 Supplemental cash flow information related to the Company’s Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,442 $ 3,489 $ 6,807 $ 7,068 Non-cash lease liabilities activity: Leased assets obtained in exchange for new operating lease liabilities 3,385 825 8,074 3,875 Supplemental balance sheet information related to the Company’s June 30, December 31, 2022 2021 Right of use lease assets $ 36,317 $ 36,635 Other current liabilities 10,452 9,976 Long-term lease liabilities 25,695 26,335 Total operating lease liabilities $ 36,147 $ 36,311 Weighted average 5.6 5.6 Weighted average 4.14% 4.22% Maturities of operating lease liabilities were as follows: June 30, 2022 For the remainder of 2022 $ 6,201 For the year ended December 31, 2023 10,076 For the year ended December 31, 2024 7,815 For the year ended December 31, 2025 5,749 For the year ended December 31, 2026 4,449 For the year ended December 31, 2027 and beyond 6,678 Total lease payments 40,968 Less: imputed interest (4,821) Present value of lease liabilities $ 36,147 |
Restructuring and Related Activ
Restructuring and Related Activities | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities [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 depend on a number of factors and are subject to change; however, the Company currently expects reduction in headcount and site closures under the QH Program to continue to occur throughout 2022 and into 2023. 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 charges in the Company’s Consolidated Financial Statements, restructuring and related charges segments’ measure of operating earnings and therefore these costs are not reviewed Activity in the Company’s accrual QH Program Accrued restructuring as of December 31, 2021 $ 4,087 Restructuring and related charges 819 Cash payments (797) Currency translation adjustments (297) Accrued restructuring as of June 30, 2022 $ 3,812 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation [Text Block] | Note 8 – Share-Based Compensation The Company recognized the following share-based compensation expense for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Stock options $ 469 $ 332 $ 736 $ 640 Non-vested stock awards and restricted stock units 1,667 1,290 3,215 2,686 Non-elective and elective 401(k) matching contribution in stock — — — 1,553 Director stock ownership plan 20 216 44 419 Performance stock units 815 517 1,438 836 Total share-based $ 2,971 $ 2,355 $ 5,433 $ 6,134 Share-based compensation expense is recorded in SG&A, except for $ 0.1 0.2 ended June 30, 2022, respectively, 0.2 0.5 recorded within Combination, integration and other acquisition-related Stock Options During the first six months of 2022, the Company granted stock options under subject only to time vesting over a three Company used a Black-Scholes option pricing model and the assumptions set forth March 2022 Grant Number of options granted 27,077 Dividend yield 0.80 % Expected volatility 38.60 % Risk-free interest rate 2.07 % Expected term (years) 4.0 The fair value of these options is amortized on a straight-line basis over the compensation expense related to all stock options granted 2.4 period of 1.6 Restricted Stock Awards During the six months ended June 30, 2022, the Company granted 25,743 4,490 restricted stock units under its LTIP, three year these grants is based on the trading price of the Company’s fair value of these awards for expected forfeitures based on historical experience. expense related to the non-vested restricted shares was $ 6.2 1.8 years, and unrecognized compensation expense related to non-vested 1.2 weighted average remaining period of 2.1 Performance Stock Units The Company grants performance-dependent stock awards (“PSUs”) as a component certain number of shares subject to market-based and time-based vesting conditions. ultimately be issued as settlement for each award may range from 0 % up to 200 % of the target award, subject to the achievement of the Company’s total shareholder Materials group. from January 1 of the year of grant through December 31 of the year prior Compensation expense for PSUs is measured based on their grant date fair value the three year vesting period. and using the following assumptions set forth in the table below: March 2022 Grant Number of PSUs granted 16,820 Risk-free interest rate 2.11 % Dividend yield 0.93 % Expected term (years) 3.0 As of June 30, 2022, based on the conditions of the PSUs and performance to date for will no t issue any fully vested shares as of the applicable settlement date of all outstanding PSUs awards. was approximately $ 5.5 over a weighted-average period of 2.1 Defined Contribution Plan The Company has a 401(k) plan with an employer match covering a majority 50 % of the first 6 % of compensation that is contributed to the plan, with a maximum matching contribution of 3 % of compensation. Additionally, the plan of service equal to 3 % of the eligible participants’ compensation. Company matched both non-elective and elective 401(k) contributions than cash. no June 30, 2021, total contributions were $ 1.5 |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 6 Months Ended |
Jun. 30, 2022 | |
Pension and Postretirement Benefits [Abstract] | |
Pension and Postretirement Benefits [Text Block] | Note 9 – Pension and Other Postretirement The components of net periodic benefit (income) cost for the three and Three Six Months Ended June 30, Other Other Postretirement Postretirement Pension Benefits Benefits Pension Benefits Benefits 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 174 $ 316 $ 8 $ 2 $ 354 $ 632 $ — $ 3 Interest cost 1,317 1,094 2 10 2,677 2,184 11 21 Expected return on plan assets (2,012) (2,093) — — (4,097) (4,175) — — Actuarial loss amortization 248 857 (23) — 505 1,712 (47) — Prior service cost amortization 2 3 (9) — 5 5 (8) — Net periodic benefit (income) $ (271) $ 177 $ (22) $ 12 $ (556) $ 358 $ (44) $ 24 Employer Contributions As of June 30, 2022, $ 1.7 0.1 plans and its other postretirement benefit plans, respectively. requirements, the Company currently expects to make full year cash contributions 6.6 foreign pension plans and approximately $ 0.2 |
Other (Expense) Income, Net
Other (Expense) Income, Net | 6 Months Ended |
Jun. 30, 2022 | |
Other (Expense) Income, Net [Abstract] | |
Other (Expense) Income, Net [Text Block] | Note 10 – Other (Expense) Income, Net The components of other (expense) income, net, for the three and six months ended June Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Income from third party license fees $ 249 $ 373 $ 653 $ 712 Foreign exchange losses, net (2,026) (838) (3,931) (2,316) (Loss) gain on disposals of property, assets, net (38) (54) (15) 5,356 Non-income tax refunds and other related (expense) credits (417) 14,295 (1,739) 14,392 Pension and postretirement benefit income, non-service components 475 129 954 253 Loss on extinguishment of debt (6,763) — (6,763) — Other non-operating income, net 121 105 236 300 Total other (expense) $ (8,399) $ 14,010 $ (10,605) $ 18,697 Non-income tax refunds and other related (expense) credits during adjustments to Combination-related indemnification assets associated with the Company’s Italian and German Financial Statements. $ 6.8 party and creditor debt issuance costs incurred to execute an amendment Notes to the Condensed Consolidated Financial Statements. Loss (gain) on disposals of property, gain on the sale of certain held-for-sale real property assets related |
Income Taxes and Uncertain Inco
Income Taxes and Uncertain Income Tax Positions | 6 Months Ended |
Jun. 30, 2022 | |
Income Taxes and Uncertain Tax Positions [Abstract] | |
Income Taxes and Uncertain Income Tax Positions [Text Block] | Note 11 – Income Taxes The Company’s effective 8.1 % and 10.9 %, respectively, compared to 32.2 % and 28.4 % for the three and six months ended June 30, 2021, respectively. the six months ended June 30, 2022 was largely driven by due to recently issued legislative guidance, tax benefit associated with an intercompany asset transfer, fees, withholding taxes for increased forecasted dividends and the effects addition, the Company incurred higher tax expense during the three and six months ended accrued taxes at a statutory tax rate of 25 % while it awaits recertification of a concessionary 15 % tax rate, which was available to the Company during all of 2021. included certain held-for-sale real property assets related to the Combination law changes in a foreign jurisdiction and the income tax impacts of certain Brazilian subsidiaries. As of December 31, 2021, the Company had a deferred tax liability of $ 8.4 which primarily represents the Company’s earnings to the U.S. 7.4 cumulative liability for gross unrecognized tax benefits was $ 17.8 4.7 cumulative liability accrued as of December 31, 2021. The Company continues to recognize interest and penalties associated with uncertain income before equity in net income of associated companies in its Condensed recognized a benefit for interest of less than $ 0.1 0.3 0.1 $ 1.5 respectively, and recognized 0.2 0.2 0.1 million and $ 0.2 2021, respectively. 2.6 1.5 cumulative penalties in its Condensed Consolidated Balance Sheets, compared 3.1 3.1 for cumulative penalties accrued at December 31, 2021. During the six months ended June 30, 2022 and 2021, the Company recognized 3.5 0.8 respectively, Italian and German tax authorities, as well as the expiration of the applicable The Company estimates that during the year ending December 31, 202 unrecognized tax benefits by approximately $ 4.2 limitations with regard to certain tax positions. not consider any increase in liability for unrecognized tax benefits with regard liability for unrecognized tax benefits with regard to new tax positions for The Company and its subsidiaries are subject to U.S. Federal income tax, tax jurisdictions. 2007 , Brazil from 2011 , Germany from 2015 , the Netherlands and Mexico from 2016 , Canada, China, Spain and the U.S. from 2017 , the United Kingdom from 2018 , India from fiscal year beginning April 1, 2017 and ending March 31, 2018 , 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 had accepted. 1.6 Netherlands and Spain. amount due of $ 2.6 liability. 0.1 refundable. Houghton Italia, S.r.l is also involved 2014 through 2018 . audit with the Italian tax authorities for the tax years 2014 and 2015. settled tax years 2016 through 2018 for a total of $ 2.1 $ 3.7 settlement and reserve release the Company recognized a net benefit 2.0 2022. 3.6 Houghton for any pre-Combination tax liabilities arising from this matter. As previously reported, Houghton Deutschland GmbH is also under 2015 through 2017 . tax authorities for a total of $ 0.1 0.3 against the former owners of Houghton for any pre-Combination tax |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 12 – Earnings Per Share The following table summarizes earnings per share calculations for Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 14,343 $ 33,570 $ 34,159 $ 72,185 Less: income allocated to participating securities (58) (134) (136) (287) Net income available to common shareholders $ 14,285 $ 33,436 $ 34,023 $ 71,898 Basic weighted average common shares outstanding 17,834,329 17,802,366 17,830,218 17,793,915 Basic earnings per common share $ 0.80 $ 1.88 $ 1.91 $ 4.04 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 14,343 $ 33,570 $ 34,159 $ 72,185 Less: income allocated to participating securities (58) (134) (136) (287) Net income available to common shareholders $ 14,285 $ 33,436 $ 34,023 $ 71,898 Basic weighted average common shares outstanding 17,834,329 17,802,366 17,830,218 17,793,915 Effect of dilutive securities 7,048 47,155 17,186 52,095 Diluted weighted average common shares outstanding 17,841,377 17,849,521 17,847,404 17,846,010 Diluted earnings per common share $ 0.80 $ 1.88 $ 1.91 $ 4.03 Certain stock options, restricted stock units and PSUs are not included effect would have been anti-dilutive. 33,039 24,731 and six months ended June 30, 2022, respectively, 6,793 2,952 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets [Text Block] | Note 13 – Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the six months ended June 30, 2022 Global Specialty Americas EMEA Asia/Pacific Businesses Total Balance as of December 31, 2021 $ 214,023 $ 135,520 $ 162,458 $ 119,193 $ 631,194 Goodwill additions 1,752 — — 32 1,784 Currency translation adjustments 237 (9,969) (8,185) (4,894) (22,811) Balance as of June 30, 2022 $ 216,012 $ 125,551 $ 154,273 $ 114,331 $ 610,167 Gross carrying amounts and accumulated amortization for definite-lived 2021 were as follows: Gross Carrying Accumulated Amount Amortization 2022 2021 2022 2021 Customer lists and rights to sell $ 828,690 $ 853,122 $ 167,145 $ 147,858 Trademarks, formulations and product 156,262 163,974 41,640 38,747 Other 6,269 6,309 5,933 5,900 Total definite-lived $ 991,221 $ 1,023,405 $ 214,718 $ 192,505 The Company amortizes definite-lived intangible assets on a straight-line basis over $ 14.7 29.2 Comparatively, 15.0 29.8 June 30, 2021, respectively. Estimated annual aggregate amortization expense for the current year For the year ended December 31, 2022 $ 57,515 For the year ended December 31, 2023 57,349 For the year ended December 31, 2024 56,760 For the year ended December 31, 2025 55,970 For the year ended December 31, 2026 55,752 For the year ended December 31, 2027 and beyond 522,946 The Company had four indefinite-lived intangible assets totaling 186.1 185.0 indefinite-lived intangible assets for trademarks and tradename associated four indefinite-lived intangible assets for trademarks and tradename 196.9 The Company completes its annual goodwill and indefinite-lived intangible each year, or more frequently if triggering performance, economic conditions and other relevant developments than not that the carrying value of any of the Company’s Company continues to monitor various financial, economic and Ukraine war and the Company’s decision rising interest rates and cost of capital among other factors. continue to impact the Company did not represent a triggering event as of June 30, 2022. offset these headwinds including, but not limited to, implementing ongoing inflationary pressures. financial performance declines, then it is possible any of these financial, economic triggering event in the future and could lead to a potential impairment of the lived or long-lived assets. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt [Abstract] | |
Debt [Text Block] | Note 14 – Debt Debt as of June 30, 2022 and December 31, 2021 includes the following: As of June 30, 2022 As of December 31, 2021 Interest Outstanding Interest Outstanding Rate Balance Rate Balance Credit Facilities: Original Revolver — $ — 1.62% $ 211,955 Original U.S. Term — — 1.65% 540,000 Original Euro Term — — 1.50% 137,616 Amended Revolver 3.05% 228,658 — — Amended U.S. Term 3.08% 600,000 — — Amended Euro Term 1.50% 148,917 — — Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 1,495 Various 1,777 Total debt $ 989,070 $ 901,348 Less: debt issuance costs (2,216) (8,001) Less: short-term and current portion of long-term debts (14,485) (56,935) Total long-term debt $ 972,369 $ 836,412 Credit facilities The Company, its wholly agent, U.S. Dollar swing line lender and letter of credit issuer, August 1, 2019, as amended (the “Original Credit Facility”). 400.0 multicurrency revolver (the “Original Revolver”), a $ 600.0 Company as borrower, and a $ 150.0 Quaker Chemical B.V., August 2024 . During June 2022, the Company, as administrative agent, U.S. Dollar swing line lender and letter of credit Company, as Euro (the “Amended Credit Facility”). The Amended Credit Facility established 150.0 term loan (the “Amended Euro Term 600.0 and (C) a new $ 500.0 increase the amount of the Amended Credit Facility by an aggregate amount 300.0 100 % of Consolidated EBITDA, subject to certain conditions including the agreement increase). (i) eliminated (ii) replaced (iii) extended the maturity date of the Original Credit Facility from August 2024 to June 2027; (iv) effected certain other changes to the Original Credit The Company used the proceeds of the Amended Credit Facility to repay unpaid accrued interest and fees on the closing date under the Original denominated borrowings under the Amended Credit Facility bear plus an applicable rate ranging from 1.00 % to 1.75 % for term SOFR loans and from 0.00 % to 0.75 % for base rate loans, depending upon the Company’s consolidated 0.10 % per annum. alternative currency term rate plus the applicable rate ranging from 1.00 % to 1.75 %. The Amended Credit Facility contains affirmative without limitation restrictions on (a) the incurrence of additional lines of business and divisions; (c) the making of dividends or capital stock share repurchases are permitted in annual amounts not exceeding the greater 75 25 % of consolidated EBITDA if there is no default. less than 2.50 1.00 . Financial covenants contained in the Amended Credit Facility include consolidated net leverage ratio test. 4.00 1.00 , subject to a permitted increase during a four-quarter consolidated net leverage ratio test with a consolidated senior net leverage ratio notes, subject to certain limitations. payment, breach of representations and warranties, non-performance in certain circumstances. obligations becoming immediately due and payable and the Amended Company was in compliance with all of the Amended Credit Facility covenants. The weighted average variable interest rate incurred on the outstanding Amended Credit Facility during the six months ended June 30, 2.0 %. As of June 30, 2022, the interest rate on the outstanding borrowings under the Amended Credit Facility was approximately 2.8 %. principal under the Original Credit Facility, 0.2 % to 0.3 % depending on the Company’s consolidated thereunder. 0.150 % to 0.275 % related to unutilized commitments under the Amended Revolver, ratio. 268 approximately $ 4 The Company previously capitalized $ 23.7 Original Credit Facility. 15.5 recorded as a direct reduction of Long-term debt on the Condensed 8.3 capitalized costs were attributed to the Original Revolver and recorded Sheet. five year of December 31, 2021, the Company had $ 8.0 the Original Credit Facility. 4.3 assets attributable to the Original Credit Facility. 6.6 debt issuance costs recorded as a reduction of Long-term debt attributable 3.5 issuance costs recorded within Other assets attributable to the Original In connection with executing the Amended Credit Facility, approximately $ 6.8 portion of the third-party and creditor debt issuance costs incurred executing the Amended Credit Facility, 2.2 and creditor debt issuance costs. 0.7 and Amended U.S. Term Balance Sheet. 1.5 Other assets on the Condensed Consolidated Balance Sheet. were not written off will collectively be amortized into Interest expense June 30, 2022, the Company had $ 2.2 Consolidated Balance Sheet and $ 4.8 Balance Sheet. The Original Credit Facility required the Company to fix its variable interest 20 % of its total Original Term Loans. the Original Credit Facility, 170.0 swaps at a base rate of 1.64 % plus an applicable margin as provided in the Original Credit Facility, consolidated net leverage ratio. on the swaps, including the fixed base rate plus an applicable margin, 3.1 %. Company to fix variable interest rates on any portion of its borrowings. current interest rate swaps. Industrial development bonds As of June 30, 2022 and December 31, 2021, the Company had fixed rate, 10.0 million in principal amount due in 2028 . Bank lines of credit and other debt obligations The Company has certain unsecured bank lines of credit and discount collateralized. free municipality-related loans, local credit facilities of certain foreign subsidiaries capacity under these arrangements as of June 30, 2022 was approximately 28 In addition to the bank letters of credit described in the “Credit facilities” subsection above, the Company’s other off-balance sheet arrangements include certain financial and other guarantees. The Company’s total bank letters of credit and guarantees outstanding as of June 30, 2022 were approximately $5 million. The Company incurred the following debt related expenses included Statements of Income: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Interest expense $ 6,134 $ 4,813 $ 10,880 $ 9,463 Amortization of debt issuance costs 1,049 1,188 2,236 2,375 Total $ 7,183 $ 6,001 $ 13,116 $ 11,838 Based on the variable interest rates associated with the Amended Facility as of December 31, 2021, the amounts at which the Company’s fair market value. ` June 30, 2022 For the remainder of 2022 $ 4,681 For the year ended December 31, 2023 18,723 For the year ended December 31, 2024 23,404 For the year ended December 31, 2025 37,446 For the year ended December 31, 2026 37,446 For the year ended December 31, 2027 855,875 Total payments $ 977,575 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income [Text Block] | Note 15 – Accumulated Other Comprehensive Income The following tables show the reclassifications from and resulting balances (“AOCI”) for the three and six months ended June 30, 2022 and 2021: Defined Unrealized Currency Benefit Gain (Loss) in Translation Pension Available-for- Derivative Adjustments Plans Sale Securities Instruments Total Balance at March 31, 2022 $ (56,710) $ (12,676) $ (603) $ (272) $ (70,261) Other comprehensive (loss) income before reclassifications (76,400) 1,650 (1,043) 747 (75,046) Amounts reclassified from AOCI — 218 325 — 543 Related tax amounts — (461) 151 (172) (482) Balance at June 30, 2022 $ (133,110) $ (11,269) $ (1,170) $ 303 $ (145,246) Balance at March 31, 2021 $ (28,334) $ (22,175) $ 317 $ (3,036) $ (53,228) Other comprehensive income (loss) before reclassifications 16,157 (260) 341 586 16,824 Amounts reclassified from AOCI — 852 2 — 854 Related tax amounts — (195) (64) (134) (393) Balance at June 30, 2021 $ (12,177) $ (21,778) $ 596 $ (2,584) $ (35,943) Defined Unrealized Currency Benefit Gain (Loss) in Translation Pension Available-for- Derivative Adjustments Plans Sale Securities Instruments Total Balance at December 31, 2021 $ (49,843) $ (13,172) $ 397 $ (1,372) $ (63,990) Other comprehensive (loss) income before reclassifications (83,267) 2,082 (2,320) 2,175 (81,330) Amounts reclassified from AOCI — 447 336 — 783 Related tax amounts — (626) 417 (500) (709) Balance at June 30, 2022 $ (133,110) $ (11,269) $ (1,170) $ 303 $ (145,246) Balance at December 31, 2020 $ (2,875) $ (23,467) $ 3,342 $ (3,598) $ (26,598) Other comprehensive (loss) income before reclassifications (9,302) 521 (404) 1,316 (7,869) Amounts reclassified from AOCI — 1,714 (3,083) — (1,369) Related tax amounts — (546) 741 (302) (107) Balance at June 30, 2021 $ (12,177) $ (21,778) $ 596 $ (2,584) $ (35,943) 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 | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures [Text Block] | Note 16 – 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 $ 2,112 $ — $ 2,112 $ — Total $ 2,112 $ — $ 2,112 $ — Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 2,533 $ — $ 2,533 $ — Total $ 2,533 $ — $ 2,533 $ — The fair values of Company-owned life insurance assets are based on quotes terms. disclosures have not been included. |
Hedging Activities
Hedging Activities | 6 Months Ended |
Jun. 30, 2022 | |
Hedging Activities [Abstract] | |
Hedging Activities [Text Block] | Note 17 – Hedging Activities In order to satisfy certain requirements of the Original Credit Facility as well as to manage interest rate risk associated with the Original Credit Facility, 170.0 amounts of three year swaps are designated as cash flow hedges and, as such, the contracts are marked-to-market gains or losses are included in AOCI to the extent effective transaction affects earnings or it becomes probable In June 2022, the Company amended the Original Credit Facility. Statements. The balance sheet classification and fair values of the Company’s follows: Fair Value Condensed Consolidated June 30, December 31, Balance Sheet Location 2022 2021 Derivatives designated as cash flow hedges: Interest rate swaps Prepaid expenses and other current assets $ 394 $ — Other accrued liabilities — 1,782 $ 394 $ 1,782 The following table presents the net unrealized (gain) loss deferred to AOCI: June 30, December 31, 2022 2021 Derivatives designated as cash flow hedges: Interest rate swaps AOCI $ (303) $ 1,372 $ (303) $ 1,372 The following table presents the net loss reclassified from AOCI to earnings: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Amount and location of expense reclassified from AOCI into expense (effective portion) Interest expense, net $ (378) $ (659) $ (1,015) $ (1,302) 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 | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies [Text Block] | Note 18 – Commitments and Contingencies The Company previously disclosed in its 2021 Form 10-K that AC Products, Inc. agreed to operate two groundwater treatment systems, so as to hydraulically ACP’s site until such time as the concentrations consecutive quarterly sampling events. In 2014, ACP ceased operation the above condition for closure. As of June 30, 2022, ACP continues to operate Company discusses with the relevant authorities whether the second groundwater In addition, the Santa Ana Regional Water vapor testing on and near the ACP site to confirm that ACP continues to 2022, ACP performed such testing and is awaiting the review of the results from Board. As of June 30, 2022, the Company believes that the range of potential-known 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 2021 Form 10-K that an inactive sold certain products containing asbestos, primarily on an installed basis, and injury due to exposure to asbestos. the facts or circumstances of this previously disclosed matter, litigation. that the subsidiary’s total liability over 0.3 The Company previously disclosed in its 2021 Form 10-K that it is party to certain environmental domestic and foreign properties. maintenance at each of the applicable sites. changes to the facts or circumstances of these previously disclosed matters, activities and routine payments associated with each of the sites. matters, and based on historical costs incurred and projected costs to be incurred the range of costs for all of these environmental matters, on a discounted 5.0 6.0 million as of June 30, 2022, for which $ 5.5 Company’s Condensed Consolidated $ 5.6 Although there can be no assurance regarding the outcome of other has made adequate accruals for costs associated with other environmental problems 0.4 as of both June 30, 2022 and December 31, 2021, respectively, remediation costs. The Company previously disclosed in its 2021 Form 10-K that during the first six months Brazilian subsidiaries received a notice that it had prevailed on an existing that had been previously charged and paid. circulation (a valued-added-tax or VAT taxes (specifically the program of social integration (“PIS”) and contribution by the Brazilian States on the sale of goods. in the tax base of PIS and COFINS, and confirmed the methodology for calculating the taxpayers are entitled. entitled to receive tax credits and interest dating back five years preceding the rulings in the first six months of 2021, the Company recognized non-income 67.0 13.3 million, which includes approximately $ 8.4 4.9 million. tax authorities which the Company subsequently completed. the Company currently anticipates using the full amount of credits during the In connection with obtaining regulatory approvals for the Combination, Houghton were divested in August 2019. The Company previously disclosed acquired these divested product lines submitted an indemnification claim Houghton in the agreement pursuant to which such assets had been divested. indemnification claim and during the first quarter of 2022, the position that there were no amounts owed by the Company. The Company previously disclosed in its 2021 Form 10-K that two of the Company’s result of flooding and fire, respectively. months ended June 30, 2022, there have been no significant changes to matters, aside from the on-going restoration of both sites. managing the remediation and restoration activities associated with these all available information and discussions with its insurance adjuster and Company’s property insurance 2.0 its insurers of $ 2.1 for losses incurred) of $ 0.9 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) | 6 Months Ended |
Jun. 30, 2022 | |
Basis of Presentation and Description of Business [Abstract] | |
Basis of Presentation [Policy Text Block] | Basis of Presentation As used in these Notes to Condensed Consolidated Financial Statements of ended June 30, 2022 (the “Report”), Corporation (doing business as Quaker Houghton), its subsidiaries, and As used in these Notes to Condensed Consolidated Financial Statements, with Houghton International, Inc. (“Houghton”). have been prepared in accordance with generally accepted accounting principles financial reporting and the United States Securities and Exchange Commission disclosures normally included in financial statements prepared in accordance pursuant to such rules and regulations. of normal recurring adjustments which are necessary for a fair statement of for the interim periods. for the full year. the year ended December 31, 2021 (the “2021 Form 10-K”). |
Hyper-inflationary economies [Policy Text Block] | Hyper-inflationary economies Based on various indices or index compilations being used to monitor inflation effective July 1, 2018, Argentina’s months ended June 30, 2022, the Company's Argentine 1 % of the Company’s consolidated assets and net sales, respectively. 0.1 and $ 0.2 Comparatively, 0.1 0.3 respectively, of remeasurement recorded within foreign exchange losses, net, which is a component of other Consolidated Statements of Income. |
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 Specialty Businesses segment includes the Company’s grease and Norman Hay businesses. |
Revenue From Contract With Customer [Policy Text Block] | As part of the Company’s Fluidcare TM |
Goodwill And Intangible Assets, Goodwill, Policy [Policy Text Block] | The Company completes its annual goodwill and indefinite-lived intangible each year, or more frequently if triggering performance, economic conditions and other relevant developments than not that the carrying value of any of the Company’s |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Segment Disclosures [Abstract] | |
Scehedule of performance of the Company's reportable segments [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net sales Americas $ 172,747 $ 139,673 $ 326,891 $ 274,544 EMEA 123,053 123,436 248,740 243,250 Asia/Pacific 99,828 91,559 204,062 188,265 Global Specialty Businesses 96,760 80,594 186,866 158,986 Total net sales $ 492,388 $ 435,262 $ 966,559 $ 865,045 Segment operating earnings Americas $ 33,785 $ 33,648 $ 63,005 $ 65,882 EMEA 13,283 23,405 30,049 48,649 Asia/Pacific 22,226 23,227 44,133 50,705 Global Specialty Businesses 27,841 24,209 52,876 48,378 Total segment operating 97,135 104,489 190,063 213,614 Combination, integration and other acquisition-related expenses (1,832) (6,658) (5,885) (12,473) Restructuring and related credits (charges), net 1 (298) (819) (1,473) Fair value step up of acquired inventory sold — — — (801) Non-operating and administrative expenses (48,579) (43,077) (92,042) (84,069) Depreciation of corporate assets and amortization (14,822) (15,640) (30,011) (31,088) Operating income 31,903 38,816 61,306 83,710 Other (expense) income, net (8,399) 14,010 (10,605) 18,697 Interest expense, net (6,494) (5,618) (11,839) (11,088) Income before taxes and equity in net (loss) income of associated companies $ 17,010 $ 47,208 $ 38,862 $ 91,319 |
Net Sales and Revenue Recogni_2
Net Sales and Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Net Sales and Revenue Recognition [Abstract] | |
Disaggregation of company's net sales by segment [Table Text Block] | Three Months Ended June 30, 2022 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 63,373 $ 37,586 $ 55,596 $ 156,555 Metalworking and other 109,374 85,467 44,232 239,073 172,747 123,053 99,828 395,628 Global Specialty Businesses 62,367 21,324 13,069 96,760 $ 235,114 $ 144,377 $ 112,897 $ 492,388 Timing of Revenue Recognized Product sales at a point in time $ 225,135 $ 136,622 $ 110,190 $ 471,947 Services transferred over time 9,979 7,755 2,707 20,441 $ 235,114 $ 144,377 $ 112,897 $ 492,388 Three Months Ended June 30, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 51,799 $ 35,634 $ 48,207 $ 135,640 Metalworking and other 87,874 87,802 43,352 219,028 139,673 123,436 91,559 354,668 Global Specialty Businesses 46,183 21,678 12,733 80,594 $ 185,856 $ 145,114 $ 104,292 $ 435,262 Timing of Revenue Recognized Product sales at a point in time $ 177,227 $ 137,838 $ 101,264 $ 416,329 Services transferred over time 8,629 7,276 3,028 18,933 $ 185,856 $ 145,114 $ 104,292 $ 435,262 Six Months Ended June 30, 2022 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 119,533 $ 74,425 $ 110,883 $ 304,841 Metalworking and other 207,358 174,315 93,179 474,852 326,891 248,740 204,062 779,693 Global Specialty Businesses 119,631 41,345 25,890 186,866 $ 446,522 $ 290,085 $ 229,952 $ 966,559 Timing of Revenue Recognized Product sales at a point in time $ 426,419 $ 273,825 $ 224,815 $ 925,059 Services transferred over time 20,103 16,260 5,137 41,500 $ 446,522 $ 290,085 $ 229,952 $ 966,559 Six Months Ended June 30, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 98,592 $ 69,908 $ 97,950 $ 266,450 Metalworking and other 175,952 173,342 90,315 439,609 274,544 243,250 188,265 706,059 Global Specialty Businesses 91,439 41,950 25,597 158,986 $ 365,983 $ 285,200 $ 213,862 $ 865,045 Timing of Revenue Recognized Product sales at a point in time $ 348,821 $ 269,000 $ 207,663 $ 825,484 Services transferred over time 17,162 16,200 6,199 39,561 $ 365,983 $ 285,200 $ 213,862 $ 865,045 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of lease cost and supplemental information [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Operating lease expense $ 3,519 $ 3,548 $ 6,928 $ 7,160 Short-term lease expense 205 283 424 534 Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,442 $ 3,489 $ 6,807 $ 7,068 Non-cash lease liabilities activity: Leased assets obtained in exchange for new operating lease liabilities 3,385 825 8,074 3,875 June 30, December 31, 2022 2021 Right of use lease assets $ 36,317 $ 36,635 Other current liabilities 10,452 9,976 Long-term lease liabilities 25,695 26,335 Total operating lease liabilities $ 36,147 $ 36,311 Weighted average 5.6 5.6 Weighted average 4.14% 4.22% |
Schedule of Company's future minimum rental commitments under operating leases [Table Text Block] | June 30, 2022 For the remainder of 2022 $ 6,201 For the year ended December 31, 2023 10,076 For the year ended December 31, 2024 7,815 For the year ended December 31, 2025 5,749 For the year ended December 31, 2026 4,449 For the year ended December 31, 2027 and beyond 6,678 Total lease payments 40,968 Less: imputed interest (4,821) Present value of lease liabilities $ 36,147 |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | QH Program Accrued restructuring as of December 31, 2021 $ 4,087 Restructuring and related charges 819 Cash payments (797) Currency translation adjustments (297) Accrued restructuring as of June 30, 2022 $ 3,812 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Compensation [Abstract] | |
Schedule of share-based compensation expense in its Consolidated Statements of Income [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Stock options $ 469 $ 332 $ 736 $ 640 Non-vested stock awards and restricted stock units 1,667 1,290 3,215 2,686 Non-elective and elective 401(k) matching contribution in stock — — — 1,553 Director stock ownership plan 20 216 44 419 Performance stock units 815 517 1,438 836 Total share-based $ 2,971 $ 2,355 $ 5,433 $ 6,134 |
Schedule of Black-Scholes option pricing model and the assumptions [Table Text Block] | March 2022 Grant Number of options granted 27,077 Dividend yield 0.80 % Expected volatility 38.60 % Risk-free interest rate 2.07 % Expected term (years) 4.0 |
Schedule of Monte Carlo option pricing model and the assumptions [Text Block] | March 2022 Grant Number of PSUs granted 16,820 Risk-free interest rate 2.11 % Dividend yield 0.93 % Expected term (years) 3.0 |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Six Months Ended June 30, Other Other Postretirement Postretirement Pension Benefits Benefits Pension Benefits Benefits 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 174 $ 316 $ 8 $ 2 $ 354 $ 632 $ — $ 3 Interest cost 1,317 1,094 2 10 2,677 2,184 11 21 Expected return on plan assets (2,012) (2,093) — — (4,097) (4,175) — — Actuarial loss amortization 248 857 (23) — 505 1,712 (47) — Prior service cost amortization 2 3 (9) — 5 5 (8) — Net periodic benefit (income) $ (271) $ 177 $ (22) $ 12 $ (556) $ 358 $ (44) $ 24 |
Other (Expense) Income, Net (Ta
Other (Expense) Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other (Expense) Income, Net [Abstract] | |
Schedule of other expense, net [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Income from third party license fees $ 249 $ 373 $ 653 $ 712 Foreign exchange losses, net (2,026) (838) (3,931) (2,316) (Loss) gain on disposals of property, assets, net (38) (54) (15) 5,356 Non-income tax refunds and other related (expense) credits (417) 14,295 (1,739) 14,392 Pension and postretirement benefit income, non-service components 475 129 954 253 Loss on extinguishment of debt (6,763) — (6,763) — Other non-operating income, net 121 105 236 300 Total other (expense) $ (8,399) $ 14,010 $ (10,605) $ 18,697 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 14,343 $ 33,570 $ 34,159 $ 72,185 Less: income allocated to participating securities (58) (134) (136) (287) Net income available to common shareholders $ 14,285 $ 33,436 $ 34,023 $ 71,898 Basic weighted average common shares outstanding 17,834,329 17,802,366 17,830,218 17,793,915 Basic earnings per common share $ 0.80 $ 1.88 $ 1.91 $ 4.04 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 14,343 $ 33,570 $ 34,159 $ 72,185 Less: income allocated to participating securities (58) (134) (136) (287) Net income available to common shareholders $ 14,285 $ 33,436 $ 34,023 $ 71,898 Basic weighted average common shares outstanding 17,834,329 17,802,366 17,830,218 17,793,915 Effect of dilutive securities 7,048 47,155 17,186 52,095 Diluted weighted average common shares outstanding 17,841,377 17,849,521 17,847,404 17,846,010 Diluted earnings per common share $ 0.80 $ 1.88 $ 1.91 $ 4.03 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill And Other Intangible Assets [Abstract] | |
Schedule of Goodwill [Table Text Block] | Global Specialty Americas EMEA Asia/Pacific Businesses Total Balance as of December 31, 2021 $ 214,023 $ 135,520 $ 162,458 $ 119,193 $ 631,194 Goodwill additions 1,752 — — 32 1,784 Currency translation adjustments 237 (9,969) (8,185) (4,894) (22,811) Balance as of June 30, 2022 $ 216,012 $ 125,551 $ 154,273 $ 114,331 $ 610,167 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Carrying Accumulated Amount Amortization 2022 2021 2022 2021 Customer lists and rights to sell $ 828,690 $ 853,122 $ 167,145 $ 147,858 Trademarks, formulations and product 156,262 163,974 41,640 38,747 Other 6,269 6,309 5,933 5,900 Total definite-lived $ 991,221 $ 1,023,405 $ 214,718 $ 192,505 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the year ended December 31, 2022 $ 57,515 For the year ended December 31, 2023 57,349 For the year ended December 31, 2024 56,760 For the year ended December 31, 2025 55,970 For the year ended December 31, 2026 55,752 For the year ended December 31, 2027 and beyond 522,946 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt [Abstract] | |
Schedule of Debt [Table Text Block] | As of June 30, 2022 As of December 31, 2021 Interest Outstanding Interest Outstanding Rate Balance Rate Balance Credit Facilities: Original Revolver — $ — 1.62% $ 211,955 Original U.S. Term — — 1.65% 540,000 Original Euro Term — — 1.50% 137,616 Amended Revolver 3.05% 228,658 — — Amended U.S. Term 3.08% 600,000 — — Amended Euro Term 1.50% 148,917 — — Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 1,495 Various 1,777 Total debt $ 989,070 $ 901,348 Less: debt issuance costs (2,216) (8,001) Less: short-term and current portion of long-term debts (14,485) (56,935) Total long-term debt $ 972,369 $ 836,412 |
Interest Income And Interest Expense Disclosure [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Interest expense $ 6,134 $ 4,813 $ 10,880 $ 9,463 Amortization of debt issuance costs 1,049 1,188 2,236 2,375 Total $ 7,183 $ 6,001 $ 13,116 $ 11,838 |
Schedule of Maturities of Long-term Debt [Table Text Block] | ` June 30, 2022 For the remainder of 2022 $ 4,681 For the year ended December 31, 2023 18,723 For the year ended December 31, 2024 23,404 For the year ended December 31, 2025 37,446 For the year ended December 31, 2026 37,446 For the year ended December 31, 2027 855,875 Total payments $ 977,575 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income [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 March 31, 2022 $ (56,710) $ (12,676) $ (603) $ (272) $ (70,261) Other comprehensive (loss) income before reclassifications (76,400) 1,650 (1,043) 747 (75,046) Amounts reclassified from AOCI — 218 325 — 543 Related tax amounts — (461) 151 (172) (482) Balance at June 30, 2022 $ (133,110) $ (11,269) $ (1,170) $ 303 $ (145,246) Balance at March 31, 2021 $ (28,334) $ (22,175) $ 317 $ (3,036) $ (53,228) Other comprehensive income (loss) before reclassifications 16,157 (260) 341 586 16,824 Amounts reclassified from AOCI — 852 2 — 854 Related tax amounts — (195) (64) (134) (393) Balance at June 30, 2021 $ (12,177) $ (21,778) $ 596 $ (2,584) $ (35,943) Defined Unrealized Currency Benefit Gain (Loss) in Translation Pension Available-for- Derivative Adjustments Plans Sale Securities Instruments Total Balance at December 31, 2021 $ (49,843) $ (13,172) $ 397 $ (1,372) $ (63,990) Other comprehensive (loss) income before reclassifications (83,267) 2,082 (2,320) 2,175 (81,330) Amounts reclassified from AOCI — 447 336 — 783 Related tax amounts — (626) 417 (500) (709) Balance at June 30, 2022 $ (133,110) $ (11,269) $ (1,170) $ 303 $ (145,246) Balance at December 31, 2020 $ (2,875) $ (23,467) $ 3,342 $ (3,598) $ (26,598) Other comprehensive (loss) income before reclassifications (9,302) 521 (404) 1,316 (7,869) Amounts reclassified from AOCI — 1,714 (3,083) — (1,369) Related tax amounts — (546) 741 (302) (107) Balance at June 30, 2021 $ (12,177) $ (21,778) $ 596 $ (2,584) $ (35,943) |
Fair Value Measurements (Table)
Fair Value Measurements (Table) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements [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 $ 2,112 $ — $ 2,112 $ — Total $ 2,112 $ — $ 2,112 $ — Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 2,533 $ — $ 2,533 $ — Total $ 2,533 $ — $ 2,533 $ — |
Hedging Activities (Tables)
Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Hedging Activities [Abstract] | |
Scheudule of fair values of the Company''s derivative instruments, Level 2 measurements [Table Text Block] | Fair Value Condensed Consolidated June 30, December 31, Balance Sheet Location 2022 2021 Derivatives designated as cash flow hedges: Interest rate swaps Prepaid expenses and other current assets $ 394 $ — Other accrued liabilities — 1,782 $ 394 $ 1,782 June 30, December 31, 2022 2021 Derivatives designated as cash flow hedges: Interest rate swaps AOCI $ (303) $ 1,372 $ (303) $ 1,372 Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Amount and location of expense reclassified from AOCI into expense (effective portion) Interest expense, net $ (378) $ (659) $ (1,015) $ (1,302) |
Basis of Presentation and Des_3
Basis of Presentation and Description of Business (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) Countries | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Segments Countries | Jun. 30, 2021 USD ($) | |
Basis of Presentation and Description of Business [Abstract] | ||||
Number Of Countries In Which Entity Operates | Countries | 25 | 25 | ||
Number Of Reportable Segments | Segments | 4 | |||
Subsidiaries [Member] | Argentina [Member] | ||||
Currency conversion impacts of hyper-inflationary accounting | $ | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.3 |
Assets Total [Member] | Subsidiaries [Member] | Argentina [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 1% | 1% | ||
Sales Revenue Net [Member] | Subsidiaries [Member] | Argentina [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 1% | 1% |
Business Acquisitions - Narrati
Business Acquisitions - Narrative (Details) $ in Thousands, € in Millions | 1 Months Ended | 6 Months Ended | |||||||||||
Jan. 31, 2022 EUR (€) | Jan. 31, 2022 USD ($) | Nov. 30, 2021 EUR (€) | Nov. 30, 2021 USD ($) | Sep. 30, 2021 EUR (€) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 EUR (€) | Jun. 30, 2021 USD ($) | Feb. 28, 2021 EUR (€) | Feb. 28, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | $ 8,000 | ||||||||||||
Propery, plant & equipment | 1,100 | ||||||||||||
Other assets acquired net of liabilities assumed | 1,500 | ||||||||||||
Cash Acquired | 300 | ||||||||||||
Payments related to acquisitions, net of cash acquired | $ 9,383 | $ 29,424 | |||||||||||
Payments To Acquire Businesses Gross | 7,100 | ||||||||||||
Goodwill, Acquired During Period | 400 | 1,784 | |||||||||||
Post Closing Adjustment including earnouts | 3,900 | ||||||||||||
Loss Contingency Accrual At Carrying Value | 400 | $ 400 | |||||||||||
Assets Related To Sealing And Impregnation Of Metal Castings [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Asset Acquisition, Consideration Transferred | € 1.2 | $ 1,400 | |||||||||||
Assets Related to Hydraulic fluids, Coolants, Cleaners, and Rust Preventative oils [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Asset Acquisition, Consideration Transferred | € 3.2 | 3,700 | |||||||||||
Assets For Chemical Maskants [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Asset Acquisition, Consideration Transferred | € 2.3 | $ 2,800 | |||||||||||
Minimum [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Loss Contingency, Estimate of Possible Loss | 0 | ||||||||||||
Maximum [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Earnouts | 4,500 | ||||||||||||
Loss Contingency, Estimate of Possible Loss | $ 1,500 | ||||||||||||
Customer Relationships [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | $ 7,200 | ||||||||||||
Intangible Assets, Amortizable Life | 15 years | 15 years | |||||||||||
Product technology [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | $ 800 | ||||||||||||
Intangible Assets, Amortizable Life | 13 years | 13 years | |||||||||||
Business Related To Pickling Inhibitor Technologies [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 5,600 | ||||||||||||
Cash Paid for Acquisitions | 8,000 | ||||||||||||
Goodwill, Acquired During Period | 1,800 | ||||||||||||
Business Related To Pickling Inhibitor Technologies [Member] | Customer Relationships [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | $ 5,100 | ||||||||||||
Intangible Assets, Amortizable Life | 14 years | 14 years | |||||||||||
Business Related To Pickling Inhibitor Technologies [Member] | Product technology [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | $ 500 | ||||||||||||
Intangible Assets, Amortizable Life | 14 years | 14 years | |||||||||||
Baron Industries [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash Paid for Acquisitions | $ 11,000 | ||||||||||||
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 | ||||||||||||
Tin Plating Solutions [Member] | Customer Relationships [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] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 38% | ||||||||||||
Cash Paid for Acquisitions | € 2.4 | $ 2,900 | € 1.4 | $ 1,700 | |||||||||
Payments To Acquire Businesses Gross | $ 300 |
Business Acquisitions - Prelimi
Business Acquisitions - Preliminary Estimated Fair Values of Coral Net Assets Acquired (Details) $ in Millions | 1 Months Ended |
Nov. 30, 2021 USD ($) | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 0.3 |
Propery, plant & equipment | 1.1 |
Intangible assets | 8 |
Less: estimated purchase price settlement | 3.9 |
Net cash paid for Coral | $ 7.1 |
Business Acquisitions - Coral -
Business Acquisitions - Coral - Narrative (Details) | 1 Months Ended |
Nov. 30, 2021 | |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets, Amortizable Life | 15 years |
Product technology [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets, Amortizable Life | 13 years |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 6 Months Ended |
Jun. 30, 2022 Segments | |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 492,388 | $ 435,262 | $ 966,559 | $ 865,045 |
Combination, integration and other acquisition-related expenses | (1,832) | (6,658) | (5,885) | (12,473) |
Restructuring and related charges | 1 | (298) | (819) | (1,473) |
Fair value step up of acquired inventory sold | 0 | 0 | 0 | (801) |
Non-operating and administrative expenses | (48,579) | (43,077) | (92,042) | (84,069) |
Depreciation of corporate assets and amortization | (14,822) | (15,640) | (30,011) | (31,088) |
Operating income | 31,903 | 38,816 | 61,306 | 83,710 |
Other (expense) income, net | (8,399) | 14,010 | (10,605) | 18,697 |
Interest expense, net | (6,494) | (5,618) | (11,839) | (11,088) |
Income (loss) before taxes and equity in net income of associated companies | 17,010 | 47,208 | 38,862 | 91,319 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 235,114 | 185,856 | 446,522 | 365,983 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 144,377 | 145,114 | 290,085 | 285,200 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 112,897 | 104,292 | 229,952 | 213,862 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 395,628 | 354,668 | 779,693 | 706,059 |
Segment operating earnings | 97,135 | 104,489 | 190,063 | 213,614 |
Operating Segments [Member] | Global Specialty Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 96,760 | 80,594 | 186,866 | 158,986 |
Segment operating earnings | 27,841 | 24,209 | 52,876 | 48,378 |
Operating Segments [Member] | Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 172,747 | 139,673 | 326,891 | 274,544 |
Segment operating earnings | 33,785 | 33,648 | 63,005 | 65,882 |
Operating Segments [Member] | Americas [Member] | Global Specialty Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 62,367 | 46,183 | 119,631 | 91,439 |
Operating Segments [Member] | EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 123,053 | 123,436 | 248,740 | 243,250 |
Segment operating earnings | 13,283 | 23,405 | 30,049 | 48,649 |
Operating Segments [Member] | EMEA [Member] | Global Specialty Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 21,324 | 21,678 | 41,345 | 41,950 |
Operating Segments [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 99,828 | 91,559 | 204,062 | 188,265 |
Segment operating earnings | 22,226 | 23,227 | 44,133 | 50,705 |
Operating Segments [Member] | Asia Pacific [Member] | Global Specialty Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 13,069 | 12,733 | 25,890 | 25,597 |
Intersegment Elimination [Member] | Global Specialty Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,000 | 2,100 | 3,700 | 4,100 |
Intersegment Elimination [Member] | Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,300 | 2,400 | 6,200 | 5,700 |
Intersegment Elimination [Member] | EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 12,400 | 6,300 | 21,300 | 15,100 |
Intersegment Elimination [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 100 | $ 400 | $ 400 | $ 500 |
Net Sales and Revenue Recogni_3
Net Sales and Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenues [Abstract] | |||||
Net Reporting Amount | $ 20.5 | $ 16.7 | $ 40.3 | $ 34.5 | |
Deferred Revenue | $ 6.6 | $ 6.6 | $ 7 | ||
Customer Concentration Risk [Member] | Sales Revenue Net [Member] | Top Five Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 10% | ||||
Customer Concentration Risk [Member] | Sales Revenue Net [Member] | Largest customer [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 3% |
Net Sales and Revenue Recogni_4
Net Sales and Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Product Information [Line Items] | ||||
Net sales | $ 492,388 | $ 435,262 | $ 966,559 | $ 865,045 |
Product sales at a point in time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 471,947 | 416,329 | 925,059 | 825,484 |
Services transferred over time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 20,441 | 18,933 | 41,500 | 39,561 |
Americas [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 235,114 | 185,856 | 446,522 | 365,983 |
Americas [Member] | Product sales at a point in time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 225,135 | 177,227 | 426,419 | 348,821 |
Americas [Member] | Services transferred over time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 9,979 | 8,629 | 20,103 | 17,162 |
EMEA [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 144,377 | 145,114 | 290,085 | 285,200 |
EMEA [Member] | Product sales at a point in time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 136,622 | 137,838 | 273,825 | 269,000 |
EMEA [Member] | Services transferred over time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 7,755 | 7,276 | 16,260 | 16,200 |
Asia Pacific [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 112,897 | 104,292 | 229,952 | 213,862 |
Asia Pacific [Member] | Product sales at a point in time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 110,190 | 101,264 | 224,815 | 207,663 |
Asia Pacific [Member] | Services transferred over time [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 2,707 | 3,028 | 5,137 | 6,199 |
Operating Segments [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 395,628 | 354,668 | 779,693 | 706,059 |
Operating Segments [Member] | Metals [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 156,555 | 135,640 | 304,841 | 266,450 |
Operating Segments [Member] | Metalworking and other [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 239,073 | 219,028 | 474,852 | 439,609 |
Operating Segments [Member] | Global Specialty Businesses [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 96,760 | 80,594 | 186,866 | 158,986 |
Operating Segments [Member] | Americas [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 172,747 | 139,673 | 326,891 | 274,544 |
Operating Segments [Member] | Americas [Member] | Metals [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 63,373 | 51,799 | 119,533 | 98,592 |
Operating Segments [Member] | Americas [Member] | Metalworking and other [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 109,374 | 87,874 | 207,358 | 175,952 |
Operating Segments [Member] | Americas [Member] | Global Specialty Businesses [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 62,367 | 46,183 | 119,631 | 91,439 |
Operating Segments [Member] | EMEA [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 123,053 | 123,436 | 248,740 | 243,250 |
Operating Segments [Member] | EMEA [Member] | Metals [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 37,586 | 35,634 | 74,425 | 69,908 |
Operating Segments [Member] | EMEA [Member] | Metalworking and other [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 85,467 | 87,802 | 174,315 | 173,342 |
Operating Segments [Member] | EMEA [Member] | Global Specialty Businesses [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 21,324 | 21,678 | 41,345 | 41,950 |
Operating Segments [Member] | Asia Pacific [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 99,828 | 91,559 | 204,062 | 188,265 |
Operating Segments [Member] | Asia Pacific [Member] | Metals [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 55,596 | 48,207 | 110,883 | 97,950 |
Operating Segments [Member] | Asia Pacific [Member] | Metalworking and other [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 44,232 | 43,352 | 93,179 | 90,315 |
Operating Segments [Member] | Asia Pacific [Member] | Global Specialty Businesses [Member] | ||||
Product Information [Line Items] | ||||
Net sales | $ 13,069 | $ 12,733 | $ 25,890 | $ 25,597 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Variable Lease Cost | $ 0 | $ 0 |
Sublease Income | $ 0 | $ 0 |
Land [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee Operating Lease Term Of Contract | 93 years | |
Facilities vehicles and machinery and equipment [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee Operating Lease Term Of Contract | 10 years |
Leases - Supplemental Informati
Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Lease cost | |||||
Operating Lease Cost | $ 3,519 | $ 3,548 | $ 6,928 | $ 7,160 | |
Short Term Lease Cost | 205 | 283 | 424 | 534 | |
Supplemental cash flow information related to leases | |||||
Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases | 3,442 | 3,489 | 6,807 | 7,068 | |
Leased assets obtained in exchange for new operating lease liabilities | 3,385 | $ 825 | 8,074 | $ 3,875 | |
Supplemental balance sheet information | |||||
Right of use lease assets | 36,317 | 36,317 | $ 36,635 | ||
Other current liabilities | 10,452 | 10,452 | 9,976 | ||
Long-term lease liabilities | 25,695 | 25,695 | 26,335 | ||
Total operating lease liabilities | $ 36,147 | $ 36,147 | $ 36,311 | ||
Weighted average remaining lease term (years) | 5 years 7 months 6 days | 5 years 7 months 6 days | 5 years 7 months 6 days | ||
Weighted average discount rate | 4.14% | 4.14% | 4.22% |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Operating Lease Liabilities Payments Due [Abstract] | ||
For the remainder of 2022 | $ 6,201 | |
For the year ended December 31, 2023 | 10,076 | |
For the year ended December 31, 2024 | 7,815 | |
For the year ended December 31, 2025 | 5,749 | |
For the year ended December 31, 2026 | 4,449 | |
For the year ended December 31, 2027 and beyond | 6,678 | |
Total lease payments | 40,968 | |
Less: imputed interest | (4,821) | |
Present value of lease liabilities | $ 36,147 | $ 36,311 |
Restructuring and Related Act_3
Restructuring and Related Activities - Narrative (Details) | 6 Months Ended |
Jun. 30, 2022 People | |
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 depend on a number of factors and are subject to change; however, the Company currently expects reduction in headcount and site closures under the QH Program to continue to occur throughout 2022 and into 2023. 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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring and related charges | $ (1) | $ 298 | $ 819 | $ 1,473 |
QH Program [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrued Restructuring, Beginning Balance | 4,087 | |||
Restructuring and related charges | 819 | |||
Cash Payments | (797) | |||
Currency translation adjustments | (297) | |||
Accrued Restructuring, Ending Balance | $ 3,812 | $ 3,812 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation [Line Items] | ||||
Share-based Compensation Expense | $ 2,971,000 | $ 2,355,000 | $ 5,433,000 | $ 6,134,000 |
Option Award Vesting Period | 3 years | |||
Risk-free Interest Rate | 2.07% | |||
Expected Term (Years) | 4 years | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross | 27,077 | |||
Employee Stock Option [Member] | ||||
Share Based Compensation [Line Items] | ||||
Unrecognized Compensation Expense, Options | 2,400,000 | $ 2,400,000 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 1 year 7 months 6 days | |||
Restricted Stock LTIP [Member] | ||||
Share Based Compensation [Line Items] | ||||
Option Award Vesting Period | 3 years | |||
Nonvested Stock Awards Granted | 25,743 | |||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | 6,200,000 | $ 6,200,000 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 1 year 9 months 18 days | |||
Restricted Stock Units (RSUs) LTIP Plan [Member] | ||||
Share Based Compensation [Line Items] | ||||
Nonvested Stock Awards Granted | 4,490 | |||
Unrecognized Share-based Compensation Expense, Nonvested Stock Award | 1,200,000 | $ 1,200,000 | ||
Weighted Average Remaining Life, Nonvested Stock Awards | 2 years 1 month 6 days | |||
Combination And Other Acquisition-Related [Member] | ||||
Share Based Compensation [Line Items] | ||||
Share-based Compensation Expense | 100,000 | 200,000 | $ 200,000 | 500,000 |
Performance Stock Units [Member] | ||||
Share Based Compensation [Line Items] | ||||
Share-based Compensation Expense | 815,000 | $ 517,000 | 1,438,000 | 836,000 |
Unrecognized Compensation Expense, Options | $ 5,500,000 | $ 5,500,000 | ||
Vesting Shares Target Lower Percent | 0% | |||
Vesting Shares Target Upper Percent | 200% | |||
Risk-free Interest Rate | 2.11% | |||
Expected Term (Years) | 3 years | |||
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 | 16,820 | |||
Fully vested shares | 0 | 0 | ||
Defined Contribution Plan [Member] | ||||
Share Based Compensation [Line Items] | ||||
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 50% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 6% | |||
Defined contribution plan employer matching contribution percent maximum | 3% | |||
Defined contribution plan employer non-elective nondiscretionary contributions percent | 3% | |||
Defined Contribution Plan Employer Discretionary Contribution Amount | $ 0 | $ 0 | $ 1,500,000 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | $ 2,971 | $ 2,355 | $ 5,433 | $ 6,134 |
Stock Options [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | 469 | 332 | 736 | 640 |
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 | 1,667 | 1,290 | 3,215 | 2,686 |
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 | 0 | 0 | 1,553 |
Director stock ownership plan [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | 20 | 216 | 44 | 419 |
Performance Stock Units [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | $ 815 | $ 517 | $ 1,438 | $ 836 |
Share-Based Compensation - Blac
Share-Based Compensation - Black-Scholes Option Pricing Model (Details) | 6 Months Ended |
Jun. 30, 2022 shares | |
Black-Scholes option pricing model | |
Number of options granted | 27,077 |
Dividend Yield | 0.80% |
Expected Volatility | 38.60% |
Risk-free Interest Rate | 2.07% |
Expected Term (Years) | 4 years |
Share-Based Compensation - Mont
Share-Based Compensation - Monte Carlo Simulation on Grant Date (Details) | 6 Months Ended |
Jun. 30, 2022 shares | |
Mote Carlo option pricing model | |
Number of PSUs granted | 27,077 |
Risk-free Interest Rate | 2.07% |
Dividend Yield | 0.80% |
Expected Term (Years) | 4 years |
Performance Stock Units [Member] | |
Mote Carlo option pricing model | |
Number of PSUs granted | 16,820 |
Risk-free Interest Rate | 2.11% |
Dividend Yield | 0.93% |
Expected Term (Years) | 3 years |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 6.6 |
Other Postretirement Benefit Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 0.2 |
Domestic plan [Member] | Other Postretirement Benefit Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Contributions by Employer | 1.7 |
Foreign [Member] | Other Postretirement Benefit Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Contributions by Employer | $ 0.1 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pension Benefit [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 174 | $ 316 | $ 354 | $ 632 |
Interest cost | 1,317 | 1,094 | 2,677 | 2,184 |
Expected return on plan assets | (2,012) | (2,093) | (4,097) | (4,175) |
Actuarial loss (gain) amortization | 248 | 857 | 505 | 1,712 |
Prior service cost (income) amortization | 2 | 3 | 5 | 5 |
Total net periodic benefit (income) cost | (271) | 177 | (556) | 358 |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 8 | 2 | 0 | 3 |
Interest cost | 2 | 10 | 11 | 21 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Actuarial loss (gain) amortization | (23) | 0 | (47) | 0 |
Prior service cost (income) amortization | (9) | 0 | (8) | 0 |
Total net periodic benefit (income) cost | $ (22) | $ 12 | $ (44) | $ 24 |
Other (Expense) Income, Net (De
Other (Expense) Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other (Expense) Income, Net [Abstract] | ||||
Income from third party license fees | $ 249 | $ 373 | $ 653 | $ 712 |
Foreign exchange losses, net | (2,026) | (838) | (3,931) | (2,316) |
Gain on disposals of property, plant, equipment and other assets, net | (38) | (54) | (15) | 5,356 |
Non-income tax refunds and other related (expense) credits | (417) | 14,295 | (1,739) | 14,392 |
Pension and postretirement benefit income, non-service components | 475 | 129 | 954 | 253 |
Loss on extinguishment of debt | 6,763 | 0 | 6,763 | 0 |
Other Operating Income Expense Net | 121 | 105 | 236 | 300 |
Total other (expense) income, net | (8,399) | 14,010 | (10,605) | 18,697 |
Narrative [Abstract] | ||||
Loss on extinguishment of debt | $ (6,763) | $ 0 | $ (6,763) | $ 0 |
Income Taxes and Uncertain In_2
Income Taxes and Uncertain Income Tax Positions 2 - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Feb. 28, 2022 | |
Income Taxes and Uncertain Tax Positions [Abstract] | |||||||
Effective Income Tax Rate, Continuing Operations | 8.10% | 32.20% | 10.90% | (28.40%) | |||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ (0.1) | $ 0.2 | $ 0.3 | $ 0.2 | |||
Accrued Interest | 2.6 | 2.6 | $ 3.1 | ||||
Accrued Penalties | 1.5 | 1.5 | $ 3.1 | ||||
Unrecognized Tax Benefits, Income Tax Penalties Expense | 0.1 | $ (0.1) | (1.5) | 0.2 | |||
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | 3.5 | $ 0.8 | |||||
Unrecognized Tax Benefits | 17.8 | $ 17.8 | |||||
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate | 25% | 15% | |||||
Income Tax Examination [Line Items] | |||||||
Deferred Tax Liabilities | 7.4 | $ 7.4 | $ 8.4 | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 4.7 | $ 4.7 | |||||
Forecast [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | $ 4.2 | ||||||
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 had accepted. | ||||||
Germany [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Unrecognized Tax Benefits Reserve | 0.1 | $ 0.1 | |||||
Germany [Member] | Houghton [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Indemnification assets | 0.3 | $ 0.3 | |||||
Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Income Tax Examination, Year under Examination | 2017 | ||||||
Foreign Tax Authority [Member] | United Kingdom [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Income Tax Examination, Year under Examination | 2018 | ||||||
Foreign Tax Authority [Member] | Brazil [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Income Tax Examination, Year under Examination | 2011 | ||||||
Foreign Tax Authority [Member] | Spain [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Income Tax Examination, Year under Examination | 2017 | ||||||
Foreign Tax Authority [Member] | China [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Income Tax Examination, Year under Examination | 2017 | ||||||
Foreign Tax Authority [Member] | Italy [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Income Tax Examination, Year under Examination | 2007 | ||||||
Income Tax Examination Liability Refund Adjustment from Settlement with Taxing Authority | 0.1 | $ 0.1 | $ 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 | 2.1 | $ 2.1 | |||||
Indemnification assets | 3.6 | 3.6 | |||||
Unrecognized Tax Benefits Period Increase | 2 | ||||||
Tax settlement final amount due to tax authorities | 3.7 | $ 3.7 | |||||
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 | 2018 | ||||||
Foreign Tax Authority [Member] | Canada [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Income Tax Examination, Year under Examination | 2017 | ||||||
Foreign Tax Authority [Member] | Germany [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Income Tax Examination, Year under Examination | 2015 | ||||||
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, Year under Examination | 2016 | ||||||
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 |
Earnings Per Share - Earnings p
Earnings Per Share - Earnings per Share Calculations Basic (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Quaker Chemical Corporation | $ 14,343 | $ 33,570 | $ 34,159 | $ 72,185 |
Less: income allocated to participating securities | (58) | (134) | (136) | (287) |
Net income available to common shareholders | $ 14,285 | $ 33,436 | $ 34,023 | $ 71,898 |
Basic weighted average common shares outstanding | 17,834,329 | 17,802,366 | 17,830,218 | 17,793,915 |
Basic earnings (loss) per common share | $ 0.80 | $ 1.88 | $ 1.91 | $ 4.04 |
Earnings Per Share - Earnings_2
Earnings Per Share - Earnings per Share Calculations Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Quaker Chemical Corporation | $ 14,343 | $ 33,570 | $ 34,159 | $ 72,185 |
Less: income allocated to participating securities | (58) | (134) | (136) | (287) |
Net income available to common shareholders | $ 14,285 | $ 33,436 | $ 34,023 | $ 71,898 |
Basic weighted average common shares outstanding | 17,834,329 | 17,802,366 | 17,830,218 | 17,793,915 |
Effect of Dilutive Securities | 7,048 | 47,155 | 17,186 | 52,095 |
Diluted weighted average common shares outstanding | 17,841,377 | 17,849,521 | 17,847,404 | 17,846,010 |
Diluted earnings (loss) per common share | $ 0.80 | $ 1.88 | $ 1.91 | $ 4.03 |
Earnings Per Share - Earnings_3
Earnings Per Share - Earnings per Share Calculations Antidilutive Shares (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Business Acquisition [Line Items] | ||||
Antidilutive Shares | 33,039 | 6,793 | 24,731 | 2,952 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended |
Nov. 30, 2021 | Jun. 30, 2022 | |
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | $ 631,194 | |
Goodwill additions | $ 400 | 1,784 |
Currency translation adjustments | (22,811) | |
Goodwill, Ending Balance | 610,167 | |
Operating Segments [Member] | Global Specialty Businesses [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 119,193 | |
Goodwill additions | 32 | |
Currency translation adjustments | (4,894) | |
Goodwill, Ending Balance | 114,331 | |
Operating Segments [Member] | Americas [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 214,023 | |
Goodwill additions | 1,752 | |
Currency translation adjustments | 237 | |
Goodwill, Ending Balance | 216,012 | |
Operating Segments [Member] | EMEA [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 135,520 | |
Goodwill additions | 0 | |
Currency translation adjustments | (9,969) | |
Goodwill, Ending Balance | 125,551 | |
Operating Segments [Member] | Asia Pacific [Member] | ||
Goodwill Roll Forward | ||
Goodwill, Beginning Balance | 162,458 | |
Goodwill additions | 0 | |
Currency translation adjustments | (8,185) | |
Goodwill, Ending Balance | $ 154,273 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Gross Carrying Amounts and Accumulated Amortization for Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Finite Lived Intangible Assets Gross [Abstract] | |||||
Amortization | $ 14,700 | $ 15,000 | $ 29,200 | $ 29,800 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 991,221 | 991,221 | $ 1,023,405 | ||
Accumumlated Amortization | 214,718 | 214,718 | 192,505 | ||
Customer lists and rights to sell [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 828,690 | 828,690 | 853,122 | ||
Accumumlated Amortization | 167,145 | 167,145 | 147,858 | ||
Trademarks Formulations And Product Technology [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 156,262 | 156,262 | 163,974 | ||
Accumumlated Amortization | 41,640 | 41,640 | 38,747 | ||
Other Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 6,269 | 6,269 | 6,309 | ||
Accumumlated Amortization | $ 5,933 | $ 5,933 | $ 5,900 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets - Future Amortization (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the year ended December 31, 2022 | $ 57,515 |
For the Year ended December 31, 2023 | 57,349 |
For the Year ended December 31, 2024 | 56,760 |
For the Year ended December 31, 2025 | 55,970 |
For the Year ended December 31, 2026 | 55,752 |
For the Year ended December 31, 2027 and beyond | $ 522,946 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Indefinite Lived (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets | $ 186.1 | |
Houghton Combination [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite Lived Trademarks and Tradename | $ 185 | $ 196.9 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 17, 2022 | Dec. 31, 2021 | Nov. 30, 2019 | Aug. 01, 2019 | |
Debt Instrument [Line Items] | ||||||||
Financing-related debt issuance costs | $ 3,734 | $ 0 | ||||||
Loss on extinguishment of debt | $ (6,763) | $ 0 | $ (6,763) | $ 0 | ||||
Other off balance sheet arrangements | In addition to the bank letters of credit described in the “Credit facilities” subsection above, the Company’s other off-balance sheet arrangements include certain financial and other guarantees. The Company’s total bank letters of credit and guarantees outstanding as of June 30, 2022 were approximately $5 million. | |||||||
Other Assets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Issuance Costs, Current, Net | 4,800 | $ 4,800 | ||||||
Interest rate swaps [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative Liability Notional Amount | $ 170,000 | |||||||
Original Revolver [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities | $ 400,000 | |||||||
Debt Issuance Costs, Current, Net | 15,500 | $ 15,500 | ||||||
Debt Instrument Maturity Date Description | August 2024 | |||||||
Original Revolver [Member] | Other Assets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Issuance Costs, Current, Net | 8,300 | $ 8,300 | ||||||
Original U.S. Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities | 600,000 | |||||||
Original Euro Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities | $ 150,000 | |||||||
Amended Revolver [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities | 500,000 | 500,000 | ||||||
Borrowings outstanding | $ 268,000 | $ 268,000 | ||||||
Credit faclity as percentage of consolidated EBITDA | 100% | 100% | ||||||
Letters Of Credit Outstanding Amount | $ 4,000 | $ 4,000 | ||||||
Debt Issuance Costs, Current, Net | 2,200 | 2,200 | ||||||
Amended Revolver [Member] | Other Assets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Issuance Costs, Current, Net | 1,500 | 1,500 | ||||||
Amended U.S. Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities | 600,000 | 600,000 | ||||||
Debt Issuance Costs, Current, Net | 700 | 700 | ||||||
Amended EURO Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities | 150,000 | 150,000 | ||||||
Debt Issuance Costs, Current, Net | $ 700 | 700 | ||||||
Original Credit Facility and the Amended Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | $ 6,800 | |||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2% | 2% | ||||||
Amended Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate adjustment percentage | 0.10% | 0.10% | ||||||
Maximum increase in borrowing capacity | $ 300,000 | $ 300,000 | ||||||
Maximum amount of dividends and share repurchases under covenant | $ 75,000 | $ 75,000 | ||||||
Percentage of dividends and share repurcahse of consolidated adjusted EBITDA | 25% | 25% | ||||||
Loss on extinguishment of debt | $ 6,800 | |||||||
Debt Issuance Costs, Current, Net | $ 2,200 | $ 2,200 | ||||||
Amended Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.275% | |||||||
Maximum consolidated net leverage ratio quarterly basis | 4 | 4 | ||||||
Consolidated net leverage ratio | 2.50 | 2.50 | ||||||
Amended Credit Facility [Member] | Maximum [Member] | Term SOFR loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
Amended Credit Facility [Member] | Maximum [Member] | Base rate loans rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
Amended Credit Facility [Member] | Maximum [Member] | Alternative currency term rate plus the applicable rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||
Amended Credit Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | |||||||
Maximum consolidated net leverage ratio quarterly basis | 1 | 1 | ||||||
Consolidated net leverage ratio | 1 | 1 | ||||||
Amended Credit Facility [Member] | Minimum [Member] | Term SOFR loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||
Amended Credit Facility [Member] | Minimum [Member] | Base rate loans rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0% | |||||||
Amended Credit Facility [Member] | Minimum [Member] | Alternative currency term rate plus the applicable rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
Original Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of term loan borrowings | 20% | |||||||
Derivative Liability Notional Amount | $ 170,000 | |||||||
Derivative Fixed Interest Rate | 3.10% | 3.10% | ||||||
Derivative, Basis Spread on Variable Rate | 1.64% | |||||||
Debt Issuance Costs, Current, Net | $ 23,700 | $ 23,700 | $ 6,600 | $ 8,000 | ||||
Long Term Debt Term | 5 years | 5 years | ||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.80% | 2.80% | ||||||
Original Credit Facility [Member] | Other Assets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Issuance Costs, Current, Net | $ 3,500 | 4,300 | ||||||
Original Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||||
Original Credit Facility [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 | $ 10,000 | $ 10,000 | $ 10,000 | |||||
Bank lines of credit and other debt obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 28,000 | 28,000 | ||||||
Letters Of Credit Outstanding Amount | $ 5,000 | $ 5,000 |
Debt - Table (Details)
Debt - Table (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Total debt | $ 989,070 | $ 901,348 |
Less: debt issuance costs | (2,216) | (8,001) |
Less: short-term and current portion of long-term debts | (14,485) | (56,935) |
Total long-term debt | $ 972,369 | $ 836,412 |
Original Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0% | 1.62% |
Total debt | $ 0 | $ 211,955 |
Original U.S. Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0% | 1.65% |
Total debt | $ 0 | $ 540,000 |
Original Euro Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0% | 1.50% |
Total debt | $ 0 | $ 137,616 |
Amended Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.05% | 0% |
Total debt | $ 228,658 | $ 0 |
Amended U.S. Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.08% | 0% |
Total debt | $ 600,000 | $ 0 |
Amended EURO Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.50% | 0% |
Total debt | $ 148,917 | $ 0 |
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 | $ 1,495 | $ 1,777 |
Debt - Debt related expenses in
Debt - Debt related expenses included within Interest expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt related expenses included within Interest expense: | ||||
Interest expense | $ 6,134 | $ 4,813 | $ 10,880 | $ 9,463 |
Amortization of debt issuance costs | 1,049 | 1,188 | 2,236 | 2,375 |
Total | $ 7,183 | $ 6,001 | $ 13,116 | $ 11,838 |
Debt - Maturity Schedules (Deta
Debt - Maturity Schedules (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Long Term Debt By Maturity Abstract | |
For the remainder of 2022 | $ 4,681 |
For the year ended December 31, 2023 | 18,723 |
For the year ended December 31, 2024 | 23,404 |
For the year ended December 31, 2025 | 37,446 |
For the year ended December 31, 2026 | 37,446 |
For the year ended December 31, 2027 | 855,875 |
Total payments | $ 977,575 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - AOCI Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Beginning Balance | $ (70,261) | $ (53,228) | $ (63,990) | $ (26,598) |
Other Comprehensive Income (Loss), before reclassifications | (75,046) | 16,824 | (81,330) | (7,869) |
Amounts reclassified from AOCI | 543 | 854 | 783 | (1,369) |
Related tax amounts | (482) | (393) | (709) | (107) |
Ending Balance | (145,246) | (35,943) | (145,246) | (35,943) |
Currency Translation Adjustments [Member] | ||||
Beginning Balance | (56,710) | (28,334) | (49,843) | (2,875) |
Other Comprehensive Income (Loss), before reclassifications | (76,400) | 16,157 | (83,267) | (9,302) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Related tax amounts | 0 | 0 | 0 | 0 |
Ending Balance | (133,110) | (12,177) | (133,110) | (12,177) |
Defined Benefit Pension Plans [Member] | ||||
Beginning Balance | (12,676) | (22,175) | (13,172) | (23,467) |
Other Comprehensive Income (Loss), before reclassifications | 1,650 | (260) | 2,082 | 521 |
Amounts reclassified from AOCI | 218 | 852 | 447 | 1,714 |
Related tax amounts | (461) | (195) | (626) | (546) |
Ending Balance | (11,269) | (21,778) | (11,269) | (21,778) |
Unrealized Gain (Loss) in Available-for-Sale Securities [Member] | ||||
Beginning Balance | (603) | 317 | 397 | 3,342 |
Other Comprehensive Income (Loss), before reclassifications | (1,043) | 341 | (2,320) | (404) |
Amounts reclassified from AOCI | 325 | 2 | 336 | (3,083) |
Related tax amounts | 151 | (64) | 417 | 741 |
Ending Balance | (1,170) | 596 | (1,170) | 596 |
Derivative Instruments | ||||
Beginning Balance | (272) | (3,036) | (1,372) | (3,598) |
Other Comprehensive Income (Loss), before reclassifications | 747 | 586 | 2,175 | 1,316 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Related tax amounts | (172) | (134) | (500) | (302) |
Ending Balance | $ 303 | $ (2,584) | $ 303 | $ (2,584) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Subject to Fair Value Measurement (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | $ 2,112 | $ 2,533 |
Assets Fair Value Disclosure | 2,112 | 2,533 |
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 | 2,112 | 2,533 |
Assets Fair Value Disclosure | 2,112 | 2,533 |
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 swaps [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | 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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative Instruments Gain Loss [Line Items] | |||||
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net | $ (303) | $ 1,372 | |||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | 1,782 | ||||
Interest Expense [Member] | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount and location of expense reclassified from AOCI into expense (effective portion) | $ (378) | $ (659) | (1,015) | $ (1,302) | |
Other accrued liabilities [Member] | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | 0 | 0 | 1,782 | ||
Prepaid expenses and other current [Member] | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | 394 | 394 | 0 | ||
Interest rate swaps [Member] | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net | (303) | $ 1,372 | |||
Interest rate swaps [Member] | Prepaid expenses and other current [Member] | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | $ 394 | $ 394 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) R$ in Millions, $ in Millions | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 BRL (R$) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual At Carrying Value | $ 0.4 | $ 0.4 | ||
Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 1.5 | |||
Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 0 | |||
ACP [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 1 | |||
ACP [Member] | Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 0.1 | |||
SB Decking [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 0.3 | |||
Houghton Combination [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 5.5 | $ 5.6 | ||
Houghton environmental matters [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 6 | |||
Houghton environmental matters [Member] | Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 5 | |||
Brazilian Indirect Taxes [Member] | ||||
Loss Contingencies [Line Items] | ||||
Gain (Loss) Related To Litigation Settlement | R$ 67 | $ 13.3 | ||
Interest Income Other | 4.9 | |||
Fededral income tax expense foreign | $ (8.4) | |||
Insurance claim [Member] | ||||
Loss Contingencies [Line Items] | ||||
Gain (Loss) Related To Litigation Settlement | 2.1 | |||
Proceeds from Insurance Settlement, Operating Activities | 0.9 | |||
Insurance Settlements Receivable | $ 2 |