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Business Combinations (Tables)
3 Months Ended
Mar. 31, 2020
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]

 

Cash transferred to Houghton shareholders (a)

$

170,829

 

 

Cash paid to extinguish Houghton debt obligations

 

702,556

 

 

Fair value of common stock issued as consideration (b)

 

789,080

 

 

 

Total fair value of consideration transferred

$

1,662,465

 

(a) A portion is held in escrow by a third party, subject to indemnification rights that lapse upon the achievement of certain milestones.

(b) Amount was determined based on approximately 4.3 million shares, comprising 24.5% of the common stock of the Company immediately after the closing, and the closing price per share of Quaker Chemical Corporation common stock of $182.27 on August 1, 2019.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

 

 

 

 

 

Measurement

 

 

 

 

 

 

August 1,

 

Period

 

August 1, 2019

 

 

 

 

2019 (1)

 

Adjustments

 

(as adjusted)

 

 

Cash and cash equivalents

$

75,821

 

$

—

 

$

75,821

 

 

Accounts receivable, net

 

178,922

 

 

—

 

 

178,922

 

 

Inventories, net

 

95,193

 

 

—

 

 

95,193

 

 

Prepaid expenses and other assets

 

10,652

 

 

207

 

 

10,859

 

 

Property, plant and equipment

 

115,529

 

 

(66)

 

 

115,463

 

 

Right of use lease assets

 

10,673

 

 

—

 

 

10,673

 

 

Investments in associated companies

 

66,447

 

 

—

 

 

66,447

 

 

Other non-current assets

 

4,710

 

 

1,553

 

 

6,263

 

 

Intangible assets

 

1,028,400

 

 

—

 

 

1,028,400

 

 

Goodwill

 

494,915

 

 

(23)

 

 

494,892

 

 

 

Total assets purchased

 

2,081,262

 

 

1,671

 

 

2,082,933

 

 

Short-term borrowings, not refinanced at closing

 

9,297

 

 

—

 

 

9,297

 

 

Accounts payable, accrued expenses and other accrued liabilities

 

150,078

 

 

146

 

 

150,224

 

 

Deferred tax liabilities

 

205,082

 

 

(28)

 

 

205,054

 

 

Long-term lease liabilities

 

6,607

 

 

—

 

 

6,607

 

 

Other non-current liabilities

 

47,733

 

 

1,553

 

 

49,286

 

 

 

Total liabilities assumed

 

418,797

 

 

1,671

 

 

420,468

 

 

 

Total consideration paid for Houghton

 

1,662,465

 

 

—

 

 

1,662,465

 

 

 

Less: cash acquired

 

75,821

 

 

—

 

 

75,821

 

 

 

Less: fair value of common stock issued as consideration

 

789,080

 

 

—

 

 

789,080

 

 

 

Net cash paid for Houghton

$

797,564

 

$

—

 

$

797,564

 

(1)As previously disclosed in the Company’s 2019 Form 10-K.

 

 

 

 

 

Measurement

 

 

 

 

 

 

October 1,

 

Period

 

October 1, 2019

 

 

 

 

2019 (1)

 

Adjustments

 

(as adjusted)

 

 

Cash and cash equivalents

$

18,981

 

$

—

 

$

18,981

 

 

Accounts receivable, net

 

15,471

 

 

—

 

 

15,471

 

 

Inventories, net

 

8,213

 

 

—

 

 

8,213

 

 

Prepaid expenses and other assets

 

4,203

 

 

—

 

 

4,203

 

 

Property, plant and equipment

 

14,981

 

 

—

 

 

14,981

 

 

Right of use lease assets

 

10,608

 

 

—

 

 

10,608

 

 

Intangible assets

 

51,088

 

 

—

 

 

51,088

 

 

Goodwill

 

29,384

 

 

(166)

 

 

29,218

 

 

 

Total assets purchased

 

152,929

 

 

(166)

 

 

152,763

 

 

Long-term debt included current portions

 

485

 

 

—

 

 

485

 

 

Accounts payable, accrued expenses and other accrued liabilities

 

13,488

 

 

(708)

 

 

12,780

 

 

Deferred tax liabilities

 

12,746

 

 

708

 

 

13,454

 

 

Long-term lease liabilities

 

8,594

 

 

—

 

 

8,594

 

 

 

Total liabilities assumed

 

35,313

 

 

—

 

 

35,313

 

 

 

Total consideration paid for Norman Hay

 

117,616

 

 

(166)

 

 

117,450

 

 

 

Less: estimated purchase price settlement (2)

 

3,287

 

 

(3,287)

 

 

—

 

 

 

Less: cash acquired

 

18,981

 

 

—

 

 

18,981

 

 

 

Net cash paid for Norman Hay

$

95,348

 

$

3,121

 

$

98,469

 

(1) As previously disclosed in the Company’s 2019 Form 10-K.

(2) The Company finalized its post-closing adjustments for the Norman Hay acquisition and paid approximately 2.5 million GBP during the first quarter of 2020 to settle such adjustments.