Quaker Chemical (KWR) 10-Q 5 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-12019
Entity Registrant Name	QUAKER CHEMICAL CORPORATION
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-0993790
Entity Address, Address Line One	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
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	KWR
Security Exchange Name	NYSE
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
Entity Common Stock, Shares Outstanding		17,912,155
Entity central index key	0000081362
Current fiscal year end date	--12-31
Document Fiscal Year Focus	2024
Document Period Focus	Q2
Amendment flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 463,567	$ 495,444	$ 933,326	$ 995,592
Cost of goods sold (excluding amortization expense - See Note 13)	287,849	317,753	576,045	644,451
Gross profit	175,718	177,691	357,281	351,141
Selling, general and administrative expenses	116,949	119,853	241,129	239,402
Restructuring and related charges, net	320	1,043	2,177	5,015
Operating income	58,449	56,795	113,975	106,724
Other income (expense), net	422	(3,606)	1,502	(5,845)
Interest expense, net	(10,754)	(12,721)	(21,578)	(25,963)
Income before taxes and equity in net income of associated companies	48,117	40,468	93,899	74,916
Taxes on income before equity in net income of associated companies	15,778	13,830	28,286	23,363
Income before equity in net income of associated companies	32,339	26,638	65,613	51,553
Equity in net income of associated companies	2,571	2,755	4,555	7,381
Net income	34,910	29,393	70,168	58,934
Less: Net income attributable to noncontrolling interest	25	47	56	54
Net income attributable to Quaker Chemical Corporation	$ 34,885	$ 29,346	$ 70,112	$ 58,880
Per share data:
Net income attributable to Quaker Chemical Corporation common shareholders – basic (in dollars per share)	$ 1.94	$ 1.63	$ 3.90	$ 3.28
Net income attributable to Quaker Chemical Corporation common shareholders – diluted (in dollars per share)	1.94	1.63	3.89	3.27
Dividends declared (in dollars per share)	$ 0.455	$ 0.435	$ 0.910	$ 0.870

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 34,910	$ 29,393	$ 70,168	$ 58,934
Other comprehensive (loss) income, net of tax
Currency translation adjustments	(18,840)	(13,080)	(44,229)	1,388
Defined benefit retirement plans	125	697	479	571
Current period change in fair value of derivatives	(15)	4,173	2,330	4,563
Unrealized (loss) gain on available-for-sale securities	(44)	1,241	1	1,575
Other comprehensive (loss) income	(18,774)	(6,969)	(41,419)	8,097
Comprehensive income	16,136	22,424	28,749	67,031
Less: Comprehensive (income) loss attributable to noncontrolling interest	(26)	(9)	16	(19)
Comprehensive income attributable to Quaker Chemical Corporation	$ 16,110	$ 22,415	$ 28,765	$ 67,012

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 188,568	$ 194,527
Accounts receivable, net	423,906	444,950
Inventories
Raw materials and supplies	116,026	119,047
Work-in-process and finished goods	123,115	114,810
Prepaid expenses and other current assets	67,485	54,555
Total current assets	919,100	927,889
Property, plant and equipment, at cost	447,808	453,419
Less: Accumulated depreciation	(246,985)	(245,608)
Property, plant and equipment, net	200,823	207,811
Right-of-use lease assets	36,693	38,614
Goodwill	517,582	512,518
Other intangible assets, net	866,167	896,721
Investments in associated companies	96,090	101,151
Deferred tax assets	12,903	10,737
Other non-current assets	22,834	18,770
Total assets	2,672,192	2,714,211
Current liabilities
Short-term borrowings and current portion of long-term debt	32,448	23,444
Accounts payable	185,351	184,813
Dividends payable	8,163	8,186
Accrued compensation	31,595	55,194
Accrued restructuring	1,048	3,350
Accrued pension and postretirement benefits	2,191	2,208
Other accrued liabilities	89,281	90,315
Total current liabilities	350,077	367,510
Long-term debt	703,655	730,623
Long-term lease liabilities	21,671	22,937
Deferred tax liabilities	147,100	146,957
Non-current accrued pension and postretirement benefits	28,109	29,457
Other non-current liabilities	25,974	31,805
Total liabilities	1,276,586	1,329,289
Commitments and contingencies (Note 18)
Equity
Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding June 30, 2024 – 17,940,532 shares; December 31, 2023 – 17,991,988 shares	17,941	17,992
Capital in excess of par value	938,436	940,101
Retained earnings	604,404	550,641
Accumulated other comprehensive loss	(165,762)	(124,415)
Total Quaker shareholders’ equity	1,395,019	1,384,319
Noncontrolling interest	587	603
Total equity	1,395,606	1,384,922
Total liabilities and equity	$ 2,672,192	$ 2,714,211

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	17,940,532	17,991,988
Common stock, shares outstanding (in shares)	17,940,532	17,991,988

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 70,168	$ 58,934
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of debt issuance costs	706	706
Depreciation and amortization	41,984	40,824
Equity in undistributed earnings of associated companies, net of dividends	(4,221)	(4,207)
Deferred compensation, deferred taxes and other, net	(647)	154
Share-based compensation	8,128	7,414
Restructuring and related charges, net	2,177	5,015
Pension and other postretirement benefits	(994)	(308)
(Decrease) increase in cash from changes in current assets and current liabilities, net of acquisitions:
Accounts receivable	10,483	22,017
Inventories	(9,141)	11,750
Prepaid expenses and other current assets	(15,646)	(8,925)
Accrued restructuring	(4,442)	(5,410)
Accounts payable and accrued liabilities	(25,021)	(11,912)
Net cash provided by operating activities	73,534	116,052
Cash flows from investing activities
Investments in property, plant and equipment	(11,124)	(17,040)
Payments related to acquisitions, net of cash acquired	(24,899)	0
Proceeds from disposition of assets	2,798	0
Net cash used in investing activities	(33,225)	(17,040)
Cash flows from financing activities
Payments of long-term debt	(34,169)	(9,439)
Borrowings (payments) on revolving credit facilities, net	20,533	(62,778)
Payments on other debt, net	(37)	(456)
Dividends paid	(16,372)	(15,631)
Shares purchased under share repurchase programs	(7,760)	0
Other stock related activity	(1,492)	(712)
Net cash used in financing activities	(39,297)	(89,016)
Effect of foreign exchange rate changes on cash	(6,971)	(1,554)
Net (decrease) increase in cash and cash equivalents	(5,959)	8,442
Cash and cash equivalents at the beginning of the period	194,527	180,963
Cash and cash equivalents at the end of the period	$ 188,568	$ 189,405

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ 1,278,585	$ 17,950	$ 928,288	$ 469,920	$ (138,240)	$ 667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,541			29,534		7
Amounts reported in other comprehensive income	15,066				15,063	3
Dividends declared	(7,822)			(7,822)
Share issuance and equity-based compensation plans	1,418	32	1,386
Ending balance at Mar. 31, 2023	1,316,788	17,982	929,674	491,632	(123,177)	677
Beginning balance at Dec. 31, 2022	1,278,585	17,950	928,288	469,920	(138,240)	667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	58,934
Amounts reported in other comprehensive income	8,097
Ending balance at Jun. 30, 2023	1,336,666	17,999	934,941	513,148	(130,108)	686
Beginning balance at Mar. 31, 2023	1,316,788	17,982	929,674	491,632	(123,177)	677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,393			29,346		47
Amounts reported in other comprehensive income	(6,969)				(6,931)	(38)
Dividends declared	(7,830)			(7,830)
Share issuance and equity-based compensation plans	5,284	17	5,267
Ending balance at Jun. 30, 2023	1,336,666	17,999	934,941	513,148	(130,108)	686
Beginning balance at Dec. 31, 2023	1,384,922	17,992	940,101	550,641	(124,415)	603
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	35,258			35,227		31
Amounts reported in other comprehensive income	(22,645)				(22,572)	(73)
Dividends declared	(8,186)			(8,186)
Share issuance and equity-based compensation plans	2,443	(2)	2,445
Ending balance at Mar. 31, 2024	1,391,792	17,990	942,546	577,682	(146,987)	561
Beginning balance at Dec. 31, 2023	1,384,922	17,992	940,101	550,641	(124,415)	603
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	70,168
Amounts reported in other comprehensive income	(41,419)
Ending balance at Jun. 30, 2024	1,395,606	17,941	938,436	604,404	(165,762)	587
Beginning balance at Mar. 31, 2024	1,391,792	17,990	942,546	577,682	(146,987)	561
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	34,910			34,885		25
Amounts reported in other comprehensive income	(18,774)				(18,775)	1
Dividends declared	(8,163)			(8,163)
Shares purchased under share repurchase program	(8,355)	(49)	(8,306)
Share issuance and equity-based compensation plans	4,196	0	4,196
Ending balance at Jun. 30, 2024	$ 1,395,606	$ 17,941	$ 938,436	$ 604,404	$ (165,762)	$ 587

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.455	$ 0.455	$ 0.435	$ 0.435	$ 0.910	$ 0.870

Basis of Presentation and Descr

Basis of Presentation and Description of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Description of Business	Basis of Presentation and Description of Business As used in these Notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the “Report”), the terms “Quaker Houghton,” the “Company,” “we,” and “our” refer to Quaker Chemical Corporation (doing business as Quaker Houghton), its subsidiaries, and associated companies, unless the context otherwise requires. Basis of Presentation The condensed consolidated financial statements included herein are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial reporting and the United States Securities and Exchange Commission (“SEC”) regulations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, and cash flows for the interim periods. The results for the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2023 (as amended, the “2023 Form 10-K”). Description of Business The Company was organized in 1918 and incorporated as a Pennsylvania business corporation in 1930. Quaker Houghton is the global leader in industrial process fluids. With a presence around the world, including operations in over 25 countries, the Company’s customers include thousands of the world’s most advanced and specialized steel, aluminum, automotive, aerospace, offshore, container, mining, and metalworking companies. Quaker Houghton develops, produces, and markets a broad range of formulated chemical specialty products and offers chemical management services, which the Company refers to as Fluidcare TM , for various heavy industrial and manufacturing applications sold in its three reportable segments: (i) Americas; (ii) Europe, Middle East and Africa (“EMEA”); and (iii) Asia/Pacific. Hyper-inflationary economies Argentina’s and Türkiye’s economies were considered hyper-inflationary under U.S. GAAP effective July 1, 2018 and April 1, 2022, respectively. As of, and for the three and six months ended June 30, 2024, the Company's Argentine and Turkish subsidiaries together represented 1% and 2% of the Company’s consolidated total assets and net sales, respectively. During the three and six months ended June 30, 2024, the Company recorded $0.6 million of remeasurement losses and $0.3 million of net remeasurement gains associated with the applicable currency conversions, respectively. Comparatively, during the three and six months ended June 30, 2023, the Company recorded $1.1 million and $1.6 million of remeasurement losses associated with the applicable currency conversions, respectively. These gains and losses were recorded within Other income (expense), net, in the Company’s Condensed Consolidated Statements of Operations.

Business Acquisitions

Business Acquisitions	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Acquisitions	Business Acquisitions Subsequent to the date of these financial statements, in July 2024, the Company acquired Sutai Group (“Sutai”), for approximately 2.3 billion Japanese yen, or approximately $14.6 million, subject to routine and customary post-closing adjustments and earn-out provisions. Sutai is based in Japan and provides impregnation treatment products and services to the automotive industry and a variety of other industries. Sutai will be reported as part of the Asia/Pacific reportable segment. This acquisition strengthens Quaker Houghton’s technology portfolio, enabling the Company to better support and optimize production processes for customers across the Japanese, Asia Pacific and global markets. During February 2024, the Company acquired I.K.V. Tribologie IKVT and its subsidiaries (“IKV”) for 32.6 million EUR, or $35.2 million, including an initial cash payment of 27.6 million EUR, or $29.7 million, subject to routine and customary post-closing adjustments related to working capital and net indebtedness levels as well as earn-out provisions related to the finalization of 2023 earnings. Assets acquired included approximately $4.8 million of cash and cash equivalents. IKV, which is part of the Company’s EMEA segment, specializes in high-performance lubricants and greases, including original equipment manufacturer first-fill greases that are primarily used in the automotive, aerospace, electronics, and other industrial markets. The acquisition of IKV strengthens the Company’s position in first-fill greases. The Company preliminarily allocated $15.0 million of the purchase price to intangible assets, comprised of approximately $11.1 million of customer relationships to be amortized over 16 years; $3.2 million of product technologies to be amortized over 14 years; and $0.7 million of trademarks to be amortized over 5 years. In addition, the Company recognized $16.4 million of goodwill in the EMEA segment, none of which is deductible for tax purposes. The goodwill recognized on the transaction is primarily attributable to expected cost and growth synergies. Subsequent to the date of these financial statements, the 2023 earnings were finalized and the Company made a payment of 5.0 million EUR, or $5.5 million, in connection with the post-closing adjustments and earn-out provision. As of June 30, 2024, the allocation of the purchase price has not been finalized. The results of operations of IKV subsequent to the acquisition date are included in the unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Recently Issued Accounting Standards Not Yet Adopted The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures in November 2023. This ASU expands on reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, defined as those expenses that are regularly provided to the chief operating decision maker and included in the reported measure of segment profit or loss. ASU 2023-07 is effective for annual reports for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the disclosure requirements of this standard and the impact on its Consolidated Financial Statements. The FASB issued ASU 2023-09, Income Taxes (Topic 740) : Improvements to Income Tax Disclosures in December 2023. This ASU requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the “rate reconciliation”) for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the disclosure requirements of this standard and the impact on its Consolidated Financial Statements.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2024
Segment Reporting, Measurement Disclosures [Abstract]
Business Segments	Business Segments The Company’s operating segments, which are consistent with its reportable segments, reflect the structure of the Company’s internal organization, the method by which the Company’s resources are allocated, and the manner by which the chief operating decision maker assesses the Company’s performance. The Company has three reportable segments: (i) Americas; (ii) EMEA; and (iii) Asia/Pacific. Segment operating earnings for each of the Company’s reportable segments are comprised of the segment’s net sales less directly related Cost of goods sold (“COGS”), and Selling, general and administrative expenses (“SG&A”). Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs and Restructuring and related charges, net, are not included in segment operating earnings. Other items not specifically identified with the Company’s reportable segments include Interest expense, net and Other income (expense), net. The following table presents information about the performance of the Company’s reportable segments: Three Months Ended Six Months Ended Net sales 2024 2023 2024 2023 Americas $ 223,517 $ 253,219 $ 453,271 $ 504,632 EMEA 138,001 143,533 276,423 295,982 Asia/Pacific 102,049 98,692 203,632 194,978 Total net sales $ 463,567 $ 495,444 $ 933,326 $ 995,592 Segment operating earnings Americas $ 64,137 $ 69,007 $ 130,906 $ 135,132 EMEA 26,652 25,583 56,223 53,154 Asia/Pacific 31,000 27,989 61,377 55,641 Total segment operating earnings 121,789 122,579 248,506 243,927 Restructuring and related charges, net (320) (1,043) (2,177) (5,015) Non-operating and administrative expenses (47,584) (49,950) (101,760) (101,721) Depreciation of corporate assets and amortization (15,436) (14,791) (30,594) (30,467) Operating income 58,449 56,795 113,975 106,724 Other income (expense), net 422 (3,606) 1,502 (5,845) Interest expense, net (10,754) (12,721) (21,578) (25,963) Income before taxes and equity in net income of associated companies $ 48,117 $ 40,468 $ 93,899 $ 74,916 The following table summarizes inter-segment revenues. All inter-segment transactions have been eliminated from each reportable segment’s net sales and earnings for all periods presented in the above tables. Three Months Ended Six Months Ended Inter-segment revenues 2024 2023 2024 2023 Americas $ 2,385 $ 2,179 $ 4,898 $ 5,006 EMEA 5,479 7,463 12,539 13,556 Asia/Pacific 1,945 476 3,076 536

Net Sales and Revenue Recogniti

Net Sales and Revenue Recognition	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Net Sales and Revenue Recognition	Net Sales and Revenue Recognition Arrangements Resulting in Net Reporting As part of the Company’s Fluidcare TM business, certain third-party product sales to customers are managed by the Company. The Company transferred third-party products under arrangements recognized on a net reporting basis of $19.2 million and $39.0 million for the three and six months ended June 30, 2024, respectively, and $21.0 million and $41.7 million for the three and six months ended June 30, 2023, respectively. Customer Concentration A significant portion of the Company’s revenues are realized from the sale of process fluids and services to manufacturers of steel, aluminum, automobiles, aerospace, industrial and agricultural equipment, and durable goods. As previously disclosed in the Company’s 2023 Form 10-K, the Company’s five largest customers combined (each composed of multiple subsidiaries or divisions with semiautonomous purchasing authority) accounted for approximately 12% of consolidated net sales for 2023, 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 Consolidated Balance Sheets as of June 30, 2024 or December 31, 2023. The Company had approximately $3.2 million and $4.5 million of deferred revenue as of June 30, 2024 and December 31, 2023, respectively. For the six months ended June 30, 2024, the Company satisfied materially all of the associated performance obligations and recognized into revenue materially all advance payments received and recorded as of December 31, 2023. Disaggregated Revenue The Company sells its various industrial process fluids, its specialty chemicals and its technical expertise as a global product portfolio. The Company generally manages and evaluates its performance by reportable segment first, and then by customer industries. Net sales of each of the Company’s major product lines are generally spread throughout all three of the Company’s geographic regions, and in most cases, are approximately proportionate to the level of total sales in each region. The following tables disaggregate the Company’s net sales by segment and customer industry. Three Months Ended June 30, 2024 Customer Industries Americas EMEA Asia/Pacific Consolidated Metals $ 63,753 $ 35,307 $ 50,150 $ 149,210 Metalworking and other 159,764 102,694 51,899 314,357 $ 223,517 $ 138,001 $ 102,049 $ 463,567 Six Months Ended June 30, 2024 Customer Industries Americas EMEA Asia/Pacific Consolidated Metals $ 129,779 $ 68,127 $ 101,061 $ 298,967 Metalworking and other 323,492 208,296 102,571 634,359 $ 453,271 $ 276,423 $ 203,632 $ 933,326 Three Months Ended June 30, 2023 Customer Industries Americas EMEA Asia/Pacific Consolidated Metals $ 68,743 $ 32,643 $ 48,129 $ 149,515 Metalworking and other 184,476 110,890 50,563 345,929 $ 253,219 $ 143,533 $ 98,692 $ 495,444 Six Months Ended June 30, 2023 Customer Industries Americas EMEA Asia/Pacific Consolidated Metals $ 136,877 $ 71,746 $ 94,789 $ 303,412 Metalworking and other 367,755 224,236 100,189 692,180 $ 504,632 $ 295,982 $ 194,978 $ 995,592

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases The Company has operating leases for certain facilities, vehicles, and machinery and equipment with remaining lease terms up to 11 years. Operating lease expense is recognized on a straight-line basis over the lease term. In addition, the Company has certain land use leases with remaining lease terms up to 91 years. The Company had no material variable lease costs, sublease income, or finance leases for the three and six months ended June 30, 2024 and 2023. The components of the Company’s lease expense are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Operating lease expense $ 3,727 $ 3,710 $ 7,470 $ 7,646 Short-term lease expense 193 183 392 394 Supplemental cash flow information related to the Company’s leases is as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,736 $ 3,773 $ 7,397 $ 7,630 Non-cash lease liabilities activity: Leased assets obtained in exchange for new operating lease liabilities 2,130 823 5,364 3,656 Supplemental balance sheet information related to the Company’s leases is as follows: June 30, December 31, Right-of-use lease assets $ 36,693 $ 38,614 Other current liabilities 11,477 11,965 Long-term lease liabilities 21,671 22,937 Total operating lease liabilities $ 33,148 $ 34,902 Weighted average remaining lease term (years) 4.9 5.1 Weighted average discount rate 5.32 % 4.91 % Maturities of operating lease liabilities as of June 30, 2024 were as follows: For the remainder of 2024 $ 6,994 For the year ended December 31, 2025 10,747 For the year ended December 31, 2026 8,088 For the year ended December 31, 2027 4,420 For the year ended December 31, 2028 2,486 For the year ended December 31, 2029 and beyond 5,288 Total lease payments 38,023 Less: imputed interest (4,875) Present value of lease liabilities $ 33,148

Restructuring and Related Activ

Restructuring and Related Activities	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities	Restructuring and Related Activities In 2022, the Company initiated a global cost and optimization program to improve its cost structure and drive a more profitable and productive organization. As of June 30, 2024, the program included restructuring and associated severance costs to reduce headcount by approximately 120 positions globally. These headcount reductions began in the fourth quarter of 2022 and are expected to be completed in 2024. Employee separation benefits vary depending on local regulations within certain foreign countries and include severance and other benefits. The exact timing to complete, and final costs associated with, all actions will depend on a number of factors and are subject to change. Restructuring costs incurred during the three and six months ended June 30, 2024 and 2023 include employee severance and facility closure costs that are recorded in Restructuring and related charges, net in the Company’s Condensed Consolidated Statements of Operations. Changes in the Company’s accruals for its restructuring program are as follows: Accrued restructuring as of December 31, 2023 $ 3,350 Restructuring and related charges, net 2,177 Cash payments (4,442) Currency translation adjustments (37) Accrued restructuring as of June 30, 2024 $ 1,048 In connection with the plans for closure of certain manufacturing and non-manufacturing facilities, the Company has made available for sale certain facilities and property. As of June 30, 2024, the Company classified certain properties with aggregate book value of approximately $2.1 million as held-for-sale. These assets are recorded in Prepaid expenses and other current assets on the Company’s Condensed Consolidated Balance Sheets. The Company expects to complete the sale of these properties over the next 12 months. During the three and six months ended June 30, 2024, the Company completed the sale of certain facilities previously classified as held for sale for a net gain of $0.5 million, which is recorded in Other income (expenses), net in the Company’s Condensed Consolidated Statements of Operations.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company recognized the following share-based compensation expense in its Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 Stock options $ 39 $ 203 $ 214 $ 634 Non-vested stock awards and restricted stock units 2,593 2,592 5,128 4,763 Director stock ownership plan 30 16 60 26 Performance stock units 1,582 1,076 2,726 1,991 Total share-based compensation expense $ 4,244 $ 3,887 $ 8,128 $ 7,414 Stock Options As of June 30, 2024, unrecognized compensation expense related to unvested stock options was $0.1 million, to be recognized over a weighted average remaining period of 0.8 years. Restricted Stock Awards During the six months ended June 30, 2024, the Company granted 872 non-vested restricted share awards under its long-term incentive plan (“LTIP”) , which are subject to time-based vesting, generally over one to three years. As of June 30, 2024, unrecognized compensation expense related to non-vested restricted shares was $2.8 million, to be recognized over a weighted average remaining period of 1.2 years. Restricted Stock Units During the six months ended June 30, 2024, the Company granted 55,227 restricted stock units under its LTIP , which are subject to time-based vesting, generally over one to three years. The fair value of these grants is based on the closing price of the Company’s common stock on the date of grant. As of June 30, 2024, unrecognized compensation expense related to non-vested restricted stock units was $9.4 million, to be recognized over a weighted average remaining period of 1.7 years. Performance Stock Units As a component of its LTIP, the Company grants performance-based stock unit awards (“PSUs”). The number of shares that may 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 market-based total shareholder return (“TSR”) metric relative to the performance of a selected peer group, and separately the achievement of a performance-based return on invested capital (“ROIC”) measure. The service vesting period required for the PSUs is generally three years and the measurement period of the market-based and performance objectives is generally from January 1 of the year of grant through December 31 of the year prior to issuance of the shares. As mentioned above, a portion of the Company’s PSU valuation is subject to the achievement of the Company’s TSR relative to the performance of a selected peer group. For PSUs granted prior to 2024, the Company’s peer group was the S&P Midcap 400 Materials group. For the 2024 annual LTIP grants, the Company made an election to change peer groups to the S&P 1500 Chemical group to measure the Company’s relative TSR. Compensation expense for PSUs is measured based on the grant date fair value and is recognized on a straight-line vesting method basis over the applicable vesting period. During the six months ended June 30, 2024, the Company granted 20,205 PSUs with a ROIC condition at a grant date fair value of $200.16 per unit, which was based on the closing trading price of the Company’s common stock on the date of grant. PSUs granted with a relative TSR condition are valued using a Monte Carlo simulation on the date of grant. The grant-date fair value of the PSUs valued using a Monte Carlo simulation was $234.19 per unit, which incorporated the assumptions set forth in the table below: 2024 Number of PSUs granted 20,078 Risk-free interest rate 4.55% Dividend yield 0.91% Expected term (years) 3.0 As of June 30, 2024, there was approximately $12.0 million of total unrecognized compensation cost related to PSUs, which the Company expects to recognize over a weighted-average period of 2.3 years.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2024
Retirement Benefits, Description [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The components of net periodic benefit cost (income) are as follows: Three Months Ended June 30, Six Months Ended June 30, Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ 108 $ 107 $ — $ — $ 217 $ 211 $ — $ — Interest cost 2,364 2,511 15 19 4,738 4,973 31 38 Expected return on plan assets (2,020) (2,026) — — (4,050) (4,023) — — Actuarial loss (gain) amortization 127 103 (29) (30) 255 205 (59) (60) Prior service cost (income) amortization 7 — — (4) 14 — — (8) Net periodic benefit cost (income) $ 586 $ 695 $ (14) $ (15) $ 1,174 $ 1,366 $ (28) $ (30) Employer Contributions During the six months ended June 30, 2024, $1.9 million of contributions have been made to the Company’s U.S. and foreign pension plans. Contributions to other postretirement benefit plans were not material. Taking into consideration current minimum cash contribution requirements, the Company currently expects to make full year cash contributions of approximately $5.7 million to its U.S. and foreign pension plans and approximately $0.2 million to its other postretirement benefit plans.

Other (expense) income, net

Other (expense) income, net	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Other (expense) income, net	Other income (expense), net The components of Other income (expense), net are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Non-income tax refunds and other related credits $ 868 $ 888 3,023 1,248 Income from third party license fees 170 321 $ 395 $ 646 Gain on disposals of property, plant, equipment and other assets, net 510 — 917 — Foreign exchange losses, net (727) (4,225) (1,175) (7,551) Pension and postretirement benefit costs, non-service components (464) (573) (929) (1,125) Facility remediation recoveries, net — 187 — 1,014 Product liability claim — — (896) — Other non-operating income (expense), net 65 (204) 167 (77) Total other income (expense), net $ 422 $ (3,606) $ 1,502 $ (5,845) Gain on disposals of property, plant, equipment and other assets, net includes the net gains recognized for the sale of certain facilities previously classified as held for sale during the three and six months ended June 30, 2024. See Note 7 of Notes to the Condensed Consolidated Financial Statements. Facility remediation recoveries, net, during the three and six months ended June 30, 2023, reflect insurance recoveries of costs for remediation and restoration of property damage. See Note 18 for discussion regarding the Company’s related business interruption claims. Product liability claim represents expense related to the payments by the Company in connection with a product liability dispute with a customer during the six months ended June 30, 2024.

Income Taxes and Uncertain Inco

Income Taxes and Uncertain Income Tax Positions	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes and Uncertain Income Tax Positions	Income Taxes The Company’s effective tax rates for the three and six months ended June 30, 2024 were 32.8% and 30.1%, respectively, compared to 34.2% and 31.2% for the three and six months ended June 30, 2023, respectively. The Company’s effective tax rates for the three and six months ended June 30, 2024 were largely driven by the mix of pre-tax earnings, certain one-time charges related to an intercompany intangible asset transfer, and withholding taxes, offset by changes in uncertain tax positions. Comparatively, the effective tax rates for the three and six months ended June 30, 2023 were largely impacted by the mix of pre-tax earnings, changes to the valuation allowance for and the usage of certain foreign tax credits, and withholding taxes, partially offset by changes in uncertain tax positions and favorable return to provision adjustments.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table summarizes earnings per share calculations: Three Months Ended Six Months Ended 2024 2023 2024 2023 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 34,885 $ 29,346 $ 70,112 $ 58,880 Less: income allocated to participating securities (118) (154) (276) (299) Net income available to common shareholders $ 34,767 $ 29,192 $ 69,836 $ 58,581 Basic weighted average common shares outstanding 17,921,395 17,892,444 17,915,104 17,879,629 Basic earnings per common share $ 1.94 $ 1.63 $ 3.90 $ 3.28 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 34,885 $ 29,346 $ 70,112 $ 58,880 Less: income allocated to participating securities (118) (154) (276) (299) Net income available to common shareholders $ 34,767 $ 29,192 $ 69,836 $ 58,581 Basic weighted average common shares outstanding 17,921,395 17,892,444 17,915,104 17,879,629 Effect of dilutive securities 18,761 28,970 19,846 30,277 Diluted weighted average common shares outstanding 17,940,156 17,921,414 17,934,950 17,909,906 Diluted earnings per common share $ 1.94 $ 1.63 $ 3.89 $ 3.27

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the six months ended June 30, 2024 were as follows: Americas EMEA Asia/Pacific Total Balance as of December 31, 2023 $ 283,103 $ 65,940 $ 163,475 $ 512,518 Goodwill additions — 16,448 — 16,448 Currency translation adjustments (2,927) (816) (7,641) (11,384) Balance as of June 30, 2024 $ 280,176 $ 81,572 $ 155,834 $ 517,582 Gross carrying amounts and accumulated amortization for definite-lived intangible assets were as follows: Gross Carrying Accumulated Net Book Value June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Customer lists and rights to sell $ 837,946 $ 841,562 $ 264,378 $ 243,872 $ 573,568 $ 597,690 Trademarks, formulations and product technology 162,620 161,613 59,421 55,879 103,199 105,734 Other 5,814 5,892 5,708 5,776 106 116 Total definite-lived intangible assets $ 1,006,380 $ 1,009,067 $ 329,507 $ 305,527 $ 676,873 $ 703,540 The Company amortizes definite-lived intangible assets on a straight-line basis over their useful lives. The Company recorded amortization expense as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Amortization expense $ 14,744 $ 14,692 $ 29,215 $ 29,205 Estimated annual aggregate amortization expense for the current year and subsequent five years is as follows: For the remainder of 2024 $ 28,986 For the year ended December 31, 2025 57,855 For the year ended December 31, 2026 57,168 For the year ended December 31, 2027 56,875 For the year ended December 31, 2028 56,535 For the year ended December 31, 2029 56,020 As of June 30, 2024 and December 31, 2023, the Company had indefinite-lived intangible assets for trademarks and tradenames totaling $189.3 million and $193.2 million, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table sets forth the components of the Company’s debt: As of June 30, 2024 As of December 31, 2023 Interest Outstanding Interest Outstanding Credit Facilities: Revolver 4.75% $ 51,437 5.13% $ 30,904 U.S. Term Loan 6.55% 529,008 6.71% 561,250 Euro Term Loan 4.75% 146,024 5.13% 152,366 Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 956 Various 1,092 Total debt $ 737,425 $ 755,612 Less: debt issuance costs (1,322) (1,545) Less: short-term and current portion of long-term debts (32,448) (23,444) Total long-term debt $ 703,655 $ 730,623 Credit facilities During June 2022, the Company, and its wholly owned subsidiary, Quaker Houghton B.V., as borrowers, Bank of America, N.A., as administrative agent, U.S. dollar swing line lender and letter of credit issuer, Bank of America Europe Designated Active Company, as Euro Swing Line Lender, certain guarantors and other lenders entered into an amendment to its primary credit facility. The amended credit facility (the “Credit Facility”) established (A) a $150.0 million Euro equivalent senior secured term loan (the “Euro Term Loan”), (B) a $600.0 million senior secured term loan (the “U.S. Term Loan”), and (C) a $500.0 million senior secured revolving credit facility (the “Revolver”), each maturing in June 2027. The Company has the right to increase the amount of the Credit Facility by an aggregate amount not to exceed the greater of $300.0 million or 100% of Consolidated EBITDA, subject to certain conditions including the agreement to provide financing by any lender providing such increase. As of June 30, 2024, the Company was in compliance with all of the Credit Facility covenants. See Note 19 of Notes to Consolidated Financial Statements in the Company’s 2023 Form 10-K. The weighted average variable interest rate incurred on the outstanding borrowings under the Credit Facility during the three and six months ended June 30, 2024 were approximately 6.2% and 6.3%, respectively. As of June 30, 2024, the interest rate on the outstanding borrowings under the Credit Facility was approximately 6.1%. As part of the Credit Facility, in addition to paying interest on outstanding principal, the Company is also required to pay an annual commitment fee ranging from 0.150% to 0.275% related to unutilized commitments under the Revolver, depending on the Company’s consolidated net leverage ratio. The Company had unused capacity under the Revolver of approximately $445 million, which is net of bank letters of credit of approximately $3 million, as of June 30, 2024. In order to manage the Company’s exposure to variable interest rate risk associated with the Credit Facility, in the first quarter of 2023, the Company entered into $300.0 million notional amounts of three-year interest rate swaps to convert a portion of the Company’s variable rate borrowings to an average fixed rate of 3.64% plus an applicable margin as provided in the Credit Facility based on the Company’s consolidated net leverage ratio. As of June 30, 2024, the aggregate interest rate on the swaps, including the fixed base rate plus the applicable margin, was 5.3%. See Note 17 of Notes to Condensed Consolidated Financial Statements. In connection with executing the original credit facility in 2019 and the amended Credit Facility during the second quarter of 2022, the Company capitalized an aggregate of $2.2 million of certain third-party and creditor debt issuance costs. Approximately $0.7 million of the capitalized costs were attributed to the Euro Term Loan and U.S. Term Loan. These costs were recorded as a direct offset of Long-term debt on the Condensed Consolidated Balance Sheet. Approximately $1.5 million of the capitalized costs were attributed to the Revolver and recorded within Other assets on the Condensed Consolidated Balance Sheet. These capitalized costs will collectively be amortized into Interest expense over the five-year term of the Credit Facility. As of June 30, 2024, the Company had $1.3 million of debt issuance costs recorded as an offset of Long-term debt on the Condensed Consolidated Balance Sheets and $2.9 million of debt issuance costs recorded within Other assets on the Condensed Consolidated Balance Sheet. Comparatively, as of December 31, 2023, the Company had $1.5 million of debt issuance costs recorded as an offset of Long-term debt on the Condensed Consolidated Balance Sheets and $3.3 million of debt issuance costs recorded within Other assets on the Condensed Consolidated Balance Sheets. Industrial development bonds As of June 30, 2024 and December 31, 2023, the Company had fixed rate, industrial development authority bonds totaling $10.0 million in principal amount due in 2028. These bonds have similar covenants to the Credit Facility noted above. Bank lines of credit and other debt obligations The Company has certain unsecured bank lines of credit and discounting facilities in certain foreign subsidiaries, which are not collateralized. The Company’s other debt obligations primarily consist of certain domestic and foreign low interest rate or interest-free municipality-related loans, local credit facilities of certain foreign subsidiaries, and finance lease obligations. Total unused capacity under these arrangements as of June 30, 2024 was approximately $34 million. 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, 2024 were approximately $4 million. Interest expense, net The Company incurred the following debt related expenses included within Interest expense, net, in the Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 Interest expense $ 11,530 $ 14,389 $ 22,812 $ 28,265 Amortization of debt issuance costs 353 353 706 706 Total $ 11,883 $ 14,742 $ 23,518 $ 28,971 Based on the variable interest rates associated with the Credit Facility, as of June 30, 2024 and as of December 31, 2023, the amounts at which the Company’s total debt were recorded are not materially different from their fair market value.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The following tables show the reclassifications from and resulting balances of accumulated other comprehensive income (“AOCI”): Currency Defined Unrealized Derivative Total Balance as of March 31, 2024 $ (140,733) $ (10,384) $ 378 $ 3,752 $ (146,987) Other comprehensive (loss) income before Reclassifications (18,841) 113 (58) (19) (18,805) Amounts reclassified from AOCI — 59 3 — 62 Related tax amounts — (47) 11 4 (32) Balance as of June 30, 2024 $ (159,574) $ (10,259) $ 334 $ 3,737 $ (165,762) Balance as of March 31, 2023 $ (117,696) $ (4,721) $ (1,150) $ 390 $ (123,177) Other comprehensive (loss) income before Reclassifications (13,042) 854 979 5,420 (5,789) Amounts reclassified from AOCI — 78 591 — 669 Related tax amounts — (235) (329) (1,247) (1,811) Balance as of June 30, 2023 $ (130,738) $ (4,024) $ 91 $ 4,563 $ (130,108) Currency Defined Unrealized Derivative Total Balance as of December 31, 2023 $ (115,417) $ (10,738) $ 333 $ 1,407 $ (124,415) Other comprehensive (loss) income before reclassifications (44,157) 433 5 3,026 (40,693) Amounts reclassified from AOCI — 209 (4) — 205 Related tax amounts — (163) — (696) (859) Balance as of June 30, 2024 $ (159,574) $ (10,259) $ 334 $ 3,737 $ (165,762) Balance as of December 31, 2022 $ (132,161) $ (4,595) $ (1,484) $ — $ (138,240) Other comprehensive income before reclassifications 1,423 611 1,442 5,926 9,402 Amounts reclassified from AOCI — 154 551 — 705 Related tax amounts — (194) (418) (1,363) (1,975) Balance as of June 30, 2023 $ (130,738) $ (4,024) $ 91 $ 4,563 $ (130,108) All reclassifications related to unrealized (loss) gain in available-for-sale securities relate to the Company’s equity interest in a captive insurance company and are recorded in equity in net income of associated companies. The amounts reported in other comprehensive income for noncontrolling interest are related to currency translation adjustments.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company values its company-owned life insurance policies at fair value. During June 2023, the Company surrendered and liquidated $1.9 million of these life insurance policies. As a result, the Company owns an immaterial amount of company-owned life insurance policies as of June 30, 2024 and December 31, 2023. See Note 17 for a description of the Company’s derivative instruments.

Hedging Activities

Hedging Activities	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging Activities	Hedging Activities The Company’s ongoing business operations expose it to various risks, including fluctuating foreign exchange rates and interest rate risk. To manage these risks, the Company periodically enters into derivative financial instruments, such as foreign exchange forward contracts and interest rate swap agreements. The Company does not hold or enter into financial instruments for trading or speculative purposes. Foreign Exchange Forward Contracts The Company uses foreign exchange forward contracts to economically hedge the impact of the variability in exchange rates on certain assets and/or liabilities denominated in certain foreign currencies. These forward contracts are marked-to-market at each reporting date. Changes in the fair value of the underlying instrument and settlements are recognized in earnings in Other income (expense), net. The fair value of the forward contract is determined from sources independent of the Company, including the financial institutions which are party to the derivative instruments. Open foreign exchange forward contracts as of June 30, 2024 were entered into as hedges in Japanese yen, Mexican peso and Chinese yuan against the U.S. dollar. As of June 30, 2024, the Company had open foreign exchange forward contracts with notional U.S. dollar values of the following: Currency June 30, Mexican Peso $ 30,600 Japanese Yen 5,000 Chinese Yuan 4,200 $ 39,800 Open foreign exchange forward contracts as of June 30, 2024 had maturities occurring over a period of one month. Interest Rate Swaps In order to manage the Company’s exposure to variable interest rate risk associated with the Credit Facility, such as the Secured Overnight Financing Rate (“SOFR”), in the first quarter of 2023, the Company entered into $300.0 million notional amounts of three-year interest rate swaps to convert a portion of the Company’s variable rate borrowings into a fixed rate obligation. See Note 14 of Notes to Condensed Consolidated Financial Statements. These interest rate swaps are designated as cash flow hedges and, as such, the contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI to the extent effective and reclassified to interest expense in the period during which these hedged transactions affect earnings or it becomes probable that the forecasted transaction will not occur. The balance sheet classification and fair values of the Company’s derivative instruments, which are Level 2 measurements, are as follows: Derivatives instruments Condensed Consolidated Balance Sheets Location June 30, December 31, Interest rate swaps: Other non-current assets $ 4,854 $ 1,828 Foreign currency forward contracts: Other accrued liabilities 1,141 159 The following table presents the net unrealized gain deferred to AOCI: Derivatives designated as cash flow hedges June 30, December 31, Interest rate swaps AOCI $ 3,737 $ 1,407 The following table presents the location and the amount of net gain or loss recognized in the Company’s Condensed Consolidated Statements of Operations related to derivative instruments: Three Months Ended Six Months Ended Derivative instruments Condensed Consolidated Statements of Operations 2024 2023 2024 2023 Interest rate swaps Interest expense, net $ 1,273 $ 1,061 $ 2,559 $ 1,061 Foreign exchange forward contracts Other income (expense), net (1,675) 1,843 (732) 2,135 Total $ (402) $ 2,904 $ 1,827 $ 3,196

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As previously disclosed in its 2023 Form 10-K, the Company is party to certain environmental matters and other litigation. See Note 25 of Notes to Consolidated Financial Statements in the Company’s 2023 Form 10-K. During the three and six months ended June 30, 2024, there have been no significant changes to the facts or circumstances of any of the previously disclosed matters. Although there can be no assurance regarding the outcome of any of the ongoing environmental matters or litigation, the Company believes that it has made adequate accruals for costs and liabilities associated with these matters. The Company has accrued approximately $5 million as of June 30, 2024 and December 31, 2023, respectively, for these ongoing matters. The Company previously disclosed in its 2023 Form 10-K that one of its locations suffered property damage as a result of an electrical fire. The Company and its insurance carrier reviewed the impact of the electrical fire on the production facility’s operations as it relates to a potential business interruption insurance claim. Subsequent to the date of these financial statements, in July 2024, the Company and its insurance carrier settled this claim for $1.0 million. In December 2021, the Company completed its acquisition of Coral Chemical Company (“Coral”), a privately held, U.S.-based provider of metal finishing fluid solutions. Subsequent to the acquisition, the Company and the sellers of Coral (the “Sellers”) have worked to finalize certain post-closing adjustments. During the second quarter of 2022, after failing to reach resolution, the Sellers filed suit asserting certain amounts owed related to tax attributes of the acquisition. Since the second quarter of 2022, there have been no material changes to the facts and circumstances of the claim asserted by the Sellers, and the Company continues to believe the potential range of exposure for this claim is $0 to $1.5 million. In addition, during the three and six months ended June 30, 2024, there are no new environmental matters or litigation that the Company believes will have a material adverse effect on the Company’s results of operations, cash flows, or financial condition.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Quaker Chemical Corporation	$ 34,885	$ 29,346	$ 70,112	$ 58,880

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Shane Hostetter [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 31, 2024, Shane Hostetter, former Executive Vice President, Chief Financial Officer, entered into a Rule 10b5-1 written trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. Mr. Hostetter’s trading arrangement covers the sale of up to 1,697 shares of Company common stock from August 29, 2024 until September 28, 2024.
Name	Shane Hostetter
Title	former Executive Vice President, Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 31, 2024
Aggregate Available	1,697	1,697

Basis of Presentation and Des_2

Basis of Presentation and Description of Business (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements included herein are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial reporting and the United States Securities and Exchange Commission (“SEC”) regulations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, and cash flows for the interim periods. The results for the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2023 (as amended, the “2023 Form 10-K”).
Hyper-inflationary economies	Hyper-inflationary economies Argentina’s and Türkiye’s economies were considered hyper-inflationary under U.S. GAAP effective July 1, 2018 and April 1, 2022, respectively. As of, and for the three and six months ended June 30, 2024, the Company's Argentine and Turkish subsidiaries together represented 1% and 2% of the Company’s consolidated total assets and net sales, respectively. During the three and six months ended June 30, 2024, the Company recorded $0.6 million of remeasurement losses and $0.3 million of net remeasurement gains associated with the applicable currency conversions, respectively. Comparatively, during the three and six months ended June 30, 2023, the Company recorded $1.1 million and $1.6 million of remeasurement losses associated with the applicable currency conversions, respectively. These gains and losses were recorded within Other income (expense), net, in the Company’s Condensed Consolidated Statements of Operations.

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting, Measurement Disclosures [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents information about the performance of the Company’s reportable segments: Three Months Ended Six Months Ended Net sales 2024 2023 2024 2023 Americas $ 223,517 $ 253,219 $ 453,271 $ 504,632 EMEA 138,001 143,533 276,423 295,982 Asia/Pacific 102,049 98,692 203,632 194,978 Total net sales $ 463,567 $ 495,444 $ 933,326 $ 995,592 Segment operating earnings Americas $ 64,137 $ 69,007 $ 130,906 $ 135,132 EMEA 26,652 25,583 56,223 53,154 Asia/Pacific 31,000 27,989 61,377 55,641 Total segment operating earnings 121,789 122,579 248,506 243,927 Restructuring and related charges, net (320) (1,043) (2,177) (5,015) Non-operating and administrative expenses (47,584) (49,950) (101,760) (101,721) Depreciation of corporate assets and amortization (15,436) (14,791) (30,594) (30,467) Operating income 58,449 56,795 113,975 106,724 Other income (expense), net 422 (3,606) 1,502 (5,845) Interest expense, net (10,754) (12,721) (21,578) (25,963) Income before taxes and equity in net income of associated companies $ 48,117 $ 40,468 $ 93,899 $ 74,916 The following table summarizes inter-segment revenues. All inter-segment transactions have been eliminated from each reportable segment’s net sales and earnings for all periods presented in the above tables. Three Months Ended Six Months Ended Inter-segment revenues 2024 2023 2024 2023 Americas $ 2,385 $ 2,179 $ 4,898 $ 5,006 EMEA 5,479 7,463 12,539 13,556 Asia/Pacific 1,945 476 3,076 536

Net Sales and Revenue Recogni_2

Net Sales and Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables disaggregate the Company’s net sales by segment and customer industry. Three Months Ended June 30, 2024 Customer Industries Americas EMEA Asia/Pacific Consolidated Metals $ 63,753 $ 35,307 $ 50,150 $ 149,210 Metalworking and other 159,764 102,694 51,899 314,357 $ 223,517 $ 138,001 $ 102,049 $ 463,567 Six Months Ended June 30, 2024 Customer Industries Americas EMEA Asia/Pacific Consolidated Metals $ 129,779 $ 68,127 $ 101,061 $ 298,967 Metalworking and other 323,492 208,296 102,571 634,359 $ 453,271 $ 276,423 $ 203,632 $ 933,326 Three Months Ended June 30, 2023 Customer Industries Americas EMEA Asia/Pacific Consolidated Metals $ 68,743 $ 32,643 $ 48,129 $ 149,515 Metalworking and other 184,476 110,890 50,563 345,929 $ 253,219 $ 143,533 $ 98,692 $ 495,444 Six Months Ended June 30, 2023 Customer Industries Americas EMEA Asia/Pacific Consolidated Metals $ 136,877 $ 71,746 $ 94,789 $ 303,412 Metalworking and other 367,755 224,236 100,189 692,180 $ 504,632 $ 295,982 $ 194,978 $ 995,592

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Lease, Cost	The components of the Company’s lease expense are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Operating lease expense $ 3,727 $ 3,710 $ 7,470 $ 7,646 Short-term lease expense 193 183 392 394 Supplemental cash flow information related to the Company’s leases is as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,736 $ 3,773 $ 7,397 $ 7,630 Non-cash lease liabilities activity: Leased assets obtained in exchange for new operating lease liabilities 2,130 823 5,364 3,656 Supplemental balance sheet information related to the Company’s leases is as follows: June 30, December 31, Right-of-use lease assets $ 36,693 $ 38,614 Other current liabilities 11,477 11,965 Long-term lease liabilities 21,671 22,937 Total operating lease liabilities $ 33,148 $ 34,902 Weighted average remaining lease term (years) 4.9 5.1 Weighted average discount rate 5.32 % 4.91 %
Schedule of Lessee, Operating Lease, Liability, Maturity	Maturities of operating lease liabilities as of June 30, 2024 were as follows: For the remainder of 2024 $ 6,994 For the year ended December 31, 2025 10,747 For the year ended December 31, 2026 8,088 For the year ended December 31, 2027 4,420 For the year ended December 31, 2028 2,486 For the year ended December 31, 2029 and beyond 5,288 Total lease payments 38,023 Less: imputed interest (4,875) Present value of lease liabilities $ 33,148

Restructuring and Related Act_2

Restructuring and Related Activities (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	Changes in the Company’s accruals for its restructuring program are as follows: Accrued restructuring as of December 31, 2023 $ 3,350 Restructuring and related charges, net 2,177 Cash payments (4,442) Currency translation adjustments (37) Accrued restructuring as of June 30, 2024 $ 1,048

Share Based Compensation (Table

Share Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Arrangement, Cost by Plan	The Company recognized the following share-based compensation expense in its Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 Stock options $ 39 $ 203 $ 214 $ 634 Non-vested stock awards and restricted stock units 2,593 2,592 5,128 4,763 Director stock ownership plan 30 16 60 26 Performance stock units 1,582 1,076 2,726 1,991 Total share-based compensation expense $ 4,244 $ 3,887 $ 8,128 $ 7,414
Schedule Of Monte Carlo Option Pricing Model And The Assumptions	The grant-date fair value of the PSUs valued using a Monte Carlo simulation was $234.19 per unit, which incorporated the assumptions set forth in the table below: 2024 Number of PSUs granted 20,078 Risk-free interest rate 4.55% Dividend yield 0.91% Expected term (years) 3.0

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits, Description [Abstract]
Schedule of Net Benefit Costs	The components of net periodic benefit cost (income) are as follows: Three Months Ended June 30, Six Months Ended June 30, Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ 108 $ 107 $ — $ — $ 217 $ 211 $ — $ — Interest cost 2,364 2,511 15 19 4,738 4,973 31 38 Expected return on plan assets (2,020) (2,026) — — (4,050) (4,023) — — Actuarial loss (gain) amortization 127 103 (29) (30) 255 205 (59) (60) Prior service cost (income) amortization 7 — — (4) 14 — — (8) Net periodic benefit cost (income) $ 586 $ 695 $ (14) $ (15) $ 1,174 $ 1,366 $ (28) $ (30)

Other (expense) income, net (Ta

Other (expense) income, net (Tables)	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Nonoperating (Expense) Income	The components of Other income (expense), net are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Non-income tax refunds and other related credits $ 868 $ 888 3,023 1,248 Income from third party license fees 170 321 $ 395 $ 646 Gain on disposals of property, plant, equipment and other assets, net 510 — 917 — Foreign exchange losses, net (727) (4,225) (1,175) (7,551) Pension and postretirement benefit costs, non-service components (464) (573) (929) (1,125) Facility remediation recoveries, net — 187 — 1,014 Product liability claim — — (896) — Other non-operating income (expense), net 65 (204) 167 (77) Total other income (expense), net $ 422 $ (3,606) $ 1,502 $ (5,845)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes earnings per share calculations: Three Months Ended Six Months Ended 2024 2023 2024 2023 Basic earnings per common share Net income attributable to Quaker Chemical Corporation $ 34,885 $ 29,346 $ 70,112 $ 58,880 Less: income allocated to participating securities (118) (154) (276) (299) Net income available to common shareholders $ 34,767 $ 29,192 $ 69,836 $ 58,581 Basic weighted average common shares outstanding 17,921,395 17,892,444 17,915,104 17,879,629 Basic earnings per common share $ 1.94 $ 1.63 $ 3.90 $ 3.28 Diluted earnings per common share Net income attributable to Quaker Chemical Corporation $ 34,885 $ 29,346 $ 70,112 $ 58,880 Less: income allocated to participating securities (118) (154) (276) (299) Net income available to common shareholders $ 34,767 $ 29,192 $ 69,836 $ 58,581 Basic weighted average common shares outstanding 17,921,395 17,892,444 17,915,104 17,879,629 Effect of dilutive securities 18,761 28,970 19,846 30,277 Diluted weighted average common shares outstanding 17,940,156 17,921,414 17,934,950 17,909,906 Diluted earnings per common share $ 1.94 $ 1.63 $ 3.89 $ 3.27

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill for the six months ended June 30, 2024 were as follows: Americas EMEA Asia/Pacific Total Balance as of December 31, 2023 $ 283,103 $ 65,940 $ 163,475 $ 512,518 Goodwill additions — 16,448 — 16,448 Currency translation adjustments (2,927) (816) (7,641) (11,384) Balance as of June 30, 2024 $ 280,176 $ 81,572 $ 155,834 $ 517,582
Schedule of Finite-Lived Intangible Assets	Gross carrying amounts and accumulated amortization for definite-lived intangible assets were as follows: Gross Carrying Accumulated Net Book Value June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Customer lists and rights to sell $ 837,946 $ 841,562 $ 264,378 $ 243,872 $ 573,568 $ 597,690 Trademarks, formulations and product technology 162,620 161,613 59,421 55,879 103,199 105,734 Other 5,814 5,892 5,708 5,776 106 116 Total definite-lived intangible assets $ 1,006,380 $ 1,009,067 $ 329,507 $ 305,527 $ 676,873 $ 703,540
Schedule of Finite-lived Intangible Assets Amortization Expense	The Company recorded amortization expense as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Amortization expense $ 14,744 $ 14,692 $ 29,215 $ 29,205
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated annual aggregate amortization expense for the current year and subsequent five years is as follows: For the remainder of 2024 $ 28,986 For the year ended December 31, 2025 57,855 For the year ended December 31, 2026 57,168 For the year ended December 31, 2027 56,875 For the year ended December 31, 2028 56,535 For the year ended December 31, 2029 56,020

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table sets forth the components of the Company’s debt: As of June 30, 2024 As of December 31, 2023 Interest Outstanding Interest Outstanding Credit Facilities: Revolver 4.75% $ 51,437 5.13% $ 30,904 U.S. Term Loan 6.55% 529,008 6.71% 561,250 Euro Term Loan 4.75% 146,024 5.13% 152,366 Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 956 Various 1,092 Total debt $ 737,425 $ 755,612 Less: debt issuance costs (1,322) (1,545) Less: short-term and current portion of long-term debts (32,448) (23,444) Total long-term debt $ 703,655 $ 730,623
Schedule of Interest Income and Interest Expense Disclosure	The Company incurred the following debt related expenses included within Interest expense, net, in the Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 Interest expense $ 11,530 $ 14,389 $ 22,812 $ 28,265 Amortization of debt issuance costs 353 353 706 706 Total $ 11,883 $ 14,742 $ 23,518 $ 28,971

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables show the reclassifications from and resulting balances of accumulated other comprehensive income (“AOCI”): Currency Defined Unrealized Derivative Total Balance as of March 31, 2024 $ (140,733) $ (10,384) $ 378 $ 3,752 $ (146,987) Other comprehensive (loss) income before Reclassifications (18,841) 113 (58) (19) (18,805) Amounts reclassified from AOCI — 59 3 — 62 Related tax amounts — (47) 11 4 (32) Balance as of June 30, 2024 $ (159,574) $ (10,259) $ 334 $ 3,737 $ (165,762) Balance as of March 31, 2023 $ (117,696) $ (4,721) $ (1,150) $ 390 $ (123,177) Other comprehensive (loss) income before Reclassifications (13,042) 854 979 5,420 (5,789) Amounts reclassified from AOCI — 78 591 — 669 Related tax amounts — (235) (329) (1,247) (1,811) Balance as of June 30, 2023 $ (130,738) $ (4,024) $ 91 $ 4,563 $ (130,108) Currency Defined Unrealized Derivative Total Balance as of December 31, 2023 $ (115,417) $ (10,738) $ 333 $ 1,407 $ (124,415) Other comprehensive (loss) income before reclassifications (44,157) 433 5 3,026 (40,693) Amounts reclassified from AOCI — 209 (4) — 205 Related tax amounts — (163) — (696) (859) Balance as of June 30, 2024 $ (159,574) $ (10,259) $ 334 $ 3,737 $ (165,762) Balance as of December 31, 2022 $ (132,161) $ (4,595) $ (1,484) $ — $ (138,240) Other comprehensive income before reclassifications 1,423 611 1,442 5,926 9,402 Amounts reclassified from AOCI — 154 551 — 705 Related tax amounts — (194) (418) (1,363) (1,975) Balance as of June 30, 2023 $ (130,738) $ (4,024) $ 91 $ 4,563 $ (130,108)

Hedging Activities (Tables)

Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	As of June 30, 2024, the Company had open foreign exchange forward contracts with notional U.S. dollar values of the following: Currency June 30, Mexican Peso $ 30,600 Japanese Yen 5,000 Chinese Yuan 4,200 $ 39,800
Schedule of Balance Sheet Classification and Fair Values of Derivative Instruments	The balance sheet classification and fair values of the Company’s derivative instruments, which are Level 2 measurements, are as follows: Derivatives instruments Condensed Consolidated Balance Sheets Location June 30, December 31, Interest rate swaps: Other non-current assets $ 4,854 $ 1,828 Foreign currency forward contracts: Other accrued liabilities 1,141 159 The following table presents the net unrealized gain deferred to AOCI: Derivatives designated as cash flow hedges June 30, December 31, Interest rate swaps AOCI $ 3,737 $ 1,407 The following table presents the location and the amount of net gain or loss recognized in the Company’s Condensed Consolidated Statements of Operations related to derivative instruments: Three Months Ended Six Months Ended Derivative instruments Condensed Consolidated Statements of Operations 2024 2023 2024 2023 Interest rate swaps Interest expense, net $ 1,273 $ 1,061 $ 2,559 $ 1,061 Foreign exchange forward contracts Other income (expense), net (1,675) 1,843 (732) 2,135 Total $ (402) $ 2,904 $ 1,827 $ 3,196

Basis of Presentation and Des_3

Basis of Presentation and Description of Business (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) country	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment country	Jun. 30, 2023 USD ($)
Number of reportable segments | segment			3
Number of countries in which entity operates | country	25		25
Argentina | Argentine and Turkish Subsidiaries
Currency conversion impacts of hyper-inflationary accounting | $	$ 0.6	$ 1.1	$ 0.3	$ 1.6
Argentina | Argentine and Turkish Subsidiaries | Assets Total | Geographic Concentration Risk
Concentration risk (as a percent)	1%		1%
Argentina | Argentine and Turkish Subsidiaries | Sales Revenue Net | Geographic Concentration Risk
Concentration risk (as a percent)	2%		2%

Business Acquisitions - (Detail

Business Acquisitions - (Details) $ in Thousands, € in Millions, ¥ in Billions	1 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2024 JPY (¥)	Feb. 29, 2024 USD ($)	Feb. 29, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Feb. 29, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill					$ 517,582		$ 512,518
Sutai Group | Subsequent Event
Business Acquisition [Line Items]
Purchase price	$ 14,600	¥ 2.3
IKV
Business Acquisition [Line Items]
Purchase price			$ 35,200	€ 32.6
Acquired intangible assets			15,000
Goodwill			16,400
Cash payments to acquire businesses			29,700	€ 27.6
Earnouts			5,500			€ 5
Cash acquired			4,800
IKV | Customer Relationships
Business Acquisition [Line Items]
Acquired intangible assets			$ 11,100
Intangible assets, amortization period			16 years	16 years
IKV | Product technologies
Business Acquisition [Line Items]
Acquired intangible assets			$ 3,200
Intangible assets, amortization period			14 years	14 years
IKV | Trademarks
Business Acquisition [Line Items]
Acquired intangible assets			$ 700
Intangible assets, amortization period			5 years	5 years

Business Segments - Narrative (

Business Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting, Measurement Disclosures [Abstract]
Number of reportable segments	3

Business Segments - Performance

Business Segments - Performance of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 463,567	$ 495,444	$ 933,326	$ 995,592
Restructuring and related charges, net	(320)	(1,043)	(2,177)	(5,015)
Non-operating and administrative expenses	(47,584)	(49,950)	(101,760)	(101,721)
Depreciation of corporate assets and amortization	(15,436)	(14,791)	(30,594)	(30,467)
Operating income	58,449	56,795	113,975	106,724
Other income (expense), net	422	(3,606)	1,502	(5,845)
Interest expense, net	(10,754)	(12,721)	(21,578)	(25,963)
Income before taxes and equity in net income of associated companies	48,117	40,468	93,899	74,916
Operating Segments
Segment Reporting Information [Line Items]
Net sales	463,567	495,444	933,326	995,592
Segment operating earnings	121,789	122,579	248,506	243,927
Operating Segments | Americas
Segment Reporting Information [Line Items]
Net sales	223,517	253,219	453,271	504,632
Segment operating earnings	64,137	69,007	130,906	135,132
Operating Segments | EMEA
Segment Reporting Information [Line Items]
Net sales	138,001	143,533	276,423	295,982
Segment operating earnings	26,652	25,583	56,223	53,154
Operating Segments | Asia/Pacific
Segment Reporting Information [Line Items]
Net sales	102,049	98,692	203,632	194,978
Segment operating earnings	31,000	27,989	61,377	55,641
Intersegment Sales Elimination | Americas
Segment Reporting Information [Line Items]
Net sales	2,385	2,179	4,898	5,006
Intersegment Sales Elimination | EMEA
Segment Reporting Information [Line Items]
Net sales	5,479	7,463	12,539	13,556
Intersegment Sales Elimination | Asia/Pacific
Segment Reporting Information [Line Items]
Net sales	$ 1,945	$ 476	$ 3,076	$ 536

Net Sales and Revenue Recogni_3

Net Sales and Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
Revenue recognized under net reporting arrangements	$ 19.2	$ 21	$ 39	$ 41.7
Deferred revenue	$ 3.2		$ 3.2		$ 4.5
Number of reportable segments | segment			3
Top Five Customers | Sales Revenue Net | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)					12%
Largest Customers | Sales Revenue Net | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)					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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Product Information [Line Items]
Net sales	$ 463,567	$ 495,444	$ 933,326	$ 995,592
Operating Segments
Product Information [Line Items]
Net sales	463,567	495,444	933,326	995,592
Operating Segments | Americas
Product Information [Line Items]
Net sales	223,517	253,219	453,271	504,632
Operating Segments | EMEA
Product Information [Line Items]
Net sales	138,001	143,533	276,423	295,982
Operating Segments | Asia/Pacific
Product Information [Line Items]
Net sales	102,049	98,692	203,632	194,978
Operating Segments | Metals
Product Information [Line Items]
Net sales	149,210	149,515	298,967	303,412
Operating Segments | Metals | Americas
Product Information [Line Items]
Net sales	63,753	68,743	129,779	136,877
Operating Segments | Metals | EMEA
Product Information [Line Items]
Net sales	35,307	32,643	68,127	71,746
Operating Segments | Metals | Asia/Pacific
Product Information [Line Items]
Net sales	50,150	48,129	101,061	94,789
Operating Segments | Metalworking and other
Product Information [Line Items]
Net sales	314,357	345,929	634,359	692,180
Operating Segments | Metalworking and other | Americas
Product Information [Line Items]
Net sales	159,764	184,476	323,492	367,755
Operating Segments | Metalworking and other | EMEA
Product Information [Line Items]
Net sales	102,694	110,890	208,296	224,236
Operating Segments | Metalworking and other | Asia/Pacific
Product Information [Line Items]
Net sales	$ 51,899	$ 50,563	$ 102,571	$ 100,189

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Variable lease cost	$ 0	$ 0	$ 0	$ 0
Sublease income	$ 0	$ 0	$ 0	$ 0
Facilities Vehicles and Machinery and Equipment
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	11 years		11 years
Land
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	91 years		91 years

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lease, Cost [Abstract]
Operating lease expense	$ 3,727	$ 3,710	$ 7,470	$ 7,646
Short-term lease expense	193	183	392	394
Supplemental cash flow information related to leases
Operating cash flows from operating leases	3,736	3,773	7,397	7,630
Leased assets obtained in exchange for new operating lease liabilities	2,130	$ 823	5,364	$ 3,656
Supplemental balance sheet information
Right-of-use lease assets	36,693		36,693		$ 38,614
Other current liabilities	11,477		11,477		11,965
Long-term lease liabilities	21,671		21,671		22,937
Total operating lease liabilities	$ 33,148		$ 33,148		$ 34,902
Weighted average remaining lease term (years)	4 years 10 months 24 days		4 years 10 months 24 days		5 years 1 month 6 days
Weighted average discount rate	5.32%		5.32%		4.91%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
For the remainder of 2024	$ 6,994
For the year ended December 31, 2025	10,747
For the year ended December 31, 2026	8,088
For the year ended December 31, 2027	4,420
For the year ended December 31, 2028	2,486
For the year ended December 31, 2029 and beyond	5,288
Total lease payments	38,023
Less: imputed interest	(4,875)
Present value of lease liabilities	$ 33,148	$ 34,902

Restructuring and Related Act_3

Restructuring and Related Activities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) position	Jun. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated | position			120
Real estate, held-for-sale	$ 2,100		$ 2,100
Restructuring Reserve [Roll Forward]
Restructuring and related charges, net	320	$ 1,043	2,177	$ 5,015
Gain (loss) on disposition of other assets	500		500
Restructuring Charges
Restructuring Reserve [Roll Forward]
Accrued restructuring, beginning balance			3,350
Restructuring and related charges, net			2,177
Cash payments			(4,442)
Currency translation adjustments			(37)
Accrued restructuring, ending balance	$ 1,048		$ 1,048

Share-Based Compensation - Shar

Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 4,244	$ 3,887	$ 8,128	$ 7,414
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	39	203	214	634
Non-vested stock awards and restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	2,593	2,592	5,128	4,763
Director stock ownership plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	30	16	60	26
Performance stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 1,582	$ 1,076	$ 2,726	$ 1,991

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 4,244	$ 3,887	$ 8,128	$ 7,414
Share-Based Payment Arrangement, Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation expense, options	100		$ 100
Weighted average remaining life, nonvested stock awards (in years)			9 months 18 days
Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted average remaining life, nonvested stock awards (in years)			1 year 2 months 12 days
Nonvested stock awards granted (in shares)			872
Unrecognized share-based compensation expense, nonvested stock award	2,800		$ 2,800
Restricted Stock | Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Option award vesting period (in years)			1 year
Restricted Stock | Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Option award vesting period (in years)			3 years
Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted average remaining life, nonvested stock awards (in years)			1 year 8 months 12 days
Nonvested stock awards granted (in shares)			55,227
Unrecognized share-based compensation expense, nonvested stock award	9,400		$ 9,400
Restricted Stock Units (RSUs) | Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Option award vesting period (in years)			1 year
Restricted Stock Units (RSUs) | Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Option award vesting period (in years)			3 years
Performance Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	1,582	$ 1,076	$ 2,726	$ 1,991
Unrecognized compensation expense, options	$ 12,000		$ 12,000
Weighted average remaining life, nonvested stock awards (in years)			2 years 3 months 18 days
Vesting shares target lower (as a percent)			0%
Vesting shares target upper (as a percent)			200%
Grant date per value (in dollars per unit)	$ 234.19		$ 234.19
Performance Stock Units | Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Option award vesting period (in years)			3 years
Performance Stock Units, ROIC
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Nonvested stock awards granted (in shares)			20,205
Grant date per value (in dollars per unit)	$ 200.16		$ 200.16

Share-Based Compensation - Mont

Share-Based Compensation - Monte Carlo Simulation on Grant Date (Details) - Performance Stock Units	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grant date per value (in dollars per unit) | $ / shares	$ 234.19
2024 Grants
Number of PSUs granted (in shares) | shares	20,078
Risk-free interest rate	4.55%
Dividend yield	0.91%
Expected term (years)	3 years

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 108	$ 107	$ 217	$ 211
Interest cost	2,364	2,511	4,738	4,973
Expected return on plan assets	(2,020)	(2,026)	(4,050)	(4,023)
Actuarial loss (gain) amortization	127	103	255	205
Prior service cost (income) amortization	7	0	14	0
Net periodic benefit cost (income)	586	695	1,174	1,366
Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0	0
Interest cost	15	19	31	38
Expected return on plan assets	0	0	0	0
Actuarial loss (gain) amortization	(29)	(30)	(59)	(60)
Prior service cost (income) amortization	0	(4)	0	(8)
Net periodic benefit cost (income)	$ (14)	$ (15)	$ (28)	$ (30)

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 1.9
Expected future employer contributions, remainder of fiscal year	5.7
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions, remainder of fiscal year	$ 0.2

Other (expense) income, net (De

Other (expense) income, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Non-income tax refunds and other related credits	$ 868	$ 888	$ 3,023	$ 1,248
Income from third party license fees	170	321	395	646
Gain on disposals of property, plant, equipment and other assets, net	510	0	917	0
Foreign exchange losses, net	(727)	(4,225)	(1,175)	(7,551)
Pension and postretirement benefit costs, non-service components	(464)	(573)	(929)	(1,125)
Facility remediation recoveries, net	0	187	0	1,014
Product Liability Accrual, Period Expense	0	0	(896)	0
Other non-operating income (expense), net	65	(204)	167	(77)
Total other income (expense), net	$ 422	$ (3,606)	$ 1,502	$ (5,845)

Income Taxes and Uncertain In_2

Income Taxes and Uncertain Income Tax Positions - (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	32.80%	34.20%	30.10%	31.20%

Earnings Per Share - Basic (Det

Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to Quaker Chemical Corporation	$ 34,885	$ 29,346	$ 70,112	$ 58,880
Less: income allocated to participating securities	(118)	(154)	(276)	(299)
Net income available to common shareholders	$ 34,767	$ 29,192	$ 69,836	$ 58,581
Basic weighted average common shares outstanding (in shares)	17,921,395	17,892,444	17,915,104	17,879,629
Basic earnings per common share (in dollars per share)	$ 1.94	$ 1.63	$ 3.90	$ 3.28

Earnings Per Share - Diluted (D

Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to Quaker Chemical Corporation	$ 34,885	$ 29,346	$ 70,112	$ 58,880
Less: income allocated to participating securities	(118)	(154)	(276)	(299)
Net income available to common shareholders	$ 34,767	$ 29,192	$ 69,836	$ 58,581
Basic weighted average common shares outstanding (in shares)	17,921,395	17,892,444	17,915,104	17,879,629
Effect of dilutive securities (in shares)	18,761	28,970	19,846	30,277
Diluted weighted average common shares outstanding (in shares)	17,940,156	17,921,414	17,934,950	17,909,906
Diluted earnings per common share (in dollars per share)	$ 1.94	$ 1.63	$ 3.89	$ 3.27

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive shares (in share)	16,098	8,232	31,000	10,940

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 512,518
Goodwill additions	16,448
Currency translation adjustments	(11,384)
Ending balance	517,582
Previously Reported
Goodwill [Roll Forward]
Beginning balance	512,518
Operating Segments | Americas
Goodwill [Roll Forward]
Goodwill additions	0
Currency translation adjustments	(2,927)
Ending balance	280,176
Operating Segments | EMEA
Goodwill [Roll Forward]
Goodwill additions	16,448
Currency translation adjustments	(816)
Ending balance	81,572
Operating Segments | Asia/Pacific
Goodwill [Roll Forward]
Goodwill additions	0
Currency translation adjustments	(7,641)
Ending balance	155,834
Operating Segments | Previously Reported | Americas
Goodwill [Roll Forward]
Beginning balance	283,103
Operating Segments | Previously Reported | EMEA
Goodwill [Roll Forward]
Beginning balance	65,940
Operating Segments | Previously Reported | Asia/Pacific
Goodwill [Roll Forward]
Beginning balance	$ 163,475

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	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,006,380	$ 1,009,067
Accumulated Amortization	329,507	305,527
Net Book Value	676,873	703,540
Customer lists and rights to sell
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	837,946	841,562
Accumulated Amortization	264,378	243,872
Net Book Value	573,568	597,690
Trademarks, formulations and product technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	162,620	161,613
Accumulated Amortization	59,421	55,879
Net Book Value	103,199	105,734
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,814	5,892
Accumulated Amortization	5,708	5,776
Net Book Value	$ 106	$ 116

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 14,744	$ 14,692	$ 29,215	$ 29,205

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Intangible Assets - Future Amortization (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
For the remainder of 2024	$ 28,986
For the year ended December 31, 2025	57,855
For the year ended December 31, 2026	57,168
For the year ended December 31, 2027	56,875
For the year ended December 31, 2028	56,535
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 56,020

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Indefinite Lived (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Indefinite lived intangible assets	$ 189.3
Houghton Combination
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived trademarks		$ 193.2

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding Balance	$ 737,425	$ 755,612
Less: debt issuance costs	(1,322)	(1,545)
Less: short-term and current portion of long-term debts	(32,448)	(23,444)
Long-term debt	$ 703,655	$ 730,623
Revolver
Debt Instrument [Line Items]
Interest Rate	4.75%	5.13%
Outstanding Balance	$ 51,437	$ 30,904
U.S. Term Loan
Debt Instrument [Line Items]
Interest Rate	6.55%	6.71%
Outstanding Balance	$ 529,008	$ 561,250
Euro Term Loan
Debt Instrument [Line Items]
Interest Rate	4.75%	5.13%
Outstanding Balance	$ 146,024	$ 152,366
Industrial development bonds
Debt Instrument [Line Items]
Interest Rate	5.26%	5.26%
Outstanding Balance	$ 10,000	$ 10,000
Bank lines of credit and other debt obligations
Debt Instrument [Line Items]
Outstanding Balance	$ 956	$ 1,092

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2022
Interest rate swaps:
Debt Instrument [Line Items]
Derivative liability, notional amount		$ 300,000,000
Derivative term (in years)		3 years	3 years
Derivative, fixed interest rate (as a percent)		3.64%
Derivative variable interest rate (as a percent)	5.30%			5.30%
Other Assets
Debt Instrument [Line Items]
Debt issuance costs	$ 2,900,000	$ 3,300,000		$ 2,900,000
Euro Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 150,000,000
Debt issuance costs					700,000
U.S. Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity					600,000,000
Debt issuance costs					700,000
Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 500,000,000
Credit faclity as percentage of consolidated EBITDA (as a percent)					100%
Debt issuance costs	1,300,000	1,500,000		1,300,000
Revolver | Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding amount	$ 3,000,000			$ 3,000,000
Revolver | Other Assets
Debt Instrument [Line Items]
Debt issuance costs					$ 1,500,000
Amended Credit Facility
Debt Instrument [Line Items]
Maximum increase in borrowing capacity					300,000,000
Debt issuance costs					$ 2,200,000
Long-term debt term (in years)					5 years
Amended Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage (as a percent)				0.275%
Amended Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage (as a percent)				0.15%
Original Credit Facility and the Amended Credit Facility
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate, over time (as a percent)	6.20%			6.30%
Original Credit Facility
Debt Instrument [Line Items]
Long-term debt interest rate (as a percent)	6.10%			6.10%
Corporate Bond Securities
Debt Instrument [Line Items]
Industrial development revenue bond	$ 10,000,000	$ 10,000,000		$ 10,000,000
Bank lines of credit and other debt obligations
Debt Instrument [Line Items]
Letters of credit outstanding amount	4,000,000			4,000,000
Remaining borrowing capacity	34,000,000			34,000,000
Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Unused borrowing capacity	$ 445,000,000			$ 445,000,000

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt related expenses included within Interest expense:
Interest expense	$ 11,530	$ 14,389	$ 22,812	$ 28,265
Amortization of debt issuance costs	353	353	706	706
Total	$ 11,883	$ 14,742	$ 23,518	$ 28,971

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - AOCI Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			$ (124,415)
Other comprehensive (loss) income before Reclassifications	$ (18,805)	$ (5,789)	(40,693)	$ 9,402
Amounts reclassified from AOCI	62	669	205	705
Related tax amounts	(32)	(1,811)	(859)	(1,975)
Ending Balance	(165,762)		(165,762)
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(140,733)	(117,696)	(115,417)	(132,161)
Other comprehensive (loss) income before Reclassifications	(18,841)	(13,042)	(44,157)	1,423
Amounts reclassified from AOCI	0	0	0	0
Related tax amounts	0	0	0	0
Ending Balance	(159,574)	(130,738)	(159,574)	(130,738)
Defined Benefit Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(10,384)	(4,721)	(10,738)	(4,595)
Other comprehensive (loss) income before Reclassifications	113	854	433	611
Amounts reclassified from AOCI	59	78	209	154
Related tax amounts	(47)	(235)	(163)	(194)
Ending Balance	(10,259)	(4,024)	(10,259)	(4,024)
Unrealized (Loss) Gain in Available-for- Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	378	(1,150)	333	(1,484)
Other comprehensive (loss) income before Reclassifications	(58)	979	5	1,442
Amounts reclassified from AOCI	3	591	(4)	551
Related tax amounts	11	(329)	0	(418)
Ending Balance	334	91	334	91
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	3,752	390	1,407	0
Other comprehensive (loss) income before Reclassifications	(19)	5,420	3,026	5,926
Amounts reclassified from AOCI	0	0	0	0
Related tax amounts	4	(1,247)	(696)	(1,363)
Ending Balance	3,737	4,563	3,737	4,563
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(146,987)	(123,177)	(124,415)	(138,240)
Ending Balance	$ (165,762)	$ (130,108)	$ (165,762)	$ (130,108)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	1 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Surrendered and liquidated life insurance policies	$ 1.9

Hedging Activities - Notional A

Hedging Activities - Notional Amounts of Net Foreign Exchange Hedge Positions (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Derivative [Line Items]
Notional amount	$ 39,800
Mexican Peso
Derivative [Line Items]
Notional amount	30,600
Japanese Yen
Derivative [Line Items]
Notional amount	5,000
China, Yuan Renminbi
Derivative [Line Items]
Notional amount	$ 4,200

Hedging Activities - Narrative

Hedging Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Mar. 31, 2023	Jun. 30, 2024
Foreign currency forward contracts:
Derivative [Line Items]
Derivative term (in years)			1 month
Interest rate swaps:
Derivative [Line Items]
Derivative term (in years)	3 years	3 years
Derivative liability, notional amount	$ 300

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI to earnings	$ (402)	$ 2,904	$ 1,827	$ 3,196
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI to earnings	1,273	1,061	2,559	1,061
Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI to earnings	$ (1,675)	$ 1,843	(732)	$ 2,135
Interest rate swaps:
Derivative Instruments, Gain (Loss) [Line Items]
Net unrealized loss deferred to AOCI			3,737		$ 1,407
Other non-current assets | Interest rate swaps:
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value			4,854		1,828
Other accrued liabilities | Foreign currency forward contracts:
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value			$ 1,141		$ 159

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Coral Chemical Company (Coral) | Minimum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 0
Coral Chemical Company (Coral) | Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	1,500
Houghton Environmental Matters
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 5,000	$ 5,000