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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement Of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 33,600 | $ (7,722) | $ 72,232 | $ (36,066) |
Currency translation adjustments | 16,165 | 10,551 | (9,296) | (44,200) |
Defined Benefit Plans [Abstract] | ||||
Defined Benefit Retirement Plans | 397 | 213 | 1,689 | 17,170 |
Current period change in fair value of derivatives | 452 | (111) | 1,014 | (4,092) |
Unrealized gain (loss) on available-for-sale securities | 279 | 1,608 | (2,746) | (103) |
Other comprehensive income (loss) | 17,293 | 12,261 | (9,339) | (31,225) |
Comprehensive income (loss) | 50,893 | 4,539 | 62,893 | (67,291) |
Less: (income) loss attributable to noncontrolling interest | (38) | (14) | (53) | 81 |
Comprehensive income (loss) attributable to Quaker Chemical Corporation | $ 50,855 | $ 4,525 | $ 62,840 | $ (67,210) |
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement Of Financial Position [Abstract] | ||
Common Stock Par Value | $ 1 | $ 1 |
Common Stock Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock Shares, Issued | 17,878,137 | 17,850,616 |
Basis of Presentation and Description of Business |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Basis of Presentation and Description of Business [Abstract] | |
Basis of Presentation and Description of Business [Text Block] | Note 1 – Basis of Presentation and Description of Business Basis of Presentation As used in these Notes to Condensed Consolidated “Company,” associated companies, unless the context otherwise requires. the term Legacy Quaker refers to the Company prior (herein referred to as the “Combination”). been prepared in accordance with generally accepted reporting and the United States Securities and Exchange Commission disclosures normally included in financial statements prepared pursuant to such rules and regulations. necessary for a fair statement of the financial position, six months ended June 30, 2021 are not necessarily indicative statements should be read in conjunction with the Company’s 2020 (the “2020 Form 10-K”). Description of Business The Company was organized in 1918, incorporated completed the Combination with Houghton to form fluids. 25 the world’s most advanced companies. chemical management services (which the Company refers applications throughout its four Businesses. Hyper-inflationary economies Based on various indices or index compilations being effective July 1, 2018, Argentina’s months ended June 30, 2021, the Company's Argentine 1 % of the Company’s consolidated assets and net sales, respectively. 0.1 0.3 million, Comparatively, 0.1 0.1 respectively, of recorded within foreign exchange losses, net, which Consolidated Statements of Operations. COVID-19 Management continues to monitor the impact that the COVID-19 chemical industry, related business and travel restrictions and changes to the date of this Quarterly Report on Form 10-Q for the governmental authorities continue to evolve globally. Further, management continues to financial reporting processes, internal control over financial circumstances have presented and are expected to continue COVID-19 has had a material impact on financial reporting controls and procedures. The Company cannot reasonably estimate the magnitude the future as they are subject to significant uncertainties severity of the symptoms, the duration or resurgences acceptance of vaccines as well as their efficacy, impacted countries, and the economic response by governments To the extent could reduce the availability, interrupt the Company’s and the Company’s liquidity with respect to this pandemic, the Company cannot reasonably impact the Company’s results |
Business Acquisitions |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Business Acquisitions [Abstract] | |
Business acquisitions disclosure [Text Block] | Note 2 – Business Acquisitions 2021 Acquisitions In June 2021, the Company acquired certain assets for its chemical reportable segment for 2.3 2.8 acquisition method under ASC 805, Business Combinations . In February 2021, the Company acquired a tin-plating 25 This acquisition is part of each of the Company’s 19.6 purchase price to intangible assets, comprised of $ 18.3 19 years ; $ 0.9 of existing product technology to be amortized over 14 years ; and $ 0.4 3 years . In addition, the Company recorded $ 5.0 which is expected to be tax deductible. one year additional information related to the fair value of assets acquired 38 % ownership interest in a Germany-based, high-tech coolant control and delivery systems for approximately 1.4 1.7 investment as an equity method investment within The results of operations of the acquired assets and businesses subsequent Condensed Consolidated Statements of Operations as of June acquisitions are included in Combination, integration Consolidated Statements of Operations. assets and businesses are not considered material to the Previous Acquisitions In December 2020, provider of metal finishing fluid solutions. metalworking and wastewater treatment applications price was approximately $ 54.1 indebtedness levels. currently estimates it will receive approximately $ 0.1 The following table presents the preliminary estimated fair Measurement December 22, December 22, Period 2020 2020 (1) Adjustments (as adjusted) Cash and cash equivalents $ 958 $ — $ 958 Accounts receivable 8,473 — 8,473 Inventories 4,527 — 4,527 Prepaid expenses and other assets 181 — 181 Property, plant and 10,467 652 11,119 Intangible assets 30,300 (500) 29,800 Goodwill 2,814 270 3,084 Total assets purchased 57,720 422 58,142 Long-term debt including current portions and finance leases 183 556 739 Accounts payable, accrued expenses and other accrued 3,482 — 3,482 Total liabilities assumed 3,665 556 4,221 Total consideration 54,055 (134) 53,921 Less: estimated purchase price settlement — (134) (134) Less: cash acquired 958 — 958 Net cash paid for Coral $ 53,097 $ — $ 53,097 (1) As previously disclosed in the Company’s . Measurement period adjustments recorded during the first original estimates for assets and liabilities for certain of post-closing working capital and net indebtedness true purchase price for Coral has not been finalized and the one year necessary as a result of the Company’s liabilities assumed. In May 2020, the Company acquired Tel in high pressure aluminum die casting for its Europe, in the form of a convertible promissory note in the amount 20.0 2.9 subsequently converted into shares of the Company’s 0.4 million DKK, or less than $ 0.1 Company allocated approximately $ 2.4 17 years . the Company recorded approximately $ 0.5 of which will be tax deductible. one year measurement period ended. In March 2020, the Company acquired the remaining 49 % ownership interest in one of its South African affiliates, Chemical South Africa Limited (“QSA”) for 16.7 1.0 Holdings South Africa. acquisition was a change in an existing controlling ownership, 0.7 carrying value of the noncontrolling interest in Capital in In October 2019, the Company completed its acquisition U.K. company that provides specialty chemicals, operating price was 80.0 working capital and net indebtedness levels. paid approximately 2.5 |
Recently Issued Accounting Standards |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 3 – Recently Issued Accounting Standards Recently Issued Accounting Standards The Financial Accounting Standards Board (“FASB”) ASU 2019-12 , Income Taxes (Topic guidance within this accounting standard update certain intra-period tax allocations, to the requirement investments and foreign subsidiaries, and to the general date loss exceeds the anticipated loss for the year. up in tax basis for goodwill, current and deferred tax stock ownership plans. adopted this standard on a prospective basis, effective retained earnings on January 1, 2021. The FASB issued Reference Rate Reform (Topic Financial Reporting Reference Rate Reform (Topic January 2021 which clarified the guidance but did amendments provide temporary optional expedients and relationships and other transactions to ease the potential from reference rates that are expected to be discontinued, effective for the Company as of March 12, expedients provided in ASU 2020-04 do not presently potential impacts on its consolidated financial statements. |
Business Segments |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Business Segment Disclosures [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 4 – Business Segments The Company’s operating internal organization, the method by which decision maker assesses the Company’s four Asia/Pacific; and (iv) Global Specialty Businesses. each respective region, excluding net sales and operations includes the Company’s Segment operating earnings for each of the Company’s related cost of goods sold (“COGS”) and selling, general attributable to the net sales of each respective segment, and other acquisition-related expenses, and Restructuring and related items not specifically identified with the Company’s net. The following table presents information about the performance months ended June 30, 2021 and 2020. months ended June 30, 2020 have been made to conform Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net sales Americas $ 139,673 $ 80,576 $ 274,544 $ 210,472 EMEA 123,436 77,702 243,250 182,541 Asia/Pacific 91,559 68,421 188,265 141,973 Global Specialty Businesses 80,594 59,341 158,986 129,615 Total net sales $ 435,262 $ 286,040 $ 865,045 $ 664,601 Segment operating earnings Americas $ 33,648 $ 10,303 $ 65,882 $ 39,491 EMEA 23,405 10,471 48,649 28,830 Asia/Pacific 23,227 19,261 50,705 38,802 Global Specialty Businesses 24,209 16,393 48,378 36,953 Total segment operating 104,489 56,428 213,614 144,076 Combination, integration and other acquisition-related (6,658) (7,995) (12,473) (15,873) Restructuring and related charges (298) (486) (1,473) (2,202) Fair value step up of acquired inventory sold — (226) (801) (226) Indefinite-lived intangible asset impairment — — — (38,000) Non-operating and administrative expenses (43,077) (32,045) (84,069) (70,496) Depreciation (15,640) (13,438) (31,088) (27,485) Operating income (loss) 38,816 2,238 83,710 (10,206) Other income (expense), net 14,010 (993) 18,697 (22,168) Interest expense, net (5,618) (6,811) (11,088) (15,272) Income (loss) before taxes and equity in net income of associated companies $ 47,208 $ (5,566) $ 91,319 $ (47,646) Inter-segment revenues for the three and six months 2.4 5.7 6.3 million and $ 15.1 0.4 0.5 2.1 4.1 Specialty Businesses, respectively. 2.4 $ 5.3 5.3 10.8 0.1 0.3 1.0 and $ 2.3 each reportable operating segment’s |
Net Sales and Revenue Recognition |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue From Contract With Customer [TextBlock] | Note 5 – Net Sales and Revenue Recognition Business Description The Company develops, produces, and markets a broad management services (“Fluidcare”) for various heavy significant portion of the Company’s through its own employees and its Fluidcare programs, As part of the Company’s the Company acts as a principal, revenues are recognized Where the Company acts as an agent, revenue is recognized on the Company for ordering the goods. basis of $ 16.7 34.5 6.2 18.7 million for the three and six months ended June 30, As previously disclosed in the Company’s of multiple subsidiaries or divisions with semiautonomous 10 % of consolidated net sales, with its largest customer accounting 3 % of consolidated net sales. Revenue Recognition Model The Company applies the five-step model in the FASB’s customer; (ii) identify the performance obligations in price to the performance obligations in the contract; and obligation. including its practical expedients and accounting policy Allowance for Doubtful Accounts As previously disclosed in the Company’s standard update related to the accounting and disclosure allowance for credit losses, which represents the portion over the contractual life, considering past events and Company’s allowance each outstanding receivable and customer, estimates for certain past due aging categories, and amounts determined to be uncollectible. Contract Assets and Liabilities The Company recognizes a contract asset or receivable performs a service or transfers a good in advance is unconditional and only the passage of time is required Company’s right to consideration had no material contract assets recorded on its Condensed A contract liability is recognized when the Company consideration, in advance of performance. for which the Company has received consideration, contract liabilities primarily represent deferred revenue Company satisfying the associated performance obligation. Company’s Condensed 4.3 4.0 revenue as of June 30, 2021 and December 31, 2020, of the associated performance obligations and recognized 31, 2020. Disaggregated Revenue The following tables disaggregate the Company’s revenue recognized for the three and six months ended Three Months Ended June 30, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 51,799 $ 35,634 $ 48,207 $ 135,640 Metalworking and other 87,874 87,802 43,352 219,028 139,673 123,436 91,559 354,668 Global Specialty Businesses 46,183 21,678 12,733 80,594 $ 185,856 $ 145,114 $ 104,292 $ 435,262 Timing of Revenue Recognized Product sales at a point in time $ 177,227 $ 137,838 $ 101,264 $ 416,329 Services transferred over time 8,629 7,276 3,028 18,933 $ 185,856 $ 145,114 $ 104,292 $ 435,262 Three Months Ended June 30, 2020 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 32,687 $ 24,924 $ 35,416 $ 93,027 Metalworking and other 47,889 52,778 33,005 133,672 80,576 77,702 68,421 226,699 Global Specialty Businesses 32,294 15,569 11,478 59,341 $ 112,870 $ 93,271 $ 79,899 $ 286,040 Timing of Revenue Recognized Product sales at a point in time $ 108,644 $ 87,995 $ 78,195 $ 274,834 Services transferred over time 4,226 5,276 1,704 11,206 $ 112,870 $ 93,271 $ 79,899 $ 286,040 Six Months Ended June 30, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 98,592 $ 69,908 $ 97,950 $ 266,450 Metalworking and other 175,952 173,342 90,315 439,609 274,544 243,250 188,265 706,059 Global Specialty Businesses 91,439 41,950 25,597 158,986 $ 365,983 $ 285,200 $ 213,862 $ 865,045 Timing of Revenue Recognized Product sales at a point in time $ 348,821 $ 269,000 $ 207,663 $ 825,484 Services transferred over time 17,162 16,200 6,199 39,561 $ 365,983 $ 285,200 $ 213,862 $ 865,045 Six Months Ended June 30, 2020 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 79,360 $ 54,812 $ 77,005 $ 211,177 Metalworking and other 131,112 127,729 64,968 323,809 210,472 182,541 141,973 534,986 Global Specialty Businesses 76,525 32,174 20,916 129,615 $ 286,997 $ 214,715 $ 162,889 $ 664,601 Timing of Revenue Recognized Product sales at a point in time $ 277,446 $ 206,418 $ 159,351 $ 643,215 Services transferred over time 9,551 8,297 3,538 21,386 $ 286,997 $ 214,715 $ 162,889 $ 664,601 |
Leases |
6 Months Ended |
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Jun. 30, 2021 | |
Leases [Abstract] | |
Leases Disclosure [TextBlock] | Note 6 – Leases The Company determines if an arrangement is a lease arrangement conveys the right to control the use of an consideration. substantially all of the economic benefits from the use leases is recognized when the obligation is incurred. The Company has operating leases for certain facilities, vehicles 10 years . 94 years . Company’s leases includes that the Company is reasonably certain it will exercise. Operating leases are included in right of use lease assets , other current liabilities and long-term lease liabilities recognized at each lease’s Company uses the stated borrowing rate for a lease when lease agreement, the Company uses its incremental borrowing to determine the present value of its lease payments. leases, the Company considers certain information subsidiaries. long-term debt and long-term debt on the Condensed Consolidated Operating lease expense is recognized on a straight-line months ended June 30, 2021 was $ 3.6 7.2 and six months ended June 30, 2020 was $ 3.5 6.9 months ended June 30, 2021 was $ 0.2 0.5 and six months ended June 30, 2020 was $ 0.4 0.9 no costs or sublease income for the three or six months ended Cash paid for operating leases during the six months ended 7.1 6.8 respectively. 3.9 months ended June 30, 2021. Supplemental balance sheet information related to the Company’s June 30, December 31, 2021 2020 Right of use lease assets $ 36,160 $ 38,507 Other current liabilities 10,064 10,901 Long-term lease liabilities 25,668 27,070 Total operating $ 35,732 $ 37,971 Weighted average 5.8 6.0 Weighted average 4.26% 4.20% Maturities of operating lease liabilities as of June 30, June 30, 2021 For the remainder of 2021 $ 6,052 For the year ended December 31, 2022 9,400 For the year ended December 31, 2023 7,234 For the year ended December 31, 2024 5,355 For the year ended December 31, 2025 4,260 For the year ended December 31, 2026 and beyond 8,152 Total lease payments 40,453 Less: imputed interest (4,721) Present value of lease liabilities $ 35,732 |
Restructuring and Related Activities |
6 Months Ended |
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Jun. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities Disclosure [Text Block] | Note 7 – Restructuring and Related Activities The Company’s management approved a global restructuring plan (the “QH Program”) as part of its plan to realize certain cost synergies associated with the Combination in the third quarter of 2019. The QH Program includes restructuring and associated severance costs to reduce total headcount by approximately 400 people globally, as well as plans for the closure of certain manufacturing and non-manufacturing facilities. The exact timing and total costs associated with the QH Program will depend on a number of factors and is subject to change; however, the Company currently expects reduction in headcount and site closures to continue to occur throughout 2021 and into 2022 under the QH Program and estimates that anticipated cost synergies realized from the QH Program will approximate one-times the restructuring costs incurred. Employee separation benefits will vary depending on local regulations within certain foreign countries and will include severance and other benefits. All costs incurred to date relate to severance costs to reduce in Restructuring and related charges in the Condensed Consolidated Financial Statements, restructuring reportable segments’ measure of operating earnings Activity in the Company’s QH Program Accrued restructuring as of December 31, $ 8,248 Restructuring and related charges 1,473 Cash payments (4,214) Currency translation adjustments (229) Accrued restructuring as of June 30, 2021 $ 5,278 |
Share-Based Compensation |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 8 – Share-Based Compensation The Company recognized the following share-based compensation Operations for the three and six months ended June 30, 2021 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Stock options $ 332 $ 353 $ 640 $ 785 Non-vested stock awards and restricted stock units 1,290 1,259 2,686 2,523 Non-elective and elective 401(k) matching contribution in — 1,162 1,553 1,162 Director stock ownership plan 216 54 419 94 Performance stock units 517 280 836 280 Annual incentive plan — (117) — 2,829 Total share-based $ 2,355 $ 2,991 $ 6,134 $ 7,673 Share-based compensation expense is recorded in SG&A, 0.2 0.5 ended June 30, 2021, respectively, 0.3 0.8 recorded within Combination, integration Stock Options During the first six months of 2021, the Company granted subject only to time-based vesting over a three Company used a Black-Scholes option pricing model and Number of options granted 25,250 Dividend yield 0.85 % Expected volatility 37.33 % Risk-free interest rate 0.60 % Expected term (years) 4.0 The fair value of these options is amortized on a straight compensation expense related to all stock options 2.4 period of 2.3 Restricted Stock Awards During the six months ended June 30, 2021, the Company 17,692 2,791 restricted stock units under its LTIP, three year these grants is based on the trading price of the Company’s fair value of these awards for expected forfeitures based expense related to the non-vested restricted shares was $ 6.3 1.9 years, and unrecognized compensation expense 1.1 weighted average remaining period of 2.1 Performance Stock Units During the first six months of 2021, the Company granted LTIP, fully vested shares that may ultimately be issued as settlement 0 % up to 200 % of the target award, subject to the achievement of the Company’s group, the S&P Midcap 400 Materials group. period for the PSUs is from January 1 of the year of grant settlement. Compensation expense for PSUs is measured based on the three year Monte Carlo simulation on the grant date and using the 0.29 %; (ii) an expected term of 3.0 As of June 30, 2021, the Company estimates that it will issue 14,698 settlement date of all outstanding PSUs awards based on June 30, 2021, there was approximately $ 4.2 expects to recognize over a weighted-average period 2.3 Annual Incentive Plan The Company maintains an Annual Incentive Plan performance-based and time-based vesting conditions. shares, and therefore, expense associated with the AIP in the fourth quarter of 2020, the Company determined that it compensation associated with the AIP during the year compensation expense to incentive compensation. expense within the Company’s As of June 30, 2021, it is the Company’s Defined Contribution Plan The Company has a 401(k) plan with an employer 50 % of the first 6 % of compensation that is contributed to the plan, with a maximum 3 % of compensation. Additionally, the of service equal to 3 % of the eligible participants’ compensation. Company matched both non-elective and elective 401(k) than cash. no 30, 2021, total contributions were $ 1.5 $ 1.2 |
Pension and Postretirement Benefits |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Pension and Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits Disclosure [Text Block] | Note 9 – Pension and Other Postretirement The components of net periodic benefit cost for the Three Months Ended June 30, Six Months Ended June 30, Other Other Postretirement Postretirement Pension Benefits Benefits Pension Benefits Benefits 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ 316 $ 1,164 $ 2 $ 1 $ 632 $ 2,338 $ 3 $ 3 Interest cost 1,094 1,486 10 26 2,184 3,255 21 52 Expected return on plan assets (2,093) (1,761) — — (4,175) (3,720) — — Settlement charge — — — — — 22,667 — — Actuarial loss amortization 857 615 — 16 1,712 1,662 — 31 Prior service cost amortization 3 (41) — — 5 (81) — — Net periodic benefit cost $ 177 $ 1,463 $ 12 $ 43 $ 358 $ 26,121 $ 24 $ 86 As disclosed in the Company’s legacy Quaker non-contributory U.S. pension plan Company received a favorable termination determination Legacy Quaker U.S. Pension Plan termination during the Plan in accordance with I.R.S. and Pension Benefit Guaranty Corporation Legacy Quaker U.S. Pension Plan on a termination basis 1.8 final true up adjustments, settlement charge at plan termination of 22.7 expense of the related unrecognized losses within accumulated of the plan termination date. Employer Contributions As of June 30, 2021, $ 2.1 0.1 plans and its other postretirement benefit plans, respectively requirements, the Company currently expects to make 6 pension plans and less than $ 1 |
Other Income (Expense) |
6 Months Ended |
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Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Note 10 – Other Income (Expense), Net The components of other income (expense), net, for Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Income from third party license fees $ 373 $ 208 $ 712 $ 512 Foreign exchange losses, net (838) (2,004) (2,316) (1,183) Gain (loss) on disposals of property, assets, net (54) (83) 5,356 (81) Non-income tax refunds and other related credits 14,295 832 14,392 2,131 Pension and postretirement benefit income (costs), non-service components 129 (341) 253 (23,866) Other non-operating income, net 105 395 300 319 Total other $ 14,010 $ (993) $ 18,697 $ (22,168) The Gain (loss) on disposals of property, includes the gain on the sale of certain held-for-sale other related credits during the three and six months ended 13.3 credits for the Company’s Pension and postretirement benefit costs, non-service components 22.7 related to the Legacy Quaker U.S. Pension Plan non Financial Statements. |
Income Taxes and Uncertain Income Tax Positions |
6 Months Ended |
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Jun. 30, 2021 | |
Taxes on Income and Uncertain Tax Positions [Abstract] | |
Taxes on Income [Text Block] | Note 11 – Income Taxes The Company’s effective 32.2 % and 28.4 %, respectively, compared 57.9 % and a benefit of 20.7 % for the three and six months ended June 30, 2020, respectively. The Company’s current the Combination, impacts of certain non-income tax credits recorded Condensed Consolidated Financial Statements. certain one-time pre-tax losses as well as certain tax charges foreign tax credit valuation allowances, tax law changes in impacts of the Company’s As of December 31, 2020, the Company had a deferred 5.9 estimate of non-U.S. taxes it will incur to repatriate 6.5 million. As of June 30, 2021, the Company’s 24.0 $ 1.8 The Company continues to recognize interest and penalties income (loss) before equity in net income of associated Company recognized an expense for interest of approximately 0.2 0.2 0.1 $ 0.2 respectively, and recognized 0.6 0.6 0.6 0.5 for penalties in its Condensed Consolidated Statement of As of June 30, 2021, the Company had accrued $ 3.2 3.6 Condensed Consolidated Balance Sheets, compared 3.0 3.9 accrued at December 31, 2020. 0.8 million and $ 1.5 applicable statutes of limitations for certain tax years. The Company estimates that during the year ending December unrecognized tax benefits by approximately $ 1.5 positions. for unrecognized tax benefits with regard to existing tax with regard to new tax positions for the year ending December The Company and its subsidiaries are subject to U.S. Federal income tax jurisdictions. 2006 , Brazil from 2011 , the Netherlands and China from 2015 , Mexico, Spain, Germany and the United Kingdom from 2016 , Canada and the U.S. from 2017 , India from fiscal year beginning April 1, 2018 and ending 2019 , and various U.S. state tax jurisdictions from 2011 . As previously reported, the Italian tax authorities have assessed additional tax due from the Company’s subsidiary, Quaker Italia S.r.l., relating to the tax years 2007 through 2015. The Company has filed for competent authority relief from these assessments under the Mutual Agreement Procedures (“MAP”) of the Organization for Economic Co-Operation and Development for all years except 2007. In 2020, the respective tax authorities in Italy, Spain and the Netherlands reached agreement with respect to the MAP proceedings which the Company has accepted. 1.6 Netherlands and Spain and expects to pay $ 2.6 believes it has adequate reserves for the remaining Houghton Italia, S.r.l 2014 through 2018 . 5.6 this audit. accounting related to the Combination. Houghton’s former owners 5.6 purchase accounting. Houghton Deutschland GmbH is also under audit by 2015 2017 . preliminary audit findings, primarily related to 0.9 2021. 0.8 indemnification claim with Houghton’s $ 0.8 0.8 |
Earnings Per Share |
6 Months Ended |
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Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 12 – Earnings Per Share The following table summarizes earnings per share calculations Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Basic earnings (loss) per common share Net income (loss) attributable to Quaker Chemical Corporation $ 33,570 $ (7,735) $ 72,185 $ (36,116) Less: (income) loss allocated to participating securities (134) 37 (287) 146 Net income (loss) available to common shareholders $ 33,436 $ (7,698) $ 71,898 $ (35,970) Basic weighted average common shares outstanding 17,802,366 17,697,496 17,793,915 17,685,010 Basic earnings (loss) per common share $ 1.88 $ (0.43) $ 4.04 $ (2.03) Diluted earnings (loss) per common share Net income (loss) attributable to Quaker Chemical Corporation $ 33,570 $ (7,735) $ 72,185 $ (36,116) Less: (income) loss allocated to participating securities (134) 37 (287) 146 Net income (loss) available to common shareholders $ 33,436 $ (7,698) $ 71,898 $ (35,970) Basic weighted average common shares outstanding 17,802,366 17,697,496 17,793,915 17,685,010 Effect of dilutive securities 47,155 — 52,095 — Diluted weighted average common shares outstanding 17,849,521 17,697,496 17,846,010 17,685,010 Diluted earnings (loss) per common share $ 1.88 $ (0.43) $ 4.03 $ (2.03) Certain stock options and restricted stock units are not included would have been anti-dilutive. 6,793 2,952 months ended June 30, 2021, 30, 2020 are anti-dilutive and not included in the dilutive periods. |
Restricted Cash |
6 Months Ended |
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Jun. 30, 2021 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
Cash And Cash Equivalents Disclosure [Text Block] | Note 13 – Restricted Cash Prior to December 2020, the Company had restricted cash recorded in other assets related to proceeds from an inactive subsidiary of the Company which previously executed separate settlement and release agreements with two of its insurance carriers for an original total value of $35.0 million. of defense associated with the subsidiary’s into interest bearing accounts that earned less than 0.1 0.5 June 30, 2020. liabilities for an equal and offsetting amount 10-K, during December 2020, the restrictions ended the cash into an operating account. The following table provides a reconciliation of cash, as December 31, 2020 and 2019: June 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 145,610 $ 322,497 $ 181,833 $ 123,524 Restricted cash included in other current assets — 85 62 353 Restricted cash included in other assets — 19,173 — 19,678 Cash, cash equivalents and restricted cash $ 145,610 $ 341,755 $ 181,895 $ 143,555 |
Goodwill and Intangible Assets |
6 Months Ended |
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Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets Disclosure [Text Block] | Note 14 – Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the Global Specialty Americas EMEA Asia/Pacific Businesses Total Balance as of December 31, 2020 $ 213,242 $ 140,162 $ 158,090 $ 119,718 $ 631,212 Goodwill additions 1,208 2,626 1,308 128 5,270 Currency translation and other adjustments 614 (2,633) 1,127 (2,141) (3,033) Balance as of June 30, 2021 $ 215,064 $ 140,155 $ 160,525 $ 117,705 $ 633,449 Gross carrying amounts and accumulated amortization 2020 were as follows: Gross Carrying Accumulated Amount Amortization 2021 2020 2021 2020 Customer lists and rights to sell $ 858,025 $ 839,551 $ 127,883 $ 99,806 Trademarks, formulations and product 168,004 166,448 34,932 30,483 Other 6,390 6,372 5,909 5,824 Total definite $ 1,032,419 $ 1,012,371 $ 168,724 $ 136,113 The Company amortizes definite-lived intangible assets on $ 15.0 29.8 Comparatively, 13.7 27.7 June 30, 2020, respectively. Estimated annual aggregate amortization expense for For the year ended December 31, 2021 $ 59,214 For the year ended December 31, 2022 59,564 For the year ended December 31, 2023 59,394 For the year ended December 31, 2024 58,750 For the year ended December 31, 2025 58,037 For the year ended December 31, 2026 57,740 The Company has four indefinite-lived intangible 205.1 including $ 204.0 Goodwill and intangible assets that have indefinite lives are impairment. quarter of each year. reporting units or indefinite-lived or long-lived assets. The Company previously disclosed in its 2020 Form 10-K COVID-19 did not represent a triggering event with except for the Company’s estimated fair value of the Houghton and Fluidcare royalty valuation method, which requires management’s including assumptions with respect to the weighted average rates and terminal growth rates. legacy Houghton net sales during that year and the impact an increase in the WACC fair values of the Houghton and Fluidcare trademarks result, an impairment charge of $ 38.0 intangible assets to their estimated fair values. As of June 30, 2021, the Company continued to evaluate all 19 on the Company’s this indicated it was more likely than not that the carrying lived intangible assets were not recoverable. event as of June 30, 2021. 30, 2021, the Company will continue to evaluate the current economic conditions worsen or projections conclude in the future that the impact from COVID-19 requires which could result in additional impairment charges |
Debt |
6 Months Ended |
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Jun. 30, 2021 | |
Debt [Abstract] | |
Debt [Text Block] | Note 15 – Debt Debt as of June 30, 2021 and December 31, 2020 As of June 30, 2021 As of December 31, 2020 Interest Outstanding Interest Outstanding Rate Balance Rate Balance Credit Facilities: Revolver 1.59% $ 189,503 1.65% $ 160,000 U.S. Term Loan 1.59% 555,000 1.65% 570,000 EURO Term Loan 1.50% 148,115 1.50% 157,062 Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 2,165 Various 2,072 Total debt $ 904,783 $ 899,134 Less: debt issuance costs (9,550) (11,099) Less: short-term and current portion of long-term debts (48,079) (38,967) Total long $ 847,154 $ 849,068 Credit facilities The Company’s primary 400.0 revolver (the “Revolver”), a $ 600.0 150.0 million (as of August 1, 2019) Euro equivalent term loan (the “Term Loans”) five year August 2024. borrowers. 300.0 request if there are lenders who agree to accept additional Borrowings under the Credit Facility bear interest at a base consolidated net leverage ratio. ceases to be reported. six months ended June 30, 2021 was approximately 1.6 %. Facility, the Company 0.2 % to 0.3 % depending on the Company’s leverage ratio to the lenders under the Revolver in capacity under the Revolver of approximately $ 206 4 2021. The Credit Facility is subject to certain financial and other covenants. The Company’s initial consolidated net debt to consolidated adjusted EBITDA ratio could not exceed 4.25 to 1, with step downs in the permitted ratio over the term of the Credit Facility. 4.00 adjusted EBITDA to interest expense ratio cannot 3.0 prohibits the payment of cash dividends if the Company of $ 50.0 20 % of consolidated adjusted EBITDA unless the ratio of consolidated EBITDA is less than 2.0 As of June 30, 2021 and December 31, 2020, the Company was in compliance with all of the Credit Facility covenants. their five year 5.0 % amortization of the principal balance due in years 7.5 % in year 3, and 10.0 % in years 4 and 5, with the remaining principal amount due at maturity. amortization payments related to the Term 19.1 Company’s domestic subsidiaries domestic subsidiary guarantors, subject to certain customary exclusions. by certain foreign subsidiaries on an unsecured basis. The Credit Facility required the Company to fix its variable 20 % of its total Term Loans. satisfy this requirement as well as to manage the in November 2019, the Company entered into $ 170.0 1.64 % plus an applicable margin as provided in the Company entered into the swaps, and as of June 30, an applicable margin, was 3.1 %. The Company capitalized $ 23.7 Approximately $ 15.5 term debt on the Company’s 8.3 attributed to the Revolver and recorded within other assets on capitalized costs are being amortized into interest expense December 31, 2020, the Company had $ 9.6 11.1 long-term debt. 5.1 5.9 issuance costs recorded within other assets. Industrial development bonds As of June 30, 2021 and December 31, 2020, the Company 10.0 million in principal amount due in 2028 . Bank lines of credit and other The Company has certain unsecured bank lines of credit collateralized. free municipality-related loans, local credit facilities of capacity under these arrangements as of June 30, 2021 40 In addition to the bank letters of credit described in the “Credit facilities” subsection above, the Company’s only other off-balance sheet arrangements include certain financial and other guarantees. The Company’s total bank letters of credit and guarantees outstanding as of June 30, 2021 were approximately $7 million. The Company incurred the following debt related expenses Statements of Operations: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest expense $ 4,813 $ 5,951 $ 9,463 $ 13,663 Amortization of debt issuance costs 1,188 1,188 2,375 2,375 Total $ 6,001 $ 7,139 $ 11,838 $ 16,038 Based on the variable interest rates associated with the Credit at which the Company’s |
Equity |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity [Text Block] | Note 16 – Equity The following tables present the changes in equity, Accumulated Capital in Other Common Excess of Retained Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest Total Balance at March 31, 2021 $ 17,875 $ 908,748 $ 455,493 $ (53,228) $ 565 $ 1,329,453 Net income — — 33,570 — 30 33,600 Amounts reported in other comprehensive income — — — 17,285 8 17,293 Dividends ($ 0.395 — — (7,062) — — (7,062) Share issuance and equity-based compensation plans 3 2,114 — — — 2,117 Balance at June 30, 2021 $ 17,878 $ 910,862 $ 482,001 $ (35,943) $ 603 $ 1,375,401 Balance at March 31, 2020 $ 17,752 $ 888,533 $ 376,853 $ (121,524) $ 418 $ 1,162,032 Net (loss) income — — (7,735) — 13 (7,722) Amounts reported in other comprehensive income — — — 12,260 1 12,261 Dividends ($ 0.385 — — (6,853) — — (6,853) Share issuance and equity-based compensation plans 48 7,575 — — — 7,623 Balance at June 30, 2020 $ 17,800 $ 896,108 $ 362,265 $ (109,264) $ 432 $ 1,167,341 Accumulated Capital in Other Common Excess of Retained Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest Total Balance at December 31, 2020 $ 17,851 $ 905,171 $ 423,940 $ (26,598) $ 550 $ 1,320,914 Net income — — 72,185 — 47 72,232 Amounts reported in other comprehensive (loss) income — — — (9,345) 6 (9,339) Dividends ($ 0.790 — — (14,124) — — (14,124) Share issuance and equity-based compensation plans 27 5,691 — — — 5,718 Balance at June 30, 2021 $ 17,878 $ 910,862 $ 482,001 $ (35,943) $ 603 $ 1,375,401 Balance at December 31, 2019 $ 17,735 $ 888,218 $ 412,979 $ (78,170) $ 1,604 $ 1,242,366 Cumulative effect of an accounting change — — (911) — — (911) Balance at January 1, 2020 17,735 888,218 412,068 (78,170) 1,604 1,241,455 Net (loss) income — — (36,116) — 50 (36,066) Amounts reported in other comprehensive loss — — — (31,094) (131) (31,225) Dividends ($ 0.770 0 per share) — — (13,687) — — (13,687) Acquisition of noncontrolling interest — (707) — — (340) (1,047) Distributions to noncontrolling affiliate shareholders — — — — (751) (751) Share issuance and equity-based compensation plans 65 8,597 — — — 8,662 Balance at June 30, 2020 $ 17,800 $ 896,108 $ 362,265 $ (109,264) $ 432 $ 1,167,341 The following tables show the reclassifications from and 2021 and 2020: Defined Unrealized Currency Benefit Gain (Loss) in Translation Pension Available-for Derivative Adjustments Plans Sale Securities Instruments Total Balance at March 31, 2021 $ (28,334) $ (22,175) $ 317 $ (3,036) $ (53,228) Other comprehensive income (loss) before reclassifications 16,157 (260) 341 586 16,824 Amounts reclassified from AOCI — 852 2 — 854 Related tax amounts — (195) (64) (134) (393) Balance at June 30, 2021 $ (12,177) $ (21,778) $ 596 $ (2,584) $ (35,943) Balance at March 31, 2020 $ (99,187) $ (17,576) $ (460) $ (4,301) $ (121,524) Other comprehensive income (loss) before reclassifications 10,550 (336) 2,128 (144) 12,198 Amounts reclassified from AOCI — 600 (93) — 507 Related tax amounts — (51) (427) 33 (445) Balance at June 30, 2020 $ (88,637) $ (17,363) $ 1,148 $ (4,412) $ (109,264) Defined Unrealized Currency Benefit Gain (Loss) in Translation Pension Available-for Derivative Adjustments Plans Sale Securities Instruments Total Balance at December 31, 2020 $ (2,875) $ (23,467) $ 3,342 $ (3,598) $ (26,598) Other comprehensive (loss) income before reclassifications (9,302) 521 (404) 1,316 (7,869) Amounts reclassified from AOCI — 1,714 (3,083) — (1,369) Related tax amounts — (546) 741 (302) (107) Balance at June 30, 2021 $ (12,177) $ (21,778) $ 596 $ (2,584) $ (35,943) Balance at December 31, 2019 $ (44,568) $ (34,533) $ 1,251 $ (320) $ (78,170) Other comprehensive (loss) income before reclassifications (44,069) 492 (8) (5,315) (48,900) Amounts reclassified from AOCI — 24,966 (125) — 24,841 Related tax amounts — (8,288) 30 1,223 (7,035) Balance at June 30, 2020 $ (88,637) $ (17,363) $ 1,148 $ (4,412) $ (109,264) All reclassifications related to unrealized gain (loss) in captive insurance company and are recorded in equity comprehensive income for noncontrolling interest are |
Fair Value Measurements |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 17 – Fair Value The Company has valued its company-owned life insurance measurement as follows: Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 2,137 $ — $ 2,137 $ — Total $ 2,137 $ — $ 2,137 $ — Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,961 $ — $ 1,961 $ — Total $ 1,961 $ — $ 1,961 $ — The fair values of Company-owned life insurance assets are based terms. disclosures have not been included. |
Hedging Activities |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Derivative Instruments And Hedging Activities Disclosure [Text Block] | Note 18 – Hedging Activities In order to satisfy certain requirements of the Credit rate risk associated with the Credit Facility, 170.0 three year designated as cash flow hedges and, as such, the contracts losses are included in AOCI to the extent effective affects earnings or it becomes probable that The balance sheet classification and fair values of the follows: Fair Value Condensed Consolidated June 30, December 31, Balance Sheet Location 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps Other non-current liabilities $ 3,356 $ 4,672 $ 3,356 $ 4,672 The following table presents the net unrealized loss deferred to June 30, December 31, 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps AOCI $ 2,584 $ 3,598 $ 2,584 $ 3,598 The following table presents the net loss reclassified from Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Amount and location of expense reclassified from AOCI into expense (effective portion) Interest expense, net $ (659) $ (483) $ (1,302) $ (465) Interest rate swaps are entered into with a limited number contracts through a single payment in a single currency accordance with the Company’s Consolidated Balance Sheets. |
Commitments and Contingencies |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Text Block] | Note 19 – Commitments and Contingencies The Company previously disclosed in its 2020 Form 10-K operating a groundwater treatment system to hydraulically principal contaminant of which is perchloroethylene. closure of the groundwater treatment system, but continues As of June 30, 2021, the Company believes that the range remediation program is approximately $ 0.1 1.0 operation of the treatment system as determined of the extraction well, groundwater monitoring and program The Company previously disclosed in its 2020 Form 10-K sold certain products containing asbestos, primarily injury due to exposure to asbestos. the facts or circumstances of this previously disclosed matter, litigation. that the subsidiary’s total 0.4 The Company previously disclosed in its 2020 Form 10-K domestic and foreign properties currently or previously Company to perform long-term monitoring as well as operating six months ended June 30, 2021, there have been no significant matters, aside from on-going monitoring and maintenance Company continually evaluates its obligations related to such incurred over the next 28 years, has estimated the present discounted basis, to be between approximately $ 5.5 6.5 6.0 within other accrued liabilities and other non-current 30, 2021. 6.0 The Company believes, although there can be no assurance it has made adequate accruals for costs associated with other 0.1 million was accrued as of both June 30, 2021 and December assessments and remediation costs. The Company previously disclosed in its 2020 Form 10-K from a taxing authority in a country where certain applicable to certain products the subsidiary sells. potential liabilities that may be due from the Company’s Company’s ultimate liability interpreted differently among other peer companies has performed an evaluation of the applicability of this months ended June 30, 2021 and through the date of of this previously disclosed matter, notice of inspection and independent testing conducted by authority to determine if the Company’s information available to the Company at this time, as of 1.8 accrued liabilities, which reflects the Company’s account applicable statutes of limitations. for periods prior to the Combination, the Company this potential indirect tax liability. 1.1 the amount of the initial recorded liability for which there is substantial uncertainty with respect to its ultimate liability the Company’s current under these indirect tax laws, would be $ 0 40 11 income tax deductions and approximately $ 22 During the first six months of 2021, one of the Company’s existing legal claim in regard to certain non-income specifically relates to companies’ rights to exclude the Brazil as “ICMS”) from and contribution for the financing of social security (“COFINS”)) the Brazilian Supreme Court concluded that ICMS should methodology for calculating the PIS and COFINS tax credit had previously filed legal or administrative disputes on five years preceding the date of their legal claims. recognized non-income tax credits of 67.0 13.3 8.4 for the PIS and COFINS tax credits as well as interest on these 4.9 Brazilian subsidiaries are entitled are claimable once registered completing this step during the second half of 2021. Company currently anticipates using the full amount of In connection with obtaining regulatory approvals for the Houghton were divested on August 1, 2019. indemnification claim for certain alleged losses in accordance with terms of the APA, evaluating the merits of the alleged losses in the indemnification believe it is reasonably possible to determine or quantify The Company is party to other litigation which management Company’s results of purchase obligations. |
Basis of Presentation and Description of Business (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Basis of Presentation and Description of Business [Abstract] | |
Basis Of Accounting Policy [Policy Text Block] | Basis of Presentation As used in these Notes to Condensed Consolidated “Company,” associated companies, unless the context otherwise requires. the term Legacy Quaker refers to the Company prior (herein referred to as the “Combination”). been prepared in accordance with generally accepted reporting and the United States Securities and Exchange Commission disclosures normally included in financial statements prepared pursuant to such rules and regulations. necessary for a fair statement of the financial position, six months ended June 30, 2021 are not necessarily indicative statements should be read in conjunction with the Company’s 2020 (the “2020 Form 10-K”). |
Segments [Policy Text Block] | The Company’s operating internal organization, the method by which decision maker assesses the Company’s four Asia/Pacific; and (iv) Global Specialty Businesses. each respective region, excluding net sales and operations includes the Company’s |
Revenue Recognition [Policy Text Block] | The Company applies the five-step model in the FASB’s customer; (ii) identify the performance obligations in price to the performance obligations in the contract; and obligation. including its practical expedients and accounting policy The Company recognizes a contract asset or receivable performs a service or transfers a good in advance is unconditional and only the passage of time is required Company’s right to consideration had no material contract assets recorded on its Condensed A contract liability is recognized when the Company consideration, in advance of performance. for which the Company has received consideration, contract liabilities primarily represent deferred revenue Company satisfying the associated performance obligation. Company’s Condensed 4.3 4.0 revenue as of June 30, 2021 and December 31, 2020, of the associated performance obligations and recognized 31, 2020. |
Revenue From Contract With Customer [Policy Text Block] | As part of the Company’s the Company acts as a principal, revenues are recognized Where the Company acts as an agent, revenue is recognized on the Company for ordering the goods. |
Goodwill And Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and intangible assets that have indefinite lives are impairment. quarter of each year. reporting units or indefinite-lived or long-lived assets. |
Lessee Leases [Policy Text Block] | The Company determines if an arrangement is a lease arrangement conveys the right to control the use of an consideration. substantially all of the economic benefits from the use leases is recognized when the obligation is incurred. |
Credit Loss Financial Instrument [Policy Text Block] | As previously disclosed in the Company’s standard update related to the accounting and disclosure allowance for credit losses, which represents the portion over the contractual life, considering past events and Company’s allowance each outstanding receivable and customer, estimates for certain past due aging categories, and amounts determined to be uncollectible. |
Business Acquisitions (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Business Acquisition [Line Items] | |
Schedule of estimated fair values of net assets acquired [Table Text Block] | Measurement December 22, December 22, Period 2020 2020 (1) Adjustments (as adjusted) Cash and cash equivalents $ 958 $ — $ 958 Accounts receivable 8,473 — 8,473 Inventories 4,527 — 4,527 Prepaid expenses and other assets 181 — 181 Property, plant and 10,467 652 11,119 Intangible assets 30,300 (500) 29,800 Goodwill 2,814 270 3,084 Total assets purchased 57,720 422 58,142 Long-term debt including current portions and finance leases 183 556 739 Accounts payable, accrued expenses and other accrued 3,482 — 3,482 Total liabilities assumed 3,665 556 4,221 Total consideration 54,055 (134) 53,921 Less: estimated purchase price settlement — (134) (134) Less: cash acquired 958 — 958 Net cash paid for Coral $ 53,097 $ — $ 53,097 (1) As previously disclosed in the Company’s |
Business Segments (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Business Segment Disclosures [Abstract] | |
Schedule of information about the performance of the Company's reportable segments, sales and total assets [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net sales Americas $ 139,673 $ 80,576 $ 274,544 $ 210,472 EMEA 123,436 77,702 243,250 182,541 Asia/Pacific 91,559 68,421 188,265 141,973 Global Specialty Businesses 80,594 59,341 158,986 129,615 Total net sales $ 435,262 $ 286,040 $ 865,045 $ 664,601 Segment operating earnings Americas $ 33,648 $ 10,303 $ 65,882 $ 39,491 EMEA 23,405 10,471 48,649 28,830 Asia/Pacific 23,227 19,261 50,705 38,802 Global Specialty Businesses 24,209 16,393 48,378 36,953 Total segment operating 104,489 56,428 213,614 144,076 Combination, integration and other acquisition-related (6,658) (7,995) (12,473) (15,873) Restructuring and related charges (298) (486) (1,473) (2,202) Fair value step up of acquired inventory sold — (226) (801) (226) Indefinite-lived intangible asset impairment — — — (38,000) Non-operating and administrative expenses (43,077) (32,045) (84,069) (70,496) Depreciation (15,640) (13,438) (31,088) (27,485) Operating income (loss) 38,816 2,238 83,710 (10,206) Other income (expense), net 14,010 (993) 18,697 (22,168) Interest expense, net (5,618) (6,811) (11,088) (15,272) Income (loss) before taxes and equity in net income of associated companies $ 47,208 $ (5,566) $ 91,319 $ (47,646) |
Net Sales and Revenue Recognition (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation Of Revenue [Table Text Block] | Three Months Ended June 30, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 51,799 $ 35,634 $ 48,207 $ 135,640 Metalworking and other 87,874 87,802 43,352 219,028 139,673 123,436 91,559 354,668 Global Specialty Businesses 46,183 21,678 12,733 80,594 $ 185,856 $ 145,114 $ 104,292 $ 435,262 Timing of Revenue Recognized Product sales at a point in time $ 177,227 $ 137,838 $ 101,264 $ 416,329 Services transferred over time 8,629 7,276 3,028 18,933 $ 185,856 $ 145,114 $ 104,292 $ 435,262 Three Months Ended June 30, 2020 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 32,687 $ 24,924 $ 35,416 $ 93,027 Metalworking and other 47,889 52,778 33,005 133,672 80,576 77,702 68,421 226,699 Global Specialty Businesses 32,294 15,569 11,478 59,341 $ 112,870 $ 93,271 $ 79,899 $ 286,040 Timing of Revenue Recognized Product sales at a point in time $ 108,644 $ 87,995 $ 78,195 $ 274,834 Services transferred over time 4,226 5,276 1,704 11,206 $ 112,870 $ 93,271 $ 79,899 $ 286,040 Six Months Ended June 30, 2021 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 98,592 $ 69,908 $ 97,950 $ 266,450 Metalworking and other 175,952 173,342 90,315 439,609 274,544 243,250 188,265 706,059 Global Specialty Businesses 91,439 41,950 25,597 158,986 $ 365,983 $ 285,200 $ 213,862 $ 865,045 Timing of Revenue Recognized Product sales at a point in time $ 348,821 $ 269,000 $ 207,663 $ 825,484 Services transferred over time 17,162 16,200 6,199 39,561 $ 365,983 $ 285,200 $ 213,862 $ 865,045 Six Months Ended June 30, 2020 Consolidated Americas EMEA Asia/Pacific Total Customer Industries Metals $ 79,360 $ 54,812 $ 77,005 $ 211,177 Metalworking and other 131,112 127,729 64,968 323,809 210,472 182,541 141,973 534,986 Global Specialty Businesses 76,525 32,174 20,916 129,615 $ 286,997 $ 214,715 $ 162,889 $ 664,601 Timing of Revenue Recognized Product sales at a point in time $ 277,446 $ 206,418 $ 159,351 $ 643,215 Services transferred over time 9,551 8,297 3,538 21,386 $ 286,997 $ 214,715 $ 162,889 $ 664,601 |
Leases (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Maturities of operating lease liabilities [Table Text Block] | June 30, December 31, 2021 2020 Right of use lease assets $ 36,160 $ 38,507 Other current liabilities 10,064 10,901 Long-term lease liabilities 25,668 27,070 Total operating $ 35,732 $ 37,971 Weighted average 5.8 6.0 Weighted average 4.26% 4.20% |
Schedule of Company's future minimum rental commitments under operating leases [Table Text Block] | June 30, 2021 For the remainder of 2021 $ 6,052 For the year ended December 31, 2022 9,400 For the year ended December 31, 2023 7,234 For the year ended December 31, 2024 5,355 For the year ended December 31, 2025 4,260 For the year ended December 31, 2026 and beyond 8,152 Total lease payments 40,453 Less: imputed interest (4,721) Present value of lease liabilities $ 35,732 |
Restructuring Activities (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | QH Program Accrued restructuring as of December 31, $ 8,248 Restructuring and related charges 1,473 Cash payments (4,214) Currency translation adjustments (229) Accrued restructuring as of June 30, 2021 $ 5,278 |
Share Based Compensation (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of share-based compensation expense in its Consolidated Statements of Income [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Stock options $ 332 $ 353 $ 640 $ 785 Non-vested stock awards and restricted stock units 1,290 1,259 2,686 2,523 Non-elective and elective 401(k) matching contribution in — 1,162 1,553 1,162 Director stock ownership plan 216 54 419 94 Performance stock units 517 280 836 280 Annual incentive plan — (117) — 2,829 Total share-based $ 2,355 $ 2,991 $ 6,134 $ 7,673 |
Schedule of Black-Scholes option pricing model and the assumptions [Table Text Block] | Number of options granted 25,250 Dividend yield 0.85 % Expected volatility 37.33 % Risk-free interest rate 0.60 % Expected term (years) 4.0 |
Pension and Other Post Retirement Benefits (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of components of net periodic benefit costs - pension plans [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Other Other Postretirement Postretirement Pension Benefits Benefits Pension Benefits Benefits 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ 316 $ 1,164 $ 2 $ 1 $ 632 $ 2,338 $ 3 $ 3 Interest cost 1,094 1,486 10 26 2,184 3,255 21 52 Expected return on plan assets (2,093) (1,761) — — (4,175) (3,720) — — Settlement charge — — — — — 22,667 — — Actuarial loss amortization 857 615 — 16 1,712 1,662 — 31 Prior service cost amortization 3 (41) — — 5 (81) — — Net periodic benefit cost $ 177 $ 1,463 $ 12 $ 43 $ 358 $ 26,121 $ 24 $ 86 |
Other Income (Expense) (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of other expense, net [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Income from third party license fees $ 373 $ 208 $ 712 $ 512 Foreign exchange losses, net (838) (2,004) (2,316) (1,183) Gain (loss) on disposals of property, assets, net (54) (83) 5,356 (81) Non-income tax refunds and other related credits 14,295 832 14,392 2,131 Pension and postretirement benefit income (costs), non-service components 129 (341) 253 (23,866) Other non-operating income, net 105 395 300 319 Total other $ 14,010 $ (993) $ 18,697 $ (22,168) |
Earnings Per Share (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Basic earnings (loss) per common share Net income (loss) attributable to Quaker Chemical Corporation $ 33,570 $ (7,735) $ 72,185 $ (36,116) Less: (income) loss allocated to participating securities (134) 37 (287) 146 Net income (loss) available to common shareholders $ 33,436 $ (7,698) $ 71,898 $ (35,970) Basic weighted average common shares outstanding 17,802,366 17,697,496 17,793,915 17,685,010 Basic earnings (loss) per common share $ 1.88 $ (0.43) $ 4.04 $ (2.03) Diluted earnings (loss) per common share Net income (loss) attributable to Quaker Chemical Corporation $ 33,570 $ (7,735) $ 72,185 $ (36,116) Less: (income) loss allocated to participating securities (134) 37 (287) 146 Net income (loss) available to common shareholders $ 33,436 $ (7,698) $ 71,898 $ (35,970) Basic weighted average common shares outstanding 17,802,366 17,697,496 17,793,915 17,685,010 Effect of dilutive securities 47,155 — 52,095 — Diluted weighted average common shares outstanding 17,849,521 17,697,496 17,846,010 17,685,010 Diluted earnings (loss) per common share $ 1.88 $ (0.43) $ 4.03 $ (2.03) |
Restricted Cash (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
Schedule Of Cash And Cash Equivalents [Table Text Block] | June 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 145,610 $ 322,497 $ 181,833 $ 123,524 Restricted cash included in other current assets — 85 62 353 Restricted cash included in other assets — 19,173 — 19,678 Cash, cash equivalents and restricted cash $ 145,610 $ 341,755 $ 181,895 $ 143,555 |
Goodwill and Intangible Assets (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Global Specialty Americas EMEA Asia/Pacific Businesses Total Balance as of December 31, 2020 $ 213,242 $ 140,162 $ 158,090 $ 119,718 $ 631,212 Goodwill additions 1,208 2,626 1,308 128 5,270 Currency translation and other adjustments 614 (2,633) 1,127 (2,141) (3,033) Balance as of June 30, 2021 $ 215,064 $ 140,155 $ 160,525 $ 117,705 $ 633,449 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Carrying Accumulated Amount Amortization 2021 2020 2021 2020 Customer lists and rights to sell $ 858,025 $ 839,551 $ 127,883 $ 99,806 Trademarks, formulations and product 168,004 166,448 34,932 30,483 Other 6,390 6,372 5,909 5,824 Total definite $ 1,032,419 $ 1,012,371 $ 168,724 $ 136,113 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the year ended December 31, 2021 $ 59,214 For the year ended December 31, 2022 59,564 For the year ended December 31, 2023 59,394 For the year ended December 31, 2024 58,750 For the year ended December 31, 2025 58,037 For the year ended December 31, 2026 57,740 |
Debt (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Debt [Abstract] | |
Schedule of Debt [Table Text Block] | As of June 30, 2021 As of December 31, 2020 Interest Outstanding Interest Outstanding Rate Balance Rate Balance Credit Facilities: Revolver 1.59% $ 189,503 1.65% $ 160,000 U.S. Term Loan 1.59% 555,000 1.65% 570,000 EURO Term Loan 1.50% 148,115 1.50% 157,062 Industrial development bonds 5.26% 10,000 5.26% 10,000 Bank lines of credit and other debt obligations Various 2,165 Various 2,072 Total debt $ 904,783 $ 899,134 Less: debt issuance costs (9,550) (11,099) Less: short-term and current portion of long-term debts (48,079) (38,967) Total long $ 847,154 $ 849,068 |
Interest Income And Interest Expense Disclosure [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest expense $ 4,813 $ 5,951 $ 9,463 $ 13,663 Amortization of debt issuance costs 1,188 1,188 2,375 2,375 Total $ 6,001 $ 7,139 $ 11,838 $ 16,038 |
Equity (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Defined Unrealized Currency Benefit Gain (Loss) in Translation Pension Available-for Derivative Adjustments Plans Sale Securities Instruments Total Balance at March 31, 2021 $ (28,334) $ (22,175) $ 317 $ (3,036) $ (53,228) Other comprehensive income (loss) before reclassifications 16,157 (260) 341 586 16,824 Amounts reclassified from AOCI — 852 2 — 854 Related tax amounts — (195) (64) (134) (393) Balance at June 30, 2021 $ (12,177) $ (21,778) $ 596 $ (2,584) $ (35,943) Balance at March 31, 2020 $ (99,187) $ (17,576) $ (460) $ (4,301) $ (121,524) Other comprehensive income (loss) before reclassifications 10,550 (336) 2,128 (144) 12,198 Amounts reclassified from AOCI — 600 (93) — 507 Related tax amounts — (51) (427) 33 (445) Balance at June 30, 2020 $ (88,637) $ (17,363) $ 1,148 $ (4,412) $ (109,264) Defined Unrealized Currency Benefit Gain (Loss) in Translation Pension Available-for Derivative Adjustments Plans Sale Securities Instruments Total Balance at December 31, 2020 $ (2,875) $ (23,467) $ 3,342 $ (3,598) $ (26,598) Other comprehensive (loss) income before reclassifications (9,302) 521 (404) 1,316 (7,869) Amounts reclassified from AOCI — 1,714 (3,083) — (1,369) Related tax amounts — (546) 741 (302) (107) Balance at June 30, 2021 $ (12,177) $ (21,778) $ 596 $ (2,584) $ (35,943) Balance at December 31, 2019 $ (44,568) $ (34,533) $ 1,251 $ (320) $ (78,170) Other comprehensive (loss) income before reclassifications (44,069) 492 (8) (5,315) (48,900) Amounts reclassified from AOCI — 24,966 (125) — 24,841 Related tax amounts — (8,288) 30 1,223 (7,035) Balance at June 30, 2020 $ (88,637) $ (17,363) $ 1,148 $ (4,412) $ (109,264) |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Capital in Other Common Excess of Retained Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest Total Balance at March 31, 2021 $ 17,875 $ 908,748 $ 455,493 $ (53,228) $ 565 $ 1,329,453 Net income — — 33,570 — 30 33,600 Amounts reported in other comprehensive income — — — 17,285 8 17,293 Dividends ($ 0.395 — — (7,062) — — (7,062) Share issuance and equity-based compensation plans 3 2,114 — — — 2,117 Balance at June 30, 2021 $ 17,878 $ 910,862 $ 482,001 $ (35,943) $ 603 $ 1,375,401 Balance at March 31, 2020 $ 17,752 $ 888,533 $ 376,853 $ (121,524) $ 418 $ 1,162,032 Net (loss) income — — (7,735) — 13 (7,722) Amounts reported in other comprehensive income — — — 12,260 1 12,261 Dividends ($ 0.385 — — (6,853) — — (6,853) Share issuance and equity-based compensation plans 48 7,575 — — — 7,623 Balance at June 30, 2020 $ 17,800 $ 896,108 $ 362,265 $ (109,264) $ 432 $ 1,167,341 Accumulated Capital in Other Common Excess of Retained Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest Total Balance at December 31, 2020 $ 17,851 $ 905,171 $ 423,940 $ (26,598) $ 550 $ 1,320,914 Net income — — 72,185 — 47 72,232 Amounts reported in other comprehensive (loss) income — — — (9,345) 6 (9,339) Dividends ($ 0.790 — — (14,124) — — (14,124) Share issuance and equity-based compensation plans 27 5,691 — — — 5,718 Balance at June 30, 2021 $ 17,878 $ 910,862 $ 482,001 $ (35,943) $ 603 $ 1,375,401 Balance at December 31, 2019 $ 17,735 $ 888,218 $ 412,979 $ (78,170) $ 1,604 $ 1,242,366 Cumulative effect of an accounting change — — (911) — — (911) Balance at January 1, 2020 17,735 888,218 412,068 (78,170) 1,604 1,241,455 Net (loss) income — — (36,116) — 50 (36,066) Amounts reported in other comprehensive loss — — — (31,094) (131) (31,225) Dividends ($ 0.770 0 per share) — — (13,687) — — (13,687) Acquisition of noncontrolling interest — (707) — — (340) (1,047) Distributions to noncontrolling affiliate shareholders — — — — (751) (751) Share issuance and equity-based compensation plans 65 8,597 — — — 8,662 Balance at June 30, 2020 $ 17,800 $ 896,108 $ 362,265 $ (109,264) $ 432 $ 1,167,341 |
Fair Value Measurements (Table) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 2,137 $ — $ 2,137 $ — Total $ 2,137 $ — $ 2,137 $ — Fair Value Total Using Fair Value Assets Fair Value Level 1 Level 2 Level 3 Company-owned life insurance $ 1,961 $ — $ 1,961 $ — Total $ 1,961 $ — $ 1,961 $ — |
Hedging Activities (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Scheudule of fair values of the Company''s derivative instruments, Level 2 measurements [Table Text Block] | Fair Value Condensed Consolidated June 30, December 31, Balance Sheet Location 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps Other non-current liabilities $ 3,356 $ 4,672 $ 3,356 $ 4,672 June 30, December 31, 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps AOCI $ 2,584 $ 3,598 $ 2,584 $ 3,598 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Amount and location of expense reclassified from AOCI into expense (effective portion) Interest expense, net $ (659) $ (483) $ (1,302) $ (465) |
Basis of Presentation and Description of Business (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2021
USD ($)
Countries
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Jun. 30, 2020
USD ($)
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Jun. 30, 2021
USD ($)
Segments
Countries
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Jun. 30, 2020
USD ($)
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|
Basis of Presentation and Description of Business [Abstract] | ||||
Number Of Countries In Which Entity Operates | Countries | 25 | 25 | ||
Number Of Reportable Segments | Segments | 4 | |||
Subsidiaries [Member] | Argentina [Member] | ||||
Currency conversion impacts of hyper-inflationary accounting | $ | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.1 |
Assets Total [Member] | Subsidiaries [Member] | Argentina [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 1.00% | 1.00% | 1.00% | 1.00% |
Sales Revenue Net [Member] | Subsidiaries [Member] | Argentina [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 1.00% | 1.00% | 1.00% | 1.00% |
Business Acquisitions - Coral - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Coral Chemical Company (Coral) [Member] | |
Business Acquisition [Line Items] | |
Measurement period | 1 year |
Business Segments - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021
Segments
| |
Business Segment Disclosures [Abstract] | |
Number of reportable segments | 4 |
Net Sales and Revenue Recognition - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
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Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Revenues [Abstract] | |||||
Net Reporting Amount | $ 16.7 | $ 6.2 | $ 34.5 | $ 18.7 | |
Deferred Revenue | $ 4.3 | $ 4.3 | $ 4.0 | ||
Customer Concentration Risk [Member] | Sales Revenue Net [Member] | Top Five Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | ||||
Customer Concentration Risk [Member] | Sales Revenue Net [Member] | Largest customer [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 3.00% |
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Lessee, Lease, Description [Abstract] | ||
Right of use lease assets | $ 36,160 | $ 38,507 |
Other current liabilities | 10,064 | 10,901 |
Long-term lease liabilities | 25,668 | 27,070 |
Total operating lease liabilities | $ 35,732 | $ 37,971 |
Weighted average remaining lease term (years) | 5 years 9 months 18 days | 6 years |
Weighted average discount rate | 426.00% | 420.00% |
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating Lease Liabilities Payments Due [Abstract] | ||
For the remainder of 2021 | $ 6,052 | |
For the year ended December 31, 2022 | 9,400 | |
For the year ended December 31, 2023 | 7,234 | |
For the year ended December 31, 2024 | 5,355 | |
For the year ended December 31, 2025 | 4,260 | |
For the year ended December 31, 2026 | 8,152 | |
Total lease payments | 40,453 | |
Less: imputed interest | (4,721) | |
Present value of lease liabilities | $ 35,732 | $ 37,971 |
Restructuring Activities - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021
People
| |
Restructuring Cost and Reserve [Abstract] | |
Restructuring And Related Cost Description | The Company’s management approved a global restructuring plan (the “QH Program”) as part of its plan to realize certain cost synergies associated with the Combination in the third quarter of 2019. The QH Program includes restructuring and associated severance costs to reduce total headcount by approximately 400 people globally, as well as plans for the closure of certain manufacturing and non-manufacturing facilities. The exact timing and total costs associated with the QH Program will depend on a number of factors and is subject to change; however, the Company currently expects reduction in headcount and site closures to continue to occur throughout 2021 and into 2022 under the QH Program and estimates that anticipated cost synergies realized from the QH Program will approximate one-times the restructuring costs incurred. Employee separation benefits will vary depending on local regulations within certain foreign countries and will include severance and other benefits. |
Restructuring And Related Cost Expected Number Of Positions Eliminated | 400 |
Restructuring Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Restructuring Reserve [Roll Forward] | ||||
Restructuring and related charges | $ 298 | $ 486 | $ 1,473 | $ 2,202 |
QH Program [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrued Restructuring, Beginning Balance | 8,248 | |||
Restructuring and related charges | 1,473 | |||
Cash Payments | (4,214) | |||
Currency Translation Adjustments | (229) | |||
Accrued Restructuring, Ending Balance | $ 5,278 | $ 5,278 |
Share-Based Compensation - Black-Scholes option pricing model (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021
shares
| |
Share-Based Compensation Arrangement By Share-Based Payment Award Fair Value Assumptions And Methodology [Abstract] | |
Options Granted | 25,250 |
Dividend Yield | 0.85% |
Expected Volatility | 37.33% |
Risk-free Interest Rate | 0.60% |
Expected Term (Years) | 4 years |
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Sep. 30, 2020 |
Jun. 30, 2021 |
|
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $ 2.1 | |
Defined Benefit Plan Effect Of Settlements And Curtailments On Accumulated Benefit Obligation | $ 22.7 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 6.0 | |
Other Postretirement Benefit Plans Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | 0.1 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 1.0 | |
Defined benefit plan settlement [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $ 1.8 |
Other Income (Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Other Income and Expenses [Abstract] | ||||
Income from third party license fees | $ 373 | $ 208 | $ 712 | $ 512 |
Foreign exchange gains (losses), net | (838) | (2,004) | (2,316) | (1,183) |
Gain (loss) on fixed asset disposals, net | (54) | (83) | 5,356 | (81) |
Non-income tax refunds and other related credits | 14,295 | 832 | 14,392 | 2,131 |
Pension and post retirement benefit costs, non-service components | 129 | (341) | 253 | (23,866) |
Other Operating Income Expense Net | 105 | 395 | 300 | 319 |
Total other income (expense), net | $ 14,010 | $ (993) | 18,697 | (22,168) |
Narrative [Abstract] | ||||
Pension Settlement Charge | $ 22,700 | |||
Certain indirect tax credits | $ 13,300 |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Defered Tax Liabilties, Net | $ 6.5 | $ 6.5 | $ 5.9 | ||
Unrecognized Tax Benefits | 24.0 | 24.0 | |||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 3.6 | 3.6 | 3.9 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 3.2 | 3.2 | $ 3.0 | ||
Unrecognized Tax Benefits, Income Tax Penalties Expense | (0.1) | $ 0.6 | 0.2 | $ 0.5 | |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 0.2 | $ 0.6 | 0.2 | 0.6 | |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | $ 0.8 | $ 1.5 |
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Quaker Chemical Corporation | $ 33,570 | $ (7,735) | $ 72,185 | $ (36,116) |
Less: Income Allocated to Participating Securities | (134) | 37 | (287) | 146 |
Net income (loss) available to common shareholders | $ 33,436 | $ (7,698) | $ 71,898 | $ (35,970) |
Basic weighted average common shares outstanding | 17,802,366 | 17,697,496 | 17,793,915 | 17,685,010 |
Basic earnings per common share | $ 1.88 | $ (0.43) | $ 4.04 | $ (2.03) |
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Quaker Chemical Corporation | $ 33,570 | $ (7,735) | $ 72,185 | $ (36,116) |
Less: income allocated to participating securities | (134) | 37 | (287) | 146 |
Net income (loss) available to common shareholders | $ 33,436 | $ (7,698) | $ 71,898 | $ (35,970) |
Basic weighted average common shares outstanding | 17,802,366 | 17,697,496 | 17,793,915 | 17,685,010 |
Effect of Dilutive Securities | 47,155 | 0 | 52,095 | 0 |
Diluted weighted average common shares outstanding | 17,849,521 | 17,697,496 | 17,846,010 | 17,685,010 |
Diluted earnings per common share | $ 1.88 | $ (0.43) | $ 4.03 | $ (2.03) |
Earnings Per Share - Antidilutive Shares (Details) - shares |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
|
Business Acquisition [Line Items] | ||
Antidilutive Shares | 6,793 | 2,952 |
Restricted Cash (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 145,610 | $ 322,497 | $ 181,833 | $ 123,524 |
Restricted cash included in other current assets | 0 | 85 | 62 | 353 |
Restricted cash included in other assets | 0 | 19,173 | 0 | 19,678 |
Cash cash equivalents restricted cash and restricted cash equivalents | $ 145,610 | 341,755 | 181,895 | $ 143,555 |
Loss Contingency, Settlement Agreement, Terms | Prior to December 2020, the Company had restricted cash recorded in other assets related to proceeds from an inactive subsidiary of the Company which previously executed separate settlement and release agreements with two of its insurance carriers for an original total value of $35.0 million. | |||
Proceeds Of Settlement And Release Agreements | $ 35,000 | |||
Payments Of Settlement and Release Agreements | 500 | |||
Interest Income Other | $ 100 |
Goodwill and Other Intangible Assets - Intangible Assets - Future Amortization (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the year ended December 31, 2021 | $ 59,214 |
For the Year ended December 31, 2022 | 59,564 |
For the Year ended December 31, 2023 | 59,394 |
For the Year ended December 31, 2024 | 58,750 |
For the Year ended December 31, 2025 | 58,037 |
For the Year ended December 31, 2026 | $ 57,740 |
Intangible Assets - Indefinite Lived (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | |||||||
Indefinite lived intangible assets | $ 205,100 | $ 205,100 | $ 205,100 | ||||
Indefinite-lived intangible asset impairment | 0 | $ 0 | $ 38,000 | 0 | $ 38,000 | ||
Houghton Combination [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Indefinite Lived Trademarks | $ 204,000 | $ 204,000 | $ 204,000 | ||||
Indefinite-lived intangible asset impairment | $ 38,000 |
Debt - Debt related expenses included within Interest expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Debt related expenses included within Interest expense: | ||||
Interest Expense, Debt | $ 4,813 | $ 5,951 | $ 9,463 | $ 13,663 |
Amortization of debt issuance costs | 1,188 | 1,188 | 2,375 | 2,375 |
Total | $ 6,001 | $ 7,139 | $ 11,838 | $ 16,038 |
Equity and Noncontrolling Interest - Changes in Equity (Parentheticals) (Details) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Consolidated Statement Of Changes In Equity Parentheticals [Abstract] | ||||
Dividends declared | $ 0.395 | $ 0.385 | $ 0.790 | $ 0.770 |
Fair Value - Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | $ 2,137 | $ 1,961 |
Assets Fair Value Disclosure | 2,137 | 1,961 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | 0 | 0 |
Assets Fair Value Disclosure | 0 | 0 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | 2,137 | 1,961 |
Assets Fair Value Disclosure | 2,137 | 1,961 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Company Owned Life Insurance | 0 | 0 |
Assets Fair Value Disclosure | $ 0 | $ 0 |
Hedging Activities - Narrative (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Nov. 30, 2019 |
|
Derivatives, Fair Value [Line Items] | ||
Derivative Liability Notional Amount | $ 170 | |
Derivative, Term of Contract | 3 years |
Hedging Activities - Table (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Derivative Instruments Gain Loss [Line Items] | |||||
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net | $ 2,584,000 | $ 3,598,000 | |||
Interest Rate Cash Flow Hedge Liability At Fair Value | $ 3,356,000 | 3,356,000 | 4,672,000 | ||
Interest Expense [Member] | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net | (659,000) | $ (483,000) | (1,302,000) | $ (465,000) | |
Other Noncurrent Liabilities [Member] | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Interest Rate Cash Flow Hedge Liability At Fair Value | $ 3,356,000 | $ 3,356,000 | $ 4,672,000 |
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